The Average Salary of People With and Without an MBA
Certainly, an MBA is a big commitment, requiring two years of additional professional schooling along with tens of thousands of dollars of investment. But as noted billionaire Warren Buffett has often said, 'the best investment you can make is in yourself.'
Here's a look at the average salary of people with and without an MBA.
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In most cases, a high school degree is the bare minimum level of education for getting a decent-paying job. However, many of the top-paying jobs remain out of reach unless you obtain at least a bachelor's degree.
According to the Bureau of Labor Statistics, as of Q3 2024, the average salary of those with a high school degree was $946 per week. That translates to about $49,192 per year, or roughly $24.59 per hour based on a 2,000-hour work year.
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Getting a college degree is one of the most important steps to earning a higher salary. Many of the better-paying jobs require a college degree just to get in the door, although that is not always the case.
Nonetheless, BLS statistics show that workers with a college degree earn 62% more than those with only a high school degree, on average. The average weekly salary of $1,533 for college graduates means they earn $79,716 per year, or about $39.86 per hour.
If you're looking for the highest possible salary, a graduate degree can kick up your earnings even more. An MBA, which can help prepare you for a career in high-paying finance, is a good path for those looking to maximize their earnings.
But an MBA isn't a generic thing. You can use an MBA to get a job in many different industries and specialties, from management to underwriting to financial analysis and more. And where you live can also play a big role in how much you can make after you earn your MBA.
On average, you should expect to earn between $100,000 and $120,000 as a starting salary for a job requiring an MBA, or roughly $1,923 to $2,307 per week. That amounts to an hourly rate of between $50 and $60.
It's important to note that averages are just averages, and individual circumstances can vary greatly. Just because you only have a high school diploma doesn't automatically mean that you can't find a high-paying job.
In fact, over time you could likely earn six figures as a mechanic, plumber or police detective with just a high school diploma. But in aggregate, the higher the level of your education, the more likely it is that you can earn a significant salary. This is particularly true if you get a graduate-level degree like an MBA.
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