Analysis: HEC Paris MBA Salary and Placements (2024)

In this in-depth analysis of HEC Paris MBA Salary and Placements for 2024, we cover: 

•    By Industry: HEC Paris MBA Salary and Placements (2024)
•    By Function: HEC Paris MBA Salary and Placements (2024)
•    By Location: HEC Paris MBA Salary and Placements (2024)
•    Top Employers: HEC Paris MBA Salary and Placements (2024)

By Industry: HEC Paris MBA Salary and Placements (2024)

The HEC Paris MBA 2024 employment report reflects nuanced shifts in industry hiring patterns, with notable trends in base salaries and bonuses that suggest both sector growth and employers targeting a total compensation benchmark. 

Consulting – The Most Hires 

Consulting remains the largest employer, accounting for 25% of hires, consistent with last year’s figure and higher than that of Stanford (14%) and Harvard (18%). However, the mean base salary dropped to $112,144 from $116,559 in 2023, a 3.8% decline. This decline, despite stable hiring, points to potential fee pressure on Consulting firms in Europe. 

While sign-on bonuses for Consulting rose sharply to $27,785 from $15,858, the overall compensation structure seems to prioritize one-time incentives over long-term base pay increases. This pay range is much lower than the average Top 10 US school’s Consulting pay of $185,000 and a $30,000 bonus.

Finance – Catching Up with Consulting

Finance saw a significant rise in hiring, with 22% of graduates entering the sector, compared to 15% in 2023. This 7% increase highlights the growing demand for Finance professionals, particularly as markets rebound and M&A activities pick up across Europe. The mean base salary for Finance roles increased substantially to $115,767 from $85,020 last year – a 36% jump. 

However, the mean sign-on bonus dropped to $10,549 from $27,356, suggesting that while base salaries rose, firms may be scaling back upfront costs. The shift could indicate a recalibration of hiring incentives in financial services as firms seek to balance talent acquisition with cost management.

Technology Slowdown – Sharp Fall in Base Salary

Technology hiring showed a decline, dropping from 23% of hires in 2023 to 16% in 2024. The sector's mean salary also fell to $93,513 from $109,000, a 14% decrease. This aligns with global technology industry slowdowns, where layoffs and restructuring have tempered aggressive hiring practices. Despite the drop in base salary, the mean sign-on bonus increased to $30,448 from $23,897, suggesting that firms are using higher bonuses to attract talent selectively for critical growth areas like AI and cloud services. This divergence from base salary trends reflects greater caution in long-term commitments within Technology.

Manufacturing – Steady Growth at HEC Paris MBA

Manufacturing showed modest growth in hiring, with 10% of graduates entering the sector, up from 8% in 2023. The Manufacturing sector stands out at HEC Paris as no other Top US school has crossed the benchmark set by Harvard with 5% hiring, which again is lesser than that of HEC Paris. Base salaries rose slightly to $96,288 from $94,503. However, the sharp drop in performance bonuses to $10,342 from $48,798 suggests tightening margins in industrial sectors, potentially due to inflationary pressures and supply chain constraints. This trend mirrors the broader European Manufacturing slowdown.

Healthcare – The Biggest Hike in Base Salary at HEC Paris MBA

Healthcare hiring remained stable at 5%, but the sector saw a notable surge in compensation. Base salaries increased to $141,542 from $113,020, a 25% rise, while sign-on bonuses more than doubled to $33,269 from $18,425. This reflects the continued growth in biotech, pharmaceuticals, and medtech, where firms are investing heavily in leadership talent. HEC’s Healthcare salary outpaces many top US programs viz. Ross ($137,250), Darden ($137,500), Tuck ($135,000), NYU Stren ($135,000), and even M7 schools like Columbia ($137,000) & Kellogg ($140,000) reflecting strong European market demand for MBA talent in life sciences.

Energy – Steady Growth in Base Salary

Energy hiring accounted for 4% of graduates, with mean base salaries rising to $133,826 from $121,805, a 9.8% increase. This aligns with the average Energy hiring rate of 4-5% set by the Top US Schools, especially the M7 viz. Stanford (5%) & MIT (3.2%).

CPG – Drop in Base Salary Adjusted with Record Bonuses

Consumer Packaged Goods (CPG) hiring remained consistent at 3%, but the base salary dropped significantly to $91,899 from $128,150. However, sign-on bonuses spiked to $66,999, suggesting firms are leveraging short-term compensation to attract talent without raising fixed costs. The maneuver in compensation is indicative of tight profit margins in the sector, driven by rising input costs and changing consumer preferences.

Retail – Sharp Decline in Hiring

Retail hiring dropped from 8% in 2023 to just 2% in 2024, reflecting broader pressures on the sector as consumer spending slows. However, the base salary increased to $121,349 from $119,000, suggesting that while hiring contracted, compensation for niche roles (such as luxury Retail or e-commerce) remained competitive.

