CAREERS AND SALARY REPORT 2014

CAREERS AND SALARY REPORT 2014 Be in Brilliant Company

2 Association of MBAs Careers and Salary Report 2014 TABLE OF CONTENTS Methodology 3 Executive Summary 4 Respondent Profiles 5 Where and How Did They Study 6 Funding an MBA 7 Most Important MBA Topics 8 Global Salary History 9 Variable Earnings 10 Salary Highs and Lows 11 Salary Breakdown 12 Variable Earnings Breakdown 13 A Focus on Gender Variations in Salary 14 Gender and Careers 15 Functional Role Analysis 16 Career Analysis 17 Career Salaries 18 The UK Market 19 UK and Global Comparison 20 Country Comparison 21 Regional Comparison 22 Company Size and Salaries 23 Changing Employer, MBA Hindsight and MBA Perception 24

Association of MBAs Careers and Salary Report 2014 3 METHODOLOGY Accredited Business School members distributed survey information to their alumni. Hence, all respondents were MBA graduates from Business Schools with AMBA accredited programmes. The survey was administered online by PayData Limited, via the Association of MBAs website, with the closing date 30/08/2014. It included close-ended questions about respondent background, MBA education, career and bonuses/commission. Respondents were asked to provide specific salary and variable cash amounts per annum, along with currency, for three different stages in their careers: pre-mba; immediately post-mba and their current position (as of 1st May 2014). For these three stages respondents were also asked to check boxes indicating types of noncash bonuses, career roles and functional areas, and to fill in blanks regarding sectors of work, company turnover and number of employees. When comparing changes in earnings between the 2014 survey and that of previous years, salaries have been adjusted for inflation by applying the Consumer Prices Index and the Retail Prices Index of the UK National Statistics agency. (http://www.statistics.gov.uk/downloads/ theme_economy/focus-on-cpi-oct-2010.pdf) All percentages have been rounded to the nearest whole figure, and as such all totals may not add up to exactly 100%. Due to large discrepancies in reported income across various sectors, job functions and backgrounds, the median is used in addition to the averages to reduce the impact of outliers in the data.

4 Association of MBAs Careers and Salary Report 2014 EXECUTIVE SUMMARY The 2014 Career Survey found that MBA graduates from Business Schools with AMBA accreditation received an average salary of 96,661, up by 14,628 from 2012 (a 17.84% rise). However, the median salary since 2012 has actually fallen by 2,721 (-3.63%). The rise in the average salary and the fall in the median salary can be explained by a 5.4% rise to 34.1% in the number earning in excess of 100,000 per annum, and a rise of 5.4% to 5.9% in the number earning less than 20,000 per annum. 12.8% of those earning in excess of 100,000 per annum were female (a rise of 4.3% on 2012), yet 41.5% of those earning under 20,000 were female yet are only 22.5% of those surveyed. Although salary comparison pre and post MBA vary from country to country and by sector to sector, on a global basis the leap in salary immediately after graduating that has been evident in earlier years is absent. The sector with the highest salary is the consumer sector ( 114,393 per annum), the second highest is the financial sector ( 109,182) and media is in third place ( 106,701). The median salary for female graduates across all functional areas and geographical areas is 39% less than the median salary for male graduates. The nationalities that reported the highest average salaries were those from Greece ( 145,742), China ( 130,063) and Switzerland ( 129,474). The growth in MBA graduates changing employer after graduating shows no sign of abating. 57.9% moved and 43% received a financial incentive to do so, similar numbers to 2012. In the 2012 survey 29.3% of respondents said they had received company sponsorship for their MBA studies. In 2014 this figure had dropped to 21.2%.

