Monday, December 24, 2012

The $100,000 barrier for an MBA - How to break it? / How can MBAs join the $100K club? / How can MBAs make six figure salaries?



Here are some thoughts using information from multiple sources, about the $100K salary for MBAs. I am not making $100K myself yet, just to be clear. This is not a how-to blog post, but an I-wish blog poist, ha ha :) I am in the quest for the answers myself...


  • Some people say that $150,000 is the new $100,000 !!! And that $100K is not enough, LOL
  •  Is $100,000 enough? Depends on which area you are working in. That may be a lot in Columbus, OH, but not much in San Jose, CA or New York city, NY.
  • Is $100,000 a lot? Well, it used to be a lot at one time, but due to inflation now (things are more expensive than before), the same money does not buy you the same goods anymore. So maybe not...
  • An MBA is expected to maintain a decent lifestyle - wear good clothes, drive a decent car, have social expenses. So he needs a decent salary
  • A lot of Public Service jobs pay close to $100,000 - like the city corporations or public service or government jobs. Not all provate sector jobs have high pay
  • Sales jobs, Consulting jobs, and Accounting / Finance jobs - in Managerial positions have salaries close to 100,000. Usually you need MBA or BBA with experience + some certifications like CMA / CGA / CA / CMC
  • Oil and Gas industry jobs - Managerial positions pay high salaries
  • Getting a PhD after MBA may help increase chances of getting higher salary
  • Have active licensure in 2 fields or sectors like (MBA + Law) or (MBA + Medicine) or (MBA + Nursing) may help get a higher salary above $100,000
  • Mining industry jobs pay high salaries
  • MBA + IT specializations help get high salaries these days
  • MBA + Quants / Data Analysis helps get high salaries
  • MBA + additional certifications as mentioned above: PMP, CMC, CMA / CGA / CA improve chances of higher pay
  • Hospital / Healthcare industry jobs pay high salaries
  • Consulting & Banking jobs pay high salaries
  • RNs with Master degrees get hospital managerial jobs and easily cross $100,000 in Canada
  • $100,000 in salary is important in terms of your country location, too. For example, there are no income taxes in some Middle Eastern countries, and the tax rates are different in each country. Things may be cheaper to buy in USA than in Canada, but in Canada, we have better social safety net and universal healthcare
  • More work experience after MBA can get you higher salary
  • More time spent in the same company can help you make a higher salary (common sense, but I am going to list it here, anyway! :)
  •  Entrepreneurs may make $100,000 eventually, by leveraging the hours of employees, but the initial period is very difficult and risky, as there is a high chance of failure at the start
  • Certain tech skills along with an MBA can help you cross $100,000 easily. Link here: http://www.businessinsider.com/10-tech-skills-that-will-instantly-net-you-100000-salary-2012-8?op=1
A PMP certification can help you improve your chances of $100,000 salary

Do you know of any more ways to make high salary after an MBA? Do let me know. Leave a comment below.

Cheers,

Gerry Som.
Toronto, ON, Canada.

6 comments:

Hazel said...

I am still in the application process (just got my personal statement from http://www.mbapersonalstatement.org to be exact). I am nervous but this post just motivated me to continue my MBA dreams.

Sharon said...

"If you have very little experience or you have just started your career, then CAPM certification will surely help you to take your career to the next level. This certification shows your employer that you are a capable person, and you have the ability to manage projects. It also shows that you are well aware of the terminology used in the PMBOK
Guide."

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