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Right Arrow Button IconThe top 5 full-time MBA programs with the highest starting salaries

The top 5 full-time MBA programs with the highest starting salaries

By
Sydney LakeSydney Lake
Sydney LakeSydney Lake
and
Jasmine SuarezJasmine Suarez
Jasmine SuarezJasmine Suarez
By
Sydney LakeSydney Lake
Sydney LakeSydney Lake
and
Jasmine SuarezJasmine Suarez
Jasmine SuarezJasmine Suarez
October 6, 2022 at 5:03 PM UTC
A Stanford cheer leader runs with the flag following a Stanford Cardinal score during an NCAA Pac-12 college football game against the Washington Huskies, as seen in October 2019 at Stanford Stadium in Palo Alto, California. (Photo by David Madison/Getty Images)
A Stanford cheer leader runs with the flag following a Stanford Cardinal score during an NCAA Pac-12 college football game against the Washington Huskies, as seen in October 2019 at Stanford Stadium in Palo Alto, California. (Photo by David Madison/Getty Images)

There are a plethora of reasons to go back to school and earn a top MBA degree, but among the top motivators is getting a salary increase and landing a senior-level position, according to the Graduate Management Admissions Council. Many MBA graduates land starting base salaries nearly triple that of those who earned only a bachelor’s degree. 

This boost in pay largely has to do with the growing demand for MBA graduates, Maryellen Reilly, deputy vice dean of the Wharton School of the University of Pennsylvania’s MBA program, previously told Fortune. Wharton is ranked as the No. 4 full-time MBA program in the country by Fortune, and in 2021 saw its highest-ever median base salary for MBA graduates at $155,000.

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“The job market was keen to hiring MBAs and knew that to compete they had to be able to pay more,” she says. “Everybody’s chasing a pretty finite number of MBAs.”

The average salary for the class of 2021 bachelor’s degree graduates was $55,911, according to the National Association of Colleges and Employers. However, PayScale data shows that the average base salary for MBA graduates in the U.S. is $92,000. By comparison, GMAC reports the median base salary for MBA graduates as $115,000. This data doesn’t discern between modes of earning an MBA, whether in-person, online, or a hybrid program. 

“Employers clearly place a high value on acquiring MBA and business master’s graduates,” Sangeet Chowfla, GMAC president and CEO, said in a statement.  “We are seeing a highly active candidate marketplace in terms of geographical shifts in study destinations, but the value that both employers and graduates see in an advanced business degree is a constant.”

Fortune ranks the top full-time, in-person MBA programs in the U.S., and our methodology heavily weighs graduate outcomes, which includes starting base salaries (not including bonuses). Using data collected during our MBA ranking process, Fortune has compiled the top five MBA programs with the highest mean starting salaries, based on 2022 data. 

1. Stanford Graduate School of Business

Fortune full-time MBA ranking: No. 5

Median base salary: $158,400

Tuition: $76,950 per year

Average GMAT score: 738

Average undergrad GPA: 3.78

Acceptance rate: 6.2%

T2. New York University (Stern)

Fortune full-time MBA ranking: No. 7

Median base salary: $155,000

Tuition: $82,326 per year

Average GMAT score: 729

Average undergrad GPA: 3.59

Acceptance rate: 19%

T2. University of Chicago (Booth)

Fortune full-time MBA ranking: No. 2

Median base salary: $155,000

Tuition: $77,841 per year

Average GMAT score: 732

Average undergrad GPA: 3.54

Acceptance rate: 23%

T2. University of Pennsylvania (Wharton)

Fortune full-time MBA ranking: No. 4

Median base salary: $155,000

Tuition: $84,874

Average GMAT score: 733

Average undergrad GPA: 3.6

Acceptance rate: 18%

5. Harvard Business School

Fortune full-time MBA ranking: No. 1

Median base salary: $150,500

Tuition: $73,440

Average GMAT score: 730

Average undergrad GPA: 3.69

Acceptance rate: 13%


Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.

Read more

  • Choose from our rankings of the best MBA programs to find the next phase of your educational journey.
  • This list helps those looking for MBA program options that do not require submission of test scores to apply.
  • Our directory of the most affordable online MBA programs can help you find the school that best fits your budget.
  • You can work towards your career goals on your own time by selecting from our list of the best part time MBA programs.
  • To help you pick the program that’s the best fit for you, we made this list of the best executive MBA programs.
  • Interested in earning your MBA online? Here’s our ranking of the best online MBA programs.
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    About the Contributors

    Sydney Lake
    By Sydney LakeAssociate Editor
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    Sydney Lake is an associate editor at Fortune, where she writes and edits news for the publication's global news desk.

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    Jasmine Suarez
    Reviewed By Jasmine SuarezSenior Staff Editor
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    Jasmine Suarez was a senior editor at Fortune where she leads coverage for careers, education and finance. In the past, she’s worked for Business Insider, Adweek, Red Ventures, McGraw-Hill, Pearson, and more. 

    See full bio

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    UNC Kenan-Flagler’s top-ranked online MBA

    STEM-designated. Tar Heel ROI. No compromises.

    UNC Kenan-Flagler’s top-ranked online MBA is designed for experienced professionals looking to take their career to the next level. Students have access to lifelong career benefits and a global network of 51,000+ business school alumni. Earn your MBA online in as few as 18 months or up to three years. MBA Fellowships Available.

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    UNC Kenan-Flagler’s top-ranked online MBA
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