MBA programs have become more popular in recent years as they provide an excellent opportunity to gain higher-level management skills and increase your career prospects.
Business schools across the world offer a variety of degree courses including Master’s degrees, PhDs and Executive Education Programs which can be taken at their own institutions or elsewhere through online distance learning methods.
The best thing about these programs is that you get hands on experience while studying from one of the most reputable universities worldwide. In addition, there has been great interest among students who want to pursue further education after earning their bachelor’s degree due to increasing competition in the job market.
However, choosing where to study for your MBA program may take some time because many factors come into play such as location, cost, course availability, student life etc. Here we will discuss the top ten countries offering the highest pay packages for MBAs according to PayScale data.
The average annual compensation of Swiss executives was around $199,000 per year in 2022. This figure includes base salary plus other benefits like bonus, stock options, pension plans, medical insurance, vacation days, child care leave, etc.
According to PayScale survey conducted by Glassdoor, Switzerland ranks first when it comes to highest paying country for MBAs. For example, if you earn an MBA degree from Harvard University, the total package would amount to approximately US$150k – $200k annually.
Estimated Average Base Compensation (2022) = $199,000 USD
Estimated Highest Average Annual Total Package Value = $500,000 USD
2. United States
In 2015, U.S. companies offered nearly US$180 billion dollars worth of equity awards to employees based on employee contributions.
If you earned an MBA degree from any public university in the U.S., then the total package value would range between US$136k-$186k annually. However, if you enrolled in an Ivy League School, the value could go up significantly. For instance, if you studied MSCRM from Cornell University, the total package would reach around US$225k – $300k annually.
Estimated Average Base Compensation (2022) = $152,000 USD
Estimated Highest Average Annual Total Package Value = $306,000 USD
Canada offers various types of MBA programs but no specific information regarding its current compensation rates is available publicly. However, according to LinkedIn, Canadian executives’ median annual income increased to C$86K in the fourth quarter of 2016.
As mentioned earlier, this depends upon the institution enrolling in. That said, the average annual compensation for all Canadians working fulltime ranges between CA$82K to CA$96K annually.
Estimated Average Base Compensation (2022) = $85,950 CAD
Estimated Highest Median Annual Income (Third Quarter) = $87,000 CAD
According to Indeed Hiring Trends report published, French businesses hired an estimated 8% more workers during March compared to February.
It means that employers in France added over 1 million new jobs during the past three months alone. On the flip side, the unemployment rate remained unchanged at 9%. Now let us look at what exactly does ‘highest’ mean? Well, if you consider only number, yes France pays the second highest average salary to holders of MBAs globally.
But if you dig deeper, France stands third behind the USA and UK in terms of highest paying country for MBAs. So how much do MBAs get paid here? To find out, check out below table showing the average compensation figures provided by Money Charts for different levels of MBA graduates.
Australia remains a hot spot for MBA aspirants looking forward to work overseas. Currently, Sydney leads the pack as the hottest destination to earn your MBA degree.
According to CNBC, Sydney ranked fifth overall in terms of global city competitiveness. If you’re planning to move down under, the good news is that Australian CEOs make an impressive AU$230,000 annually! And that’s not everything.
There are numerous opportunities waiting for you once you complete your studies. You might even land yourself a role within F&B industry, banking sector or healthcare industries like Telstra Health, Medibank Private, QBE Insurance Group, Westpac Banking Corporation, National Australia Bank, Commonwealth Bank, Goldman Sachs International, BHP Billiton, Google Inc., Citigroup Inc., Royal Dutch Shell, HSBC Holdings PLC or Credit Suisse AG.
Estimated Average Hourly Wages (2022) = AUS$29.54 AUD/Hr
Estimated Highest Annual Earnings (CEO Level) = AUS$237,000 AUD/Yr
6. United Kingdom
If you’ve already decided on London as your preferred choice to earn your MBA degree, don’t worry. Even though the cost of living seems high, the British pound performs well against the dollar.
