If you are looking at getting a Master of Business Administration (MBA) degree mainly because you are interested in earning well, you had best look at the top-paying jobs before you pick your specialisations, and craft your studies accordingly.
Given that you generally need management experience to get into an MBA programme, most MBA candidates, by the time they get to business school, already have some sort of specialisation. However, some find it relatively easy to switch careers once they have the qualification under their belt.
THIS ARTICLE COVERS:
- What is an MBA?
- Types of MBA specialisations
- Which MBA graduate takes home the highest salary?
- List of highest-paying MBA specialisations
- Which MBA specialisations pay best abroad?
What is an MBA?
A Master of Business Administration is a prestigious programme that helps students develop business skills and expands their career opportunities. It prepares individuals for senior management and entrepreneurial roles by equipping them with knowledge of key business processes, including accounting, financial management, talent management, and marketing.
Types of MBA specialisations
While most MBAs are generalist programmes, business schools offer specialisations that enable you to do a deep dive into specific areas of interest. These commonly include:
- Finance
- Marketing
- Accounting
- Entrepreneurship
- Business analytics
- Analytics intelligence
- Logistics management
- Healthcare management
- Supply chain management
- Communication management
- Talent management
These specialisations usually combine with the core MBA management courses to expand your knowledge and expertise. In most cases, you will also be able to do in-depth research in your area of specialty, adding to the international body of knowledge on it, and solving a real problem in your chosen industry – which will be well worth boasting about on your resume.
Which MBA graduate takes home the highest salary?
Note that many of the highest-paying positions for MBAs require significant professional experience, and that your studies are simply one of the criteria for the fat pay packet you have your eye on.
While a newly minted MBA may expect a salary ranging from $30,000 to $50,000 a year, the figure will vary according to job profile, specialisation and employer organisation.
The best-paid MBA specialisations include:
- Finance
- Entrepreneurship
- Business analytics
The salaries for each of these disciplines lie between $70,000 and $90,000 a year. Business analysts head the list, with salaries of approximately $126,000 annually, increasing with experience and rank in the organisation.
List of highest paying MBA specialisations
A globalised business market has led to increased demand for MBA specialisations that target core business practices such as marketing, human resources, and information technology.
According to compensation management software company PayScale, the highest-paying MBA specialisations are business analytics and finance. It also notes great demand for business school graduates in these high-earning-potential fields:
- Marketing
- Management
- Real estate
- Human resources
- Entrepreneurship
- Information security
- Healthcare management
- Information technology
- International business
- Global management
Which MBA specialisations pay best abroad?
Below are average salaries, and salary ranges where available, for the best-paid MBA specialisations, given by PayScale.
|
MBA |
Average Annual Salary |
||||
|
United States (US $) |
UK
(€) |
Australia
(AU $) |
South Africa
(R) |
India (INR) |
|
| Finance |
98,000 |
54,846 |
74,000-158,000 | 299,000-1,000,000 | 200,000-250,000 |
| Marketing |
91,000 |
70,938 |
62,000-151,000 | 231,000-922,000 | 300,000-350,000 |
| Economics |
99,000 |
55,000 |
85,000-305,000 | 222,000- 240,000 | 400,000-440,000 |
| Real estate |
102,000 |
43,000 |
100,000 | 407,000-1,000,000 | 300,000-3,000,000 |
| Data analytics |
68,220 |
39,405 |
99,510 | 160,000-1,000,000 | 600,000-700,000 |
| Entrepreneurship |
100,000 |
55,000 |
114,000 | 774,000-4,000,000 | 700,000-800,000 |
| Human resources |
68,000 |
64,953 |
69,000-158,000 | 213,000-1,000,000 | 300,000-500,000 |
| Business analytics |
126,000 |
55,407 |
87,000-145,000 | 432,000-1,000,000 | 500,000-1,100,000 |
| International business |
93,000 |
45,133 |
55,000-96,000 | 156,000-628,000 | 500,000-1,200,000 |
| Healthcare management |
82,000 |
152,000 |
115,102 | 510,000-2,000,000 | 500,000-550,000 |
| Information technology |
97,000 |
55,000 | 125,660 | 197,000-664,000 | 900,000-1,000,000 |
| Information security |
97,000 |
50,266 | 120,000-130,000 | 162,000-823,000 | 500,000-550,000 |
| Innovation management |
98,000 |
48,115 | 110,000-130,000 | 900,000-955,000 | 2,000,000-3,000,000 |
| Investment management |
96,000 |
40,000 | 127,000-130,000 | 162,000-823,000 | 1,300,000-1,400,000 |
Find out more about Regenesys Business School’s MBA and other trending programmes here.
Content Writer | Regenesys Business School
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