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University of Chicago MBA Salary

A Comprehensive Breakdown

Aiming for a master's degree in business administration can lead to numerous career opportunities and high earning potential. Chicago Booth MBA program is one of the most prestigious programs in the world, and the average salary of its graduates reflects the quality of education they receive. In this blog, we will explore the University of Chicago MBA salary and the factors that impact their compensation.

Average University of Chicago MBA salary

Average graduate University of Chicago MBA salary of class 2023: $149,439

The University of Chicago MBA salary for graduates of the Full-Time MBA program was $149,439, with a median base salary of $150,000. The data is based on 97.5% of graduates who reported their employment status. Additionally, the average signing bonus for the same class was $35,377, with a median of $30,000.

It's worth noting that the University of Chicago MBA salary statistics vary depending on the industry and job function. The top industries for University of Chicago MBA graduates in 2020 were consulting, finance, and technology, with average salaries ranging from $139,829 to $166,346. The top job functions were consulting, finance, and general management, with average salaries ranging from $139,588 to $158,366.

Chicago Booth MBA graduates also have a high success rate in securing employment shortly after graduation, with 97.6% of the class of 2021 accepting a job offer within three months of graduation.

The average salary and employment statistics for University of Chicago MBA graduates demonstrate the school's commitment to preparing students for successful careers in a variety of industries and job functions.

Sector-wise University of Chicago MBA salary

University of Chicago MBA graduates are highly sought after across a range of industries, with many of them securing high-paying jobs in top companies. Here's a breakdown of the University of Chicago MBA salary of graduates based on the school's official data:

1. Consulting

University of Chicago MBA graduates who pursued careers in consulting reported an average base salary of $79,000 per year, with a signing bonus of $30,000 and an additional bonus of $35,000. Top consulting firms that have hired Booth graduates include McKinsey & Company, Boston Consulting Group, and Bain & Company.

2. Finance

Graduates who entered finance reported an average base salary of $70,000 per year, with a signing bonus of $35,000 and an additional bonus of $60,000. The top finance firms that have hired Booth graduates include Goldman Sachs, JPMorgan Chase, and Morgan Stanley.

3. Technology

University of Chicago MBA graduates who landed jobs in technology reported an University of Chicago MBA salary of $130,000 per year, with a signing bonus of $25,000 and an additional bonus of $35,000. Top technology companies that have hired Booth graduates include Amazon, Google, and Microsoft.

4. Consumer Goods

Chicago Booth MBA graduates who went into the consumer goods industry reported an average base salary of $120,000 per year, with a signing bonus of $20,000 and an additional bonus of $25,000. Top consumer goods companies that have hired Booth graduates include Procter & Gamble, Nestle, and PepsiCo.

Function Percent of Hires Number of Hires Minimum Salary Maximum Salary
Business Development 1.4% 7 $100,000 $165,000
Consulting 39.4% 196 $79,000 $200,000
Corporate Strategy/Strategic Planning 4.4% 22 $115,000 $184,000
Finance 33.2% 165 $70,000 $247,500
Company Finance (Analysis/Treasury) 2.4% 12 $130,000 $190,000
Investment Banking 15.5% 77 $135,000 $225,000
Investment Management/Research 2.2% 11 $135,000 $195,300
Private Equity 7.8% 39 $120,000 $247,500
Venture Capital 3.4% 17 $70,000 $225,000
General Management 5.2% 26 $100,000 $300,000
General Management (Start-ups) 4.2% 21 $100,000 $300,000
Project Management 1.0% 5 $142,800 $150,000
Law 1.6% 8 $215,000 $235,000
Marketing 3.6% 18 $115,000 $185,000

Salary Across Different Locations

Graduates who went into the consulting industry commanded the highest average base salary of $192,032, followed by those who went into the finance industry with an average base salary of $159,718. Graduates in the technology industry earned an average base salary of $85,129, while those who went into healthcare earned an average base salary of $102,000.

