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留学参考:What MBAs Make In Their First Year Of Work  

2017-01-23 03:49:28|  分类: DIY留学综合信息 |  标签: |举报 |字号 订阅

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留学参考:What MBAs Make In Their First Year Of Work

 

BY: JOHN A. BYRNE ON JANUARY 19, 2017

 

 

For the MBA graduates of top business schools in 2016, it was another record year of starting pay.

The vast majority of schools are reporting the highest levels of compensation ever received by their graduating MBA classes, though last year’s increase at most schools was minimal after a sharper rise in 2015.

For the M7 schools, that elite group of MBA programs thought to be at the top of the food chain, the overall increase in total median compensation—which includes base salary, sign-on bonus and other guaranteed compensation— this year was just 1.4% this year to $149,871. Among those top schools, Harvard Business School was at the high end of growth, with a total pay rise of 4.5%, while Stanford Graduate School of Business saw a 2.2% increase. The only M7 school to report a decline was MIT Sloan where total pay fell slightly to $145,826 from $147,729 a year earlier.

STANFORD MBAS LEAD THE PAY SWEEPSTAKES AGAIN, LANDING TOTAL PAY OF $163,827

Once again, Stanford MBAs scored the highest median compensation packages, adjusted for the percentage of students reporting sign-on bonuses and other guarantee compensation. At Stanford, total first-year compensation came to $163,827, up from $160,287 in 2015. Harvard Business School was next with total pay of $158,080, followed by a few schools that would surprise most observers.

Class of 2016 MBAs from New York University’s Stern School ($153,635), the University of Virginia’s Darden School of Business ($150,688), and the University of Michigan’s Ross School of Business ($150,606) came in right after Stanford and Harvard and were among the only five schools where student median total compensation exceeded $150,000. Graduating MBAs at Dartmouth College’s Tuck School of Business and UPenn’s Wharton School just missed the $150K mark, bringing in $149,732 and $148,892, respectively.

This year’s more tepid increase is, no doubt, a consequence of fewer MBAs going into finance, where “other guaranteed compensation” tends to be highest. That category of compensation pushes Stanford into the top because median other guaranteed pay for Stanford grads came to $40,750 last year and was reported by 35% of the MBAs. (We use median numbers because some students are at the extreme levels of pay and can have too large an impact on averages, especially at schools with smaller classes sizes. At Stanford, for example, the highest other guaranteed compensation number for a single student last year was $400,000.)

THE MOST TYPICAL PAY PACKAGE AT A TOP SCHOOL: $125K TO START WITH A $25K SIGNING BONUS

By and large, the standard median offer at leading schools was a $125,000 base salary and a $25,000 signing bonus. Stanford and Harvard were the only two schools where MBAs reported higher median base salaries at $136,000 and $135,000, respectively. None of the top schools reported median salaries below six figures.

Ask a career director about MBA pay and employment in 2016 and you get nothing but positive responses. “It’s been a good year,” says Sheryle Dirks, associate dean for career management at Duke University’s Fuqua School of Business. “It is an incredibly positive year, and we’re incredibly proud of where our students landed,” says Liza Kirkpatrick, the new director of the career management center forfull-time MBAs at Northwestern University’s Kellogg School of Management. “Some 96% of the students received offers three months after graduation. We have a great median base salary and deep relationships with employers who value the talent pipeline.”

At 27 of the leading U.S. business schools, total median pay rose for MBAs graduating from 22 schools. The largest year-over-year percentage increases occurred at Washington University’s Olin School of Business, up 12.8% to $126,550; UCLA’s Anderson School of Management, up 9.7% to $145,770; Vanderbilt University’s Owen School of Management, up 7.3% to $132,040; the University of Washington’s Foster School, up 6.9% to 141,121, and New York University’s Stern School of Business, up 6.5% to $153,635 (see our table at increases and declines in total pay in 2016).

