Analysis: Michigan Ross MBA Salary and Placements (2024)

In this in-depth analysis of Michigan Ross MBA placements for the 2024 graduating class, we cover salary and placements:
•    By Industry
•    By Function
•    By Location
•    By Top Employers

By Industry: Michigan Ross MBA Salary and Placements (2024)

Consulting remained the top industry for Ross graduates, with 36% of the class entering the niche, a decline from 44.9% in 2023. The median base salary for Consulting is $185,000, coupled with a $30,000 median signing bonus, leading to a total compensation of $215,000. 

Compared to Darden’s higher Consulting placement of 42.5% and a slightly elevated base salary of $190,000, Ross shows strong competitiveness in compensation despite the lower percentage of hires.

Increase in Finance offers – Across Top 15 MBA

Financial services saw an increase in representation, with 17.6% of graduates joining the industry, up from 14.2% in 2023. The median base salary remains steady at $175,000, while the median signing bonus increased to $50,000, resulting in a total compensation of $225,000—the highest across industries for Ross. This increase aligns with the continued demand for MBA graduates in Investment Banking and Private Equity, particularly in New York. By comparison, Haas reported a slightly lower hiring rate of 16% whereas Darden reported a higher rate of 26% in Financial Services.

Technology – Strong Hiring and Base Salary Growth in a Down Market

Technology hiring remained stable, with 15.1% of graduates entering the field, a slight dip from 15.5% last year. The median base salary rose to $157,205, up from $152,625 in 2023, reflecting incremental growth despite industry-wide hiring challenges. This compensation is ahead of Haas's Technology salary of $154,167 with a larger cohort (24%) and Darden’s $150,000 with a smaller Technology cohort (8.8%). 

Healthcare – Another Strength of Michigan Ross MBA

Healthcare saw notable growth, increasing to 9.2% from 5.7% in 2023. This sector's median base salary also rose to $137,250, with a $35,000 median signing bonus. The rise reflects a growing demand for MBAs in biotech, pharmaceuticals, and health-tech startups. However, this sector remains comparable to Haas’s hiring rate of 8% but lags behind Hass’s compensation of $146,686 while attracting similar pay packages ($137,500) with a smaller Darden class (5.1%).

Michigan Ross CPG hiring – Higher Compared to Peer Schools

Consumer packaged goods (CPG) saw a modest rise in hiring at 7.7% compared to 5.4% last year, though the median base salary decreased slightly to $125,000 from $128,000. The signing bonus remained high at $40,000. Ross’s CPG placement outpaces Darden (2.7%) and Haas (6%), solidifying its strength in this sector.

Manufacturing – Strength of Ross. Retail – Down 

Manufacturing placement increased to 4.4% from 2.7%, with the median base salary growing to $133,000 from $125,000 in 2023. This reflects a renewed interest in operational roles, possibly influenced by trends in reshoring and supply chain optimization. Retail placement declined to 2.6% from 3.7%, with a median base salary of $135,000, down from $140,000. 

Energy – Lower Placements with Higher Base Salary

Energy placements decreased slightly to 2.6% from 3.4%, but the median base salary grew significantly to $147,500, up from $125,000 in 2023. This reflects growing interest in renewable energy roles, aligning with trends at peer schools like Haas, which reported 6% in energy at a mean base salary of $150,000.

Final Take

Overall, Ross exhibits strong performance across Consulting, Financial Services, and Technology, with growth in Healthcare and Manufacturing. 

Compared to Darden and Haas, Ross shows particular strength in Financial Services, Healthcare, Technology and CPG, maintaining a balanced placement across diverse industries.

By Function: Michigan Ross MBA Salary and Placements (2024)

Consulting Offers Fell at Michigan Ross

Consulting remains the most popular function, with 37.9% of graduates entering the field. However, the high percentage of offers is a 12% decline from a stellar 49% offers in 2023. The median base salary for Consulting dropped slightly to $182,500 from $185,000 last year, with a consistent median signing bonus of $30,000, bringing total compensation to $212,500. 

Compared to Darden, which placed 43.9% in Consulting at a higher median base salary of $190,000, Ross remains competitive but shows the strain of the same candidate pool targeting limited Consulting openings.

General management – 100% Growth

General management saw significant growth, accounting for 20.2% of placements, nearly doubling its share from 10.8% in 2023. The median base salary remained steady at $140,000, with a signing bonus of $30,000. This increase reflects growing interest in leadership roles across various industries, including Healthcare, manufacturing, and Technology. At Darden, General Management placements stood at 12.9% with the same median base salary, while Haas showed a stronger focus on corporate roles at 19% with a higher mean salary of $156,240. So, overall Ross maintained its supremacy in the function. 

