Amazon, Zoom and others
swoop in with job offers as some of the biggest traditional hirers of
business-school graduates pull back
Tech companies whose businesses have surged during the pandemic—like
Amazon . com Inc. and Zoom Video Communications Inc. —are snagging
more of the M.B.A. talent entering the workforce, helping to offset
pullbacks by industries harder hit by the Covid-19 economy.
Openings for tech positions rose at 57% of full-time Masters
of Business Administration programs this past fall, according to a
survey of nearly 100 schools by industry group MBA Career Services &
Employer Alliance. Overall, though, it has been a lackluster recruiting
season at business schools, the survey found, as nearly half reported
an overall decline in opportunities for students.
Sectors hit hardest by the pandemic, such as retail and
energy, have pulled back their M.B.A. recruiting, according to the
report. That is especially the case for companies in the hospitality
industry, which 61% of business schools said have cut back job
Nearly half the schools also reported a decline in recruiting from consulting firms—traditionally some of the biggest hirers of M.B.A. graduates every year. Several of those firms, including PricewaterhouseCoopers LLP and Bain & Co., said last year that they planned to make fewer hires among second-year M.B.A. candidates, beyond those who interned in the summer. MORE
Going to grad school is expensive: more than half of master’s degree
students leave school with an average student loan balance of $66,000,
according to federal statistics.
Sure, getting your master’s degree can pave the
way to a bump in your pay, but a higher salary won’t give you more
spending power if you’re also paying down tons of debt. On the other
hand, a large debt load isn’t as crushing if you’re earning six figures.
Experts often suggest that for student debt payments to be affordable,
they need to be below about 10% to 15% of your monthly income. That’s
why it’s smart to look at both the typical debt and salary of students
graduating from a particular program to determine whether it’ll pay off.
To help with your research, Money analyzed the average student debt and earnings from graduates of over 200 master’s degrees at more than 1,500 colleges, to see which ones have the best early return on investment. For more details on how we got these results, check out the methodology at the end.
1. Electrical Engineering
Average debt: $25,762
Average salary within two years of leaving school: $98,880
Average monthly debt-to-income ratio: 3.2%
This degree snags the top spot with a
debt-to-income ratio that is lower than nearly every other program in
the dataset. With a master’s in electrical or electronics engineering,
you can specialize in communication systems, power systems, and
renewable energy. A graduate degree can also help you move toward
management roles in the field. Graduates are in high demand in growing
industries, including energy and technology.
2. Mechanical Engineering
Average debt: $30,611
Average salary within two years of leaving school: $83,705
Average monthly debt-to-income ratio: 4.4%
If designing and building machinery is something
you dream about, then a master’s in mechanical engineering could be a
solid fit for you — even if you studied another field as an undergrad.
Although a bachelor’s degree in mechanical engineering is preferred,
most schools will allow other disciplines that require heavy math and
science courses to apply for this track, including physics and aerospace
majors. Mechanical engineers can specialize in areas as wide-ranging as
robotics, auto research, and heating and cooling systems.
Average debt: $29,000
Average salary within two years of leaving school: $76,806
Average monthly debt-to-income ratio: 4.7%
This program is just what it sounds like: you’ll
learn the ins and outs of state, federal, corporate, and individual tax
regulations. But that doesn’t mean your career prospects will be limited
to tax prep or auditing. This degree also serves as training for roles
like a financial manager, certified public accountant (CPA) or chief
financial officer — all of which have a high earning potential.
4. Civil Engineering
Average debt: $29,643
Average salary within two years of leaving school: $73,650
Average monthly debt-to-income ratio: 4.9%
Civil engineers have been around since ancient
times (Roman aqueducts, anyone?) and are responsible for some of the
world’s most recognizable structures, like the Eiffel Tower and the
Golden Gate Bridge. But the field is anything but antiquated. Newer
specializations, like intelligent systems engineering, involve designing
eco-friendly and technology-powered structures and systems. Regardless
of your specialty, a master’s degree in civil engineering can increase
your earnings by almost $14,000 a year over a bachelor’s degree,
according to the American Society of Civil Engineers.
