In this deep dive into INSEAD MBA Salary and Placement trends by sector for 2025, we cover:
• Management Consulting: Fell in Representation But Still at an Impressive 50%
• Financial Services: Europe’s Weak M&A Affects INSEAD’s IB Hiring, PE Marginal Drop
• Technology, Media and Telecommunications (TMT): Salary and Bonus Falls
• Corporate Sector: Demand Drop in Europe Affected Base Salary
• Healthcare: Base Salary and Bonus Crash as Funds Move from Healthcare to AI
Management Consulting: Fell in Representation But Still at an Impressive 50%
Management Consulting accounts for 50% of total placements in the Class of 2025 when combining 23% new hires and 27% returnees, compared with 58.8% in the previous year. The decline in share aligns with the slower consulting hiring cycle observed between Q3 2024 and Q2 2025, when major firms delayed start dates, reduced campus intake in Europe, and shifted toward selective lateral hiring.
Uneven Consulting Demand Affects INSEAD’s Multi-Campus Structure
Demand remained uneven across regions, with Middle East offices continuing to hire while Western Europe showed tighter headcount controls. This explains the higher proportion of returnees, which reflects pre-MBA sponsored candidates going back to their firms during a cautious hiring phase.
Median Base Salary Falls for Consulting
The median base salary is €106,100, lower than last year’s €113,200, while the median signing bonus increased to €30,000 from €28,500.
Firms moderated fixed pay growth and used bonuses to retain flexibility amid uncertain project pipelines.
Fee Pressure and AI Affects Consulting’s Delivery Model
Fee pressure from clients, shorter engagements, and slower deal-related work reduced the scope for base salary expansion.
The combined compensation of €136,100 indicates that consulting continues to offer structured pay progression, though the shift from base to bonus suggests tighter cost control. The reduced share of new hires alongside stable returnee flow shows that consulting remains a core destination, though hiring is no longer absorbing the same proportion of the class as in the previous cycle.
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Financial Services: Europe’s Weak M&A Affects INSEAD’s IB Hiring, PE Marginal Drop
INSEAD’s Financial Services placements are concentrated in London, Paris, Frankfurt, Zurich, Dubai, and Singapore, with smaller flows into Hong Kong. This regional mix matters because hiring conditions differed across these markets between Q3 2024 and Q2 2025.
Europe’s Weak M&A Volume Offset by Dubai & Singapore’s Wealth Management & Private Credit Growth
Europe faced weak M&A volumes, tighter lending standards, and higher funding costs through most of 2024, which constrained bank hiring and reduced guaranteed bonuses. In contrast, Dubai and Singapore saw selective growth in wealth management, private credit, and multi-asset platforms, which supported niche hiring without expanding overall intake.
The sector records 15% total participation in the Class of 2025, equal to last year’s 15%, though this stability masks a shift toward buy-side and asset-focused roles and away from traditional investment banking.
Median Base Salary Falls While Signing Bonus Halved
The median base salary of €96,000 is slightly below last year’s €98,400, while the median signing bonus fell to €17,900 from €33,400.
European banks reduced upfront cash components and deferred more compensation into performance-linked payouts. The lower bonus level reflects subdued fee pools in advisory and capital markets during most of the measurement period.
Investment Banking / Banking / Sales & Trading: Sharp fall in Base Salary and Signing bonus
IB segment declined to 2% from 3.2%.
Most placements are in London and Paris, where deal activity remained weak through late 2024 due to valuation gaps, slower sponsor exits, and higher interest rates.
Leveraged finance pipelines were limited, and equity issuance improved only toward early 2025. Banks reduced MBA intake and prioritized candidates with prior deal experience or language skills aligned with continental Europe.
The median base salary dropped to €95,000 from €129,800, and the signing bonus decreased to €23,200 from €39,000.
Compensation compression reflects smaller bonus pools and fewer competing offers. Sales and trading hiring remained selective, with electronic trading desks expanding slowly and flow businesses maintaining tight headcount.
Investment Management / Hedge Funds: Impressive Growth in a Down Economy
Investment Management remains at 3%, though the regional pattern shifts toward Zurich, London, Dubai, and Singapore. During the period, asset managers increased focus on private credit, infrastructure debt, and multi-asset income strategies, which attracted capital as investors sought yield in a high-rate environment. These strategies rely on stable management fees, allowing firms to offer higher fixed salaries while keeping variable pay linked to fund performance.