Govt. and Non-Profit – Compensation Decline

Government and non-profit hiring increased slightly to 4% from 2%, with base salaries decreasing to $97,227 from $146,650. The drop reflects a shift toward domestic roles or lower-tier positions within the public sector, aligning with reduced public spending across Europe.

Final Take

Overall, HEC Paris’s 2024 employment data highlights sector-specific growth in Finance and Healthcare, while Consulting and Technology show signs of salary stagnation. Compared to US schools, HEC’s Healthcare and Energy salaries remain competitive, but tech compensation lags behind Stanford, MIT, and Berkeley Haas. 

By Function: HEC Paris MBA Salary and Placements (2024)

Consulting – Still Going Strong

Consulting continues to dominate functional hiring, accounting for 31% of graduates. Although this represents a slight dip from 32% in 2023, it underscores the enduring strength of the Consulting industry as a primary pathway for MBA graduates. The minor decline may indicate increased competition from peer schools like INSEAD and LBS, where Consulting firms also maintain strong recruitment pipelines. Additionally, economic uncertainty and slower post-pandemic growth in Europe could be tempering the aggressive hiring seen in previous years.

Financial Services – A historic Resurgence Driven by PE and Investment Banking

Financial services experienced a sharp rise, with 21% of graduates hired into the sector compared to 11% in 2023. This 10 percentage point increase positions Finance as the second-largest functional area, surpassing marketing and operations roles. The surge aligns with rising demand for Investment Banking, Private Equity, and asset management professionals, driven by recovering M&A activity and expansion in European capital markets. 

Marketing and Sales – Decline from AI Spike and Technology Slowdown

Marketing and sales roles contracted significantly, representing 13% of hires, down from 19% last year. This 6 percentage point drop signals a pullback in consumer-focused industries like luxury Retail, FMCG, and technology. The slowdown may stem from weakened consumer demand in Europe and Asia, forcing companies to scale back marketing budgets and prioritize cost-cutting. Comparatively, peer schools like Columbia and Kellogg—known for strong marketing hires —also reported flat or declining placements in this function, suggesting a sector-wide recalibration.

General Management – Stable Hiring

General management hiring remained steady at 12%, consistent with last year. This stability reflects the continued demand for leadership and rotational programs across industries, particularly in multinational corporations and family-owned enterprises. General management roles often provide long-term career growth and diverse exposure, making them appealing to candidates seeking broader responsibilities post-MBA.

Operations and Logistics – Demand Slump in Manufacturing/Automobile from Subdued Consumer Demand

Operations and logistics saw a steep decline, with only 5% of graduates entering this function compared to 16% in 2023. The 11 percentage point drop signals increasing competition in the EV segment from China in the automobile industry. More significantly, a broader supply chain partnership alliance in ASEAN countries has taken a bite out of European supply chain partnerships. In contrast, 2023’s higher figure was an anomaly that was reflective of the Technology boom and digitization in manufacturing.

Information Technology hiring dropped slightly to 3% from 4% last year, reflecting the ongoing slowdown in the technology industry. As technology firms implement layoffs and restructuring, hiring for IT functions has become more selective, focusing on AI, data analytics, and cybersecurity roles.

HR – Path to Irrelevance 

The absence of human resources hires this year, which accounted for 2% in 2023, suggests streamlining efforts in corporate HR functions. As companies pivot towards outsourcing and automation in HR processes, fewer MBA graduates are pursuing careers in this area.

Final Take

Overall, the 2024 data highlights strong growth in Finance and Consulting, contrasting with declines in marketing, operations, and technology. This shift reflects broader economic trends, including cautious corporate spending and evolving industry prioritization. 

By Location: HEC Paris MBA Salary and Placements (2024)

Europe in Recession – Greater Competition

One of the most significant changes is the decline in hiring across Europe (excluding France), where the percentage of graduates employed dropped from 44% in 2023 to 29% in 2024. Despite this decline, the mean base salary increased to $120,342 from $113,357 last year, suggesting that although fewer positions were filled, the quality of the talent may have improved. This trend aligns with the tightening European labor market, where companies are prioritizing experienced hires over entry-level roles, potentially reflecting economic stagnation and cautious hiring practices.

France – Still the Primary Target for HEC Paris MBA

France, however, saw a notable increase in hiring, rising from 22% in 2023 to 26% this year. This growth contrasts with a decline in median salary from $93,507 to $86,735, alongside a significant drop in sign-on bonuses, which fell from $25,912 to $11,033. The salary stagnation indicates that roles in France may be concentrated in sectors like Retail, marketing, and non-profit, which traditionally offer lower compensation compared to Finance or Consulting.

Asia & Oceania – Returning Candidates Disrupted the Placement patterns

Asia & Oceania saw a surge in hiring, jumping to 16% in 2024 from 12% last year. Interestingly, this increase in placement was coupled with a notable decrease in median salary from $124,800 to $73,909, suggesting that while hiring expanded, the move back to Asia and Oceania might not have been intentional. The drop in sign-on bonuses, from $40,000 to $9,830, reinforces our hypothesis. The international placements to Asia at HEC Paris contrast with placements at US schools, where Asia-bound graduates, particularly those heading to Singapore and Hong Kong, tend to secure higher-paying Finance and Consulting roles.

