MIT Sloan Employment Report: MBA Class of 2020 Secure Higher Salaries & Signing Bonuses
The MIT Sloan School of Management employment report for the MBA Class of 2020 revealed that 95.5 percent of students had offers within three months of graduation and 91.1 percent had accepted offers. Both the median salary and signing bonuses increased over last year to $150,000 and $34,000, respectively.
|South and Southwest||9.1%|
For the past three graduating classes at MIT Sloan, consulting, technology, and finance have been the most popular industries for newly minted MBAs. Remaining at the top with 31.1 percent of the class is consulting, while technology, which encompasses software and internet service, and computers, electronics, and telecommunications manufacturing, recruited 27.6 percent of graduates. Another 18.5 percent went into finance and 5.6 percent into healthcare/pharma/biotech. Manufacturing industries apart from tech such as consumer products, aerospace, energy, and more, rounded up the top five industries with 9.7 percent.
The most jobs for graduates were located in the U.S. Northeast, where 44.1 percent went to work, while the second-largest job market was in the Western U.S. with 29.7 percent of grads taking jobs there. The Southwest saw 4.9 percent, the South 4.2 percent, and the Mid-Atlantic and Midwest each saw 2.8 percent of graduates begin their careers in those regions. The highest mean and median salaries are in the Dallas and Atlanta metro areas, where the average salary hit $160,000 in Atlanta and $163,333 in Dallas.
In regards to international destinations, nearly four percent headed to Europe and three percent settled in Asia.
Facilitating Careers in an Uncertain Market
In response to the pandemic-affected marketplace, 68.6 percent of job opportunities were school-facilitated either through summer internships, on-campus recruiting and interviews, MIT or Sloan School of Management job postings and sponsored events, or referrals. “The MIT Sloan community, including our leadership, faculty, centers, and initiatives, and alumni came together to source hundreds of opportunities and fund select internships,” said Susan Sandler Brennan, Assistant Dean, MIT Sloan Career Development Office, in the official report. A powerful indicator of the economy MBAs are entering is that growth potential was the top reason (cited by 46 percent) given for accepting a position.