According to a recent study, the average starting salary for MBA graduates is $92,000 a year. http://msnbc.msn.com/id/13069352/ However keep in mind that no matter how high the salary levels of any profession one must seriously enjoy the work they do otherwise they will not be successful in making big bucks. So it is important to select a career based on one's interests, personality traits, values and needs rather than to primarily focusing on the amount of money one can potentially earn.
Doesn't this really depend upon what one considers to be big bucks. Among the highest paid professions (requiring a bachelor's or higher) in the United States according to the US Dept. of Labor we find: * of the top 25, 14 (over half) are health providers including physicians, dentists, and optometrists. * of the top 12, only chief executive officer (#9) is not a physician. * Lawyer makes the list at #17 but Engineering Manager beats the litigator on the list. * CIS Manager and Marketing Manager make the list at 20 and 21. It seems to me that the overwhelming majority of top 25 paying jobs require an MD. Having a JD gets one in at 17. An MBA would work for a few of these on the list as would a degree in engineering. Jobs one would expect with an MAT, MEd, or EdD don't make the top 25 at all. No real surprise there. Also note that jobs one would get with an MA in Criminal Justice don't make the list. Probation Officers and Correctional Treatment Specialists come in at #214 next to other social workers. Education Administrators, Elementary and Secondary School comes in at #47 with an average of $74,600 -- still not shabby pay but not entry level work. I'm going to vote for: 1) MD, DO, OD, DDS, etc. (a bit hard or impossible to get by DL) 2) JD (can be done DL but a hard row to hoe) 3) MBA (plenty of ops there) 4) MEng. (can be done) 5) PhD in a science (pretty difficult by DL) ... 100) MAT, MEd, EdS, EdD, etc... (plenty of ops for DL but the payoff isn't as high as those top 5) ... 150) MA/MS/MCJ in Criminal Justice (getting pretty common - no payoff there either) just a few thoughts. You rarely hear anyone say "damn! cops and teachers get paid too much." I've heard that often about physicians, lawyers, and business management types.
I like and agree with your list Coach. The only note I would make is that if you are talking about average salary instead of highest salary, then I would probably put MEng and PhD in Science above an MBA. I don't believe that there is as many opportunities for engineers and scientists to move into upper management versus those with an MBA. That's where the salary for an MBA leaves engineering/science behind.
I hear that every time the local school district tries to pass a bond issue. This one loudmouth down at the bars thinks that average teacher pay of $40,000 is just absolutely scandalous and that, indeed, no teacher should ever make more than $25,000. He looked at me with a look of genuine surprise when I asked if he wanted the local schoolteachers to stay on the job beyond their first year out of college.
My list is based on average salary reports by the USDoE. Another consideration "oppertunities to move up" might be based on the list of occupations with most openings requiring a bachelor's degree or higher. Of the top ten, teachers of various sorts make up the 1st, 3rd, 5th, and 7th positions. Plenty of jobs and the pay isn't all that bad. Just not "high". Lawyers are number 10 -- Physicians are number 8. General and Operations Managers are number 2! Lending support to the idea that an MBA may just be the way to go. High pay and plenty of jobs. Scientists don't make the top 25 at all -- tough job market there. Of the top 25 with most openings expected -- 16 (almost 2/3) are functions of business or information technology. That these two fields are also represented in the list of top payers makes a higher degree in business or IS/IT a pretty good bet. Of the top 25 fastest growing occupations requiring a bachelor's or more; business and IS/IT are listed among 8 of these. The fastest growing is reported as Network systems and data communications analysts with "computer type people" in half of the top ten and four of the top five. The occupation general and operations managers ranks second (behind postsecondary teachers) as having the most openings among occupations requiring a bachelor's degree or higher. That occupation ranks #76 amonst fastest growing and #40 amongst highest pay at average $79,300 - it tends to be a feeder to that coveted high payer CEO Seems to me, based on highest pay, most openings, growth, availability of DL programs, etc... the MBA is still a pretty safe and secure bet.
If you leave out dl JDs, you should be out in three years (after undergraduate) and there are many relatively affordable ABA accredited schools. If you were to combine length of study, cost of degree, and lifetime earnings, a JD wouldn't be a horrible choice.
Really puts the $100,000 (and rising!) price tag on U. Penn's EdD in Higher Ed Mgmt into perspective, doesn't it? -=Steve=-
Bismark State, http://www.bismarckstate.edu/energy/ wich is part of the North Dakota state system will offer a BS in Interconnected Power Systems starting in 07. I currently have a Reliability Coordinators license and I have to take classes there to keep my license up to date. I believe MISO (MidWest Independent System Operator), CALISO, ERCOT, etc. are all paying about 125K. Granted you have to have pass your license and have a few years of experience, but I'm going to venture to say that that will be the highest paying BS around.
I actually recommend the math/stat combo...but then again, that may just be the contrarian in me. You can always get the MBA later (if required). You may be surprised how many doors a 'Math Degree' opens...and how much they pay. Greg
I would agree that a maths/stat/OR degree can allow a lot opportunities. However, the availability of DL maths degree (master level or above, and possibly not about teaching mathematics) looks limited, isn't it?
Are these starting salaries for all the MBA graduates? Are you saying that a recent MBA graduate from NCU or American intercontinetal is making this kind of cash?
Phd?DSIT in Industrial Management There is one degree neglected in this list and most lists like it: the DSIT - Doctor of Science in Industrial Technology (or PhD in Industrial Management). This is a degree for experienced Industrial Managers from many fields - Engineering, Technology, Manufacturing, Accounting, QA, etc who want to manage an entire factory or group of factories. The payoff for this degree is large and occurs relatively quickly. Several schools offer the degree as DL or short-residency study. Among them are: Central Missouri State U www.cmsu.edu/x73985.xml Indiana State U www.indstate.edu/distance/techManagement.html
Oh no! The starting salary for the distance business schools you mention above are much higher than those from Harvard, Yale, Wharton, Columbia, NYU, etc (yeah, right). I was merely noting ("according to a recent study")the general findings of a new study, no more no less. Whether this study included distance business degree programs is unknown.
tcmak - You are correct that the online math programs appear a bit more scarce (than a MBA for instance). For what it's worth, I found the following online math degrees http://www.worldwidelearn.com/science-degree/mathematics-degree.htm ...and if you were to go this route, it may be prudent to consider an Actuarial Career. It's not the highest paying job in the world - but it's often ranked in the top 5. Hope this helps.
One might think so, but the data provided by the US Dept. of Labor doesn't support that thinking. It would appear that, as a generality, the MBA pays more, has more job openings, is in a faster growing field... than the other degrees other than med and law. But then, that's just my anaylsis of the data provided by the US Dept. of Labor - individual mileage may vary. ROI wise, much depends on variables such as cost of program, lost wages, and the ability of the individual to turn whatever degree into a career op. An MD that takes a gig in a relief mission doesn't make $100K.
I tend to agree, but there are so many "Mickey Mouse" MBAs that the market is very selective when getting into these 500 fortune companies paying those 6 figure salaries. If the MBA is the route to be selected, you better make sure is from an good AACSB accredited and respectable business school.