5. Management Sciences and Quantitative Methods
Average debt: $40,426
Average salary within two years of leaving school: $87,924
Average monthly debt-to-income ratio: 5.9%
Calling all numbers nerds: This degree will
prepare you to collect, analyze and manage data to help businesses and
organizations solve problems. You’ll be able to work as an actuary,
financial analyst, insurance underwriter, or as a statistician, which is
one of the fastest-growing occupations, according to the Bureau of Labor Statistics.
6. Clinical Nursing/Nursing Administration
Average debt: $49,052
Average salary within two years of leaving school: $99,358
Average monthly debt-to-income ratio: 6.1%
Nursing is one of those fields where you really don’t need to
go to grad school. A bachelor’s degree will net you job security and a
solid salary. But if you want to teach nursing, work as a nurse
administrator or practice in a specialized field like anesthesiology or
pediatrics, then a master’s is a must. Besides having one of the highest
salaries on our list, nurses are also in extremely high demand. So much
so that the Bureau of Labor Statistics projects that the profession will experience a 45% growth over the next eight years.
7. Bioethics/Medical Ethics
Average debt: $36,408
Average salary within two years of leaving school: $76,534
Average monthly debt-to-income ratio: 6.3%
Bioethics is an interdisciplinary field that
combines combines tenets of medicine, law, philosophy and sociology. The
goal is to train people to, for example, advise on the design of
clinical trials to ensure they’re ethical. Day-to-day tasks include
heavy research, interviewing and writing. Although it’s a relatively
small field, it is a growing profession. You’ll be able to work in a
variety of settings, including hospitals, pharmaceutical companies,
universities and government agencies.
Average debt: $31,273
Average salary within two years of leaving school: $60,140
Average monthly debt-to-income ratio: 6.6%
There’s a longstanding (and maybe now, cliched) line of jokes about accountants being boring.
But with solid career prospects and above-average salaries, maybe it’s
the accountants who are getting the last laugh. A master’s degree in the
field can prep you to become a CPA, as well as the lesser-known
certified management accountant. You can even work in fields that sound
the opposite of boring, like forensic accounting or fraud examination.
9. Business Administration and Business/Commerce
Average debt: $38,673 – $38,731
Average salary within two years of leaving school: $69,384 – $77,164
Average monthly debt-to-income ratio: 6.6% – 7.2%
If you’re looking for a degree that’s flexible
and can help you set foot in almost any industry — look no further. With
a master’s degree in business administration or business and commerce,
which we’ve combined into a single entry here, you can specialize in
multiple areas, including marketing, supply chain management and
finance. You can also work in fields as wide-ranging as health care or
fashion. With so many paths to choose from, it should be no surprise
that business is one of the most common graduate degree programs.
10. Computer Sciences and Information Technology Administration Management
Average debt: $41,597 – $50,318
Average salary within two years of leaving school: $77,636 – $84,437
Average monthly debt-to-income ratio: 7% – 7.4%
A greater emphasis on cloud computing, data
collection and storage, and information security is going to drive
serious demand for people with training in this area. In fact, the
Bureau of Labor Statistics reports
that job openings for computer science and IT management, which we’ve
combined into a single listing here, will grow by 11% over the next
decade, far above the average pace. The jobs will pay well, too: The
National Association of Colleges and Employers places computer science graduates among the nation’s top earners.
11. Management Information Systems and Services
Average debt: $40,352
Average salary within two years of leaving school: $73,138
Average monthly debt-to-income ratio: 7%
Not to be confused with our 9th or 10th entries
on the list, this degree is an interdisciplinary program that combines
the principles of both 9 and 10 (that is, computer science with business
and management). Graduates can get jobs in industries like accounting,
finance, real estate, information technology and finance. Common job
titles for this degree include senior technical business analyst,
network administrator and IT infrastructure manager.
12. Homeland Security
Average debt: $37,401
Average salary within two years of leaving school: $64,721
Average monthly debt-to-income ratio: 7.5%
Are you a logistics wizard? Are you always ready
to step up when others need it? Do you enjoy working under pressure and
in an ever-changing environment? If you answered yes to all of the
following, a degree in homeland security might interest you. The program
preps students for the careers you’d expect: special agent,
intelligence analyst and emergency disaster manager. But there’s also
some more unexpected career paths, like working for the Department of
Agriculture’s Animal and Plant Health Inspection Service, which is the
agency responsible for protecting our native species.
