London Business School MBA Salary: By Industry (2025) (Analysis)

Career mobility remained a defining outcome for London Business School. Pre-MBA backgrounds were concentrated in consulting (27%) and finance (21%), yet post-MBA placements moved to consulting (40%), finance (25%), and technology (24%), indicating net inflows into consulting and technology and relative stability in finance. 

In this deep dive into London Business School MBA Salary and Placements for the 2025 graduating class, we cover:

•    Consulting: Salary Crashes as Middle East Placement Grows
•    Finance: Remains Resilient
•    Investment banking revenues – Affects Recruitment Cycle
•    Private Equity:  Fewer Roles as Fundraising and Exits Slowed
•    Investment Management: Higher Share, Lower Pay Due to Strategy Mix
•    Venture Capital: Adopted Precision Hiring
•    Technology: Higher Share, Lower Salary as Hiring Shifted to Profit-Focused Roles
•    Information Technology: Stable Share, Lower Pay Reflects Enterprise Mix
•    FinTech: Stable Salary and Hiring Percentage
•    Internet and E-Commerce: Base Salary Improves but the Lowest Paid Industry at LBS MBA
•    Diversified: Stable Share, Pay Decline Linked to Industrial Slowdown and Consumer Caution
 

Consulting: Salary Crashes as Middle East Placement Grows

Consulting hiring at LBS declined from 42% to 40%, while the PPP-adjusted median base salary dropped from $190,531 to $144,740. 

UK’s Consulting Market Weakened in 2024-25

The change corresponds with specific market conditions in London, which remains the primary placement hub. UK consulting demand weakened through most of 2024 as corporate clients cut discretionary spending and private equity deal activity slowed. 

The IMPACT of UK’s Private Equity Deal Volume on Consulting Projects

UK private equity deal volumes plummeted by 10% in 2025, according to KPMG's UK Private Equity Review, due to a perfect storm of geopolitical tensions, trade uncertainty, and economic challenges. While larger deals helped maintain overall value, the decline in transactions significantly reduced demand for sponsor-backed due diligence services.

Top strategy consulting firms like McKinsey, BCG, and Bain rely heavily on private equity-related work, particularly commercial due diligence, which has long been a lucrative business in London, a global hub for PE activity. However, the slowdown in deal-making is having a ripple effect, causing a cautious environment within the PE industry.

Fewer buyouts, longer holding periods, and selective deployment of funds are contributing to reduced demand for diligence services. With high levels of "dry powder" (uninvested capital) but uncertain market conditions, underwriting deals have become increasingly challenging, leading to fewer new deal pipelines and less work for firms.

Fewer deals reduced the number of new MBA offers and shifted hiring toward candidates who could be staffed immediately on cost optimization, public-sector, and regulatory projects, three niches that require pre-MBA experience.

Salary and Placements in Riyadh, Dubai and Doha – Didn’t Balance the Median Base Salary

At the same time, several firms expanded staffing in Riyadh, Dubai, and Doha to support government transformation programs and sovereign investment initiatives. LBS has a strong pipeline into these offices, and these roles typically report lower PPP-adjusted salaries than London strategy roles, despite competitive tax-free cash pay. A higher proportion of placements in these markets pulls down the reported median even when nominal compensation remains attractive.

Finance: Remains Resilient

Finance placements at LBS moved from 26% to 25%, while the PPP-adjusted median base salary fell from $154,817 to $144,297. The change mirrors the London market between Q3 2024 and Q2 2025, where advisory fee pools were under pressure. 

In the UK, deal volumes fell sharply early on during H1 2024, contributing to a cautious environment despite value increases in some periods driven by mega-deals like Nationwide/Virgin Money.

Broader Europe saw subdued or flat-to-modest activity overall. Financial services M&A picked up, but this was sector-specific and didn't offset broader caution from high interest rates, geopolitical uncertainty, and valuation gaps earlier in the year.

2024-25 was a year of recovery from a very weak 2023, but below the pre-2022 peaks. The selectivity severely affected LBS MBA’s leverage on working with firms driving IPOs in London. The multi-year downturn in IPO volumes continued in London, with 2024 witnessing only 18 new listings, the lowest in recent years. 

