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Kamaldeep
24 April, 2024
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The diverse landscape of Indian business attracts MBA graduates in large numbers. The Master of Business Administration degree has established itself as a pivotal career option. It promises an ample amount of job opportunities with the potential for massive salary increments.
So far, the year 2024 has witnessed industry trends suggesting developments in the salary packages of MBA graduates. The economic forecast also agrees with the analysis of significant improvement in the compensation packages for MBA graduates. To help you understand the dynamic nature of market shifts, this blog offers an in-depth analysis of MBA salaries in India in 2024, aimed at both freshers and experienced professionals.
The Indian economy has been in recovery mode since the pandemic in 2024; the continuation of this recovery trajectory, with booming industrial and service sectors, is expected to grow at an even faster pace.
Businesses are thriving with the ongoing digital transformation. This business growth leads them to explore and expand into new markets, corresponding with MBA salary development. Hence, an MBA degree remains a lucrative career option for young graduates nationwide.
The following table presents a comparative analysis between the salaries of freshers and experienced MBA graduates.
| Category | Industry/Field | Experience Level | Salary Range (INR per annum) | Additional Details |
| Salary Trends for Freshers | Tech, Consultancy, Finance | Fresh Graduates | 7 lakhs to 12 lakhs | Tier and reputation of the business school significantly influence salary. Higher salaries typically from premier institutions like IIMs. |
| E-commerce, Health Tech, Fintech, Start-ups | Fresh Graduates | Variable, often higher | Start-ups offer roles in business development and strategic management with potentially higher packages despite volatile career growth. | |
| Salary Insights for Experienced Professionals | Investment Banking, Management Consulting, IT Management | 5 to 10 years | 20 lakhs to 50+ lakhs | Strategic roles or senior management positions. Salary depends on industry’s nature, role, and performance. |
| Various industries | 5 to 10 years | 20 lakhs to 50+ lakhs | Emphasis on self-improvement and adaptation. Certifications in data analytics, digital marketing, and project management can lead to higher salaries. |
Economic and tech hubs that are home to MNCs and high-growth startups are viable job locations for MBA graduates. Since most of the high-value and high-paying businesses are located in metropolitan cities like Gurugram, Mumbai, and Bengaluru, MBA graduates need to choose their workplace locations strategically.
Measuring the added benefits along with the basic pay should also be kept in mind when accepting positions. This is because MBA graduates are offered peaks like bonuses, profit sharing, and stock options in addition to the base pay. Therefore, the fresher candidates need to access the professional development opportunities they can avail from the job along with understanding the scope for growth within the company. For experienced professionals, it’s important to choose a package that delivers on all fronts, including a comprehensive package, performance bonuses, and long-term incentives.
Specialisations in MBA course carry the potential to affect salary outcomes. As the roles that fetch direct revenue for the company are more impactful in terms of generating a successful turnover, hence, graduates specialising in Strategy or Finance would be considered for higher salaries when compared to those specialising in Human Resources or Operations. In the digital age, specialising in areas like technology management and digital transformation is an asset because these areas capture the essence of the digital-first business model.
After the advent of AI, there will be a robust increase in demand for MBA graduates because although artificial intelligence and machine learning can handle a wide variety of data and make accurate predictions, strategic decision-making needs a humane angle. Moreover, distinct leadership roles can only be accorded to humans. Therefore, the demand for MBA graduates will continue to rise, as will the value of the diverse skill set and strategic thinking that MBA programmes inculcate in individuals.
