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BillyZ
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Looking to Double Your Salary? Try an M.B.A. 18 Dec 2018, 01:10
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WSJ Article : Looking to Double Your Salary? Try an M.B.A.

Link : https://www.wsj.com/articles/looking-to-double-your-salary-try-an-m-b-a-1544187623

Quote:
Yes, the cost of business school is soaring, but a new survey shows that career-switchers can reap substantial financial rewards from getting their masters of business administration.

Fully 75% of those who earn an M.B.A. switch careers, a new survey shows, and they can double their salary by doing so. But the survey of thousands of graduates from dozens of U.S. business schools also reveals that the pay gap between men and women persists—except in the tech sector.

At a time when the cost of business school is skyrocketing and enrollment in many programs is declining, The Wall Street Journal, in partnership with Times Higher Education, polled nearly 7,000 alumni who earned master’s of business administration degrees between 2012 and 2015 on their salary history and career-switching opportunities.

M.B.A.s from the Yale School of Management, Stanford Graduate School of Business, Jones Graduate School of Business at Rice University, among others, reported making tens of thousands of dollars a year more after graduating from the two-year programs.

The results show that the credential sought-after by generations of bankers and consultants still helps those graduates get ahead at work. The median salary for consultants who returned to professional services firms like McKinsey Co. or Deloitte Touche LLP after getting an M.B.A. was $162,000 a year, the highest pay in any sector, and a boost of $82,000 annually. Alumni surveyed in finance and tech jobs tied for second-highest pay, making $150,000 if they also worked in those sectors before business school.
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The data also show that for most women who earned their M.B.A., a pay gap persisted. The median salary of women who worked full-time before entering business school was $63,000 a year to men’s median salary of $67,000, or 94 cents on the dollar. Both men and women reported more than doubling their earnings after graduation. In their post-M.B.A. careers, the median of those women’s earnings was $130,000 annually and men’s was $140,000.

But for women who used the M.B.A. as an opportunity to switch careers, the pay gap narrowed. In tech, where employers like Alphabet Inc.’s Google and Intel Corp. have waged a public push to improve the diversity of their employees and managers, the gender pay gap virtually disappeared for M.B.A.-holders, according to the alumni survey data. Female M.B.A.s who broke into tech after business school earned a whopping 132% more than their previous salary, at $139,000 per year, compared with male M.B.A.’s 100% boost after graduation to $140,000 a year.

More than 40 U.S. M.B.A. programs participated in the survey, though several high profile schools declined, including Harvard Business School, Columbia Business School and The Wharton School at the University of Pennsylvania.

Of the 4,400 respondents with jobs in the U.S., three out of four said they changed fields after business school. Many used the degree to catapult themselves into consulting firms known for hiring M.B.A. talent in droves, or to find fresh starts in consumer products, healthcare or manufacturing. Around 5% of M.B.A. respondents swapped full-time employment altogether to start their own business.

“The promise of the M.B.A. is still very real. Where else can do this magical thing and reinvent yourself partway into your professional life?” said M. Eric Johnson, dean of Vanderbilt University’s Owen Graduate School of Management. “It’s a uniquely American ideal that if you’re 28 and decide you don’t really like what you’re doing, you can go back to school and start off again in a totally different direction.”
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Looking to Double Your Salary? Try an M.B.A. 25 Dec 2018, 08:08
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I had a bit of downtime in my studies over the course of the last few weeks, but this sentence brings back hope:

“It’s a uniquely American ideal that if you’re 28 and decide you don’t really like what you’re doing, you can go back to school and start off again in a totally different direction.” :)