MBA Salary in India 2023: MBA Fresher Salary vs. Experienced Salary

By 2023, having an MBA degree will be seen as a way to increase one's professional qualifications to be able to ask for a higher salary in their subsequent performance evaluation. This article will examine MBA salaries in India, including different classifications, elements that affect salaries, and more.

MBA, is one of the most sought-after postgraduate degrees all around the globe, particularly in India. This program generally spans two years and is offered by numerous educational institutions in India and abroad. Graduates of this degree are highly sought after in the international job market.

This guide provides comprehensive information about the salaries of MBA graduates in India. To make it easier for readers to understand, we have categorized them into various groups. 

MBA Admission Testing in India

Students applying for an MBA in India must take entrance exams as part of the admission process. These tests assess the student's knowledge and aptitude to check their eligibility for the program.

Before examining MBA Salary in India, it is vital to comprehend how to set out on your MBA journey. Most Indian educational institutions necessitate applicants to pass a specific entrance exam to evaluate their aptitude and knowledge. The following are the leading MBA Entrance Exams in India-

The CAT, CMAT, MAT, XAT, NMAT, SNAP, ATMA and GMAT are some of the most popular management aptitude tests.

Starting Salaries for MBA Graduates in India

For those seeking a job in India with an MBA degree, the expected salary for a fresher can be significant. There is a wide range of salary possibilities depending on the type of job and industry. 

Completing an MBA opens up a wealth of job opportunities. Beginners in the field with no prior experience can expect to make an average salary of Rs. 3,00,000 every year. As you progress and gain experience, your salary will also increase.

Compensation in India for MBA Degree Holders Based on Experienced Level

The salary of MBA graduates in India depends on their experience; those with some work experience earn more than those just starting out. The following is a list of MBA salaries in India based on experience.

• Salary Figures for MBA Degree Holders with 1-4 Years Experience in India Those with an MBA degree and 1-4 years experience can expect to earn up to Rs. 4,00,000 annually.

• What to Expect with MBA Salaries after 5 Years in India Those with 5 years of experience and an MBA degree can secure an average salary of Rs. 8,00,000 per year.

• MBA Salary in India with 10 Years Experience Those with an MBA degree and more than 10 years of experience can expect an average salary of Rs. 14,00,000 annually.

Salary of an MBA in India Dependent on Academic Qualifications

The salary you can earn is largely contingent on your qualifications. In India, MBA salaries fluctuate depending on the individual's educational background. Here is a breakdown of what you can expect:

Remuneration for B.com and MBA in India   

Employees should be allowed to work in a stimulating and supportive environment. It is essential to create a setting where personnel are empowered to reach their full potential and given the necessary resources to succeed. Workers can be motivated to achieve their best by providing a healthy, encouraging atmosphere.

Compensation for those Holding Both a CA and MBA in India  

It is important to take the time to properly assess and evaluate your progress to plan your educational journey. This enables you to recognize any areas of improvement and adjust our objectives to achieve the desired results.

Having an MBA and a CA is a surefire way to advance in the corporate world. Both of these qualifications help to hone analytical capabilities, while an MBA can also refine leadership abilities. An MBA plus CA professional who has some experience can anticipate earning around 20-25 lakh per annum.

Salaries of Executive MBA Students in India

The influx of technology into our everyday lives has been rapid and pervasive. Its impact on how we interact with each other and our environment has been profound and far-reaching. The amount of money a person with an Executive MBA can expect to make per annum, typically 2.5 - 8 lakhs, is determined by their prior work background and school.

Compensation for MBA Grads in India - Overview of Each Specialization

The following table presents the average salaries based on MBA specialization, along with the range of salaries for each specialization:

1. Salary of an MBA in Marketing in India

Getting an MBA in marketing can improve your interpersonal and communication abilities. It will encourage you to think creatively and develop your leadership qualities.

With an MBA in Marketing, you can be considered for positions such as product overseeing, business marketing, retail marketing, digital marketing, brand oversight, and managing customer relationships.

In two years, the remuneration for a Marketing MBA graduate ranges from 7-25 lakhs per annum. The most prominent employers in this field are marketing agencies, Fast Moving Consumer Goods (FMCG) companies, electronic commerce brands, retail businesses, entertainment companies, and financial services.

According to Payscale, the salary of a software engineer varies depending on the company's size and the engineer's experience. The compensation for a software engineer can range from quite low to very high. When determining a software engineer's salary, it is important to consider the organization's size and the engineer's expertise.

