Earning an MBA can significantly boost your career prospects and salary potential. But not all MBA jobs are created equal when it comes to compensation. In this extensively researched article, I’ll highlight the 14 best paying MBA jobs for 2023.
I’ll define each role, explain key job responsibilities, discuss average pay scales, and outline the most profitable industries and companies for top earners. I’ll also provide actionable tips to help land these high paying MBA jobs, whether you just graduated or have worked a few years.
Let’s dive in!
What are the Highest Paying MBA Jobs?
The highest paying mba jobs tend to be in consulting, finance, technology, healthcare, or executive-level corporate roles. MBA graduates can reasonably expect to earn $100,000+ in many of these fields.
According to leading salary database Payscale, the best paying mba jobs by median yearly compensation are:
- Strategy Consultant: $150,000
- IT Consultant: $140,000
- Business Development Manager: $140,000
- Finance Manager: $137,000
- Business Intelligence Manager: $135,000
- Marketing Manager: $135,000
- Product Management Director: $135,000
- Senior Finance Analyst: $130,000
- Healthcare Administrator: $125,000
- Software Engineering Manager: $120,000
Earning an MBA unlocks this high income potential, with many of these roles requiring or strongly preferring a graduate business degree.
Let’s explore these lucrative mba career options more closely:
Strategy Consultant
The highest paying mba job is strategy consulting. As a strategy consultant, you’ll help clients solve complex business problems through data-driven analysis and provide strategic recommendations.
Average yearly pay: $150,000 Top paying industries: Management consulting, technology consulting Top paying firms: McKinsey, Boston Consulting Group, Bain & Company
Pro tips: Gain consulting internship experience. Develop analytical and problem solving skills. Be prepared for frequent travel.
IT Consultant
IT consultants assist organizations in selecting, optimizing and managing technology solutions. This is the second highest paying mba job.
Average yearly pay: $140,000 Top paying industries: Computer services, management consulting
Top paying firms: Accenture, Deloitte, IBM Global Services
Pro tips: Pursue IT certifications. Understand latest enterprise technologies. Explore niche expertise like cybersecurity or artificial intelligence.
Business Development Manager
Business development managers create long-term growth opportunities for companies. You identify new markets, build partnerships, launch new products/services, and generate more revenue.
Average yearly pay: $140,000
Top paying industries: Software, finance, manufacturing Top paying firms: Google, JPMorgan Chase, Samsung
Pro tips: Thrive on sales objectives and quotas. Have resilience to handle rejection. Possess strong presentation abilities.
Finance Manager
As a finance manager, you oversee the financial operations of companies or departments. Duties range from preparing budgets to financial modeling and reporting.
Average yearly pay: $137,000
Top paying industries: Banking, insurance, energy Top paying firms: Wells Fargo, Bank of America, CitiGroup
Pro tips: Become a CFA chartered financial analyst. Pursue controller or director of finance roles. Consider specialized finance positions like FP&A manager.
Business Intelligence Manager
Business intelligence managers lead analytics teams to drive data-based decision making. You could work in a range of industries helping leadership capitalize on business insights.
Average yearly pay: $135,000
Top paying industries: Finance, software, consulting Top paying firms: JPMorgan Chase, Microsoft, Deloitte
Pro tips: Obtain Agile or Tableau certifications. Translate analytics into business solutions. Convey technical issues to executives.
Marketing Manager
Marketing managers oversee the planning and execution of marketing initiatives, campaigns and activities. You could specialize in marketing analytics, branding, digital marketing or product marketing.
Average yearly pay: $135,000 Top paying industries: Software, finance, healthcare
Top paying firms: Google, Goldman Sachs, Johnson & Johnson
Pro tips: Lead successful campaigns that boost sales. Combine creativity with analytical abilities. Keep pace with digital transformations in marketing.
Product Management Director
Product management directors set the strategy and roadmap for products to maximize business value. You could manage an entire portfolio of products and lead cross-functional product teams.
Average yearly pay: $135,000
Top paying industries: Software, finance, ecommerce Top paying firms: Amazon, Google, Intuit
Pro tips: Excel at coordinating engineering, design, analytics. Apply customer obsession, agility and business sense.
Senior Finance Analyst
Senior finance analysts support major strategic business decisions through financial modeling, forecasting and data analysis. This role offers strong salary potential without as much people management as a finance manager role.
Average yearly pay: $130,000
Top paying industries: Investment banking, private equity, software Top paying firms: JPMorgan Chase, Citigroup, Google
Pro tips: Pursue finance leadership development programs. Obtain valuation modeling expertise. Consider specialized analyst roles in FP&A, Corp dev.
Healthcare Administrator
Healthcare administrators manage the business operations of hospitals, health systems or practices. You would apply your leadership and problem solving skills to guide organizations to financial strength and growth.
Average yearly pay: $125,000
Top paying industries: Hospitals, rehabilitation centers, urgent care
Top paying firms: HCA Healthcare, Universal Health Services, Mayo Clinic
Pro tips: Develop medical and healthcare business knowledge. Pursue a combined MD/MBA degree for the top pay packages.
Software Engineering Manager
Software engineering managers lead development teams building software products and platforms. With tech continuing its growth trajectory, this field offers strong compensation potential.
Average yearly pay: $120,000
Top paying industries: Software, finance, aerospace Top paying firms: Google, Microsoft, Apple
Pro tips: Bolster technical knowledge through continued learning. Develop team leadership abilities. Understand software development lifecycles.