The median base salary rose to €137,000 from €121,100, and no signing bonus is reported. The absence of a bonus aligns with compensation structures that emphasize base pay plus deferred profit participation. Hiring remained limited in volume because traditional active equity faced outflows and fee pressure.
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Private Equity / Venture Capital: Median Base Salary and Signing Bonus Fall
Private Equity and Venture Capital decline to 4% from 5.5%, with placements mainly in London, Paris, and Dubai, and a smaller number in Singapore. The slowdown in exits and fundraising across Europe during 2024 reduced immediate hiring needs. Higher financing costs affected leveraged buyouts, and many funds extended holding periods, which delayed portfolio turnover and reduced demand for new associates.
The median base salary decreased to €90,000 from €95,000, and the signing bonus fell to €17,700 from €20,000.
Funds preserved cash and shifted compensation toward carry participation.
Venture capital hiring remained constrained due to lower late-stage valuations and slower deployment cycles, particularly in European tech.
Technology, Media and Telecommunications (TMT): Salary and Bonus Falls
TMT accounts for 18% total participation in the Class of 2025 when combining 16% new hires and 2% returnees, compared with 9.25% last year. The increase reflects a recovery in hiring across Amazon, Microsoft, Google, and regional telecom and digital platforms, particularly in London, Dublin, Amsterdam, Berlin, Dubai, and Singapore.
During Q3 2024 to Q2 2025, large technology firms resumed targeted MBA hiring after the 2023–early 2024 layoffs, with a focus on product operations, AI strategy, cloud partnerships, and enterprise sales. European digital policy initiatives and sovereign AI investments also supported hiring in cloud, data governance, and telecom infrastructure.
Europe & Asia Couldn’t Match American Technology & Media Investments
The median base salary is €94,600, is a sharp fall from last year’s €98,600, while the median signing bonus declined to €23,100 from €27,900.
Firms maintained disciplined fixed pay structures following earlier cost reductions and shifted compensation toward stock-based or performance-linked components, which are not captured in signing bonuses.
The total salary of €117,700 indicates a weak year for TMT candidates.
E-commerce / Internet: Median Base Salary Close to TMT Average
E-commerce and Internet roles represent 4% of the class. Hiring is concentrated in Amazon, regional marketplaces, and quick-commerce logistics platforms in London, Luxembourg, Dubai, and Singapore. The period saw margin pressure across European e-commerce due to higher fulfilment costs, stricter return policies, and slower consumer demand through most of 2024. Firms prioritized operational efficiency, vendor management, and supply-chain analytics roles.
The median base salary is €94,000, close to the TMT average, with a €20,000 signing bonus and €114,000 total cash compensation. Lower bonuses relative to last year’s sector-wide figure reflect reduced competition for talent and a shift toward internal mobility and contract roles in large marketplaces.
Information Technology / Telecommunications: INSEAD Benefited from AI’s Enterprise Switch
Information Technology and Telecommunications account for 7%, with placements in cloud services, enterprise software, cybersecurity, and telecom operators across Dublin, London, Paris, Dubai, and Singapore. The hiring increase in telecom-related digital transformation roles aligns with 5G monetisation efforts, enterprise cloud migration, and government-backed digital infrastructure programmes in Europe and the Gulf. Telecom firms expanded strategy and product roles tied to network automation and B2B services, which supported MBA hiring even as consumer segments remained cost-sensitive.
The median base salary rose to €97,000, above the TMT average, and the signing bonus reached €27,400, producing €124,400 total cash compensation, the highest within the sector. Enterprise software and cloud partnerships generated steadier revenue streams than consumer technology, allowing firms to sustain higher upfront cash pay.
Corporate Sector: Demand Drop in Europe Affected Base Salary
The Corporate sector represents 17% total participation in the Class of 2025 when combining 14% new hires and 3% returnees, compared with 16% last year.
Placements are distributed across European headquarters in Switzerland, Germany, France, and the Netherlands, along with Gulf-based diversified groups and Asian multinational hubs in Singapore.
Hiring during Q3 2024 to Q2 2025 was shaped by cost optimization programmes, supply-chain localization, and portfolio restructuring across large corporates. Many firms expanded strategy, transformation, and commercial excellence roles while limiting general management hiring.
The median base salary is €91,900, below last year’s €100,300, while the median signing bonus increased to €23,600 from €19,500. Corporates moderated fixed salaries due to margin pressure from higher input costs and slower volume growth in Europe, and used targeted bonuses to attract candidates for transformation projects. The total cash compensation of €115,500 reflects tighter base pay with selective upfront incentives.
