Hiring Timelines Remain Uneven, But Kellogg MBA Pay Rebounds To Match Record High

Total median MBA pay at the Northwestern Kellogg School of Management rebounded for the Class of 2025, climbing back to the school-record level first reached two years ago – a recovery that comes even as hiring remains uneven across elite MBA programs.

Kellogg reported median total compensation of $200,500 for the Class of 2025, according to Poets&Quants‘ calculation that combines base salary with sign-on bonus and weights the latter by the percentage of those reporting a bonus, matching the all-time high set by the Class of 2023 and rising from $197,000 for the Class of 2024. The rebound was driven largely by base pay, with the median base salary returning to $175,000, up from $170,000 last year.

Signing bonuses held steady at a $30,000 median, though the percentage of graduates receiving a bonus slipped to 85%, down from 90% a year earlier. Even so, the compensation recovery was enough to push total median pay back to its high-water mark.

KELLOGG MBA EMPLOYMENT 2019-2025

Stats	2025	2024	2023	2022	2021	2020	2019
Median Base Salary	$175,000	$170,000	$175,000	$165,000	$150,000	$144,000	$140,000
Median Signing Bonus	$30,000	$30,000	$30,000	$30,000	$30,000	$30,000	$30,000
% Receiving Bonus	85%	90%	85%	87%	86%	93%	83.6%
Median Total Pay*	$200,500	$197,000	$200,500	$191,100	$175,800	$172,200	$165,080
Offers by 3 Months	88%	90%	95%	99%	97%	95%	98%
Acceptances By 3 Months	86%	87%	92%	97%	96%	93%	95%

Source: Northwestern Kellogg

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STRONG PAY, SOFTER HIRING TIMELINES

That compensation rebound occurred alongside continued softening in early hiring metrics for MBAs from Kellogg, P&Q‘s No. 1-ranked business school this year. Eighty-eight percent of graduates had received at least one job offer within three months of graduation, down from 90% for the Class of 2024 and well below the mid- to high-90s rates recorded earlier in the decade.

Acceptances by three months dipped to 86%, compared with 87% last year and 92% in 2023. Kellogg also reported a six-month employment rate of 90%.

The long-term trend in salaries and bonuses remains favorable. Median total pay for Kellogg MBAs is now more than $35,000 higher than it was five years ago, while median base salary has climbed from $140,000 in 2019 to $175,000 today.

CONSULTING REASSERTS ITS DOMINANCE

Consulting once again led Kellogg’s employment outcomes, accounting for 38% of accepted job offers, up from 35% last year. Median base salary in consulting held firm at $190,000, with salaries ranging from $67,113 to $210,000, while the median signing bonus remained unchanged at $30,000.

Financial services followed as the second-largest destination, capturing 21% of accepted offers, up from 19% a year earlier. Median base salary in finance rose to $175,000, compared with $173,000 for the Class of 2024, with salaries spanning $80,000 to $250,000.

Finance also delivered the richest incentives, with a $35,000 median signing bonus, though that figure declined from $40,000 last year.

KELLOGG MBA JOBS BY INDUSTRY, 2024-2025

Industry	Accepted job offers	Median base salary	Base salary range	Median signing bonus	Accepted job offers – 2024	Median base salary – 2024	Base salary range – 2024	Median signing bonus – 2024
Consulting	38%	$190,000	$67,113-$210,000	$30,000	35%	$190,000	$70,000 – $230,000	$30,000
Consumer Packaged Goods	9%	$128,000	$116,500-$190,000	$32,500	7%	$128,000	$115,000 – $150,000	$35,000
Financial Services	21%	$175,000	$80,000-$250,000	$35,000	19%	$173,000	$100,000 – $225,000	$40,000
Healthcare	6%	$142,500	$90,000-$250,000	$30,000	9%	$140,000	$120,000 – $185,000	$30,000
Manufacturing	3%	$159,500	$130,000-$199,000	$25,000	2%	$136,186	$118,400 – $175,000	$27,500
Media/Entertainment	2%	$150,861	$67,123-$250,000	–	2%	$140,000	$135,000 – $250,000	$11,000
Technology	19%	$151,500	$105,000-$190,000	$40,000	20%	$157,000	$120,000 – $260,000	$42,150

Source: Northwestern Kellogg

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TECH COOLS, OTHER SECTORS SHIFT

Technology accounted for 19% of accepted offers, down slightly from 20% in 2024, in contrast to some other top schools where tech saw a big rebound this fall. Median base salary for techies fell to $151,500 from $157,000 a year earlier, and salary ranges narrowed, reflecting continued discipline among tech employers. Even so, tech remained the most generous sector for upfront incentives, posting a $40,000 median signing bonus, albeit down modestly from last year.

Outside the traditional MBA power sectors, several industries posted notable changes for Kellogg grads. Consumer packaged goods increased its share of accepted offers to 9%, up from 7% in 2024, with a $128,000 median base salary and a $32,500 median signing bonus. Manufacturing, though still a small destination at 3% of accepted offers, delivered one of the strongest year-over-year gains, with median base salary jumping to $159,500, from $136,186 last year.

Healthcare saw its share of accepted offers fall to 6%, from 9% a year earlier, though median base salary edged up to $142,500, with bonuses holding steady at $30,000. Media and entertainment remained a niche destination at 2% of accepted offers, but median base salary climbed to $150,861, with reported pay ranging from $67,123 to $250,000.

MIDWEST ANCHOR, NATIONAL REACH

Entrepreneurship emerged as a notable countercurrent to the slower hiring environment. The Class of 2025 set a school record for entrepreneurial activity, with 20 graduates launching new ventures upon graduation. The founders are building companies across sectors including marketing, search funds, and social enterprise.

Geographically, Kellogg’s Class of 2025 continued to show a strong Midwest anchor paired with broad national reach. The Midwest accounted for 39% of accepted job offers, reflecting Kellogg’s deep ties to Chicago and the region’s continued strength in consulting and finance.

The West followed at 25%, underscoring sustained demand from California and other tech-driven markets, while the East claimed 23% of graduates. The South accounted for 7%, and international placements represented 6%, indicating that global mobility remains constrained relative to pre-pandemic norms.

HOW KELLOGG STACKS UP WITH OTHER TOP MBA PROGRAMS

Kellogg’s rebound in total median pay places it squarely in the upper tier of elite MBA outcomes this year, even as peers navigate the uneven job market.

At Harvard Business School, median total compensation for the Class of 2025 rose to about $232,800, supported by strong base salaries and robust bonus pools, and 90% of job-seeking graduates had received offers within three months of graduation – a rebound from weaker results in the two prior years. In contrast, Stanford Graduate School of Business saw total pay slip for a second straight year even as base salaries remained among the highest in the market, and early hiring was slower to materialize than in stronger cycles.

Meanwhile, the Class of 2025 at Chicago Booth School of Business reported median total pay of about $194,500, down from its 2023 peak, with offer and acceptance rates climbing more slowly out of graduation than at some peers.

DON’T MISS P&Q’S REPORTS ON HARVARD BUSINESS SCHOOL’S MBA CLASS OF 2025 EMPLOYMENT REPORT and STANFORD GSB’S MBA CLASS OF 2025 EMPLOYMENT REPORT

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