Leading Institutes Providing an MBA in Marketing:       Indian Institute of Management Calcutta, Indian Institute of Management Bangalore, Indian Institute of Management Ahmedabad, Indian School of Business Hyderabad, XLRI Jamshedpur, and Institute of Management Technology Ghaziabad.    

MBA in marketing graduates may find employment opportunities with Amazon, Vodafone, Hindustan Unilever, Samsung, and Flipkart, which are some of the best recruiters.

Salary in MBA Marketing Management

2. Salaries for MBA's in Digital Marketing in India

An MBA in Digital Marketing can be a very lucrative career path for those in India. Such professionals can expect to earn a competitive salary, given their qualifications and experience.

Marketing is moving towards digital platforms, with even large companies taking the plunge in response to the current health crisis. 

Having an MBA focusing on digital marketing is becoming increasingly popular. It provides the necessary tactics and technical abilities to become a proficient digital marketer.

Delve further into the intricacies of a career in digital marketing - explore the what, why, where and how in this detailed article.

The salary for an MBA graduate at the beginning of their career can range from an average of INR 5 lakhs to a maximum of INR 10 lakhs per annum, depending on the type of job they are hired for.

According to Payscale, the average salary for an individual with a Bachelor's degree is approximately $55,000 if you have studied abroad.

A Few of the Top Institutes Offering an MBA in Digital Marketing:       IIDE, NMIMS and MET    

3. Earning a Salary with an MBA in Finance in India

An MBA in Finance can be a lucrative option in India, yielding a substantial salary. Many organizations seek individuals with an MBA in Finance to lead and manage financial operations. Those who are successful in the field can expect a competitive salary.

Among MBA programs, a degree in finance is very sought-after in India. People are drawn to this course as it supplies numerous prospects for those in the finance world and helps them ascend to higher positions.

The remuneration for an MBA in Finance graduate seeking employment is estimated to be INR 7.5 lakh annually, with the maximum annual salary offered reaching up to INR 22 lakh.

According to Payscale, the average salary for a software engineer is quite high. They make a mean salary of approximately $84,874 per year.

Leading Educational Institutions that Provide an MBA in Finance:       The Indian Institutes of Management in Calcutta, Bangalore, and Ahmedabad, The Narsee Monjee Institute of Management Studies in Mumbai, Xavier Labour Relations Institute in Jamshedpur, and Management Development Institute in Gurgaon.    

The prominent companies hiring candidates include Ernst & Young, Goldman Sachs, JP Morgan, KPMG, Morgan Stanley, and Bain & Company.

Average MBA Finance Salary

4. Pay in India for an MBA in Human Resources

The salary associated with obtaining an MBA in Human Resources in India is an important consideration.

Ensuring all HR functions within the organization are running smoothly is paramount.

As the demand for personnel overseeing human resources has increased, HR specialists are rewarded with competitive salaries. This is due to the requirement for HR management in various industries.

Across industries, there is a need for HR professionals, and the amount of HR employees to company employee ratio has increased, reaching 1.4 HR workers per every 100 personnel.

MBA in HR graduates can expect an average starting salary of roughly INR 5,25,000 annually, with the highest being INR 8 lakhs.

According to Payscale, there is a range of salaries that those in the field of finance can expect. Salaries depend on the specific job title, the individual's experience, and other factors such as location. Generally, those with more experience or specialized expertise tend to earn higher salaries.

Average Salary for MBA in HR

5. The Pay for an MBA in Business Analytics in India

An MBA in Business Analytics is a degree that can lead to a lucrative salary in India. Holders of this degree typically take on job roles such as data analyst, business analyst, marketing data analyst, data-mining professional, qualitative analyst, data warehouse builder, and structure architect.

As the demand for an MBA in Business Analytics increases, one can use this opportunity to develop their leadership capabilities.

The median yearly salary for a Business Analytics MBA graduate is 6,00,000 while the highest reported is INR 18 LPA.

According to Payscale, wages and salaries can vary greatly depending on the type of job, the qualifications and experience of an individual, and also the location. 

Leading Educational Institutions Providing an MBA in Business Analytics:       NMIMS in Mumbai, ISB in Hyderabad, IIM located in Bangalore, Symbiosis Centre for Information Technology (SCIT) in Pune, and Welingkar Institute of Management in Mumbai.    

In India, some of the top recruiters are MNCs, e-commerce businesses, IT businesses, financial consultancies, and retail and manufacturing companies. Prominent employers include Larsen & Toubro, Amazon, Reliance Group of Companies, American Express, Morgan Stanley, and McKinsey and Company.

6. Pay for an MBA in Entrepreneurship in India

In India, the salary associated with an MBA in Entrepreneurship can vary depending on the organization, experience, and other factors.

