MBA Salary in India: A 2024 Guide

Getting your Master in Business Administration (MBA) requires time and dedication but offers numerous benefits. This postgraduate degree opens the door to numerous MBA jobs in various fields. For example, you may use it to enter fields such as technology, finance, and human resources management, to name a few. It also provides ample opportunities to grow your professional network, build management and leadership skills, and gain the credentials to establish your career.

If you are trying to decide whether or not to pursue an MBA and are curious about some of the top MBA salaries, you’re in the right place. This article explores how an MBA degree can boost your salary and earning potential by deepening your knowledge of career-related subjects, strengthening critical thinking skills, and helping you build credibility.

What you can expect to make with an MBA degree

The salary for new MBA graduates in India averages ₹4,51,096, according to September 2023 data from Glassdoor [1]. However, wages depend on various factors, including your role, company, prior experience, and where you work. Still, the high earning potential attracts many learners in India to opt for an MBA as their postgraduate degree, giving the country the distinction of having one of the world's largest pools of MBA students. Graduating with an MBA opens the door to many career opportunities. 

Let’s look at a few possible starting salaries you could make in various entry-level MBA jobs.

Accounting and finance

If you have an MBA focused on accounting and finance, you may work as an accountant, account executive, account manager, or financial analyst. What are the wages you can expect in each, based on the average?

Average starting salaries based on data from PayScale in September 2023 [2].

• Accountant: ₹3,18,266

• Account executive: ₹3,63,815

• Financial analyst: ₹5,69,508

• Account manager: ₹6,30,620

• Finance manager: ₹10,63,411

Supply chain management

Specialising in this area opens the potential to work in various roles with strong salaries. A few options include: 

Average starting salaries based on data from PayScale in September 2023 [3].

• Business development manager: ₹12,42,516

• Business process consultant: ₹9,30,950

• Operations manager: ₹10,59,679

• Purchasing manager: ₹11,63,334

• Supply chain manager: ₹11,67,892

Operations management

With e-commerce rising and businesses’ growing adoption of emerging technologies, operations management offers many professional opportunities for MBA graduates. Some popular options and the corresponding average wages include the following:

Average starting salaries based on data from PayScale in September 2023 [4].

• Business analyst, IT: ₹7,94,447

• Operations manager: ₹8,65,481

• Project manager: ₹12,30,433

• Supply chain manager: ₹13,11,595

• General manager: ₹16,63,530

International business

With India's quickly developing economy and solid market base, it's a hub for many global investors. Likewise, Indian professionals specialising in international business have the broad scope and perspective to meet that demand and help businesses remain more competitive in the ever-more-connected global business market. Some popular roles include: 

Average starting salaries based on data from PayScale in September 2023 [5].

• Business development associate: ₹5,38,706

• Team lead, Operations: ₹7,55,723

• Logistics manager: ₹10,45,904

• Assistant general manager: ₹17,65,323

• IT director: ₹45,91,258

Sales and marketing

An MBA in sales and marketing could unlock various possible careers. The average wages of some common options include the following:

Average starting salaries based on data from PayScale in September 2023 [6].

• Area sales manager: ₹8,04,439

• Digital marketing manager: ₹8,97,637

• Business development manager: ₹8,74,554

• Marketing manager: ₹9,79,984

• Regional sales manager: ₹14,69,521

Financial management

India’s robust business ecosystem creates many professional opportunities for MBA degree holders. Some popular choices include the following: 

Average starting salaries based on data from PayScale in September 2023 [7].

• Financial consultant: ₹8,65,930

• Finance manager: ₹10,37,342

• ERP consultant: ₹13,57,766

• IT project manager: ₹17,08,356

• Senior finance manager: ₹22,58,288

Finance and banking

The finance sector employs millions globally and provides various opportunities in India. A fast-growing job market and high starting salaries make roles like the following an attractive option: 

Average starting salaries based on data from PayScale in September 2023 [8].

• Relationship manager: ₹4,43,068

• Credit manager: ₹8,50,682

• SAP consultant: ₹8,89,398

• Credit risk manager: ₹14,11,496

• Assistant vice president of corporate banking: ₹19,29,933

Retail management

Demand for retail in India and around the world continues to grow. This strong growth of the retail sector in India and throughout the region provides ample professional opportunities, including the following: 

Average starting salaries based on data from PayScale in September 2023 [9].

