Amidst a challenging global economy, volatile geopolitics and an uncertain job market, international students also need to keep a close eye on government policy shifts (such as those related to study visa and work permits) that can affect their future study plans.
MBA applicants have started feeling the need to cast the net wider while applying to MBA programs. Rather than applying to a select elite schools, applicants are now applying to a diverse mix of schools including schools across geographies.
So how do MBA salaries stack up across different countries? In this article, we’ll take a look at the average MBA salaries at the Financial Times top 100 ranked business schools spread across USA, Europe, Asia and Canada. The average salaries are for the most recent 2024 (or 2023) graduating class based on data availability.
Average MBA salaries in USA
| Business School | Median/Average Base Salary | Median/Average Signing Bonus | Median Performance Bonus/other compensation |
|---|---|---|---|
| Harvard | $175,000 | $30,000 | $47,500 |
| Duke Fuqua | $175,000 | $30,000 | |
| Northwestern Kellogg | $170,000 | $30,000 | – |
| Virginia Darden | $175,000 | $30,000 | – |
| Yale | $160,000 | $30,000 | $24,000 |
| UT Austin McCombs | $150,000 | $30,000 | – |
| Georgetown McDonough | $148,000 | $33,854 | – |
| Notre Dame Mendoza | $130,000 | $30,000 | – |
| Simon Rochester | $ 129,093 | $ 26,470 | – |
| Babson College | $108,308 | $22,200 | – |
In the US, the top-tier elite schools including the M7 have a high median salary ranging from $160,000 to $175,000. Stanford continues to lead in post-MBA compensation with a high median salary of $185,000. The average salaries across other US business schools vary greatly.
The salary post-MBA depends on a host of factors including business school location, reputation, job industry, function, role, prior work experience among the key factors. We have covered all these aspects including various other factors influencing MBA salaries in our previous article: ‘How much can you earn with an MBA’.
Some schools may be excellent in terms of a record high placement rate but that does not equate to a high post-MBA salary.
The reverse is also true, for example, Duke Fuqua MBA class recorded a low (82%) job acceptance rate at 3 months post-graduation, however the cohort recorded a high median base salary of $175,000.
On the other hand, UT Dallas Jindal MBA placed 97% of its students 3 months post-MBA however the average base salary was low at $127,000.
According to GMAC Corporate Recruiters Survey salary data, the average starting salary in the USA for MBA graduates was $120,000.
Average MBA salaries in Europe
| Business School | Average/Mean base salary | Average other compensation | Location |
|---|---|---|---|
| INSEAD | $127,045 | $31,938 | France, Singapore |
| LBS | $124,793 | $56,997 | UK |
| IESE | $115,870 | $40,030 | Spain |
| SDA Bocconi | $111,380 | $29,116 | Italy |
| Cambridge Judge | $103,022 | $22,930 | UK |
| HEC Paris | $100,125 | $19,806 | France |
| Oxford Saïd | $100,322 | – | UK |
| IMD | $127,000 | – | Switzerland |
| Copenhagen | $100,347 | – | Denmark |
| RSM Erasmus | $80,736 | – | Netherlands |
| ESMT Berlin | $91,406 | $14,084 | Germany |
According to the GMAC prospective students survey 2024 data report that provides insights on candidates’ decision-making process, among the 4,105 individuals participating in the survey, 40% of the full-time 2-year MBA candidates and 44% of the full-time 1-year MBA candidates have cited getting a raise/salary increase as the topmost reason for pursuing an MBA program, the next top reason is obtaining a senior level position. One of the primary motivations for an MBA is the prospect of getting a higher salary after graduation.
Also read: Salary increase after MBA: Here’s how much you can get across industries
Average MBA salaries in Asia
| Business School | Average/Mean base salary | Average other compensation | Location |
|---|---|---|---|
| National University of Singapore | $77,109 | – | Singapore |
| CEIBS | $59,587 | $11,850 | China |
| IIM Ahmedabad | $40,796 | – | India |
| IIM Bangalore | $40,015 | – | India |
| Indian School of Business | $39,712 | – | India |
| IIM Calcutta | $36,017 | – | India |
| IIM Lucknow | $32,310 | – | India |
| IIM Indore | $32,403 | – | India |
Also read: Why are MBA salaries so high?
Average MBA salaries in Canada
| Business School | Average base salary | Average signing bonus |
|---|---|---|
| Toronto Rotman | $90,332 | $15,451 |
| McGill Desautels | $84,109 | $23,701 |
| Queen’s Smith | $73,522 | $9,988 |
The average/median salary from the various business schools have been converted to USD in the above tables. However, you cannot directly compare salaries in USA to that of Europe or Asia or Canada as it would be like comparing apples to oranges. Even within a continent like Asia, you cannot compare salaries in Singapore to that in India. This is because the cost of living can significantly vary across countries.
