Analysis: INSEAD MBA Salary and Placements (2024)

The INSEAD MBA 2024 employment report reveal shifts in hiring rates, salary structures, and overall compensation. In this in-depth analysis of INSEAD MBA Salary and Placements for 2024, we cover: 

•    By Industry: INSEAD MBA Salary and Placements (2024)
•    By Function: INSEAD MBA Salary and Placements (2024)
•    By Region: INSEAD MBA Salary and Placements (2024)
•    Top Employers: INSEAD MBA Salary and Placements (2024)

By Industry: INSEAD MBA Salary and Placements (2024)

More than 50% in Consulting at INSEAD MBA

One of the most notable aspects of placements at INSEAD is the continued dominance of Management Consulting. 55% of INSEAD graduates were placed in the industry. While Consulting remains the leading industry (even higher than the M7 and T10 US schools), the latest placements saw a drop from last year’s 58.8%. The median base salary for Consulting roles stands at €119,500, with a median sign-on bonus of €29,900, leading to a total salary of approximately $210,253 (adjusted for PPP). 

Compared to HEC Paris, where Consulting accounts for only 25% of hires with a mean total salary of $139,929, INSEAD continues to be a strong pipeline for top Consulting firms. However, the drop in Consulting hires and the lower sign-on bonus (€28,500 last year) indicate firms may be adjusting hiring plans due to economic uncertainty.

Financial Services placements at INSEAD – Not as Strong as HEC Paris

Financial services saw 13% of INSEAD graduates hired, down from 15% last year, with a median base salary of €99,700 and a sign-on bonus of €28,600, bringing total compensation to $180,558. Notably, this compensation package remains lower than HEC Paris, where Finance salaries averaged $126,316, though INSEAD maintains a stronger Consulting placement. This slight decline in financial hiring may reflect market stagnation and fewer Investment Banking roles, likely from M&A deals concentrated in North America.

Technology – Improved in Representation But at Lower Compensation Compared to HEC Paris

Technology, media, and telecommunications (TMT) accounted for 11% of hires, up from last year’s 9.25%. Despite this increase in hiring, the median base salary declined to €90,800 from last year’s €98,600, with a much lower sign-on bonus of €11,900 versus €27,900 in 2023. This decline reflects ongoing challenges in the tech sector, with large firms implementing hiring freezes and layoffs. HEC Paris, in contrast, had a higher Technology placement rate (16%) and a more competitive mean total salary of $123,961, suggesting stronger salary resilience for tech hires there.

Manufacturing, healthcare and Retail – Stronger than HEC Paris

The corporate sector, encompassing Healthcare, Manufacturing, retail/CPG, and transportation, collectively hired 21% of INSEAD graduates. Healthcare salaries were notably strong, with a median base of €103,600 and a total compensation of $162,967, though this sector hired only 4% of graduates. This aligns with HEC Paris, where Healthcare hires earned a mean total salary of $174,811, the highest across industries. Manufacturing at INSEAD saw 7% of graduates hired with a median base salary of €84,900 and total earnings of $142,701, which remains competitive with HEC Paris’ mean salary of $106,630. Retail and CPG roles offered a median base salary of €100,000 with a sign-on bonus of €20,900, positioning total compensation at $170,144, which is significantly higher than HEC Paris' mean of $158,898. This suggests a stronger package for INSEAD graduates entering the consumer goods sectors.

Transportation Sector – Strong Outcomes

One notable shift is the transportation sector, which accounted for only 1.5% of hires but had the highest median base salary at €124,600. This reflects the specialized nature of roles in logistics and infrastructure, though sign-on bonuses were not reported. 

Final Take

Overall, INSEAD’s employment outcomes show a slight contraction in Consulting and Finance hiring, likely due to economic pressures and market stagnation. Salary growth has also been subdued, especially in Technology, where base salaries dropped by €7,800 year-over-year. The resilience in Healthcare and retail/CPG, however, indicates strong demand in Europe – a contrarian trend compared to the US when you consider the drop in demand across retail/CPG. Healthcare placements were comparable to the placements in the US.

By Function: INSEAD MBA Salary and Placements (2024)

Consulting – Going Strong with a 5.6% Increase in Salary

Consulting remains the largest employment sector for INSEAD MBA graduates, accounting for 55% of hires. While still dominant, this is a decline from 58.8% in 2023, suggesting a cooling job market in strategy Consulting. The median base salary increased to €119,500 in 2024 from €113,200 in 2023, a 5.6% increase. The sign-on bonus of €29,900 reflects a 4.9% increase from last year’s €28,500. The rise in salary suggests INSEAD’s strong brand recall and returning hires influencing the positive outcome. By contrast, at HEC Paris, Consulting accounted for only 31% of hires, reinforcing INSEAD’s stronger positioning in this sector.

Investment Banking Spiked at INSEAD But at Lower Compensation, PE Stable

The financial sector remains a strong pathway, with 11% of INSEAD graduates entering Finance-related roles, including Investment Banking, Investment Management, private equity, and venture capital. 

