Let MBA employment report season commence! And what better way to commence it than with a record-breaking report from a leading U.S. 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 median total pay:
- 99% of graduates received job offers three months after graduation, up from 97.5% in 2021
- 98.4% of graduates accepted jobs within three months of graduation, up from 96.1%
- Graduates landed a $165,000 median salary, up from $144,000
- Graduates received a $192,270 median salary package, up from $171,450
- 42.2% of graduates went into consulting, up from 35.1%
Ross MBAs were in so much demand that they had the offers pouring in even as they donned their caps and gowns last May, with 93.1% of the Class of 2022 receiving first job offers by graduation (up from 90.2%). That includes 93.2% of U.S. citizens and 92.9% of foreign nationals.
ABOUT 60% OF ROSS CLASS OF 2022 MBAS WENT INTO CONSULTING OR TECH
“These record-setting 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 our Career Development Office provides them,” says Heather Byrne, managing director of the Career Development Office at Michigan Ross.
Which industries do Ross MBAs go to? Last year, Michigan Ross sent a combined 60% of its Class of 2021 MBAs into consulting (35.1%, down slightly from last year) and tech (24.9%, up slightly). The MBB firms — McKinsey, Bain, and Boston Consulting Group — represented more than 50 hires between them, while Microsoft, Amazon, Google, Apple, and Dell accounted for nearly that many. Finance, meanwhile, saw renewed interest, with 15.5% of Ross MBAs going into that industry, up from just 11.9% in 2020.
This year, consulting-bound Ross grads grew in number to more than 42% of the class, while tech slipped 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-bound grads stayed about the same at 15%. In total, 93% of the class were career switchers, about the same as last year.
About one third of 2022 Ross grads found jobs in the Midwest (30.2%), mostly Chicago (18.9%), with another quarter heading to the East Coast, mostly the New York area (21.6%). The West is another big destination with about a quarter of grads going there, mostly San Francisco (10%).
'WE ARE DELIVERING'
Michigan, which had one of the biggest salary increases of any top-25 B-school in 2021, now reports a median salary that one year ago would have topped the list of every business school in the United States. The Class of 2022’s $165,000 base salary is a $21,000 increase over the Class of 2021, while the median salary package of $192,270 was also up nearly $21,000 versus the previous year. Ross graduates also received an average $30,000 signing bonus, reported by 91% of the class, matching last year's bonus average.
As they do most years, consultants paced the class's pay — but this year they had company. Consulting offered the highest median salaries at $165,000 in 2021, a number that ballooned to $175K this year — but finance grads also reported a median base of $175K in 2022, and had the biggest bonuses — median $47,500 — to sweeten the deal. Finance grads also reported the highest high end of salary range, at $200K — except for someone in "Other" who reported $215K.
Ross's international grads kept pace with their domestic U.S. colleagues this year, with a median pay of $137K compared to U.S. citizens' median of $150K. See page 2 for more salary and placement details.
“Michigan Ross strives to equip our Full-Time MBA students with the skills, knowledge, and real-world experience they need to not only to be successful in their chosen post-graduation career paths, but also stand out to potential employers,” says Brad Killaly, the Ross School's associate dean of full-time MBA programs. “We believe this year’s tremendous employment results really demonstrate that we are delivering upon those important endeavors.”
See the next page for more data from the newly released Michigan Ross MBA Class of 2022 employment report, and see the full report here.