Ever wondered whether a Master of Business Administration (MBA degree) can lead to a high-paying career?
The answer is yes! But there is more to it than meets the eye. Let’s have a look at what this postgraduate degree entails, and what MBA graduates can expect regarding salary.
THIS ARTICLE COVERS:
- What is an MBA?
- Factors that influence MBA graduates’ salaries
- Type of MBA programme
- Role and sector
- Location
- Company size
- Experience
- Salary range for MBA graduates in Nigeria
- Explore this international MBA programme
What is an MBA?
A Master of Business Administration degree is a respected business management and administration graduate qualification that can open doors to high-level positions in various industries.
Typically an MBA programme takes two years to complete, with strategic management, marketing, finance, human resources, business research, economics, operations and supply chain management, entrepreneurship and innovation as core subjects, and electives such as ethics, international management, strategic IT management, mergers and acquisitions, ethics, and mentoring and coaching. At a specialised institution like Regenesys Business School, the curriculum also includes Emotional and Spiritual Intelligence, which is key to managing yourself, and your relationships with all around you.
While you’ll write exams for all your MBA courses, you’ll also have to research a business problem and write a dissertation on your research project.
This qualification is often listed as an essential requirement for higher-level positions, which typically command salaries that make the challenging MBA journey – and the big investment of time and money in it – entirely worthwhile.
The demand for MBA professionals in Nigeria is growing, with 92% of corporate recruiters expecting to hire new graduates in the coming years thanks to the increasing number of businesses looking for highly qualified professionals to fill managerial positions. A quick scan through open business positions backs this up, showing many new business and finance jobs waiting to be filled.
Factors that influence MBA graduates’ salaries
MBA graduates’ salaries typically vary according to field and specialism. While the best salaries are earned in finance, consulting and technology, additional factors influence MBA graduates’ earning potential.
- Type of MBA programme: The type of MBA programme you choose can affect your earning potential significantly. Full-time MBAs are typically more expensive than part-time or online MBA programmes but offer a higher return on investment, as they deliver practical experience through networking and other extracurricular activities.
- Role and sector: While the industry you choose to work in and the size and kind of organisation also play a role in determining your salary, the most significant factor influencing MBA salaries is the job itself.
| Role |
Range in annual salary ₦ (million) |
Average annual salary ₦ (million) |
| Chief executive officer (CEO) |
3-30 |
12,1 |
| Chief risk officer |
9-32 |
12,1 |
| Chief information officer (CIO) |
1-40 |
35,0 |
| Chief financial officer (CFO) |
1-39 |
9,5 |
| Chief technology officer |
2-18 |
6,0 |
| Chief operations officer (COO) |
3-5 |
5,9 |
(PayScale, 2023)
MBAs who have specialised in finance, consulting, and technology, and who work in these industries, tend to earn more than those in other industries, as these sectors require specialised skills and knowledge.
Similarly, top roles such as CEO, CFO, and CIO command compensation commensurate with the responsibilities borne in these roles.
Check out salary averages for MBA graduates in the best-paid sectors:
| Sector |
Average annual salary ₦ (million) |
| Technology |
6 |
| Finance |
5 |
| Consulting |
4 |
(Glassdoor, 2023)
- Location: The location of your job can also affect your earning potential. MBA graduates who work in major cities earn more than those who work in other areas, as these cities tend to have higher living costs. Higher salaries are needed to attract and retain good people.
|
MBA Graduates’ Annual Base Salaries (’000) |
|||||||
| United States
$ |
United Kingdom
£ |
Australia
AU$ |
Canada
C$ |
Nigeria
₦ |
South Africa
R |
India ₹ |
|
| Average | 95 | 57 | 105 | 86 | 6,000 | 811 | 872 |
| Salary range | 60-175 | 28-157 | 47-125 | 54-154 | 1,000-49,000 | 126- 3,000 | 208-2,000 |
(PayScale, 2023)
- Company size: Graduates who work for large corporations tend to earn more than those who work for small businesses or start-ups, as large corporations have more resources, so can offer higher salaries and better benefits.
- Experience: Finally, your experience and expertise also play a role in determining your salary – MBA graduates with several years of industry experience earn more than those fresh out of school, because experience brings expertise and knowledge that can be valuable to employers.
According to compensation research group PayScale, the average base salary for MBA graduates in Nigeria is ₦ 6-million. However, this figure can vary depending on the factors mentioned above.
Salary range for MBA graduates in Nigeria
MBA graduates stand out from other job candidates due to the specialised skills and knowledge they learn in business schools that teach practical, relevant management subjects. This gives them an advantage when job hunting, as employers are often more interested in those with qualifications. Moreover, MBA graduates may be offered better salaries due to their unique abilities and experience.
According to PayScale, MBA graduates can earn up to ₦50-million a year. Granted, the graduates earning this kind of money are in roles that involve growth strategy development or risk management (or both), have years of experience, and tend to be company directors, though finance professionals can command similar salaries.
Another international compensation agency, Emoluments, shows the range and average salaries for selected senior roles in Nigeria:
|
Annual Salaries by Role |
||
| Range
₦ (million) |
Average salary ₦ (million) |
|
| Country manager |
0,98-54 |
12,0 |
| Product manager |
7-15 |
10,8 |
| Senior developer |
0,45-57 |
3,0 |
| General manager |
0,49-21 |
3,0 |
| Operations manager |
1-6 |
2,8 |
| IT manager |
0,17-10 |
2,6 |
| IT analyst |
2-4 |
2,5 |
| Human resources manager |
0,24-10 |
2,3 |
* Range estimated
(Emolument.com, 2023)
Explore this international MBA programme
If you want to accelerate your career and put yourself in line for the best-paid jobs, an MBA degree is what you need. It’s a good investment in in your career. However, you must consider the factors that affect MBA salaries, and choose a career path that aligns with your goals and interests.
If you are already some way down the track with a business career, explore the Master in Business Administration programme delivered by Regenesys Business School, Nigeria.
Think about joining an international cohort and learn the skills and thinking you need to get the edge over your business rivals.
References
- PayScale. (2023). Salary comparisons.
- Naukri. (2023). MBA jobs in Nigeria.
- Emolument. (2023). Sample salaries for Nigeria alumni and graduates.
- Glassdoor. (2023). Technology analyst salaries.
Content Writer | Regenesys Business School
Before joining Regenesys Business School,
Ms Shekhar notched up a decade in ed-tech companies, writing biology-focused material. Content writing allows her to indulge her parallel interest in writing blogs, as well as for social media and education websites.
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Sushma Shekhar
MSc, BSc Content Writer | Regenesys Business School Before joining Regenesys Business School, Ms Shekhar notched up a decade in ed-tech companies, writing biology-focused material. Content writing allows her to indulge her parallel interest in writing blogs, as well as for social media and education websites.
