MBA Admissions

Chicago Schools Come Out on Top in U.S. News’ Best MBA Rankings

University of Chicago Booth took the top spot in the newly released U.S. News and World Report’s “Best MBA” ranking. Booth was followed by Northwestern Kellogg at number two. University of Pennsylvania Wharton dropped to number three after sharing the top rank with Booth last year. This year’s rankings utilized an updated methodology with a greater emphasis on outcomes, which caused some shifts within the top 15. Highlights include:

  • Dartmouth Tuck saw the largest uptick, moving from the 11th rank in 2022 to share the 6th rank with Stanford. 

  • USC Marshall climbed four spots to the 15th rank, which it holds alongside Cornell Johnson.

  • Harvard maintained its 5th rank position for the third consecutive year.

  • Stanford, Columbia, and Berkeley Haas all dropped three spots from their positions last year. Columbia and Berkeley fell out of the top 10 into a three-way tie for the 11th rank with Duke Fuqua.

Along with the rankings, U.S. News shared key updates to its methodology, which increased the weight for “Placement Success,” to 50 percent of the overall rank. This is up significantly from 35 percent last year and includes two employment metrics as well as the mean starting salary and bonus for graduates. The overall rank de-emphasized the “Quality Assessment” to 25 percent of the total, down from 40 percent, and includes a peer and recruiter assessment score. “Student Selectivity” makes up the final 25 percent of the rank. It includes undergraduate GPA and acceptance rate, weighted slightly more than in previous years, and standardized test scores, weighted slightly less. 

Rank/School

1 University of Chicago (Booth)

2 Northwestern University (Kellogg)

3 University of Pennsylvania (Wharton)

4 Massachusetts Institute of Technology (Sloan)

5 Harvard University

6 Dartmouth College (Tuck)

6 Stanford University

8 University of Michigan--Ann Arbor (Ross)

8 Yale University

10 New York University (Stern)

11 Columbia University

11 Duke University (Fuqua)

11 University of California, Berkeley (Haas)

14 University of Virginia (Darden)

15 Cornell University (Johnson)

15 University of Southern California (Marshall)

17 Emory University (Goizueta)

18 Carnegie Mellon University (Tepper)

19 University of California--Los Angeles (Anderson)

20 University of Texas--Austin (McCombs)

20 University of Washington (Foster)

22 Indiana University (Kelley)

22 University of North Carolina--Chapel Hill (Kenan-Flagler)

24 Georgetown University (McDonough)

24 Rice University (Jones)

Starting Your MBA in the Fall? Apply Now for BCG’s Pre-MBA Summer Program.

Are you interested in pursuing a career in consulting after your MBA? Do you want to learn more about what life in the “Big Three”—BCG, Bain, McKinsey—is really like? 

BCG’s Unlock summer program is designed for students who are about to enter their first year of an MBA program. It will provide participants with an insider’s view of life in consulting and at BCG, as well as the opportunity to network with BCG consultants and leaders. The flexible program will use a host of optional, virtual events (typically 60 to 90 minutes in length) between late May and late June, so that it can fit into any schedule (even those working full-time). 

Applications for BCG Unlock are available now, and due April 30th. 

To be eligible, students must be enrolled as a first-year student starting in the Fall of 2023 at one of these 41 41 full-time MBA programs. The program is not available to second-year students, or part-time or executive MBA students.

GMAC Prospective Students Survey Finds Candidates Seek Business Degree to “Enrich Life and Develop Potential.”

The latest GMAC Prospective Students survey results provide a view into the shifting values and preferences of business school hopefuls. This year’s results show how Gen Z, who now make up the majority of business school applicants, and Millennials overlap and differ in their motivations, expectations, preferences, and career aspirations. 

The global survey includes over 2700 respondents from more than 130 countries. 

Key findings include:

Most candidates reported that they were seeking a business degree “to enrich their life and develop their potential.” 

  • When respondents were asked to select their key motivation for attending business school, 79 percent of respondents chose “enrich life and develop potential.” GMAC’s report notes that this motivation was the top option selected across gender, generation, and region. 

