Finance continues to be among the top post-MBA industry choices and it’s no surprise why. Finance is associated with a lucrative career with irresistible salary, bonuses and a fast-paced environment – all of which may sound very exciting.
If it’s been your dream to work in a high-profile job like becoming an investment banker on the Wall Street, an MBA from a top business school can help you by providing valuable network, industry connections as well as expertise, skills to survive and thrive in the super-competitive world of finance.
According to Research and Markets, the financial services market size has shown a strong growth in the recent years and is predicted to grow from $31.1 trillion last year to $33.5 trillion this year at a compound annual growth rate (CAGR) of 7.7%.
In this article, we’ve covered the top business schools that offer the highest salaries in finance. Schools have been ranked on the basis of average finance salaries of MBA graduates of the last graduated class.
Highest MBA in Finance Salaries
1. Stanford GSB
Over the years, Stanford graduates have consistently commanded the highest post-MBA salaries. Finance continued to be the top-choice industry with the highest numbers – 38% of the 2023 class getting placed in this sector, 5% higher than the previous year.
The mean salary in the finance industry was $210,273 while the median salary remained the same as the year before at $200,000. By function, 34% of the class got roles in finance with a median base salary of $192,500 and a mean salary of $205,182.
Compensation by Industry at Stanford
| Industry | % of Class | Mean Base Salary | Mean Signing Bonus | Expected Bonus |
|---|---|---|---|---|
| Private Equity | 18% | $215,000 | $30,000 | $182,113 |
| Venture Capital | 13% | $202,938 | $55,714 | $82,343 |
| Investment Management | 2% | $197,000 | NA | $165,000 |
| Other | 5% | $218,440 | $46,000 | $344,286 |
Compensation by Function at Stanford
| Industry | % of Class | Mean Base Salary | Mean Signing Bonus | Expected Bonus |
|---|---|---|---|---|
| Private Equity | 14% | $221,074 | $30,000 | $230,854 |
| Venture Capital | 11% | $196,214 | $52,587 | $93,690 |
| Investment/Portfolio Management | 6% | $208,750 | $47,500 | $238,050 |
| Other | 3% | $157,917 | NA | $47,500 |
2. Wharton
Wharton has a reputation of being a ‘Finance School’. At no. 1 position in Finance in the U.S. News Rankings 2024, it sees the majority of MBA grads take up finance jobs. The school offers a wide array of finance electives taught by world-class finance faculty.
97.2% of the class found employment 3 months after graduation, the highest among the elite top business schools. The number of students finding jobs in the financial services industry was high at 37.3%, but slightly lower compared to the previous year (38.6%). The class reported a median salary of $175,000, slightly higher than the previous year’s median of $173,513.
Compensation by Industry at Wharton
| Industry | % of Class | Median Base Salary |
|---|---|---|
| Investment Banking/Brokerage | 14.2% | 175,000 |
| Private Equity/Buyouts/Other | 14.0% | 189,322 |
| Investment Management | 3.8% | 177,500 |
| Venture Capital | 3.3% | 180,000 |
Compensation by Function at Wharton
| Function | % of Class | Median Base Salary |
|---|---|---|
| Private Equity/Venture Capital- Investor | 18.1% | 185,000 |
| Investment Banking | 12.6% | 175,000 |
| Investment Mgmt/Portfolio Mgmt | 4.7% | 175,000 |
Wharton doesn’t provide bonus-related data.
3. Northwestern Kellogg
Though Kellogg is traditionally known as a top school for post-MBA careers in marketing, its placements are equally remarkable in other sectors as well.
Its top-ranking MBA program, the strong (M7) brand name, the dedicated finance pathway, the strong alumni network help students secure top roles in finance.
22.02% of the class were hired in the financial services industry, a 6% hike from the previous year. The median base salary increased from $170,000 in 2022 to $175,000 in 2023 while the median signing bonus was $50,000. The average base salary was $1,84,250.
Some of the companies who have hired in financial services include Goldman Sachs, J.P. Morgan, Evercore Partners, Carlyle Group, Alpine Investors III, LP, Guggenheim Partners, Robert W. Baird & Co. Incorporated, Partners Group.