This qualification would offer an all-encompassing point of view to managing a business organization or a business venture.

Depending on the experience, a range of job titles, such as Vice President,  CEO,  Supervisor, Business Consultant, and Executive, can be assumed. These all constitute managerial roles.

Having a Master's in Business Administration degree in entrepreneurship allows an individual to hone their analytical thinking skills and aid in expanding the enterprise.

This specialization suits those in high-level management positions in finance, HR, business, and accounting, among other related sectors.

The appeal of earning an MBA in entrepreneurship has been increasing; a beginner's average salary is Rs. 5,00,000 annually, potentially reaching 20 LPA depending on experience.

Leading Organizations that Offer an MBA in Entrepreneurship:       Symbiosis Institute of Business Management, NMIMS Mumbai, XLRI Jamshedpur, S.P. Jain Institute of Management and Research Mumbai, and IIM Ahmedabad.    

Well-known recruiters such as JP Morgan, Dell, Infosys, Wipro and Deloitte are much sought after.

7. MBA in Operations Management in India

Those with this degree could find themselves in roles such as general operations manager, business analyst, assistant manager,  operations manager,  or project manager. The need for such a position exists in multiple industries, ranging from retail, automobile, and IT, to hospitality.

The value of operations management is now being more widely recognized, which has caused an expansion of the MBA in the operations management field.

An Operations Management MBA holder from a prestigious management school can anticipate an annual salary of around INR 8,00,000. New graduates can expect a salary of around Rs. 5 lacks annually.

According to Payscale, it has been observed that employee satisfaction is closely related to salary. Moreover, it is also noted that the satisfaction level declines when salary is decreased.

Leading Schools Providing an MBA in Operations Management:       IIT Roorkee, IIT Bombay, IIT Chennai, and VGSOM Kharagpur.    

Maruti Suzuki, Blue Dart, Amazon and Wipro are some of the most sought-after companies in India for recruitment.

8. Salaries for MBA in Information Technology in India

A Master of Business Administration (MBA) in Information Technology can bring a lucrative salary for those that pursue it in India.

A graduate with an MBA in IT can pursue various roles, such as an information system manager, information technology director, IT software project manager, and program manager.

India has seen a remarkable growth in the IT industry and these positions have become highly sought-after.

A new MBA in IT can acquire a salary of Rs. 5,00,000 a year. After 1-4 years in the field, a graduate should make Rs. 577,793 annually. The typical pay for an IT Manager is approximated to be 12 lakhs.

According to Payscale, there is a wide discrepancy between salaries for men and women. Women are typically paid much less than men for the same job. 

Renowned Educational Centers Providing an MBA in Information Technology:       Symbiosis Centre for Information Technology (SCIT) situated in Pune, Jamnalal Bajaj Institute of Management Studies (JBIMS), IMT Ghaziabad, MDI Gurugram, and K.J. Somaiya Institute of Management Studies and Research in Mumbai.    

Infosys, Accenture, Apple, Wipro, Disney, Microsoft and ESPN are some of the most sought-after employers in India.

MBA IT Salary 2023

9. Salary for MBA Graduates in Event Management in India

An MBA in Event Management can yield a good salary in India, with the right qualifications and experience. Individuals who have the right expertise and qualifications can expect to get paid well in this field.

An MBA in event management prepares the graduate for various job roles, such as events manager, client servicing executive, area events manager, public relations officer, events marketing manager and trade manager. This degree gives the student the knowledge and expertise to manage large events.

The remuneration of new graduates is contingent on their professional experience and capabilities, varying from an annual pay of Rs. 1.5 lakh to Rs 18.5 lakh.

Leading Institutions in India for a Master's in Events Management:       NMIMS Mumbai, IIFT New Delhi, NID Ahmedabad, and the National Institute of Event Management in Pune.    

IDIB, Bajaj Auto, Cox and King, WizCraft, Reliance, Sita Conferences, and 360 Degrees are some of the top recruitment firms in India.

10. Earnings of an MBA in Healthcare Administration in India

A Master of Business Administration focusing on healthcare or hospital management has become more common recently. Some top educational establishments require that applicants have a medical degree in the MBBS program in order to be eligible.

A plethora of career paths in the healthcare industry, such as CEO of a hospital, CFO, clinical project manager, administrator, and finance manager, are attainable through this particular specialization.

MBA graduates in healthcare management can expect to earn an annual salary ranging from INR 5 to 12 lakh, with the exact figure depending on prior work history and qualifications.

