I will teach you how to bring your life stories to essays faster with F1GMAT's essay guides. Download below or subscribe to F1GMAT's Service and work with me - Atul Jose, Author/Editor/Founding Consultant, F1GMAT(16 Years of helping applicants gain admissions to M7 and Top 30 schools) The highest salary benchmark of Chicago Booth has continued to be $225,000 in Investment Banking & Diversified Financial Services – higher than the offers received by Wharton and Stanford MBAs. However, Harvard MBA has also achieved the same compensation. Consulting gave a median income of $205,000 for career switchers, an increase of $10,000 from the prior year. Consulting remuneration was standardized at a $175,000 base salary in 2022 that was accepted by 35.5% of the Booth MBA Class.
Chicago Booth MBA Salary by Industry (2022)
The most popular industry - Consulting, paid $205,000, the second place after $225,000 in investment banking and diversified financial services. Technology was third with $181,500. The positions were the same as the previous year. However, the consulting and technology salaries increased by $10,000 and $9,000, respectively, with Investment Banking and Diversified Financial Services continuing with the same remuneration.
Sign-On Bonus: The median sign-on bonus for the Finance sector was $50,000, followed by that for the technology sector at $35,000, and consulting at $30,000. The Finance and Consulting industry had the same sign-on bonus. However, Technology’s sign-on bonus declined by $5000, and the decline in Technology placements could be one of the major reasons.
Offers: The only industry where there was no direct correlation between the percentage of offers and the median base salary was Finance, where employers expect applicants to have some level of expertise, whether functional or subject-matter. Consulting topped with 35.5% (raise of 1.5%) of all offers, followed by Finance which collectively attracted 35.1% of MBA grads. However, Technology saw the most significant decline of almost 8%.
| Chicago Booth MBA Salary by Industry (2022) | Percent Hired (2021) | Percent Hires (2022) | Median Base Salary (2022) | Median Sign-on Bonus (2022) | Total Salary (2022) | Total Salary (2021) |
|---|---|---|---|---|---|---|
| Consulting | 34% | 35.5% | $175,000 | $ 30,000 | $ 205,000 | $ 195,000 |
| Technology | 23% | 14.9% | $146,500 | $ 35,000 | $ 181,500 | $ 173,000 |
| Investment Banking/Brokerage | 7% | 10.8% | $175,000 | $ 50,000 | $ 225,000 | $ 225,000 |
| Private Equity | 7% | 7.1% | $160,000 | $25,000* | $ 185,000 | $ 175,000 |
| Diversified Financial Services | 6% | 7.2% | $175,000 | $ 50,000 | $ 225,000 | $ 225,000 |
Chicago Booth MBA Salary by Function (2022)
The trend in salaries by function is consistent with the industry, with Investment Banking leading and Consulting trailing. However, Consulting observed an increment in the salary by $10,000 while Investment Banking remained the same. For PE, a conservative estimate of $30,000 is assumed (not disclosed) while benchmarking against peers from MIT Sloan ($15,000), Wharton ($25,000), Harvard ($40,000), and Stanford ($32,365).
Fourth place, Product Management earned a total compensation of $187,500, nearly a $15,000 increase, with an anticipated median sign-on bonus of $39,000. (highest rise in salary).
Chicago Booth MBAs favored consulting the most. Finance functions, which made up 23% of consulting recruits, were second. In third place is the Product Management function with 7.8% whereas General Management saw a fall of 2% hirings. The Corporate Strategy/Planning function witnessed the biggest decline in hiring rates of almost 4%.