Compensation by Industry at Kellogg
| Industry | % of class | Average Salary | Median Salary | Median Signing Bonus |
|---|---|---|---|---|
| Diversified Financial Services | 1.06% | 1,64,500 | 1,64,500 | 42,500 |
| Investment Banking/Brokerage | 7.69% | 1,73,741 | 1,75,000 | 57,500 |
| Private Equity | 9.81% | 1,99,078 | 1,90,000 | |
| Venture Capital | 1.33% | 2,00,000 | 1,80,000 |
Compensation by Function at Kellogg
| Function | % of Class | Average Salary | Median Salary | Median Signing Bonus |
|---|---|---|---|---|
| Finance/Accounting | 22.71% | 1,76,901 | 1,75,000 | 50,000 |
| Corporate Finance | 1.94% | 1,32,133 | 1,30,000 | 32,500 |
| General Finance/Accounting | 1.11% | 1,41,250 | 1,38,500 | 35,000 |
| Investment Banking | 7.48% | 1,77,240 | 1,75,000 | 60,000 |
| Private Equity | 6.93% | 2,02,413 | 1,90,000 | |
| Venture Capital | 1.39% | 2,00,000 | 1,80,000 |
4. Harvard Business School
A very strong brand name, Harvard has a great reputation in the finance sector with MBA grads being most-sought-after for various roles in the industry. Private equity, venture capital, investment management are the top hiring industries.
17% of the 2023 class got into the private equity industry, 2% higher than the previous year.
33% of the class opted for a finance function with a median base salary of $175,000, same as the year before. The median signing bonus was $40,000 (46% receiving) and the median performance bonus was 150,000.
Hiring companies included KKR, TPG, Carlyle Group. Blackstone, Bain Capital, Morgan Stanley, Bank of America JPMorgan Chase, Goldman Sachs, BlackRock, Wellington Management Fidelity Investments among others.
Compensation by Industry at HBS
| Industry | % of Class | Median Base Salary | Median Signing Bonus | Median Performance Bonus |
|---|---|---|---|---|
| Private Equity | 17% | $185,000 | $30,000 | $181,250 |
| Venture Capital | 6% | $175,000 | $20,000 | $50,000 |
| Investment Management / Hedge Fund | 6% | $175,000 | $50,000 | $120,175 |
| Other Financial Services | 3% | $175,500 | $35,000 | $20,000 |
| Investment Banking | 3% | $175,000 | $54,000 | $100,000 |
5. Dartmouth Tuck
A prestigious Ivy League School, Tuck has consistently produced high post-MBA placement rates. The 2023 year also saw an impressive 96% employment rate within 3 months, the second highest among the top schools.
Consulting and finance continue to be the top choices for MBA grads with 23% securing jobs in financial services, 3% higher than last year.
The finance median salary and signing bonus for the 2023 class remained the same as the 2022 class at $175,000 and $50,000 respectively.
Quoting Stephen Pidgeon, executive director of Career Services “These outcomes are also a testament to our tremendous and experienced team of career advisors, the dedicated Tuck alumni network, and the entire class of 2023—who showed up and supported one another in their recruiting journeys.”
Compensation by Industry at Tuck
| Industry | % of class | Median Base Salary | Median Signing Bonus |
|---|---|---|---|
| Investment banking | 14% | $175,000 | $53,800 |
| Investment management | 3% | $150,000 | $40,000 |
| Other | 2% | $164,500 | $37,500 |
| Private equity, venture capital | 3% | $175,000 | $10,000 |
Compensation by Function at Tuck
| Function | % of class | Median Base Salary | Median Signing Bonus |
|---|---|---|---|
| Investment banking | 14% | $175,000 | $53,800 |
| Private equity, venture capital | 3% | $162,500 | $10,000 |
| Investment management | 2% | $150,000 | $40,000 |
| Other | 2% | $140,000 | – |
| Corporate finance | 1% | $175,000 | $25,000 |
Read more: Highest MBA salaries at the top US business schools, and the winner is…
6. MIT Sloan
MIT is another elite M7 school whose motto, “mens et manus,” translates from Latin to mind and hand. The entire MBA experience revolves around learning by doing. The Action Learning labs, MIT Sloan Intensive Period, and the MIT Independent Activities Period, offer opportunities to practice and develop various skills.
The 2023 class saw 19.9% take up finance jobs, a slight drop from the previous year when it was 22.6%. The median salary in finance saw a jump from $170,00 in 2022 to $175,000 in 2023.
19.9% opted for a finance function, the median base salary being $170,000 with 58.2% receiving a signing bonus (median $50,000).
