Do online MBA graduates start with 6 figure salaries!!

Hello everyone. It is my first post in this great forum. Do MBA graduates really start with 6 figure salaries ? Please take a look at the following article link:

http://news.yahoo.com/s/usatoday/20060119/bs_usatoday/newmbasfindingeducationpaysoffbigtime

I have been thinking of doing an online MBA for quite some time now. But I am not sure about the exact value of an online MBA compared to a traditional Bricks and Mortar one.

Could some folks shed some light here.

Thanks in advance !!

 

According to the article, average MBA starting salaries were $88,600 with sign on bonuses making up the difference to get to 6 figures. The article also stated, "Consulting firms and investment banks, the best-paying employers of freshly minted MBAs". I suspect the majority of new hires getting the top paying jobs (consulting firms and I-banks) are sourced from top 20 schools. The article had fresh MBA graduates making $88K. That means that while some graduates get higher starting salaries, others will surely make less.

The question was, "Do MBA graduates really start with 6 figure salaries ?" The answer is...some do. As with any job, your pay will be based on your ability, experience, education, and contacts (possibly not in that order). Many online MBA students are already working professionally and make more than 6-figures before even starting grad school. With that in mind, it would be nearly impossible to estimate starting salaries for online MBA grads. Many of us "started" before the degree.

The exact value of an online MBA versus a B&M MBA is impossible to measure. Just as it is impossible to measure the difference between any two schools (online or B&M). When it comes to B&M business schools, the contacts you make are of very significant value. In the online world, contacts are still made but may not be as valuable. It is just hard to attach a dollar figure to the value of contacts. We all know...its not what you know, but who you know.

 

It has to be a top school, but yes, they do start that high.

 

However, in what geographic region? 100K doesn't go far in some places. $1.2Million will get you a subdivided doghouse in Palo Alto, CA

 

Are you saying everyone in Palo Alto makes more than $1.2 Million per year?

 

It´s unbelievable how much money you people make in the States. I know that jobs aren´t fixed, that often medical insurance is also expensive and that risk to be fired or lose jobs is high. But still, you people make much more money than, say, your average Dutch dude, a country which has as well a powerful economy. There is no way that a starting MBA gets here to those figures. Maybe in the UK, too, but in continental Europe, impossible.

 

Yeah....thank God for free enterprise and a modified open market economy subsidised with tax dollars for the larger industries.

Seriously though, America's strength seems to be in the economy, which we all start to bitch when gasoline hits $3.00 a gallon because it then costs $60.00 to fill up our giant ass SUV that only we, ourselves ride in 90% of the time. But freedom to do so is what makes this country great.

 

I have an online MBA and can tell you right off the bat that I do NOT have a 6 figure salary... That doesn't mean I don't get paid well though

 

I heard on NPR this morning that the average tax attorney (which I take to be someone with an LL.M. in tax) makes $130,000.

That's a LOT of money.

But then, I think about where most of these lawyers must live and work. Financial centers, I'd guess, New York City, Chicago, San Francisco, Los Angeles and the like.

Living in such places is in many ways its own reward and a six figure income makes living there possible. Who WOULDN'T want to live in the Bay Area if only he could afford it?

Of course, the LL.M. ain't cheap; most programs are at private schools that charge from $30,000 on up to $60,000 for tuition alone. Even the University of Washington gets "$600 per credit $21,600 total for 36 [quarter] credits." That plus foregone income...it's a six figure investment.

And I have HEARD that, in tax law, the school matters very, very much indeed. NYU and one other school (I forget which) are supposed to have a lock on the really high paying jobs.

 

Nosborne makes a good point. Salaries can be very different, for the same job, in different parts of the country. I live in the bay area. Jobs generally pay well here and I make much more money than I would in Nebraska. At the same time, there is no question that we "pay for the weather" in a higher cost of living

Travis

 

Not on Long Island, by a long shot. When the median family income is twice the national average $130,000 is "ok", not a "lot".

The median house price is hovering around $500k, with many going for over $700k (and this is for houses around 1800-2500 sq ft), property taxes exceed $10k/year on average and you have NYS income tax (plus NYC if you're in the 5 boroughs). It adds up...

Cheers,
Mark

 

Sounds like the bay area. In fact, if you had taken out all references to Long Island and I would have been convinced you live here...

 

Jump in communication on my part. I meant that paying 1.2Million would only buy a subdivided dog house.

Also, that isn't literally the price, it was figurative. I was trying to show that while 6 fure MBA salaries may be a reaity, you need to couple that with costs. I would love to have Silicon valley salaries with a Union, South Carolina cost of living.

 

Yep - only the Bay Area, Orange County and Hawaii beat Long Island as the most expensive place to live in the US.

I laugh when "executives" on those HGTV shows buy a 5000 sq ft McMansion on a big lot and gripe about paying $300,000. My townhouse sold for much more.

At least it's been a mild winter - 60 degrees today means less oil burned...

Cheers,
Mark

 

And don't forget about the company car that they give you because of your MBA. Give me a break. Common sense would tell you that some people might break in to the workplace at 100K per year but that depends on so many variables it would be hard to count such as university, type of work, age upon entry into the workplace, job location, etc. etc.

 

Out of curiosity, if MBA's are making six figured salaries, what are DBA's averaging?

 

No.

 

Our local college was offering a new DBA an assistant professor position for $41,500.



Here's a link that shows that the class of 1992 MBA's are averaging $155,000

http://www.usc.edu/org/InsightBusiness/articles/fall05/mba_lum.htm

 

The market for traditional (RA, AACSB) doctorally-qualified faculty is at least twice the $41,500. In accounting, close to three times that amount.

 

What's your source?

The $41,500 is a starting, not average salary by any means.