  • The next most frequently selected motivations included: Increase income (64 percent), Gain business knowledge (61 percent), and Enhance network (60 percent). 

  • Gen Z respondents were much more likely than millennials (about 10 percentage points) to select “increase income” and “expand network” as top motivators.

Most candidates believe that businesses have a social responsibility to their communities. 

  • Just over four in ten respondents globally, 42 percent, view Sustainability and Corporate Social Responsibility (CSR) as essential components of graduate management education. While there were no noteworthy differences between generations, female respondents were more likely (52 percent) than males (36 percent) to hold this view.

  • The majority of respondents agreed that corporations have a social responsibility to the countries where they operate and the people who support them. Among those who view CSR as essential to the business school curriculum, 80 percent agreed that corporations have a social responsibility. 

  • Among U.S. respondents, differences emerged in views on corporate social responsibility between those who do and who do not identify as part of an underrepresented population. Among respondents who did not identify as an underrepresented population, 61 percent agreed that corporations have a social responsibility, whereas just 35 percent of respondents who identified with an underrepresented group agreed. 

The one-year MBA emerged as the most preferred program type. 

  • Globally, candidates expressed the greatest preference for full-time, in-person MBA programs (of either one or two-year durations) over flexible or executive MBA programs or specialized master’s programs. 

  • Gen Z respondents (87 percent) were more likely than Millennials (72 percent) to express a preference for in-person programs. 

  • Women, Millennials, and first-generation candidates remained the most likely groups to express a preference for online and hybrid programs.

  • North American respondents expressed a greater preference for longer programs (39 percent), over shorter programs that were 13-18 months (29 percent), or one-year or less (13 percent).  

Gen Z candidates expressed less interest in pursuing tech careers. 

  • Among all prospective students, consulting continues to be the most sought-after industry for post-graduate work followed by technology. Interest in tech has leveled off among women and members of underrepresented populations.

  • Gen Z respondents reported a greater interest in finance and accounting (41 percent) over tech careers (35 percent).

  • A greater proportion of Millennials remain interested in tech (47 percent) versus finance and accounting (41 percent).

Most Popular Courses at Stanford GSB in Interpersonal and Organizational Dynamics

To gain insight into the “future of management,” The Economist recently published a profile of Stanford GSB’s most oversubscribed courses. The findings are fascinating. In a world where ChatGPT and AI are gaining traction, the most popular courses for Stanford GSB students are also the most humane. Students are seeking instruction on how to thrive within the murky and complex world of interpersonal dynamics and organizational politics. 

Interpersonal Dynamics, often referenced as “Touchy Feely,” has received the “most popular” accolade annually at GSB for the last 45 years. The class recognizes the role that self-awareness and introspection play in creating strong relationships, which in turn are necessary for success in global and interconnected organizations. The course is typically facilitated in a conversational style within small group sections, and culminates with students sorting themselves into a line based on their influence. The Economist noted their struggle as they seek to balance their perception of their own personal influence with the, occasionally conflicting, views of their classmates.  

Another exceedingly popular course asks students to look outward to understand the power dynamics at play around them. The course, The Paths to Power, provides students with a view of inter-organizational power struggles and strategies to thrive within that dynamic. Topics such as likeability, aggression, pushiness, and audaciousness dominate the conversation. According to the instructor, the course is designed to ensure that students have the tools to “never have to leave a position involuntarily.” According to The Economist, students joke that the course is, “designed for the budding Machiavellian.” 

Finally, Managing Growing Enterprises is geared towards students who plan to own a business. But, rather than the logistics of scaling a business, the course gears predominantly towards navigating sensitive interpersonal or public relations situations, such as poor employee performance or lay-offs, challenging board interactions, crisis management, journalist interactions, missed revenue forecasts, etc. Students engage with these situations through role-playing exercises followed by feedback, offered by professors and fellow students, which can be highly critical. 

Elite MBA Programs Incorporate Online Learning

Even the most elite MBA programs continue to embrace online learning. A recent Business Because article highlighted a few of the recently added options.  

  • The University of Pennsylvania (Wharton) Global Executive MBA will launch in May and provide a predominantly online experience for participants. Just 25 percent of the program will take place in-person, while the remainder of the content will be provided online. The program intends to cater to a global cohort of participants and will confer the same Executive MBA degree, at the same cost, as the in-person Executive MBA.

