Just In: Michigan Ross MBA Grads See Record Salary Packages and Acceptance Rates; McKinsey Becomes Top Employer
It was a record-setting year for graduates of the Full-Time MBA Program at the Ross School of Business.
McKinsey and Amazon led the list of the most sought-after employers that hired the members of the Class of 2021, according to the newly released Michigan Ross employment report, which also showed other exciting highlights for the class.
In fact, 97.5% of Michigan Ross Full-Time MBA grads received offers within three months of graduation, and 96.1% accepted offers in that timespan, which was a 10-year-high. They also received the highest total median salary package ($171,450), a 6% increase over the Class of 2020. The same strong placement was true of international students, with acceptance rates at 97.9% three months after graduation.
As represented by its top two employers, the highest percentage of Class of 2021 members went into positions in consulting and tech. McKinsey, Bain, and BCG represented more than 50 hires, while half of the tech hires went to the ever-popular post-grad MBA destinations: Microsoft, Amazon, Google, Facebook, and Apple. There was also a 3.5% increase in finance, with 15.5% of grads going into that industry, and many others went into healthcare and consumer packaged goods as well.
In keeping with previous years, the majority (74%) of Michigan Ross MBA graduates landed jobs on the East Coast, West Coast, or Chicago, while 94% of graduates were career switchers.
One area that showed significant interest versus previous years was graduates pursuing impact-related careers. More than 10% of the class reported going into careers with a social impact or sustainability component, up more than 6 percentage points from last year and 3 percentage points from a previous high of nearly 7% in 2018.
A few interesting new companies and organizations that the Class of 2021 went to work for are: Fluence, a leading global energy storage technology and services company, created and backed by Siemens and AES; Plume, a provider of gender-affirming hormone therapy via telehealth for the trans-community across the U.S.; and Kitamba, a social impact consulting and products firm dedicated to dramatically improving learning and life outcomes for all children.
Of the offers and acceptances, 80% were school-facilitated by the Career Development Office or sourced on campus.
“We are proud of how our students achieved their career goals, rising to the challenge of virtual recruiting and earning placements in the companies and industries they wanted to be in around the world,” said Heather Byrne, managing director of the Michigan Ross Career Development Office. “We are excited to have new and innovative companies added to our Full-Time MBA students’ post-graduation career destinations, and I continue to be impressed with our office’s industry relations, coaching, and the professionally-coordinated peer support to help them land those opportunities.”
The Michigan Ross Full-Time MBA employment report also covered internships for the Class of 2022. The largest internship employers for those students this summer were also in consulting and tech, with five of the largest hiring companies being Bain, Amazon, EY/Parthenon, Deloitte, and McKinsey & Co.