MBAs: Highest Return for Grads Earning $100,000

Evaluate potential earnings with an MBA.

One way to gauge income potential is to look at a school’s salary-to-debt ratio. That rate of return 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 is last.

University of California–Berkeley (Haas)

U.S. News business school rank: 8 (tie)

Average salary and signing bonus within three months of graduating (2021): $168,041.40

Average debt (2021): $88,267

Salary-to-debt ratio: 1.9-to-1

Learn more about the Haas School of Business.

University of California–Irvine (Merage)

U.S. News business school rank: 44

Average salary and signing bonus within three months of graduating (2021): $122,823.10

Average debt (2021): $62,993

Salary-to-debt ratio: 1.9-to-1

Learn more about the Paul Merage School of Business.

University of Connecticut

U.S. News business school rank: 62 (tie)

Average salary and signing bonus within three months of graduating (2021): $108,095.30

Average debt (2021): $57,472

Salary-to-debt ratio: 1.9-to-1

Learn more about the University of Connecticut School of Business.

Vanderbilt University (Owen) (TN)

U.S. News business school rank: 25 (tie)

Average salary and signing bonus within three months of graduating (2021): $149,261.80

Average debt (2021): $78,142

Salary-to-debt ratio: 1.9-to-1

Learn more about the Owen Graduate School of Management.

Ohio State University (Fisher)

U.S. News business school rank: 39

Average salary and signing bonus within three months of graduating (2021): $131,409.90

Average debt (2021): $66,012

Salary-to-debt ratio: 2-to-1

Learn more about the Fisher College of Business.

Rice University (Jones) (TX)

U.S. News business school rank: 27

Average salary and signing bonus within three months of graduating (2021): $157,586.50

Average debt (2021): $80,477

Salary-to-debt ratio: 2-to-1

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

Washington University in St. Louis (Olin)

U.S. News business school rank: 29 (tie)

Average salary and signing bonus within three months of graduating (2021): $134,335.90

Average debt (2021): $66,862

Salary-to-debt ratio: 2-to-1

Learn more about the Olin Business School.

William & Mary (Mason) (VA)

U.S. News business school rank: 47 (tie)

Average salary and signing bonus within three months of graduating (2021): $113,151.90

Average debt (2021): $56,702

Salary-to-debt ratio: 2-to-1

Learn more about the Raymond A. Mason School of Business.

University of San Francisco (Masagung)

U.S. News business school rank: 101

Average salary and signing bonus within three months of graduating (2021): $100,881

Average debt (2021): $48,559

Salary-to-debt ratio: 2.1-to-1

Learn more about the Masagung Graduate School of Management.

Harvard University (MA)

U.S. News business school rank: 5 (tie)

Average salary and signing bonus within three months of graduating (2021): $172,773.60

Average debt (2021): $79,950

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

Learn more about Harvard Business School.

Michigan State University (Broad)

U.S. News business school rank: 36 (tie)

Average salary and signing bonus within three months of graduating (2021): $125,092.70

Average debt (2021): $52,654

Salary-to-debt ratio: 2.4-to-1

Learn more about the Eli Broad Graduate School of Management.

University of Notre Dame (Mendoza) (IN)

U.S. News business school rank: 25 (tie)

Average salary and signing bonus within three months of graduating (2021): $144,921.50

Average debt (2021): $61,193

Salary-to-debt ratio: 2.4-to-1

Learn more about the Mendoza College of Business.

CUNY Bernard M. Baruch College (Zicklin)

U.S. News business school rank: 62 (tie)

Average salary and signing bonus within three months of graduating (2021): $102,547.60

Average debt (2021): $40,566

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

Learn more about the Zicklin School of Business.

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 (2021): $116,795.10

Average debt (2021): $47,343

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

Learn more about Rutgers Business School.

Indiana University (Kelley)

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

Average salary and signing bonus within three months of graduating (2021): $145,788.70

Average debt (2021): $56,755

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

Learn more about the Kelley School of Business.

Temple University (Fox) (PA)

U.S. News business school rank: 77 (tie)

Average salary and signing bonus within three months of graduating (2021): $106,293.20

Average debt (2021): $39,786

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

Learn more about the Richard J. Fox School of Business and Management.

Arizona State University (W.P. Carey)

U.S. News business school rank: 29 (tie)

Average salary and signing bonus within three months of graduating (2021): $123,097.20

Average debt (2021): $44,701

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

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

Howard University (DC)

U.S. News business school rank: 57 (tie)

Average salary and signing bonus within three months of graduating (2021): $152,533.60

Average debt (2021): $54,988

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

Learn more about the Howard University School of Business.

