Brexit couldn’t reduce the appeal of business education in the UK and the country remains one of the top destinations among business professionals who want to enhance their careers.
In this article, Access MBA explores the UK as a place to pursue an MBA by examining pay levels and the most preferred industries among graduates.
Why are MBA aspirants attracted to the UK?
The United Kingdom is made up of England, Wales, Scotland, and Northern Ireland. Known as the home of both modern parliamentary democracy and the Industrial Revolution, the UK wields significant economic power along with its great political and cultural influence around the world. It is the world’s fifth-largest national economy measured by nominal gross domestic product (GDP), constituting around 3% of world GDP as of 2018.
The UK is home to some of the best business schools in the world, renowned for their high level of education, quality of research and abundance of networking opportunities.
Read: Which Are the Highest-Paying MBA Jobs in the US?
What salaries can MBA graduates expect in the UK?
Remuneration is without doubt a major factor that business professionals consider when weighing up the benefits of the degree. The average salary for an MBA graduate in the UK is GBP 55,000 (USD 72,400) per year, according to Payscale.
This number gives you an idea of the general level of remuneration that MBA graduates can expect, but it does not tell the whole story. The professional opportunities that business education offers are vast and diverse and average estimates barely do them justice. Your salary as an MBA graduate in the UK will depend on numerous factors, including your school, its connection to businesses, your network and your preferred industry, employer, employment position, etc.
The Payscale average salary number includes data provided by graduates at different stages of their careers. Bear in mind that there can be huge gaps between a salary reported right after graduation and several years after graduation.
Here is an example. The Financial Times Global MBA ranking considers the salary of graduates three years after graduation. Below you can see the data for four UK schools that made it into the ranking. As you see, remuneration three years after graduation nearly doubles, and it may well double again later on as graduates advance in their career.
|
School |
Salary after 3 years (USD) |
Growth from pre-MBA salary |
|
London Business School |
174,106 |
99% |
|
Imperial College Business School |
138,865 |
86% |
|
Alliance Manchester Business School |
128,529 |
94% |
|
Lancaster University Management School |
110,094 |
112% |
Which industries employ most UK MBA alumni?
In terms of industries that attract the most alumni from UK business schools, there is no surprise, with consulting, finance and tech continuing to reign supreme. Meanwhile, tech is further cementing its place among the most coveted sectors as graduates are increasingly pursuing tech-related jobs. Experts predict increasing demand for MBA graduates is likely to continue in 2022, with the technology sector set to record the largest growth in MBA hiring.
Below, you can find the distribution of graduates from three schools among the top three industries, along with the mean salary for all industries. Unfortunately, British schools’ employment reports don’t break down salary numbers across different industries.
London Business School, MBA class of 2020
|
Industry |
Job sector post-MBA |
Mean salary (all industries) (GBP/USD) |
|
Consulting |
40% |
|
|
Technology |
28% |
83,800/114,300 |
|
Finance |
21% |
Imperial College Business School, MBA class of 2020
|
Industry |
Job sector post-MBA |
Mean salary (all industries) (GBP/USD) |
|
Finance |
30% |
|
|
Technology |
22% |
58,500/79,700 |
|
Consulting |
20% |
Alliance Manchester Business School, MBA class of 2018
|
Industry |
Job sector post-MBA |
Mean salary (all industries) (GBP/USD) |
|
Consulting |
22% |
|
|
Finance |
21% |
N/A |
|
Technology |
19% |
Remuneration is indeed an important factor in the MBA selection process. However, the MBA is not all about money. It’s also about better skills, self-knowledge, confidence, nuanced understanding, a valuable network and relationships that last a lifetime. The degree is more than the sum of its parts, as you will hopefully experience yourself.
If you are interested in a particular school and want to learn more about it, you can meet its admission officers and ask them anything during Access MBA’s One-to-One event in London on 24 September. Sign up today, places are limited.