Marketing – Another Stronghold at Michigan Ross Despite drop in Salary

Marketing and sales grew to 17.6% from 14.2% last year, demonstrating increasing demand for MBAs in brand management and product strategy. However, the median base salary decreased to $128,000 from $135,000 in 2023, while the median signing bonus rose to $35,000 from $30,000. This change may reflect a broader hiring trend in consumer goods and retail, where salary packages prioritize bonuses over base pay. Darden reported a lower marketing placement rate of 6.5% with a median base salary of $120,000, while Haas placed 10% in marketing with a mean base salary of $140,692, indicating Ross's strength in this function.

Investment Banking Growth at Ross – The Life Saver for M7 and Top 15 MBA

Investment Banking placements increased significantly, reaching 10.3% in 2024 from 7.4% in 2023. The median base salary remained steady at $175,000, complemented by a $50,000 median signing bonus, resulting in the highest total compensation of $225,000. This reflects a resurgence in demand for MBAs in Financial markets, driven by M&A activity and Private Equity investments. Darden placed a higher proportion of graduates in finance/accounting at 28.9% with a similar median salary of $175,000, while Haas reported 21% in Finance with a lower mean salary of $153,041.

PE and VC – Down at Ross

Private equity and venture capital placements remained niche, with 1.8% of graduates entering these functions, slightly down from 2% last year. The median base salary increased to $160,000 from $150,000 in 2023, though signing bonuses were not reported this year.

Corporate Roles – Growth but Salary Lower

Corporate roles and business development saw smaller representation, with 2.9% and 1.5% of graduates, respectively. 

Corporate roles offered a median base salary of $125,000 with a $35,000 signing bonus, while business development reported $127,500 in median base salary and a $17,500 bonus. Haas’s focus on corporate roles (19% at $156,240 mean salary) significantly outpaces Ross, suggesting differing egional opportunities.

Final Take

Overall, the Ross MBA employment trends reflect a diversification of career preferences, with notable growth in General Management, Marketing, and Investment Banking and a decline in Consulting. Salary levels remain competitive, though shifts in compensation structures, such as higher signing bonuses, underscore changing employer strategies. 

Compared to peer schools like Darden and Haas, Ross maintains strong placement rates across high-demand functions, particularly in Investment Banking, General Management and Marketing. 

 

By Location: Michigan Ross MBA Salary and Placements (2024)

Midwest – Strength of Michigan Ross

The Midwest remains the leading region for Ross graduates, accounting for 30.1% of hires, though this is a slight drop from 31.1% in 2023. The median base salary in the Midwest decreased to $165,000 from $175,000 last year, with a consistent signing bonus of $30,000, totaling $195,000 in compensation. The region's strong hiring rate is tied to its concentration of Consulting firms and Manufacturing giants, particularly in Chicago and Detroit, which continue to attract Ross graduates. In comparison, Darden placed only 6.5% of its graduates in the Midwest at a higher median salary of $175,000, highlighting regional differences in student preferences and employer reach.

New York and Boston – Hiring Down, Base Salary Stagnant But Bonus Increased

The Northeast experienced a noticeable decline in placement, dropping to 24.6% from 28% in 2023. However, the median base salary remained steady at $175,000, with an increase in signing bonuses to $40,000 from $35,000, resulting in total compensation of $215,000. Cities like New York and Boston drive these numbers, primarily due to strong hiring from Investment Banks, Consulting firms, and Technology companies. Darden’s Northeast placements were higher at 28.6%, with the same median base salary, indicating Ross’s slightly diminished presence in this competitive market.

West – The Technology Boom at Ross 

The West saw growth, with 21% of graduates accepting offers in the region, up from 19.3% in 2023. The median base salary decreased slightly to $157,205 from $162,750, with a stable $30,000 signing bonus, totaling $187,205 in compensation. The West’s popularity aligns with the tech industry's continued expansion in Silicon Valley and Seattle. In comparison, Darden placed only 8.2% of its graduates in the West at a higher median base salary of $175,000, showcasing Ross’s stronger foothold in tech-heavy regions. Haas, located in the West, also demonstrates a strong regional presence, with many graduates targeting roles in the Bay Area.

Southwest – Increase in Salary

The Southwest saw a decline in hiring, dropping to 8.8% from 10.5% in 2023, while the median base salary increased to $168,000 from $163,463. Signing bonuses remained at $30,000, bringing total compensation to $198,000. The region’s hiring is often linked to energy and Consulting sectors, particularly in cities like Dallas and Houston. Darden placed 12.9% of its graduates in the Southwest at a higher median base salary of $180,000, reflecting stronger representation in the energy and oil industries.

