The salary you are offered is, naturally, directly proportional to your qualification and your experience. While the second factor takes a while to build upon, great educational qualification can never fail you. It is the surest way to ensure that you draw the salary you desire and deserve. And, perhaps no other degree assures this more than an MBA. Read more about MBA Salary in India.
MBA graduates are preferred by most companies today for any position that has to do with managing people, finances, and such other tasks. The belief being that the candidate is qualified enough to understand the intricacies of the business world and is trained to think analytically. Â There is no doubt that MBA graduates are one of the most well-compensated graduates, however, the highest MBA salary in India of an MBA graduate depends on multiple factors.
This helps foresee market trends, make better judgments, build leadership skills, and identify the right talent. All-in-all, an MBA graduate proves to be an asset for an organization. And in case, you can earn your degree from a globally reputable institution, the chances of scoring that dream package are definitely higher.
Which brings forth the question – what are some of the highest-paying jobs for MBA graduates in the market today?
Highest Paying Jobs for MBA Graduates in India
1. Investment Banker
Investment bankers are involved in raising money in capital markets and providing financial advice for both private companies and the government. You can count on them to help out with mergers, acquisitions, and staying informed about great investment options. MBA graduates who wish to pursue this career path would have to choose their subjects with a focus on finance. And while the pressure might be immense, those who roll with it enjoy the job for the thrill of it all and the paycheck that comes with it.
In India, the salary of an investment banker can be anywhere between 6 lakh to more than a million, depending on the company and his/her level of experience. Goldman Sachs, for instance, is one of the highest payers in the market. While the salary is attractive, the incentives in this field are the big draw. Consider the hefty bonuses, profit sharing etc. and it is undoubtedly one top paying MBA jobs in the market today.
2. Project Manager
Most MBA graduates are hired as project managers in top companies. A project manager is required to be involved in all aspects of a project. Right from planning and strategizing to making financial projections and building a team, the complete and proper execution of a project rests in the hands of a project manager, and therefore, MBA graduates are usually the first choice. The managerial skills, communication and goal-oriented attitude all add up, making them ideal for such a role.
Project managers with experience can earn up to 20 lakh per annum. The number can go up in tier-1 cities.
3. Consulting
Business Consulting and Strategy Consulting are two of the hottest jobs in the market for MBA graduates. Forecasting trends, analyzing numbers, pitching to the client, and the demands of the job are quite exciting and varied. What’s more, there is a very well-defined career path to follow. An MBA graduate that joins as a manager has an open window to turn into a partner, and this need not take forever.
While the initial remuneration may not be very high, the structure at these organizations allows a candidate to grow. At the partner level, you may rake in more than 45 lakh. It is, therefore, definitely one of the highest-paying jobs for MBA graduates across the globe.
4. Business Development Manager
A role that allows you to put your best managerial skills forward lives up to that MBA fame. A business development manager is responsible for the planning and strategies that assist the growth and expansion of a business. It requires one to be very aware of the current state of the industry to determine the best way to move it forward.
Being a person with excellent communication and analytical skills are some of the key essentials of this job. New employees may be offered something around 5 or 6 lakh. However, with an increase in experience, this figure may go up to 15 or 16 lakh per annum.
5. Marketing Manager
One of the most exciting fields to be in today is marketing. Selling a product is not just about pushing a discount anymore. Marketing today is so much more than just making a sale for the sake of it. It requires an in-depth understanding of consumer behavior, market trends, expectations, the ability to conceptualize marketing campaigns and so much more. An ever-changing and dynamic field, marketing is one of the most popular areas of work today, and a marketing manager is quite the sought after role.
Essentially, marketing deals with people and therefore, a marketing manager must be able to work with a large team and share a good rapport with everyone. Analytical thinking, innovation and strategizing are all a given of course. The salary of a marketing manager can go up to 20 lakh per annum, and this number could increase depending on the company and experience. It is not only one of the top-paying MBA jobs in India but also quite popular for the nature of the work itself.
The number of salaries written above is an approx estimation of the average salary. Different companies may offer higher or lower than these salaries to a freshly graduated MBA student. But apart from being a fresher, there are some influential factors that impact the salary package an MBA student may get. Let’s find out what those that can help you get the highest salary of MBA in India.
- Higher Scores in CAT/GMAT:
A high score on the CAT/ GMAT assures that you will be able to enrol yourself in one of the top business schools in India or abroad. A top-ranked business school can catapult your career greatly by making you stand out in the crowd of thousands of MBA graduates.Â
From an international survey done by Forbes, it can be found that there is a strong correlation between GMAT scores and MBA salary. Candidates who were able to score 550+ in their GMAT were able to get admitted to the top 60 European business schools. Post-MBA the average salary of these students were around $152,000. Especially if you are a fresher and have no relevant working experience for the job you are applying for, this factor will majorly influence your starting salary.
The same goes for India. The higher your scores are in CAT, the better business schools you’ll get to choose and achieve the MBA highest salary in India. If not major but the top IIMs in India also show a slight difference in their average domestic CTCs. Where the average domestic CTC of IIM Ahemdabad is approx Rs. 26.13 lakhs per annum, the numbers drop to almost half at 13.12 for IIM Nagpur.Â
- Chosen Industry and work profile:
As mentioned earlier, a broad spectrum of industries hires MBA graduates to handle different managerial roles. It can be finance, healthcare, Information Technology, Retail, Hospitality and many more. Different industries along with different job profiles offer different pay.
