Let the MBA job reporting season begin! And what better way to start than with a record report from a top US business school?
The University of Michigan Ross School of Business released its jobs report today (September 20) and it’s a doozy, with five new school records, including massive jumps in median salary and total salary median:
- 99% of graduates received job offers three months after graduation, up from 97.5% in 2021
- 98.4% of graduates accepted employment within three months of graduation, up from 96.1% previously
- Graduates landed a median salary of $165,000, up from $144,000 previously
- Graduates received a median salary of $192,270, up from $171,450 previously
- 42.2% of graduates went into consulting versus 35.1%
Ross MBAs were in such demand that they received offers even as they donned their caps and gowns last May, with 93.1% of the class of 2022 receiving the first job offers after graduating. diploma (against 90.2%). This includes 93.2% of US citizens and 92.9% of foreign nationals.
APPROXIMATELY 60% OF THE ROSS CLASS OF 2022 MBAS WENT INTO CONSULTANCY OR TECHNOLOGY
“These record results for acceptance rates, offers, and salaries reflect the exceptional quality of our students, the hands-on experiences they receive at Michigan Ross, and the depth of support and connections that our career development office provides them,” says Heather. Byrne, general manager of Michigan Ross’ career development office.
What industries do Ross MBAs go to? Last year, Michigan Ross sent 60% of its Class of 2021 MBAs into consulting (35.1%, down slightly from last year) and technology (24.9%, up slightly ). MBB companies – McKinsey, Bain and Boston Consulting Group – accounted for more than 50 hires between them, while Microsoft, Amazon, Google, Apple and Dell accounted for almost as many. Finance, meanwhile, has seen a resurgence in interest, with 15.5% of Ross MBAs entering the industry, up from just 11.9% in 2020.
This year, the number of consulting-related Ross graduates has increased to more than 42% of the class, while technology has dropped to 17.3%, for a combined total of just under 60%. Twenty-three percent of all graduates and 55% of consultant hires were made by the MBB firms of McKinsey, Bain and BCG. The number of finance graduates remained about the same at 15%. A total of 93% of the class were career changers, about the same as last year.
About one-third of Ross graduates in 2022 found employment in the Midwest (30.2%), primarily in Chicago (18.9%), with another quarter heading to the East Coast, primarily the New York area ( 21.6%). The West is another big destination with around a quarter of graduates going there, mainly San Francisco (10%).
Michigan, which recorded one of the largest salary increases of any top 25 B school in 2021, is now reporting a median salary that a year ago would have topped the list of all business schools in the USA. The Class of 2022’s base salary of $165,000 represents an increase of $21,000 from the Class of 2021, while the median salary of $192,270 is also up nearly $21,000 from the year former. Ross graduates also received an average signing bonus of $30,000, reported by 91% of the class, matching the average of last year’s bonuses.
As they do most years, the consultants paced the pay of the class – but this year they had company. Consulting offered the highest median salaries at $165,000 in 2021, a number that jumped to $175,000 this year – but finance graduates also reported a median base of $175,000 in 2022 and had the biggest bonuses — median of $47,500 — to sweeten the deal. Finance graduates also reported the highest end of the salary range, at $200,000 – except for someone in “Other” who reported $215,000.
Ross international graduates have kept pace with their American colleagues this year, with a median salary of $137,000 compared to the median for American citizens of $150,000. See page 2 for more details on salary and placement.
“Michigan Ross strives to equip our full-time MBA students with the skills, knowledge, and real-world experience they need to not only succeed in the career path they choose after graduation. degree, but also to stand out to potential employers,” says Brad Killaly, associate dean of full-time MBA programs at the Ross School. “We believe this year’s strong employment results truly demonstrate that we are making these important efforts. »
See the following page for more data on the recently released Michigan Ross MBA Class of 2022 Employment Report, and view the full report here.