Compensation by Industry at MIT
| Industry | % of class | Median Base Salary | Mean Base Salary |
|---|---|---|---|
| Investment Banking/Brokerage | 6.20% | $175,000 | $180,000 |
| Diversified Financial Services | 3.00% | $150,000 | $148,375 |
| Investment Management | 3.80% | $165,000 | $166,364 |
| Venture Capital | 3.80% | $156,800 | $197,560 |
| Private Equity | 2.40% | $180,000 | $175,000 |
Compensation by Function at MIT
| Function | % of class | Median Base Salary | Mean Base Salary |
| Investment Banking | 5.50% | $175,000 | $178,125 |
| Venture Capital | 4.50% | $160,000 | $192,550 |
| Asset Management/Portfolio Management | 4.10% | $170,000 | $181,000 |
| Other Finance | 3.40% | $153,550 | $148,020 |
| Private Equity | 2.40% | $155,000 | $153,143 |
7. Columbia Business School
Columbia, due to its strategic location, offers unparalleled access to finance job opportunities on the Wall Street. The school has a strong alumni network in the financial services industry. 35.7% of the 2023 class got into the financial services industry, while 34.8% got into finance function.
“The financial services industry has been part of Columbia Business School’s DNA since its inception in 1916 and the school’s New York City location has long attracted students to industries based in New York, financial services among them,” says Dan Gabriel, former director of employer relations in the CBS Career Management Center, in a Fortune article.
Compensation by Industry at Columbia
| Industry | % of Class | Base Salary | Other Guaranteed Compensation |
|---|---|---|---|
| Investment Banking | 16.4% | $175,000 | $50,000 |
| Investment Management | 7.5% | $160,000 | $65,000 |
| Private Equity | 5.6% | $175,000 | $71,000 |
| Venture Capital | 2.8% | $165,000 | $80,000 |
| Consumer Finance & Analytics | 1.7% | $140,000 | $30,000 |
Compensation by Function at Columbia
| Function | % of Class | Base Salary | Other Guaranteed Compensation |
|---|---|---|---|
| Investment Banking | 16.6% | $175,000 | $50,000 |
| Investment Management | 6.9% | $165,000 | $65,000 |
| Private Equity | 4.7% | $184,140 | $82,000 |
| Venture Capital | 2.3% | $170,000 | $65,000 |
| Corporate Finance | 1.8% | 142,800 | 52,000 |
Some of the top finance recruiters hiring 5 or more graduates include Morgan Stanley, JPMorgan Chase, AlixPartners, Bank of America, Citi, Goldman Sachs, Credit Suisse, Oliver Wyman, Oliver Wyman, Centerview Partners, Lazard, PJT Partners.
8. Chicago Booth
Booth is one of the top programs for an MBA in finance and ranked no. 2 by the U.S. News in 2024. Though popular as a finance program, the recent years have seen consulting overtaking finance in MBA recruitments.
Booth’s ‘Chicago Approach’ – provides a multidisciplinary framework focusing not only on rigorous analytical thinking and data-driven decision-making but also involves people management, and leadership skills; engaging students to question and challenge ideas and assumptions and finding better solutions to problems.
32.60% of the class got into the financial services industry, the median base salary being $175,000 and the median sign-on bonus being $47,000. 33.20% got into a finance function with median base salary of $175,000 and median sign-on bonus of $39,100.
Compensation by Industry at Booth
| % of Class | Median Base Salary | Median Sign-on Bonus | |
|---|---|---|---|
| Investment Banking/Brokerage | 11.10% | $175,000 | $50,000 |
| Private Equity | 9.10% | $166,500 | – |
| Diversified Financial Services | 6.20% | $175,000 | $47,000 |
| Investment Management/Research | 3.20% | $180,000 | $45,000 |
| Venture Capital | 2.20% | $150,000 | – |
Compensation by Function at Booth
| Function | % of class | Median Base Salary | Median Sign-On Bonus |
|---|---|---|---|
| Finance | 33.20% | $175,000 | $39,100 |
| Company Finance (Analysis/Treasury) | 2.40% | $150,000 | – |
| Investment Banking | 15.50% | $175,000 | $50,000 |
| Investment Management/Research | 2.20% | $177,500 | $50,000 |
| Private Equity | 7.80% | $169,000 | – |
| Venture Capital | 3.40% | $150,000 | – |
9. Virginia (Darden)
The MBA program is known for its very intensive curriculum. The school ranked 2nd among top 20 schools for having the highest number of MBA grads employed at 3 months. FT ranked it 4th globally for overall student satisfaction, and No. 2 in MBA aims achieved.
The 2023 class faced a challenging recruiting season leading to a dip in recruitment rates even in some of the leading MBA programs. Economic headwinds led to slowdown in job offers. Even the most prestigious MBA programs like Harvard, Stanford and Columbia were not spared.
Despite this, schools like Darden had a high post-MBA employment rate of 96% with the class mean starting salary rising steadily for the fifth consecutive year. For the 2023 class, it was $167,573.
