|By PR Newswire||
|February 14, 2013 04:31 AM EST||
LONDON, February 14, 2013 /PRNewswire/ --
MBA graduates continue to achieve high salaries beating averages from a decade ago (inflation considered), according to the latest research from the Association of MBAs (AMBA). The AMBA Careers Survey 2013 also reveals that twice as many MBAs are working in the public sector and more women MBAs are entering the legal profession than in previous years.
MBA graduates from business schools with AMBA accreditation are receiving the highest average salary in the UK since 2004 and 11% more graduates reported earning above £70,000 compared to those surveyed in AMBA's previous Careers Survey in 2010.
The Careers Survey showed that the average (mean) salary of MBA graduates from AMBA accredited business schools working in the UK now stands at over £82,000 (the highest since 2004). The median salary, including variable cash, such as bonuses, stands at £90,000. This is a 7% increase on the same salary in 2010.
The research, conducted among 1,000 graduates from AMBA-accredited business schools, demonstrated that the MBA continues to open the door to more senior roles and that MBA graduates work across a diverse range of sectors. It also revealed a shift in the representation of female MBA graduates in the workplace.
- The number of MBA graduates working in the public sector doubled with almost one in ten MBA graduates now working in this sector since AMBA's last Careers Survey in 2010. The public service has a strong representation of women with 41% of women MBA graduates working in the public service.
- The Careers Survey shows a growth in female MBA graduates in the legal profession. Compared with 2010 there was a 67% increase in women who reported working in the legal field.
- There is a strong representation of MBA graduates in all sectors. The survey found that 15% of the graduates surveyed worked in consulting, 11% in finance, 10% in industry, 9% in healthcare, 9% in public service, 5 % energy and 5% in consumer goods sector.
- Within ten years of gaining an MBA, over half of all graduates surveyed were either in senior management, CEO or directorship positions.
- The new data also revealed that the bonus culture has declined since 2010, with 10% less MBA graduates receiving variable cash earnings e.g. bonuses.
"The MBA is a long-term investment which brings value to a graduate throughout their career. With our comprehensive research, spanning more than 20 years, we are able to benchmark trends and changes to careers, earning potential and the globalisation of MBA graduates from our accredited business schools worldwide," said Vanessa Harwood-Whitcher, Chief Operating Officer, Association of MBAs.
"This research provides an elite group of accredited business schools and AMBA's members worldwide with an unbiased and comprehensive benchmark for their management education," added Harwood-Whitcher.
The MBA graduates surveyed were also asked about their views on the value of the MBA. The majority of respondents said they felt the MBA was a degree for life, with 85% agreeing that the value of their own MBA had improved over time. AMBA-accredited MBA programmes are unique in their admissions requirement for three years of postgraduate professional experience. Given their prior managerial experience, these graduates identified the access to new perspectives on being a manager and improving business acumen as the second most important benefits of an MBA (the first being salary and career progression).
The survey also asked graduates about the most important study topic for today's MBA students. 35% of those surveyed stated entrepreneurship, 30% stated globalisation and one in five rated sustainable/responsible management as the most important MBA topic.
AMBA's Careers Survey collected responses from 1,000 MBA graduates from 75 countries between September and November 2012. Over half the respondents studied for their MBA on a part-time basis. Three-quarters of respondents had received their MBA degree between 2000 and 2012. All salary figures have been adjusted for inflation.
About the Association of MBAs
The Association of MBAs is the international impartial authority on postgraduate business education. Established in 1967, it sets the global standard for accrediting MBA, DBA and MBM programmes. The Association currently accredits more than 800 MBA, DBA and MBM programmes at 201 business schools in 70 countries worldwide. The Association of MBAs is also a professional membership association connecting MBA students and graduates, accredited business schools and MBA employers in more than 110 countries. It provides research on postgraduate management education and offers pre-MBA students an online guide to choosing an MBA at http://www.ambaguide.com.