- Data Scientist – $117,000
- Risk Manager – $115,000
- Logistics Manager – $112,000
- Operations Manager – $110,000
The BLS projects these high paying mba jobs to grow strong demand over the next decade, with several business and technology-focused roles expecting double digit percentage growth.
What Industries Pay MBAs the Most?
While you can find lucrative mba positions across many industries, our salary research revealed technology and finance jobs delivering exceptional compensation opportunities right now.
Jobs in consulting, healthcare, and consumer products also pay well for MBAs on average. By contrast, government and education offer below average MBA salaries despite meaningful career impact potential.
Here’s a breakdown of the highest paying industries for MBAs based on average yearly compensation:
- Technology – $125,000
- Finance/Accounting – $120,000
- Consulting – $117,000
- Healthcare – $115,000
- Manufacturing – $112,000
- Consumer Goods – $110,000
- Government – $85,000
- Education – $75,000
Within these broad industry categories, niche and emerging sectors also offer strong MBA salary potential. Examples include FinTech, Artificial Intelligence, Data Analytics, Digital Marketing, Ecommerce and more.
What Companies Pay MBAs the Most?
In addition to lucrative industries, research shows large companies and top tier management consulting firms paying MBAs the highest salaries.
According to self-reported salary data, these organizations offer the most compensation potential for MBA talent right out of top business schools:
- McKinsey – $155,000
- Google – $150,000
- Boston Consulting – $150,000
- Bain – $150,000
- Apple – $145,000
- Microsoft – $140,000
- Amazon – $135,000
- JPMorgan Chase – $125,000
- Deloitte – $120,000
- Goldman Sachs – $115,000
The most profitable mba jobs at these elite firms include strategy consulting, IT consulting, investment banking, Big Tech program managing, and other corporate leadership roles.
Key Takeaways:
- MBA graduates can reasonably expect to earn six figure salaries in many top positions with median pay for top roles ranging from $110,000 to $150,000.
- The highest paying mba jobs tend to be in consulting, finance, technology, healthcare, or executive corporate roles. But compensation varies significantly by industry, company, and exact position.
- Research shows technology and finance offering exceptionally lucrative careers for MBA graduates right now. Niche specializations like FinTech or AI also offer strong salary potential.
- Large, prestigious companies and management consultancies offer the highest MBA compensation on average right out of top programs according to self-reported data.
Tips to Land a High Paying MBA Job
With salaries ranging well into six figures for many top mba jobs, earning a graduate business degree can provide strong ROI and set you up for long term wealth.
But how do you land one of these lucrative roles out of your MBA program?
Here are my 5 top tips:
Attend a Highly Ranked MBA Program – It’s competitive to land top MBA jobs so having a prestigious school brand on your resume helps open doors, especially at elite management consultancies and financial institutions offering the highest pay. Programs like Harvard Business School, Wharton, Kellogg, Chicago Booth and more dominate MBA hiring at top firms.
Specialize and Differentiate Your Skillset – Develop in-demand expertise like business analytics, digital marketing, or healthcare management paired with your MBA foundation. Specialization shows your commitment to a long term career path and deep, differentiated value to recruiters.
Actively Network and Recruit – High paying companies recruit candidates aggressively out of top programs. Take advantage by actively networking, prepping for interviews, attending career fairs and leveraging your alumni connections. The earlier you prepare your job search strategy, the better.
Gain Relevant Internship Experience – Internships, especially in consulting or banking, can fast track you to highly coveted full time offers. Don’t wait until after graduation to get experience. Recruit for internships early in your MBA to open more doors.
Consider Earning Additional Certifications – Certifications like the CFA, PMP, CPA or AWS SysOps Administrator can give your resume a strong competitive boost, especially for finance, operations or tech focused roles offering attractive MBA pay packages.
Frequently Asked Questions
Does an MBA guarantee a high salary?
An MBA degree provides strong upside potential but does not guarantee a six figure income by any means. Achieving a high MBA salary depends on the school you attend, your pre-MBA experience, program specialization, internships completed, and positions you recruit for among other factors. Top MBAs who actively network and interview can reasonably target over $100k.
How much more money do MBAs make?
The average MBA graduate earns over 80% more than candidates holding only undergraduate degrees over their careers. MBAs make a median salary between $85,000 to $115,000 with six figure incomes common from top schools according to leading industry salary reports.
Do MBAs earn more than JDs?
On average, MBAs tend to earn higher median salaries than JDs according industry salary data. Attorney roles still offer strong income potential but require additional bar exam certification. Both degrees provide upside for high performers. Choosing between an MBA vs JD depends on individual career goals and passions.
What entry level MBA jobs pay the most?
The highest paying entry level MBA jobs are in consulting and finance. First year management consultants earn over $150,000 at firms like McKinsey and Bain. Meanwhile, investment banking roles pay over $125,000 in total first year compensation at banks like Goldman Sachs and JPMorgan. Tech program manager and rotate-in leadership development programs also pay $100k+ out of top schools.
Is getting an MBA worth it financially?
Yes – An MBA delivers strong financial return on investment long term despite its high tuition costs. The degree’s earning potential combined with doors opened to advanced corporate roles, entrepreneurial ventures, and prestigious networks make an MBA worth the investment for many business professionals if approached thoughtfully.
The Takeaway Earning an MBA unlocks lucrative career opportunities, with the highest paying mba jobs offering total compensation packages over $150,000.
While the degree is no guarantee of a massive payday by itself, attending a highly ranked program, specializing strategically, recruiting actively, and gaining relevant experience can help position you for leading high salary roles in consulting, finance, technology and healthcare among other industries.
Also Read: The Ultimate Guide to Landing the Highest Paying ICU Travel Nurse Jobs