Before niching down to a particular MBA specialization, you need to understand that not all domains are able to help you achieve the highest MBA salary in India or abroad.Â
Looking at the current circumstances, it can be found that, in 2022, the industries that are paying the highest to the MBA graduates in India and abroad include consulting, financial services, technology, healthcare and media and entertainment. Hence, if you want to crack the highest salary of MBA in India or abroad, you need to focus more on these.Â
- Prior work experience:
MBA is a degree that is not bound by any limit. Candidates who are fresh undergraduates to working professionals, anybody could enrol for the degree. On one hand, this is an absolute great benefit, however, on the other, it may become a hurdle for few in achieving the highest MBA salary in India.Â
A mid-career graduate is more prone to get a high-income salary than a graduate who has experience of less than a year, simply due to the fact that they have both the degree and working experience.Â
Due to this reason, some top-rank business schools might also give extra points to applicants who have a minimum of 3 years of working experience in relevant fields. MBA is a great degree to boost someone’s career, hence, if your aim is to hit the highest salary of MBA in India then having some relevant experience is quite helpful.Â
- Geographical location
Your post-MBA salary will also be highly dependent upon the country or state you live in. To be precise, some states or cities in India hold higher chances of getting better pay. For instance, if you look for the top 6 highest paying cities for MBA grads, you will find Mumbai, Delhi, Gurgaon, Bangalore, Chennai and Pune in that list.Â
There is no hard and fast reasoning behind it, but can be assumed that the cost of living is a big influential factor in why different cities or states in India may pay you different for the very same role.Â
The same goes for cross-border job opportunities as well. You will find that that post-MBA a candidate can earn around INR 6 lakhs per annum for an entry-level job, for which they will be paid around $100K if that was in the US.
Conclusion
An MBA is seen as the golden ticket to a great package. It isn’t entirely wrong. MBA graduates are believed to be trained in everything that a homegrown professional will learn on the job over several years. If you are considering Part time MBA, Check out our article about Advantages of Part time MBA. For that reason, it makes sense to hire them if you want to accelerate your business in a relatively short period. Their insight, understanding of the market, logical thinking patterns and a general knack for astute business analysis make them a top choice for most jobs today.
However, for an MBA graduate, to find a job that’s worth the educational investment takes careful planning; something that they will presumably be good at. So, go get that MBA, plan ahead and prepare yourself for the job that will give you the package of your choice.
If you are keen on upgrading your career with an MBA course, upGrad is offering the MBA(Executive)-BA program in collaboration with the NMIMS Global Access School. The program has been designed to stand at par with the best on-campus Executive MBA programs across the globe.
And the cherry on top – upGrad’s excellent flexible and interactive learning and evaluation systems allows you to balance your personal and professional life in a hassle-free manner. Check out for more information & let our student counsellor help you with your questions.
How does an MBA education boost salaries?
An MBA gives a boost in commanding higher salaries due to many reasons. The acquisition of a diverse set of knowledge in a short period of time is one of the main reasons. The skills you learn in an MBA will help you become a leader and grow fast in your corporate career. by using these skills, you can tackle real world situations. 9 out of 10 MBA alumni have agreed that the earning power increased after MBA. The horizon of knowledge that you soak in during your MBA makes you a great match for multiple functions in the world of business.
What kind of an MBA specialisation should I focus on?
MBA specialisation helps you in improving career prospects and in pursuing advanced positions. The kind of specialisation you want depends on your interest. The financial sector is one of the highest paying, so is the technology sector. Sales careers can also offer lucrative careers depending on your contribution to increase in business. The digital world offers a whole new plethora of opportunities. You need to select a specialisation of your preference so that you can channelise your energies and passion in it.
How can I find the best paying jobs?
The best paying jobs are a combination of versatile skill sets, strategic thinking, and strong specialisation. Also, salaries increase over a period and after creating a niche for you. The highest paying jobs are the ones that involve risk, reflect criticality in performance, allow you to use leadership skills, and strategic thinking. You have to understand your strengths and skills. Parallely, you need to find the most value adding areas of business. Then you can find a healthy balance between the two. Some of the roles are investment banker, project manager, consulting, business development manager, marketing manager, etc.
What roles and responsibilities entail the position of a Marketing Manager?
The main responsibilities of a marketing manager are to create an appealing brand image for the organisation, in order to promote and sell products or services to its customers. The marketing manager is responsible for a marketing team in most cases, so they also take leadership roles. Analysing consumer behaviour and trends to come up with strategies that work best for the organisation is also something that falls under their purview. Marketing managers take up tasks like website management, social media management, copywriting, and data analytics.
Can I switch between these roles throughout my professional journey?
Yes, you can definitely explore each of these roles to see which one suits you best and interests you the most. These roles, while being different from one another in terms of responsibilities, come from the same background of business and require you to use the learnings from your MBA degree and put them into practice. The challenge is to assess what specific domain knowledge you will need for different tasks and situations. By experimenting with the nature of your work, you will be able to gain experience from multiple resources and add value to yourself in the employment market.
What factors affect your salary after graduating with an MBA?
Pursuing an MBA teaches you certain skills. Networking, business management, interpersonal skills, and teamwork, to name a few. Your ability to be able to apply these skills to the benefit of your organisation, and being able to make use of your knowledge on the field, is what affects your position. Your salary also depends on the industry you’re in, the type of business you work for, and where in the country you are located. As you make progress in your career, your salary might tend to increase with promotions. In any case, it is important to choose the right job that aligns with your interests and skills.
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