Would-be scientists who want a steady paycheck and who have a knack for business can have a hard time choosing a plan of study in college and graduate school. From government biological research to pharmaceutical company executive to owner of a scientific equipment supply company, there are a number of options for those who have a bachelor's of science in biology and/or an MBA. Salary information can help you decide which path is best for you.
Salary of a BS in Biology
To work in most jobs in the biological field, you must have an advanced degree. However, the Bureau of Labor Statistics (BLS) notes that people with BS degrees are typically qualified to teach at the high school level or below or do applied research, product development, management and inspection. The BLS notes that in 2009, the average starting salary for those with BS degrees in biological science was just over $33,000.
Salary of an MBA
The average salary of a person with an MBA depends on many factors, including her specialty, her job title and her industry. However, "Forbes" states that in 2006, the average salary of someone with an MBA was just over $95,000, not including benefits like sign-on and moving bonuses. According to "Forbes," people with MBAs who were real estate developers or consultants earned the highest salaries.
Salary of a BA in Biology & MBA
Dual BS in Biology/MBA degrees prepare students for careers in biotechnology and pharmaceutical company management, and Loyola University Chicago notes that these employers are hiring more graduates with both science and business knowledge. According to the Rochester Institute of Technology, students with both degrees can earn starting salaries of over $50,000 a year, and the BLS states that pharmaceutical company managers make a mean salary of $133,320 per year.
While the salaries for those earning BS degrees in biology, MBAs or both are relatively high, the price of the education is also high. According to the College Board, public colleges cost an average of just over $7,600 per year for students who live in-state, while private colleges charge just over $27,000 per year. According to "Forbes," the average cost of an MBA is $100,000.
- Forbes; Tara Weiss; Aug. 1, 2006; MBA Reality Check
- Loyola University Chicago: B.S. Biology/M.B.A. Five-Year Program
- Bureau of Labor Statistics: Biological Scientists
- Bureau of Labor Statistics: Pharmaceutical and Medicine Manufacturing
- College Board: College Costs
- Bureau of Labor Statistics: Pharmaceutical and Medicine Management
- Rochester Institute of Technology: Biology of Biotechnology Degree with MBA