The NYU Stern School of Business MBA Class of 2023 continued the upward trend of compensation for Sternies, achieving the highest ever mean total compensation and median base salary, according to the new employment report. The median base salary increased $5,000 over last year’s class to an all-time record of $175,000. Average total compensation for the Class of 2023 climbed from $196,143 to $201,727, another record. Of the 315 graduates (89 percent of the 353-member class) seeking employment, 94 percent accepted jobs within three months of graduation.
Associate Dean for Careers Brian Ruggiero says in the press release, “The two-year Full-time MBA Class of 2023 has been breaking records since they first arrived on campus with the school’s highest ever average GMAT at the time, and they have only gained steam. One hundred percent of the students seeking internships from this class secured them with record median weekly base internship salaries. And now, we are thrilled to report that the Class of 2023 continues to impress with the school’s highest ever average total compensation and average base salary.”
“Our students were highly sought by companies in our top three industries – consulting, investment banking and tech – as well as a diverse range of sectors including entertainment and media, consumer products, and healthcare, to name a few,” Ruggiero says. The top industry for the Class of 2023 is consulting, where 41.9 percent of graduates found work. Nearly 30 percent entered financial services. A closer look at financial services reveals that approximately 23 percent of Stern MBAs joined investment banking. The tech industry took in 14.2 percent of graduates.
The highest average salary by industry is in law, which reached $216,667 for the 2.4 percent of graduates who found jobs in that sector. The next highest average salaries are in consulting, where graduates are earning an average of $178,967. Investment banking commanded salaries landing at an average $171,773 while starting salaries overall for financial services averaged $167,104.
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Nearly all jobs for Stern MBA graduates—95.1 percent—were located in North America. Nearly 78 percent of those jobs are in the Northeast region of the U.S., while the U.S. West saw nearly nine percent of graduates find work. The Northeast secured the highest average salary at $171,939. Roughly two percent each settled in the Middle East/Asia or Europe.