In fact, the MBA job market was so good that many graduates became more choosy–not for money but for the right company or industry. Several schools reported that the percentage of grads who had accepted their jobs at graduation and within three months of commencement trailed previous years. At Stanford, for example, just 82% of the grads had said ‘yes’ to a job offer within three months of graduation, even though 90% had job offers in hand. But an increasing number of students last year sought jobs with early state companies and startups that do just-in-time recruiting.

SOME MILLENNIAL MBAS ARE TURNING DOWN HIGHER PAYING JOBS TO DO PURSUE PASSIONS

And at a number of schools, millennials turned down more lucrative offers in favor of dream jobs they preferred. When Jake Qian graduated from UC-Berkeley’s MBA program last year, he passed on a job offer from Google to take a position at baby food company Plum Organics for about half the pay (seeTurning Down Google To Work Elsewhere For Half The Pay).

Another classmate, Caitlin Fitzpatrick, took a retail marketing manager at Lucy Activewear after interning at Apple. While working for the maker of the iPhone was a great experience, Fitzpatrick—who grew up swimming and skiing and now runs, rock climbs, and does yoga—was determined to work in sports retail. Even more intriguing, both students were singled out by Berkeley Haas in a news release about its 2016 employment report which showed that average salaries had declined slightly from year-earlier levels, partly due to a near tripling of students who went into lower-paying jobs in consumer packaged goods companies and retailers.

SCHOOLS THAT SEND MORE MBAS INTO FINANCE TEND TO DO BEST IN PAY

Stanford also tends to benefit from the outsized number of students (19%) headed into private equity and venture capital, two of the most lucrative industries for freshly-minted MBAs. The median starting salary in PE for the 12% of the class that landed those jobs was a whopping $177,500 last year, some $41,500 more than the overall class median base salary of $136,000. The median for Stanford MBAs going into venture capital, roughly 7% of the class, was $167,500, some $31,500 over the class.

In almost all cases, the very highest starting salaries went to students headed into the financial world. Harvard Business School’s highest reported median salaries went to graduates who accepted jobs with hedge funds and PE, VC and buyout shops. Those graduates pocketed starting median salary of $150,000. Yet, in the 75th percentile of those offers, the numbers came to medians of $177,500 in hedge funds and $165,000 in private equity and venture capital. More seductively, other guaranteed compensation at HBS for students lucky enough to get a hedge fund job came to a whopping $125,000 median, received by 23% of the students. At Wharton, this year’s highest median salary for any industry was $150,000 for graduates in PE and buyout firms and $145,000 for those who went into venture capital.

Consulting and high tech firms continue to increase their hiring of MBAs and their year-end bonus awards tend to be less common than they are at many firms in the financial sector. But the elite consulting firms, in particular, raised the ante again at leading schools last year in hiring talent. At the University of Chicago’s Booth School of Business and a host of other top schools from Wharton to Northwestern University’s Kellogg School of Management, starting salary offers to new MBA graduates reached a median of $145,000 with a $25,000 signing bonus. That’s $5,000 more than a year earlier when the median salary was $140,000 at top schools and $10,000 more than only two years ago when the standard offer was $135,000 to start.

 

CONSULTING FIRMS ALSO GETTING MORE AGGRESSIVE WITH OFFERS

At Booth, the $145K starting salary in consulting in 2016 was higher than any other industry, including private equity, venture capital and investment management. The $170,000 salary-and-bonus packages, moreover, do not include tuition reimbursement, even though several consulting firms now pay summer interns who accept a job offer their second year of tuition as an inducement to join their firms. At Booth, a year of tuition costs $66,540. For MBA students at leading schools lucky enough to land an internship and an offer, the first year compensation deal is now nearly a quarter of a million dollars at $236,540, though the $66,540 would not be reported in the official stats from the school.

In fact, that leads to another issue. These numbers tend to be conserative because they did not include such benefits as tuition reimbursement, paid relocation expenses, auto allowances, profit sharing plans, stock options or restricted stock awards, and a few other perks. Yet, some of these benefits add up quickly. At some schools, such as Stanford and UC-Berkeley’s Haas School of Business, as many as a third or more of the graduates are awarded equity that is unaccounted for in these numbers. Totals also are impacted, of course, by student career choices, from the companies and industries they decide to work for to the location of the job. Schools that have a sizable portion of their grads returning to Latin America, the Middle East and India, where employers pay much less, also will see downward pressure on their overall salary stats as they convert those comp numbers into U.S. currency.