  • The NYU (Stern) Part-Time MBA will provide online modules (asynchronous online learning combined with an in-person component) and course options for those in the part-time MBA program. The online offerings are intended to provide additional flexibility, however, the program will still require students to take at least nine classes in-person. The tuition and degree conferred are the same for part-time students taking courses in-person or using the hybrid learning model.

  • The University of California Berkeley (Haas) Part-Time Flex MBA will allow students to complete the majority of their coursework online, but do require participation in at least three in-person immersion events. The tuition and degree conferred are the same for the in-person and online part-time programs.

  • The Georgetown (McDonough) Flex MBA Online will offer students the option to complete the majority of their coursework online. In addition to the virtual classes, the program requires students to participate in a two-week on-campus residency as well as a one-week study abroad program. The tuition and degree conferred are the same for the Flex MBA and Flex MBA Online.

The GMAT Gets a Refresh

An updated version of the GMAT called the GMAT Focus will be released this year. Developed by GMAC in partnership with business schools, it is designed to offer test takers more flexibility because it is close to an hour shorter in length and won’t require an essay.  

According to a leaked graphic published by Poets & Quants, specific updates to the test are expected to include:

  • A shorter Quantitative Reasoning section. The GMAT Focus will ask 21 questions, which will reduce the section by 10 questions and 17 minutes from the current GMAT. 

  • A shorter Verbal Reasoning section. The GMAT Focus will ask 23 questions instead of the current 36, and the time allotted will decrease by 20 minutes. This section will include questions on reading comprehension and critical reasoning. 

  • A new Data Insights section. The new section will increase the current GMAT’s Integrative Reasoning section from 12 questions to 20, with an additional 15 minutes of time. The section will include questions on data sufficiency, multi-source reasoning, table analysis, graphics interpretation, and two-part analysis.

In addition to shortening the overall test experience, test-takers will have the ability to flag questions that they wish to return to prior to the end of the section time. 

The current version of the GMAT will also be available for test-takers through early 2024. 

Salary Increases Outpace Inflation for Most MBAs

Are post-MBA salaries living up to the degree’s promise? In most cases, the answer is yes. 

Using their rankings data, Bloomberg Businessweek analyzed MBA starting salaries from 2018 to 2022 compared to the inflation rate during the same period (17.6 percent). And they found growth that outpaced inflation in seven industries, including two of the most prominent for newly minted MBAs. These include Consulting (salary increased by 19.5 percent between 2018 and 2022), Technology (+18.8 percent), Defense and Aerospace (+20.9 percent), Government/Politics/Lobbying (+19.4 percent), Telecommunications (+27.3 percent), Education (+43.8 percent) and Construction (+20.8 percent). 

The median salary growth for MBA alumni also outpaced inflation. The reported median earnings for MBAs six years post-graduation grew 28.1 percent between 2018 and 2022. The growth rate compares favorably to both the inflation rate (17.6 percent), and the national median earnings for all full-time workers (18.7 percent). 

Poets & Quants created a similar analysis using their data to determine how the growth in median earnings between 2018 and 2022 compared to the inflation rate amongst top-ranked MBA programs. They found that at the top 27-ranked schools, the growth in starting base salary between 2018 and 2022 averaged 24 percent, well above the inflation rate, and at the top seven schools it averaged 26.7 percent. NYU Stern garnered the highest growth rate (36 percent), followed by Columbia, Chicago Booth, and Dartmouth Tuck. In fact, just three of the top-ranked schools posted median starting salary growth rates below the inflation rate: UCLA Anderson (16.8 percent), UNC Kenan-Flagler (8.3 percent), and Washington University in St. Louis (9.1 percent). 

NYU Professor Urges MBA Students to Think Beyond Consulting, Finance, and Tech

A recent WSJ op-ed by Suzy Welch, CNBC Contributor, Author, and Professor at NYU Stern provides career advice for MBAs: Although consulting, finance, and tech are the most commonly sought careers post-MBA, they are not the only routes to success. Welch advises MBAs to seek work, “at the intersection of their authentic values, their strongest skills and aptitudes, and the kind of work that interests and excites them intellectually and emotionally.” But, she points out, despite most students entering MBA programs feeling awash with career possibilities, most leave with jobs in just three industries. 