The competition for taking public from NYSE at an attractive valuation drove several prominent UK and Europe-based firms as they shifted primary listings or pursued US venues. These include Wise, Flutter Entertainment, Ashtead Group, and even AstraZeneca, the pharma giant. The quintessential UK-based brand upgraded to a direct ordinary share listing on the NYSE in 2025 while retaining its London primary and UK headquarters, a move that was inevitable from the credit exposure and liquidity witnessed in the US during the AI boom.

Investment banking revenues – Affects Recruitment Cycle

Investment banking revenues (especially in M&A advisory and ECM/IPO underwriting) were pressured by lower deal flow and subdued capital markets activity, leading to cautious or reduced bonus pools for 2024 performance (paid in early 2025).

Firms scaled back aggressive hiring: fewer analyst/associate slots, more selective MBA recruitment (e.g., top programs like LBS saw shifts toward individual hires over broad intake amid uncertainty). Finance roles (e.g., IB, PE) saw slower pipelines, with bonuses in advisory/M&A expected flat-to-down in some forecasts, though later rebounds into 2025 began improving sentiment.

Broader knock-on effects hit strategy consulting, PE funds, and related sectors reliant on deal-driven work, contributing to tighter graduate/MBA pipelines and lower bonuses in bonus-heavy city roles.

How LBS MBA Finance Curriculum Helped Candidate Navigate an Uncertain Market

The core preparation for finance at LBS is technical and role-specific. 

The Corporate Finance course builds capital structure and valuation models used in banking and buy-side roles. 

The Valuation course focuses on DCF, comparables, and transaction modelling. 

The Financial Statement Analysis course trains earnings quality assessment, which is central to both credit and equity investing. 

The Mergers and Acquisitions course covers deal structuring and synergies, while Private Equity and Venture Capital electives examine term sheets, governance, and exit mechanics. 

The London Business School Student Investment Fund provides live portfolio management experience, and the Private Equity Club’s fund treks and modelling training replicate buy-side screening processes. 

These unique MBA curriculum elements explain why finance hiring remains stable in share despite lower pay and market uncertainty.

Private Equity:  Fewer Roles as Fundraising and Exits Slowed

Private equity fell from 8% to 6%, with PPP pay broadly flat ($145,010 to $144,869). European buyout deal value declined during 2024, and exit activity remained limited, which reduced hiring at the associate level because funds were holding assets longer and focusing on portfolio operations. London-based mid-market funds, a key destination for LBS, delayed team expansion until realisation markets improved.

PE Curriculum at LBS MBA

The Private Equity elective at LBS trains LBO modelling, debt structuring, and value-creation planning, while Advanced Corporate Finance applies option pricing and capital structure optimization to buyouts. 

The most impactful part of the orientation was with the PE/VC Club’s investment labs and live deal simulations. They provide screening memos and investment committee presentations. These tools support candidates with prior banking or consulting experience, which explains the 2% drop in PE hires. Funds hired selectively and preferred candidates who could underwrite deals immediately.

Investment Banking: Pay Decline Reflects Lower Fee Pools

Investment banking dropped from 6% to 5%, and PPP median pay fell from $165,970 to $146,509. London advisory revenues were constrained by lower ECM issuance and fewer sponsor-led transactions through most of 2024. 

Banks reduced MBA class sizes and shifted hiring toward candidates with prior deal experience. The lower PPP salary reflects smaller bonuses and a higher proportion of roles in coverage and capital markets.

IB Curriculum at LBS MBA

The curriculum alignment is direct. Mergers and Acquisitions teaches accretion/dilution, synergy modelling, and deal mechanics. Corporate Finance and Valuation provides the modelling base for technical interviews. 

Like the PE/VC Club, the most impactful part of the London Business School MBA experience was the Investment Banking Club’s modelling boot camps and bank treks in London. The networking and experiential learning helped students with accelerated recruitment timelines. 

Investment Management: Higher Share, Lower Pay Due to Strategy Mix

Investment management increased from 4% to 6%, while PPP pay declined from $174,067 to $151,987. Asset managers continued hiring in London and continental Europe as net inflows moved toward multi-asset, private credit, and income strategies in a higher-rate environment. These roles offer strong base salaries but lower bonus volatility than banking, which explains the higher share and lower PPP median.