Association of MBAs Careers and Salary Report 2014 5 RESPONDENT PROFILES The 2014 Career Survey received over 1300 responses from MBA graduates all over the world. The figure below shows the distribution of countries with the highest responses rates; all countries that accounted for fewer than 2% are combined as other. Nationality of respondents UK 27.10% USA 7.10% Greece 6.20% British Other American Greek Indian French 3.1% 3.6% 5.9% 2.1% 2.6% 2.1% 27.1% India 6.10% France 5.90% Portugal 3.60% Portuguese Italian Singaporean Canadian 6.1% Italy 3.10% Chinese 6.2% Singapore 2.60% Canada 2.10% 7.1% 34.3% China 2.10% GENDER, AGE AND EXPERIENCE 48.3% of respondents were 39 or younger, 36.1% between 40 and 50, and 15.6% were over 50 years of age. 82.3% of respondents graduated from their MBA programme after 2000 (compared to 77% in 2010 and 60% in 2008). Over three quarters (77.5%) were male, approximately 3:4 which is in line with MBA programmes worldwide. 1% Age of respondents % of respondents 20 35 28.4% 36 39 19.9% 40 44 19.9% 16% 45 50 16.1% Over 50 15.6% 82% Pre-1970 1970 1979 1980 1989 1990 1999 2000+

6 Association of MBAs Careers and Salary Report 2014 WHERE THE RESPONDENTS STUDIED The 2014 Career Survey received responses from 62 Business Schools. The figure below shows the distribution of schools with the highest responses rates. Schools that accounted for fewer than 1% are combined as other. School response % % of respondents London Business School 29.40% University of Lancaster 9.50% University of Hull 9.20% Kingston University 7.30% OTHER 6.30% Universidad Carlos III de Madrid 5.80% Athens University of Economics and Business (AUEB) 4.70% University of Kent 3.60% University of Exeter 3.20% Oxford Brookes University 3.10% Solvay Brussels School of Economics and Management 3.00% ICN Business School 2.60% City College, International Faculty of the University of Sheffield 2.40% ISCTE Business School 2.20% Royal Holloway University of London School of Management 2.20% MIB School of Management 2.20% University of East Anglia 2.00% Strathclyde Business School 1.20% 54.1% of respondents studied full-time and 73% of respondents were non-uk nationals. Mode of study % of respondents Full-time 54.10% Part-time 35.80% Distance/Open learning 5.10% Modular 4.30% Blended 0.70% 1% 4% 5% 36% 54% Full-time Part-time Distance Modular Blended

Association of MBAs Careers and Salary Report 2014 7 FUNDING AN MBA The way in which graduates funded their MBAs has changed over the last two years with a rise in the number who self-funded, took out a loan, or relied upon a scholarship. Female candidates were the recipients of 30% of the scholarships. These funding options helped to replace the substantial fall in the number of companies who offer sponsorship to their employees. 2012 2014 Self 51% (22.2% Female) Self 53.4% (22.2% Female) Loan 10.1% (22.1% Female) Loan 14.8% (18.3% Female) Scholarship 9.3% (23.9% Female) Scholarship 10.6% (30% Female) Company sponsorship 29.3% (21.3% Female) Company sponsorship 21.1% (19.9% Female) CHANGING JOB 57.9% of graduates changed their employer post-mba and of those that received a golden hello signing bonus, 24% of those received in excess of 20,000. Signing bonus % of respondents 1 4,999 16% 5,000 9,999 12% 10,000 14,999 24% 15,000 19,999 26% 20,000 24,999 9% 25,000 29,999 6% 30,000 39,999 4% 40,000 and over 5%