•    Investment Banking/Sales & Trading: Hiring in these roles accounted for 4% of graduates, slightly higher than last year’s 3.2%. However, the median base salary fell from €129,800 in 2023 to €118,600 in 2024, an 8.6% decline. The sign-on bonus of €56,800 is nearly the same as last year's €57,851, indicating that banks are maintaining incentives but at reduced base salaries. 

•    Investment Management & Hedge Funds: Only 2% of graduates entered this sector, down from 3% in 2023, but those who did saw higher compensation. The median base salary increased from €121,100 in 2023 to €132,300 in 2024, a 9.2% rise. The sign-on bonus, however, fell from €57,851 to €51,000, suggesting firms are front-loading compensation into base pay rather than bonuses. This could reflect a shift in market strategy, with firms aiming to retain talent amid volatility in equity markets.

•    Private Equity & Venture Capital: Hiring remained stable at 5% in 2024, compared to 5.5% in 2023. Salaries, however, saw a 5.2% increase from €95,000 in 2023 to €99,900 in 2024. The sign-on bonus, however, dropped by 25% from €20,000 to €15,000, which could indicate that firms are prioritizing long-term incentives rather than immediate payouts.

At HEC Paris, financial services accounted for 21% of hires, compared to INSEAD’s lower figure this year, indicating that while INSEAD remains strong in Consulting, HEC Paris has a relatively stronger focus on Finance placements.

Sales and Marketing – Stable but Lower than HEC Paris

Sales and Marketing accounted for 4% of hires, a similar proportion to last year. However, there is no available data for sign-on bonuses, making it difficult to assess total compensation changes. The median base salary for these roles was €92,500, and given the consistency in hiring percentages, this function appears to be maintaining stability. At HEC Paris, Marketing and sales accounted for 13% of hires, indicating that the school places more emphasis on this function compared to INSEAD. 

Leadership Development – Lower Compensation but Consistent at 4%

Leadership Development Programs (LDPs) accounted for 4% of hires, with a median salary of €80,000 and a €10,000 sign-on bonus. Compared to other roles, this is significantly lower compensation, likely due to the long-term career growth potential these programs offer.

Business Development – Less than 2%

The Business Development Program (BDP), a smaller function with 1.7% of hires, offered better compensation, with a €100,000 base salary and a €26,300 sign-on bonus. 

General Management – Lower than Peer Schools

General management roles accounted for 1.5% of hires, making it one of the smallest sectors for INSEAD MBAs. The median salary was €92,800, but no sign-on bonus data is available. This function remains a niche pathway, particularly compared to HEC Paris, where 12% of graduates entered general management, suggesting that HEC Paris produces more corporate leaders, while INSEAD’s focus remains on Consulting and Finance.

Final Take

Overall, the data suggests that the job market is becoming more cautious, with slower salary growth in Consulting, declining Investment Banking compensation, and a shift in private equity incentives. The lack of significant salary increases across most functions reflects market stagnation and recessionary conditions, where companies prioritize cost efficiency over aggressive hiring and compensation increases.

By Region: INSEAD MBA Salary and Placements (2024)

Northern and Western Europe – Top Destination

Northern and Western Europe remained the top destination for INSEAD graduates in 2024, with 30% of the class securing jobs in the region. The median base salary stood at €110,000, with a sign-on bonus of €25,400, bringing the total compensation to €135,400 ($190,550). Compared to last year, when 48% of INSEAD graduates took roles in Northern and Western Europe with a median salary of €109,600, hiring in the region appears to have significantly decreased.

Southern Europe accounted for 9% of INSEAD’s employment placements, with a median base salary of €86,500 and a sign-on bonus of €16,500, totaling €103,000 ($144,953).  

By contrast, HEC Paris saw 29% of its graduates placed in Europe (excluding France), with a slightly higher mean total compensation of $142,460. While INSEAD does not report separate employment data for France. HEC Paris placed 26% of its graduates in the country, with a median base salary of $86,735 and a sign-on bonus of $11,033. 

Asia Pacific – Singapore’s Compensation Dropped

The Asia Pacific region saw 24% of INSEAD graduates securing employment, up from 19.5% last year – mostly hiring driven by INSEAD’s Singapore campus. However, the median salary dropped to €79,600 from €103,200 in 2023. The decline in compensation may be linked to slower growth in key industries such as Technology and financial services, which were previously strong hiring sectors for INSEAD graduates. 

Sign-on bonuses also decreased to €13,800 from last year's €24,400. 

HEC Paris placed only 16% of its graduates in Asia & Oceania, with a lower mean base salary of $73,909. The shift in hiring patterns suggests that companies in the region are prioritizing cost efficiency, potentially favoring local hires or adjusting salary packages due to economic uncertainties.

Middle East Hiring Surged But Compensation Fell

The hiring rate for Africa and the Middle East surged to 23%, up from 18% in 2023. The median base salary fell to €128,600 compared to last year’s €133,100, along with a sign-on bonus that also dropped to €36,800 from €44,100. The region's hiring strength could be attributed to the continued expansion of the Consulting and energy sectors, particularly in the UAE and Saudi Arabia, where large-scale investment projects are driving demand for MBA talent. 

