Employers explain why MBA salary packages are so high (2023)

MBA is a degree that teaches both theory and practice in business or investment management. An MBA programme is intended to provide graduates with a better knowledge of comprehensive business management and duties. An MBA degree focuses on accounting, finance, marketing, and relationship management.

The scope of an MBA education is constantly expanding, and it is a highly sought-after professional programme among students. After completing your degree, you will have several work opportunities in various sectors. You can work as a manager or an executive in terms of job position, and you would be able to reach the top by utilising your leadership and working competence. An MBA professional is usually important in their organisation and maintains contact with the board of directors.

Several international corporations in India and worldwide hire MBA degree holders. The management industry is one of the highest paying. Depending on their professional capacity, an MBA graduate’s salary in India is around INR 5 lakh per year. A high salary won’t be a problem for the proper applicants with excellent leadership, decision-making skills, passion, and a decent academic background.

Why is the MBA salary so high?

Most recruiters attribute their high trust in business school candidates to their versatility, good analytical skills, and excellent communication abilities.

Versatile skill set

An MBA is the most efficient approach to broadening your skill set swiftly. The curriculum provides an ideal foundation for honing your abilities and diversifying and growing your strength on new terrain. MBA holders have a broad range of expertise, making them ideal for leadership jobs, particularly managing teams across many functional areas. Students in business school learn to manage several duties while excelling at each of them. Students better understand what to do and what not to do because, in practice, one person cannot accomplish everything.

Analytical skill set

A strategic thinking skill set distinguishes an MBA graduate from the competition during the hiring process. Enterprise recruiters rank creativity and analytical thinking as the most critical skills for a business graduate. MBA graduates detect challenges and provide solutions creatively while managing people. Recruiters anticipate an increased demand for innovation and analytical skills over the coming decade.

Soft skills

Business schools help candidates with the development and bettering of their communication skills. Aside from technical and challenging data abilities, the digital age also needs soft skills such as empathy and emotional intelligence. Recruiters seek interpersonal skills in their candidates as a crucial attribute. Active listening, negotiation, coordination, perceptiveness, and persuasion are ‘must-have’ characteristics in ideal applicants.

Why do companies hire MBA graduates?

The primary reason for recruiting an MBA graduate is to assist in meeting the company’s strategic thinking demands. So, if you want to be recruited and keep your job, you need to work on developing unique talents that will make your CV stand out. With that said, let us look at some MBA graduates’ expertise and why companies hire them.

Digital savvy: Businesses have had to adapt to an increasingly digitalised environment. They are searching for employees who understand social media interaction, how to traverse various softwares, and are eager to learn about the new technologies being produced daily. Depending on your chosen modules, MBA will teach you different digital and technology skills such as digital marketing, analytics, web development, and, sometimes, coding. Expertise in such tools and the capacity to utilise new technology can help you stand out in the corporate world, particularly in the tech sector.

Entrepreneurship spirit: One of the most coveted top abilities MBA graduates possess in the corporate world is the ability to think ahead of the curve. Companies’ success depends on innovation, and they always look for exceptional graduates who can generate new ideas to steer the company ahead. Individual and group initiatives during your MBA education help you acquire a strong business sense that will make you an imaginative and intelligent entrepreneur.

Leadership skills: One of the most basic MBA abilities is leadership. Many programmes include fundamental leadership courses that teach you how to oversee, manage, and encourage your team members to collaborate toward a common goal. Companies seek empathic and dependable leaders who can adjust to new situations and unexpected scenarios. MBA professionals have acquired a talent for remote team-building across diverse forms of work, time zones, and locales.

What is the salary of an MBA in India?

There are multiple factors that influence MBA jobs’ salary and pay scale in India. Let’s look at some of the essential influencing factors that can affect the salary of an MBA graduate:

• Location – MBA graduates’ salaries can vary depending on the job type and location. Different organisations and companies give varying pay scales to individuals based on the cost of living and market worth.
• Job role – Most professionals pursue an MBA to move up a few ranks on the corporate ladder. If you pursue an MBA while continuing on your existing professional path, you can most likely bag a job role in middle management; thus, your salary will increase based on the role you get promoted.
• Company – An MBA graduate’s salary in India can vary from company to company, depending on the company’s assets, sales and needs. For example, companies such as Microsoft and Dell respect an MBA graduate’s technical, managerial, and leadership talents and are often willing to pay them more.

MBA graduates are employed in various industries; thus, their salaries vary based on their specialisation and industry. Here is a summary of the average salary of an MBA graduate in various specialisations in India:

Source: Payscale.com

Which MBA gives the highest salary?

MBA graduates are in great demand in finance, information technology, and healthcare administration and are among the sectors with the best income potential. Gaining a degree in a particular MBA specialisation can help students boost their careers and advance their future prospects. However, most of the highest-paying MBA roles demand extensive professional experience and a track record of corporate success. Listed below are some of the MBA specialisations that can help you land a high-paying job role.

• Finance: Finance is a critical component of every firm; thus, this specialisation ranks high among MBA majors due to its broad applicability and high compensation potential.
• Marketing: Various businesses rely heavily on marketing schemes to create brand awareness and generate public interest in their products or services. Advertising, promotional methods, social media, public relations, and market research are all part of this specialisation and provide a good remuneration to individuals.
• Information Security: Information security deals with the protection of digital information and computer networks for businesses. The necessity to safeguard data has increased with an increase in cyberattacks, resulting in a significant demand for information security specialists who are given high pay scales.
• Human Resources (HR): HR Managers maintain employee happiness and productivity by implementing effective workplace rules and processes. They may guide an organisation’s entire HR strategy, establish performance assessments, implement pay and benefits systems, and devise processes for dealing with workplace concerns at the highest management levels. An MBA with an HRM specialisation is thus, beneficial and can help land a good-paying job.
• Global Management/ International Business: A worldwide corporate market needs specialists who can oversee operations domestically and internationally. International business and management majors possess worldwide management abilities and the challenges of functioning in international markets. Thus, this specialisation can aid individuals in getting high-paying jobs.

Does an MBA guarantee a good job?

MBA programmes are increasingly widening their focus to include international business training and firms’ obligations and corporate accountability in their communities. Thus, an MBA degree is often considered necessary to enter some areas, such as hedge funds, strategic planning, and private equity organisations.

Is an online MBA a good idea for earning well?

With the growth of faster internet technologies, current integrated communications systems, and the pandemic, many students are applying for an online MBA. Several institutions have been granted permission by the University Grants Commission (UGC) to provide online courses. The value of an online master’s degree is equivalent to that of an on-campus master’s degree. The precise period needed to complete an online MBA degree is determined by the degree chosen and the country where the institution is registered.

Earn an in-demand MBA from Online Manipal

Manipal University Jaipur (MUJ) and Manipal Academy of Higher Education (MAHE) provide UGC-accredited online degree programmes through Online Manipal. Students opting for an online MBA degree can attend classes online and utilise software apps such as Zoom to attend live lectures and webinars. While other students enrolling in an on-campus programme engage in person with their teachers. Most online master’s degree programmes are non-contemporary, so students can attend lectures at leisure. The tuition fee for an online MBA degree programme is significantly lower than an on-campus course. Both, however, provide scholarships and allow tuition fee payments per semester. An online MBA degree timetable is quite flexible, and you can work full-time or part-time to supplement your income while studying.

Conclusion

Thus, this concludes our discussion about MBA Salaries in India and the average MBA salary. Pursuing a specific MBA degree might significantly boost your blossoming career and equip you with additional skills. Due to the prevalence of management in practically all industries, MBA graduates have the opportunity to enter any industry and have a good future.