If you are considering an MBA, you may wonder whether it is worth the investment, given the significant commitment in time, effort, and financial resources required.
You have probably heard that the rewards from earning an MBA degree can be substantial, particularly when it comes to salary. Let’s have a look at how true this is.
IN THIS ARTICLE:
- What is an MBA?
- Is an MBA a high-paying career option?
- Factors that will influence your income
- Industry
- Role
- Location
- School
- The true value of investing in an MBA degree
What is an MBA?
MBA stands for Master of Business Administration. It is a postgraduate programme that provides the skills and knowledge to manage and lead a business effectively.
MBA programmes typically cover various disciplines, including essentials such as finance, accounting, marketing, human resources, and operations management. They aim to equip students with a broad understanding of business management and strategy, and how to fine-tune both congruently.
Is an MBA a high-paying career option?
The answer is not a straightforward yes or no, as many factors can influence your earning potential.
Note that earning a good salary is not the only reason to pursue an MBA. An MBA degree provides valuable skills and knowledge that can help you advance in your career, switch industries, or start your own business.
A recent survey conducted by international remuneration consultancy PayScale shows that the median base salary for MBA graduates in Nigeria ranges between ₦2.5-million and ₦3-million a year, considerably more than the median base salary of bachelor’s degree holders. Moreover, according to this survey, MBA graduates can expect an increase in salary after earning their degree.
While an MBA degree does not automatically guarantee a high-paying job – it is not a magic ticket to a nine-figure salary – it can improve your prospects of landing a well-paid post.
Factors that will influence your income
Industry, job role and employer location also play a part in determining the income potential of an MBA graduate.
Industry: The industry you choose to work in can affect your salary significantly. Among the highest-paying industries for MBA graduates worldwide are consulting, finance, and technology, where MBA degrees are not just highly valued but a requisite for senior positions. In Nigeria, MBA graduates drawing salaries in the top range are in the oil and telecom industries.
Role: The role you pursue can also affect your salary. Chief financial officer, chief executive officer, and investment banker are some of the best-paid roles for MBA graduates. These jobs require a high level of expertise and leadership skills, often acquired and honed through an MBA programme.
Location: Where you work – geographically speaking – can also influence your income. In general, employers in cities with a high cost of living and a strong business presence offer better packages. For instance, MBA graduates working in metropolitan areas such as Lagos or Kano can expect to earn more than those working in towns or rural areas.
Reputation: Another factor to consider is the reputation of the business school from which you earn your MBA degree. Graduates from top-ranked business schools have stronger earning potential due to the associated prestige and strong alumni networks. However, there’s a hefty premium on attending a top-ranked business school, so this consideration may be worth the investment only for some.
[Also read: Do MBA graduates earn a lot?]
The true value of investing in an MBA degree
The cost of an MBA in Nigeria can range from ₦7.2-million to ₦7.5-million. But don’t evaluate the investment solely on the basis of your salary prospects; assess it in light of your career goals, interests, time you will have to dedicate to your studies (there are no shortcuts), and your financial situation.
The bottom line is that the benefits an MBA degree confers go beyond salary prospects. They include personal growth, and networking and career opportunities – the diverse student body you will encounter provides an excellent opportunity to build a professional network, and in the senior posts that become accessible with an MBA, you may well be able to lead and shape organisations.
A Regenesys MBA degree can open doors to a rewarding and lucrative career in the business world. For more information on the MBA programme visit us
Regenesys Business School, Nigeria.
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.