8 Association of MBAs Careers and Salary Report 2014 MOST IMPORTANT TOPICS With regards to what topics MBA graduates consider the most important, sustainable/responsible business practices has dropped by 3.6%, internationalism by 0.8%, and entrepreneurialism has risen by 2,6%. 2012 2014 Entrepreneurialism 34.8% Entrepreneurialism 37.4% Internationalisation 30.2% Internationalism 29.4% Sustainable/ Responsible business 21.1% Sustainable/ Responsible business 17.5% New technologies 8.5% New technologies 10.4% Communications/PR 5.3% Communications/PR 5.3% MOST IMPORTANT MBA TOPICS BY GENDER Most important by gender Male Female Innovation 50.0% 50.0% Project and people management 50.0% 50.0% Organisational development 66.7% 33.3% Soft skills 66.7% 33.3% Sustainability/Responsibility 71.9% 28.1% Communications/PR 71.9% 28.1% Finance 72.7 27.3% New technologies 76.0% 24.0% Internationalisation 76.2% 23.8% Entrepreneurship 80.5% 19.5% Strategy 81.3% 18.8% General management/ Leadership 88.9% 11.1%

Association of MBAs Careers and Salary Report 2014 9 GLOBAL SALARIES SINCE 1998 MBA graduates from Business Schools with AMBA accreditation received an average salary of 96,661 in 2014, up by 14,628 from 2012 (a 17.84% rise). However, the median salary since 2012 has actually fallen by 2,721 (-3.63%). 1998 2000 2002 2004 2006 2008 2010 2012 2014 Median 64,680 68,000 72,800 74,400 71,370 66,690 67,200 75,000 72,279 Mean 78,939 87,040 83,200 82,460 76,752 75,870 76,650 82,033 96,661 100,000 Median Mean 96,661 87,040 78,939 68,000 82,460 83,200 76,752 82,033 76,650 75,870 74,400 75,000 72,800 71,370 72,279 66,690 67,200 60,000 64,680 20,000 1998 2000 2002 2004 2006 2008 2010 2012 2014

10 Association of MBAs Careers and Salary Report 2014 VARIABLE EARNINGS/BONUSES 63.24% of MBA graduates received some form of bonus/commission last year. The average sum received in addition to their salary was 50,873 (median = 22,028) and 18.38% received over 40,000, a rise of 1.28% from 2012. These figures indicate a fall in the number of graduates who received additional income, but a rise in the amount awarded. In 2012 the average received was 30,912, so these figures indicate a 90.92% increase in two years. 2012 2014 Variable cash earnings % of respondents Variable cash earnings % of respondents None 10.50% None 36.76% 1 4,999 16.80% 1 4,999 11.08% 5,000 9,999 19.30% 5,000 9,999 8.19% 10,000 14,999 9.60% 10,000 14,999 6.09% 15,000 19,999 9.40% 15,000 19,999 5.42% 20,000 24,999 8.50% 20,000 24,999 5.21% 25,000 29,999 2.20% 25,000 29,999 2.88% 30,000 39,999 6.60% 30,000 39,999 5.99% 40,000 + 17.10% 40,000 + 18.38% None 2012 2014 1 4,999 5,000 9,999 10,000 14,999 15,000 19,999 20,000 24,999 25,000 29,999 30,000 39,999 40,000 +

Association of MBAs Careers and Salary Report 2014 11 HIGHS AND LOWS In 2012, 28.7% earned in excess of 100,000 per annum (8.5% female) and 0.4% earned less than 20,000 per annum (50% female). In 2014, 34.1% earned in excess of 100,000 per annum (12.8% female) and 5.9% earned less than 20,000 per annum (41.5% female).* % of respondents salary in current position 2012 2014 Under 20,000 0.4% Under 20,000 5.9% 20,000 29,000 1.4% 20,000 29,000 6.9% 30,000 39,000 4.0% 30,000 39,000 7.5% 40,000 49,000 11.8% 40,000 49,000 7.8% 50,000 59,000 11.6% 50,000 59,000 8.4% 60,000 69,000 13.1% 60,000 69,000 8.1% 70,000 79,000 11.6% 70,000 79,000 8.1% 80,000 99,000 17.5% 80,000 99,000 13.3% 100,000 or more 28.7% 100,000 or more 34.1% This disparity is partly due to the sectors graduates work in. The top three sector choices for male graduates were finance, energy and consulting. The top three sector choices for female graduates were healthcare, communications/pr and the public sector. The top-six most popular sector choices post-mba were: Finance 19.7% (average salary 106,586 per annum) Consulting 15.3% (average salary 124,093 per annum) Technology 11.9% (average salary 73,679 per annum) Industrial 11.2% (average salary 123,900 per annum) Consumer 7.1% (average salary 95,581 per annum) Healthcare 6.3% (average salary 77,193 per annum). *It should be noted that the survey did not have a category for zero earnings, so we have no evidence on how many of those who stated that they earned less than 20,000 were not in paid employment.

