An MBA salary has a reputation for being a generous one. Graduates completing the mighty qualification have been rewarded significantly through fantastic numeral packages and benefit schemes. So if you’re wondering an MBA can increase your salary, it all comes down to your current career, job title and the conclusion of what it is you are striving towards.
What Industries Value an MBA Most?
Gaining an MBA qualification opens up multiple opportunities to work in a variety of exciting industries such as the technological and financial services and healthcare providers as well as entrepreneurship. Entrepreneurship is the ideal path for students choosing to create their own empires across any number of fields, but first, it’ll be wise to arm yourself with an MBA to cover the fundamentals of business.
How Much Will it Cost Vs How Much Will it Pay off?
A few things come into play when working out how much an MBA will cost you, these include what provider you choose to study the qualification through and what job you will end up getting after you complete it. There are currently over 70 recognised MBA qualifications offered by Australian universities and private education providers costing anywhere from $29,000 to $121,000. But don’t let that throw you off… there are a number of government funding assistance schemes available for students to help you pay off your course, follow the link to see how they work and if you are eligible for help.
According to the Australian PayScale website, here are a few prospective job titles you can step into after earning your MBA and what you stand to make in 2018:
- Business Operations Manager: the main role is to oversee the daily operations of a business, current salary AU$97,172
- Finance Manager: is in charge of developing and monitoring department budgets, current salary AU$101,073
- IT Manager: supervisor of the company’s computer infrastructure and related areas of concern, current salary AU$107,478
- Marketing Manager: in charge of supervising and helping create various advertising or merchandising sales campaigns the business uses to sell itself and its products, current salary AU$87,074
- Operations Manager: is tasked with evaluating and updating procedures, practices, and operations, current salary AU$96,874
- Management Consultant: helps company’s to improve aspects of business, such as productivity, management, and company’s image, current salary AU$83,892
There is an immense number of potential job opportunities to choose from when in possession of an MBA across a number of sectors with most salaries hitting the $100,000 mark or falling just below.
At the end of the day, everyone wants to know what kind of ROI they’ll be getting for their time and effort. Well, it takes money to make money and MBAs are set to be in high demand, both locally and globally as companies are increasingly holding the qualification in high regard. A Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC) found that employers are seeing the value of MBA graduates more and more each year. President and chairman of NRMA, Kyle Loades, caused us to scratch our head when he re-angled the question to ask “what’s the cost of not doing an MBA; what’s the cost of not doing some further study?…. I’m a real believer that education is essential to ensuring you always remain in employment. You need to continually learn; you’re never too old to learn. The world is changing and education is insurance for your career.”
High flying jobs, powerful titles with lots of responsibility and top earning potential categories all circulate the MBA job listings: so make a plan to determine what it is you want out of a career and if an MBA will get you there.