Healthcare: Base Salary and Bonus Crash as Funds Move from Healthcare to AI
Healthcare increased to 5% from 3.2%, with placements in pharmaceutical multinationals in Switzerland, Germany, and the UK, and healthtech and hospital groups in the Gulf and Singapore. The period saw sustained investment in obesity drugs, oncology, and digital health operations, alongside supply-chain restructuring and market-access strategy roles. These trends supported MBA hiring in pricing, portfolio strategy, and emerging-market expansion.
The median base salary is €95,100, lower than last year’s €110,000, and the signing bonus is €13,100 compared with €20,000. Large pharmaceutical firms shifted compensation toward long-term incentives and reduced upfront cash as R&D costs and regulatory timelines increased. The higher hiring share alongside lower bonuses indicates steady demand with controlled cash compensation.
Manufacturing / Conglomerates: Base Salary Stable while Bonus Crashed
Manufacturing and Conglomerates remained at 4%, with roles in Germany, France, the Netherlands, and Gulf industrial groups. Hiring focused on energy transition projects, industrial automation, procurement resilience, and regional supply-chain redesign. European industrial firms faced weak external demand in 2024, particularly in chemicals and capital goods, which constrained base salary growth. At the same time, investment in electrification, defence supply chains, and nearshoring initiatives created demand for strategy and operations roles.
The median base salary is €95,400, close to last year’s €95,500, while the signing bonus declines to €17,500 from €28,900. Lower bonuses reflect cautious capital allocation and slower order books in traditional industrial segments. The total cash compensation of €112,900 shows a stable base pay with reduced upfront incentives.
INSEAD MBA Salary in USD (2025)
Industry | Percent of Hires | Median Base Salary (in $) | Median signing bonus (in $) | Total Salary |
| Management Consulting | 23% | USD 117,700 | USD 33,300 | USD 151,000 |
| Financial Services | 11% | USD 106,500 | USD 19,900 | USD 126,400 |
| Investment Banking / Banking / Sales and Trading | 2% | USD 105,400 | USD 25,700 | USD 131,100 |
| Investment Management / Hedge Funds | 3% | USD 151,900 | NA | USD 151,900 |
| Private Equity / Venture Capital | 4% | USD 99,800 | USD 19,600 | USD 119,400 |
| Technology Media and Telecommunications | 16% | USD 104,900 | USD 25,600 | USD 130,500 |
| E-commerce / Internet | 4% | USD 104,300 | USD 28,800 | USD 133,100 |
| Information Technology / Telecommunications | 7% | USD 107,500 | USD 23,500 | USD 131,000 |
| Corporate Sectors | 14% | USD 101,900 | USD 26,200 | USD 128,100 |
| Healthcare | 5% | USD 100,200 | USD 25,600 | USD 125,800 |
| Manufacturing / Conglomerates | 4% | USD 109,800 | USD 33,300 | USD 143,100 |
INSEAD MBA Salary in EUR (2025)
Industry | Percent of Hires | Median Base Salary (in $) | Median signing bonus (in $) | Total Salary |
| Management Consulting | 23% | EUR 106,100 | EUR 30,000 | EUR 136,100 |
| Financial Services | 11% | EUR 96,000 | EUR 17,900 | EUR 113,900 |
| Investment Banking / Banking / Sales and Trading | 2% | EUR 95,000 | EUR 23,200 | EUR 118,200 |
| Investment Management / Hedge Funds | 3% | EUR 137,000 | NA | EUR 137,000 |
| Private Equity / Venture Capital | 4% | EUR 90,000 | EUR 17,700 | EUR 107,700 |
| Technology Media and Telecommunications | 16% | EUR 94,600 | EUR 23,100 | EUR 117,700 |
| E-commerce / Internet | 4% | EUR 94,000 | EUR 20,000 | EUR 114,000 |
| Information Technology / Telecommunications | 7% | EUR 97,000 | EUR 27,400 | EUR 124,400 |
| Corporate Sectors | 14% | EUR 91,900 | EUR 23,600 | EUR 115,500 |
| Healthcare | 5% | EUR 95,100 | EUR 13,100 | EUR 108,200 |
| Manufacturing / Conglomerates | 4% | EUR 95,400 | EUR 17,500 | EUR 112,900 |
Reference
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