Money matters, right !!
Whichever course we choose to pursue in our career progression, at the end everyone look for a job to earn salary. Some get a decent start initially, while many struggle to keep up the momentum with the living style.
No doubt that, not only the course and the institution that we choose, plays vital role in start and further career progression but also it depend on expertise of individual which can uplift any one from nowhere.
Average Salary in India
Out of curiosity, we took this task to find how monetizing a degree in India is? What is ROI? [wish had done it before engineering ;)]
So, based on data available across various platform, we complied this report that how much a person earns salary in India after completing different degree.
- PhD salary in India
- Master’s salary in India
- Bachelor’s salary in India
In some circumstances it was shocking for us. It was like
“What !! really ?? why even people are blindly running for degree like engineering and management? ”
In order to present the facts more relevant way, we have broadly classified every degree into 2 sections that is technical and non-technical because of huge average income difference in respective area.
PhD salary in India
PhD is not only an academic endeavor but also, it takes a lot from emotional, mental and financial perspective to go through this. Especially when you see your old school and college friends, riding the wave of corporate career after graduation and masters. It is really a huge undertaking and the basic stipend provided in due course serves as peanut if you see from financial perspective.
In India as per AISHE (All India Survey on higher education) data published last year, total 69,862 PhDs have been awarded during 2013-14 to 2015-16. After competing their degree, while most of them find their career in academics, some opt for corporate and scientist career as well.
Salary in corporate for PhD candidates
If you are a PhD degree holder and looking for career in corporate sector, you can land in to some of the highest paying job in industry. The top three desired skills for every industry top position are
- critical thinking
- complex problem solving
- correct decision-making
and that’s what a PhD candidate’s expertise become in due course.
As per PayScale.com, which provides information on salary and compensation structure
In corporate sector a PhD degree holder draws average salary of ₹10,00,000 in India. Which varies from ₹6L to ₹14L for the job role ranging from “research scientist” to “research and development manager”. Companies like HP, Adobe, GE and Bombardier offer salary as high as ₹20L to the deserving candidate.
An entry-level Research Scientist can expect to earn an average total compensation of ₹5,06,000. Coming to future career progression, average salary of an research scientist after 5+ yr experience turns to be around ₹10L P.A, which on individual basis can be as high as ₹20L PA.
Although Bengaluru is known as silicon valley of India but for research scientist job profile Gurugram excel when it comes to high salary package offer. Companies in Gurugram offer as much as 64% higher salary package to PhD candidates compared to national average salary in India.
Salary in academics for PhD candidates
If we see the initial salary of assistant professor in IIT on joining, it comes around ₹12,00,000 annual(pre-revised).
- Academic Grade Pay (AGP) = ₹7000
- Band Pay(BP) = ₹27070
- Transport Allowance (TA) = ₹3200
- Dearness Allowance (DA) =125%(BP+TA) = ₹37,837
- Top-up salary (First 3yr) = ₹25,000
Monthly Total Salary = Rs.1,00,107
They are also entitled of following R&D assistance
- Initiation grant = ₹3,00,000
- Additional grant (Equipment and Lab) = ₹22,00,000
- Professional Development Allowance = ₹3,00,000
Usually universities expect at least 3 year of experience for position of assistant professor as per UGC rules. A candidate with less experience joining to the colleges on contractual basis are given pay band of ₹15,600-39,100 that allow them to withdraw salary around ₹70,000 on initial joining.
When it comes to comparing technical and non-technical areas, It’s like comparing pilot vs air hostess job availability, former will always have less requirement.
No doubt that in general, non-technical PhD degree holders lack the perks of high salary package offered by private sector which is primarily technology driven.
They have equal opportunity to be a part of university/colleges and avail the salary scale that is offered for the related post.
There is huge disparity when it comes to the salary opportunity for PhD in field like Music and economics. Whereas PhD in Arts subject draws average initial salary from ₹4L to ₹12L, depending on organization, a PhD student of music draws average starting salary of ₹2L – ₹4L as mostly settle with high schools and colleges.
A PhD holder in different specialized area of Biology/Chemistry/Physics/Mathematics/Agriculture on joining organization like RIL, ONGC, HPCL, NFDB, CEERI, NABARD, ISI, IISS, IACS, NBRC draw a decent salary ranging from ₹5L-₹12L salary package.
Master’s degree salary in India
As per PayScale.com, the average salary that M.Tech degree earn you is ₹6,68,000 in India.
The salary ranges from ₹2L to ₹12L per annum depending on stream of Education and institution, on initial joining. On an average, top Institutions like IITs and NITs give relatively much better launchpad for their students compared to the other institutions.
Now, coming to the companies where most of the people get placed after completing their masters are of IT and consulting field. Companies like Tata Consultancy Services(TCS), Infosys, Accenture, IBM hire candidates mainly from the campus and also through a referral drive. On initial level most of these companies offer CTC in the range of ₹3.5L PA to ₹5L PA.
