Despite the downturn in MBA applications, particularly among the US domestic market, recent school reports from the likes of NYU Stern School of Business and Virginia Darden School of Business show that MBA salaries for those graduating in 2022 are, in fact, booming.
Surging MBA salaries at business schools
NYU Stern is leading the pack of MBA grads with record-breaking salaries after releasing its employment report that showed median base salaries for the Class of 2022 have reached a huge $170k—this is a $15k increase from the previous cohort.
The New York City-based school has confirmed the average total compensation for its grads was roughly $196k, which presents an almost 8% rise from 2021 and the school’s highest ever figure to date.
The University of California’s Berkeley Haas School of Business follows suit in this upward trend of MBA salaries. MBA grads from the Haas Class of 2022 landed a median salary of $155k—this is a $6k rise from the previous year’s figures.
There is also good news from schools lower down the Financial Times MBA Ranking 2022. Grads from the University of Virginia’s Darden School of Business managed to land median base salaries of $175k—a record-breaking achievement for the school.
At the University of Michigan’s Ross School of Business, MBA grads amassed median salaries of $165k, which shows a whopping $21k increase.
Consulting and tech companies drive MBA jobs boom
The good news is that MBA grads are highly sought after by top consulting companies, and this rings particularly true for NYU Stern.
NYU Stern grads who launched into consulting careers landed median base salaries of around $175k.
Financial services and tech also ranked as popular sectors for NYU Stern grads.
Top employers of NYU Stern grads included Big Three Consulting firm Boston Consulting group, Amazon, and EY.
At Berkeley Haas, the technology sector has driven the MBA jobs boom: around 33% of grads entered tech. Meanwhile, consulting and finance followed closely behind, with around 28% and 14% grads joining these industries, respectively.
These figures show that top companies are always on the lookout for ambitious MBAs, particularly those who’ve knuckled down during the Covid pandemic.
Many MBA grads will be glad to see that the return on investment (ROI) of MBA programs is seemingly stronger than ever.
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