The Master of Business Administration degree is one of the most prestigious graduate degrees available, so earnings with a MBA in human resources can be quite impressive. If you enjoy interacting with people, multitasking, or managing others, a career in human resources might be right for you. Obtaining your human resources MBA is the surest way to put yourself in the running for a high-paying job. Exactly how much money can you make after earning your MBA in human resources? The following information should give you a good idea of what to expect after landing a permanent position.
Average Human Resources Salaries According to Job Type
Having an MBA in human resources is a requirement for many different jobs that all come with different salaries. A benefits and compensation manager may earn upwards of $150,000 annually, but average salaries hover around $90,000. Human resources MBA holders involved in training and development rake in just under $90,000 a year, but they also have potential to make $150,000 or more after many years on the job. Human resources consultants generally earn a six-figure salary, but the actual numbers can vary greatly depending on experience, performance, and more. It appears as though most jobs that require an MBA in HR pay out right around $90,000 per year after two to three years of good work.
Salary Varies Depending on the Employer
According to The Bureau of Labor Statistics, your salary will vary depending on what industry and organization you work for. The most common job title for someone with a human resources MBA is human resources manager. The U.S. Bureau of Labor Statistics reports the average salary of an HR manager as $99,720 as of May 2012, but they generally range from less than $59,000 to more than $173,000 per year. Individuals who work with the government earn an average of $92,020 a year. Those in the healthcare and social work fields earn about $86,000 per year, and managers in manufacturing get paid just under $98,000 a year. HR managers working in the scientific, technical, and professional services industries can earn $112,210 per year. In general, salaries paid out by larger corporations will be higher than those offered by smaller firms because the bigger companies have more money at their disposal.
Location Also Makes a Big Difference
The demand for workers with a master’s degree in HR isn’t consistent across the map. Some states really need such people, but other states aren’t experiencing such a shortage. Where you work greatly affects your income in the HR world. For example, Indeed.comĀ reports that workers with a human resources MBA in Michigan earn an average of $103,000 as of April 2014. On the other hand, the same people would only earn $59,000 annually in Idaho. As you can see, the gap in salaries can be huge, so carefully consider your work location before committing to a job.
Human resources is a field that encompasses many different job types and specialties. You might have a master’s degree in HR like the next guy, but you could be working two very different jobs that pay very different salaries. However, the numbers suggest that it wouldn’t be unrealistic to expect an annual salary of $80,000-$90,000 after several years on the job. As long as you’re good at your job and committed to the work, your earnings with a MBA in human resources will reflect your efforts in due time.