MBA hiring remains hot: This #2 B-School sees graduates landing $200,000 plus salary packages

THROUGH Sydney LakeNov 07, 2022 9:07pm

Douglas Diamond, professor of finance at the University of Chicago Booth School of Business, addresses University of Chicago students and faculty members, seen in Chicago, Illinois in October 2022. (Photo by KAMIL KRZACZYNSKI—AFP/Getty Images)

MBA employment reports for top business schools have pointed to an excellent year for 2022 business school graduates. The University of Chicago Booth School of Business, the wealth Ranked #2 among full-time MBA programs in the US is no different. Booth MBA graduates saw their median base salaries rise nearly 13% this year to $175,000 and received average signing bonuses of $30,000, according to the school’s employment report released last week.

Like other top-tier business schools, Booth’s MBA class of 2022 graduated in a hot job market, says Stephanie O’Connor, associate dean of career services at Booth Wealth.

“We’re hearing from companies that Booth students are well-prepared to hit the ground running,” says O’Connor. “Through their coursework and leadership experience, Booth students assume functional roles that demonstrate the value of an MBA, such as: B. investment banking, consulting and product management.”

The top three industries pursued by Booth graduates are consulting, finance, and technology—all of which saw median base salaries for new hires increase. In 2022, more than 35% of Booth’s full-time MBA class took a job in consulting, while about 35% went into the financial services sector and 15% pursued tech jobs.

“Base salary developments in three key industry sectors — consulting, financial services and technology — explain much of the increase in compensation packages,” adds O’Connor.

Top Hiring Industries for Booth MBA Graduates

Consulting has long been the idyllic career for Booth graduates, with approximately 35% of graduates pursuing a job in the industry for a number of years. This year, median salaries increased by $10,000 to $175,000 and median bonuses remained at $30,000.

It’s no surprise that the average base salary for Booth’s consulting graduates is $175,000. Top consulting firms like McKinsey & Co., Bain & Co. and the Boston Consulting Group announced higher starting salaries for MBA graduates this year.

In 2022, the starting base salary for new MBA graduates at the three companies was $175,000. And next year they will continue to rise: Bain and McKinsey are offering $192,000 in base salaries and BCG is offering $190,000. The top three employers for Booth’s MBA class in 2022 were McKinsey (61 new hires), BCG (53 new hires), and Bain & Co. (28 new hires), according to the school’s employment report.

This increase in base salaries is a result of a “really hot job market” for MBA graduates, with many career options available, said Keith Bevans, a partner in Bain’s Chicago office, previously Wealth.

“You have more options than ever before, and they’re well-paying options,” he explains. “We consider our Value Proposition to be an important part of what it means to be – and remain – the best place to work. Comp is part of the value proposition.”

Average salaries for Booth MBA grads who accepted a job in financial services also increased by a whopping $15,000 to $175,000 between 2021 and 2022. Salaries in investment banking and diversified financial services were flat, O’Connor says, but average salaries in private equity and investment management also rose. Also, the average sign-on bonus for financial services jobs was $50,000, meaning these graduates received $225,000 in salary packages right after graduation.

Tech students were in high demand this year, O’Connor says, and their salaries increased by $13,000 to $146,000 between 2021 and 2022. Other top business schools that saw increases in median base salaries, including New York University (Stern), saw a larger proportion of their full-time MBA students enter tech.

How to get into Booth’s full-time MBA program

Booth is one of the most competitive and most desirable full-time MBA programs in the United States. The acceptance rate for the program is only about 22%, and students have an average GMAT score of 732 and an undergraduate GPA of 3.54.

wealth recently spoke to officials and MBA admissions coaches to learn more about getting into Booth’s full-time MBA program. Some of the tips include not becoming fixated on test scores, thinking about referrers and essay answers, and thinking strategically about your application as outlined above wealth Reporting.

In terms of cost, the tuition per year for the two-year program is just over $77,000. But when you factor in other costs like living expenses and student services, it requires an investment of about $115,000 per year, according to Booth’s Full-Time MBA Costs website. In comparison, the tuition fees at Harvard Business School (#1 out of wealth) is about $73,000 per year excluding other expenses, and tuition at Northwestern University (Kellogg), which ranks #3, is over $78,000 per year for the two-year, full-time MBA program.

Check out all Wealth’s rankings of the courses and find out more about specific career paths.

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