• Retail store manager: ₹5,97,787

• Procurement manager: ₹7,60,854

• Purchasing manager: ₹9,29,644 

• Retail area manager: ₹11,90,619

• Senior marketing manager: ₹16,94,077

Factors affecting MBA salary in India

Where you get your degree, the location of your job, the industry you work in, and your level of prior experience can all impact your wages after getting an MBA degree. The entire picture helps determine your individual earning potential, which helps give you a more realistic idea of what you can expect to earn.

Where do you get your MBA degree?

Your university or educational institution can directly affect your salary after graduation. For example, according to the Indian Institute of Digital Education, salaries for graduates of Lovely Professional University average 3.5 lakhs per annum, whilst graduates of Symbiosis Institute of Digital and Telecom Management average wages of 10 lakhs per annum [10]. 

Research shows that, on average, graduates from top-ranked management and business colleges and universities earn more than those who graduate from second or third-tier schools. Here are the statistics for the median salaries for graduates of some of the top and lower-ranking institutes based on data from the 2019 to 2020 school year for your comparison: 

• The Indian Institute of Management Ahmedabad ranks first amongst management schools in the Ministry of Education’s 2022 National Institutional Ranking Framework report. Average earnings of graduates: ₹27,60,000 per year [11]

• The Indian Institute of Technology Bombay ranks 11th amongst management schools. Average earnings of graduates: ₹22,00,000 per year [12]

• SVKM’s Narsee Monjee Institute of Management Studies ranks 25th amongst India’s top management schools. Average earnings of graduates: ₹16,00,000 per year [13]

• The Jaipuria Institute of Management ranks 51st amongst India’s leading management schools. Average earnings of graduates: ₹6,97,000 [14]

• The Rajagiri Business School ranked 74th amongst India’s top management schools. Average earnings of graduates: ₹4,25,000 [15]

Job location

Where you get your MBA degree is only one factor contributing to your salary potential. Where you work also makes a significant impact on wages. For example, if you want to work in the business end of technology, you’ll find some of the highest-paying jobs in tech hubs and centres. The table below shows differences in average base salaries for typical roles MBA graduates pursue in different cities across India. 

All salaries are based on data from Glassdoor in India in September 2023.

Industry

MBA degrees open the door to many different industries. During your courses, you can choose a specialisation to help focus your studies on specific roles and industries to prepare you for the future. Some high-paying industries to consider include (but aren’t limited to) the following:

• Finance: Finance management could lead to working in the stock market, analysis, or investments. Other areas of finance could lead to working in pricing, risk management, banking, and financial planning.

• Marketing: You'll gain a deeper understanding of how to create products or market brands to consumers, with insight into consumer behaviour, market analysis and research, and branding. You might work in various industries, including marketing or advertising agencies, IT companies, or financial services.

• Business and data analytics: Digital transformation has made data a significant part of any business, and companies often need MBA grads with data analysis skills. For example, you may work as a business analyst, project manager, data analyst, or management consultant.

• Operations management: In roles such as operations, logistics, procurement, or supply chain manager, you'll play a key role in ensuring smooth business operations.

• HR management: Driving an organisation's culture, hiring and training, and increasing businesses' ability to hire top talent are among the chief responsibilities you might have in this area. Specialising in HR management could create job opportunities in IT, retail, media, and law firms.

Work experience

While some institutions offer dual degrees, allowing you to get bachelor’s and MBA degrees in one programme, many learners enter MBA programmes after gaining professional experience. This offers a competitive edge to get into MBA degree programmes and can also help increase your potential earnings after graduation. The more experience you have, the higher the wages you can expect to make. 

High-paying jobs in India requiring an MBA

The scope in India continues to increase, mainly as many institutions and universities aid learners with placement and networking opportunities. As of September 2023, few of the jobs with top MBA salaries include the following: 

• Data analyst: ₹4,00,000 to ₹9,00,000 per year [16]

• Investment banker: ₹9,00,000 to ₹38,00,000 per year [17]

• Business analyst: ₹6,00,000 to ₹13,00,000 per year [18]

• VP of operations: ₹28,00,000 to ₹59,00,000 per year [19]

• Business development manager: ₹6,00,000 to ₹16,00,000 per year [20]

Next steps

Salaries for MBA graduates vary depending on many factors, including the job and industry you work in, your location, and your experience. In addition to top institutions in India, you may explore your options to get an online MBA. For example, you could earn your Global Master of Business Administration from Macquarie University in 14 to 32 months or an MBA in Business Analytics from O.P. Jindal Global University in 24 to 36 months. These are just two of the options you’ll find on Coursera.