How schools report salary and employment stats is all over the map. Most of the data here was collected from the schools by Poets&Quants outside of the reporting in their 2016 employment reports. Some schools report both median and mean numbers for salary. Others only provide one  set. Some schools don’t even bother to report overall numbers but rather figures for each industry or function. Some schools report sign-on bonuses without the percentages of students who received them. Other schools fail to note “other guaranteed compensation” or the percentage of students who reported that extra level of pay.

‘VARIANCE AROUND ‘OTHER GUARANTEED COMPENSATION’ NUMBERS

And still other schools might include things in “other guaranteed comp” that aren’t technically allowed by the standards of the MBA Career Services & Employer Alliance, which sets guidelines on how business schools should report on pay and employment. The CSEA standards state that other guaranteed compensation may include a guaranteed annual bonus and guaranteed “overtime” compensation. Stock options, relocation, tuition reimbursement, and moving expenses are now allowed. This year only two major schools declined to provide numbers for other guaranteed compensation: Tuck and Kellogg.

“I suspect you’ll see a lot of variance around the ‘other guaranteed compensation,’ explains Eric D. Johnson, director of graduate career services at Indiana University’s Kelley School of Business. “It’s my understanding that schools vary in their interpretation of what this is asking for. We adhere to a pretty by-the-book definition, and hence our number is low. We don’t count relocation or target annual bonuses, for instance.”

For the first time ever last year, Stanford reported a new compensation stat called “expected bonus” which included both guaranteed and non-guaranteed compensation. The school found that 61% of its graduates reported an average expected bonus of $66,341, much larger than the $38,750 average, because the range of the expected bonus was $5,000 to $500,000. Wishful thinking on the high end? Maybe. But few MBAs are either shy or lacking in confidence.

 

Total Median Starting Pay For The Class of 2016

Once again, graduating MBAs at Stanford University’s Graduate School of Buienss topped all B-school grads in 2016, landing total median compensation packages of $163,827. Harvard Business School MBAs were not far behind, with $158,080 in total first-year pay. The big surprise? The other three of the only five schools above $150K were NYU Stern, Virginia Darden, and Michigan Ross.

School Total First-Year Compensation Base Salary Sign-On Bonus % Getting Sign-On Bonus Other Guaranteed Compensation % Getting Other Compensation
Stanford GSB $163.827 $136.000 $25.000 55.0% $40.750 35.0%
Harvard $158.080 $135.000 $25.000 68.0% $32.000 19.0%
New York (Stern) $153.635 $125.000 $30.000 77.2% $25.000 21.9%
Virginia (Darden) $150.688 $125.000 $25.000 89.3% $16.300 20.6%
Michigan (Ross) $150.606 $120.000 $25.000 91.5% $15.000 51.5%
Dartmouth (Tuck) $149,732* $125.000 $25.000 87.0% $18,100* 16.5%*
UPenn (Wharton) $148.892 $125.000 $25.000 74.5% $25.000 21.1%
Yale SOM $148.761 $120.000 NA NA $34,000* 70.0%
Columbia $147.000 $125.000 $25.000 66.3% $25.000 21.8%
MIT (Sloan) $145.826 $125.000 $25.000 66.1% $19.500 22.1%
UCLA (Anderson) $145.770 $121.250 $25.000 70.8% $20.000 34.1%
Chicago (Booth) $145.723 $125.000 $25.000 66.0% $25.000 17.0%
UC-Berkeley (Haas) $145.652 $125.000 $24.777 71.0% $18.000 17.0%
Cornell (Johnson) $143.026 $120.000 $25.000 81.0% $17.400 16.0%
Northwestern (Kellogg) $142,407* $125.000 $25.000 59.0% $17,713* 15.0%*
Duke (Fuqua) $141.871 $120.000 $25.000 80.0% $20.500 9.0%
Washington (Foster) $141.121 $115.000 $25.500 74.7% $20.500 34.5%
Carnegie Mellon (Tepper) $138.990 $117.000 $25.000 82.4% $10,000 13.9%
Texas-Austin (McCombs) $135.888 $115.000 $25.000 75.2% $14.500 14.4%
Emory (Goizueta) $133.908 $110.000 $25.000 79.0% $12.480 28.0%
Vanderbilt (Owen) $132.040 $110.000 $25.000 78.0% $17.125 17.0%
Minnesota (Carlson) $130.914 $106.410 $23.500 79.0% $12.636 47.0%
UNC (Kenan-Flagler) $129.797 $110.000 $22.500 81.8% $11.604 12.0%
Indiana (Kelley) $128.654 $110.000 $22.000 83.2% $10,000 3.5%
USC (Marshall) $127.650 $115.000 $20.000 40.0% $15.000 31.0%
Washington (Olin) $126.550 $100,000 $25.000 62.0% $15.000 7.0%
Georgetown (McDonough $123.090 $105.000 $25.000 65.0% $18.400 10.0%

