With all the recent discussion about teaching ethics in business schools, some of us may have started to forget another factor involved in choosing to attend business school: moving up the pay scale.

It’s good to remember that, according to the U.S. Census Bureau , there is about a 20% increase in salary between a Bachelor’s degree and a Master’s degree, and that’s taking into account all of the Master’s degrees out there!

Yet it seems that to make a lot of money you may have to spend a lot of money. A new study commissioned by Bloomberg BusinessWeek has found that there is in fact a correlation between an MBA’s average salary and where he or she went to business school.

Harvard, where students spend an average of $106,000 for their two years of education, comes in first. According to the study, the median income for HBS grads over a 20 year period is $3,867,903. Wharton is second and has the highest average salary at graduation: $137,000.

But if you’re looking for a large percentage increase in salary over time, check out George Washington University, where the average salary increase in 20 years is 114 percent.

It looks like  getting an MBA from a top school has its benefits. Added incentive to get a great GMAT score!

Sometimes, we like to take a Friday here on the blog to spotlight fun, exciting, or unusual career paths open to MBAs. Today’s edition: Ever considered a career in gambling?

No, we’re not suggesting you follow in Maverick’s footsteps.  According to this Business Week article, casinos have begun to see the appeal of candidates with MBAs. Once upon a time”say, in the 50s”casino managers got their start as dealers in the pit, and many didn’t even have a college degree. But as corporations have taken over and competition has intensified, things like marketing and human resources are increasingly important. So the industry wants fresh blood with the kind of formal business skills acquired in MBA programs. Meanwhile, business schools are stepping up their gaming-related offerings. “The employers are just waking up to the education of business students,” says Chris Roberts, director of DePaul University’s School of Hospitality Leadership.

Students have responded to the ramped-up recruiting efforts. And why not? As Harrah’s marketing analysis manager Dan Wyse tells the magazine, “We are selling fun, and we’re an entertainment option.” Attendance at Harrah’s most recent Stern recruiting event jumped sharply, attracting more than 100 students. Meanwhile, many of those already in the gambling business are returning to school for an MBA.

The bottom line:  even if you’re not in a traditionally MBA-heavy field, you still might benefit from a business school degree.

It’s easy to forget how complicated a world-class business school really is. But if you want a good look at one’s inner workings, watch as Johns Hopkins gets the Carey School of Business off the ground. This Business Week article is a revealing look at what goes into a top MBA program.

Known primarily for its medical and public health schools, Johns Hopkins’ business offerings have traditionally been limited. But a $50 million gift from banker William Polk Carey has the university dreaming big. They aren’t simply going to start a business school; they aim to create one of the world’s best.

But the obstacles they must surmount first are considerable”and enlightening. First, the school needed a dean. They chose Yash Gupta, who brings more than a decade of experience and a proven knack for fundraising. Then Gupta began to gather building blocks: students, faculty, and funding. Students had reservations, but Johns Hopkins’ cache won over enough applicants. Gupta has wooed 31 faculty members to the school and hopes to triple that number in 5 years. And then there’s the issue of the curriculum. We’ve already written a bit about the program’s plans to integrate ethical education more thoroughly than other schools. A new program is an opportunity to do things differently”but the development process isn’t easy.

Finally, to meet their goal of recognition as a major, top-choice international business school, the Carey School of Business will have to clear one more difficult hurdle. The program needs accreditation from the Association to Advance Collegiate Schools of Business. The Johns Hopkins brand weighs heavily in Carey’s favor, and by leveraging the university’s expertise in public health and medicine, they already occupy a valuable niche. But the school also needs to launch a major fundraising campaign, while boosting its alumni network and career services offerings.

It’s worth a look if you’re considering places to apply. Johns Hopkins’ efforts demonstrate all the moving parts in a business school”and all the important features you should take into account.

A recent piece at Forbes.com argued that because business schools focus on succeeding in large financial institutions, they tend to ignore some of the issues faced by would-be entrepreneurs. The article concluded that business schools need an overhaul to be useful for entrepreneurs. But is this really the case?

