Applications might be down at elite schools, but the market for MBAs is still frothy. Some 98% of the graduating Class of 2018 full-time MBAs at Georgetown’s McDonough School of Business received a job offer within three months of graduation, which is a record for the school and up from 93% last year. The 94% that accepted offers within three months of graduation this year reported an average annual salary of $116,946. That average salary is also a record and a 4% increase over what last year’s graduating class reported earning, which at that time was also a record.
Those with accepted jobs also notched an average signing bonus of $31,036, which represents a 9% increase over last year — and another record.
“Through a personalized approach to the job search, opportunities for career treks throughout the United States and around the world, and a global alumni network of 190,000 graduates, the MBA Career Center ensures students are placed in the positions that inspired them to attend business school,” Doreen Amorosa, associate dean of McDonough Career Services, said in a prepared release from the school.
Consulting was the top industry and job function of choice for recent McDonough grads. Some 25.5% of the class entered consulting as an industry. Another 21.7% went into financial services and 17.5% went into technology. Interestingly, the next most popular field was nonprofit/social impact with 8% of the class going there. Those entering consulting also reported the highest average salaries at $129,698. The 2.8% of the class entering the healthcare field reported the next highest salaries $123,736. Those going into financial services reported an average salary of $118,430. Graduates going into technology followed closely with an average salary of $116,834.
Stepping out to look at five-year trends, it’s also a record setting year for Georgetown MBAs entering the tech field. The 17.5% entering tech this year is a consistent five-year increase from 9% from the Class of 2014. Not surprisingly, the field has encroached on the strong-hold consulting and finance has had over the Washington D.C.-based school. Both traditional industries are at a five-year low for luring Georgetown MBAs. Finance particularly took a hit, dropping from 33% in 2017 to the less than 22% this year. Meanwhile, consulting has remained consistently in the 28-29% range before taking a slight dip this year.
It speaks to a broader trend of hot tech companies increasingly catching the eyes of top MBA talent. Despite this year’s finance resurgence at Wharton, most schools are seeing similar trends to Georgetown. Besides free meals and work-life balance perks, this is a generation of MBA students that saw first-hand the impacts of the financial crises and recession of 2008. For example, in this year’s McDonough report, Uber was listed as one of the top hiring companies of 2018 graduates. Founded in 2009 and rolling out to the public in 2011, Uber was a blip until the past five or so years.
To meet employer and student demands, schools like Georgetown are broadening their curriculum and skill sets.
“As Georgetown’s MBA program continues to expand in areas like experiential learning, data analytics, and the intersection of business and policy, in addition to customizable search technologies and alumni mentoring tools, employers have taken notice,” Amorosa said in the school’s release. “Our Employment Report is a measure of more than salaries – it’s the proof that the Georgetown MBA prepares our students and alumni to be successful in all stages of their careers.”