Finding purpose is an idea that she’s put a lot of thought into. After the loss of her husband, the legendary Jack Welch, she realized her need to find an “organizing principle” in her life. Welch then developed, pitched, and is now teaching a course at NYU Stern on the topic. Designed to guide MBAs on an introspective journey towards a fulfilling career path, the course is titled “Becoming You: Crafting the Authentic Career You Want and Need.” She describes it, according to Poets & Quants, as the class she wishes that she’d been able to take before graduating from Harvard Business School and entering into consulting. 

In her WSJ article, Welch identifies two key patterns emerging within MBA programs that are reducing opportunities for graduates. The first is internal: groupthink. She described this phenomenon In an interview with Poets & Quants. “You go to business school and you think about strategy and the digital economy, but what about thinking about what you want to do with your life? Most people go to business school to pivot into a new career... So you get there and you are looking around and the choices get narrower and narrower because of groupthink. You arrive big-eyed and you end up squinting. Investment banking and consulting are the two big funnels, or maybe tech,” she says. 

While she notes that some MBAs may also be seeking financial security and a way to repay loans, she purports that it runs deeper. That, for many, taking a job in one of the big three—consulting, finance, or tech—is fulfilling a “group instinct” and is good for “optics.” And as is so often the case with groupthink, MBA students who opt not to apply for these lucrative positions, or those who turn down such offers, can feel foolish or like risk-takers. But she warns that many who do follow that path as a means for safety and security often end up regretful. “A lot of very smart, very capable people, usually in their late 30s and early 40s, wake up miserable one day. Over my years as a journalist specializing in the workplace, I saw this phenomenon so often I came to dub it “The Velvet Coffin”—a state of cushy creature comfort encased in emotional or intellectual dissatisfaction” she writes.

Welch also observes a second pattern and it is external. Industry, she calls out, does a poor job showing up to recruit and sell itself among MBAs. Whereas, consulting, finance, and tech recruiters not only show up but have excelled in creating touchpoints and programming, and defining a consistent and compelling “narrative.” 

“I heard it repeatedly, because my students parroted it back to me: Even if you don’t stay long-term, with our credential on your résumé and professional development programs, we’ll set you up for your career! The big three are so persuasive and make it so convenient to get a job that it ends up feeling inevitable,” she writes. 

Welch concludes that MBA students, like never before, are seeking meaning and purpose from their careers and their lives. And she advises them to think carefully about their goals, listen, and dare to consider opportunities beyond the big three industries.

Consultants with MBAs Report Higher Job Satisfaction

Considering a career in consulting? An MBA may do more than just improving your chances of landing a job. According to a recent Poets & Quants article, consultants who have MBAs report a better employee experience within consulting firms than those who have obtained an undergraduate degree alone. In fact, MBAs report higher satisfaction than their bachelor’s degree holding counterparts across all Quality of Work and Life dimensions that were measured in a consulting ranking by Vault and analyzed by Firsthand, an industry intelligence platform. 

MBAs noted significantly higher satisfaction with international opportunities, compensation, client interaction, level of challenge and benefits, while the two groups aligned more closely in satisfaction on “big picture items” such as business outlook, innovation in industry, firm leadership, and supervisor relationships. 

Below, we’ve included a chart showing the various Quality of Work and Life dimensions, along with the average satisfaction scores (with ten as the highest score) for MBAs and those with undergraduate degrees alone.

Source: Poets & Quants

U.S. Schools Dominate the Financial Times’ 2023 Global MBA Rankings

The Financial Times just released its 2023 Global MBA rankings. Schools located in the U.S. performed well, making up three of the top five spots and twelve of the top fifteen. For the first time in the ranking’s history, Columbia University took the top rank. Notably, last year’s number one ranked program, University of Pennsylvania’s Wharton School was not ranked at all due to not meeting the minimum response threshold on the alumni survey. Poets & Quants notes that while other schools have suffered the same fate in previous years, it has never occurred at such a prestigious program, likely causing embarrassment at both Wharton and the FT. In addition to last year, Wharton has garnered the top rank ten times since the ranking’s debut in 1999.

