Going to business school has, conventionally, been considered a fairly safe way to boost your salary, career prospects, or change careers.
MBAs remain popular despite the pandemic and are likely to remain so with the threat of recession and a tightening job market.
Students graduating from the top business schools in the US and Europe in 2021 could, for the most part, expect to earn hefty six-figure salaries within months of graduating. The median salary for 2021 graduates of the Wharton School of the University of Pennsylvania was $155,000, Insider reported in June.
The picture is much the same for top UK business schools, where graduates could expect healthy post-graduation base salaries. Grads from the University of Cambridge’s Judge Business School netted average total compensation of £96,429 ($161,007).
Check out the earning of power of the class of 2021 below. All salary conversions use purchasing power parity rates.
The University of Cambridge’s Judge Business School consistently ranks among the top business schools globally. Its MBA program was also ranked 22nd globally by the Financial Times in 2022.
According to the school’s figures, published in 2022, the average base salary for MBA grads for the class of 2020 and 2021 was £75,359 ($121,903). The average total compensation was £96,429 ($161,007).
Cambridge Judge grads in the class of 2020/2021 were most likely to go into consulting or finance.
Those in finance had the highest immediate earning power, making as much as £152,193 ($310,263) in base salary.
And the biggest employers of grads from Judge were Amazon, Deloitte, BCG, JP Morgan, McKinsey & Company, and Southeast Asian shopping company Shopee.
The Financial Times ranks Imperial College Business School in London 34th globally and fourth in the UK.
The school says, despite pandemic challenges, 88% of its 2021 graduates accepted a job offer within three months of completing its program.
The average mean salary for MBA graduates in that class was £68,657 ($100,695). Salaries ranged from a minimum of £36,000 ($52,786) to a maximum of £120,400 ($153,959).
The majority of graduates went into industries such as technology, consultancy, and finance at companies like Amazon, Deloitte, HSBC, Microsoft, and PwC.
Grads went on to become investment banking associates; investment directors; management consultants; and product managers, among other roles.
London Business School is one of the most reputed business schools in the world, ranked eighth globally by the Financial Times, and fifth in Europe by Bloomberg.
According to figures shared by the school, 92% of graduates from the class of 2021 had accepted a job offer within three months of finishing up. Most graduates, prior to the MBA, came from consulting, finance, or telco backgrounds, and were an average age of 29.
The overall average base salary for graduates of that class was £85,374 ($140,072), with maximum earners raking in £245,385 ($560,113).
Graduates were also offered generous sign-on and end-of-year bonuses which ranged from £36,989 ($63,855) going up to a maximum of £224,271 ($383,580).
Top employment sectors for London Business School grads were consulting, finance, and technology, with McKinsey & Company, Deloitte Consulting, Morgan Stanley, Goldman Sachs, Amazon, Google, Meta, Microsoft, and TikTok among those hiring grads.
Grads in the finance sector had the highest immediate earning power, making an average of £91,406 ($146,230) in base salary.