Apart from IT and consulting field, average salary that a embedded software engineer receive is around ₹6,00,000 where as that of mechanical design engineer is ₹5,00,000 on completing master’s degree, in India. (Source: payscale.com)
A master’s degree in Arts/Commerce/Science/architecture/pharma earns on an average ₹4,40,000 annually in India.
Among these, some of the highest paying job include editor, economist, instructor, psychologist, operation manager, analyst, architect etc.. For them salary in India varies from ₹2L to 10L on initial joining, depending on nature of job and organization.(Source: payscale.com). For such profile, companies in the field of Consulting, banking, insurance, media are prominent recruiters and are top payers also. Masters course of top universities like DU is among one of top course that can give your career a kick start of with package as high as ₹14L P.A.
Average salary in India that a MBA graduate earns ₹6,45,000 annually. This is an average figure that includes MBA graduate salary of different colleges.(Source: payscale.com)
There is huge difference in starting salary when it comes to earning of a PG from top IIMs and any other tier 2 and tier 3 management institutions. Whereas a graduate from IIM Ahmedabad receives an offer of around ₹20 lakhs on an average, same get narrowed down to ₹6 to ₹7 lakh for even newly opened IIMs.
Bachelor’s degree salary in India
According to the report published last year by AISHE, total of 2.41 crore students were enrolled in graduation program of Art, science, commerce and engineering. This leads to the fact that approximately 50L students joins graduation program every year in India.
Average salary that an engineering graduate earn is around ₹5,30,000 in India.
Among that CTC offered at entry level ranges from ₹2,00,000 to ₹33,00,000 depending on stream of study and institution. This is a huge range gap. Lowest CTC offered at top 10 institution in India is even more than the average salary offered at majority of tier II and tier III engineering institution in country.
As per data available on payscale, the CTC offered to IIT KGP graduate ranges from ₹3,87,500 to ₹33,52,843 where that for GBTU students is from ₹1,30,195 to ₹7,04,681.
Majority of engineering graduates those are recruited by Indian IT companies are offered CTC in the range of ₹1.8 L – ₹3.6 L. This is even less than what an ITI and diploma holder is offered in government sector and in PSUs at entry level.
Most of the top universities and colleges provide opportunity of campus placement to their graduates. Among these, on an average students of Commerce/Economics are offered relatively higher salary by BFSI domain companies.
In India, the average salary of Commerce/Arts/science students is around ₹4.5 LPA. If we see the salary offered to a university like Mumbai university students, it’s in the range of ₹1,50,000 – ₹7,00,000.
If you are pursuing bachelor’s degree in some of the top colleges of Arts/Science/Commerce, the salary package that is offered to students there can be as high as ₹40L P.A. Colleges like SRCC,LSR,Loyla,St.Stephen etc have received much better salary package compared to even top IIMs in India.(Source: economic times)
Education is no more restricted to geographical boundaries and neither jobs are. If we consider other developing and developed economy and compare what does their academic industry ecosystem delivering to the students after completion of degree is quite different from what we are having in India.
Salary in countries other than India
As per data published on Indeed.com, the average salary for a PhD candidate in USA ranges from approximately $47,650 per year for Research Associate to $140,189 per year for Principal Scientist i.e. ₹32L to ₹90L around.
In US 57% of PhD holder remain in academics while around 17% work in corporate sector where they receive higher payroll per worker more than $90,000 compared to the average $61,000 on initial joining.
In European countries a PhD student on initial joining earns around £30000 on an average, that turns out around ₹24L annually. This figure vary slightly in different countries like UK,Denmark, Germany etc.
In other Asian country like China and Japan, mostly people stay in academics after PhD degree. University in Japan offers around ¥6,700,000 on entry level joining equivalent to which salary in India would around ₹41L annual and comes equivalent to what University in USA offers.
The average salary for MBA ranges from approximately $61,138 i.e 42L annually for Operations Manager to $123,458 i.e ₹85L annuallys for Senior Product Manager of the students graduating from US colleges.
A master’s degree in UK gives you annual salary around £35,000 i.e ₹28L for entry level job in business marketing and management.
The average starting salary for a 2017 college graduates is around $50,000 in USA. STEM (science, tech, engineering, math) fields jobs have starting salaries that are above average. A Software developer on initial joining is offered $65,000 compared to $35,000 that is offered to office assistant.
If you are interested in Arts subject then perhaps you should considering getting a degree and job in Japan as the best paying degree at Japan is Bachelor of Art with whooping average annual package of around $109,000, it is even better paying job than other technical and science degree there.
Same is the trend with China also and the package that a person employed in Financial services draws is much more than what an average person salary is in management and other technical profession.
Universities and colleges gives you a blank check with degree. It entirely depend on individual to fill that with desired amount. In this globalized world when businesses and universities works in collaborative environment, it is much easier to achieve what you desires.
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