All numbers are medians. * Indicates an estimate because the school declines to reveal other guaranteed compensation. ** Yale SOM includes signing bonus and other guaranteed compensation in one reported number
Source: Poets&Quants Analysis Get the data

 

Increases & Declines In MBA Pay At Top U.S. Schools

2016 was a great year for MBA pay. At 27 leading U.S. business schools, total median compensation for graduates was on the rise at 22 schools. In many cases, the increases numbers significant. The biggest percentage rises occurred at Washington University’s Olin School of Business, which saw a 12.8% increase, and at UCLA’s Anderson School of Management, experienced a 9.7% jump in total median pay. Compensation fell at only five of the 27 schools and only ever so slightly.

School 2016 Total Compensation 2015 Total Compensation % Change
Stanford GSB $163.827 $160.287 2.2%
Harvard $158.080 $151.211 4.5%
New York (Stern) $153.635 $144.199 6.5%
Virginia (Darden) $150.688 $149.545 0.8%
Michigan (Ross) $150.606 $149.960 0.4%
Dartmouth (Tuck) $149,732* $148,987* 0.5%
UPenn (Wharton) $148.892 $146.303 1.8%
Yale SOM $148.761 $146.514 1.5%
Columbia $147.000 $146.645 0.2%
MIT (Sloan) $145.826 $147.729 -1.3%
UCLA (Anderson) $145.770 $132.939 9.7%
Chicago (Booth) $145.723 $143.495 1.6%
UC-Berkeley (Haas) $145.652 $147.457 -1.2%
Cornell (Johnson) $143.026 $147.571 -3.1%
Northwestern (Kellogg) $142,407* $142,250* 0.1%
Duke (Fuqua) $141.871 $144.130 -1.6%
Washington (Foster) $141.121 $131.979 6.9%
Carnegie Mellon (Tepper) $138.990 $138.867 0.1%
Texas-Austin (McCombs) $135.888 $134.641 0.9%
Emory (Goizueta) $133.908 $132.766 0.9%
Vanderbilt (Owen) $132.040 $123.031 7.3%
Minnesota (Carlson) $130.914 $128.694 1.7%
UNC (Kenan-Flagler) $129.797 $128.662 0.9%
Indiana (Kelley) $128.654 $124.287 3.5%
USC (Marshall) $127.650 $119.938 6.4%
Washington (Olin) $126.550 $112.185 12.8%
Georgetown (McDonough $123.090 $124.662 -1.3%

Total median compensation includes median base salary, median sign-on bonus, and median other guaranteed compensation, with bonuses and other comp adjusted for the percentage of graduates receiving that extra compensation. *Total median pay based on an estimate of other guaranteed compensation which was not disclosed by only two schools: Tuck and Kellogg.

Source: Poets&Quants Analysis Get the data

 

 

以上内容摘自:

http://poetsandquants.com/2017/01/19/mbas-make-first-year-work/ 

 

 

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