MBAs in finance, Big Pharma, and other industries saw a higher starting salary last year.
It turns out 2015 was a GREAT year to graduate from business school… and 2016 is looking good too. Find out which MBA program tops the latest rankings, why business school graduates are warming up to Big Pharma, and which industry is offering a higher starting salary—here are the top stories in the world of business school.
Rise in MBA starting salary
The last year was good to business school graduates. If you look at the two statistics that are most important to MBAs—hiring numbers and starting salary—members of the Class of 2015 fared pretty well. After years of stagnation in the financial sector after the Great Recession in 2008, the median base starting salary in investment banking increased to $125,000 last year—up $25,000 from the year before. The median signing bonus for graduates of Harvard Business School was $47,500. For Chicago Booth graduates, the signing bonuses averaged $40,000. Lots of other sectors reported impressive bonuses and starting salaries too. In short, now is a lucrative time to be earning an MBA. (Poets & Quants)
MBAs flock to Big Pharma
The business world increasingly sees MBAs as the key to company success, and this goes beyond the traditional fields like finance and consulting. Innovation is sweeping the healthcare and pharmaceutical industries, and in the process sweeping in MBAs who see working in Big Pharma as a way to change people’s lives for the better. The executive director of careers at Cornell’s Johnson School says recruitment for the industry doubled in 2015, though still small compared to other, more traditional MBA sectors. Large firms like Johnson & Johnson and Bayer are leading the trend. “We see large firms and start-ups with hiring needs in supply chain, marketing, and finance,” says Dean Vera, director of career management at Rutgers Business School. He says the school’s biggest recruiter is Big Pharma. (BusinessBecause)
Waitlisted applicants
One of the most agonizing parts of the business school admissions process is waiting. That’s mostly because at this point there’s nothing you can do about it. You’ve done your best, taken the GMAT, and (hopefully) put together a great application, but now it’s in the hands of an admissions committee. For some applicants though, the sweet release of acceptance or bitter pill of rejection isn’t the next shoe to drop. Being waitlisted is. How do you successful work the waitlist to get into the acceptance pool? One expert says one thing NOT to do is call every person in the admissions office to make your case. What one must do, though, is let the business school know you still want to be under consideration. Demonstrate continued interest. (U.S. News & World Report)
MBA rankings are here
While many of you think of the U.S. News & World Report rankings as the gold standard for comparing MBA programs (and you can make that argument), don’t overlook the list that The Financial Times puts together. Topping their global MBA rankings list is INSEAD, marking the first time a one-year business school has taken the top position. Graduates from Insead’s 2012 class earned a $167,000 starting salary on average, nearly double what they earned pre-MBA. That’s an impressive before and after picture. “I think the most important skills are problem-solving. Problem-solving skills will still be in fashion 30 years from now,” says the business school’s dean. (The Financial Times)
What Wharton wants
One of the world’s finest MBA programs is the University of Pennsylvania’s Wharton School. But how do you gain acceptance into this elite institution? Just as you have a distinctive personality, so does the school. Many of Wharton’s graduates have gone on to become some of the world’s most successful people—including a certain presidential candidate who’s not too shy about mentioning his alma mater in stump speeches. So, what do they look for in prospective students, especially during the interview process? Among the attributes they want: a passion for innovation, a belief in a collaborative environment, and awareness of the world around you. (Business Insider)
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