The global job market has experienced significant shifts over the last few years, driven by a multitude of factors that have influenced employment opportunities and salaries worldwide.
The impact on business school recruitment was evident from the latest MBA employment statistics with elite schools like Harvard, Stanford and Columbia taking a hit and reporting low employment rates.
Let’s take a peek into the hiring at the US business schools that recorded the highest graduate salaries.
U.S. business schools with the highest salaries
1. Stanford GSB
Though Stanford grads continued to bag the highest pay package, the placement numbers were not impressive. The number of job offers 3 months after graduation went as low as 89% with only 82% accepting a job offer.
The median base salary was $182,500, a 4.3% rise from the previous year while the mean base salary was $189,010. The median performance bonus was $50,000 while the median signing bonus was $30,000.
Synonymous with its start-up culture, 25% of the class pursued their own ventures, with 49% of them being technology entrepreneurs.
Top industries
| Industry | Percentage of class | Median base salary |
| Finance | 38% | $200,000 |
| Technology | 24% | $177,500 |
| Consulting | 15% | $192,000 |
Top functions
| Function | Percentage of class | Median base salary |
| Finance | 34% | $192,500 |
| General Management | 29% | $175,000 |
| Consulting | 16% | $192,000 |
2. Wharton
Wharton’s forte lies in finance; the recent graduating class saw the highest placements in financial services. 97.2% of the class found employment 3 months after graduation. 91% of the class found employment in the US while 9% jobs were international.
The class median salary remained the same as the previous year at $175,000. Industry wise, the highest median salary was $215,000 for legal and professional services. The median consulting base salary at $190,000 saw an increase from the previous year ($175,000).
Top industries
| Industry | Percentage of class | Median base salary |
| Financial services | 37.3% | $175,000 |
| Consulting | 28.8% | $190,000 |
| Technology | 13.5% | $162,750 |
3. Chicago Booth
Booth has a long-standing reputation as a top finance program, however the recent years have seen a higher number of MBA students opting for the consulting industry. 95.6% of the students received job offers while 94.3% accepted the offers within 3 months of graduation. 202 unique companies recruited Booth MBA grads
The consulting industry saw the highest recruitments (38.6%) with the leaders being the big three consulting firms – McKinsey & Company hired 71 students, BCG hired 52, Bain & Co. hired 30.
The median base salary was $180,000, a 3% rise from the previous year. 93.2% of the MBA grads were hired within the United States while 6.8 percent found opportunities worldwide. The median signing bonus was $33,000, a 10% increase from the previous year.
Top industries
| Industry | Percentage of class | Median base salary |
| Consulting | 38.6% | $192,000 |
| Financial services | 32.6% | $175,000 |
| Technology | 15.5% | $157,050 |
Top functions
| Function | Percentage of class | Median base salary |
| Consulting | 39.4% | $192,000 |
| Finance | 33.2% | $175,000 |
| Product Management (Tech) | 8.7% | $165,000 |
4. Dartmouth Tuck
Tuck lived up to its track record of being successful with placements even during turbulent times. In the entire decade, Tuck has consistently recorded 95% or higher employment rate (except one year during the peak of the pandemic when it was 94%)
96% of the class received job offers while 93% accepted these offers. The median starting base salary was $175,000 and median signing bonus was $30,000. The median starting base salary in consulting went up from $175,000 to $190,000, while in tech, it increased from $140,000 to $160,500. Salaries also increased in others sectors including health care and consumer goods/retail.
Top industries
| Industry | Percentage of class | Median base salary |
| Consulting | 46% | $190,000 |
| Financial services | 23% | $175,000 |
| Technology | 14% | $160,500 |
Top functions
| Function | Percentage of class | Median base salary |
| Consulting | 49% | $190,000 |
| Finance | 21% | $175,000 |
| Marketing | 11% | $146,400 |
| Gen Mgmt | 8% | $140,000 |
5. Harvard Business School
HBS was one school that saw a big adverse impact on post-MBA placements. 86% of the class received an offer, while 80% accepted an offer. One year ago, these number were significantly higher: 95% had received an offer with 90% accepting an offer.
The median base salary was $175,000, with median signing bonus being $30,000 and median performance bonus at $40,000. 89% of the class got recruited in the US while 11% were international placements.
Top industries
| Industry | Percentage of class | Median base salary |
| Consulting | 25% | $192,000 |
| Private equity | 17% | $185,000 |
| Technology | 16% | $158,000 |
Top functions
| Function | Percentage of class | Median base salary |
| Finance | 33% | $175,000 |
| Consulting | 26% | $192,000 |
| Gen Mgmt | 16% | $150,000 |
| Marketing | 10% | $153,000 |
Also read: Salary increase after MBA: Here’s how much you can get across industries
High MBA salaries & bonuses at top US business schools
| Business School | Median Starting Base Salary (2023) | Average starting salary & bonus | Job offers 3 months post-graduation |
| Stanford GSB | $182,500 | $231,259 | 89% |
| Wharton | $175,000 | $213,772 | 97.2% |
| Chicago Booth | $180,000 | $212,997 | 95.6% |
| Dartmouth Tuck | $175,000 | $208,372 | 96% |
| Harvard | $175,000 | $208,369 | 86% |
| Columbia | $175,000 | $208,030 | 84% |
| MIT Sloan | $170,000 | $207,084 | 90.2% |
| NYU Stern | $175,000 | $206,374 | 94.3% |
| UVA Darden | $175,000 | $205,487 | 96% |
| Kellogg | $175,000 | $205,022 | 94.52% |
The placements saw several schools outside the elite Ivy League and M7 recording higher employment rates. For example, UVA Darden made it to the top 10 list for highest starting salary and bonus and 96% of the class received offers which was way higher compared to the other top schools. There are several other lesser-known schools which have had good placements which we’ll cover in our next article.
So, while researching business schools, have a look at their employment reports to get insights into their hiring trends. Can the school and its career resources help you with your career goals and find your dream job?
At MBA Crystal Ball, our admission consultants have helped thousands of candidates find the right business school to fulfill their career aspirations.
If you need help with your MBA application, drop us an email at info@mbacrystalball.com
Also read:
- IIM vs Foreign MBA: Salary, placements, admissions, student life, pros & cons
- Consulting salaries for freshers: Entry level salary in USA, UK, India, Germany, Australia
- Investment banking salary in USA, UK, Canada, India: How much do investment bankers make?
- Highest Salaries for MBA in Finance
References:
U.S. News, official business school websites