INSEAD remains a preferred choice for firms in the region, given its strong alumni network and historical ties with Middle Eastern businesses. Comparatively, HEC Paris saw 11% of its graduates employed in Africa & the Middle East, with a lower mean salary of $106,692.

South America – Lower Compensation

South America saw a modest hiring rate of 7%, slightly higher than last year's 5.16%. However, the median salary dropped to €73,700 from €76,000, while sign-on bonuses stood at €17,700 compared to last year’s €57,700. The decline in total compensation reflects economic challenges in key markets such as Brazil and Argentina, where currency fluctuations and inflation continue to impact salary structures. In contrast, HEC Paris placed 10% of its graduates in Latin America, with a significantly higher mean base salary of $111,301, likely due to industry-specific hiring in energy and private equity.

INSEAD in North America  – Lower Representation at an Impressive $245,858 Salary

Only 5% of INSEAD graduates secured roles in North America, a drop from last year’s 8.8%. However, median salaries remained high at €147,100, with a sign-on bonus of €27,600, bringing total compensation to €174,700 ($245,858). This suggests that while hiring volumes have decreased, firms continue to offer competitive packages, particularly in Consulting and Finance. HEC Paris placed 8% of its graduates in North America, with a higher mean total salary of $200,617. 

Final Take

Overall, the 2024 INSEAD employment data highlights shifting trends in hiring locations, with Europe and North America seeing a decline in hiring rates while Asia Pacific and Africa/Middle East witnessed growth. 

Salary levels in key regions such as North America and Africa/Middle East remain competitive, while compensation in Asia Pacific has dropped. Compared to HEC Paris, INSEAD continues to place a larger share of graduates in international markets but faces increasing competition in North America and Latin America.

Top Employers: INSEAD MBA Salary and Placements (2024)

MBB Hires – Decline in Fresh Hiring, Stable Returning Hires

The 2024 INSEAD MBA employment data reflects a strong hiring presence from Consulting firms, with McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company (MBB) emerging as the top three recruiters. McKinsey led the hiring with 78 graduates, followed by BCG (69) and Bain (41). Notably, these firms accounted for 188 hires, reinforcing the dominance of the Consulting industry in INSEAD’s placement outcomes.

However, a year-over-year comparison reveals a decline in total hires from these firms. In 2023, McKinsey hired 124 graduates, which has now dropped by 37% to 78. Similarly, BCG’s intake declined from 83 to 69, and Bain's numbers saw a minor dip from 71 to 41. This trend suggests a cooling in Consulting sector hiring, driven by macroeconomic factors such as cost-cutting measures, a slowdown in Consulting demand, and industry-wide hiring freezes seen across various global firms. Despite this, the proportion of returning hires remained relatively stable, indicating that firms are prioritizing experienced employees over new entrants.

Strategy& and Kearney – Stable Hiring, Accenture – A comeback Year

Beyond MBB, other Consulting firms also saw fluctuations. Strategy& and Kearney exhibited stability, with Strategy& hiring 26 graduates (compared to 29 last year) and Kearney hiring 25 (compared to 27). The biggest growth within Consulting came from Accenture, which saw an increase from 9 to 23 hires, possibly due to an expanded focus on digital transformation and Technology Consulting. Oliver Wyman saw a modest increase from 7 to 10 hires.

Technology Hiring – Weak, Technology Consulting - Strong

Technology hiring appears to have remained weak, with Amazon hiring only 7 graduates, a marginal increase from 6 last year. The stagnation in tech recruitment reflects ongoing layoffs and hiring freezes across major tech firms, which have struggled with high interest rates, declining revenues, and reduced venture capital funding. Accenture, which has a strong Technology Consulting arm, increased its hiring from 9 to 23, suggesting a shift in strategy toward digital transformation projects and IT-driven Consulting work.

Pharma - Stable

Beyond Consulting and tech, Deloitte hired 6 graduates, while Eli Lilly and Company, a major pharmaceutical firm, hired 6 as well. The presence of Eli Lilly in the top employer list aligns with the growing importance of Healthcare and life sciences, where firms are actively seeking talent with strong business and strategic insights.

Industrial and Manufacturing 

Apollo Tyres and Hilti Group, both industrial and Manufacturing companies, also hired 5 graduates each, indicating a diversification in employer demand compared to previous years.

Final Take

Overall, the 2024 INSEAD MBA employment report highlights a decline in Consulting hiring, weak tech recruitment, and a growing diversification of industry placements. The drop in Consulting hires is likely driven by economic slowdown, cost controls, and market saturation, while tech firms continue to struggle with broader industry challenges. On the other hand, increased hiring in sectors such as Healthcare, industrials, and digital transformation Consulting suggests that INSEAD graduates are finding opportunities in emerging and resilient industries.

*Numbers in brackets refer to the number of students returning to their former employers’ post-graduation.
 

Reference

• INSEAD MBA Employment Report