An article published several days ago in Tech Crunch says that it is not. The author, Professor Vivek Wadhwa, explains how his MBA helped him move up through the ranks as a programmer and ultimately succeed as an entrepreneur. My MBA classes seemed to fit our business needs like the pieces of a jigsaw puzzle. Even obscure topics like corporate finance came in handy, in IPO discussions with investment bankers and later, in raising capital for my own company, he writes.

In another insightful blog post, entrepreneur Steve Blank says the decision to go back to school is a little more complicated. He argues that at the beginning an MBA might not help you as much, but as a company matures, it becomes an essential tool for running a business smoothly. He writes, as startups grow, []the skills people need at each step of a company’s growth evolve and change. The skills required when they were an 8-person startup trying to ˜search for the business model’ wasn’t the same set of skills needed now that they were a 70-person company ˜executing the business model.’

Wadhwa ends his article explaining that The point is that education is the best investment that one can make. Unlike stocks and bonds, education never loses value; and when you add experience, it gains even more value. Perhaps he has a point.

As you may have heard from our partners at MBAmission, HBS has announced its new dean: Nitin Nohria, a professor of business administration. As this Washington Post article points out, one especially interesting aspect of Harvard’s pick is that Nohria has long advocated administering a voluntary MBA oath to create responsibly and ethically. He’s at the forefront of a push to provide MBAs with a more solid background in ethics. Harvard President Drew Faust called Nohria’s appointment an important moment for the future of business. It certainly marks a turning point for business school curriculums.

For years, voices in academia have called for greater emphasis on ethical education for MBAs, but now they seem to be entering a new era of influence.  The Wall Street Journal reports that a recent survey of business-school administrators ranked ethics as currently the most important subject for students. An overwhelming majority of schools surveyed advocated a stakeholder approach to inculcate a sense of corporate responsibility. That growing consensus has translated into new courses and, in some cases, made a significant impact on the entire program. In building the curriculum for Johns Hopkins’ Carey Business School, dean Yash Gupta chose to weave ethics into many courses, rather than cordoning the subject off into a single semester. “We’ll teach students about decision making ” behavioral, rational, how the brain functions ” in the first year, but we’ll also give them chances to make decisions,” he says.

This isn’t simply an academic notion, either. Companies are looking explicitly for ethical qualities in their new hires. According to the Journal, Pascal Krupka, MBA director at France’s Rouen Business School, “Companies, when they used to come to the school, they used to start with ‘We want talented people,’ but now they start their speech with ‘We need people with very good ethics.’

Plus, as the USA Today suggests, the financial crisis has energized this movement in business management education. “If we don’t teach people to sort of look around and have greater peripheral vision, then we’ve just set ourselves up for the next crisis,” says Stephen Spinelli, president of Philadelphia University (and co-founder of the Jiffy Lube).

Whatever the impetus, look out for changes in MBA programs across the world.

You don’t need another reason to get excited about your MBA, but here’s one anyway: Business schools spawn some awesome ideas, and they aren’t limited to finance or IT.

Take two submissions to recent business plan competitions. About a week ago, the New York Times covered Tough Mudder, born as a semifinalist entry in Harvard Business School’s annual business plan competition.  Founder Will Dean believed he could convince 500 people to pay to run a grueling, muddy obstacle course. After graduation, he launched the business with just Facebook ads and a website for marketing. And so far, he’s pulled it off”the company just staged its first race with an impressive 4,500 participants.

And just this past Sunday, the Financial Times featured some Scottish participants in a short entrepreneurship program at MIT’s Sloan School of Business. It’s not a traditional MBA, but it is a testament the nifty ideas you can cook up in the environment of a b-school. Michael Laurenson, a mussel farmer, was a member of the team that won the competition. Their concept was neither a social media start-up nor a new medical product. Instead, it was a device for improving fish farms. When we were at MIT the thing they said to us was: ˜Do what you are good at’, he says. His native Shetland isn’t ideal for finance or IT start-ups, so he stuck with what he knew: Aquaculture.

