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
— University of Wisconsin–Madison: 3.3-to-1
— Michigan State University (Broad): 3.2-to-1
— University of Minnesota–Twin Cities (Carlson): 3.1-to-1
— Brandeis University: 3-to-1
— Indiana University (Kelley): 3-to-1
— Rutgers University–Newark and New Brunswick: 2.9-to-1
— University of Rochester (Simon): 2.8-to-1
— Howard University: 2.7-to-1
— Ohio State University (Fisher): 2.7-to-1
— Texas A&M University–College Station (Mays): 2.7-to-1
— University of Washington (Foster): 2.7-to-1
— University of Notre Dame (Mendoza): 2.6-to-1
— University of Arizona (Eller): 2.5-to-1
— Rice University (Jones): 2.3-to-1
— University of Colorado–Denver: 2.2-to-1
— Harvard University: 2.2-to-1
— Washington University in St. Louis (Olin): 2.2-to-1
More from U.S. News
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MBA ROI: 28 Programs With the Highest Return for Grads originally appeared on usnews.com
Update 06/16/23: This story was published at an earlier date and has been updated with new information.