12 Association of MBAs Careers and Salary Report 2014 GLOBAL SALARIES Of the 903 graduates who provided their salary details, 72% earned in excess of 50,000 per annum, with almost half earning in excess of 80,000, and over a third earning more than 100,000. Under 20,000 100,000 plus 5.87% 6.86% 20,000 29,000 34.1% 7.53% 30,000 39,000 7.75% 40,000 49,000 13.28% 8.1% 8.1% 80,000 99,000 70,000 79,000 8.42% 60,000 69,000 50,000 59,000 Fixed cash earnings Sample size % of respondents Under 20,000 53 5.87% 20,000 29,000 62 6.86% 30,000 39,000 68 7.53% 40,000 49,000 70 7.75% 50,000 59,000 76 8.42% 60,000 69,000 73 8.1% 70,000 79,000 73 8.1% 80,000 99,000 120 13.28% 100,000 plus 308 34.1%

Association of MBAs Careers and Salary Report 2014 13 GLOBAL BONUSES/VARIABLE EARNINGS 32.46% received over 20,000 (with 18.38% earning over 40,000) in addition to their salary. 36.76% received no bonus or additional variable payment, which is the highest percentage not to receive a bonus since 2008. Variable cash earnings Sample size % of respondents None 332 36.76% 1 4,999 100 11.08% 5,000 9,999 74 8.19% 10,000 14,999 55 6.09% 15,000 19,999 49 5.42% 20,000 24,999 47 5.21% 25,000 29,999 26 2.88% 30,000 39,999 54 5.99% 40,000 plus 166 18.38% 40,000 plus 18.38% None 30,000 39,999 5.99% 36.76% 25,000 29,999 2.88% 5.21% 20,000 24,999 15,000 19,999 5.42% 6.09% 8.19% 11.08% 1 4,999 10,000 14,999 5,000 9,999

14 Association of MBAs Careers and Salary Report 2014 A FOCUS ON GENDER VARIATIONS As can be seen below, female MBA graduates in employment dominate the lower-end of the salary scale and men dominate the higher salary brackets. The average salary shows only a 1.9% deficit, but the median figure shows how a number of outliers have skewed the average with a 22,500 (39%) variation. Salary Lower quartile Mean Median Upper quartile Male 50,000 99,903 80,124 119,286 Female 34,750 98,037 57,650 91,250 Of the 565 respondents who received a bonus 17.1% were female and 82.9% were male. The gender breakdown for employees who received a bonus in excess of 25,000 is 94.3% male to 5.7% female. Variable cash earnings Lower quartile Mean Median Upper quartile Male 8,730 61,419 21,605 55,556 Female 3,968 33,219 12,346 24,030 RESPONDENTS WHO RECEIVED A BONUS OVER 25,000 Male 94.3% Female 5.7%

Association of MBAs Careers and Salary Report 2014 15 GENDER AND CAREER 85.5% 87.4% 86% 14.5% of respondents who were in senior management positions pre- MBA were female and 85.5% male; these percentages remain fairly stable in post-mba and current career positions. 14.5% Pre-MBA 12.6% Post-MBA 14% Current Position 27.1% of respondents are board level/director or above in their current positions, 89% are male. Male Female Gender and position Male Female CEO/President 91.40% 8.60% Board/Director 86.60% 13.40% Senior manager 80.00% 20.00% Middle manager 74.70% 25.30% Junior manager 74.60% 25.40% Other 65.30% 34.70% Consultant/Entrepreneur 61.10% 38.10% Pre-MBA Post-MBA Current Position 33.3% 31.7% 38.1% In 2010, no female respondents reported being an independent/ sole trader or an entrepreneur pre or post-mba. In 2014, 33.3% of independent/sole traders and entrepreneurs pre-mba were female, 31.7% post- MBA, and 38.10% in their current role.

