MBA ROI: 28 Programs With the Highest Return for Grads

Evaluate potential earnings with an MBA.

One way to gauge income potential is to look at a school’s salary-to-debt ratio. That return on investment is calculated by dividing the average salary and signing bonus of recent grads by the average student debt of those who borrowed. Here are 28 ranked business schools where full-time MBA grads earning six-figure salaries on average within three months of graduation received the highest return on their B-school investment. These schools are listed in ascending order based on their salary-to-debt ratio, so the school with the largest ratio (in other words, the best return on investment) is last.

University of Colorado–Denver

U.S. News business school rank: 135-149

Average salary and signing bonus within three months of graduating (2022): $108,246

Average debt (2022): $50,209

Salary-to-debt ratio: 2.2-to-1

Learn more about the University of Colorado–Denver Business School.

Harvard University (MA)

U.S. News business school rank: 5

Average salary and signing bonus within three months of graduating (2022): $198,180

Average debt (2022): $88,757

Salary-to-debt ratio: 2.2-to-1

Learn more about Harvard Business School.

Washington University in St. Louis (Olin) (MO)

U.S. News business school rank: 37 (tie)

Average salary and signing bonus within three months of graduating (2022): $138,301

Average debt (2022): $61,995

Salary-to-debt ratio: 2.2-to-1

Learn more about the Olin Business School.

Rice University (Jones) (TX)

U.S. News business school rank: 24 (tie)

Average salary and signing bonus within three months of graduating (2022): $169,183

Average debt (2022): $73,817

Salary-to-debt ratio: 2.3-to-1

Learn more about the Jesse H. Jones Graduate School of Business.

University of Arizona (Eller)

U.S. News business school rank: 53 (tie)

Average salary and signing bonus within three months of graduating (2022):$119,527

Average debt (2022): $47,406

Salary-to-debt ratio: 2.5-to-1

Learn more about the Eller College of Management.

University of Notre Dame (Mendoza) (IN)

U.S. News business school rank: 30

Average salary and signing bonus within three months of graduating (2022): $159,137

Average debt (2022): $62,018

Salary-to-debt ratio: 2.6-to-1

Learn more about the Mendoza College of Business.

Howard University (DC)

U.S. News business school rank: 63 (tie)

Average salary and signing bonus within three months of graduating (2022): $137,509

Average debt (2022): $50,833

Salary-to-debt ratio: 2.7-to-1

Learn more about the Howard University School of Business.

Ohio State University (Fisher)

U.S. News business school rank: 44 (tie)

Average salary and signing bonus within three months of graduating (2022): $125,479

Average debt (2022): $46,495

Salary-to-debt ratio: 2.7-to-1

Learn more about the Fisher College of Business.

Texas A&M University–College Station (Mays)

U.S. News business school rank: 45 (tie)

Average salary and signing bonus within three months of graduating (2022): $127,625

Average debt (2022): $46,926

Salary-to-debt ratio: 2.7-to-1

Learn more about the Mays Business School.

University of Washington (Foster)

U.S. News business school rank: 20 (tie)

Average salary and signing bonus within three months of graduating (2022): $181,673

Average debt (2022): $68,316

Salary-to-debt ratio: 2.7-to-1

Learn more about the Michael G. Foster School of Business.

University of Rochester (Simon) (NY)

U.S. News business school rank: 27 (tie)

Average salary and signing bonus within three months of graduating (2022): $165,718

Average debt (2022): $59,453

Salary-to-debt ratio: 2.8-to-1

Learn more about Simon Business School.

Rutgers University–Newark and New Brunswick (NJ)

U.S. News business school rank: 45 (tie)

Average salary and signing bonus within three months of graduating (2022): $124,910

Average debt (2022): $43,000

Salary-to-debt ratio: 2.9-to-1

Learn more about Rutgers Business School.

Brandeis University (MA)

U.S. News business school rank: 84 (tie)

Average salary and signing bonus within three months of graduating (2022): $126,460

Average debt (2022): $41,723

Salary-to-debt ratio: 3-to-1

Learn more about the International Business School at Brandeis University.

Indiana University (Kelley)

U.S. News business school rank: 22 (tie)

Average salary and signing bonus within three months of graduating (2022): $161,693

Average debt (2022): $53,265

Salary-to-debt ratio: 3-to-1

Learn more about the Kelley School of Business.

University of Minnesota–Twin Cities (Carlson)

U.S. News business school rank: 31 (tie)

Average salary and signing bonus within three months of graduating (2022): $140,985

Average debt (2022): $45,416

Salary-to-debt ratio: 3.1-to-1

Learn more about the Carlson School of Management.

