Wondering what is the range of MBA salary in India?
If you see the job listings today, you will see many jobs marked as ‘MBA preferred.’ This trend has been increasing over the last five years. MBA graduates have better ability and skill when it comes to thinking logically in critical situations and solving complex problems. The MBA Salary in India offered is, naturally, directly proportional to the qualification and experience. Hence, if you have the right qualifications you can get a MBA average salary in India.
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If you have the required skill set and are ready to keep yourself updated, your career is expected to keep growing onwards and upwards. There are plenty of MBA jobs in India but on certain conditions. This line stands true especially when we consider that an MBA salary in India is directly or indirectly dependent on how upskilled and updated they are. Thus there can be some myths and misconceptions that you might have heard regarding MBA degree salary.
With industries changing dramatically and perspectives of business taking new shapes, the demand and scope for MBA for professionals has undergone a radical shift. Companies now want multi-skilled talents that have niche domains skills as well as leadership and management skills.
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Often MBA aspirants get confused regarding which MBA specialization is best paid? Let’s take a look at what is a typical highest paying jobs after MBA in India?
MBA Salary in India: Based on Specialization Streams
Let’s see how the MBA salary in India varies according to the specialization streams
After completing an MBA in Finance, one can find a job in the following sectors –
- Corporate Finance
- Corporate Banking
- Credit Risk Management
- Asset Management
- Hedge Fund Management
- Private Equity
- Sales and Trading
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The average salary for MBA fresher in India is Rs. 678,000 per annum. The MBA salary after 10 years in India increases with growing experience and knowledge.
EY, HDFC BAnk, Accenture, TCS, ICICI Banks are the top recruiters for MBA Finance candidates.
Read: Career in marketing and its scope in the USA.
2. MBA in Business Analytics
MBA graduates in Business Analytics can find jobs in various sectors like Information Technology, Healthcare, Financial Institutions, E-Commerce, etc.
Thanks to the growing importance of analytics in business, the average salary of MBA Business Analytics professionals in India is Rs. 11 lakhs p.a. While freshers can make around Rs. 5 – 8 lakh p.a., experienced professionals in the field can earn between Rs. 10 – 18 lakhs p.a. Those at a senior level can draw a salary between Rs. 30 – 55 lakhs annually.
Read: Check out the Scope of MBA for IT industry
After completing an MBA in Marketing Management, one can find a job in the following sectors –
- Competitive Marketing
- Business Marketing
- Online Marketing
- Analytical Marketing
- Customer Relationship Marketing
- Advertising Management
- Product and Brand Management
- Retailing Management
An MBA in Marketing can help you get a job promotion and qualify for management and executive positions in your current company. Since postgraduate business programs emphasize developing leadership and communication skills, graduates can advance to marketing positions with great ease.
Read: What is business analytics – Its Career scope, Salary & Job Roles.
Whether you are interested in sales, business development, media and entertainment, advertisement, brand management, or even general management, these skills form the heart of any senior-level role. Technology has further augmented the marketing world, adding new creative areas and innovative job profiles to the mix.
Also read, Business analyst career path and professional roles.
Marketing Management professionals can find job opportunities in Advertising Agencies, Marketing Companies, FMCG Sector, Financial Services, IT, etc.
According to payscale, MBA Marketing candidates average salary is Rs. 752,000 per annum.
Recently, the job of HR professionals has gained increasing traction across all parallels of the industry. Hence, HR Management professionals can find plenty of employment opportunities in IT companies, law firms, advertising firms, retail companies, media houses, newspapers, etc.
MBA HR candidates earn Rs. 603,000 per annum. The average yearly salary of an MBA HR Manager is Rs. 756,000 and the Senior HR Manager salary is close to Rs. 1,000,000 per annum.
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Graduates with this specialization usually bag jobs in product/service based units, including –
- Financial Institutions
- Management Consulting
- Information Technology
Damco, Blue Dart, First Flight, GAIL, ONGC, and NHPC are among the major recruiters for Operations Management professionals in India.
MBA average salary in India on the post of Operations Manager candidate is Rs. 802,000 per annum. Apart from Operations Manager, there are different MBA jobs as well which pay well. A management consultant gets an average of Rs. 1345,000 per annum.
Checkout: Best Online MBA Courses in India
6. MBA in Management Consultant
One of the most versatile job profiles, a career in management consulting will basically entail working with clients from several different professional industries from corporate to IT to investment banking, and several others. There are several facets to this job; it’s not just about solving your client’s problems but also about backing up your decisions or guidance with thorough analytical research and critical strategizing.
