The financial payoff of earning an M.B.A. appears to be shrinking. The Wall Street Journal reported that for M.B.A. graduates with up to three years of experience, median pay was $53,900 in 2012, down 4.6 percent from 2007-8. Average salaries dropped for graduates of at 62 percent of the 186 business schools examined in an analysis by the Journal and PayScale.com.