16 Association of MBAs Careers and Salary Report 2014 FUNCTIONAL ROLE ANALYSIS General Management leads the way in median salaries and median bonuses. The average salary for HR is 135% higher than the median salary; this is due to an outlier among the 13 respondents who work in that functional area. Fixed salary Lower quartile Mean Median Upper quartile General management 57,357 108,361 88,753 129,250 Finance 50,794 106,517 83,333 123,729 Human resources 37,449 192,111 81,553 184,466 ICT 53,086 86,742 75,000 108,025 Production/ Manufacturing 41,270 74,340 71,429 87,302 Sales and marketing 33,959 75,749 64,246 89,805 Communications 32,500 59,767 58,000 75,689 Research and development 44,643 69,108 57,405 89,154 Purchasing/Logistics 39,683 67,292 55,556 81,350 Strategy/Planning 53,699 90,962 84,211 112,500 Variable cash earnings General management Lower quartile Mean Median Upper quartile 10,905 81,172 29,683 89,105 Finance 8,477 66,438 25,000 79,365 Human resources 8,456 65,233 20,000 39,921 ICT 10,648 26,048 19,048 42,262 Production/ Manufacturing 7,143 40,913 15,873 32,750 Sales and marketing 5,917 22,687 13,811 30,000 Communications 4,061 14,643 12,000 22,716 Research and development 2,778 22,261 11,905 35,494 Purchasing/Logistics 3,968 20,773 10,809 26,587 Strategy/Planning 4,959 10,771 7,865 16,210

Association of MBAs Careers and Salary Report 2014 17 CAREER ANALYSIS Over 1000 of our respondents replied to the employment section. 60.5% are currently a senior manager or above compared to 18.3% pre-mba and 31.2% post- MBA. 9.2% are a CEO/President compared to 0.9% pre-mba and 2.9% post-mba. There has also been a steady increase in the number of CEOs to have an MBA. The chart below shows how the number of graduates that became a CEO has increased year on year. 2014 2.90% 9.20% 0.90% 2012 1.30 1.70% 8.10% 2010 1% 3% 7% Current Position Post-MBA Pre-MBA 4% of respondents were in a self-employed/sole-trader/entrepreneurial role pre-mba, 5.1% post- MBA and 7.2% in their current role. Position % of respondents Pre-MBA Post-MBA Current position CEO/President 0.90% 2.90% 9.20% Board/Director 4.60% 7.20% 17.90% Senior manager 12.80% 21.00% 33.40% Middle manager 30.90% 35.90% 20.80% Junior manager 32.50% 18.80% 5.10% Other 14.20% 9.10% 6.40% Sole trader/selfemployed Consultant/ Entrepreneur 2.30% 2.30% 2.10% 1.80% 2.70% 5.10%

18 Association of MBAs Careers and Salary Report 2014 CAREER ROLES AND SALARY The overall rise of 12.64% in the mean salaries between 2010 and 2012 was better than the 8.83% between 2012 and 2014. The median rise between 2010 and 2012 was 12.26%, but between 2012 and 2014 it actually fell by 10% due principally to a large fall in the median self-employed figure. Junior and Middle Manager mean salaries currently match 2010 levels, whilst the mean CEO and Director salaries have climbed over 30%. Position 2010 2012 2014 Mean Median Mean Median Mean Median CEO 87,300 78,000 119,136 108,638 143,124 110,000 Board level/ Director 104,440 105,000 107,253 93,693 120,750 102,000 Senior manager 73,802 69,250 86,309 80,000 95,779 82,000 Middle manager 64,628 48,000 63,080 75,000 71,339 59,524 Junior manager 42,400 43,000 55,722 62,500 48,985 41,885 Consultant/ Entrepreneur 90,942 97,500 90,606 74,980 88,244 49,531

