Elite MBA graduates are commanding salaries exceeding $250,000 just three years after completing their degrees, even as many recent college graduates struggle to secure stable employment, according to data released this month.
Harvard Business School alumni reported median salaries of $260,000, while graduates of the University of Pennsylvania’s Wharton School earned $248,000, and those from MIT’s Sloan School of Management brought in $246,000, the Financial Times reported.
The strong return on investment for top MBA programs is “no surprise,” said Jamie Beaton, founder and CEO of Crimson Education, a college admissions consulting firm. “As long as you select the right industries, the economic return is lucrative.” These industries include management consulting, investment banking, and private equity, where firms like McKinsey, Bain, JPMorgan Chase, and Goldman Sachs actively recruit from a select group of business schools.
Despite the lucrative outcomes, the value of an MBA remains a subject of debate. Trilogy Software and ESW Capital founder Joe Liemandt recently argued against pursuing the degree, stating that two years spent building one’s own business would yield more valuable experience than coursework. Tesla CEO Elon Musk and PayPal cofounder Peter Thiel have expressed similar skepticism about the necessity of an MBA for career success.
However, interest in MBA programs has not waned. Applications increased by 13% in 2024 and by a further 2% in 2025, according to the Graduate Management Admission Council (GMAC). Harvard Business School reported that 90% of its 2025 graduating class received at least one job offer within three months of graduation, with 84% accepting positions – an improvement over the previous two years.
Similar outcomes were reported across other leading business schools, often referred to as the “Magnificent 7”: Chicago (Booth), Columbia Business School, MIT (Sloan), Northwestern (Kellogg), Stanford (GSB), and UPenn (Wharton). Graduates from these institutions reported median base salaries ranging from $175,000 to $185,000 within three months of receiving their diplomas.
Barbara Coward, founder of MBA 360 Admissions Consulting, emphasized the importance of the professional networks cultivated during an MBA program. Admission to a top school, she said, provides access to “an elite club of industry-wide influencers and changemakers,” with the expectation that graduates will perform at a high level. “Employers are competing for top talent because the stakes are high,” Coward added, noting that errors in fields like investment banking can cost millions of dollars.
Gaining admission to these programs is highly competitive, with acceptance rates typically falling between 20% and 30%. Successful applicants generally demonstrate strong academic performance, ambitious career goals, proven leadership abilities, and a focused sector interest, according to Beaton.
Coward advises applicants to consider the mutual benefit of admission – what they can contribute to the program as well as what they hope to gain. “There are limited seats in each cohort,” she said. “What is your ROI to the incoming cohort and the brand’s reputation?”
While an MBA remains a common pathway to leadership positions, it is not the only one. Just over 40% of Fortune 500 CEOs hold an MBA, indicating that a majority reached the top without the degree.
The Financial Times 2026 Global MBA Ranking recently named MIT Sloan School of Management as the top program, a significant jump from its #6 ranking in 2025. INSEAD placed second, while Wharton slipped to third. The rankings also showed a broader trend of rising performance among European and Asian business schools.
