Recent MBA graduates are receiving multiple job offers with six-figure starting salaries.
What’s the current job outlook for recent graduates of Master of Business Administration programs? Are they getting job offers? How much do they earn? Are they satisfied with those offers? With a sample of 262 students, the 10th Annual Training the Street MBA Employment Survey answers these questions, providing telling insights for those who are considering pursuing an advanced degree.
Here’s a look at the new research on recent MBA graduates:
Graduates secure high-paying job offers
The survey results are optimistic when it comes to job offers and starting salary potential. Nearly half, 46 percent, of MBA graduates have received employment offers with starting salaries of $125,000 or more. According to Scott Rostan, founder and CEO of TTS, that starting salary number is higher than it has been in previous years.
Graduates also have options, with 28 percent of graduates offered three or more job opportunities. That’s a promising increase from the 22 percent of last year. Rostan attributes these increases to strong competition.
“The war for talent is as strong as ever, and top candidates are in high demand, leading to higher starting salaries and multiple job offers,” he said.
As such, many recent MBA graduates are feeling good about their future prospects. While 48 percent of last year’s respondents reported feeling “very satisfied” with their job offers, that number increased to 54 percent in this year’s results.
More telling results from the survey
While many recent grads are receiving satisfactory job offers, others are not as happy. This dissatisfaction often stems from having to accept job offers in different industries or locations than they originally wanted. Twice as many students reported being dissatisfied with their job offers when compared to last year’s survey. Despite doubling, the number still remains relatively low at 14 percent of graduate students. Added to that, more than half – 55 percent – of students said they feel “very optimistic” about their employment prospects post-graduation.
As far as landing the job, 64 percent of the surveyed MBA students secured their positions through on-campus interviews. The top three cities where graduates seek job opportunities are New York, Chicago and San Francisco.
Consider your graduate degree path
While the survey results are promising for salary potential post-graduation, it’s always important to keep your area of study in mind when forecasting future career opportunities. Some graduate degrees lend themselves to higher salaries, such as those designed to prepare students to work in the medical sphere, technology industry or finance world. If you choose to pursue job opportunities at consulting firms, Rostan has good news for you:
“We’ve seen a concerted effort on behalf of the big consulting firms to attract the strongest, young talent coming out of the nation’s business schools,” he said.
Research from U.S. News and World Report further supports this notion, reporting that graduates working in the consulting industry earn the highest average salaries at $130,329. Financial services and technology earn second and third places, with average salaries of $115,094 and $112,460, respectively.
With these high-paying industries in mind, Monster reported that the best-paying advanced degrees are those focused on:
Unfortunately, those who earn advanced degrees in human services, education, counseling or the arts often don’t earn salaries as robust as the above-mentioned areas of study. However, it’s important to consider your interests and develop your career goals before applying to graduate school. While they may not lead to a six-figure income, some degree paths may better suit your interests and passions and lead to a fulfilling career. High-paying salaries are among one of the best ways to ensure return on your investment in graduate school, but enhanced career paths are also a satisfying perk of earning an advanced degree.
With the survey results in mind, you can enroll in graduate school with high hopes of securing multiple offers with the job descriptions and starting salaries that make your advanced studies worthwhile.