26.2% of the 2023 class found jobs in financial services industry, the median salary being $175,000. In the last 3 years, the median base salary in financial services grew $30,000 from $145,000 in 2020.
Quoting assistant dean of the career center Jeff McNish “Our tremendous Career Center staff, dedicated alumni network and supportive faculty all come together to ensure that Darden graduates are able to access valuable employment opportunities and achieve positive outcomes.”
Recruiters include Morgan Stanley, UBS, Barclays, Bank of America, JP Morgan Chase, Citi, Wells Fargo among others.
You may be interested in: Why are MBA salaries so high?
10. New York University (Stern)
Ranked no. 3 by the U.S. News under the Best Finance MBA Programs, NYU Stern has an excellent location advantage being in the heart of New York City and minutes away from Wall Street.
This gives its students enough opportunities to visit companies, network and explore internships and job opportunities that might be the right fit for their career goals.
29.4% took jobs in the financial services industry with an average base salary of $167,104, median base salary of 175,000 and an average signing bonus $54,539.
31.4% opted for a finance/accounting function with an average base salary of $166,182, median of $175,000 and an average signing bonus of $53,237.
Compensation by Industry at Stern
| Industry | % of Class | Average Base Salary | Median Base Salary | Average Signing Bonus |
|---|---|---|---|---|
| Investment Banking | 23.30% | 1,71,773 | 1,75,000 | 55,984 |
| Asset Management | 1.70% | 1,65,000 | 1,40,000 | |
| Diversified Financial Services | 1% | 1,53,333 | 150,000 | 40,000 |
Compensation by function
| Industry | % of Class | Average Base Salary | Median Base Salary | Average Signing Bonus |
| Investment Banking | 19.50% | 1,77,553 | 1,75,000 | 57,518 |
| General/Corporate | 3.80% | 1,38,624 | 1,32,500 | 31,047 |
| Venture Capital | 2% | 1,45,000 | 1,40,000 | – |
| Private Equity | 1.70% | 1,66,667 | 1,90,000 | – |
| Private Wealth Management | 1.40% | 1,37,183 | 1,50,000 | 63,005 |
| Research – Equity Sell Side | 1% | 1,40,000 | 1,40,000 | – |
Some of the companies recruiting in finance include Atoll Financial Group, Bank of America, Barclays Capital Group, BlackRock, Guggenheim Partners, Houlihan Lokey, J.P. Morgan, Lazard, Morgan Stanley, Rothschild, BNY Mellon, Capital One, Goldman Sachs among others.
Also read: Salary increase after MBA: Here’s how much you can get across industries
What about high MBA salaries outside USA?
There are other schools outside the US like INSEAD with campuses in France and Singapore and London Business School (LBS) in London which offer world-class infrastructure, global faculty, industry ties and strong international placements.
They do not figure in the top salary list primarily due to the exchange rate conversions that push them below American schools. Nevertheless, these are phenomenal schools, so don’t write them off.
For example, at INSEAD, for the financial services sector, the overall mean salary was EUR 105,400, overall median salary was EUR 98,400, median sign-on bonus was EUR 33,400, median performance bonus was EUR 25,100.
At LBS, in finance, the mean salary was £100,268 and other compensation was £66,898.
These numbers may seem lower than the US schools even if we convert them into dollars, but what we’re doing here is comparing apples to oranges. To get a more accurate picture, we need to convert the compensation into dollar and make the PPP adjustment (which FT does while calculating the weighted salary).
Top Schools with Highest MBA in Finance Salaries
| FT Global MBA Rank | Business School | Average finance salary (by function) |
|---|---|---|
| 23 | Stanford | $205,182 |
| 1 | Wharton | $184,596 |
| 11 | Harvard | $183,381 |
| 6 | Northwestern – Kellogg | $176,901 |
| 12 | Dartmouth – Tuck | $173,319 |
| 6 | MIT – Sloan | $173,142 |
| 3 | Columbia | $171,425 |
| 10 | Chicago – Booth | $170,962 |
| 16 | Virginia – Darden | $167,573 |
| 21 | NYU – Stern | $166,182 |
MBA Crystal Ball has a solid track record of helping candidates get into these elite business schools, which in turn can pave the way to top-paying finance careers.
Reach out for professional help with your MBA applications: info@mbacrystalball.com
Also read:
– Highest salary increase after MBA: And the winner is…not Harvard, Stanford or Wharton
– Top countries for highest MBA salaries: Guess which industry & company ranks at the top
– Why are Consulting salaries so high?
– Technology jobs and salaries in investment banking after MBA
– Investment banking salary in USA, UK, Canada, India: How much do investment bankers make?
