BusinessWeek magazine recently rated UW-Madison's Master's of Business Administration program fourth in a national ranking of schools with the fastest return on students' investment. The magazine ranks by considering how long it takes students to pay off tuition based on salaries earned after graduate school.
The School of Business administration said graduates' higher salaries are due to a specialized, affordable MBA program and alumni connections.
""We are still a very affordable school, and so that means the rate of return on people's tuition is very high,"" said Michael Knetter, School of Business dean.
In the MBA program, students have a background in business but also receive training in their particular area of interest, such as finance, management and real estate. As a result, companies have become more interested in the UW-Madison MBA program, according to Director of MBA Career Services Blair Sanford.
""More of our students have been more willing to go to some of the great companies, and they are finally being interested in us because of our specialization,"" Sanford said.
According to Sanford, 60 percent of UW-Madison MBA graduates obtain employment in the Midwest, while only 13 percent go to the East Coast. However, she said more UW-Madison graduates are going to the East Coast for employment, where they probably find similar salaries.
Although students are getting high paying jobs, the school's goal is not just to maximize salaries, according to Anne Miner, professor of management and human resources.
""We have students who very deliberately aren't trying to maximize their salary,"" Miner said. ""Our goal is not just to chase salaries—our goal is to help students realize their potential in society.""
Sanford agreed, saying high salaries are one ""side effect"" of working for a top company. One way UW-Madison students have been obtaining these high salaries is through the School of Business' alumni, according to Sanford.
""Some of them are in a position to review our resume books and potentially hire interns,"" Sanford said. ""Often times, great internships lead to jobs for those folks.""
While students have seen an increase in salaries recently, Sanford said she expects them to benefit even more in the future.
""We will just be on the beginning of seeing how that reflects on the rankings,"" said Sanford. ""When they do this again, I expect we will be at least where we are, if not better.""