Average Management consultant salary in India is Rs. 1,144,591 Per annum.
EY, Accenture, Deloitte, KPMG, Infosys are some of the top recruiters.
The location also determines the salary scale of Management Consultants. For instance, Management Consultants in Delhi earn about 21.0% more than the national average. The average annual salaries are also pretty high in Gurgaon (14.5% more) and Bangalore (9.8% more). Pune (24.1% less) and Chennai (12.6% less) record the lowest salary for Management Consultants.
As for skills, a select few skills pay higher than the national average. These include Business Strategy, Business Analysis, and Project Management. Reputed companies like Accenture, Ernst & Young, PwC, Deloitte, KPMG, and Infosys, pay hefty yearly compensation to Management Consultants.
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7. MBA in International Business
An MBA in International business can open up major pathways for you in the country and beyond; this obviously gives you an edge as the course familiarises you with global market demands and business trends. This is the reasons why entrepreneurs need an MBA degree also makes you a terrific business planner which eventually helps business development and growth.
According to payscale, average MBA in International business candidate salary is Rs. 788,000 per annum.
TCS, JP Morgan, Standard Chartered Bank, Accenture & Capgemini are some of the top recruiters.
Hope this brief discussion has helped you get an overview of which MBA specialization is best paid.
Future of MBA
People often question whether MBA is still relevant or worth it in 2023; the answer is yes. As we move towards the future, the number of startups and business ventures keeps increasing. Hence, MBA can become more valuable than other mainstream degrees to succeed in such circumstances.
Due to the variety of courses that an MBA provides, starting from finance to analytics, the demand for MBA is expected to rise in the future. Earlier industries had no choice but to hire PHDs and post-graduates to manage data and analytical aspects. Unfortunately, coming from academia, they lacked practical knowledge and implementation. This is where MBA students get the lead.
MBA graduates can choose to specialize in multiple fields, such as finance, investment, analytics, and so forth while getting practical knowledge of the business based on their capabilities and interests. This increases their values from a business perspective. However, MBA can offer a wealth of advantages if it is done from a reputed institution.
Apart from that, for those who completed graduation in different subjects and now want to pursue their career in business yet have no practical knowledge or guidance in the field, MBA will be invaluable for them.
Why These Days Startups Are Hiring MBAs?
The top reasons why more startups are now eager to bring MBAs on board:
1. Strategic Thinking and Problem-Solving
MBAs are known for their rigorous critical thinking, strategic planning, and problem-solving training. Startups often face complex challenges that require a well-thought-out approach. MBAs bring these skills to the table, helping startups navigate uncertainty and make informed decisions.
2. Business Acumen
Startups need individuals who can quickly grasp the financial aspects of the business and make sound financial decisions. MBAs receive comprehensive finance, accounting, and economics training, making them valuable assets for startups looking to manage their resources efficiently and make data-driven financial choices.
3. Networking Opportunities
Many MBA programs provide extensive networking opportunities. Startups can tap into this network to gain access to potential investors, advisors, mentors, and partners. MBAs often have connections to venture capitalists and angel investors, which can be instrumental in securing funding for startups.
4. Market Research and Analysis
Understanding the market and target audience is crucial for startup success. MBAs are trained to conduct market research, analyze industry trends, and identify growth opportunities. This skill set helps startups fine-tune their business strategies and market positioning.
5. Leadership and Team Management
Effective leadership is essential for startups to thrive. MBAs receive leadership and team management training, which is valuable for building and leading diverse teams in the fast-paced and dynamic startup environment.
6. Innovation and Entrepreneurship
Many MBA programs now offer courses specifically focused on entrepreneurship and innovation. This education equips MBAs with the mindset and tools necessary to create, manage, and scale new ventures – skills that align with the goals of startups.
7. Access to Resources
MBA programs often provide access to libraries, research databases, and other resources that can benefit startups. This access can be particularly valuable when conducting market research, analyzing competitors, or developing business plans.
8. Multidisciplinary Skills
MBAs often possess various skills across various business functions, including marketing, operations, and human resources. This multidisciplinary knowledge is valuable for startups, which may have limited resources and require team members who can wear multiple hats.
9. Adaptability and Learning Agility
MBA graduates are trained to adapt to changing business environments and embrace continuous learning. Startups operate in a volatile landscape where pivoting and adapting to new circumstances are often necessary. MBAs are well-prepared to handle these challenges.
10. Branding and Credibility
MBAs can enhance a startup’s credibility, especially when dealing with potential investors, partners, or clients. The prestige associated with MBA programs can open doors and establish trust.
