Every business organization or company requires professionals with relevant skills for various managerial and administrative roles, Master of Business Administration (MBA) is one specialized professional course that trains students in the art of business organization and management. In recent few years, the job market for MBA graduates has been increasing substantially and companies are willing to pay more for freshers too. As per the annual survey report by Graduate Management Admission Council (GMAC), about 52 percent of the participating companies plan to increase the base salaries and 90 percent demand for MBA graduates from India, all over Asia.
Pay Scale of MBA graduates in India
For most aspirants, the usual reason for pursuing an MBA is career growth and an increase in potential income. Moreover, MBA adds brand value to the professionals and thus assists to secure a higher salary package. The average pay scale for an MBA graduate ranges between 7-12 LPA but it can be as high as 70-100 LPA. Of course, various factors affect salary packages such as technical skills, relevant experience, company, B-school, and specialization.
Here is a summary of different MBA specializations, job profile, top recruiting companies, and their average salaries.
MBA in Finance Salary:
An MBA professional in this field has to take care of accounting, financial planning, budgeting, international finance, etc. Some of the job profiles are accounting manager, credit manager, financial analyst, and corporate controller and the top recruiters in this field are EY, HDFC Bank, Accenture, TCS, and ICICI Bank. The average salary for an MBA professional in this field is about 7 LPA.
MBA in Marketing Salary:
The basic job role in the marketing department is promotion, positioning of the brand, its products, and services via effective marketing strategies and campaigns. The average salary for the marketing domain is 7-8 LPA and some of the job profiles are marketing manager, business development manager, area sales manager, etc. Professionals in this field can find various opportunities in the FMCG sector, financial services, advertising agencies, etc.
MBA Human Resource Salary:
The job role of the HR Manager is to oversee policies, procedures, recruitment, training, and compliance of the employees. All companies require HR professionals and there are enough opportunities in this specialization. Some of the common job profiles are HR Manager, HR Generalist, and HR business partner while the average pay is about 6LPA.
MBA in Business Analytics Salary:
The average pay for professionals in business analytics is 11 LPA. Business Analytics is required in all organizations and there are plenty of opportunities in IT, healthcare, financial institutions, e-commerce, etc. The job responsibilities include data analysis, market research, and business analysis.
MBA in Healthcare Management Salary:
Prevalent job profiles for healthcare management include Hospital Administrator, Healthcare Manager, Hospital CFO & CEO, Pharmaceutical Production Manager, etc. Some of the top recruiting companies are Cipla, Apollo Life, Wipro GE Healthcare, and Candila Healthcare. The average salary range is about 6 LPA.
MBA in International Business Salary:
Some of the top recruiters include TCS, JP Morgan, Standard Charted Bank, Accenture, and Capgemini. The average pay range with this specialization is 8LPA. MBA graduates with specialization in International Business are familiar with a global market that opens a vast pool of opportunities.
MBA Banking and Finance Salary:
The job role in this domain includes portfolio management and security & investment analysis whereas Barclays, RBS, Nomura, JP Morgan, and Goldman Sachs are some of the top companies in this field. The average base salary for MBA graduates in banking and finance is 3-7 LPA but with experience, it goes as high as 20 LPA.
MBA in Operations Management Salary:
A manager in this domain is responsible for making important policy and strategic decisions and ensures their effective implementation. Damco, BlueDart, First Flight, GAIL, ONGC, and NHPC are the major recruiters. The average entry-level pay is 3-4 LPA but with experience it reaches 10LPA.
MBA Supply Chain Management Salary:
Some of the job profiles in this field are transportation/distribution, retail, warehouse, and procurement manager. S/he manages logistics and is responsible for managing operations in order to maximize productivity. The average salary for MBA graduates in Supply Chain Management is 3-4 LPA but with experience, it goes up to 10LPA.
Just to reiterate the fact, these salary ranges are not fixed and are highly variable based on professional capabilities, skills, and relevant experience. Nevertheless, for an MBA graduate in whichever specialization opportunities are vast.