These examples fit nicely with our recent post on alternative careers chosen by MBAs. B-school grads can take their degrees in any number of directions. So pursue what inspires you!

Our partners over at mbaMission recently wrote a post about what it takes – and doesn’t take – to get into a good business school.  Based on data released by top business schools like HBS and Stanford, many would be surprised to find that graduating from a non-Ivy school  does not decrease their chances of acceptance.  As Jeremy Shinewald puts it:

The admissions committees are more interested in your performance “ academic, professional, volunteer, personal “ than your pedigree. Further, the admissions committee is interested in diversity. We don’t feel that we are going out on a limb stating that Wharton does not want and cannot have a class of 850 UPenn undergrads, because they simply want the best potential business leaders out there and thus must jump into a much deeper pool.

You can read the full post here.

Business school applications are a daunting prospect, and new questions pop up constantly. That’s why mbaMission founder Jeremy Shinewald will be holding regular Q&A sessions in our live online classroom, starting tomorrow at 6pm EST. Feel free to drop in at any point during the session”Jeremy will be available for the full hour.

If you can’t make it tomorrow, we’ll be holding another MBA Q&A in two weeks, on May 13. Stay tuned for future sessions as well.

An MBA degree does not necessarily have to be synonymous with a career in finance.

While most MBAs do still choose to go into finance and consulting, the options for business school graduates are not limited to these two fields.  Health care, for example, is attracting a substantial number of MBAs. A recent New York Times article points out:

Health care is the target career for 10 percent of students working on a master of business administration degree at Harvard Business School, making it the third most popular choice, behind financial services and consulting.

This trend is accelerating as the boomer generation ages and needs increased health care. In fact, the Times article notes business schools like Tufts and Duke already have programs focusing on health care management, and Dartmouth’s Tuck School of Business is in the process of creating a new masters of health care delivery science.

But if the health care sector doesn’t strike your fancy, you can follow in the footsteps of MBAs like Tim Elliott, who, as this BusinessWeek article describes, left his job as a vice-president of finance and technology to join MBAs Without Borders. The nonprofit program sends MBAs overseas for six months to work in the developing world, and it’s seen a substantial increase in applicants over the past year.

In fact, if you’re interested in nonprofits, there are now MBA programs that focus specifically on nonprofit management.  Beyond Grey Pinstripes is a great place to start if you’re looking for a business school devoted to sustainability and nonprofit management.

And for a list of the top 100 companies MBAs would like to work at, you can always refer to Fortune Magazine’s list.

A recent Business Week post about b-school summer reading lists got us thinking here at Manhattan GMAT. What other books might provide a good foundation for your first year? We turned to Chris Ryan, our Director of Instructor and Product Development, for some recommendations. His suggestions make good reading for incoming MBA students and curious applicants alike.

1. First and foremost, Chris recommends Larry Gonick’s Cartoon Guide to Statistics, which will give you a jump on the hardest quant class in your first semester, one on which other important classes ” like Finance and Operations ” depend. “If you actually understand the content in this book, you will do better in your stats class ” it’s as simple as that,” Chris tells us. The title might sound silly, but the content is truly useful.

2. A more theoretical start for your reading would be Co-Opetition (Adam M. Brandenburger and Barry J. Nalebuff), which covers game theory and its practical applications for business. The authors argue that to maximize success, companies sometimes have to cooperate with traditional rivals.

3.You should also pick up something about the economic turmoil of recent months. “You’re going to need to have an opinion,” Chris says. Pair your selection with Roger Lowenstein’s When Genius Failed, which covers the rise and fall of Long Term Capital Management, a hedge fund that brought about a late-90s precursor to the current financial crisis.

Plus, for a b-school beach read, try Predictably Irrational (Dan Ariely), a nice introduction to behavioral economics.

For more suggestions, try Business Week’s list.