Want to make a fortune in this ever-expanding world of business? A master's degree in management can help you take the first big step towards your goal. MBA (Master Of Business Administration) is one such course that makes an individual skilled enough to make businesses successful. This two-year course teaches you about Finance, Marketing, Human Resources, Operations, etc.
MBA Graduates are preferred over Non-MBA Candidates for any job because of the problem-solving skills one develops through this course. By having an MBA Degree, you are already valued in the industry, but having good skills can result in a higher salary. So, an MBA salary directly depends on one's skills to serve an organization.
Before you choose to pursue an MBA, you should know the MBA Salary in India. Knowing your earning potential after doing MBA will help you make an informed decision. This article will walk you through the average MBA salary and different salaries offered to MBAs based on their skillset and expertise.
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How Much Does an MBA Professional Make In India?
An MBA Degree focuses on business management, and that's why businesses in all fields employ MBA graduates. Here is the breakdown of an MBA Graduate's Salary offered based on their field:
| Specialization | SALARY RANGE (INR) (Source: Glassdoor) |
| MBA In Marketing | 7-25 Lakh |
| MBA In Finance | 7.5-22 Lakh |
| MBA In Human Resource | 5.25 - 8 Lakh |
| MBA In Business Analytics | 6 - 18 Lakh |
| MBA In Entrepreneurship | 5 -20 Lakh |
| MBA In Operations Management | 5 -8 Lakh |
| MBA In Information Technology | 5 - 12 Lakh |
| MBA In Event Management | 1.5 - 18.5 Lakh |
| MBA In Healthcare Management | 5 - 12 Lakh |
| MBA In Digital Marketing | 5 - 12 Lakh |
1. MBA In Marketing
An MBA in marketing assists a business in improving its impression and communication skills and helps it think outside the box. It can result in the exponential growth of an organization.
Responsibilities of an MBA in Marketing Graduate:
- Business marketing
- Digital marketing
- Retail marketing
- Brand management
- Product management
- Quality management
An MBA in marketing comprises all marketing facets and provides effective marketing techniques.
An MBA in Marketing graduate's income ranges anywhere between 7 and 25 Lakh per year in 2024. The primary employers of MBA in Marketing Graduates are marketing agencies, FMCG brands, E-commerce brands, retail brands, and entertainment and financial Businesses.
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2).MBA In Finance
MBA in Finance is one of India's most popular MBA programs. An MBA in Finance is a popular choice among students as it provides various options in the Financial Sector of Businesses and provides Businesses with assistance in Business Growth.
The package of an MBA salary in India for Finance Graduate ranges from 7.5 - 22 Lakh per annum in 2024.
3) MBA in Human Resource
The demand for competent Human Resource specialists grows as the organization grows. The efficiency of the Human Resource sector of an organization is a must for its growth.
With an increasing need for human resource management in every sector, MBA Graduates in Human Resources are in high demand and are offered substantial Salaries.
As of 2024, the salary after an MBA in Human Resources ranges from ₹ 0.2 Lakhs to ₹ 12.0 LPA (Source: AmbitionBox)
4) MBA in Business Analytics
Data analyst, business analyst, marketing data analyst, data-mining specialist, and architecture are career options for an MBA in Business Analytics Degree.
Data in today's world is valued more than ever before, because of which Business Analytics is becoming more popular. The average package of an MBA in Business Analytics is 6 Lakh per annum, and the salary can range up to 18 Lakh per annum. Check out the top Business Management courses and get certified on the go. Doing so will help you negotiate a higher salary as well.
5) MBA in Entrepreneurship
MBA salary in India in Entrepreneurship specialization program that empowers an individual to run a business successfully. Business management jobs like Chief Executive Officer (CEO), Vice President, Supervisor, Business Consultant, and Executive Jobs are offered to MBA in Entrepreneurship Graduates.
After going through the MBA in Entrepreneurship program, you will be able to think analytically and contribute to the direct growth of any organization.
To make a great career as an MBA in Entrepreneurship, you will need to have expertise in the following:
- Finance
- Business management
- Human resources
- Account management
The MBA in Entrepreneurship package starts at 5 Lakh per annum and ranges up to 20 Lakh per annum.
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6) MBA in Operations Management
Assistant manager, operations manager, business analyst, general operations manager, and project manager are career options for an MBA in Operations Management. These roles are in high demand in industries like Information Technology, Retail, Automobiles, and Hospitality.
With businesses realizing the value of operations management, the demand for an MBA in operations management is increasing rapidly.
As of 2024, an MBA in Operations Management package starts from 5 Lakh per annum and ranges up to 8 Lakh per annum.
7) MBA in Information Technology
Information system managers, information technology directors, IT software project managers, and program managers are career options for an MBA in Information Technology.
Due to the exponential growth of the IT sector, especially in India, these roles are in high demand.
The salary of an MBA in Information Technology starts from 5 Lakh per annum. It ranges up to 12 Lakh per annum based on the candidate's work experience and geographical location.
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8) MBA in Event Management
Events manager, client servicing executive, area event manager, public relations officer, and events marketing manager are career options for an MBA in Event Management.
MBA in Event Management program empowers one's skill in large-scale event planning.
The salary package of an MBA in Event Management starts from 1.5 Lakh per annum and ranges up to 18.5 Lakh per annum, depending on the candidate's prior work experience.
9) MBA In Healthcare Management
In recent years, an MBA in Healthcare Management or an MBA in Hospital Management has become popular. Holding an MBBS degree is a necessity for certain top institutes.