13. Medical Illustration and Informatics
Average debt: $42,379
Average salary within two years of leaving school: $74,903
Average monthly debt-to-income ratio: 7.5%
If you love both science and doodling, then let
us introduce you to a field you may have never heard of: medical
illustration. Medical illustrators are (among other things) the ones
responsible for creating those detailed sketches you grew up seeing in
science textbooks (flashbacks to the digestive system, anyone?). There’s
not a specific major required to enter this program, but you must have a
few science courses under your belt, plus an art portfolio. Medical
illustrators can work in pharmaceuticals, publishing companies, and
universities, and they can earn salaries as high as $173,000, according
to the Association of Medical Illustrators.
14. Instructional Media Design
Average debt: $30,520
Average salary within two years of leaving school: $52,279
Average monthly debt-to-income ratio: 7.5%
The pandemic sent online education zooming (pun
intended), but demand for instructional designers with a deep understand
of online learning will persist even after in-person schooling returns.
This program combines graphic design, technology and teaching
principles to improve the way others learn. Teaching experience is often
a pre-requisite for this degree, and after you graduate, you’ll be able
to work as a distance education specialist, course design manager and
instructional design coordinator.
15. Educational Administration and Supervision
Average debt: $31,369
Average salary within two years of leaving school: $53,729
Average monthly debt-to-income ratio: 7.7%
In the unlikely event that your childhood hero was your school’s principal, this program is for you. As an educational administration major, you’ll learn about education law, education budgeting and finance, strategic leadership, and staff management — in short, everything you need to run a school. To apply, you must have a state-issued teacher license, and in most cases, you’ll have to complete several internship or practicum hours to get your degree. MORE
If you want to boost your earning potential, switch industries, or
sharpen your entrepreneurial skills, a master’s of business
administration, or “MBA,” can help you do just that.
But MBAs don’t come cheap. Data
from the National Center of Education Statistics show that more than
half of MBA students take on student debt to finance their degree. The
average student loan balance for graduates was $66,300 in 2016 — a
number that has continued to increase, according to more recent reports.
MBA holders are also among the nation’s top earners.
However, not every MBA grad commands a six-figure salary. Earnings
fluctuate depending on your location and the industry you work in, which
means the difficulty of paying off tens of thousands of dollars of debt
will also vary.
Here’s what you should know about MBAs and student debt.
How Much Do MBAs Cost?
Applications to MBA programs increased in 2020, partly due to the pandemic recession. But that’s a reversal of what’s happened in the past several years,
where applications have slowed as the high cost of business school,
coupled with doubts about the value of an MBA, among other factors,
drove some applicants away.
Stacey Koprince, lead of content and curriculum
at Manhattan Prep, a test preparation agency, says that one of the
reasons why business school is so expensive is because of the people
teaching the courses.
“If you want to have professors who are not just
academics, but who are actually in the business world themselves, then
you’re gonna have to pay the kinds of salaries that they could be making
if they were out running a business themselves,” Koprince says.
Business schools also spend large amounts on
resources to help students with career placement, says Barbara Coward, a
consultant at MBA 360 Admissions. That includes networking summits
(sometimes out of town), seminars and individual counselors — all of
which are rolled up into the programs’ overall cost.
A flurry of confusing pandemic-related changes to immigration policy have international students struggling to understand how their visas and, ultimately, academic careers may be impacted by these troubling directives. This alert clarifies the most current policies impacting international students and which visa categories may be affected. As always, GYH attorneys are available for consultations to answer any questions you have about your immigration process.
Good News: Online-only Course Loads Allowed for International Students The Department of Homeland Security (DHS) on July 6th issued a directive that would have required international students to have at least some in-person classes in order to stay in the country. Last week, a swift lawsuit by Harvard and MIT, which argued the directive forced schools to choose between sacrificing international students and risking public health and safety, forced DHS to rescind the order. The rescission of the directive restores the March 13 guidance permitting current students on F-1 visas to remain in the U.S. while taking online-only only course loads. Unfortunately, newly enrolling international students are still not allowed to take online-only course loads but the case remains open and it is expected that the Trump Administration will also be asked to defend the restrictions facing newly-enrolled international students.