Africa and the Middle East - Demand Improved but compensation Dipped 

In Africa and the Middle East, the percentage of hires increased from 9% in 2023 to 11% in 2024, but this coincided with a drop in median base salary from $156,000 to $106,692. The nearly $50,000 drop in salary is another hint that candidates couldn’t find opportunities in Europe and France. The decline in sign-on bonuses from $32,170 to $21,009 aligns with this pattern, suggesting that newer firms in the region are scaling hiring but offering less lucrative packages. The Middle East’s focus on diversification away from oil, with increased investment in Consulting, Healthcare, and infrastructure, may explain the growing employment demand but at lower base salaries.

Latin America – Hiring Boom at HEC Paris MBA

Latin America experienced the most striking growth, with hiring doubling from 5% in 2023 to 10% in 2024. This surge was accompanied by a significant increase in base salary from $96,239 to $111,301 and a remarkable rise in sign-on bonuses, from no reported bonus to $67,473. The sharp uptick suggests that Latin American Private Equity, venture capital, and leadership positions are expanding, particularly in countries like Brazil, Mexico, and Chile, where economic recovery and investment are accelerating. This reflects a broader trend of economic stabilization and a return of foreign direct investment to the region.

North American Compensation – Below $175,000 But Still Among the Best

North America’s hiring rate remained constant at 8%, but median salaries dropped from $189,000 to $167,517. Despite this decline, North America still offers the highest compensation for HEC Paris graduates. The $33,100 average sign-on bonus reflects the strength of the job market, particularly in sectors like Private Equity, Technology, and Healthcare. The dip in salary, however, may signal a rebalancing towards technology and startup roles, which often come with lower base pay but higher equity incentives. 

Compared to US schools like Wharton and Columbia, where North American salaries often exceed $175,000, HEC’s graduates are competing in a market where local MBA programs dominate the recruiter's attention.

Final Take

Overall, the 2024 employment data underscores shifts towards emerging markets and non-traditional roles, driven by global economic uncertainty, the slowdown in Europe, evolving industry demands with the rise of AI, and regional growth patterns. 
While Europe and North America continue to offer the highest salaries, Latin America and Asia present expanding opportunities for graduates willing to accept lower initial compensation in exchange for growth potential. 

Top Employers: HEC Paris MBA Salary and Placements (2024)

MBB’s Consistent Presence

Consulting firms continue to dominate the list of top recruiters, with McKinsey & Company, Bain & Company, and BCG maintaining their strong hiring presence, as they did in the previous year. 

Roland Berger, Kearney, and Oliver Wyman have also featured prominently, underscoring the enduring appeal of strategy Consulting roles for HEC graduates. Notably, LEK and Accenture have emerged on the 2024 list, while Deloitte and Simon Kucher & Partners are absent this year, suggesting shifts in recruitment priorities across mid-tier Consulting firms.

Amazon – The Leader in MBA Recruitment, Google and Microsoft Absent

The presence of Amazon as a top employer in both 2023 and 2024 highlights continued demand for MBA graduates in operational and leadership roles, despite broader layoffs and restructuring in the technology sector. However, the absence of Google and Microsoft from the 2024 list marks a significant shift. This likely reflects the slowdown in tech hiring globally as major technology firms scale back MBA recruitment amid budget constraints and cost-cutting measures. Instead, Uber’s return as a key recruiter signals growth in mobility and logistics industries, potentially tied to expansion efforts in Europe and Latin America.

PE Firms, Pharma and Energy Firms Rose

New entrants such as Morgan Stanley and Scor Investment Partner point to increased recruitment in the Finance and investment sectors. This aligns with the rising interest in Private Equity, venture capital, and boutique investment firms among MBA graduates. The inclusion of Lilly and Schneider Electric reflects growing opportunities in the pharmaceuticals and Energy sectors, driven by sustainability initiatives and Healthcare innovation. This contrasts with 2023, where Petronas and Deutsche Telekom were listed, highlighting a shift from heavy industry and telecommunications towards renewable Energy and Healthcare.

Indian Technology Giants and EY

The reappearance of Wipro and HILTI suggests continued interest from industrial and Technology firms, while the absence of Infosys and EY may indicate a recalibration of hiring needs within professional services and IT outsourcing. The exit of DHL Consulting could reflect consolidation in logistics hiring, as companies increasingly in-source operational leadership roles rather than rely on external advisory firms.

Final Take

Overall, the 2024 employer list underscores a diversification in industry focus, with a growing presence in the Finance, Healthcare, and Energy sectors. While Consulting remains dominant, the entry of firms like Morgan Stanley and Lilly suggests that HEC Paris graduates are increasingly sought after for specialized roles beyond traditional Consulting and technology pathways. This evolving recruiter landscape highlights HEC Paris’s ability to adapt to shifting market demands, positioning its graduates across emerging, high-growth, and stable sectors.

Reference

HEC Paris MBA Employment Report 2024