Chicago Booth MBA Salary by Industry (2023)
In 2023, Chicago Booth MBA graduates experienced a range-bound compensation package where Finance and Consulting had some of the best offers while Technology was on the lower end of the spectrum for M7 schools.
Consumer Products and Healthcare secured substantially lower base salaries, even for an M7 school.
| Chicago Booth MBA Salary By Industry | Percent Hired | Median Base Salary |
| Consulting | 38.6% | $192,000 |
| Consumer Products | 2.2% | $124,000 |
| Financial Services | 32.6% | $175,000 |
| Healthcare | 2.8% | $137,500 |
| Technology | 15.5% | $157,050 |
| Investment Banking/Brokerage | 11.1% | $175,000 |
| Diversified Financial Services | 6.2% | $175,000 |
The total salary metrics were competitive primarily from the consulting offers that claimed the top spot with 38.60% of placements. The sector not only boasted a substantial employment percentage but also showcased impressive financial rewards, featuring a median base salary of $192,000 and a generous median sign-on bonus of $30,000, resulting in a total salary of $222,000.
Financial services proved to be another robust sector, securing 32.60% of graduates with a median base salary of $175,000 that has become a standard for M7 schools in 2023 and one of the highest sign-on bonuses of $47,000, contributing to an impressive total salary of $222,000.
The technology industry, accounting for 15.50% of placements, offered a lower-range median base salary of $157,050 for an M7 school.
Related: Chicago Booth MBA Salary Trends - By Industry (2021 vs. 2022 vs. 2023)
Chicago Booth MBA Salary by Function (2023)
In 2023, Consulting emerged as the predominant choice, with 39.40% of graduates opting for this function. Known for its handsome compensation, Consulting reported a median base salary of $192,000, accompanied by a $30,000 sign-on bonus, resulting in a total salary of $222,000.
Investment banking claimed 15.50% of placements, offering a solid median base salary of $175,000 and a significant sign-on bonus of $50,000, contributing to a total salary of $225,000.
Product Management in the Tech sector attracted 8.70% of graduates, featuring a competitive median base salary of $165,000 and a $35,000 sign-on bonus, resulting in a total salary of $200,000.
Surprisingly, Strategic planning, a sub-function of Corporate Finance and, in some cases, Consulting, had a below part $150,000 median base salary and an average median sign-on bonus, keeping the total salary below the $200,000 mark.
The same trend continues for the General Management function, which had even a far lower median base salary – dipping below the $150,000 mark that is a standard at M7 schools. Despite one of the best sign-on bonuses, the total salary was the lowest for the function ($187,570).
2023 has been a subpar year for Generalists, a moderate year for technologists, and a bumper year for Consulting, PE, and Investment Banking candidates at Booth.
| Chicago Booth MBA Salary By Function | Percent Hired | Median Base Salary | Median Sign-On Bonus |
| Consulting | 39.4% | $192,000 | $30,000 |
| Investment Banking | 15.5% | $175,000 | $50,000 |
| Product Management (Tech) | 8.7% | $165,000 | $35,000 |
| Corporate Strategy/Strategic Planning | 4.4% | $150,000 | $25,000 |
| Private Equity | 7.8% | $169,000 | NA |
| General Management | 5.2% | $145,000 | $42,570 |
Related: Chicago Booth MBA Salary Trends - By Function (2021 vs. 2022 vs. 2023)
Chicago Booth MBA Salary by Placement Location (2023)
The Chicago Booth MBA 2023 employment report reflects a strong domestic placement trend, with 93.2% of graduates securing positions within the United States.
The Midwest and Chicago itself stand out prominently, with 29.8% and 28.6% of graduates finding opportunities, respectively, commanding median base salaries of $190,000.
The Northeast, encompassing hubs like New York and Boston, witnessed 27.2% and 3.0% placements, with median base salaries of $175,000 and $190,000, respectively.
In the West, the Bay Area drew 14.1% of graduates with a median base salary of $177,000.
Internationally, Asia emerged as a notable destination, attracting 2.8% of graduates with a median base salary of $131,000 ahead of other international hubs by $8,000.
| Region | Percent Hired | Median Base Salary |
| United States | 93.1% | $185,000 |
| Midwest | 29.7% | $190,000 |
| Chicago | 28.6% | $190,000 |
| Northeast | 27.2% | $175,000 |
| New York | 23.9% | $175,000 |
| Boston | 3% | $190,000 |
| West | 22.3% | $175,000 |
| Bay Area | 14.1% | $177,000 |
| Seattle | 3.6% | $152,500 |
| Los Angeles | 3.4% | $175,000 |
| Portland | 1.0% | $146,000 |
| Southwest | 6% | $192,000 |
| Mid-Atlantic | 4% | $175,000 |
| Washington, DC | 3.4% | $178,750 |
| South | 3.8% | $190,000 |
| International | 6.8% | $123,951.5 |
| Asia | 2.8% | $131,000 |
| Latin America and the Caribbean | 2% | $111,327.5 |
| Europe | 1.2% | $114,000 |
| Canada | 0.6% | NA |
| Middle East and North Africa | 0.2% | NA |
Chicago Booth MBA - Top 11 Employers (2023)
Chicago Booth's MBA class of 2023 secured diverse employment with top employers spanning prominent industries.
Leading the pack is McKinsey & Company, Inc. in consulting, hiring 14.30% of graduates, followed by Boston Consulting Group at 10.50%, and Bain & Company, Inc. at 6.00%.
In finance, Goldman Sachs Group Inc. and Citigroup, Inc. made significant contributions, employing 3.00% and 2.40% of graduates, respectively.
Technology giants Amazon.com, Inc., Google, and C3.ai emerged as key players, each employing 3.40%, 1.00%, and 1.00% of graduates, respectively.
Chicago Booth MBA Career Service (2023)
In 2023, Chicago Booth's Career Services played a pivotal role in facilitating employment opportunities for MBA graduates, with 76.5% securing positions through school-facilitated channels.
The Booth-Facilitated Summer Employer program proved highly effective, contributing to 55.1% of placements.
Booth's extensive network played a crucial role, with 6.8% of graduates leveraging relationships cultivated through initiatives like EIP, Fellow Students, Faculty, and various student groups. Additionally, 6.0% found success through Booth Job Posting/Resume Referral, while 3.0% capitalized on Booth Recruiting and Networking Events.
The impact of direct interactions with companies was notable, with 23.5% securing positions through direct contact, while Student-Facilitated Summer Employers played a significant role as well at 10.1%.
Career Services: 2022 vs. 2023
Comparing the career services data of Chicago Booth MBA classes in 2023 with the trends from 2022 and 2021 reveals notable shifts.
In 2023, 76.5% of graduates secured positions through school-facilitated channels, slightly lower than the 77.5% reported in 2022.
The 2023 data showcases a higher reliance on Booth-Facilitated Summer Employers (55.1%) compared to 2022 (45%), underlining the increasing significance of summer internships in employment at Booth.
Notably, the 2023 figures indicate a decrease in jobs facilitated within Booth through job boards, fellows, faculty, student groups, treks, and GTS (6.8%), contrasting with the 2022 data (12.1%).
The 2023 statistics highlight a consistent contribution from direct company interactions (23.5%) compared to 2022 (22.5%).
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