Chicago Booth has set a new record in post-MBA total salary by reaching $225,000 in Investment Banking & Diversified Financial Services – higher than the offers received by Harvard, Wharton, or Stanford MBAs. Despite the remuneration, the opportunities were for those from the industry. For career switchers, Consulting offered a total median salary of $195,000, standardized by a $165,000 base salary in 2021 that contributed to placing close to 40% to the function.
In this in-depth analysis of the Chicago Booth MBA Employment trends and Salary for the 2021 Graduating Class, we cover:
- Chicago Booth MBA Salary by Industry (2021)
- Chicago Booth MBA Salary by Function (2021)
- Chicago Booth MBA Salary by Location (2021)
- Chicago Booth MBA Top 11 Employers (2021)
- Chicago Booth MBA Career Service Team - Effectiveness (2021)
Chicago Booth MBA Salary by Industry (2021)
Consulting, the most chosen industry, offered the second highest salary of $195,000, behind Investment Banking and Diversified Financial Service ($225,000). Technology was at third with $173,000.
Sign-On Bonus: Finance offered the highest median sign-on bonuses of $50,000, followed by technology at $40,000 and consulting with the lowest median sign-on bonus of $30,000.
Offers: There was a direct correlation between the percentage of offers in an industry and the median base salary, with the only exception remaining in Finance as the industry expects some experience – functional or subject matter, to attract offers. Consulting topped with 34% of all offers, followed by technology at 23%. Finance collectively attracted 20% of MBA hires in the function. Investment Banking and Private Equity are tied in third place, with each featuring 7% of graduates hired.
| Chicago Booth MBA Salary by Industry | Percent Hired | Median Base Salary | Median Sign-on Bonus | Total Salary |
|---|---|---|---|---|
| Consulting | 34% | $165,000 | $30,000 | $195,000 |
| Technology | 23% | $133,000 | $40,000 | $173,000 |
| Investment Banking/Brokerage | 7% | $175,000 | $50,000 | $225,000 |
| Private Equity | 7% | $150,000 | $25,000* | $175,000 |
| Diversified Financial Services | 6% | $175,000 | $50,000 | $225,000 |
Chicago Booth MBA Salary by Function (2021)
Salary trend by Function follows the same trend as industry with Investment Banking in the lead and Consulting at second. Since the bonus for PE was not mentioned, we are using a conservative estimate of $29,000 (calculated by comparing peers - MIT Sloan ($15,000), Harvard ($40,000), Wharton ($25,000) and Stanford ($32,365)).
Product Management was at fourth place with an estimated median sign-on bonus at $28,750 (calculated from peers - MIT Sloan ($25,000), Harvard ($25,000), Wharton ($35,000) and Stanford ($32,500)).
Consulting was the most chosen function by Chicago Booth MBAs, followed by Finance functions representing half the hires in Consulting, at 18%. In third place is the General Management function of Corporate Strategy/Planning, tied with Product Management.
| Chicago Booth MBA Salary by Function | Percent Hired | Median Base Salary | Median Sign-on Bonus | Total Salary |
|---|---|---|---|---|
| Consulting | 36% | $165,000 | $30,000 | $195,000 |
| Investment Banking | 11% | $175,000 | $50,000 | $225,000 |
| Product Management (Tech) | 7% | $144,000 | $28,750* | $172,750 |
| Corporate Strategy/Strategic Planning | 7% | $139,000 | $25,000 | $164,000 |
| Private Equity | 6% | $150,000 | $29,000* | $179,000 |
*Estimated based on peer schools
Chicago Booth MBA Salary by Location (2021)
92% of all employment by Chicago Booth MBAs was secured in North America and the balance 8% internationally. There was a gap in remuneration between median base salary in the US that stood at $158,000 whereas internationally, the offers were at a low of $110,000. 3% of international jobs in Asia and the remaining 5% in Latin America. Tokyo and Mexico City could explain the discrepancy.
30% of MBAs from the class of 2021 accepted offers in Chicago (Midwest US) for the second-highest median base salary of $160,000. In the Northeast, Booth MBAs secured the highest median base salary of $165,000 in New York (18%), whereas Boston was considerably lower by $25,000 at $140,000.
The West had a lower median base salary at around $159,000 in the Bay Area and Los Angeles. Seattle, chosen by nearly 7% of MBAs, offered the lowest median base salary of $130,000.
Chicago Booth MBA Top 11 Employers (2021)
The top 5 employers at Chicago Booth account for 31% of all hires. McKinsey leads hiring, representing 10% of all hires. MBB consulting firms represent 3 of the top 5 hiring firms at Chicago Booth.
Amazon is the only Technology firm to make it to the top 5 list. The lower half of the top employer list is evenly split between Finance, Consulting, and Technology firms, with Consulting again showing dominance (more than 50% of top 11 employers).
| Rank | Top 11 Employers (Booth MBA) | No. of Hires | Percent Hired |
|---|---|---|---|
| 1 | McKinsey & Company, Inc. | 46 | 10% |
| 2 | Boston Consulting Group | 36 | 8% |
| 3 | Amazon.com, Inc. | 34 | 7% |
| 4 | Bain & Company, Inc. | 18 | 4% |
| 5 | Credit Suisse | 10 | 2% |
| 6 | Kearney | 9 | 2% |
| 7 | Bank of America Corporation | 8 | 2% |
| 7 | Goldman Sachs Group Inc. | 8 | 2% |
| 7 | 8 | 2% | |
| 7 | JPMorgan Chase & Co. | 8 | 2% |
| 7 | PwC Strategy& | 8 | 2% |
| 8 | Deloitte Consulting | 7 | 2% |
| 9 | Accenture | 6 | 1% |
| 9 | Morgan Stanley | 6 | 1% |
| 9 | Pepsico, Inc. | 6 | 1% |
| 10 | Citigroup, Inc. | 5 | 1% |
| 10 | ServiceNow, Inc. | 5 | 1% |
| 10 | Wayfair LLC | 5 | 1% |
| 11 | Adobe, Inc. | 4 | 1% |
| 11 | EY-Parthenon | 4 | 1% |
| 11 | Keystone Strategy, Inc. | 4 | 1% |
| 11 | The Kraft Heinz Company | 4 | 1% |
Chicago Booth MBA Career Service Team - Effectiveness (2021)
75% of all MBA hires were school-facilitated, out of which 50% were through employers recruiting interns, emphasizing the importance of summer internships. A further 20% of jobs were facilitated by the wider network within Booth – job boards, fellows, faculty, student groups, treks, and GTS (Global Talent Solutions). Of the nearly 25% student-facilitated offers, the source was an even split between prior/personal contact, external job platforms, or industry events.
Related Services
• F1GMAT’s Career Planning Service
• F1GMAT’s Essay Review Service
Related Books
• F1GMAT’s Chicago Booth MBA Essay Guide
• F1GMAT’s Winning MBA Essay Guide (Includes Chicago Booth MBA Essay Tips and Samples)
Reference