Berkeley Haas 2022 Jobs Report: Median Salary Climbs 4%

It’s good to be an MBA from the top public business school in the U.S., if not the world. Berkeley Haas has proven as much (if any proof were needed) once again with the release of its Class of 2022 employment report.

The report, released today (October 11), shows that median and average salaries grew significantly this year for Haas graduates, leading to growth in total compensation even as signing bonuses were flat. Haas MBAs made a median $155,000 and total compensation of nearly $180,000 — and more than 40% of graduates received stock options, to boot.

And while the money was better, so was the chance of landing a dream gig: Placement rates grew significantly in 2022, reflecting the continued strength of the MBA job market.

TOTAL COMPENSATION UP 3.7% FOR THE CLASS OF 2022

Median salaries in 2021 jumped by $9,000 to $149,000, a 6.4% increase. Average bonuses, meanwhile, saw their own impressive climb last year, up 7.8% to $33,775 — adding up to an impressive total compensation of $173,351, which was 6.5% more than the previous year's $162,749. Haas' average salaries grew in 2021, too, to $143,696 from $139,423, a more than $4K jump, or 3.1%.

This year, median salaries grew another $6K, to $155,000, a 4% increase, while average bonuses were down by just $357 to $33,418 from $33,775, a decline of 1.1%. Calculating total compensation by combining median salary and mean signing bonuses and weighting the calculation based on the number of grads who reported receiving a bonus, we find that Haas' Class of 2022 reported average total compensation of $179,696, up $6,345 or 3.7%. Average salary grew to $152,831, up $9,135 or 6.4%.

Additionally, 42.8% of the class report receiving stock options when they accepted their new jobs.

NO UPHEAVAL IN INDUSTRY DESTINATIONS

In 2021, both consulting and tech were up — the former to 28.4%, with a median salary of $165,000; the latter to 34.1%, with a median salary of $144,000. Finance declined for the second year in a row, to 12.3%, but stayed flat in base salary, a median $150K.

This year, consulting base salaries grew to $175,000, up 6.1%, while tech grew to median $151,000, up 4.9%. Finance grads earned a median $140,000, down $10K or 6.7%. High base salary was $215,000, reported by someone in "Other," while grads in four different industries reported base salaries of $200K: tech, real estate, consumer products and healthcare. The lowest base salaries were reported in "Other" ($65K), finance ($80K), and consumer products ($83K). Eighteen percent of Haas grads reported their jobs have a social impact component, and 14% went to work for startups.

Healthcare is an interesting case. Last year, it snapped back to 6.6% of the class, down from 11.6% the year before, even as salaries stayed at a median of $135K. This year the slide continued, to 5.1%, but the median salary jumped to $152,500. As Abby Scott told P&Q in 2021, 2020 was something of an outlier year, as Haas grads were "probably driven by a desire to help bring strategic thinking to the fight against the pandemic." The healthcare industry usually draws around 6% of Haas MBAs, Scott notes.

PLACEMENT RATES JUMP 

Last year, for 239 graduates looking for jobs out of a class of 283, 215 got offers, and 211 accepted. That's a 89.9% offer rate, and a 88.3% acceptance rate.

This year, for 275 Haas MBAs looking for jobs out of a class of 320, 258 received offers by three months after graduation, and 255 accepted, for a 93.8% offer rate and a 92.8% acceptance rate.

"When the world's most selective organizations seek new talent," the school's web page for its jobs report reads, "they turn to Berkeley Haas. The school's key location and deep ties to global firms provides you with the tools and connections you need to launch the next stage of your career.

"Top financial institutions, consulting firms, consumer products manufacturers, and technology companies are among those that hire Haas graduates as interns and full-time employees. Employers seek out Berkeley MBA students because they demonstrate not only a mastery of powerful quantitative and management tools, but also a solid understanding of best practices for the changing technological, global, and human dimensions of business."

See more data from UC-Berkeley Haas' 2022 employment report on page 2.