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Wharton Employment Report: MBA Class of 2023 Maintains Record Median Salary

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The University of Pennsylvania’s Wharton School has released its MBA employment report for the Class of 2023, and graduates maintained the school’s record median salary of $175,000.

Of the 917 graduating Wharton MBA students, 75 percent (688 students) sought employment. An impressive 97.2 percent of MBA graduates seeking employment received a job offer within three months of graduation, while 92.3 percent had accepted job offers. 

Out of the 17 percent of graduates not seeking employment, half (83 students) returned to their pre-MBA companies. A quarter (39 students) were self-employed or starting their own business.

Wharton MBA Employment Report 2023: Industry and Regional Placement

Financial services careers are traditionally the most popular for Wharton MBAs, and according to the employment report, 37.3 percent of the Class of 2023 found work in that sector. Regarding finance placement, 13.5 percent pursued investment banking/brokerage and nearly 11 percent landed in PE/buyouts/other. Consulting held on to second place at 28.8 percent, a roughly four percent increase over last year, followed by technology at 17.2 percent. Roughly six percent pursued roles in health care. Consumer products rounded out the top five industry choices at 4.4 percent.

Wharton MBA Employment Report:
Top 5 Industry Placement

Financial Services 37.3%
Consulting 28.8%
Technology 17.2%
Health Care 6.5%
Consumer Products 4.4%

Ninety-one percent of graduates accepted jobs in the U.S. Forty-eight percent of graduates found work in the Northeast. The West was next most popular at 20.5 percent. The Mid-Atlantic states were the career destination for 8.7 percent of MBAs. Roughly five percent headed to the South U.S., followed by nearly five percent to the Southwest and 3.8 percent to the Midwest. Nine percent headed abroad, with nearly five percent settling in Asia and two percent in Europe.

Wharton MBA Employment Report:
Top 5 U.S. Regional Placement

Northeast 48.3%
West 20.5%
Mid-Atlantic 8.7%
South 5.2%
Southwest 4.6%

The overall U.S.-based median salary was $175,000. In the Midwest and Southwest, median salaries reached the highest at $190,000. The highest salaries by industry were found in legal and professional services, with the median reported at $215,000. Of the more popular industry choices, consulting landed the high median salary of $190,000 while financial services came in at $175,000 overall.

Lauren Wakal
Lauren Wakal has been covering the MBA admissions space for more than a decade, from in-depth business school profiles to weekly breaking news and more.