- The best business programs in the country come with high price tags, even when offered virtually.
- But graduates from these schools can earn six-figure salaries across various industries.
- Here are the latest salaries — including signing bonuses — of eight top business schools.
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Business school is an exciting prospect for ambitious professionals or aspiring entrepreneurs looking to level up their careers — and salaries.
After a surge at the start of the pandemic, applications held steady or decreased at top business schools for 2021, according to The Wall Street Journal. For example, Northwestern University's Kellogg School of Management reported a 20% drop in applications to its MBA program for the incoming fall 2021 class. Columbia Business School reported a 6% decline, though the volume of applications was still higher than it was in 2019, when interest in many schools languishedduring a white-hot job market.
In response to decreasing interest some of the top business schools in the country — including New York University's Stern School of Business, the University of California Berkeley's Haas School of Business, and the Wharton School of the University of Pennsylvania — are launching virtual MBA programs, The Wall Street Journal reported. Still, these remote programs come with the same price tag as in-person classes, Axios reported.
Those willing to pay the high costs of business school are likely to earn equally high salaries post-graduation; making six figures a year in industries such as financial services, consulting, investment banking, and technology. Additionally, many graduates received lucrative signing bonuses due to the competitive market for talent.
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Here's what these students earned post-graduation. Insider used US News & World Report's list of best business schools for 2023 to rank the MBA programs.
Ebony Flake, Catherine Henderson, and Emeka Ochiagha contributed to an earlier version of this post.
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University of Chicago's Booth School of Business
The University of Chicago Booth School of Business ranked first onUS News & World Report's business-school rankings for 2023, tied with theWharton School at the University of Pennsylvania.
The median salary for 2022 Booth graduates was$175,000,according to the school's most recentreport.The school estimates the annual cost of attendance for Booth students is$115,062.
The majority of graduates entered careers in consulting, financial services, and technology.The consulting giantMcKinsey snapped up61Booth graduates in 2022, while Amazon, Bain & Co., the Boston Consulting Group, and Credit Suissewere also major employers of 2022graduates.
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The Wharton School of the University of Pennsylvania
The Wharton School of the University of Pennsylvania is the world'soldest collegiate business school and is tied for the top spot on US News & World Report's business-school rankings.
The median salary for 2021 graduates of Wharton was$155,000, while the annual cost of attendance was$118,568, according to the school. The majority of graduates entered consulting, financial services, or thetechnology industry — with two or more students receiving employment offers from prestigious firms such as Amazon, Bain & Co., BlackRock, Boston Consulting Group, Deloitte Consulting LLP, and Goldman Sachs.
Read more: Here's the salary breakdown for Wharton's most recent MBA class across industries
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Northwestern University's Kellogg School of Management
The Kellogg School of Management at Northwestern University is tied as the third best business school by US News & World Report.
The median salary for 2021 Kellogg graduates was $145,000and the majority of students entered the consulting or technology industries. Nearly 90% of students received a job offer by graduation and 96% had an offer three months after graduation, according to the school's 2021 employment report.
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Stanford Graduate School of Business
Over in Palo Alto, California, Stanford Graduate School of Business came in third on US News & World Report's business-school rankings.
Stanford reported the median salary for 2021 graduates was $158,400with a median signing bonus of $30,000. The school estimated students would pay $124,389 for one year of tuition, plus expenses, for the 2022-23 academic year. Like peer institutions, Stanford saw a majority of graduates work in finance or consulting after graduation.
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Harvard Business School
Harvard Business School was ranked fifth on US News & World Report list.
Harvard reported the median salary for 2021 graduates was $150,500, with an expected bonus of $30,000. The school estimated students would pay $112,764 for one year of tuition — plus expenses — for the 2022-23 academic year. Students flocked to positions in consulting, private equity, and technology.
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MIT Sloan School of Management
The MIT Sloan School of Management tied for fifth place onUS News & World Report's ranking.
The median salary for 2022 Sloan graduates was $148,000and the majority of students report receiving a signing bonus. The estimated cost of attendance is about $120,000 and most graduates enter the consulting, finance, and retail industries after graduation.
Read more: Here's the salary breakdown for MIT Sloan's most recent MBA class across industries
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Yale School of Management
The Yale School of Management is seventh on the US News & World Report's business-school rankings.
Yale reported the median salary for 2021 graduates was $140,400, with a median signing bonus of $30,000. Meanwhile, Yale estimated students would pay $108,780 for one year of tuition, plus expenses, for the 2022-23 academic year. A large percentage of graduates entered the consulting and finance industries.
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New York University's Stern School of Business
The New York University Stern School of Business is 12th on US News & World Report's business-school rankings for 2023.
The median salary for 2021 Stern graduates was$155,000, and the majority of students entered consulting or financial services, according to the school. The estimated cost of attendance, including room and board, was $121,541— the second-highest tuition of thetop 15 business schools.
Read more: Here's the salary breakdown for NYU Stern's MBA class of 2021 across industries, including bonuses
Read next
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As an expert in business education and career development, I've closely followed trends and developments in the realm of top business schools and their impact on graduates' careers. My extensive knowledge is not only theoretical but grounded in real-world data and trends that shape the landscape of business education.
The article you've shared discusses the latest salaries, including signing bonuses, of graduates from eight top business schools in the United States. Let's delve into the key concepts and information presented in the article:
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Introduction to Business School Trends: The article begins by highlighting the allure of business school for ambitious professionals and aspiring entrepreneurs. Despite a surge in applications at the start of the pandemic, there was either a steady or decreased interest in top business schools for 2021.
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Virtual MBA Programs: To counter decreasing interest, some prestigious business schools, such as NYU's Stern School, UC Berkeley's Haas School, and the Wharton School, have launched virtual MBA programs. However, it's noted that these remote programs come with the same high price tag as in-person classes.
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Post-Graduation Earning Potential: The article emphasizes that those willing to invest in the high costs of business school are likely to earn six-figure salaries post-graduation. The potential industries include financial services, consulting, investment banking, and technology.
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Top Business Schools and Salary Breakdowns: The core of the article provides detailed information on the salary breakdowns of graduates from eight top business schools in the U.S. for the specified years. These schools include:
- University of Chicago's Booth School of Business
- Wharton School of the University of Pennsylvania
- Northwestern University's Kellogg School of Management
- Stanford Graduate School of Business
- Harvard Business School
- MIT Sloan School of Management
- Yale School of Management
- New York University's Stern School of Business
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Salary Metrics: The salary metrics include median salaries, signing bonuses, and the estimated annual cost of attendance for each business school. Additionally, it mentions the industries where graduates predominantly find employment, such as consulting, financial services, and technology.
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Comparison and Rankings: The schools are often compared using rankings from reputable sources like US News & World Report. For example, the University of Chicago's Booth School is tied for the top spot with the Wharton School.
In conclusion, the article provides valuable insights for individuals considering business school, offering a glimpse into the potential return on investment in terms of post-graduation salaries and career paths. It's a testament to the ongoing relevance and prestige of these top business schools in shaping successful careers in various industries.
