Analysis: Wharton MBA Salary and Placements (2024)

In this in-depth analysis of Wharton MBA Salary and Placements for the 2024 Graduating Class, we cover: 

•    By Industry: Wharton MBA Salary and Placements (2024)
•    By Function: Wharton MBA Salary and Placements (2024)
•    By Location: Wharton MBA Salary and Placements (2024)

By Industry: Wharton MBA Salary and Placements (2024)

Financial Services: Stagnant Base Salary – The Story of Most M7 Schools

Financial services led hiring at 36.6%, maintaining dominance but slightly down from 37.3% in 2023. The median base salary for this sector remained unchanged at $175,000, signaling stagnation in compensation growth. The flat trajectory mirrors trends at peer schools - Booth (32.9%, $175,000) and MIT (25.3%, $175,000), suggesting market pressure across top MBA programs. In contrast, Stanford graduates in Finance commanded a higher median of $200,000, indicating stronger demand in select markets within Finance.

Consulting Hires Drop But Base $190,000 Maintained

Consulting accounted for 25.2% of Wharton hires, a slight drop from 28.8% in 2023. Despite this, Consulting salaries held steady at $190,000, consistent with Booth (33.8%), Harvard (18%), and Stanford (14%). The reduced hiring percentage at Wharton reflects an industry-wide pullback as firms navigate economic uncertainty and recalibrate hiring strategies. Notably, Wharton’s Consulting placement is lower compared to Booth (33.8%) and MIT (32.1%).

Technology – The Resilient Industry at Wharton

The Technology sector saw 14.1% of Wharton graduates hired, aligning closely with Booth (14.8%) but trailing behind Stanford (22%) and MIT (19%). Wharton’s tech median base salary held at $162,750, slightly above Booth ($152,000) but below Stanford ($185,000) and Harvard ($165,00). 

Healthcare – Steady Growth

Healthcare hiring remained stable at 5%, with a modest salary increase to $163,000 from $157,500 last year. This trend aligns with the rising demand for healthcare professionals, seen across Harvard ($165,000) and Stanford ($160,000).

Media, Entertainment and Sports

Media, entertainment, and sports (3%) and social impact (2.7%) continue to provide limited but vital pathways, with salaries of $140,000 and $120,000, respectively. 

Legal at $225,000

Interestingly, legal and professional services boasted the highest median salary at $225,000 for 2.1% of hires, aligning with Booth’s law median of $225,000.

Final Take

Overall, the employment report suggests stable hiring patterns across core industries, with limited growth in base salaries reflecting economic headwinds. The consistency in Consulting and financial services placements across M7 schools, including at Wharton, highlights the enduring value of these sectors, despite market adjustments. 

By Function: Wharton MBA Salary and Placements (2024)

Consulting Function – The Most Hires with a stagnant $190,000 Base Salary

Consulting/strategy remains the largest employment sector, accounting for 33.1% of hires, with a median base salary of $190,000. However, this reflects a slight decrease from 36% in 2023, suggesting a cooling demand for Consulting talent, aligning with broader market trends indicating cost-cutting in professional services. Notably, Wharton’s Consulting placement is still among the highest, closely trailing Columbia (39.2%) and MIT (35.7%) while exceeding Harvard (18%) and Stanford (16%).

Investment Banking – Wharton’s Strength

In Finance, Investment Banking hires rose to 15% from 12.6% in 2023, maintaining a consistent median salary of $175,000. This upward shift reflects a rebound in banking recruitment after a dip last year, contrasting with the 16.4% placement at Booth and 20.6% at Columbia, where base salaries were lower at $158,550. 

PE Fell

Private equity/venture capital experienced a decline, with hiring falling to 12.9% from 18.1% last year. Salaries also dropped to $175,000 from $185,000. The decline suggests heightened competition and fewer opportunities in a sector facing tighter deal flow and higher interest rates. Wharton’s PE/VC hiring remains more robust than MIT (2.7%) and Columbia (5.3%) but trails Stanford (16%), where the median salary reached $200,000.

General Management – Growth in Hiring But Fall in Median Base Salary

General/project management saw growth, rising to 7% from 4.1% in 2023. Despite the increase in hiring, the median base salary declined from $160,000 to $150,000, potentially indicating shifts towards roles with broader, less specialized responsibilities. This trend is similar to MIT (6.8%) and Harvard (13%), both of which reported slightly higher base salaries of $160,000–$164,000.

Product Management – Increase in Base Salary with Slight Dip in Hiring

Product management remained stable at 7%, a slight decrease from 8.7% in 2023, with the median salary increasing to $162,750 from $160,000. 

Wharton’s product management placement aligns with Booth (7.3%), though Booth reported a higher median salary of $169,100. Stanford (8%) leads in this category with a salary of $185,000. The data reflects ongoing demand for tech-driven roles, although economic uncertainties have tempered the growth seen in previous years.

Investment Management – Growth in Base Salary

Investment management saw modest growth, rising to 5% from 4.7% in 2023, with the median salary increasing to $180,000 from $175,000. This upward trend highlights continued interest in asset management, although Wharton lags behind Stanford (7%), where salaries reached $225,000.