University of Rochester (Simon) (NY)

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

Average salary and signing bonus within three months of graduating (2021): $154,529

Average debt (2021): $52,865

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

Learn more about Simon Business School.

University of South Carolina (Moore)

U.S. News business school rank: 47 (tie)

Average salary and signing bonus within three months of graduating (2021): $106,975.20

Average debt (2021): $36,296

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

Learn more about the Darla Moore School of Business.

Pennsylvania State University–University Park (Smeal)

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

Average salary and signing bonus within three months of graduating (2021): $136,216.20

Average debt (2021): $37,560

Salary-to-debt ratio: 3.6-to-1

Learn more about the Smeal College of Business.

University of Arizona (Eller)

U.S. News business school rank: 47 (tie)

Average salary and signing bonus within three months of graduating (2021): $104,490.80

Average debt (2021): $28,819

Salary-to-debt ratio: 3.6-to-1

Learn more about the Eller College of Management.

University of Wisconsin–Madison

U.S. News business school rank: 47 (tie)

Average salary and signing bonus within three months of graduating (2021): $116,718

Average debt (2021): $31,520

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

Learn more about the Wisconsin School of Business.

Fordham University (Gabelli) (NY)

U.S. News business school rank: 64 (tie)

Average salary and signing bonus within three months of graduating (2021): $124,139.50

Average debt (2021): $30,511

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

Learn more about the Gabelli School of Business.

University of Texas–Dallas (Jindal)

U.S. News business school rank: 29 (tie)

Average salary and signing bonus within three months of graduating (2021): $118,924.50

Average debt (2021): $28,900

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

Learn more about the Naveen Jindal School of Management.

University of Florida (Warrington)

U.S. News business school rank: 29 (tie)

Average salary and signing bonus within three months of graduating (2021): $124,704.40

Average debt (2021): $28,521

Salary-to-debt ratio: 4.4-to-1

Learn more about the Warrington College of Business.

University of Washington (Foster)

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

Average salary and signing bonus within three months of graduating (2021): $159,984.80

Average debt (2021): $27,738

Salary-to-debt ratio: 5.8-to-1

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

University of Georgia (Terry)

U.S. News business school rank: 38

Average salary and signing bonus within three months of graduating (2021): $129,060.70

Average debt (2021): $20,008

Salary-to-debt ratio: 6.5-to-1

Learn more about the Terry College 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.

— University of Georgia (Terry): 6.5-to-1

— University of Washington (Foster): 5.8-to-1

— University of Florida (Warrington): 4.4-to-1

— Fordham University (Gabelli): 4.1-to-1

— University of Texas–Dallas (Jindal): 4.1-to-1

— University of Wisconsin–Madison: 3.7-to-1

— Pennsylvania State University–University Park (Smeal): 3.6-to-1

— University of Arizona (Eller): 3.6-to-1

— University of Rochester (Simon): 2.9-to-1

— University of South Carolina (Moore): 2.9-to-1

— Arizona State University (W.P. Carey): 2.8-to-1

— Howard University: 2.8-to-1

— Temple University (Fox): 2.7-to-1

— Indiana University (Kelley): 2.6-to-1

— CUNY Bernard M. Baruch College (Zicklin): 2.5-to-1

— Rutgers University–Newark and New Brunswick: 2.5-to-1

— Michigan State University (Broad): 2.4-to-1

— University of Notre Dame (Mendoza): 2.4-to-1

— Harvard University: 2.2-to-1

— University of San Francisco (Masagung): 2.1-to-1

— Ohio State University (Fisher): 2-to-1

— Rice University (Jones): 2-to-1

— Washington University in St. Louis (Olin): 2-to-1

— William & Mary (Mason): 2-to-1

— University of California–Berkeley (Haas): 1.9-to-1

— University of California–Irvine (Merage): 1.9-to-1

— University of Connecticut: 1.9-to-1

— Vanderbilt University (Owen): 1.9-to-1

More from U.S. News

See Which MBA Programs Lead to the Best Return on Investment

Is an MBA Worth It? How to Decide

45 Graduate Degree Jobs That Can Pay More Than $100K

MBAs: Highest Return for Grads Earning $100,000 originally appeared on usnews.com

Update 05/04/22: This story was published at an earlier date and has been updated with new information.

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