UPDATE: The Reported 'Million Dollar MBA' Is Actually Making Less Than $90,000


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Update: It turns out that the unbelievable, record setting $1,088,638 starting salary reported for a recent MBA grad of Manchester Business School was not the biggest ever, but an error in currency conversion by the school.John Byrne at Poets & Quants reports that the school misreported the number to Bloomberg Businessweek. Apparently, the graduate’s starting salary is less than $90,000. The school apologized for the error. 

The quest for the million dollar starting salary continues. Good luck, Class of 2013.   

Here’s the original story:

For a new Harvard Business School MBA, the median starting salary is $120,000. Top business schools grads have some very lucrative options available, including private equity and fast track corporate jobs.

All of those graduates of top programs apparently just got blown out of the water. 

John Byrne at Poets and Quants writes that Manchester Business School is reporting a record salary for a new MBA. A 2012 graduate is apparently going into financial services with an unheard of $1,088,638 starting salary.

According to Byrne, last year’s winner was a graduate of Dartmouth’s Tuck School for Business, who had a total compensation package worth $863,000 for a private equity job.  

That includes the huge extra bonuses that go to those in the private equity business, the salary Manchester’s reporting is just base compensation. 

That should show how huge this number is. Since the salaries are self reported, this figure should be taken with several grains of salt.

However, since MBA candidates generally go into school with a few years of experience, often in already high paying finance jobs, salaries at the upper end can get very high, so it’s not out of the question that this is a unique case. 

If the figure’s right, there’s a very, very high bar for the next person looking to break the MBA salary record.

NOW READ: Four Tricky Questions Asked By Harvard Business School

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