Investment Management Curriculum at LBS MBA

LBS supports this pathway through Asset Management, which covers portfolio construction and factor allocation, and Behavioural Finance, which examines investor decision biases. Fixed Income and Credit Markets teaches duration, spread risk, and structured credit, aligning with private credit hiring growth. The Student Investment Fund and asset management treks provide track records and stock pitches, which are critical for buy-side recruitment.

Venture Capital: Adopted Precision Hiring

Venture capital declined from 3% to 2%, and PPP pay fell from $145,097 to $136,539. 

UK seed investment increased by more than 80% YoY in levels (per BVCA data), with pre-seed/seed deals tracked at around £2.3B across ~1,450 deals.

Venture firms backing startups (seed/Series A) scaled back generalist/junior hires, favoring experienced operators amid longer paths to scale and selective funding. Founders and investors emphasized efficiency, high-output teams, and "precision hiring" in 2025, avoiding headcount growth seen during the digital-only ecosystem in 2021. For the 2024-25 cycle, specialist investors with experience in AI, engineering, and products were prioritized. 

VC Curriculum at LBS MBA

The Venture Capital and Growth Investing elective focuses on term sheets, cap tables, and portfolio strategy, while Entrepreneurial Finance teaches start-up valuation and staged financing. These pathways support candidates with prior start-up or banking experience, which matches the smaller hiring numbers, although the Entrepreneurship Summer School and start-up treks offered candidates new to the start-up ecosystem with deal sourcing and founder evaluation frameworks.

Technology: Higher Share, Lower Salary as Hiring Shifted to Profit-Focused Roles

Technology at LBS increased from 21% to 24% of placements, while the PPP-adjusted median base salary declined from $136,339 to $120,576. The higher share reflects renewed MBA hiring by large technology firms in London, Dublin, and Amsterdam after the workforce reductions of 2023–early 2024. 

During Q3 2024–Q2 2025, hiring returned in business units tied to revenue, cloud partnerships, enterprise software, and digital payments, while consumer growth teams remained cautious. This produced more roles but with lower bonus-linked compensation, which explains the drop in PPP median pay.

Technology and Product Management Curriculum at LBS MBA

The LBS MBA's technology-oriented curriculum stands out for its strong alignment with the evolving demands of product, growth, and strategy roles in the technology sector, areas that have remained resilient even amid broader market headwinds in London and the large technology ecosystem. 

Key courses include:

1) Data Analytics for Managers: covers experimentation design and KPI interpretation  
2) Digital Strategy: covers platform economics, ecosystem positioning, monetisation  
3) Technology and Innovation Strategy: covers network effects and competitive dynamics in software markets

Additionally, the LondonCAP technology projects provide live experience in cloud migration, marketplace optimization, and AI-driven customer analytics.

Information Technology: Stable Share, Lower Pay Reflects Enterprise Mix

Information technology remained at 7% of placements, though PPP pay declined from $135,906 to $119,488. Hiring in London and Dublin was driven by enterprise cloud adoption and cybersecurity investment. These roles offer strong base salaries but smaller variable pay compared to pre-2022 product management positions, which lowers the PPP median base salary.

IT Curriculum at LBS MBA

Preparation is technical and operational. 

Data Analytics for Managers provides SQL-based analysis and dashboarding skills for enterprise product teams. 

Technology and Innovation Strategy connects architecture choices to business models, which is relevant for cloud and SaaS roles. 

Managing the Digital Enterprise focuses on operating model redesign for IT transformation projects, a common MBA entry point into corporate technology functions.

FinTech: Stable Salary and Hiring Percentage

FinTech remained at 6%, with PPP pay broadly stable ($121,893 to $121,708). 

London’s payments and digital banking ecosystem continued to hire as open banking adoption, real-time payments infrastructure, and B2B cross-border solutions matured. Unlike venture-funded consumer fintech, these firms generate transaction-based revenue, which supports consistent MBA hiring and compensation.

FinTech Curriculum at LBS MBA

LBS provides targeted preparation through FinTech, which covers payment rails, regulatory capital, and platform banking economics. Digital Strategy connects data monetization to financial services, while Entrepreneurial Finance teaches start-up funding and unit economics, relevant for fintech roles, which require scaling. 

The FinTech Club’s partnerships with London-based firms and product case competitions give students exposure to compliance, risk, and go-to-market strategy in regulated environments.

