By reading popular media news, you can get the impression that business schools are far from thriving. For instance, The Wall Street Journal wrote that MBA applications showed a steady decline and that MBA programs at well-known universities are being closed down, and Fortune straightforwardly said that business schools are being “killed”.
However, media often concentrate on the worst aspects of everything. In reality, it’s not that bad.
According to data from the employment reports published by five top U.S. and European business schools, employers have never stopped hiring MBA degree holders as fast as they could, and their salary as well as bonus packages are at their all-time highest, reports Poets and Quants.
More than 90% get their job offers right after school
At most universities, graduates are getting job offers when they are straight out of school. For instance, at Chicago Booth 97% have got their first offer immediately after graduating, and at Emory Goizueta this percentage is 94%. The graduates’ starting salary is within the range from $154,750 (Harvard) to $130,218 (Cambridge). The world’s top corporations are the most popular employers of these former students – the list of employers has Amazon, McKinsey, Deloitte, Microsoft and others.
Even these numbers are, at best, very conservative. Those 3-6% of graduates who didn’t start their jobs right after school were, mostly, trying more unusual careers, like becoming entrepreneurs or joining young startups. Some even decided to work for companies that pay less than usual, like non-profit organizations, government agencies, universities and medical establishments.
Of course, it’s not surprising that the world’s top schools showed such marvelous results – but what about the lower runners-up?
Schools like Emory Goizueta, which is ranked 20th by Poets&Quants, also confirm that MBA salaries are only growing. This year, the average first salary went all the way up to $120,000, $10,000 more than last year. This school’s graduates are employed by top companies like Amazon, Deloitte, Citigroup, UPS, J.P. Morgan and others. Bonus packages are also higher than last year’s.
Citing Maureen Manion-Leone, the school’s Career Management Center director, they “have more employees who come to visit than students”. The students are showing increasing interest in consulting and tech. Now there are as many students who found jobs at tech companies as there are those who went into finance.
The job market has never been better
At Vanderbilt University’s Owen Graduate School of Management, ranked 26th by Poets&Quants, the prospects are looking equally good. In 2017, this school hit an all-time high in median starting salaries - $113,205. It’s almost 3% more than last year. Average bonuses equal $25,232. After graduation, 93% of this year’s class got job offers – 91% are already working.
Additionally, this summer saw 100% of MBAs finding an internship. As many as 53% of them got full-time job offers, which is 2% more than last year.
The top employers for Owen are tech companies: Amazon alone took 50 of their graduates. All in all, 25% of the school’s graduates took up tech jobs. Consulting and finances run high at 18%, followed by healthcare (16%) and consumer products (6%).
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