QS, publishers of the Global Recruiters' Top 100 Business Schools as well as the Times Higher-QS World University Rankings, reveals the average salaries reported by over 350 business schools
In an era of financial uncertainty and intense global competition, the MBA qualification seems to be a safe haven for young professionals seeking career advancement. Average salaries for newly graduating MBAs from many top schools in both the US and Europe exceed $100,000 for the first time.
QS, publishers of the Global Recruiters' Top 100 Business Schools as well as the Times Higher-QS World University Rankings, reveals the average salaries reported by over 350 of the world's leading business schools for their class which graduated in Summer 2007. This Class of 2007 average salary data is published for the first time in the new 2008 edition of TopMBA.com/Scorecard – the online search and personal ranking tool - which is live from April 2008.
Table 1: Averages by region for the 50 business schools reporting the highest salaries in USA and Europe for Class of 2007
|Region||Average Base Starting Salary US$||% Accepted Employment Three Months after Graduation||Average Years Work Experience||Number of Schools in Top 50|
Source; QS TopMBA.com/Scorecard
Table 1 above reveals that among the US and European business schools offering the highest salaries, 19 are in the US, compared to 14 in the UK and 17 in Continental Europe. With an average of $109,678, this is the first year on record in which Continental European business schools have reported higher average salaries, in dollar terms, than their US or UK counterparts. Employment rates are similar across all these schools with between 90 percent to 93 percent of students having accepted employment within three months of graduation; the profile of candidates is also similar, with an average of between five and seven years of work experience.
Small class sizes, slightly more experienced students and the strong Euro may go some way to explain why European schools are outperforming their international counterparts, but does not tell the full story. MBA recruiters in Europe are switching on to the MBA qualification in increasing numbers. Sarah Thomas, MBA Recruiter at Standard Chartered Bank, based in London, reports that her bank is seeking to double MBA hiring in 2008. Rudi Kindts, HR Director of BAT expects to "dramatically increase MBA hiring in Europe in 2008."