MBA Salary in the UK: Average and Highest Salary in 2023

Before we move ahead into salaries and job prospects, studying MBA in UK also needs your attention to a detailed overview of its programs and business schools. The program is tailored for you to equip yourself with real-world industries and business knowledge.

The universities in UK provide you with a wide range of skills to develop a deeper understanding and management learning through diverse specialisations like economics, health management, international business, etc. However, the money spent for studying MBA in UK may be significantly high, but the salary given to the degree holders is also exceptionally good.

The United Kingdom houses several prestigious universities and colleges, ranking among the world’s top institutions. Here’s a brief look at them:

These are the top-notch business schools and universities where you can study for an MBA, after which you can also get a high-earning job profile.

Now the question arises - How will you list top job prospects with higher salaries? There are various factors that determine the earning potential of MBA professionals after studying in UK’s top business schools.

Hence, let’s look out for a brief explanation of each of the following factors in the context of MBA salaries:

• Education and Work Experience: Higher levels of education and relevant work experience frequently result in higher MBA salaries because they improve your qualifications and skills.

• Industry and Sector:  Salaries vary greatly by industry and sector, as some of the high-demand industries typically offer more lucrative MBA positions than others.

• Location and Cost of Living: Salaries are influenced by the cost of living in a specific place. Thus, MBA graduates in cities with higher living costs tend to earn more to cover their expenses.

• Networking and Alumni Connections: Strong professional networks and alumni connections can open doors to high-paying positions. Hence, networking enhances your job placement and career advancement, which favourably influences earnings.

According to Glassdoor, the average MBA salary in UK stands at a competitive £38,227 per year. This figure reflects the high demand for MBA graduates in the UK job market and demonstrates the country's dedication to recognising and rewarding top-tier business talent.

MBA professionals typically earn between £27,000 and £54,000 per year, with the potential for significant earnings growth based on factors such as specialisation, experience, and location.

This significant earning potential, combined with the UK's renowned business schools and diverse industries, strengthens the appeal of studying MBA in UK for those seeking rewarding and prosperous careers in the business world.

Now that you are aware of the average MBA Salary in UK in 2023, understanding the highest salaries with top recruiters is also important. MBA graduates are in high demand by top companies in the UK as they have advanced skills and knowledge in managing businesses.

Business schools in UK are well-known worldwide, and big international companies often want to hire their graduates. Studying MBA in UK can greatly increase your chances of getting a well-paying job with these top companies.

Some of the best companies in UK that hire MBA graduates are Deloitte, PwC, KPMG, EY, and McKinsey & Company. They offer good salaries to MBA graduates, ranging from £50,000 to £100,000 per year, depending on how much experience and expertise you have.

Here's some more detailed information about these companies:

• Deloitte: Deloitte is one of the world's biggest companies that offers various services like auditing, consulting, financial advice, risk management, tax help, and legal services. MBA graduates usually start with a salary of about £45,000.
• PwC: PwC is another big global company that does auditing, consulting, advising on deals, tax work, and technology solutions. They usually pay MBA graduates around £40,000 to start.
• KPMG: KPMG is one of the four largest accounting firms globally, and they do auditing, tax work, and advisory services. They usually pay MBA graduates around £41,000 when they start.
• EY (Ernst & Young): EY is a leading international company offering assurance, tax advice, and help with transactions. Their starting salary for MBA graduates is also around £41,000.
• McKinsey & Company: McKinsey is a company that helps big organisations solve complicated problems, and they pay experienced MBA degree holders a starting salary of at least £80,000.

However, you have a good chance of landing a well-paying job with these respected companies after studying MBA in UK.

Now that you have complete knowledge of average and highest salaries, let us delve deeper into the topmost industries employing MBA graduates. Graduates from business schools in UK are known for their skills in areas like strategic thinking, leadership, and problem-solving. Here are some industries where they often find jobs:

• Finance Industry: Many MBA graduates go into the domain of finance. They work for investment banks and private equity firms, where they earn good salaries and bonuses. The aforementioned companies hire MBAs because they understand financial markets, investment strategies, and how to manage risks.