What makes London unique is that it provides ample resources for aspiring entrepreneurs to succeed both financially and culturally. Moreover, the cost of living is quite affordable as well. Apart from being home to some of the biggest corporations in Europe, the UK also boasts of several entrepreneurial hubs like Tech City, Silicon Fen and Angelopolis.
These areas attract thousands of IT professionals every year. Not just techies, the same goes true for finance, marketing and many other sectors too. Based on the latest statistics released by Mercer Consulting, the UK ranked seventh globally in terms of quality of living index.
Estimated Average Annual Gross Salaries Per Employee (2022) = GBP£28,800 / Yr
Estimated Highest Annual Gross Salaries Per Employee (2022) = £37,000 / Yr
Italy is known to produce some of the finest chefs and cooks throughout the globe. But did you know that Italian managers enjoy handsome salaries as well? Italy was the sixth largest economy in the European Union, According to Deloitte’s Global Human Capital Index Report.
Furthermore, Forbes mentions that the GDP growth rate in Italy stood above the EU average in the last decade. Hence, expect your monthly expenses to remain low despite having better lifestyle than before.
Also, it should help you save money for future investments. At present, the national minimum wage is EUR 638 ($780). If you’re lucky enough to get employed in big firms, you’ll receive additional perks like free meals, health coverage, bonuses, transportation allowance, etc.
Estimated Average Monthly Wages (2022) = €1188.00 EUR/Month
Estimated Highest Monthly Wages (2022) = €1561.70 EUR/month
Singapore is considered as one of Asia’s fastest growing economies. Over the past few decades, the island nation has witnessed rapid economic development accompanied by improved infrastructure and housing facilities along with reduced crime rate.
All those efforts seem to be bearing fruits now. According to World Economic Forum, Singapore topped the list of places to live in 2022. Additionally, the country received “best places to do business” award recently.
Nowadays, the government strives hard to create a conducive environment for foreign investors to set up shop in Singapore. Hence, the local workforce receives competitive wages starting from $18,000 per month.
While taking an executive MBA course in Singapore, you’ll notice that there are plenty of opportunities awaiting you. Once again, let me reiterate that Singapore tops the chart when it comes to highest paying country for MBAs.
Estimated Average Annual Gross Salaries Per Employee (2022) = SGD$44,600 / Yr
Estimated Highest Annual Gross Salaries Per Employee (2022) = S$58,700 / yr
Japan holds the record of producing the greatest number of billionaires since 1980. Today, Japanese people have grown substantially richer due to consistent economic growth.
According to CIA World Factbook, the country’s wealth grew by 21 percent from 2010 to 2022. Therefore, the demand for skilled professional individuals is gradually rising each day.
If you plan to join them soon, ensure that you have obtained your master’s degree prior to applying for your MBA program. Otherwise, you won’t stand a chance to grab the position.
After completing your studies, you can opt for careers related to manufacturing, engineering, construction, agriculture, hospitality, travel & tourism, retail sales, food & beverage, pharmaceutical, oil & gas, financial services, real estate, telecommunication, human resource management, technology, media and entertainment, consulting, advertising, aerospace, automotive and so on.
Estimated Average Annual Gross Salaries Per Employee (2022) = ¥51,000 JPY/Year
Estimated Highest Annual Gross Salaries Per Employee (2022) = ¥81,100 JPY/yr
Germany is another place where you can easily secure a decent post-MBA salary. Like the rest of the developed nations, German organizations actively recruit talented experts for managerial roles. Just keep two things in mind.
First, focus on improving your communication skills.
Second, try talking to someone who belongs to HR department to understand what type of training you need to acquire before landing a dream job.
Other than that, read our previous article discussing the reasons why you shouldn’t quit your current job till you finish your MBA.
Estimated Average Annual Gross Salaries Per Employee (2022) = €33,400 EUR/year
Estimated Highest Annual Gross Salaries Per Employee (2022) = €49,900 EUR/yr
Those Are 10 countries with the highest MBA salaries, Hope you enjoyed reading this articl. Feel free to share it with others.