MBA students from US business schools can earn top salaries in industries such as consulting and finance after graduation.
From consulting and finance to technology and healthcare, MBAs are finding roles that not only offer high salaries but also great opportunities for career growth and development.
As the job market evolves, understanding the most promising fields for MBA graduates can help guide career decisions and maximize the return on your business education investment.
While organizational compensation plans are battling a looming recession and inflation, MBAs remain at an advantage.
According to the GMAC Survey of Corporate Recruiters, US MBAs in particular have been less affected by the looming recession, with the average salary of US MBAs in 2023 expected to increase to $115,000 to $125,000 compared to 2022 projections.
Here are six industries where MBAs can earn six-figure salaries and build rewarding careers.
1. Consulting Career
Consulting remains a highly attractive field for MBA graduates due to its high salaries and generalist appeal.
Top consulting firms like McKinsey, BCG, and Bain offered MBA graduates starting salaries of nearly $200,000 in 2023. While recent MBA grads didn't see the $15,000 salary increase they enjoyed in 2022, starting salaries remained steady, with BCG offering its MBA grads an average of $190,000 and Bain and McKinsey offering them $192,000.
MBA graduates see rapid salary growth in the consulting industry, with an average base salary of $190,000 in year 1, rising to $220,000 to $240,000 by year 2 or 3. Four to 10 years after earning an MBA, those in senior roles such as project leader, junior partner or senior partner can expect to earn salaries between $275,000 and $700,000, according to the ManagementConsulted 2024 report.
Those figures don't include hefty signing bonuses and performance bonuses that could add up to $30,000 to his total compensation package.
MBA graduates continue to enjoy surprisingly high salaries in 2023, with graduates from Wharton, the Financial Times' top MBA in the world, earning an average base salary of $190,000 in the consulting industry, and graduates from Stanford Graduate School of Business earning $192,000.
2. Career in the Finance Industry
Finance remains a popular and lucrative career choice for MBA graduates: According to GMAC's prospective student survey, finance is the second most popular career choice for Gen Z candidates born between 1997 and 2012, and the third most popular career choice for millennials born between 1981 and 1997.
Roles such as hedge fund manager, financial analyst, and investment banker often command starting salaries of over $100,000.
Graduates from top schools like NYU Stern and Columbia reported average salaries in these roles of up to $175,000, with those at the top end earning $225,000.
Some of the highest six-figure salaries are in the private equity industry. For example, Harvard Business School MBA graduates in the class of 2023 will earn a staggering average base salary of $185,000, a signing bonus of $30,000, and a performance bonus of $181,250. This means that Harvard Business School graduates can make nearly $400,000 in their first year after graduation.
Careers in venture capital and asset management are also highly lucrative, with MBAs in these fields often earning six-figure salaries.
3. Technology Careers
Despite recent layoffs, the technology industry continues to offer attractive opportunities for MBA graduates — in fact, it's the second most popular career for prospective millennial students after consulting.
Strategy and innovation, product management, and business development are particularly in demand. University of Washington Foster graduates entering the tech industry can expect to earn an average base salary of $152,000, University of California, Berkeley-Haas School graduates $157,100, and Stanford University graduates $177,500.
In the technology industry, salaries for MBAs can exceed those of their peers without advanced degrees: Innovation strategists can make around $120,000, business development managers can make around $132,000, and product managers can make more than $270,000.
4. Entertainment, Media and Sports Careers
Consulting, finance and technology are often associated with MBAs and high salaries, but graduates can use their advanced degrees to pursue a variety of high-paying career paths.
NYU Stern MBA graduates can expect to earn six-figure salaries when they land jobs in the entertainment, media, and sports industries.
Graduates have been hired by companies such as NBCUniversal, Hulu, Focus Features, and The Walt Disney Company, with the average salary of MBA class of 2023 graduates employed in the entertainment, media, and sports industries being $140,000.
Graduates from UCLA Anderson and USC Marshall, both located near Hollywood, earn an average base salary of about $130,000 in these industries.
5. Healthcare careers
Healthcare is another field that offers six-figure salaries to MBA graduates.
In 2023, graduates from Wharton, the Financial Times' top MBA program in the world, earned an average salary of $157,500 in healthcare jobs.
University of Michigan Ross graduates report base salaries ranging from $105,000 to $190,000, with an average of about $140,000, while Stanford GSB MBA graduates entering healthcare jobs in 2023 will earn an average of $170,000.
