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DIY留学参考:The Best Paid MBA Concentrations  

2014-11-19 14:53:54|  分类: 学校与选校 |  标签: |举报 |字号 订阅

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DIY留学参考:The Best Paid MBA Concentrations


by Jeff SchmittPoets & QuantsAuthor on November 18, 2014

 

 

There are three phases in any MBA decision-making process. First, you’ll evaluate the degree’s value. You’ll weigh the $200K (or more) you’ll forego in tuition and lost wages against bigger paychecks, which can go as high as $3 million dollars (or more) over a career. Then, you’ll compare programs by their networks and prestige, where the income difference between acceptance at Harvard or Notre Dame could be a million dollars or more over 20 years. But there’s still one more choice: What should I specialize in? Yes, that decision, too, could cost you $50K-$60K a year.

No pressure, right?

If you’re applying now, you’re probably fretting over whether you’ll get into your top choice or a safety school. If your GMAT score was below par, you might be wondering if you’ll be condemned to a second-tier school. Let’s face it: The best companies target the top programs. And being accepted at a celebrated school provides the coveted halo effect. It is a stamp of approval, proof that you had the academic chops and professional pedigree to join a very exclusive club.

However, not all MBA (or business master’s) degrees are created equal in employers’ eyes. Sure, your concentration may not be your destiny. Depending on your employer (and advocates), it can give you a faster start by exposing you to the right people sooner. So before you sock big money into a concentration that the market doesn’t value, ask yourself: Where can I earn the highest return over my career?

HOW PAYSCALE CALCULATES PROFESSIONAL INCOMES

That question was recently addressed by PayScale, a leading data warehousing firm that specializes in employee compensation. In October, PayScale released its “Gradate Degrees by Salary Potential” list, which revealed the early and mid-career salaries for holders of 232 fields of studies. The list included salary data for holders of advanced degrees at 166 business schools, 55 law schools, 336 non-MBA master’s schools, and 49 doctorate-granting research universities.

As with all data sets, the salary information consisted of “base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, and overtime.” However, it did not take into equity or stock compensation. PayScale’s methodology also didn’t incorporate benefits like pensions or healthcare benefits into salaries.

The data is broken down by major and degree. PayScale provided salary information at “early career” (average two years of professional experience) and mid-career (average 15 years of professional experience). In addition, the data included a “high job meaning” category, the percentage of degree holders who answered “yes” to “Does your work make the world a better place?” According to The Atlantic, 180,000 MBA degree-holders participated in PayScale’s salary listing for degrees.

“STRATEGY” TOPS AMONG MBAs

So which concentrations provide the highest return? According to PayScale, the honor goes to strategy, which ranked #1 among MBA degree types and #5 overall, probably because of the large numbers of strategy consultants at the Big Three firms which are now hiring top MBAs to start at a base of $135,000. At mid-career, MBAs specializing in strategy can expect an annual median salary of $145,000, owing to the fact that when you count up all the MBAs out there, very few of them work for McKinsey, Bain or BCG. Following closely behind was “general and strategic management” at $140,700, which ranked #7 overall. Strategy also topped the early career salary ranking at $92,200, followed by an MBA in “computer science” at $83,000.

Overall, the top income earners held a master’s degree in Petroleum Engineering, where graduates were earning a median mid-career salary of $187,600. That was followed by professionals who held a master’s in Nurse Anesthesia ($162,800), a doctorate in Computer Engineering ($150,000), and a doctorate in Electrical and Computer Engineering ($145,100). A law degree ranked #10 at $139,000.

 

A master’s in nurse anesthesia produced the highest starting income at $140,900 (with compensation only growing by roughly $22,000 between early-and-mid-career). Doctorates in Computer Science ($110,800), Computer Engineering ($108,100), and Electrical and Computer Engineering ($103,200) and a master’s in Petroleum Engineering ($102,800) round out the top five early career salaries.

