Skip to comments.MBA Students Are Totally Deluded About How Much Money They'll Make
Posted on 07/18/2013 8:22:44 AM PDT by SeekAndFind
Many would-be MBAs expect a salary after graduation that's far in excess of what they can hope for. The average US MBA student expects to earn $140,000 on graduating, a 240% increase from the average current pre-enrollment salary of $58,000, according to a survey by QS TopMBA.com,
The reality? Payscale puts the median for grads with 4 or less years of experience at $55,779, and $71,920 for those with 5-9 years.
Graduates of top schools can usually still expect 6 figures.
MBA salaries have been flat for some time now as graduates price themselves out of many industries, traditionally lucrative banks slash pay, and startups grow increasingly skeptical. Expected salary has gone down slightly from last year, but it's still extremely high.
Students expect a salary that only students from the top schools in the country get close to. In fact, even Harvard and Stanford only reach $140,000 if you add the average bonus on top of salary. Since the survey includes students from the full spectrum of programs, these expectations are far out of step with reality.
Students outside the US have even higher expectations, with prospective Indian MBAs expecting a 469% increase, and South Africans, a 387% bump.
Here's the report's chart of what incoming MBAs expect around the world:
(Excerpt) Read more at businessinsider.com ...
To recent MBS graduates: Here’s the deal, kid. It is a sheet of paper that gives you a chance, nothing more. It is up to you to make something of it, and you are not guaranteed to succeed. Now go and work hard.
Just learn Ruby or Java and make $80k with no college. Americans need to break free of the LIES of Big Education.
Well, what can you say? The market determines what an MBA is worth, as it does for so many other categories of employee.
Anecdotal evidence among people I know in the business world, is that they don’t like to hire MBAs. They don’t think their education and training gives them any greater management skills than those with just a bachelor’s in some business related field.
YEP...what YOU said....
Why buck a solid pillar of their legacy?
You’d think someone who studied business would, in the process, learn enough about business to predict how much businesses will pay for someone with a degree in business.
so....gather up all of our most deluded graduates, and put them in control of all the key levers in the economy. Swell!
Or NOT pay for it by going the unconventional route: download the bootleg Lynda videos or Youtube. One of our graphic designer kids here in Hollywood did just that. His reply is “paying for an education is for suckers”.
An acquaintance of mine has a nephew who graduated with an MBA from a better-than-average name school.
Despite this he spent almost a year looking. Finally got an offer, but was about to turn it down because it was on the West Coast and was for “only $73,000” !!!
His uncle whacked the kid upside the head and told him “what, are you NUTS?? TAKE IT!!!
Any recommendations on starting with ruby?
The trouble with MBAs is they think they know everything.
Real pains in the behind.
But unless you are some extraordinary hotshot headed for one of the few top slots in the existing corporate world or, even less likely, have a great idea for your own start-up, most of us settle into a fairly specialized field anyway or, like me, become enough of a generalist that we are in charge of several broad functions in a smaller organization.
Apart from medical school,pharmacy school’s the place to be.Kids just graduating are getting $80K/yr.The only downside is that you could have a lousy work schedule,particularly at first.
The firm or client which employs you does so and understands your value to their organization on the basis of one of two simple realities:
(1) Whether you make them a boat load of money, or
(2) Whether you save them a boat load of money.
Staff enhancements and reductions routinely follow this maxim.
Advice: add skills sets and education to yourself which in turn add real value to your employer.
Anything else is, as you say, just a piece of paper.