Is an MBA Synonymous with Money?
With all the recent discussion about teaching ethics in business schools, some of us may have started to forget another factor involved in choosing to attend business school: moving up the pay scale.
It’s good to remember that, according to the U.S. Census Bureau , there is about a 20% increase in salary between a Bachelor’s degree and a Master’s degree, and that’s taking into account all of the Master’s degrees out there!
Yet it seems that to make a lot of money you may have to spend a lot of money. A new study commissioned by Bloomberg BusinessWeek has found that there is in fact a correlation between an MBA’s average salary and where he or she went to business school.
Harvard, where students spend an average of $106,000 for their two years of education, comes in first. According to the study, the median income for HBS grads over a 20 year period is $3,867,903. Wharton is second and has the highest average salary at graduation: $137,000.
But if you’re looking for a large percentage increase in salary over time, check out George Washington University, where the average salary increase in 20 years is 114 percent.
It looks like getting an MBA from a top school has its benefits. Added incentive to get a great GMAT score!