FROM Sydney LakeDecember 16, 2022, 3:08 p.m
Students walk on campus at Dartmouth College in Hanover, New Hampshire, as seen in October 2021. (Photo: Bing Guan—Bloomberg/Getty Images)
Despite massive layoffs in the tech industry and a potential recession looming, many top-ranked business schools saw record pay packages for 2022 MBA graduates. In fact, business school graduates saw median starting salaries rise to $175,000—up to a 17% increase in some programs.
Business school officials and experts credit this step in starting salaries for competition in the most popular MBA career paths: consulting, finance and technology. For example, the big three consulting firms – McKinsey & Co., Boston Consulting Group and Bain & Co. – announced changes to their MBA salary structures, giving new graduates base salaries of at least $190,000. With signing and performance bonuses, these graders earn approximately $300,000.
“Most graduates have multiple opportunities and compare one to another,” said Juan Pablo Gonzalez, a senior client partner with Korn Ferry, a management consulting and recruiting firm. wealth. “Add to that that employers from other job markets—tech, private equity, financial services—want the same talent, and the result is a hyper-competitive market.”
Wages for both technology and financial services (which includes private equity, venture capital and investment banking) also rose. Harvard Business School saw average investment banking salaries rise almost 17% to $175,000 between 2021 and 2022, and private equity salaries also rise to $175,000, a 9% increase. The median overall base salary was $175,000 for the Class of 2022 at HBS, which wealth ranked as program no. 1 full time MBA in USA
“We saw growth in almost every sector, so the overall average for the class also went up,” Kristin Fitzpatrick, managing director of MBA Career and Professional Development at HBS, said earlier. wealth. These graduates also received an average of $30,000 in signing bonuses and $40,000 in performance bonuses, bringing their total pay packages to $245,000.
Based on the 2022 salary reports released so far, wealth has compiled a list of business schools that see their graduates start with starting salaries — including base pay and bonuses — of at least $200,000. Note that not all business schools release data on bonuses, meaning this is not an exhaustive list.
Harvard Business School
wealth full-time MBA ranking: No. 1
Average basic salary 2022: $175,000
2021-2022 year-on-year growth: 16%
Average Signing Bonus 2022: 30,000 dollars
Average Performance Bonus 2022: 40 thousand dollars
Average Pay Package 2022: $245,000
Most popular industries: Consulting (26%), technology (19%) and private equity (15%)
University of Chicago School of Business
wealth Full-time MBA Ranking: No. 2
Average basic salary 2022: $175,000
2021-2022 year-on-year growth: 13%
Average Signing Bonus 2022: 30 thousand dollars
Average Pay Package 2022: $205,000
Most popular industries: Consulting (36.8%) and finance (36.2%)
Kellogg School of Management of Northwestern University
wealth Full-time MBA Ranking: No. 3
Average basic salary 2022: $165,000 overall; $175,000 for graduate consulting
2021-2022 year-on-year growth: 10%
Average Signing Bonus 2022: 30 thousand dollars
Average Pay Package 2022: $195,000 overall; $205,000 for graduate consulting
Most popular industries: Consulting (40%) and technology (20%)
New York University Stern School of Business
wealth Full-time MBA Ranking: No. 7
Average basic salary 2022: $170,000
2021-2022 year-on-year growth: 10%
Average Signing Bonus 2022: 35,000 dollars
Average Pay Package 2022: $205,000
Most popular industries: Financial services (34%) and consulting (31%)
Dartmouth College Tuck School of Business
wealth Full-time MBA Ranking: No. 11
Average basic salary 2022: $175,000
2021-2022 year-on-year growth: 17%
Average Signing Bonus 2022: 30 thousand dollars
Average Pay Package 2022: $205,000
Most popular industries: Consulting (47%) and financial services (20%)
Yale School of Management
wealth Full-time MBA Ranking: No. 12
Average basic salary 2022: $160,110
Average Signing Bonus 2022: $30,000
Average year-end bonus 2022: 20,000 dollars
Average Pay Package 2022: $210,110
Most popular industries: Consulting (46%) and investment banking (10%)
See all wealth’degree program rankings and learn more about specific career paths.