South – Marginal Increase in Consulting hires

The South accounted for 4.8% of placements, an increase from 3.4% in 2023. The median base salary remained steady at $175,000, with a consistent signing bonus of $30,000, resulting in total compensation of $205,000. Hiring in the South is largely driven by Consulting roles in Atlanta and Charlotte.

Darden’s significantly higher placement rate of 26.9% in the South at the same median salary indicates regional differences in employer demand and student interest.

Mid-Atlantic - $175,000 Stabilization

The Mid-Atlantic region saw modest growth, with 6.6% of hires compared to 5.7% in 2023. The median base salary increased to $175,000 from $150,000 last year, with a steady $30,000 signing bonus, bringing total compensation to $205,000. 

Washington, D.C., remains a hub for Consulting and government-related roles, contributing to this growth. Darden’s placements in the Mid-Atlantic were much higher at 26.9%.

International Placement Increase – Below 5%

International placements rose to 4% from 2% in 2023, with Asia accounting for 2.6%. The median base salary for international roles decreased to $126,334 from $131,773, while the median signing bonus increased significantly to $48,500 from $26,750, totaling $174,834. 

Asia reported a higher median base salary of $160,000 and a $34,614 signing bonus, likely driven by Consulting and General Management roles in cities like Singapore and Hong Kong. 

Darden’s international placements were lower at 3.7%, with Asia offering a comparable median salary of $126,829.

Note: A higher international placements is a sign of recession in the US. 4-5% is an ideal benchmark.

Final Take

Ross’s employment trends by location highlight its strong Midwest presence, growing appeal in the West, and increasing international opportunities. Variations in salaries and hiring rates reflect the regional dominance of specific industries, such as Consulting in the Midwest and Northeast, and Technology in the West. 

Top Employers: Employment Report (2024)

Consulting firms continue to dominate the top employer list, with McKinsey & Co., Boston Consulting Group (BCG), Deloitte, and Bain & Co., Inc., collectively employing 61 graduates. 

McKinsey, Bain & Co Cautious, BCG Steady

McKinsey & Co., which hired 17 students this year, shows a notable decline from 31 hires in 2023. Similarly, Bain & Co.’s hiring dropped significantly from 25 to 12, while Deloitte slightly increased its hiring from 14 to 16. BCG’s hiring remained steady at 16. These figures highlight ongoing interest in Consulting talent but suggest reduced recruitment volumes at some firms.

Adobe – The Consistent Recruiter. Amazon Slows down

The Technology sector also experienced shifts. Amazon hired nine candidates, a decrease from 12 in 2023, reflecting the company's broader cautious hiring approach amid economic challenges in the tech industry. Dell Technologies hired six students, consistent with its focus on MBA talent, while IBM appeared as a new entrant with four hires. Notably, Adobe and Visa each hired three students, showing a demand for MBA graduates in strategic roles. These figures align with trends of selective hiring in Technology as companies prioritize roles that drive innovation and growth.

Financial Services – Changing Patterns, EY-Parthenon Fewer Hires 

The Financial Services sector displayed stable hiring patterns, with firms like Barclays (6), Bank of America (5), and Citi (4) maintaining a strong presence. However, EY-Parthenon, which hired 12 students in 2023, saw a sharp decline to four hires in 2024. Similarly, Goldman Sachs hired only three candidates, reflecting a subdued demand for MBAs in certain financial segments compared to last year. This trend contrasts with peer schools like Darden, where Citi and Barclays were also prominent recruiters, indicating varying recruitment priorities across programs.

Consumer Goods slowdown, Nike’s Surprise Hires

Consumer goods and retail saw a marked decline in representation. PepsiCo, which employed 7 Ross graduates in 2023, hired only three this year. Nike, with six hires, emerged as a strong recruiter in the retail and lifestyle domain, showcasing growing opportunities for MBAs in niche consumer sectors.

Healthcare – Diverse Recruiters

In healthcare and other specialized sectors, companies like DaVita (3) and Lincoln International (3) reflected steady hiring, highlighting demand for MBAs in operational and strategic roles. Similarly, companies such as Roland Berger (3) and American Express (3) maintained a modest presence, illustrating the diversification of hiring across industries.

Final Take

Overall, Consulting firms retained their dominance in Ross’s employment, accounting for nearly 40% of top employer hires. However, reduced numbers from leading Consulting and Consumer Goods firms, such as McKinsey and PepsiCo, reflect cautious hiring. 

Financial services and technology sectors displayed consistent yet selective hiring, emphasizing roles aligned with strategic and growth initiatives.

Reference

• Michigan Ross MBA Employment Report