Also of note, amidst the controversy surrounding the U.S. News’ rankings for medical and law schools, the FT updated its methodology for this year’s ranking. While the ranking still maintains an emphasis on outcome measures, including employment three years past graduation, salary, and salary change from pre- to post-MBA, the FT has also increased the weight given to metrics related to societal goals. These include social mobility, which uses metrics such as financial aid, study costs, and post-MBA earnings, as well as gender parity and student diversity, and sustainability and the environment. 

Rank School Name

1 Columbia

2 Insead, France/Singapore

3 IESE, Spain

4 Harvard

4 Stanford

6 SDA (Bocconi), Italy

7 UC Berkeley (Haas)

8 Cornell (Johnson)

9 Northwestern (Kellogg)

10 Yale

11 Duke (Fuqua)

11 MIT (Sloan)

11 University of Chicago (Booth)

14 UCLA (Anderson)

15 Dartmouth (Tuck)

Crafting Your Personal Statement: Lessons from Memoir Writing

A memoir requires more than a recounting of events from your life. Rather, you must show the reader that you’ve experienced transcendence. Marion Roach Smith calls it the “golden rule” of memoir. She writes, Memoir is not about what you did. Memoir is about what you did with it.” The experience is not the focus or the reason for the writing, just the vessel for sharing a more universal learning with your audience. 

Smith expands this thought when she writes, “Specifically memoir is a promise from me that I experienced something, I’ve given some real thought to it and now know what it is, and now I am going to share what I now know with you. The promise is not that I am going to recreate the experience or make you relive it with me.” 

This approach also aligns with what admissions committees are seeking in your personal statement. From your past experiences, they want to learn more about your potential and character. Show them how a recent discovery helped you evolve, how you’ve refined your abilities in innovation and/or leadership, and/or teamwork. Prove to them that you are ready to pursue a graduate education and career path.

Below, we’ve compiled a few other takeaways from Marion Roach Smith’s approach to memoir that will help you craft a strong personal statement. Also, be sure to check out her memoir manifesto. 

  1. Structure. Memoir is created out of three components. Prior to writing, sit down and consider the building blocks of your piece. 1) What is this about (think: universal, e.g., connecting with and empowering your team, trying and trying again to find the right approach to solve a complex problem)? 2) What is your argument (something that you learned based on your experience)? 3) What experiences from your life will you deploy to prove your argument? 

  2. Think small. Memoir requires that you share your growth with the audience, which can be done effectively by incorporating small details. Smith notes the power of observation for showing the reader your journey to transcendence. She writes, “Never forget about the small stuff and how it reveals the big stuff of life.” Small details also create a relationship with your reader, drawing them into the experience. 

  3. Don’t forget your audience. Your memoir should hit on universal themes that are relatable to the reader. When you’re writing, and more importantly editing and rewriting, keep in mind how your audience will take in what you’re saying. Did you provide enough detail of the experiences to show growth and to make your argument? Did you provide too much or extraneous detail? Were you vulnerable and honest in your writing? 

  4. Keep it tight. Focus only on the experiences, sentences, and words that you absolutely need to support your argument and demonstrate your growth in the piece. You want to go deep, not broad. Adding in additional stories can distract the reader, and potentially lose them. Once you have demonstrated growth and made your argument, your personal statement is complete. Fight the urge to turn it into an autobiography or a resume.

Princeton Review Releases On-Campus MBA Rankings

The Princeton Review just released its rankings of top on-campus MBA programs. They do not show all schools for a “best of” view because the Princeton Review believes each of the 243 schools included provide an excellent academic experience. Rather, their rankings are organized by categories which are designed to provide prospective students with insights and data (gathered from 20,300 student experience surveys of on-campus enrollees of the MBA programs, as well as institutional data collected from an administrator survey) on various aspects of the program’s experience.  

You can access the top 10 lists for each of the 18 topic areas here. Below, we highlight three of the Princeton Review’s MBA rankings. 

