What is the Salary for MBA Graduates in Africa?
There are more MBA jobs available globally. According to a yearly study of more than 4,300 firms actively seeking MBA candidates, there has been a 14% increase over the previous year.
The traditional powerhouses of Europe and North America have not been the primary drivers of this expansion in MBA jobs, but rather developing regions. Asia is on top, with India having the most MBA positions available worldwide.
Africa and the Middle East region, on the other hand, have had robust growth in recent years, although beginning from a lesser basis. The 8% increase this year follows a tremendous 21% growth in MBA jobs; a further 13% increase is anticipated over the next year.
Despite the fact that this is primarily being driven by Arab countries like Saudi Arabia and the United Arab Emirates, Africa has experienced growth, with the energy, mining, consulting, and banking sectors all reporting increases in MBA job prospects.
The survey also asks MBA employers what regions they focus on when seeking new hires; employers in Latin America were the most exclusive, focusing their searches there with an astounding 99%. However, employers in Africa and the Middle region are not too far behind, at 86%; this is encouraging for MBA students who plan to pursue their studies in the region.
South Africa’s business schools are among the best.
Of course, rising demand always equals more generous compensation. An MBA can expect to earn an average salary of US$76,457. This premium is significant given that the typical pre-MBA wage is US$29,000.
Employers in the peninsula are responsible for driving up these numbers because salaries are often greater in the Middle East than in Africa. However, due to the respect with which employers hold the three best business schools in South Africa, graduates may expect to earn very competitive MBA pay. In fact, the University of Cape Town Graduate School of Business, the University of Witwatersrand, and the University of Stellenbosch Business School are three of the five representatives of the region that are listed among the world’s top 200 business schools (according to employers).
Graduates of the top business school in South Africa, the Graduate School of Business at the University of Cape Town (about three quarters are from South Africa), are among the highest paid people in the world, with an average salary in US dollars comfortably exceeding $130,000 three years after graduation.
Studying at a business school in South Africa and perhaps experiencing a significant income premium would be welcomed. The average pre-MBA salary for South African candidates is $32,000, and the average post-MBA salary expectations of the same MBA aspirants stand at $122,000.