11. Global Perspective
In an increasingly globalized world, startups may aspire to expand internationally. MBAs often have a global perspective and a better understanding of international markets, which can be invaluable for startups with global ambitions.
12. Business Development and Sales Skills
Many MBA programs include coursework related to sales and business development. This expertise is critical for startups looking to scale quickly and acquire new customers.
13. Access to Talent Pool
MBA programs attract a diverse group of students with various backgrounds and experiences. Startups can tap into this talent pool to find individuals with expertise in specific industries or markets.
14. Mentorship Potential
Experienced MBAs may offer mentorship to startups, providing valuable guidance and insights. These mentorship relationships can be instrumental in helping startups navigate challenges and make informed decisions.
15. Long-Term Vision
MBAs often bring a long-term perspective to startups, helping them set strategic goals and develop sustainable business models. This focus on long-term sustainability can be crucial for a startup’s survival and growth.
Highest Paying Jobs for MBA Candidates
Let’s talk about jobs which are offering the highest paying jobs after mba in India. These are not the only MBA jobs that pay high but are the ones where you can expect to be paid higher from the very beginning. It should be noted that despite an MBA degree, industry experience matters a lot in deciding compensation.
1. Investment Banker
Investment bankers is one of the highest paid jobs after mba in finance that are involved in raising money in capital markets and providing financial advice for both private companies and the government. You can count on them to help out with mergers, acquisitions and staying informed about great investment options. Investment banking is the one of the highest MBA salary in India you can get. MBA graduates who wish to pursue this career path would have to choose their subjects with a focus on finance. And while the pressure might be immense, those who roll with it enjoy the job for the thrill of it all and the paycheck that comes with it.
An average salary for MBA fresher in India as an investment banker earns around Rs.680,000 per year.
Early career below 4 years experience earns approximately Rs. 870,000 per year.
A mid-level employee with 5-9 years experience earns an average of Rs. 1,500,000 per year.
An experienced investment banker with more than 10 years experience earns nothing less than Rs.3,000,000 per year. It is to be noted that this particular MBA jobs salary, unlike the others, has gone down by 37% and 16% for entry-level and early career, respectively, while showing a steep growth of 89% for mid-career.
2. Project Manager
Most MBA graduates are hired as project managers in top companies. A project manager is required to be involved in all aspects of a project. Right from planning and strategizing to making financial projections and building a team, the complete and proper execution of a project rests in the hands of a project manager, and therefore, MBA graduates are usually the first choice.
For this particular role, a Project Manager will need to have at least the following skillset – and the specificity of the project will decide which quality requires a greater focus:
- Effective communication skills
- Team building and motivation
- Efficient Planning and Strategising
- Zeal for unparalleled growth
- Adequate financial understanding for projections, and more.
An entry level Project Management Manager earns around Rs.160,000 per year.
Early career below 4 years experience earns approximately Rs. 480,000 per year.
A mid-level employee with 5-9 years experience earns an average of Rs. 8,500,000 per year.
An experienced investment banker with more than 10 years experience earns nothing less than Rs.1300,000 per year.
Business Consulting and Strategy Consulting are two of the hottest jobs in the market for MBA graduates and also the highest paid jobs after mba in finance. Forecasting trends, analysing numbers, pitching to the client and the demands of the job are quite exciting and varied. What’s more, there is a very well-defined career path to follow. Unlike Project Managers and Investment Banker jobs, salary after MBA in this field has seen some growth compared to last year.
An entry level Business Consultant earns around Rs.437,000 per year.
Early career below 4 years experience earns approximately Rs. 700,000 per year.
A mid-level employee with 5-9 years experience earns an average of Rs. 1,050,000 per year.
An experienced investment banker with more than 10 years experience earns nothing less than Rs.1360,000 per year.
4. Business Development Manager
A role that allows you to put your best managerial skills forward lives up to that MBA fame. A business development manager is responsible for the planning and strategies that assist the growth and expansion of a business.
An entry level Business Development Manager earns around Rs.340,000 per year.
Early career below 4 years experience earns approximately Rs. 450,000 per year.
A mid-level employee with 5-9 years experience earns an average of Rs. 700,000 per year.
An experienced investment banker with more than 10 years experience earns nothing less than Rs.988,000 per year.
5. Marketing Manager
With this job role, an MBA graduate will look after all the marketing efforts of a particular organization, whether it is online or offline, and will make sure that they get a fair return on their investment, based on whatever metrics are decided beforehand. Moreover, a Marketing Manager will also be responsible for designing, perhaps even planning and executing effective marketing strategies to propel the company forward.
