It’s 2019 again at Spain’s IESE Business School — only now the money is better.
The business school of the University of Navarra in Barcelona released its 2021 MBA employment report today (January 24), showing job placement numbers three months after graduation have returned to their 2019 rate after a pandemic dip last year. Ninety-four percent of IESE graduates secured a job offer after 90 days, up from 87% in 2020.
Salaries, too, are around or slightly better than two years ago. Overall base salaries averaged €87,613, or around US$99,000, up from $96,208 (€85,046) in 2019. The lower end of the salary range rose as well, to $52,221 (€46.162) from around $40K, but the upper end dropped to $190,787 (€168.652) from around $207K. Average other compensation just exceeded its 2019 level at $57,105 (€50,480) — but the range grew substantially this year when someone (more on them later) reported bonuses of almost $400,000. The high bonus two years ago: about $255K.
1/3 OF THE CLASS: TRIPLE JUMPERS
Despite the pandemic — or perhaps because of it — one-third of IESE’s 2021 MBA class (33%) made the “triple jump” career change, switching industry, job function, and geography at the same time. That’s about the same proportion of the 2020 MBA class, and both are up from 21% of the class in 2019. Then again, particularly in recent years, lots of pivoting has been going on. For comparison, in a recent class of HEC Paris MBAs, 45% made the triple jump.
“The class of 2021 entered into the MBA program prior to the onset of the global Covid-19 pandemic and graduated into a world and a job market very different to the one they knew before this,” IESE’s jobs report reads. “From supply chain disruptions to frequent regulatory changes to rapidly emerging new talent trends and shortages, the tasks facing global businesses are complex. Now more than ever, the world needs leaders who demonstrate professional excellence, integrity and embody a spirit of service to successfully navigate through these challenging times.
“The latest class of MBA graduates from IESE Business School is well prepared to do just that.”
LATIN AMERICA LEADS IN AVERAGE OTHER COMP — THANKS TO 1 PERSON
The IESE MBA Class of 2021 comprises 364 students (31% of them women) of 56 different nationalities. So where did they find work?
Geographically, Europe (excluding Spain) was the most sought-after region, with 26% of graduates accepting jobs there. Close behind was Latin America (22%), Asia-Pacific (20%), and Spain (20%), and then Middle East/Africa (7%) and North America (5%). Top recruiters of IESE MBAs were ABInBev, Amazon, Bain & Company, BCG, Citi, McKinsey & Company, Novartis, and Pepsico.
Consulting continues to be the most popular destination for IESE MBAs, attracting 34% of the Class of 2021 who were seeking employment, up slightly from 33% last year and surpassing pre-pandemic numbers. Finance (25%, up from 23%) and industry (24%, down from 29%) were the next most popular sectors, followed by technology (17%, up from 15%). Within the industrial sector, healthcare was the most popular choice, with 10% heading into that field.
Consulting the highest paid sector, at an average base of about $106K (€93,981), followed by tech ($97K/€86,051), and finance ($95K/€83,998). Consulting salaries in 2019 were actually a bit higher, at about $107K (€94,630), and finance salaries are up only incrementally, but tech salaries two years ago averaged just $87K.
Consultants in North America made the most: $169K (€149,778), just as they did in 2019 ($130K/€115,538) … which was also the case for finance ($122,722/€108,484, from $139K/€122,812 in 2019) and tech ($120K/€105,945, from $117K/€103,608 in 2019). North America was also where IESE grads reported the highest average base salary: $132K (€116,615). The highest reported base salary was someone who took a job in Europe (excluding Spain) with a base of about $191K (€168,652).
Other compensation was richest in Latin America, with an average of more than $92K (€81,493) — but that number was driven up by one person, someone in consulting who reported bonuses totaling €350,844, or $396,892 at current exchange rates. That’s much higher than the biggest bonus in 2019: $255,136 (€225.535), reported by someone in finance in Europe. (See this year’s salary details at the bottom of the page.)
‘A RADICAL SHIFT FROM MY PRE-MBA WORK’
One example of an IESE MBA Class of 2021 triple jump career-changer is Alix Chausson, who before her MBA worked in the UK as a vendor manager for Amazon. Chausson decided to pursue an MBA at IESE after realizing her dream job was much different from the sector and role she had at the time.
“I arrived at IESE with a laser focus: to work in a venture role in foodtech – specifically in alternative proteins – post MBA”, she says. Chausson was featured by P&Q in May 2020.
Now working in Germany as a senior associate for Evig Group, a foodtech company, she credits IESE with her move.
“This was a radical shift from my pre-MBA work and I strongly believe that my two years at IESE provided me with solid foundations for this unusual transition,” Chausson says. “As a committee member of the Tech Club, I put together and moderated a panel with foodtech experts where the exposure to investors and entrepreneurs was a fantastic opportunity to further my transition.”