Finance is one of the top 3 post-MBA industry choices due to the unparalleled access to opportunities, high-profile jobs and robust compensation and perks it offers.
An MBA from a reputed business school can open doors to leadership positions in finance. The strong industry connections, ample opportunities to interact with industry leaders and influential professionals across top-tier organizations, invaluable student and alumni network, numerous networking events as well as the cherry on the cake – the internship opportunity – can all be leveraged to get your foot in the door into your dream finance role or company.
According to the GMAC Prospective Students Survey, of the 2710 survey respondents, 37% indicated financial services as their preferred post-GME (graduate management education) industry.
In this article, we’ve shortlisted the best MBA programs with the highest finance hires based the latest employment data for the 2024 class as well as Bloomberg’s best business school hiring data.
| Business school | % of hires for 2024 class | % of hires for 2023 class | No. of hires for 2023 class |
|---|---|---|---|
| Pennsylvania Wharton | 36.60% | 37.30% | 237 |
| Harvard | 39.0% | 34.10% | 196 |
| Columbia | 35.9% | 40.60% | 195 |
| Chicago Booth | 32.90% | 32.60% | 162 |
| London Business School | 26.00% | 26.60% | 95 |
| Cornell Johnson | 42.00% | 34.20% | 91 |
| Indian School of Business | 10.00% | 11.00% | 89 |
| NYU Stern | 35.70% | 29.40% | 87 |
| Northwestern Kellogg | 19.00% | 21.50% | 83 |
| Virginia Darden | 26.50% | 26.20% | 82 |
| Stanford | 37.00% | 38.30% | 80 |
| Duke Fuqua | 25.00% | 20.80% | 74 |
| INSEAD | 11.00% | 13.30% | 71 |
| MIT Sloan | 25.3% | 19.9% | 58 |
| Yale | 26.2% | 22.3% | 58 |
Out of these, the schools that saw a notable spike in the percentage of class taking up finance jobs (compared to the previous year) include Harvard, Johnson, Stern, Fuqua, Sloan and Yale. Other top US schools sending the highest numbers into finance include Wharton, Columbia, Booth, Kellogg, Darden, Stanford. Among top non-US business schools that sent the highest numbers into finance are LBS, ISB and INSEAD.
Wharton clearly stands out above the rest with the highest numbers and a high percentage of the class finding jobs in finance. Wharton’s unparalleled legacy in finance, its world-class faculty and the active engagement of many notable alumni undoubtedly makes it the go-to school for a finance career.
Wharton was also at no. 1 in the U.S. News rankings – Best Finance MBA program. For finance function, the Wharton 2024 class saw 15% job accepts in investment banking, 12.9% in Private Equity/Venture Capital/Investor, 5% in investment management/Portfolio Management.
The median salary in investment banking as well as private equity/venture capital/investor at Wharton was $175,000 while in investment management/portfolio management, it was $180,000.
At HBS, which was among the top for the number of finance hires, the percentage of finance hires increased from 34.10% to 39.0%; 19% of the class got into private equity.
“At Harvard Business School (HBS) specifically, private equity is the financial sector into which most of our students land,” says Kristen Fitzpatrick, managing director, MBA Career & Professional Development, HBS.
The median base salary in private equity was $180,000.
Investment banking is where most of the MBA finance grads get placed at most of the top business schools.
Columbia, a prestigious brand name, which had ranked no. 1 for highest percentage finance hire (40%) in 2023 saw a slight decline in 2024 with 35.9% taking up finance jobs out of which 20.6% got into investment banking (function), 5.1% into investment management, 5.3% into private equity while 2.5% got into corporate finance.
At Chicago Booth which was among the top 5, the percentage hires into finance remained almost the same with 16.4% getting into investment banking, 7.1% taking up private equity jobs. At NYU Stern, 19.5% got hired into investment banking function.
Some MBA program have a huge location advantage. For example, Columbia, NYU Stern, Cornell have a strategic location in/close to the global investment banking hub, The Wall Street and The New York City. Similarly, LBS is in a prime location in London, another major financial center.
The reputation of the business school and its industry connections plays a pivotal role in finding a job.
“That summer internship is the biggest feeder to a full-time job,” says Sunshine Singer, career adviser for investment banking at Wharton, “Associate-level hiring is extremely network-driven, MBA programs have dinners, they have ‘lunch-and-learns,’ they do a lot more networking, so I think it’s more difficult if you’re not at a top-30 program.”
An MBA with a finance specialization can help hone your analytical & critical thinking skills and strategic decision-making ability through various hands on, experiential learning opportunities, case studies, group projects and real-world experiences.
In addition to gaining new perspectives on various complex topics, you’ll also gain insights into the emerging trends in finance and ways to tackle challenges. This exposure will prepare you with the requires skills and expertise to succeed in the super-competitive world of finance.
According to the U.S. Bureau of Labor Statistics, overall employment in business and financial occupations is projected to grow faster than the average for all occupations from 2023 to 2033. About 963,500 openings are projected each year, on an average, in these occupations.
Popular high-paying finance jobs for MBA graduates include careers in investment banking, investment management, corporate finance, venture capital and private equity.
Companies that recruit MBA in finance graduates
These include Goldman Sachs, Morgan Stanley, Evercore Partners, Moelis & Company, Bank of America, Guggenheim Partners, Barclays Capital Group, Blackrock, Citi, Credit Suisse, J.P. Morgan, BNY Mellon, UBS, Wells Fargo, Lazard, Morgan Stanley, Rothschild, Capital One, Centerview Partners, Oliver Wyman, Lazard, PJT Partners, Greenhill & Co, Apollo Global Management among others.
Many MBA Crystal Ball alumni have graduated from these top business schools, and currently work with the world’s best investment banks, PE/VC funds and asset management companies.
Reach out if you’d like to partner with us for your MBA applications: info@mbacrystalball.com
Also read:
- Highest Salaries for MBA in Finance & 10 Top B-schools that’ll help you bag them
- Highest Paying Finance Jobs in the World
- MBA in Finance: USA, Canada, Germany, India, UK, Singapore, Australia
- Careers in Investment Banking
References: 1, 2, 3, 4 | Image: Tima Miroshnichenko (Pexels)