Internet and E-Commerce: Base Salary Improves but the Lowest Paid Industry at LBS MBA

Internet and e-commerce increased from 2% to 4%, though PPP pay remains the lowest in the technology cluster ($110,746, up from $103,821). Hiring in this segment was driven by marketplace operations, retail media, and last-mile logistics optimisation. European e-commerce firms focused on profitability and supply-chain efficiency after the post-pandemic demand normalisation, which produced MBA roles in vendor management and unit economics with lower bonus potential.

Relevant coursework includes Digital Strategy for platform monetization, Operations Management for fulfilment network design, and Customer and Marketing Analytics for conversion and lifetime value modelling. These skills map directly to roles in marketplace performance, category management, and logistics strategy.

Diversified: Stable Share, Pay Decline Linked to Industrial Slowdown and Consumer Caution

The diversified sector held its placement share at 11%, while the PPP-adjusted median base salary declined from $147,381 to $134,284. The stability in share with lower pay reflects a shift in role mix toward operations, supply chain, and transformation positions. 

Germany’s Recession and Higher Energy Costs: Affected Diversified Roles

Across Europe during 2024, industrial output slowed, particularly in Germany and the UK, due to weaker external demand and higher energy costs, which reduced hiring into high-bonus corporate development roles. At the same time, companies continued to recruit MBAs for cost optimization, procurement, and resilience projects, which carry lower variable pay.

LBS prepares students for these function-driven roles through Operations Management, which covers capacity planning and process optimisation, and Supply Chain Management, which focuses on network design and inventory strategy. 

Corporate Strategy provides portfolio and business unit analysis used in internal consulting roles, while Business Analytics supports data-driven performance tracking in large corporates. 

The LondonCAP projects with industrial and consumer firms give applied exposure to operational transformation, which matches the type of hiring that persisted.

Industrials:  Lower Share and Pay Reflect Weak European Manufacturing

Industrials declined from 4% to 3%, and PPP pay fell from $151,464 to $133,495. 

European manufacturing output contracted during parts of 2024, particularly in automotive and capital goods, which reduced hiring in corporate development and strategy. The roles that remained were concentrated in supply-chain resilience, procurement savings, and plant efficiency, which typically offer lower bonuses.

Even though the lower bonus structure in the niche Industrials placements affected the total compensation, LBS MBA offered relevant coursework, including Operations Management for throughput and bottleneck analysis, Supply Chain Management for supplier diversification and nearshoring strategy, and Energy Markets and Corporate Strategy for decarbonisation planning in heavy industry. These orientations align with the operational focus of industrial MBA hiring during the period.

Energy: Stable Share, Lower PPP Reflects Transition-Focused Roles

Energy remained at 2%, with PPP total salary at $97,292. 

Hiring in London and continental Europe was driven by renewable project development, grid investment, and energy trading support rather than upstream oil and gas expansion. Energy transition roles often offer strong base pay but lower bonus volatility than traditional commodity trading, which explains the lower PPP figure.

LBS supports this pathway through Energy Markets, which covers power pricing, regulation, and project finance, and Infrastructure and Project Finance, which teaches cash-flow modelling for renewable assets. These courses map directly to roles in utilities, developers, and investment teams working on decarbonisation projects.

Healthcare: Small Share, Slight Pay Decline with Strategy-Focused Roles

Healthcare remained at 1%, with PPP pay decreasing from $135,614 to $129,530. Hiring was concentrated in pharmaceutical commercial strategy and market access roles, reflecting continued investment in product launches.

Preparation comes from Healthcare Strategy, covering reimbursement, pricing, and regulatory pathways, and Marketing Strategy, which supports launch planning and lifecycle management. These capabilities align with the commercial focus of MBA healthcare roles in Europe.

Consumer and Retail: Sharp Share Decline, Lower Pay Reflects Margin Focus

Consumer and retail fell from 3% to 1%, and PPP pay dropped from $143,303 to $121,443. European consumer spending growth slowed during 2024, and companies prioritized margin protection, private label expansion, and supply-chain efficiency over geographic growth. This reduced hiring into brand strategy and corporate development while maintaining a smaller number of roles in category management and operations.

LBS coursework in Marketing Strategy for brand and channel economics, Customer and Marketing Analytics for pricing and promotion optimisation, and Operations Management for fulfilment and inventory efficiency align with the operational nature of the roles that remained in demand.
 

Reference

• LBS MBA Employment Report