| Chicago Booth MBA Salary by Function | Percent Hired (2021) | Percent Hired (2022) | Median Base Salary (2022) | Median Sign-on Bonus (2022) | Total Salary (2022) | Total Salary (2021) |
|---|---|---|---|---|---|---|
| Consulting | 36% | 36.8% | $ 175,000 | $ 30,000 | $205,000 | $ 195,000 |
| Investment Banking | 11% | 15.4% | $ 175,000 | $ 50,000 | $225,000 | $ 225,000 |
| Product Management (Tech) | 7% | 7.8% | $ 148,500 | $39,000 | $187,500 | $ 172,750 |
| Corporate Strategy/Strategic Planning | 7% | 3.7% | $ 147,500 | $ 30,000 | $177,500 | $ 164,000 |
| Private Equity | 6% | 8.4% | $ 150,000 | $29,000* | $179,000 | $ 179,000 |
Related: F1GMAT's Chicago Booth MBA Essay Guide (Samples Included)
Chicago Booth MBA Salary by Locations (2022 vs 2021)
94.1% of all employment by Chicago Booth MBAs was secured in North America, which increased by 2%, lowering the international placements and the balance of 5.9% internationally. There was a gap in remuneration between the median base salary in the US, which stood at $175,000, whereas internationally, the offers were at a low of $129,500. The US and International median base remuneration rose by $15,000 and $19,000, respectively. 3% of international jobs in Asia and the remaining 1.7% in Latin America observed around a 3% decline. Tokyo and Mexico City could explain the discrepancy.
27% of MBAs from the class of 2021 accepted offers in Chicago (Midwest US), which declined by 3%, for the second-highest median base salary of $175,000. The highest remuneration was offered at Dallas and Houston, i.e., 190,000. In the Northeast, Booth MBAs received the highest median base salary of $175,000 in New York (25.1%), whereas Boston offers were considerably lower at $150,000.
The South had a lower median base salary of around $151,000. Seattle, chosen by nearly 5.2% of MBAs, offered the lowest median base salary of $152,000.
Chicago Booth MBA Top Employers (2022 vs. 2021)
The top 5 employers make 32.5% of all hires at Chicago Booth. With 11.1% of all hires, McKinsey is the company of choice. Three of Chicago Booth's top five hiring companies are consulting firms with MBB affiliations. The major hike in the number of hires was observed at McKinsey & Company, Inc., Boston Consulting Group, and Bain & Company, Inc., which hired 15, 17, and 10 more MBA grads compared to last year.
The only technology company to make it into the top 5 is Amazon. Finance, consulting, and technology companies make up the majority of the top employers in the bottom half of the list, with consulting once more dominating (representing more than 50% of the top 11 employers).
| Rank | Top 11 Employers | No. of Hires (2021) | No. of Hires (2022) | Percent Hired (2022) |
|---|---|---|---|---|
| 1 | McKinsey & Company, Inc. | 46 | 61 | 11.3% |
| 2 | Boston Consulting Group | 36 | 53 | 9.9% |
| 3 | Amazon.com, Inc. | 34 | 22 | 4.1% |
| 4 | Bain & Company, Inc. | 18 | 28 | 5.2% |
| 5 | Credit Suisse | 10 | 11 | 2% |
| 6 | Kearney | 9 | 7 | 1.3% |
| 7 | Bank of America Corporation | 8 | 6 | 1.1% |
| 7 | Goldman Sachs Group Inc. | 8 | 11 | 2% |
| 7 | 8 | 11 | 2% | |
| 7 | JPMorgan Chase & Co. | 8 | 8 | 1.5% |
| 7 | PwC Strategy& | 8 | 9 | 1.7% |
| 8 | Deloitte Consulting | 7 | 5 | 0.9% |
| 9 | Accenture | 6 | Nil | NA |
| 9 | Morgan Stanley | 6 | 5 | 0.9% |
| 10 | Citigroup, Inc. | 5 | 7 | 1.3% |
| 11 | Adobe, Inc. | 4 | 5 | 0.9% |
Chicago Booth MBA Career Service Team - Effectiveness (2022)
77.5% or 417 Booth MBA grads hires were school-facilitated, and this number rose by 2.5% compared to the last year's data. Out of total school-facilitated hires, 45% (a decline of 5%) were through employers recruiting interns, emphasizing the importance of summer internships. The wider network facilitated a further 12.1% of jobs within Booth – job boards, fellows, faculty, student groups, treks, and GTS (Global Talent Solutions). In the last year, this percentage was 20%, drastically falling by 8%. On-campus Interviews consisted of 8.2% of the total school-facilitated hires. The source of the almost 22.5% of student-facilitated offers was evenly split between prior/personal contacts, external employment platforms, and industry events, which fell by 2.5% due to an increase in school-facilitated placements.
Related Download
F1GMAT's Chicago Booth MBA Essay Guide
References