Association of MBAs Careers and Salary Report 2014 19 UK EARNINGS AND GLOBAL COMPARISONS This salary data is UK-specific as 36.23% of MBA graduate respondents currently work in the UK far more than the next highest representative country (the U.S with 9.41%). After several years of adjusted for inflation stability, there is been a marked leap in UK average salaries to 113,461 per annum a (a 95,000 median) a jump of over 40,000 (55.42%) in four years. MEAN UK SALARIES SINCE 2000 113,461 59,000 64,000 65,000 73,000 2000 2002 2006 2010 2014 MEDIAN UK SALARIES SINCE 2000 95,000 65,000 69,000 68,000 62,000 62,000 2000 2002 2006 2008 2010 2014

20 Association of MBAs Careers and Salary Report 2014 UK EARNINGS AND GLOBAL COMPARISONS The UK is 8th on the list for the highest mean salaries and 9th on the highest median salary list. As for variable earnings/bonuses, the UK is 7th with a mean of 70,481 and a median of 27,500 which drops it to 9th of the countries surveyed. Mean salaries Median salaries South Korea 308,289 Turkey 156,250 China 254,909 Switzerland 126,316 Greece 164,583 South Korea 104,938 Turkey 144,811 Netherlands 99,206.5 Switzerland 128,132 UAE 98,765 Canada 125,926 China 96,192 Luxembourg 116,635 USA 95,679 UK 113,461 Qatar 95,679 USA 107,261 UK 95,000 Australia 103,788 Germany 90,000 Mean variable earnings Median variable earnings UAE 210,433 Russia 67,901 Russia 124,283 Hong Kong 47,800 Canada 101,729 Netherlands 45,635 USA 91,045 Brazil 39,683 Brazil 90,566 Mexico 33,209.5 Mexico 79,849 UAE 31,750.5 UK 70,481 USA 30,864 Germany 68,259 Japan 28,703 Netherlands 67,959 UK 27,500 Australia 53,264 Switzerland 26,316

Association of MBAs Careers and Salary Report 2014 21 COUNTRY COMPARISONS There are substantial differences in the salaries earned by MBA graduates around the world. To demonstrate that the table below shows a comparison in earnings for the highest paying countries in six different regions. The median salary being paid to respondents in South Korea is 41.2% higher that the median salary in Mexico, and the average salary is 228.8% higher. SALARIES Country Lower quartile Mean Median Upper quartile South Korea 69,753 308,289 104,938 166,667 Greece 20,674 164,583 27,223 43,849 Canada 55,556 125,926 84,722 146,528 Australia 69,444 103,788 83,333 125,000 Qatar 73,303 102,780 95,679 140,278 Mexico 41,802 93,766 74,315 97,538 VARIABLE PAYMENTS/BONUSES The average variable payment in the highest-paying country in Australasia/South Pacific is barely a quarter of that in the highest-paying in the Middle-East/African region. The highest median bonuses are paid in Russia, which is 171% higher than Australia, and is even over 70% better than their nearest competitor in South America. Country Lower quartile Mean Median Upper quartile UAE 14,082 210,433 31,751 38,819 Russia 23,743 124,283 67,901 117,585 Canada 2,778 101,729 19,444 136,111 Brazil 27,632 90,566 39,683 138,158 UK 15,000 70,481 27,500 80,000 Australia 14,584 53,264 25,000 30,556