A key element of success in college is being able to organize oneself efficiently. This includes managing time well, prioritizing tasks, and developing a system that works for the individual. 

Top Colleges Offering an MBA in Healthcare Management in India:       Symbiosis Institute of Health Sciences in Pune, Tata Institute of Social Sciences in Mumbai, AIMS Institute in Bangalore, and Indian Institute of Health Management Research in Jaipur    

In India, some of the top employers are Fortis Healthcare Ltd., Reliance, KPMG, Apollo Hospitals, Infosys, AIIMS, and Zydus Cadila. KPMG also stands out as one of the leading recruiters.

We can now analyze the salary outcome of MBA graduates from premium institutions in India.

What is the typical salary of someone with an MBA from an IIM?

The following is a catalogue of the leading IIMs in India and their average MBA salaries in the nation:

Occupations Generating High Remuneration for MBA Graduates

The following are some top-paying occupations for MBA graduates, with an estimated salary range provided by Payscale.

1. The Person in Charge of the Project

According to Payscale, the average salary for a software engineer in the United States is $90,502 annually. This figure is based on an analysis of the salaries of those in the occupation.

An MBA graduate is the perfect choice for project management due to their technical, analytical, and managerial abilities. They are responsible for financial planning, team building, devising business strategy, and overseeing projects. The average salary for this role is 9.5 lakh Rupees annually.

2. Financial Advisor

An individual specializing in investing money for their clients is a financial advisor. This type of professional typically provides advice on how to manage finances, helps clients create investment portfolios and provides insight on making sound investments.

According to Payscale, the average salary for a software engineer in the U.S. is around $92,046. This figure may vary depending on the individual's experience level, job title and location.

The compensation for investment bankers in India is amongst the highest in the country. An MBA degree is generally needed to even apply for such a job. A novice can expect a base salary of around Rs. 9 lakh annually.

3. Professional in Business and Strategic Planning

According to Payscale, it is clear that various factors determine wages and salaries. These can include experience, qualifications, location, industry, and job title. Additionally, the job market and the economy can also affect pay rates.

MBA graduates with enough background in the field are likely to succeed in this stream. Generally, the annual salary of a business consultant amounts to approximately Rs. 10 lakhs.

4. Manager of Advertising

As reported by Payscale, there is a tight correlation between education level and salary. Those who are more highly educated tend to receive higher salaries. It is not uncommon for those with a master's degree to be compensated more than those who only hold a bachelor's degree.

The need for marketing managers is commonplace in all industries. Their efforts to launch effective marketing campaigns and conduct detailed market analyses are instrumental in a company's success. These professionals earn an average annual income of Rs. 7 lakh.

It is important to be cognizant of the salary range for an MBA in India, and some elements are likely to have an effect on the compensation you receive.

Four Key Elements That Impact Your Earnings

It is important to consider the four factors when calculating one’s salary: experience, industry, location, and qualifications. Experience is an essential element in determining one’s salary since the more experienced a worker is, the higher the salary will be. The industry someone works in also has a big influence on the wages they will earn. Location, too, is a major factor in salary calculation, as wages in certain areas tend to be higher than in others. Lastly, qualifications can heavily influence one's salary, with professionals such as doctors and lawyers typically earning the highest wages.

Institution Offering an MBA Program

The salary package one can expect to receive largely depends on the institute they graduated from. For example, an Indian Institute of Management offers a salary ranging from Rs. 8 lahks to Rs. 28 lahks per annum.

Choosing the right business school is critical due to the high level of competition in the current job market. A higher-ranked institution typically translates into a higher salary. To ensure the best possible outcome, it is important to investigate the placement history of each school before enrollment.

Background in Employment

A direct correlation exists between the MBA graduate's compensation and the number of years and pertinent job experience. The higher the number of years of experience, the greater the salary will be. Businesses are searching for reliable individuals who have an outlook and can assist in the expansion of the firm.

Characteristics of the Job

Technology usage has had a massive effect on the business world. It has revolutionized how companies communicate, operate, and market themselves. The influence of technology can be seen in nearly every aspect of a business, from how it is managed to how it functions. It has enabled businesses to become more efficient and effective, increasing their profitability.

Summary     

Obtaining an MBA can effectively increase one's knowledge and guarantee a prosperous future. Salaries for MBA holders reflect the success that comes with this degree.

Many MBA holders seek the degree to snag managerial roles to advance their profession or change their career path. Salaries vary and rely on numerous aspects, including experience, education and geographical locale.

Be sure to have a look at Careers After MBA in Digital Marketing. It is worth the time to consider the possibilities that await after obtaining an MBA in this field.

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