Business Development and Operations

Business development and operations roles collectively represent smaller segments, with 3.9% and 3.4% of hires, respectively. Business development salaries increased to $165,000, outperforming MIT ($160,000) and Harvard ($165,000), while operations roles reflected a median salary of $157,000, surpassing Harvard ($147,500) but trailing Booth ($157,500).

Legal Services Benchmarked at $225,000

Legal services accounted for 2% of hires, with a median salary of $225,000, reflecting the demand for legal expertise in corporate and transactional law. This figure closely mirrors Booth (2.7%), which reported an identical median salary.

Final Take

The overall data highlights Wharton’s continued strength in Finance and Consulting, though shifts in private equity and product management reflect broader market recalibration. Compared to peer M7 schools, Wharton maintains a competitive positioning but faces intense competition in high-paying Finance roles, particularly from Stanford.

By Location: Wharton MBA Salary and Placements (2024)

More US Hiring

Wharton’s 2024 employment data shows strong domestic hiring, with 94% of graduates employed in the U.S., slightly up from 91% in 2023. This trend reflects a broader pattern seen across M7 schools, where domestic placements continue to dominate. For instance, Booth also reported 94.1% U.S. placements, aligning closely with Wharton’s figures. Harvard’s U.S. employment rate stands at 91%, slightly below Wharton’s, while MIT Sloan leads with 94.6% for North America.

North East – New York Dominates

In terms of regional distribution, the Northeast remains Wharton’s top destination, accounting for 46.8% of hires—a slight decrease from 48.3% in 2023. This marginal drop mirrors a trend observed across peer institutions like Harvard (49%) and MIT (47.5%), indicating a broader shift towards diversification beyond the traditional financial hubs of New York and Boston. 

Despite the shifts, the median base salary in the Northeast holds steady at $175,000, consistent with last year and comparable to Booth and Harvard. However, Booth reports slightly higher salaries for Boston hires at $192,000.

West Reflects Technology’s Growth Story at Wharton

The West saw notable growth, representing 21.5% of hires—up from 20.5% in 2023. This reflects the ongoing expansion of tech and venture capital opportunities in California, particularly in San Francisco and Los Angeles. Comparatively, Booth placed 20.8% of its graduates in the West, while Harvard recorded 17%. Interestingly, Booth’s West Coast salaries dipped slightly to $169,100, while Wharton maintained $175,000. 

Wharton graduates may have secured more competitive roles or specialized functions in tech or Consulting, which tend to offer higher pay.

Mid-Atlantic – Government-Related Hiring Growth

The Mid-Atlantic accounted for 12% of hires, a significant rise from 8.7% in 2023. This aligns with Booth’s 3.2%, indicating increased hiring in Washington, D.C., and Philadelphia, driven by growth in Consulting and government-related sectors. However, Harvard continues to lead in this region with 5% hires and a median base of $172,000, while Booth’s Washington placements command $180,000.

Texas – Growth Hub for Wharton

A notable shift is observed in the Southwest, where 5% of Wharton graduates secured roles with a median salary of $192,000—a rise from 4.6% last year at $190,000. This increase surpasses Harvard’s 6% hires at $175,000. The rising demand for MBA talent in Texas, driven by the relocation of tech and financial firms to cities like Dallas and Austin, explains this trend. Booth’s Southwest salaries also align closely at $190,000.

South Hiring Receded But Base Salary benchmarked at $175,000 

The South experienced a slight decrease in hiring, falling to 4.7% from 5.2% in 2023, although the median salary remains at $175,000. This mirrors Harvard’s 5% placement rate. Booth reported lower hiring in the South at 4.3%, with salaries slightly below Wharton at $165,000. Miami and Atlanta continue to attract MBAs, particularly in private equity and healthcare.

Midwest – Salary Growth at Wharton

The Midwest saw a marginal drop to 3.6% from 3.8% in 2023, with salaries rising to $189,000, reflecting the ongoing demand in Chicago’s Finance and Consulting sectors. Booth’s Midwest placement is significantly higher at 29.9%, with Chicago accounting for 27.9% of hires and salaries reaching $181,500. This disparity highlights Booth’s strong regional focus, whereas Wharton’s placements are more distributed nationally.

International Placements

On the international front, Wharton’s hiring declined to 6% from 9% last year, with Asia representing the majority at 3.9% (down from 4.6%). The median salary in Asia holds at $150,000, consistent with MIT but higher than Columbia’s $115,069. European hiring dropped to 1.6% from 2.1%, with salaries declining to $119,052—significantly lower than Harvard’s $135,000 for Europe. 

The shift away from international placements mirrors broader trends across M7 schools where hiring has been strong in the US. Harvard’s international placements also dropped to 9%, while Booth reported 5.9% international hires. Columbia, however, continues to face hiring hurdle locally with international employment accounting for 21% of total recruitment.

Final Take

Overall, Wharton’s employment report highlights strong domestic demand, with increasing opportunities in the Southwest and Mid-Atlantic regions. The Northeast remains dominant but shows slight signs of redistribution, reflecting industry shifts towards emerging tech hubs and southern financial centers.

Reference

• Wharton MBA Employment Trends