Michigan State University (Broad)

U.S. News business school rank: 33 (tie)

Average salary and signing bonus within three months of graduating (2022): $147,038

Average debt (2022):$45,532

Salary-to-debt ratio: 3.2-to-1

Learn more about the Eli Broad Graduate School of Management.

University of Connecticut

U.S. News business school rank: 93 (tie)

Average salary and signing bonus within three months of graduating (2022): $110,430

Average debt (2022): $33,393

Salary-to-debt ratio: 3.3-to-1

Learn more about the University of Connecticut School of Business.

University of Wisconsin–Madison

>U.S. News business school rank: 40 (tie)

Average salary and signing bonus within three months of graduating (2022): $139,352

Average debt (2022): $41,846

Salary-to-debt ratio: 3.3-to-1

Learn more about the Wisconsin School of Business.

Fordham University (Gabelli) (NY)

U.S. News business school rank: 68 (tie)

Average salary and signing bonus within three months of graduating (2022): $147,447

Average debt (2022): $42,924

Salary-to-debt ratio: 3.4-to-1

Learn more about the Gabelli School of Business.

North Carolina A&T State University

U.S. News business school rank: 63 (tie)

Average salary and signing bonus within three months of graduating (2022): $107,471

Average debt (2022): $31,511

Salary-to-debt ratio: 3.4-to-1

Learn more about the College of Business and Economics at North Carolina A&T State University.

University of Texas–Dallas (Jindal)

U.S. News business school rank: 27 (tie)

Average salary and signing bonus within three months of graduating (2022): $137,617

Average debt (2022): $36,778

Salary-to-debt ratio: 3.7-to-1

Learn more about the Naveen Jindal School of Management.

University of Massachusetts–Amherst (Isenberg)

U.S. News business school rank: 86 (tie)

Average salary and signing bonus within three months of graduating (2022): $120,545

Average debt (2022): $30,403

Salary-to-debt ratio: 4-to-1

Learn more about the Isenberg School of Management.

Pennsylvania State University–University Park (Smeal)

U.S. News business school rank: 37 (tie)

Average salary and signing bonus within three months of graduating (2022): $139,107

Average debt (2022): $34,235

Salary-to-debt ratio: 4.1-to-1

Learn more about the Smeal College of Business.

Lehigh University (PA)

U.S. News business school rank: 98 (tie)

Average salary and signing bonus within three months of graduating (2022): $109,849

Average debt (2022): $24,422

Salary-to-debt ratio: 4.5-to-1

Learn more about the Lehigh University College of Business.

University of Florida (Warrington)

U.S. News business school rank: 40 (tie)

Average salary and signing bonus within three months of graduating (2022): $135,232

Average debt (2022): $27,376

Salary-to-debt ratio: 4.9-to-1

Learn more about the Warrington College of Business.

University of Georgia (Terry)

U.S. News business school rank: 31 (tie)

Average salary and signing bonus within three months of graduating (2022): $141,505

Average debt (2022): $21,113

Salary-to-debt ratio: 6.7-to-1

Learn more about the Terry College of Business.

Arizona State University (W.P. Carey)

U.S. News business school rank: 35 (tie)

Average salary and signing bonus within three months of graduating (2022): $148,110

Average debt (2022): $20,549

Salary-to-debt ratio: 7.2-to-1

Learn more about the W. P. Carey School of Business.

CUNY Bernard M. Baruch College (Zicklin)

U.S. News business school rank: 49

verage salary and signing bonus within three months of graduating (2022): $129,050

Average debt (2022): $17,689

Salary-to-debt ratio: 7.3-to-1

Learn more about the Zicklin School of Business.

Learn more about applying for an MBA.

See the complete Best Business Schools rankings, and find guidance on crafting a compelling MBA application. Follow U.S. News Education on Facebook and Twitter for the latest education news and advice.

Discover MBA programs with high salary-to-debt ratios.

— CUNY Bernard M. Baruch College (Zicklin): 7.3-to-1

— Arizona State University (W.P. Carey): 7.2-to-1

— University of Georgia (Terry): 6.7-to-1

— University of Florida (Warrington): 4.9-to-1

— Lehigh University: 4.5-to-1

— Pennsylvania State University–University Park (Smeal): 4.1-to-1

— University of Massachusetts–Amherst (Isenberg): 4-to-1

— University of Texas at Dallas (Jindal): 3.7-to-1

— Fordham University (Gabelli): 3.4-to-1

— North Carolina A&T State University: 3.4-to-1

— University of Connecticut: 3.3-to-1