Harvard MBA class of 2019 couldn’t cross the $150,000 median base salary barrier despite an impressive $30,000 median signing bonus. Among the industries, Financial Services remained the most popular as one-third of the class opted for the $150,000 median base salary and a modest $22,500 signing bonus. Career enhancers contributed to the sustained interest in the industry, whereas Consulting beat the Technology industry’s dominance in attracting offers with a formidable $165,000 base salary that attracted 21% of the class. Despite a sub-par $135,000 median base salary (by M7 standards), the potential of the industry to disrupt adjacent and unrelated industries made Technology the favorite for 20% of the class.
Media/Entertainment ($149,000), and Services ($140,000) industries attracted 3% each from the class, even though, the median signing bonuses were below $16,500.
The retail/Trading industry continued their higher bonus and middle of the lineup median base salary for all the M7 schools. On the total median salary, only consulting came closer to the $200,000 mark.
The retail/Trading industry continued their higher bonus and middle of the lineup median base salary for all the M7 schools. On the total median salary, only consulting came closer to the $200,000 mark.
Harvard has chosen not to breakdown the Finance function to its smallest elements – VC/PE Investment Banking, limiting our ability to parse through the micro-trends. On a broader functional placement, Finance has mimicked the industry trends and could well place Harvard as a preferred Finance school. A third of the class entered the function with an impressive $150,000 base salary and $30,000 median. The popularity couldn’t be explained on compensation as Consulting attracted $15,000 extra in base salary. Known to position itself as a General Management program that specialists want to pivot into, Harvard continued to attract 16% of the class with a respectable $160,000 in total median salary. Marketing remaining the fourth piece in the puzzle with a 13% representation and $165,000 in total salary.
2016 vs. 2019 – Harvard MBA Salary Growth
Harvard MBA - Salary by Industry (Comparison)
Base Salary: Consulting continued to show steady growth with 3-year data showing $20,000 in median base salary growth. Financial services remained stagnant at $150,000, even suffering on the broader trend of declining signing bonus (a decline of $17500). The rest of the industries showed a marginal improvement in base salary - $5,000 to $10,000.
Bonus: The signing bonus growth has been a mixed bag, with most industries remaining stagnant and technology and consumer products falling by $5,000 each.
Harvard MBA - Salary By Function (Comparison)
Base Salary: The salary growth has consistently been in the $15000 to $25,000 across functions.
Bonus: The signing bonus is where employers balanced their cost with most functions witnessing a declining bonus ($5,000 to 12500) over a period of 3 years (2016 to 2019). Only General Management, Marketing, and Consulting showed growth.
Reference: Harvard MBA Employment Report