Skip to main content
Updated:
Original:

These Three Business School Jobs Saw the Biggest Salary Jumps in 2021

Most business graduates had greater pay in comparison to their debt two years after leaving school.

Wages for business school graduates rose by $5,000 to hit $155,000 in 2021, a new report has found.

Profitable and popular banks including Goldman Sachs  (GS) - Get Goldman Sachs Group, Inc. (GS) Report, JPMorgan  (JPM) - Get JPMorgan Chase & Co. (JPM) Report and Citi  (C) - Get Citigroup Inc. Report lead the way in recruiting and pay more for early-career workers, according to a report by The Wall Street Journal.

Top ranking schools like the Wharton School of the University of Pennsylvania and the University of Chicago’s Booth School of Business reported the highest median salary of $155,000. 

That leap happened during a year when there is a record labor shortage in the U.S., with nearly 10.5 million positions left unfilled.

"M.B.A.s have more diverse types of job opportunities than ever before,” said Sheryle Dirks, associate dean for career management at Duke University’s Fuqua School of Business. 

Salary offers in finance, consulting and tech saw the biggest jumps among Fuqua’s 2021 degree candidates, the Journal added.

A Wall Street Journal analysis of U.S. federal data found that most business graduates had greater pay in comparison to their debt two years after leaving school.

Duke University’s Fuqua School of Business saw graduate salaries rise by 4% over last year to over $141,000.

TheStreet Recommends

The median salary for M.B.A.s across the U.S. remained unchanged at $105,000 for last year’s graduates, the Journal reported citing data from nonprofit Graduate Management Admission Council.

Covid-induced economic uncertainty, remote work challenges and supply chain disruptions linked to everything from semiconductors to lumber, shoes and clothing "made a diverse group of companies more willing to pay a premium for M.B.A.s’ skill sets," the Journal reported.

Third quarter for bank earnings ended last month where Citigroup, Morgan Stanley, JPMorgan and Bank of America clocked record profits.

That was largely driven by rise in deal making fees in the investment banking divisions, which allowed them to loosen their purse strings for new hires.

Two weeks ago, the Labor Department said, the U.S. economy added more than half a million new jobs in October, a better-than-expected result that suggests hiring is starting to gain traction heading into the holiday season.

Still, there remains a record labor shortage in the world's biggest economy, with nearly 10.5 million positions left unfilled as of the end of August. 

That's almost as high as December 2000, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, published last month.

U.S. retailers and delivery giants have been pushing to hire more seasonal workers that has spurred companies to raise wages and offer bonuses to attract workers during the crucial end-of-year shopping period.

Tags
terms: