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Chicago Booth MBA Class of 2023 Employment Report: Higher Median Salaries & High Consulting Placement

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The employment report for the MBA Class of 2023 at the University of Chicago Booth School of Business reveals a higher median salary over the Class of 2022.

Of the 628 members of the graduating class, 83.9 percent (or 527 students) were seeking employment. At graduation, 91.1 percent of these MBAs had received a job offer, and nearly 96 percent had received offers three months post-graduation. Job acceptances at the three-month mark landed at 94.3 percent. Regarding the graduates not seeking employment, roughly nine percent were company-sponsored and four percent started their own business or pursued entrepreneurial roles. Booth-facilitated channels were responsible for 76.5 percent of job placements, including 55 percent hired through summer employment.

The median salary for graduates is $180,000, a $5k increase over last year’s class. The median signing bonus, reported as part of their compensation package by 71 percent of the class, came in at $33,000, which is 10 percent more than last year’s class.

Chicago Booth MBA Employment Report: Top Industries for Class of 2023

While 38.6 percent of Booth MBA graduates chose to join consulting, 32.6 percent pursued financial services. Breaking down financial services further, roughly 11 percent entered investment banking/brokerage, and about nine percent entered private equity. Jobs in the tech sector hovered around 15 percent, like last year, but tech still claims one of the top industries for the graduating class. Healthcare and consumer products rounded out the top five industries with 2.8 percent and 2.2 percent, respectively.

Booth MBA Employment Report:
Top 5 Industry Placement

Consulting 38.6%
Financial Services 32.6%
Technology 15.5%
Healthcare 2.8%
Consumer Packaged Goods 2.2%

Chicago Booth’s employment reporting goes a step further than most, identifying the specific number of hires at prominent firms. Twenty-four companies had hired four or more graduates from Booth. Of note, McKinsey & Co. hired 71 newly-minted Booth MBAs–10 more than last year. BCG hired 52 and Bain & Co. hired 30 recent Booth MBA graduates. Seventeen Booth MBAs joined, Inc. and 5 headed to Google. Regarding financial services, Goldman Sachs topped the sector with 15 Booth hires.

Chicago Booth MBA Employment Report: Top U.S. Regions for Class of 2023

In the U.S., the Midwest was where almost a third of the class—29.8 percent—found work; 28.6 percent overall remained in Chicago. The Northeast held onto second place, attracting 27.2 percent of graduates with 23.9 percent relocating to New York. Another 22.3 percent headed to the U.S. West. In the Southwest, six percent accepted jobs and 3.8 percent went to the South. The Mid-Atlantic was the career destination for four percent of the class. Settlers in the Southwest reported the highest median salary at $192,000.

Booth MBA Employment Report:
U.S. Regional Placement

Midwest 29.8%
Northeast 27.2%
West 22.3%
Southwest 6%
Mid-Atlantic 4%
South 3.8%

Nearly seven percent headed abroad for work, with Asia topping the list of destinations at about three percent of the class.

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.