So for a more standardized comparison, you need to make a PPP (Purchasing power parity) adjustment – the rate of currency conversion based on economic productivity and living standards of the countries.
To get a better perspective of salaries across geographical locations, here’s the alumni weighted salary (average alumni salary three years after completion, US$ PPP equivalent) across geographical locations.
Top MBA programs with highest salaries
| Business School | Location | Weighted salary (USD) |
|---|---|---|
| Harvard Business School | US | $2,56,731 |
| Columbia Business School | US | $2,42,747 |
| Pennsylvania Wharton | US | $2,41,522 |
| Chicago Booth | US | $2,36,474 |
| MIT Sloan | US | $2,32,565 |
| Shanghai University of Finance & Economics | China | $2,26,494 |
| Northwestern Kellogg | US | $2,19,487 |
| IIM Ahmedabad | India | $2,19,467 |
| UC Berkeley Haas | US | $2,19,388 |
| SDA Bocconi | Italy | $2,17,241 |
| London Business School | UK | $2,14,823 |
| Dartmouth Tuck | US | $2,11,135 |
| INSEAD | France/Singapore | $2,09,992 |
| Virginia Darden | US | $2,08,964 |
| Duke Fuqua | US | $2,08,261 |
| NYU Stern | US | $2,08,236 |
| ESADE | Spain | $2,05,044 |
| UCLA Anderson | US | $2,03,117 |
| Michigan Ross | US | $2,02,264 |
| Yale | US | $2,01,752 |
| Cornell Johnson | US | $2,00,517 |
Source: Financial Times
Among the schools with weighted salaries greater than $200,000 are the top top-tier US schools including Harvard, Columbia, Wharton, Booth, MIT Sloan, Kellogg, Haas, Tuck, Darden, Duke, Stern, UCLA Anderson, Ross, Yale, Johnson.
Among the non-US schools giving tough competition to these top US schools are schools across Asia, UK, Europe. Among the top are Shanghai University of Finance and Economics: College of Business from China ($2,26,494) and IIM Ahmedabad from India ($2,19,467) with weighted salaries comparable to the top M7 programs.
The other top non-US schools include SDA Bocconi from Italy ($2,17,241), London Business School from the UK ($2,14,823), INSEAD with campuses in France and Singapore ($2,09,992), ESADE Business School in Spain ($2,05,044).
Here are the weighted MBA salaries across geographies that’ll help compare salary variations across business schools in USA, UK, Europe, Asia and Canada.
MBA salaries in USA, UK, Europe, Asia, Canada
| Business School | Location | Weighted salary (USD) |
|---|---|---|
| IESE Business School | Spain | $1,98,584 |
| Washington Foster | US | $1,95,893 |
| CEIBS | China | $1,94,589 |
| Georgetown McDonough | US | $1,92,142 |
| HEC Paris | France | $1,91,828 |
| UT Austin McCombs | US | $1,91,104 |
| IMD | Switzerland | $1,87,277 |
| Indian School of Business | India | $1,85,885 |
| Oxford Saïd | UK | $1,83,520 |
| Indian Institute of Management Bangalore | India | $1,79,422 |
| IE Business School | Spain | $1,78,898 |
| Cambridge Judge | UK | $1,78,575 |
| HKUST Business School | Hong Kong | $1,71,384 |
| National University of Singapore | Singapore | $1,70,898 |
| Rochester Simon | US | $1,68,298 |
| Indian Institute of Management Calcutta | India | $1,66,309 |
| Notre Dame Mendoza | US | $1,65,725 |
| Indian Institute of Management Lucknow | India | $1,58,607 |
| Babson Olin | US | $1,47,292 |
| Rotterdam School of Management, Erasmus University | Netherlands | $1,35,746 |
| ESMT Berlin | Germany | $132103 |
| Toronto Rotman | Canada | $129,69-0 |
| ESSEC Business School | France | $1,27,104 |
| Copenhagen Business School (CBS) | Denmark | $1,27,842 |
| Queen’s University Smith | Canada | $1,22,154 |
Source: Financial Times
Here are some interesting findings of the GMAC Corporate Recruiters Survey 2025: More global employers predict that they will hire MBAs in 2025 than bachelor’s graduates or candidates from other organizations.
Among consulting companies, 1/3rd are planning to hire more MBA graduates than last year. Similarly, in the finance and accounting sector, around 1/4th of the employers plan to expand recruiting of MBAs. Despite the tech layoffs, employers in the tech sector are optimistic about hiring MBA grads with 93% of responding tech companies saying they plan to recruit MBA graduates in 2025.
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