22 Association of MBAs Careers and Salary Report 2014 REGIONAL COMPARISON Replies from the 827 respondents who reported the region they currently work indicate that Asia pays the highest average salary at 129,916, whereas North America pays the highest median salary at 90,201. Region Lower quartile Mean Median Upper quartile Sample size Asia 49,853 129,916 73,004 110,123 117 North America Western Europe Rest of the World 58,642 116,594 90,201 134,992 95 48,212 90,397 67,422 93,737 523 47,127 78,974 69,365 102,687 92 Replies from the 515 respondents who received a variable bonus in 2014 indicate that it is the Rest of the World that leads the way however, much of that is driven by the United Arab Emirates where the average bonus paid was 210,433. Region Rest of the World North America Western Europe Lower quartile Mean Median Upper quartile Sample size 17,668 98,537 34,319 72,486 82 6019 96,387 25,154 114,352 16 7371 32,511 16,040 33,924 342 Asia 8833 30,079 18,140 34,593 75

Association of MBAs Careers and Salary Report 2014 23 SALARIES AGE AND EXPERIENCE As can be seen from the table below, average salaries are significantly higher for those who earned their MBA over 25 years ago. Respondents over the age of 50 receive - on average - 18.2% less than those aged between 45 and 50. Salary by year MBA awarded Year MBA awarded Lower quartile Mean Median Upper quartile 1980 1989 75,000 174,397 100,000 184,466 1990 1999 73,131 151,607 120,500 160,286 2000 present 42,063 90,317 71,429 105,000 Age at time of survey Age Lower quartile Mean Median Upper quartile 20 35 28,987 57,530 50,000 81,111 36 39 48,500 114,447 82,000 111,111 40 44 59,325 104,007 88,445 123,864 45 50 57,851 134,347 87,151 146,260 Over 50 60,352 109,884 90,000 129,250

24 Association of MBAs Careers and Salary Report 2014 COMPANY SIZE AND SALARIES Despite the aforementioned 57.9% of graduates who changed job and/or employer after graduating there is a remarkable consistency in the size of employers they chose to work for. The 4% swing from large employer to small employer can be accounted for by female graduates that have left large corporations to work for themselves. Female graduates made up 22.9% of the pre-mbas who worked for small companies, 23.10% of those post-mba, and 26.9% of those who currently work in small companies. Fewer than 100 employees 100 500 employees More than 500 employees Pre-MBA Post-MBA Current role 22.67% 22.88% 26.86% 16.13% 16.93% 15.19% 61.21% 60.19% 57.95% That small and large companies pay a larger average salary, but medium size companies paying a larger median is because entrepreneurial graduates are more likely to work in/own small companies that are either very successful meaning they draw a large salary or unsuccessful meaning they draw very little. Likewise, graduates in large companies are likely to be either highly-paid senior staff or junior management. Whereas graduates in mid-size companies are likely to be on a very similar pay scale. Fewer than 100 employees 100 500 employees More than 500 employees Lower quartile Mean Median Upper quartile 37,107 95,491 70,000 110,000 46,627 86,443 82,000 114,953 50,000 96,255 78,947 117,372

Association of MBAs Careers and Salary Report 2014 25 CHANGING EMPLOYER, MBA HINDSIGHT AND MBA PERCEPTION My perception of the value of my MBA has improved over time Strongly agree 27% Agree 56% Disagree 15% Strongly disagree 3% The Top 10 most vital topics for today s MBA students to learn about on their MBA? Entrepreneurship 34.40% Internationalisation 26.40% Sustainability/Responsibility 16.50% New technologies 9.40% Communications/PR 4.30% General management/leadership 1.30% Strategy 1.20% Finance 0.90% Organisational development 0.90% Change management 0.30% If you were to do your MBA again, which country would you choose to study in? UK 49.50% USA 29.00% Singapore 2.70% China 2.50% France 1.80% Greece 1.80% Germany 1.50% Canada 1.30% Hong Kong 1.20% Italy 0.80%

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