National Interest Exceptions to Schengen Travel Ban The Department of State (DOS) announced that some students in the Schengen area, UK, and Ireland may qualify for a National Interest Exception (NIE). Students with valid F-1 or M-1 visas traveling from the Schengen Area, the UK and Ireland have been granted a blanket exception and do not have to take any special action to travel. Students travelling from these areas on J-1 visas should contact the nearest embassy or consulate to request a NIE. Note that consular closures, which have been in place for months, largely remain in effect. Some posts are reportedly opening but, for the most part, we have seen little movement from these posts and few visas are being issued at this point.
Après l’Université de Harvard, le MIT, l’Etat de Californie a déclaré vouloir poursuivre l’administration Trump devant le tribunal fédéral. L’Etat et ces universités cherchent à bloquer la directive qui priverait les étudiants étrangers de visas si les cours étaient entièrement en ligne. – Elles ont fait valoir que la mesure plongerait l’enseignement supérieur dans le chaos.
Pour rappel : – L’administration Trump a annoncé lundi qu’elle n’autoriserait pas les étudiants et élèves étrangers à rester aux Etats-Unis si leur université ou école décidait de proposer des cours uniquement en ligne à la rentrée de septembre. – Le gouvernement américain ne « donnera pas de visas aux étudiants inscrits dans des programmes intégralement en ligne à l’automne et les gardes-frontières ne les laisseront pas entrer sur le territoire », a annoncé la police de l’immigration et des douanes (ICE) dans un communiqué.
En résumé, les étudiants étrangers dont les campus ne rouvriront pas pour le semestre d’automne seront tenus de retourner dans leur pays d’origine, car leurs visas ne seront plus considérés comme valides. IMPORTANT : Si vous êtes étudiant non-américain déjà présent sur le territoire américain, le communiqué précise : « ils doivent quitter le pays ou prendre d’autres mesures – comme s’inscrire dans une école proposant des cours « en présentiel sur site» pour conserver leur statut légal. Sinon, ils pourront « faire face à une procédure d’expulsion ».
– Quand les établissements opteront pour un modèle « hybride », avec des cours en ligne et des enseignements sur site, ils devront certifier que leurs étudiants étrangers sont bien inscrits pour des sessions assurées sur leur campus, afin que ceux-ci conservent leur droit de séjour. – Ces dérogations ne seront pas autorisées pour les études d’anglais ou pour des formations professionnelles. – Les étudiants ont seulement 10 jours pour notifier le programme s’ils passent à des cours en ligne uniquement et probablement commencer le processus de quitter les États-Unis. – La mesure concerne les visas F1 (pour des études académiques) ou M1 (pour des formations professionnelles)
Widener, like all of Harvard’s libraries, is currently closed to the public as part of a University-wide effort to reduce the number of people on campus amid the coronavirus pandemic. However, there’s a new way to visit — and you don’t even need a Harvard ID. MORE
Erika James has a knack for making history.Five years after she was named the first African-American woman to be named dean of Emory University’s Goizueta Business School, James was named as the new dean at the University of Pennsylvania’s the Wharton School of Business.She’ll be the first woman and person of color to head the top business school in its 139-year history.”Erika is an award-winning scholar and teacher and a strong, proven leader who serves as dean of the Goizueta Business School at Emory University,” University of Pennsylvania President Amy Gutmann said in a news release.”A passionate and visible champion of the power of business and business education to positively transform communities locally, nationally, and globally, she is exceptionally well prepared to lead Wharton into the next exciting chapter of its storied history,” she said.James was credited with growing Emory’s school faculty by 25% by the end of her first year, where she built an innovation and entrepreneurship lab that opened to all students. By last year the school had one of the most gender-diverse faculty populations in higher education, it said.”This is an exciting time to be in business education,” James said in the release. “The scope and platform of the Wharton School provides an opportunity to create far reaching impact for students, scholars, and the business community.”James served as the senior associate dean for executive education at the University of Virginia Darden School of Business prior to becoming the dean at Emory. She has a Ph.D. and master’s degree in organizational psychology from the University of Michigan, in Detroit and received a bachelor’s degree in psychology from Pomona College of the Claremont Colleges, in California. James will succeed Geoffrey Garrett, who became dean of the University of Southern California’s Marshall School of Business. MORE