• Consulting Industry: Consulting firms also hire a lot of MBA graduates as they use MBAs to help businesses with tricky problems and to come up with plans for growth. These firms like MBAs because they bring a mix of smart analysis and creative thinking to problem-solving. You can also earn a good MBA salary in UK in consulting.

• Marketing Industry: Some MBA graduates choose to work in the marketing field. They use their knowledge of how people behave as consumers and what's happening in the market to create good ad campaigns and launch new products. They also use their skills to plan long-term marketing strategies that fit the company's goals.

• Technology Industry: The tech industry is growing fast in the UK, and it's a good place for MBA graduates who know about managing products or starting businesses. Startups and bigger tech companies want these graduates because they know both tech stuff and how to make a business successful.

Therefore, MBA graduates in UK can find opportunities in these industries and earn good salaries.

Lastly, you must know some tips and tricks for maximising your MBA salary in UK, which means finding ways to earn more money and improve your financial situation. Here are some tips to help you do that:

• Strategies for Negotiation: When you're offered a job, it's important to negotiate for a better salary, which means talking to your employer about getting paid more for your work. You can research what others in similar jobs earn and use that info to ask for a higher salary. Don't be afraid to negotiate because it can make a big difference in how much you earn over time.

• Leveraging Alumni Networks: Alumni are people who graduated from the same school as you. They can be a helpful resource for finding job opportunities and getting advice. MBA programs often have strong alumni networks, so you should use these connections to your advantage. Reach out to alumni who work in industries or companies you're interested in and ask for advice or help with job searches.

• Continuous Learning and Skill Development: It's important to keep learning and improving your skills to earn a higher salary. You can attend workshops, take online courses, or secure additional certifications related to your field. The more knowledgeable and skilled you become, the more valuable you are to employers. This can lead to promotions and higher-paying job opportunities.

Thus, maximising your MBA salary in UK involves being proactive in your career. Negotiate for better pay when appropriate, make use of your school's alumni network to find job opportunities, and invest in continuous learning and skill development to increase your value in the job market. Such strategies can help you achieve your financial goals and make the most of your MBA degree.

Q. What is the typical duration of an MBA program in the UK?

A. Most MBA programs in UK are full-time and generally last for one year. However, there are also part-time and executive MBA programs that can take longer to complete, often designed to accommodate working professionals.

Q. What are the key entry requirements for MBA programs in the UK?

A. Entry requirements can vary by institution, but most MBA programs in the UK typically require applicants to have an undergraduate degree, relevant work experience (usually a few years), and strong standardised test scores like the GMAT or GRE. English language proficiency tests like IELTS or TOEFL may also be required for international students.

Q. What is the average cost of studying for an MBA in the UK?

A. The cost of an MBA program in the UK can vary significantly depending on the university and program. On average, you can expect to pay between £20,000 to £40,000 or more for tuition fees. Keep in mind that living expenses and other costs should also be factored into your budget.

Q. Are scholarships or financial aid options available for MBA students in the UK?

A. Yes, many UK universities and business schools offer scholarships, grants, and financial aid opportunities for MBA students. These can be based on merit, need, or specific criteria set by the institution. It's advisable to research and apply for these funding options early in the application process.

Q. What are the potential career outcomes after completing an MBA in the UK?

A. MBA graduates in the UK have a wide range of career opportunities. They often find employment in sectors such as finance, consulting, marketing, technology, and entrepreneurship. The salary and job prospects can vary depending on factors like specialisation, work experience, and location, but an MBA can open doors to leadership and management roles in various industries.

To conclude, studying MBA in UK offers a promising path to a successful career. With renowned business schools, diverse industries, and strong earning potential, it's a valuable investment. To make the most of your MBA, utilise negotiation skills, alumni networks, and continuous learning to maximise your salary and opportunities in various industries.

We hope you enjoyed learning about the MBA salaries in UK. If you would like to get a deeper insight into how to study in UK, we encourage you to have a word with our team of expert counsellors at Meridean Overseas Education Consultants (MOEC). Our counsellors will provide you with guidance throughout your study abroad journey.

Get help with the application process, SOPs and filing for a visa. Visit us and get one-to-one counselling, or avail yourself of free video counselling via our website. We will be happy to help you, so please do not hesitate to contact us at application02@meridean.org or 1800-1230-00011.