posted: Apr. 7, 2013 @ 8:50p
Long time lurker--first time poster. As I have found the FWF community to always be quite thoughtful and helpful, I would like to hear some thoughts, opinions and advice.
I'm currently in a top 3 MBA program ready to graduate in May. I've received a few offers and I am concerned whether I am maximizing the potential income that I will be receiving.
Let's me just say first that I know income isn't the only part of jobs, but let's assume that the other factors such as growth opportunities, culture, people, work life balance, etc., are satisfactory.
Some details on me: I'm 30 years old (which is slightly old for a typical MBA grad). I have a prior Masters degree in statistics from a top program (done right after undergrad) and an undergrad in Computer Science from a state school, where I received a full scholarship. I have 5 years of work experience at a Fortune 100 large corporate healthcare company, located in a very low cost of living city, doing big data / analytics consulting. I moved into a Manager role / title, including hiring, performance reviews, managing clients, project work, etc., after the first 3 years. I've gone through a leadership development program at that company. Upon leaving, I was at a salary of $100,000 with bonus of usually 10%, but often a bit more. I thought that was very competitive, especially given the extremely low cost of living.
So, the question is, what should someone with my background be commanding? Assume a corporate setting or a high growth small business. Assume healthcare industry, non-finance. Assume data / analytics management responsibilities.
Some data points I received:
Typical entry level data scientist in the West Coast (eg. Facebook): $115K
Typical consulting MBA grad associate level (eg. McKinsey, Bain): ~$130K base with 20% bonus
Typical Director level salary at my old company: $150K-$160K base with unknown bonus
Some offers I received:
Typical consulting firm in Chicago: $125K base with 20% bonus
Fortune 100 healthcare company in Boston: $120K base with 5% bonus
Small business consulting-like company in Washington D.C.: $135K base with 20% bonus, up to 30% bonus
Cost of the MBA:
I assume this to be around $450K+ when including the opportunity cost. It's around $100K a year when including tuition, fees and living expenses. On top of that is the $110K salary not earned each year (2 year program) plus yearly increases unearned.
So, the feedback I am seeking: are these offers fair? Should I take any of them? What should I be expecting in terms of numbers? Should I keep looking? Should I strive to find something I love that might potentially have a much lesser salary (say $100K)? I feel like with 2 Masters degrees from top schools, 5 years of experience including formal management experience, a fairly high previous salary, I should be doing a bit better than average median graduating salary no? And certainly, it should be significantly higher than entry level data scientist? I just feel like with all those education / opportunity costs, I gotta make the next job pay well.
I welcome your thoughts and responses. Thanks in advance.