Average MBA Salary Statistics: What Can You Expect to Earn?

Higher education has long been seen as a gateway to a better future—including a better-paying job and more earning potential throughout your life—and the average MBA graduate salary is certainly a reason to consider attending business school. Even as the cost of attending some schools increases, the financial and networking benefits of the degree over the course of your professional career are often worth the expense (and the blood, sweat, and tears you will put into your degree program).

There isn’t a one-size-fits-all answer to the question, “How much does an MBA increase salary?” However, you can find average MBA starting salary estimates in several publications, including these:

• $109,159, according to U.S. News and World Report, which calculated the average base salary from the 124 ranked full-time MBA programs that provided data for 2023. In addition,108 schools reported signing bonuses averaging $22,776¹
• $126,000 median mba starting salary, no experience, according to Glassdoor. The site reports annual base pay ranging from $49,000 to $91,000 and additional pay ranging from $46,000 to $86,000²
• $125,000 median starting salary for MBAs, estimated by the Graduate Management Admission Council)³

No matter which estimates you use, earning an MBA will probably increase your salary. The U.S. Bureau of Labor Statistics (BLS) compiled data from the Current Population Survey to find that the median usual weekly earnings for master’s degree holders in 2023 were $1,737 and $1,493 for bachelor’s degree holders.⁴

Many graduate business schools require applicants to have professional experience for admission to their MBA programs, and for good reasons. One reason is that your work experience helps you contextualize your new knowledge, so your work experience helps you with your coursework. Another is that combining work experience with your degree will likely help you land a more senior role and command a higher salary than you could with no experience in the field. That’s why you should think about the timing of when to get your MBA as you consider your career goals. Now, we’ll explore other factors that can influence your salary after graduating from an MBA program.

As you would expect, different industries pay different average salaries for MBA holders. The BLS shows a sizable difference in average salaries for chief executive officers in government and private industry. Although BLS doesn't have an umbrella listing for non-profit organizations, it shows that CEO salaries for the Grantmaking and Giving Services category fall between the cross-sector averages for government and industry. The career resource site Payscale lists a broader non-profit CEO average salary, as detailed below.

Which private industries offer the highest average salaries for roles often held by MBA graduates? The following information is from the BLS publications for May 2023.

Whether you have zeroed in on a particular role, industry, or location where you want to pursue your career, resources such as the BLS can provide a wealth of statistical data on job functions, preparation, and salaries.

_{*The full name of this industry category is “Securities, Commodity Contracts, and Other Financial Investments and Related Activities.”
** Full name: “Web Search Portals, Libraries, Archives, and Other Information Services.”}

How does the average MBA salary in Seattle compare with the national average? For simplicity’s sake, we’ll compare the same job titles used above, using data from May 2023.

_{***The Bureau of Labor Statistics report includes metropolitan and nonmetropolitan data for the Seattle-Tacoma-Bellevue area of Washington.}

The most recent news release from the Western Information Office of the BLS, citing 2022 data, reported that average wages for all workers in the Seattle-Tacoma-Bellevue area were 29% higher than the national average. Another note of interest in the report is that “Seattle area employment was more highly concentrated in 6 of the 22 occupational groups, including computer and mathematical, business and financial operations, and architecture and engineering.”¹⁷

Where you want to live and work after you earn an MBA will also influence how much you can expect to make. States with higher average cost of living—such as New York, Massachusetts, and Washington—also have higher average salaries for jobs that require or prefer an MBA.¹⁸

States with a higher concentration of large businesses (usually more populated urban areas) often have more total jobs available, and salaries are usually higher than in suburban or rural areas of the United States. That doesn’t mean you can’t find a job with your MBA degree outside big cities like Los Angeles, San Francisco, and Seattle, but looking for employment in smaller towns or more rural areas does mean you may need to adjust your starting salary expectations. It’s also important to factor in cost of living and quality of life in addition to a salary offer. For example, when you factor in the cost of living, a starting salary of $60,000 in Wichita, Kansas, is comparatively higher than a $120,000 MBA graduate salary in New York City.

Global developments over the last few years can raise the average MBA graduate salary for those with specialized skills. The shift to remote work and supply chain instability triggered by the COVID pandemic have raised the demand and MBA graduate salary for those with expertise in project management, supply chain management, and change management. Similarly, the rapid development of data analytics and artificial intelligence applications has fueled cross-industry demand and the average MBA graduate salary for people with those skills.¹⁹

While prestige and name recognition might influence your career prospects and salary after graduation, the cost of tuition, relocation, and commuting for some MBA programs can be prohibitive for many students. This could negate some of the salary gains you can expect after you finish your degree. However, opting for online courses or an online MBA can alleviate the burden of cost and energy.

One final thing to research is the employment rate for graduates from the school you plan to attend. Higher starting salaries only sometimes coincide with higher employment rates. Stanford and the Wharton School both have average starting salaries at the top of the spectrum, but other MBA programs have higher employment rates for their students three months after graduation.²⁰

When you're ready to pursue an MBA, Seattle University offers an ethically-centered, communication-driven approach to business education. The Seattle University Online MBA prepares graduates to thrive as leaders in an increasingly cross-functional and collaborative business environment.

The rigorous curriculum, experienced faculty, and extensive professional and alumni network make your graduate degree from Albers a powerful engine to drive your career. Learn more about the AACSB-accredited program, the Online MBA, and how Seattle University can boost your future salary and career opportunities.