An entry level Marketing Manager earns around Rs.421,000 per year.
Early career below 4 years experience earns approximately Rs. 510,000 per year.
A mid-level employee with 5-9 years experience earns an average of Rs. 708,000 per year.
An experienced investment banker with more than 10 years experience earns nothing less than Rs.980,000 per year.
In brief it can be said that, consulting and marketing sectors are seeing some tremendous growth. Especially in the marketing sector, young talents are much appreciated, which makes it golden opportunity to get into this field right now.
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Factors Affecting MBA Salary in India
MBA degree salary is not uniform across the globe. MBA salary in India can be affected by multiple factors. Let’s see some primary salary affecting factors:
- Job Role
- Job Role
MBA Salary in India: Based on Job Role
Let’s see how the MBA salary in India varies based on the job role.
Most professionals pursue an MBA to jump the corporate ladder up a few steps. If you are doing an MBA by staying in your current career path, you are most likely to end up in a middle management position. As per the reports, below are the MBA salaries for different job roles.
The “Operations Manager” is the highest-paid role getting around Rs 744,930 – Rs 1,206,777.
A Quality Control Manager gets approximately Rs 549,320 – Rs 877,720.
There is a rising demand for Sales Managers and Marketing Manager, and both salaries range from Rs 450,000 to Rs 1,850,000. Accounts Manager get Rs 574,110 – Rs 1,267,777 while a Human Resource Manager gets Rs 508,220 – Rs 1,231,280.
Project Managers are required in different fields like IT, construction, healthcare. Project managers at the middle management level get to draw anywhere between Rs 585,000 and Rs 1,815,000.
With the IT sector booming and many IT companies starting up in India, IT manager with an MBA degree can demand salaries ranging from Rs 545,000 to Rs 1,200,000.
Business Development Manager is yet another role that is high in demand right now with salaries ranging from Rs 475,000 – Rs 845,000. Business Analyst gets to draw around Rs 500,0000 – Rs 950,000.
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Procurement, Purchase, or Vendor Management folks in the middle management level may get anything between Rs 445,000 to Rs 880,000. Though limited to the pharmaceutical industry, Pharma Product Manager is another job role that draws handsome figures ranging from Rs 450,000 – Rs 1,050,000.
MBA Salary in India: Based on Location
Let’s see how the MBA salary in India varies based on location.
Though MBA salaries depend on the job role, different cities are seen to be offering different salaries based on the cost of living and the value of the market.
Gurgaon, Haryana is the highest paying market with MBA graduates being offered salaries averaging Rs 750,000.
Bangalore, the Silicon Valley of India, is the second most paying market, with MBA graduates being offered salaries averaging Rs 730,000.
Chennai and Pune are comparable offering MBA graduates a salary of Rs 600,000 and Rs 620,000, respectively. As per the reports, MBA graduates in Hyderabad get the lowest average wages, i.e., around Rs 590,000
MBA Salary in India: Based on Experience
Let’s see how MBA salary in India varies based on experience.
MBA salaries in India will depend on your experience level. The higher you go up on the ladder, your experience increases, and you are paid higher.
Early Career MBA Salary In India
The average salary of entry-level MBA salary in India is of Rs 290,000. But with just 1 to 4 years experience, Early career MBA Salary in India can grow up to Rs 390,000 or more. Generally, the salary of MBA graduates in India grows up exponentially with experience.
Mid-level MBA Salary in India
So, if you have 5 to 9 years of experience, mid-level MBA Salary in India can rise to Rs 720,000
Experienced MBA Salary in India
If you have 10 to 19 years of experience, your average MBA Salary is Rs 1,400,000. If you are 20 years of experience or more, your average MBA salary in India give in to the senior level of management like director, senior director, Vice President, and the salaries offered average at Rs 2,550,000. These are just the average salaries, but if you have the niche domain skills with excellent exposure to the working environment, you can demand much higher than these averages.
These are the major factors impacting MBA jobs salary. However, the institution you choose also plays a massive role in opening up new opportunities, if you are just setting out.
MBA Salary in India: Top Recruiters
MBA jobs salary widely differ if you plan to settle aboard. Let’s see how the MBA salary in India varies based on the recruiter.
Depending on the revenue and requirement of the company, some of them pay higher. For example, big giants like Amazon and Facebook tend to say that they are a technology firm, and there is no value that an MBA graduate can add to them. While companies like Microsoft and DELL value the technical, management, and leadership skills that an MBA graduate possesses and are ready to pay them higher.
