Students of business administration or MBA graduates have to play a considerable responsibility in the competitive business world these days. Business world is in real need of them. Their salaries and bonuses influence them highly. They get annual increments on a regular basis. Average salaries are believed to rise almost above 21 during last seven years. Moreover, increase in MBA salaries also depends largely on seniority levels within any organization. Holding MBA degree ensures salary raise up to 50 .
There are other compensations in addition to the basic salary. These include bonuses of about $25,000. Other remunerations include car allowances, tuition reimbursement and relocation allowances etc. All these add up to $15,000 on an average. It is to be kept in mind that the bonuses and compensation plane vary from company to company. Some of the companies pay high base salaries and fewer bonuses while others give out high bonuses, and their basic salaries are comparatively low.
Business world is expanding rapidly and thus it needs MBA graduates to keep up the pace of the fast paced world. Companies are in search of such people to generate revenue and profits. A professionally competent MBA graduate facilitates the company in meeting its business targets. Similarly, when the company generates more revenue, it re evaluates the compensation plans for its employees too. Thus, it can be said that MBA salaries are directly proportional to the profit that a company generates. The business world is competitive in terms of compensation and benefits plans. Thus, many leading companies offer lucrative salary packages in order to attract skilled MBAs. They ensure that salaries of such people will keep on increasing every year.
As soon as a person completes his or her MBA, significant increase in salary will be observed. At the same time, there are certain factors that determine the salary offers. For example, MBA work experience, cost of living, geographic location, academic records etc. Let us discuss some of these attributes in a little detail.
Salary offers largely depend on the type of job. For instance, a person holding MBA marketing takes $110,000 every year. Thus, it is worth noting that which type of job responsibilities you are performing. Experience matters a lot. Many of the MBA students enter the workplace prior completing their educational career. They work part time to assist their studies financially. Such people have an edge over the fresh graduates. It is because they require less training as compared to the fresh graduates. It also depends that what type of employer is hiring you. Private companies offer greater salary packages. Size of the employer also affects the salary packages to a great extent. It means the larger the company is, the higher the salary will be received in return. Geographical region also affects the MBA salaries. It has been observed in a survey that MBA graduates are the ones getting highest salaries in New York. In short, if you want to be successful in the business world and if you want to get decent salaries, then you need to have an MBA degree in your hands for sure.
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