MONEY? WHO NEEDS IT? SLOAN MBAS ACCEPT JOBS FOR THEIR ‘GROWTH POTENTIAL’
Unlike many school employment reports, MIT Sloan tosses in a few interesting tidbits on the graduating class, including pay by years of work experience and undergraduate majors. Median salaries were highest for those with the least amount of work experience. Graduates who had between one to three years of work experience boasted median salaries of $138,500 to start. Those with three to five years made $122,000, while graduates with more than five years of experience accepted base pay of $130,000.
While median pay of $125,000 was exactly the same across all four undergraduate majors—business, engineering, science and mathematics, social sciences and humanities—it differed on an average basis. The highest average base pay of $125,851 was achieved by MBAs who had majored in social sciences and the humanities in their undergraduate years. The lowest average of $123,141 surprisingly went to undergraduate majors in science and mathematics.
At Sloan, the amount of money a graduate gets in his or her first post-MBA may be less important than other factors. Each year Sloan asks graduating MBAs the reason they accepted their job offers. Some 37.5% in 2016 said it was for “growth potential.” Some 14.8% of the graduates cited “job function” as the reason they took a position, while 13.4% said it was because of the people they would work with or the company culture. Compensation came in at a lowly 2.1% in eighth place after industry, prestige of firm, job content, and location.
2016 MBA EMPLOYMENT REPORTS