Let’s look at a list of companies that pay high for MBA graduates in India. Engineers India tops the list with MBA graduates getting from Rs 860,168 to Rs 2,800,000 per annum. Larsen & Toubro (L&T) pays anywhere from Rs 840,320 to Rs 2,480,940. Hindustan Unilever, Asian Paints, Whirlpool are companies that value MBA degree and pay salaries ranging from Rs 780,000 to Rs 2,000,000. Amazon though hires fewer people to management, still pays Rs 815,000 – Rs 1,930,000 for MBA graduates.
Besides these, there are several IT firms and startup companies the pay lump sum figures to MBA graduates from entry-level to senior-level positions. In the IT industry, a Vice President (VP) is usually offered a whopping 70L to 1 Cr annual package.
MBA Salary in Other Countries
Let’s look at the MBA salary in other countries:
MBA Salary in The UK: $88,000
MBA Salary in The US: £52,000
3 Top Reasons You Should Pursue MBA
Apart from the fact that your salary after MBA will get a significant boost, here are some other reasons why you should go for an MBA.
- Rise Above Entry Barriers
Several blue-chip organizations take only MBA graduates (even at its entry-level positions) in its hiring policy. Such organizations promote a costly development scenario where you can quickly move up the ladder once you’re in!
- Learn High-End Management Skills
MBA applicants are considerably younger in their starting and come with a maximum of two years of professional experience. An MBA specialization would help you know the Nuances of the company’s operations.
- Going Places – Literally!
If you’ve always wanted to work in new places, then choosing a good MBA program can be a great start to a long term view of settling down in a home for work post-graduation. Apart from the high MBA salary in India, this is definitely a deal-maker.
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MBA is in high demand in India, with the economy rising at a fast pace.
The whopping salaries mentioned above are proofs for the same. Many companies are establishing their base in India. Most of them need MBA graduates to their leadership and management levels. These companies are mainly from the IT sector and others like consumer goods, financial services, and consulting.
We hope you liked our article on MBA salary in India. These numbers above are not set in stone. The real influencer of your salary is the skills you have, the mastery you have attained over them, and how quickly you grow and make the company grow as well.
So here, we have discussed the average MBA salary in India looking at it from different angles. We hope this article has shared some excellent insights into MBA salary trends prevailing in India.
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What is the salary of an MBA candidate in India?
The average salary for an MBA candidate in India is approximately Rs 7.3 Lacs. Factors affecting the salary in India are experience, location, job role, and skillset.
What are some of the highest-paying jobs for MBA candidates in India?
Here are some of the highest-paying jobs for MBA candidates: Investment Banker, Project Manager, Business Consulting and Strategy Consulting, Business Development Manager & Marketing Manager.
MBA salary in India based on Indian cities?
Gurgoan is the highest paying market with an average salary of Rs 750,000. Bangalore follows up with Rs 730,000. In Mumbai, an MBA gets Rs 732,000, while in Delhi, around Rs 690,000 is given.
Which specialization in MBA sees the highest demand?
As the world of corporate business continues to evolve, it further creates newer aspects of business management. These unique aspects of modern business call for different grounds of specialization that need expertise in specific parts. As MBA aspirants keep increasing exponentially every year, business schools in India now offer a wide array of specializations. But going for the right specialization of MBA is instrumental in carving out a rewarding career in business administration. Selecting your MBA specialization from the most in-demand fields will ensure the proper job placement and lucrative compensation too. Specializations that are most in-demand today include finance, marketing, HR, business analytics, and international business, among others.
Who earns more MBA or M.Tech?
After completing B. Tech, there is always an ensuing confusion about which stream to select – MBA or M.Tech. It can be indeed tough to decide whether to go for an MBA or an M.Tech since both are two very different paths. While an M.Tech focuses solely on the engineering industry, MBA will open up your choices and make you adaptable to any industry. The choice entirely depends on individual aspirants. However, when it comes to the salary package, MBAs seem to have an upper edge compared to M.Tech. M.Tech graduates earn INR 6 to 12 lakhs on average, whereas MBA graduates can earn anything from INR 12 to 20 lakhs or more.
Do IITians prefer MBA to M.Tech?
There is a general observation that after completing engineering from an IIT, the usual trend is to go for an MBA instead of an M.Tech. While there is nothing unusual or wrong with studying business management after engineering from the premier institute, the compensation that MBA graduates are offered is the most appealing factor here. MBA provides a much higher salary than M.Tech, and very importantly, the industry exposure gained through MBA is much broader and relevant to the requirements of the corporate sector.