Average salary increases for MBA graduates
Studying a Master of Business Administration (MBA) is a momentous step for aspiring business leaders. Designed to develop the skills required for business and entrepreneurial success, an MBA can help graduates achieve their greatest career ambitions.
Many MBA programs take up to two years to complete, and MBA News puts the average cost of fees at $52,000. While that may sound like a lot of time and money, the potential pay rises available to MBA graduates makes this prestigious degree worth your while.
MBA salary increases
There’s no doubting the link between postgraduate study and higher-than-average wages in Australia. The 2017 Graduate Outcomes Survey by the Department of Education and Training found undergraduates employed full-time earn a median salary of $60,000, compared to $81,000 earned by those with postgraduate degrees. Postgraduate qualifications relating to business and management resulted in some of the most significant pay rises, with graduates reporting a median salary of $109,000.
Even though there are many variables that can impact wage growth, it’s still possible to determine average MBA salary increases in Australia. The Financial Times 2016 ranking shows MBA graduates from Australian business schools achieved between a 58% and 72% increase in their salaries three years after graduating, compared to their pre-study income.
Earning outcomes for MBA graduates are just as impressive on a global scale. The annual FT Global MBA Rankings grades graduate salaries in the three years following completion of the MBA from universities all over the world. The 2018 ranking found graduates of two-year MBA programs were earning $US150,000 – up 110% from their pre-MBA salary.
Patience and potential
While MBAs can open endless career possibilities, it would be overly optimistic to expect an immediate pay rise upon graduation. This degree gives you the potential to further your professional prospects, but it’s just one of many components for future success.
To help speed up this process, the accelerated online MBA at Griffith University is designed to develop the skills required for leadership roles. Made up of 12 courses, the program is suited to professionals looking to stretch their business thinking and develop innovative leadership skills.
Each course takes six weeks to complete, giving you the opportunity to upskill in a new subject area every two months and graduate within two years while studying in your own time. To ensure the relevancy of the coursework, students are graded on practical and authentic assignments.
If you’re still not sure whether studying an MBA is worth the potential salary increase, consider that Australia recently placed in the top 10 countries for MBA wages in a global study by QS: World University Rankings.
Beyond the pay rise
Increased salary is just one of many motivations to enrol in an MBA – it’s also important to remember the less tangible returns. If you’re worried about keeping pace with the evolution of your industry, undertaking postgraduate study will help you stay up to speed with the latest advancements in business and management. Better yet, since the degree is offered online, you’ll be able to upskill quickly without interrupting your work life.
Attaining formal recognition of your skills and experience is another great reason to study an MBA – this degree is the ultimate reflection of industry expertise, and it will add instant credibility to your work history so you can get the recognition you deserve.
You’ll also be able to meet likeminded professionals and improve your business network within the interactive learning environment, leading to stronger relationships throughout your industry.
If you’ve decided postgraduate study is worth the time and money commitment, you can learn more about Griffith’s MBA by booking in a call with an Enrolment Advisor for personalised advice and application guidance.