There is no “one thing” that’s going to get you in to bschool. But there are many things that matter, in many different ways. We cover the common myths and misunderstandings here quite a bit and today’s post is yet another attempt to educate the next crop of eager Brave Supplicants who are pondering the…
This is a follow-on to some previous GRE vs GMAT posts. In case you missed those: GMAT vs GRE strategy questions: Which to take for an MBA? “I took the GMAT. If I take the GRE now, do I still have to submit the GMAT score in my MBA app?” This question isn’t about admissions…
Given: You want an MBA in order to get a better job. Given: You’re very focused on getting into the most prestigious school that you can. Given: You want there to be lots of recruiters coming to campus to ply you with gifts recruit your bada$$ self into this great new future career you’ve imagined…
Short answer: Much less than what your peers graduating with MBAs into consulting and finance are making.
Scary answer: Maybe not any more than you’re making today???
Here’s some information captured in a tiny-ass footnote towards the end of the Chicago Booth Class of 2016 Employment Report :
Accepted offers in these functions include graduates working at start-ups: Analytics/Data Science (1), Business Development (4), Finance, Other (1), General Management (3), Sales (1), and Operations: Production/Supply Chain Management/Logistics (3). In total, 2.6% of accepted offers for the class of 2016 were with start-ups. For base salary, the minimum was $85,000, the maximum was $144,383, and the median was $119,000.
That comes at the end of the table that reports a whopping $215k salary for a 2016 grad who went into investment management. We don’t think that the Booth Career Services peeps were trying to bury that info; in fact, they’re probably quite proud of the fact that so many of their grads went to startups, given how, you know, startups are a thing these days. It’s definitely how Booth is trying to position itself. (That and McKinsey. They also sent 26 grads to McKinsey last year. Yeah, that.)
This footnote is really just trying to help you understand why salaries were so low in some of those categories. It’s not making excuses; it’s actually a bragworthy bit o’ detail.
It’s also notable to catch the footnote on the following page, which lists the internships that the Class of 2017 landed:
Accepted offers in these functions include students doing summer internships at start-ups: Business Development (12), Consulting (4), Corporate Strategy/Strategic Planning (1), Company Finance (Analysis/Treasury) (1), Venture Capital (3), Finance, Other (1), General Management (1), Brand/Product Management (3), Marketing, Other (1), Operations: Production/Supply Chain Management/Logistics (1), and Product Management (Tech) (3). In total, 5.4% of accepted offers for the class of 2017 were with start-ups. For monthly base salary, the minimum was $1,000, the maximum was $8,333, and the median was $4,000.
The trend appears to be, “Do a startup during the summer, but then get a real job when I graduate.” We’ll have to see what happens to those 31 kids next year. It’s certainly a low-risk way to find out if the startup life is for you.
If you’re planning on joining a startup post-MBA, we do hope that you’ve been doing your research.
Take a look at the numbers.
What salary can you actually expect?
(Note: Facebook is not a startup.)
Be sure you’re doing your research, o nobly born. Know what you’re walking your brave heart into.
The median is still nothing to sneeze at for that startup cohort – but it may not be what your starry-eyed self had in mind.
Update June 2017: Here’s some research that says graduating MBAs take $15,000 less in first salary than those taking more traditional post-MBA jobs.
As a little internal research project here in Snarkville recently, we did some back-of-the-envelope comparisons of a few randomly selected bschools, looking at salary. As would be expected, there are some real differences. Stanford’s average salary across their Class of 2015 was $133,406, which is 11% higher ($13,587 more) than Darden’s, at $119,819. That’s going…
OK, well maybe not “only” – but primarily. Don’t believe us? Check out this passage from someone who recruits senior execs: Things I rarely pay attention to [when scanning a resume] Education: In the last month alone, having viewed hundreds of resumes, I honestly don’t remember looking at this section once. When I used…
(Trigger Warning: We’re talking about ETHICS again today. If that just turns your stomach, click away now.) We walked through (again) our stance on ethics and applying in a school’s binding Early Decision round. (Which isn’t really “our stance.” It’s more like, “This is how a person of honor should act.” Which, you’d think, wouldn’t…