ENTREPRENEURS START SLOW AND CONTINUE STRONG

Entrepreneurship is all the rage on b-school campuses these days. And that isn’t by accident. After crunching the numbers, PayScale found that students specializing in “Entrepreneurship” earned just $68,100 to start. By mid-career, they were making $138,300, over $70,000 more. And consider this: PayScale’s numbers don’t even factor in equity or stock compensation – a major source of wealth for entrepreneurs.

Other MBA concentrations where graduates generated high incomes by mid-career include: Marketing Management ($135,300), Economics ($131,800), Computer Science ($129,900), Marketing and International Business ($128,200), Finance ($126,800), Business Management and Marketing ($126,600), and Marketing and Management ($126,200).

 

For students looking to land high salaries early, their best bets (aside from Strategy and Computer Science) are General and Strategic Management ($81,800), Mechanical Engineering ($80,600), Business and Information Technology ($80,100), Corporate Finance ($77,000), Operations and Supply Chain Management ($74,800), Operations Management ($71,800), and Economics ($71,400).

Overall, 27-of-36 MBA concentrations paid out six-figure salaries by mid-career, with pay increasing anywhere from $30K-$72K from early-to-mid-career. The biggest jumps (aside from Entrepreneurship) originated from International Business (+$66,600), Business and Marketing (+$65,000), Marketing (+$64,900), Marketing Management (+$62,200), and Finance (+58,500).

IS AN MBA IN HUMAN RESOURCES A WASTE?

Tempted to get into human resources? You may want to resist the urge. MBAs in Business Management and Human Resources  Management, Human Resources Management, and Human Resources produced the lowest starting salaries ($44,900, $49,700, and $48,500 respectively). They also represented three-of-the-four lowest median salaries at mid-career ($85,800, $84,900, and $80,700 respectively) – nearly $60K-$65K a year behind the top performer (Strategy).

Starting salaries in Marketing and Communications ($48,000), Accounting and Business ($51,700), and Accounting ($52,000) were also relatively small (though Marketing and Communications eventually ballooned up to $101,800 by mid-career). Aside from human resources, mid-career salaries in Health Care Management ($89,800), Accounting ($91,300), and Project Management ($92,100) were also sluggish.

In fact, there was little difference in income between an MBA and a master’s in any accounting field except Accounting and Finance, where MBA holders earned $27,000 more than their master’s counterparts. The salaries between human resources MBAs and master’s degree holders were also comparable.

IS A MASTER’S DEGREE A BETTER OPTION?

And that brings up another question: Are students better off foregoing an MBA in lieu of a master’s degree, which can take a year less to earn? The answer: It depends on the concentration. In most cases, a master’s degree results in a lower mid-career income than with an MBA. Here are some examples: Information Systems ($119,500 vs. $104,700), Economics ($131,800 vs. $113,600), Finance ($126,800 vs. $113,400), General Business ($110,000 vs. $90,800), International Business ($115,900 vs. $101,000), Marketing and Management ($126,200 vs. $92,700), and Leadership ($103,000 vs. $77,700).

 

However, there are a handful of specialties where Master’s compensation is equivalent to – or higher than – MBA compensation. They include: Project Management ($107,800 vs. $92,100) and Supply Chain Management ($108,000 vs. $108,200).

The findings for starting and mid-career salaries from business doctorate degrees were mixed. The highest starting and mid-career salaries from the doctoral space came from Economics at $95,900 and $127,900, with MBAs earning $3,900 more by mid-career than doctorate holders. The only other business-related doctoral program was Business Administration, where degree holders earned $78,600 and $108,000 respectively.

MBAs FIND LITTLE MEANING IN THEIR WORK

Despite earning higher wages – MBAs held 13 of the top 30 mid-career salaries – they weren’t particularly enthused about their work. The highest satisfaction came from MBAs in Health Care Management, where 82% answered “Yes” to whether their work makes the world a better place. That tied for 50th place among all degrees. The next highest? That would be Health Care Administration at 80%. After that, you won’t find an MBA concentration until Human Resources Management (65%) , Business Management and Human Resources Management at (61%), Operations Management (59%), and Project Management (59%).

