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albertmills
Topic Author
Posts: 380
Joined: March 13th, 2007, 1:09 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

according to this business week article hbs grads make a median of 3.3 mil over a 20 year career. This doesn't sound any better than what engineers make over a 20 year career, and i'm guessing that most people over the median came in with a banking or consulting background pre-mba and continued in that stream. so that would leave the corporate managers at or below the median. why would someone want to be a professional manager to make the same kind of money they could have made doing a more interesting job. http://www.businessweek.com/bschools/co ... 989005.htm
Last edited by albertmills on June 13th, 2011, 10:00 pm, edited 1 time in total.

DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

Last edited by DominicConnor on June 13th, 2011, 10:00 pm, edited 1 time in total.

QuantOrDie
Posts: 36
Joined: June 2nd, 2011, 2:23 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

Excelling (hah!) at anything will always be more valuable than getting a sheepskin, even from HBS.BTW, an average engineer does not earn 3.3 mill over 20 years at current prices, even with a phd (except in some very highly sought specialties).

farmer
Posts: 13477
Joined: December 16th, 2002, 7:09 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

Could you break down those statistics into two averages, people who stay on the rails and people who fall off? Salaried employees are such a narrow sliver of the human experience, between residual claimants, lottery winners, heirs, and the unemployed, I would guess that most people slice off to one side or the other.If you can really manage to get paid a salary for 20 straight years, and have it be a significant percentage of your income, I think you are in a very narrow subset. And outside of that subset, I think "how you look on paper" matters a lot less. Nobody has ever paid more for vacant land, purchased from a speculator with a degree, because of the degree. I am sure some will nitpick that statement!

Caesaria
Posts: 190
Joined: November 25th, 2010, 2:54 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

20 years would include, the 1990? Weren't salaries "relatively" lower back then? I doubt the number was normalized for average salaries each year. Anyway that works out to be 165K a year to make it to 3.3 mil in 20 years. And oil/gas engineers easily make as much, in current day salaries.

mouth589
Posts: 11
Joined: October 2nd, 2007, 7:13 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

-----------------------------------------------------------------------------------------And oil/gas engineers easily make as much, in current day salaries. --------------------------------------------------------------------------------------If the above statement had been true all the bright minds in engineering would have gone for degrees in chemical/petroleum engineering.However most of the bright engineers are in software industry or doing MBA's in finance , Management consulting etc...why is this so? Is it the nature of work?

Posts: 1544
Joined: May 19th, 2006, 9:50 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

This $3.6 million figure for 20 years is highly inaccurate. It only considers base salary and does not take into account bonus or stock options. This data is based on responses to Payscale.com where the data is reported over several years and is outdated. The actual figure for 20 years would be in the range of$9 million for the Harvard MBAs. You can take a look at the Forbes salary data below: Forbes MBA Salary dataThe Forbes data is much more accurate and is in line with what the Business Schools report.Even the Forbes data was last collected in 2008 and may be less than the current figures.

albertmills
Topic Author
Posts: 380
Joined: March 13th, 2007, 1:09 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

decent engineers working in the oil and gas industry do make about 165k a year over the course of their careers. check out the salary survey from a professional engineering organization in alberta or texas.people do go into it -- it's just that oil and gas jobs are mostly confined to Alberta and Texas (and the North Sea if you're in Eruope, etc.) , so it's not as well known as, say, IT which is all over the country . The media doesn't pay attention to oil and gas jobs -- they pay attention to what media types find sexy which is programming, consulting and banking, and many college grads don't really know anything beyond what they read in main stream media.Also PhD engineers often get paid less than experienced engineers doing ordinary engineering work for which there is a demand, as PhD's are typically doing something esoteric for which there is not much of a market.Dominic: where can i find a well paid job that requires superb excel skills only? Isn;t the oinyl job that you can get hired for with just a knowledge of excel temp data entry? I've never seen any job adds where excel expertise was the main pre-req.

Caesaria
Posts: 190
Joined: November 25th, 2010, 2:54 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

Last edited by Caesaria on June 14th, 2011, 10:00 pm, edited 1 time in total.

QuantOrDie
Posts: 36
Joined: June 2nd, 2011, 2:23 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

QuoteOriginally posted by: albertmillsdecent engineers working in the oil and gas industry do make about 165k a yearThat's an example of the type of highly-demanded specialty I mentioned as a caveat...

quantmeh
Posts: 5974
Joined: April 6th, 2007, 1:39 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

engineering is not a good fit for quants. finance is the only place where math majors can make decent money, that's why they flock there

DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

Last edited by DominicConnor on June 14th, 2011, 10:00 pm, edited 1 time in total.

farmer
Posts: 13477
Joined: December 16th, 2002, 7:09 am

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

QuoteOriginally posted by: DominicConnorMore than once I've considered starting a business called (something like) The Spreadsheet Support Unit. Firms would pay for people who knew Excel deeply, weren't afraid of horribly broken workbooks, and had enough knowledge of various kinds of business to be able to lead people to a world where their spreadsheets worked for them... In terms of demand, I think its a viable business, but getting the staff would be quite horribly hard.I have a similarly viable business idea involving pretty girls who are sane. My advice to girls: Become pretty and sane, and then I will be happy to take your call.

GiusCo
Posts: 124
Joined: March 26th, 2010, 10:00 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

twofish
Posts: 4944
Joined: February 18th, 2005, 6:51 pm

hbs grads make 3.3 million over 20 year career: does this sound right to you?"

QuoteOriginally posted by: mouth589If the above statement had been true all the bright minds in engineering would have gone for degrees in chemical/petroleum engineering.It works the other way. For almost two decades, it was obviously a bad thing for someone that wanted to get ahead to go into petroleum engineering. So what happened is that no one did, and now that we have people retiring, there is a shortage.Personally, if I were thinking ahead, I'd get a degree in agriculture. Fields that are "sexy" get too many people, and fields that aren't don't.QuoteHowever most of the bright engineers are in software industry or doing MBA's in finance , Management consulting etc...Oil companies do hire large numbers of people with CS and MBA degrees.