Graduates of the top 100 business schools have seen pay increase dramatically during the economic downturn, according to a study released this year.
In its annual assessment of business schools, the Financial Times found that students who started attending school in 2009 and 2009 and graduated in 2010 – when the recession was still ravaging the economy – have experienced a doubling of salary in the past five years.
“This comes as many managers in North American and Europe have, in effect, seen their pay frozen,” the Financial Times reported.
The Times survey found that 94% of alumni reported they achieved the salary increases that they hoped to get when they invested their time and money into getting a MBA.
Graduates of the top schools fared best. Graduates from the Stanford Graduate School of Business reported an annual salary of $182,000, while those from Harvard School of Business reported a salary of $176,000.
But the impact of having a MBA is felt even at less elite schools, according to the study. It also found that about 50% of all chief executives at U.S. companies have a MBA, while 30% of chief executives around the globe have a MBA.
The Times noted that many students from the top schools graduated with large debt loads – however, with more than 12,000 business schools around the world, there are less expensive options than the elite schools.
American schools dominate the Top 10 of the Financial Times best business schools list, taking 7 of the top 10 spots. The Top 10 in the list are:
- Harvard Business School
- Stanford Graduate School of Business
- London Business School
- Wharton School of Business at University of Pennsylvania
- Columbia Business School
- Insead
- Iese Business School
- Sloan School of Business at Massachusetts Institute of Technology
- University of Chicago’s Booth School of Business
- Yale School of Management
Public schools, which tend to be less expensive, are plentiful on the list. They include the business schools at the University of Michigan, University of California – Los Angeles, University of Virginia, University of North Carolina, University of Texas, University of Illinois, Indiana University, the University of California – Irvine, University of Maryland and Michigan State University.
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