If you’re in your mid-40s, a manager from an urban area and you work in business and commerce, it’s likely you’re an alumni of the Australian Institute of Business (AIB), according to new research.
The AIB has revealed the demographics, industries and functions, experience levels, earnings and even the opinions of its alumni in its latest Alumni Insights Report 2017.
The new report has detailed the outcomes of 1600 Australian domestic MBA alumni who graduated between 2010 and 2017. AIB received a total of 503 responses, representing 26 per cent of AIB’s total Australian domestic alumni population.
12.6 per cent of AIB’s MBA alumni hail from the business and commerce sector, followed by 11.4 per cent from the manufacturing and transport sector and 10.4 per cent from banking and finance.
The benefits are significant
The MBA delivers a strong return on investment with the pre-tax annual average income at $183,000 at year ‘four’ post-degree, compared to year ‘zero’ when respondents registered $122,000 in pre-tax annual income.
The total average benefit over four years following graduation is $96,829, according to the report, and 68.3 per cent of respondents receive a salary of $100,000 or more per annum, with the annual average income growth sits at 11 per cent after graduation.
AIB MBA graduates have significant prior experience
The results reveal its average age of alumni is 45, with 90 per cent having 10-plus years of work experience – 83.3 per cent of these are managers, and 5 per cent are employed in the ‘C-Suite’. Respondents varied in age from 23 through to 71 years old.
47 per cent of respondents received a pre-tax annual income increase within 12 months after graduation.
Almost one quarter of respondents are business owners
For many would-be entrepreneurs, undertaking an MBA considered essential.
22.9 per cent of AIB’s alumni own their own business, and 20 per cent reported working in a Fortune 500 or ASX 200 company.
Most of AIB’s alumni – 43.4 per cent – live in Sydney or Melbourne, and on average, it took respondents less than three years after graduation to pay their course off.
The benefits are wide-ranging
When alumni were asked about the professional benefits they gained from studying their AIB MBA, 75.1 per cent cited increased professional development, 67.3 per cent responded strategic development skills, and 64.7 per cent said increased self-confidence.
A huge 81 per cent of respondents said the MBA has enabled them to realise their goals.
Since starting the MBA, 22.4 per cent of respondents have changed industries – 11 per cent of these to business and commerce, 20 per cent to consulting and strategy, 9 per cent to development and real estate, and 7 per cent to IT & tech.
40.1 per cent of responders have changed job function – 35.3 per cent of which have gone up to management positions.
The Australian Institute of Business offers Australia’s largest online-only MBA, with its current 2017 MBA fee at $26,075*.
*Fees listed are to be used as a general guide only and have been sourced from publicly available information. The fees were sourced in December 2016 for students commencing in 2017.