Hospital CEO, Hospital CFO, clinical project manager, hospital administrator, and healthcare finance managers are career options for an MBA in Healthcare Management.
The salary package of an MBA in Healthcare Management starts from 5 Lakh per annum and ranges up to 12 Lakh per annum, depending on the prior work experience.
10) MBA in Digital Marketing
The future of marketing is digital marketing. The pandemic gave digital marketing a boost. Whether small, medium, or big, all businesses need digital marketing today.
SEO, SEM, SMM, brand management, client service, and Email marketing program come under the MBA in Digital Marketing Program.
Having an MBA degree as a Digital Marketer will give you a competitive advantage over the competition. This program develops all the technical skills you'll need to succeed as a Digital Marketer. The salary package of an MBA in Digital Marketing starts from 5 Lakh per annum and ranges up to 12 Lakh per annum.
What Are The Highest Paying Jobs For An MBA Graduate?
Having an MBA degree opens a whole new world of job opportunities. Here are the Highest Paying Job options for an MBA graduate:
1. Investment Banker
Investment bankers are among India's highest-paid professionals. Many businesses only hire candidates with an MBA Degree. Investment Bankers assist in raising money on the capital markets and provide financial guidance to Businesses.
MBA students who wish to make a career as Investment Bankers must focus on learning Finance. A Fresher's base package as an Investment Banker ₹7L - ₹20L/yr (Source: Glassdoor). MBA graduates can earn up to 30 Lakh per annum after having enough relevant work experience. You can boost your salary after getting an Diploma International Financial Reporting Training through KnowledgeHut.
2. Project Manager
The majority of MBA graduates work as Project Managers. As its name suggests, a Project Manager takes part in every step of the project. It is responsible for the correct execution of a project, from planning and strategizing to financial projections and team management. MBA graduates are the top picks for Project Manager roles
An MBA Graduate must have the following skills to succeed in a career as a Project Manager:
- Communication
- Team Management
- Effective planning and strategizing
- Appropriate Financial knowledge
The average package of a Project Manager is 9 Lakh and ranges up to 13 Lakh per annum.
3. Business And Strategy Consultant
For MBA Graduates, Business And Strategy Consulting are two of the best jobs in the current market. Analyzing the data, trends, and figures, as well as pitching to clients, is the work of a business and strategy consultant.
The average package of a Business and Strategy Consultant is 10 Lakh per annum and ranges up to 13.6 Lakh per annum based on prior work experience.
4. Marketing Manager
An MBA Graduate as a Marketing Manager would be responsible for all the Marketing Operations of an Organisation. A Marketing Manager ensures that the company makes a significant return on its marketing investments. It plans and implements successful marketing strategies to help the organization grow.
The average package of a Marketing Manager is ₹ 12.2 LPA (Source: AmbitionBox) and ranges up to 9 Lakh per annum.
5. Business Development Manager
Business Development Manager plays one of the most important roles in the success of an organization. An MBA degree will make you eligible and a priority of recruiters for this role. A Business Development Manager is responsible for planning and strategizing in a way that helps the business grow and expand.
The average package of a Business Development Manager is 5 Lakh per annum and ranges up to 10 Lakh per annum.
What Factors Determine the MBA Salary in India in 2024?
The Salary of an MBA Graduate relies on numerous factors. Here are four determiners of your salary as an MBA:
1. MBA Institution
Graduating from a good institute greatly impacts your salary as an MBA. If you graduated from the top MBA institute of India, that is IIM, you will be guaranteed to get a Salary anywhere between 8 Lakh - 26 Lakh per annum after graduating.
In this environment of cutthroat competition, the more prestigious your institute is, the more salary you will be offered. You should first research the packages offered at your MBA institute.
2. Work Experience
Work Experience is always a big determiner of an individual's salary in any industry, it is applied to MBA too. The years of relevant work experience you have will impact the packages offered by companies to you.
3. Geographical Location
Although Work Experience and MBA Institutes are big determiners of an MBA's salary, one's geographical location also impacts their salary. Tier-One cities like Delhi, Mumbai, Banglore, and Chennai offer MBAs with the highest packages.
4. Job Profile
Your Job Profile also determines the package you'll get offered as an MBA. MBA graduates serve in different sectors based on their field of expertise that can help a business grow. You must know what job profile you will target because it will impact your salary significantly.
MBA Salary in India Based on Experience
An MBA professional in India can earn a starting salary of Rs. 10-12 lakhs per year. The average starting salary for an MBA graduate in India is Rs. 9 lakhs per year. However, with experience, this number can go up to Rs. 16 lakhs per year. The highest salaries are typically earned by those who have worked their way up the corporate ladder and have extensive experience.
MBA Salary in India based on Qualifications
An MBA Professional in India can earn a good salary depending on their qualifications. An MBA from a top business school can earn a higher salary than someone with an MBA from a lower ranked school.
The average salary range will differ based on the individual's qualification. For instance, an MBA holder with a degree from a top business school can earn a much higher salary than someone who has completed their MBA from a lower-ranking institution.
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Conclusion
International Businesses are now coming to India because of the large consumer base. The majority of these Businesses need MBA Graduates to lead and manage different aspects of their business. If you want to do an MBA and find the benefits of an MBA degree relevant to you, go for it.
The packages of an MBA mentioned in this article are approximate figures; we do not claim them to be 100% correct. Your skills, experience, expertise, and ability to help an organization grow will eventually determine your salary as an MBA.
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