什麼是最賺錢的企管碩士職涯?

What's the Most Lucrative MBA Career?
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成為大公司的諮詢顧問,還是小型企業主?走哪一條職涯,會擁有更多的好處和回報?

擔任小型企業的執行長有好處:彈性工時、所有權的驕傲等等。但他們實際的金錢報酬,與其他較傳統的企管碩士職涯相比如何?

每個人的經歷不同,但很多即將畢業的企管碩士生,可預期傳統的職涯路徑是一路向上,晉升到顧問公司、投資銀行或私募股權公司的高階職位。一開始他們的薪水是這類職位的平均起薪,假設年複合成長率為12%,這些傳統企管碩士職涯的薪酬,在最初十年幾乎達到起初的三倍。

再與走上另一種路徑的企管碩士作比較,他們是透過收購來創業。如果這些新任執行長,最初薪資也和傳統企管碩士的起薪一樣,而薪資成長與公司績效掛鉤,那麼成長緩慢的典型小公司的薪資年成長率約為5%,遠低於傳統的職涯路徑。但執行長的薪酬不僅有薪水,收購小公司也讓他擁有大量股權權益。

例如,假設一名企管碩士收購一家公司,公司每年現金流為150萬美元,他擁有20%的股權。即使計入他收購時的債務和利息,並假設公司完全沒有成長,他每年從附帶權益中獲得的隱含現金流,約為27萬美元。再加上平均的期望薪資,收購創業職涯就開始顯得更具吸引力。

但這不是很實際的時間表。其實銀行和投資人會先獲得報酬,然後執行長才會拿到附帶權益現金。可是一旦這筆錢開始流動,就完全足以彌補最初的薪資水準,甚至在脫手公司時會遠超過這個水準。雖然這純粹是理論,但即將畢業的企管碩士生應仔細考慮這兩條路徑。擁有小企業的好處和回報,可能非常值得冒這個險,只要你願意等待。

(劉純佑譯)


Being the CEO of a small business has its advantages: flexible hours and pride of ownership, to name a few. But how does the actual monetary compensation compare with other more traditional MBA career paths?

Everyone's experience will be different, but many graduating MBA students can expect a traditional career path which climbs the ladder to senior membership of a consulting, investment banking, or private equity firm. Beginning with the average starting salary for this type of position, and assuming a 12% compound annual growth rate, the compensation for these traditional MBA careers nearly triples over the first ten years.

Compare that to MBAs who take the alternate path of entrepreneurship through acquisition. If these new CEOs also begin with the average MBA starting salary, and its growth is tied to company performance, then a typical slow-growing small business would put this at about a 5% increase per year - far below the traditional career path. But there's more to CEO compensation than just salary. The purchase of a small business also leaves the entrepreneur with significant ownership interest in the company.

For example, say an MBA acquires a business with an annual cash flow of 1.5 million dollars, and she owns 20% carried interest in that company. Even accounting for her debt and interest on the purchase, and assuming the company does not grow at all, her implicit annual cash flow from the carried interest would be around $270,000. Add that to the average salary expectations, and the acquisition career path starts to look a lot more appealing.

But this is not a very realistic timeline. In truth, the bank and investors get paid off before the CEO gets any cash for the carried interest. But once that money starts flowing, the initial salary flatline is more than made up for - and even more so upon exit. While this is all very theoretical, graduating MBA students should consider the two paths carefully. The perks and payoffs of small business ownership could be well worth the risks, for those who are willing to wait.



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