The Harvard Business School employment report for the MBA Class of 2020 details significant accomplishments and notable entrepreneurial spirit for the graduating class. Ninety percent of the MBAs received an offer after graduation and 83 percent accepted, while another 11 percent defied the pandemic economy and began their own business ventures.
Financial services remains HBS’s top industry for graduates, with 34 percent of the class entering the field and representing a five percent increase over the Class of 2019. Twenty-four percent entered consulting, 19 percent entered technology, and 7 percent went into healthcare. Manufacturing and non-profit industries rounded out the top five industries with 4 percent of the class going to each sector.
Eighty-five percent of careers were established in the U.S. Forty-one percent went to work in the Northeast and 25 percent went to the West Coast. The Midwest saw 8 percent of grads find work there, and the Southwest 6 percent. Three percent of the class chose the South and the Mid-Atlantic as a career destination. Overall this represents a decline over the last five years for the Northeast and a slight increase for the Southwest.
As seen in other employment reports, the Atlanta, Georgia metro area is at the top of median salaries, reported at $165,000 along with Chicago and Boston. The nationwide median base salary for 2020 is $150,000, and the median signing bonus for HBS MBAs is reported as $30,000.
Start-ups and New Businesses
The Harvard Business School employment report indicates 10 percent of the class joined a startup upon graduation. Defined in the report as a private organization that is less than 10 years old, over half of these start-ups (53 percent) are tech companies and 12 percent are in the healthcare industry.
A full 105 members of the class are business founders. Thirty of those new companies were established to make a social impact. Eighty-six percent were founded in the U.S.: 42 percent are technology companies, 22 percent are financial service providers, and 14 percent are healthcare companies.