However, you’ll find several MBA specialties near the bottom of the list, including Marketing and International Business (35%), Information Systems (39%), Economics (43%), Accounting (45%), Supply Chain Management (45%), Information Technology (45%), Marketing and Communications (46%), and Business and Marketing (46%). Strategy – the highest-salaried field – came in at 49%.

Alas, it isn’t just MBAs who are unhappy, as the bottom is also littered with graduates holding business-related master’s degrees, including Taxation (29%), International Business (33%), Accounting (36%), Accounting and Taxation (38%), Business and Marketing (39%), Finance (40%), and Economics (41%). Those numbers were actually lower than those of lawyers (42%), often cited as the unhappiest profession.

That said, these numbers correlate with a recent Gallup survey, which found that professionals with business-related undergraduate degrees are often the most disengaged employees in the workplace

The people who found the most meaning from work held master’s degrees in areas like Communicative Disorders (95%), Pastoral Ministry (95%), Community Health Education (94%), Physical Therapy (93%), and Divinity (92%).

To review the top MBA, and master’s degree salaries by concentration, continue to the next pages.

Don’t Miss: THE MOST LUCRATIVE SEVEN-FIGURE MBA DEGREES ON EARTH

Top 10 Compensation

Rank Major Degree Type Early Career Salary Mid-Career Salary Percentage of High Job Meaning
  1  Petroleum  Engineering  Master’s  Degree  $102,800  $187,600  69%
  2  Nurse  Anesthesia  Master’s  Degree  $140,900  $162,800  87%
  3  Computer  Engineering  Doctorate  Degree  $108,100  $150,000  NA
  4  Electrical and  Computer  Engineering  Doctorate  Degree  $103,200  $145,100  64%
  5  Strategy  MBA  Degree  $92,200  $145,000  49%
  6  Electrical  Engineering  Doctorate  Degree  $99,100  $141,400  66%
  7  General and  Strategic  Management  MBA  Degree  $81,800  $140,700  58%
  8  Computer Science  Doctorate  Degree  $110,800  $140,600  66%
  9  Chemical  Engineering  Doctorate  Degree  $91,900  $139,300  63%
 10  Juris Doctorate  JD  Degree  $66,100  $139,000  42%

Source: PayScale

 

MBA Compensation

Rank Major Degree Type Early Career Salary Mid-Career Salary Percentage of High Job Meaning
 11  Entrepreneurship  MBA  Degree  $68,100  $138,300  56%
 13  Marketing  Management  MBA  Degree  $63,000  $135,300  53%
 15  Economics  MBA  Degree  $71,400  $131,800  43%
 17  Computer Science  MBA  Degree  $83,000  $129,900  51%
 18  Marketing and  International  Business  MBA  Degree  $61,700  $128,200  35%
 20  Finance  MBA  Degree  $68,300  $126,800  47%
 22  Business  Management and  Marketing  MBA  Degree  $64,000  $126,200  53%
 23  Marketing and  Management  MBA  Degree  $64,000  $126,200  50%
 25  Business and  Marketing  MBA  Degree  $59,000  $124,800  46%
 27  Marketing  MBA  Degree  $59,300  $124,200  48%
 30  Corporate Finance  MBA  Degree  $77,000  $122,800  NA
 36  Mechanical  Engineering  MBA  Degree  $80,600  $122,000  58%
 42  Information  Technology  MBA  Degree  $70,700  $119,500  45%
 44  Management  Information  System  (MIS)  MBA  Degree  $68,300  $118,700  46%
 54  International  Business  MBA  Degree  $58,300  $115,900  51%
 56  Operations and  Supply  Chain  Management  MBA  Degree  $74,800  $115,800  49%
 58  Information Systems  (IS)  MBA  Degree  $58,800  $115,200  39%
 59  Operations  Management  MBA  Degree  $71,700  $115,000  59%
 60  Accounting and  Finance  MBA  Degree  $62,100  $114,500  49%
 69  Business and  Information  Technology  MBA  Degree  $80,100  $112,600  55%
 72  General Business  MBA  Degree  $61,600  $110,000  49%
 75  Computer Information  Systems (CIS)  MBA  Degree  $70,300  $108,200  52%
 75  Supply Chain  Management  MBA  Degree  $70,500  $108,200  45%
 89  Leadership  MBA  Degree  $62,300  $103,000  56%
 93  Marketing and  Communications  MBA  Degree  $48,000  $101,700  46%
 100  Business  Administration  MBA  Degree  $58,100  $100,900  54%
 107  Communication  MBA  Degree  $56,800  $97,600  56%
 108  Health Care  Administration  MBA  Degree  $63,700  $96,900  80%
 123  Project Management  MBA  Degree  $60,000  $92,100  59%
 127  Accounting  MBA  Degree  $52,300  $91,300  45%
 132  Health Care  Management  MBA  Degree  $55,300  $89,800  82%
 146  Human Resources  MBA  Degree  $44,900  $85,800  58%
 148  Accounting and  Business  MBA  Degree  $51,700  $85,400  56%
 151  Business Management and  Human Resources  Management (HRM)  MBA  Degree  $49,700  $84,900  61%
 165  Human Resources  Management (HRM)  MBA  Degree  $48,500  $80,700  65%