Location Percentage Number of Hires Median Salary
United States 93.2% 463 $185,000
Midwest 29.8% 148 $190,000
Chicago 28.6% 142 $190,000
Northeast 27.2% 135 $175,000
New York 23.9% 119 $175,000
Boston 3.0% 15 $190,000
West 22.3% 111 $175,000
Bay Area 14.1% 70 $177,000
Seattle 3.6% 18 $152,500
Los Angeles 3.4% 17 $175,000
Portland 1.0% 5 $146,000
Southwest 6.0% 30 $192,000
Dallas 1.8% 9 $191,000
Denver 1.6% 8 $192,000
Austin 1.4% 7 $182,500
Houston 1.2% 6 $196,000
Mid Atlantic 4.0% 20 $175,000
Washington, DC 3.4% 17 $178,750
South 3.8% 19 $190,000
Atlanta 1.8% 9 $192,000
Miami 1.0% 5 $192,000
International 6.8% 34 $123,952
Asia 2.8% 14 $131,000
Latin America & Caribbean 2.0% 10 $111,328
Europe 1.2% 6 $114,000
London 1.0% 5 $114,000
Canada 0.6% 3  
Middle East & North Africa 0.2% 1  

 

It's important to note that these figures only represent base salaries and do not include other forms of compensation such as bonuses, stock options, and other benefits. Additionally, factors such as years of work experience, industry, and job function can also affect salary levels.

ROI of the Booth Full-Time MBA 

  • Within three months of completing their MBA program, an impressive 96.8 percent of the Class of 2022 received lucrative full-time job offers, with a slightly higher percentage of 97.5 for domestic graduates and 94.9 for international graduates.
  • Notably, Booth graduates experienced a median starting base salary of $175,000, which is one of the industry's most competitive MBA median starting salaries. This demonstrates the program's tangible benefits shortly after graduation.
  • Regarding job placements, an overwhelming 95.6 percent of students had already accepted employment offers within the same three-month period (96.3 percent for domestic graduates and 93.6 percent for international graduates).
  • Impressively, 77.5 percent of graduates credited their successful job placements to the robust support provided by Booth, including on-campus recruiting, networking opportunities, alumni engagements, and job board connections.

This underlines the exceptional value and substantial return on investment that a Booth MBA offers to its graduates, ensuring a promising career trajectory right from the start.  

Conclusion

MBA Colleges in the USA are the most popular degrees for international students. The Chicago Booth MBA program offers a strong return on investment regarding graduate salaries. Graduates from this program are highly sought after by top companies across sectors such as consulting, finance, technology, healthcare, and consumer goods.

Furthermore, the program also allows graduates to work in various locations, both domestically and internationally. Beyond just high University of Chicago MBA salary, the program also offers many other opportunities for career growth and development. Overall, the University of Chicago MBA program is a great option for those looking to further their education and career in business.

What is the acceptance rate for Chicago MBA?

The low 30% acceptance rate means that Chicago Booth is able to cultivate a diverse, talented student body that goes on to make significant impacts in the business world. Graduates of the program are highly sought after by top employers, reflecting the program's reputation for producing exceptional business leaders. The exclusivity of the Chicago Booth MBA contributes to its prestige and the value it holds in the eyes of recruiters and industry leaders.

Does University of Chicago MBA require work experience?

The Chicago Booth MBA program welcomes applications from candidates with diverse backgrounds, regardless of their prior work experience. Whether you are a recent college graduate with fewer than three years in the workforce or an established professional, Booth encourages you to apply. This inclusive approach reflects the program's commitment to cultivating a dynamic, multifaceted student community.

Know Your Author
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Rohit Rajaram
Study Abroad Expert
Rohit is a results-driven individual with a strong background in Education Mentorship, Program Management and Business Development. Holding a Master's degree in Management from ESCP Business School in Paris, Rohit combines academic excellence with extensive industry experience. Throughout his career, Rohit has consistently delivered exceptional results, driving sales, increasing turnover, and achieving targets. Known for his strategic acumen, Rohit formulates and executes successful business strategies, enhancing operational quality, customer satisfaction and key bottonline drivers. As the Co-Founder of MiM-Essay, a leading Early Career Degrees application consulting company, Rohit has successfully mentored over 10,000+ students, enabling them to secure admissions in top-ranked schools worldwide with significant scholarships. Under his leadership, the company has maintained high-quality service and exceptional client satisfaction rates. With expertise in analytics, product development and business excellence, Rohit has successfully driven the success of various initiatives. Committed to constant innovation, he is expanding the company's offerings by introducing digital and technology-powered products for comprehensive education solutions.
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