Early on in the pandemic, there was a lot of ambiguity regarding what careers would continue to be viable going forward. Much like many other fields, business-school graduates saw their salaries impacted by the shutdowns.
However, business careers have now bounced back strong, with the average salary for business-school graduates hitting $155,000.
Earlier this month, the Wall Street Journal reported on the soaring salaries that students with who have an MBA are being offered from some of the top fields. This includes tech businesses, banks, and consulting firms that are willing to pay out big for the right candidate.
This information comes in part from the state’s own Wharton School of the University of Pennsylvania. Furthermore, Wharton also reported great news for the success of their job seekers, as 99% of their graduates went on to receive offers.
It is believed that the reason companies are so eager to have new graduates is due to the students’ training that will have accounted for the problems we have seen during the pandemic.
Businesses lacking experts trained in how to deal with these issues have had something of a baptism by fire as they have tried to figure out what works on their own.
So being able to hire individuals specifically trained for these new unusual circumstances is a welcome relief that companies are willing to pay generously for.
While this is great for the graduates, for the employers it is a symptom of there simply not being enough new blood coming in for everyone. So companies have to get competitive in their offers to ensure they attract the latest prospects.
The deputy vice dean of Wharton’s M.B.A. program, Maryellen Reilly, described the situation, saying, “Everyone is in a bit of an arms race in terms of compensation.”
It remains to be seen if that is a bubble that could burst as more students will inevitably gravitate towards an MBA having seen the rising offers being put out there. But for recent and upcoming graduates, it is a great time to be looking for a new job.
To learn more about your salary prospects if you have your MBA, read the Wall Street Journal piece here.
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