Business School Blog by AACSB International

U.S. Business Graduate Salary Offers in 2011

NACE, the National Association of Colleges and Employers, collects graduate salary data on a regular basis for a variety of degree programs. According to salary data from September 2011, business graduate offers have improved since 2010. For instance, in 2010 business graduates experienced a decline in salary, whereas; in 2011 the average salary increased by 4.6% from 46,672 USD to 48,805 USD. There also were increases in specific business disciplines, such as economics (with an increase of 3.9% to 53,690 USD), finance (with an increase of 4.8% to 51,503 USD), and marketing (with an increase of 3% to 42,923 USD).

Below are the average yearly salary offers for U.S. bachelor degree candidates in business for September 2011 and 2010:

Degree	# of Offers	Avg 2011 Offer (USD)	Avg 2010 Offer (USD)
Accounting	1,326	49,407	48,378
Admin / Management	1,516	46,372	43,991
Economics	605	53,690	51,698
Finance	1,060	51,503	49,160
Hospitality Management	379	46,987	42,378
Human Resources	262	51,661	46,122
Intl Business	102	40,926	41,873
Logistics Management	729	50,499	48,230
MIS	326	52,403	48,932
Marketing	848	42,923	41,670

Below are the average yearly salary offers for U.S. master's degree candidates in business for September 2011 and 2010:

Degree	# of Offers	Avg 2011 Offer (USD)	Avg 2010 Offer (USD)
Accounting	78	46,741	49,254
Economics	1	42,000	N/A
Finance	6	52,917	54,500
Human Resources	1	70,000	N/A
MBA (with non-technical undergrad)	51 (with 1 yr less experience)	76,786	49,875
MBA (with technical undergrad	4 (with 1 yr less experience)	76,625	64,667
MIS	6	66,000	47,000
Marketing	2	53,000	40,933

There is an interesting trend occurring among MBA degree candidate salaries that will serve as good news to many new graduates. Salary offers for 2011 have increased dramatically for MBA graduates (with non-technical undergraduate degrees) with one year or less of professional experience. This could indicate that employers now are less concerned about experience and more concerned with current knowledge and innovative mind sets. This is very good news for many MBA graduates, as prior graduates have often struggled with age and experience barriers in the workplace.

The data from the above tables is from the NACE Salary Survey: A Study of 2010–2011 Beginning Offers, Fall 2011, Volume 50, Issue 4.

Newest Schools to Earn AACSB Accreditation

AACSB recently accredited six additional schools, including the first institution in India to receive the accreditation. 

The schools included:

1. Indian School of Business

Location: Hyderabad, Andhra Pradesh, India

Type: Private

Business Programs Offered: Full-Time Post Graduate in Management, Post Graduate in Management for Senior Executives, Executive Education Programs, and Fellow Program in Management all with areas of specialization available.

Website: www.isb.edu 

2. Kyungpook National University

Location: Daegu, South Korea

Institution Type: Public

Business Programs Offered: Undergraduate programs in economics and business administration, MBA, Master of Science in Business Administration, Master of Science in Technology Management, and Ph.D.

Website: http://biz.knu.ac.kr/eng/index.asp

3. National Cheng Kung University

Location: Tainan, Taiwan (Chinese Taipei)

Institution Type: Public

Business Programs Offered: Undergraduate programs, master of science programs, EMBA, AMBA, and Ph.D. level programs in a variety of concentrations.

Website: http://english.web.ncku.edu.tw/bin/home.php

4. SDA Bocconi

Location: Milan, Italty

Institution Type: Private

Business Programs Offered: Executive education open and customizable programs, MBA, executive and specialized master's degree programs.

Website: http://www.sdabocconi.it/en/

5. Stonehill College

Location: Easton, Massachusetts, United States

Institution Type: Private

Business Programs Offered: Undergraduate programs in a variety of disciplines with minors available and Master of Science in Accounting.

Website: http://www.stonehill.edu/x17895.xml

6. Yuan Ze University

Location: Taoyuan, Taiwan (Chinese Taipei)

Institution Type: Private

Business Programs Offered: A variety of degrees in business administration and management are available.

Website: http://web2.yzu.edu.tw/eng_2003/ 

Writing an Effective Admissions Essay

Most business programs (even at the undergraduate level) require incoming applicants to provide an essay on a specified topic. The topics generally are very similar between schools. For the most part, a school wants to know what you plan to do with your degree, how obtaining a business degree will provide you with benefits, and what type of work ethic you have. If you are applying to more than one school, essay writing can become cumbersome and often stressful. Here are a few tips to help you prepare and compose your essays.

Think About What Your Educational and Career Goals Are

Undeniably, schools will ask you the common question, "What type of career or job do you want?" In an ever-changing workplace, this is almost impossible to answer accurately. By the time you graduate, your goals may change significantly. But for now, spend some time thinking about what you want. Do you want to eventually have your own company? If so, how do you see yourself getting there? Or, do you want to become a financial planner for a large bank? If this is your goal, how will you work your way into that type of job? Also, think about your educational goals. If you are pursuing an undergraduate degree, how will the school or program you wish to attend align you with your future educational goals? For example, if you want to one day earn your MBA or Ph.D. in Marketing, how will the program you are applying to help you work toward that goal?

Review Essay Writing Standards

One thing you must avoid is incorrectly structuring your essay, or even worse having poor grammar or sentence formation. Your essay must flow from one point to the next. It should be written very professionally, yet convey who you are as a person. The admissions office wants to get to know you a little better. Like a resume, if you have structure, grammar, or spelling issues the reviewer may not bother reading your piece, or worse discount your application altogether. 

Be Clear, Confident, and Achievement Oriented

When you describe your goals, yourself, and/or your future, be clear. Don't let your writing reflect wondering thoughts. Show that you have confidence in your abilities, that you have thought through your career goals, and that you are committed to high achievement. Schools want "go-getters." Businesses want "go-getters." Write your essay as clear as possible and be sure to convey your work ethic to the admissions office.

The End of Government Subsidized Loans for U.S. Grad Students

In an effort to lower the country's expenses, the U.S. government will soon stop subsidizing student loans for graduate students. Right now, U.S. graduate students can borrow up to 20,500 USD per year in government loans. As much as 8,500 USD of the loan can be subsidized, if the student is found to have a financial need. Students with U.S. government subsidized loans do not incur interest while they are in school, and their loans have a six-month grace period following the end of their classes before interest begins to incur. The proposed budget plan will not allow any new subsidized loans to be issued to graduate students after July 1, 2012. The revenue that will result from the accumulated interest from graduate students will be used to support the Pell Grant. (The Pell Grant (free money) is provided to undergraduate students in the U.S. that are considered to have financial need. The Pell Grant can be for as much as 5,500 USD per year per student.)

How Will This Impact You?

The current interest rate (fixed rate) for direct subsidized loans for graduate and professional degree students is 6.8% (U.S. Department of Education, FAFSA). Therefore, if you borrow the maximum subsidized amount of 8,500 USD per year for two years you will incur interest on that amount each year while you are in school. Those that will likely suffer the most are part-time students that take three, four, and even five years to complete their master's degree. And, doctoral students. The longer you are in school and not paying on your loans, the more the interest is going to accumulate. 

Will This Impact Lots of Students?

According to a study by the U.S. Department of Education, in 2007-08 large percentages of graduate students utilized student loans.

• All master's degree students: 43.6% had some sort of loan, 39.4% had Stafford loans, and 3.1% had graduate PLUS loans
• All doctorate degree students: 31.7% had some sort of loan, 29.3% had Stafford loans, and 3.5% had graduate PLUS loans
• Of those seeking their first professional degree: 78.7% had some sort of loan, 76.4% had Stafford loans, and 25.4% had graduate PLUS loans

Although these figures do not breakdown the percentage of students that have subsidized loans, they do show that loans are popular for graduate students; particularly for those seeking first-time professional degrees.

Additional Resources

2007-08 National Post-Secondary Student Aid Study, U.S. Department of Education

Loan Repayment Calculator by FinAid.com

Graduate PLUS Loans FAQs, U.S. News and World Report

U.S. Congressional Budget Office, Letter from Speaker of the House on Proposed Budget Changes

Attending Business School in Another Country

There are many universities that offer study abroad programs in business at the undergraduate and graduate level. From summer programs spent traveling with faculty and classmates to semester or year-long exchanges at other schools, there are a lot of options. 

Common Student Exchange Programs

The most common type of study abroad program is the student exchange. This option allows students to take several (the amount varies per program) courses in another country at another school. Most of these programs are pre-established through the universities involved. Meaning, the universities have developed agreements for student exchanges. This enables students to attend classes at the other institution knowing that their credits will transfer back to the home institution.

International Internships

Internships that are abroad are gaining popularity, particular among students that wish to begin their careers in other countries or regions. Many of these internships result in course credits at the home institution. For example, international business students may spend a summer working with a manufacturing company in another region and receive elective credits. Some of these internships are paid, some are not. It all depends on the home institution and the companies that are involved.

Research or Service Exchanges

Mostly at the graduate level, there are opportunities to travel abroad for research exchanges. This is fairly common among faculty members and doctoral students. There also are service exchanges. For instance, a group of MBA students may travel to a remote country to help start a new business, etc. Service exchanges provide great opportunities to learn business, help a developing community, and meet new people.

Studying business in more than one country can provide many learning experiences and opportunties. However, there are a lot of things to consider. For instance, what are the costs involved? And, what are the travel/legal requirments to participate in an international program? All schools that have an established exchange program should be able to help you with these items. With careful planning and help from the home institution, you can make the most of the time and avoid spending a fortune.

Helpful Resources

Find Scholarships to Study Abroad, U.S. News and World Report
StudyAbroad.com, List of scholarships