Source: PayScale

Master’s Degree Compensation

Rank Major Degree Type Early Career Salary Mid-Career Salary Percentage of High Job Meaning
 32  Operations  Research  Master’s  Degree  $78,800  $122,700  70%
 47  Information  Technology  Management  Master’s  Degree  $62,500  $117,300  55%
 52  Taxation  Master’s  Degree  $58,200  $116,400  29%
 62  Economics  Master’s  Degree  $61,600  $113,600  41%
 64  Finance  Master’s  Degree  $62,200  $113,400  40%
 77  Supply Chain  Management  Master’s  Degree  $62,400  $108,000  62%
 79  Project  Management  Master’s  Degree  $66,600  $107,800  52%
 92  Organizational  Development  Master’s  Degree  $58,900  $102,400  49%
 98  International  Business  Master’s  Degree  $53,100  $101,000  33%
 103  Accounting and  Taxation  Master’s  Degree  $59,500  $100,000  38%
 117  Business  Administration  Master’s  Degree  $57,500  $94,400  58%
 122  Marketing and  Management  Master’s  Degree  $51,500  $92,700  54%
 129  General Business  Master’s  Degree  $51,300  $90,800  62%
 131  Accounting  Master’s  Degree  $54,900  $90,200  36%
 137  Marketing and  Communications  Master’s  Degree  $46,000  $88,400  55%
 140  Organizational  Management  Master’s  Degree  $51,900  $87,700  63%
 141  Accounting and  Finance  Master’s  Degree  $55,200  $87,600  49%
 143  Management and  Leadership  Master’s  Degree  $57,300  $86,300  65%
 147  Human Resources  Master’s  Degree  $50,600  $85,600  50%
 160  Human Resources  Management (HRM)  Master’s  Degree  $48,500  $81,300  60%
 166  Accounting and  Business  Master’s  Degree  $56,100  $80,500  50%
 167  Organizational  Leadership  Master’s  Degree  $50,700  $80,300  60%
 170  Human Resources  Development  Master’s  Degree  $51,300  $79,100  54%
 171  Communication  Master’s  Degree  $46,100  $78,200  51%
 172  Public Relations  Master’s  Degree  $42,200  $77,900  53%
 174  Leadership  Master’s  Degree  $48,600  $77,700  66%
 186  Nonprofit  Management  Master’s  Degree  $44,600  $73,200  86%

Source: PayScale

 

 

以上内容摘自:

http://poetsandquants.com/2014/11/18/the-best-paid-mba-concentrations/

 

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