How much Difference does MBA make to your Compensation Package?
A professionally rich course can help you earn higher. Students in recent times are looking for courses that can help them in the future to earn more. The MBA degree or undergraduate degree in business administration is one of the top choices of students.
Degrees in business opens doors to multiple career options which are high paying and reputed. Multinational companies always seek business candidates for their own companies. The most common field after earning an MBA degree is the management niche of various companies. However, other than management, there are numerous options for the students who can complete their degree successfully. With growing time, the salary of these candidates grows significantly and helps them to pay back the loan that they have taken to invest in their studies.
Starting Package of the Students
Usually education, position, experience, country, company, and others lots of factors matter when it comes to the discussion of salary. However, a student who has a general graduation degree will make significantly less money at the starting of the career than a student who has completed the MBA program successfully.
Candidates with MBA degrees make more money throughout their career as they start their career with a higher position and reach the top of a company within a small period. In the global standards, a survey American Intercontinental University has found out that, candidates of MBA programs generally start their career with salary packages ranging from $75,000 to $95,000 based on the field of MBA program they have chosen.
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Students can pursue an MBA degree in almost all of the fields of education and professional course. Finance, entrepreneurship, and investment banking sectors pay the best to their MBA graduates. Students can start their salary package with six figures onwards if they can crack the entrances of the top MBA Schools’ best MBA programs. A report from Forbes found out that on average a business MBA graduate starts his/her salary package from $55,000. A report of Business School Edge published with the statistics that Finance MBA Graduates can earn around $88,000.
Bonus Points of MBA Graduates
MBA graduates can expect a lot more other than the high salary packages. U.S. News and World Report have revealed that maximum companies provide the MBA candidates with Sign-on bonus packages with the compensation package. This bonus package can help the students to earn more and can boost the overall figure earned as part of the total compensation package. This tradition is more common among MBA graduates than the graduates with other degrees.
MBA Programs’ Cost and Debt
In the Indian context, it may seem that all is gold for the MBA graduates, then you are forgetting the cost of pursuing the MBA programs. The MBA students have to take education loans usually to pursue the programs as the cost is quite higher than the other general graduate degrees.
It can cost around INR 20 lakhs upwards for the two-year flagship management program from IIM Ahmedabad. For any of the premiere non-IIM B-schools in India, the fees range anywhere between INR 14 to 17 lakh. And this striking difference is well known among students. However, higher tuition fees also lead to higher-paying jobs. MBA aspirants can pay off the debt quickly as the final paycheque is significantly high for them. It usually takes around four years for an MBA student to pay off the full education loan.
Fields and Prospects of Job for MBA Students
Earning an MBA degree is not only about earning higher salaries. MBA degrees also lead to more career options. Students can pursue MBA degrees in consulting, healthcare, finance, manufacturing, and technology. All of these MBA degrees open up career options in fields of healthcare, finance, consulting, manufacturing and technology. The MBA aspirants can secure higher, safer, and reputed positions like the vice president, executive, chief executive officer, and chief financial officer.
Positions like a senior accountant, project manager, executive administrative assistant, financial controller, and human resources manager are available for students who have an undergraduate degree in business or Executive MBA.
The Difference between the Rises of Compensation Packages between a student of a general undergraduate program and an MBA aspirant
The difference can be overwhelming and similar all over the world. An MBA aspirant can expect a lot more opportunities and scope of learning new things throughout the course period than a general undergraduate program. However, only pursuing an MBA program won’t help the aspirant to bag in a six-figure salary package or his/her dream job.
The student has to be regular with studies. The scores s/he can make, the assignments s/he complete successfully, the internships s/he pursues and from the company, the academic result s/he was able to maintain from the very beginning also play a great role in the job selection process. However, it is not always true that only a brilliant student can get a chance in top B Schools. If a student can score extremely well in CAT then also s/he can secure sit in the top B Schools.
Top Reasons to Pursue MBA Program
Except for the salary package, the other reasons to pursue MBA are:
- Scope of job
An MBA aspirant will face less hardship to find out the opportunity for him/her. A general undergraduate student may not be so lucky to utilize the huge scopes in the job market due to his/her degree. Opportunities are more in number for the MBA candidates.
- Career Growth Opportunities
MBA students can smoothly sail over the journey of touching the top position from the middle post. However, the journey can be quite difficult for general graduates. After a certain level, the general graduates cannot be placed in a more senior position. They need more degrees then. This will never be an issue for MBA students.
- Future Managers are already Friends
When an MBA student pursues his/her degree from top B Schools, then it is already known that in the future they will be senior post holders who give them the eyes of seeing through a greater lens. This encourages the students to learn more.
Does every MBA program grab attention at the same level?
The answer is a BIG NO! Not every MBA program is capable enough to provide you with a high-paying package and foreign tours every year like you might be aspiring. Even it is possible that you may not be able to even secure a job in Fortune 500 companies with an MBA degree from a very basic, general college.
To earn that higher package from a reputed company you need to be more attentive in your MBA entrance exam as well as throughout the two years MBA program. Securing a seat in top B Schools and pursuing the MBA degree in healthcare, finance, and consulting fields can help you to pay off your debt quickly and a better-paid job.
You cannot expect that an MBA degree from just any local college can help you to earn the same as an MBA degree from the A-grade Business Schools in India. Therefore, you have to take preparation beforehand to fulfill your dream of a higher compensation package.