The Long-Term Value of Putting in the Work for the GMAT
According to the annual US News survey, the average starting salary, including bonuses, for 2023 graduates from the top 132 full-time MBA programs was $101,034. That is approximately $40,000 more than the starting salary for a graduate with only a bachelor’s degree in business. Even if we assume that your salary does not increase over a 30-year career — which is unlikely — that higher starting salary translates to about $1.2 million more in total earnings with an MBA from a top-130 program.
The difference becomes even more significant when you consider the numbers for graduates from the top 10 full-time MBA programs. Their average starting salary, including bonuses, was $172,265. Over 30 years, that adds up to approximately $3.2 million in additional earnings.
Now, divide $3.2 million by the 400 hours you might spend preparing for the GMAT. That comes out to $8,000 earned for every hour of focused prep.
Of course, attending an MBA program comes with costs. The average cost is around $65,000. However, not all students pay the full price. Many business schools offer scholarships, and a high GMAT score is often a key factor in securing those opportunities. So, the next time you hesitate to open your prep book or launch your study app, remember what is at stake. A high GMAT score can open the door to a top business school, which can lead to a strong job offer and significantly higher lifetime earnings.
Reach out to me with any questions about your GMAT prep. Happy studying!
Warmest regards,
Scott Woodbury-Stewart
Founder & CEO, Target Test Prep