Best Classroom Experience: (student response data only)

  1. Stanford Graduate School of Business

  2. UVA Darden 

  3. Georgia Tech Scheller 

  4. University of Michigan Ross 

  5. Duke Fuqua 

  6. UCLA Anderson 

  7. University of Florida Hough 

  8. UNC Kenan-Flagler 

  9. University of Washington Foster 

  10. Rice University Jones 

Best Campus Environment: (student response data only)

  1. Cornell University Johnson 

  2. UVA Darden 

  3. Dartmouth Tuck 

  4. Duke Fuqua 

  5. Southern Methodist University Cox 

  6. Vanderbilt Owen 

  7. Carnegie Mellon Tepper 

  8. UNC Kenan-Flagler 

  9. University of Washington Foster 

  10. Texas Tech Rawls 

Best Career Prospects: (combination of administrator surveys/school reported data and student response data)

  1. NYU Stern 

  2. UVA Darden 

  3. Cornell Johnson 

  4. Stanford Graduate School of Business

  5. University of Michigan Ross 

  6. Duke Fuqua 

  7. UCLA Anderson 

  8. Rice University Jones 

  9. Columbia Business School

  10. Harvard Business School

A ChatGPT3 Passed a Wharton Operations Exam. A Professor Reviews the Implications on the MBA Degree.

ChatGPT3 has been all over the news recently. In the past few weeks, researchers have announced that it performed within passing range on the three components of the U.S. Medical Licensing Exam, and a recently published paper claimed that it received a B/B- grade on a Wharton MBA-level operations exam. 

The fact that the bot passed the exam is not overly surprising, but some of the findings in Wharton Professor Christian Terwiesch’s paper titled, “Would Chat GPT Get a Wharton MBA? A Prediction Based on its Performance in the Operations Management Course,” are. While the bot handled basic operations management and process analysis questions extremely well, Terwiesch emphasized that the bot made some fairly simple calculation errors within the exam. 

“Chat GPT at times makes surprising mistakes in relatively simple calculations at the level of 6th grade Math,” he wrote. He continued on to note that these errors can become, “massive in magnitude.” Additionally, he noted that the current version of the ChatGPT3 could not handle more advanced process analysis questions, such as those that include multiple products or demand variability, and that having “a human in the loop” proved meaningful. When a human expert provided a hint, not only was the bot adept at correcting itself, but it was able to learn so that the hint was not necessary in later iterations. 

Professor Terwiesch also provided his view of the implications that the technology may have on the MBA degree itself. Rather than expressing concern, he thinks the bot could afford students and professors an additional learning resource, specifically in developing necessary leadership skills in critical evaluation and the assessment of alternatives. 

“MBA students are preparing for leadership positions, in which they will have to make managerial decisions based upon actions brought to them by ‘consultants, co-workers, and direct reports.’ Using the bot to generate plausible, well-presented (although possibly incorrect) alternatives in response to a scenario can provide students with meaningful experience in evaluating alternatives,” he said.  

Read the whole paper, including the additional implications, here.

Related:

MBA Students Covered by a Grade Non-Disclosure Policy Take Harder Classes and Participate More in Extracurriculars

Grade nondisclosure (GND) policies, which date back to the 1990s, exist predominantly within an elite group of MBA programs including Wharton, Stanford, and Columbia. They codify a (typically student-driven) collective agreement not to disclose grades to potential employers during the recruiting process, even if they are requested. Proponents of the practice argue that a GND policy promotes collaboration between students and allows them to pursue additional extracurricular experiences, and take harder classes without fear of the impact to their GPA. Critics of the policy say it deprives employers of a key metric for making hiring decisions and discourages students from spending time on academics. 

The Wall Street Journal has previously published study findings examining the impact of a GND policy on student behavior, which shows that both proponents and critics are correct. The study’s authors—Eric Floyd, Assistant Professor of Accounting at the University of California San Diego, Daniel Lee, Assistant Professor of Entrepreneurship at the University of Delaware, and Sorabh Tomar, Assistant Professor of Accounting at Southern Methodist University—reviewed data from one MBA program to compare the choices of full-time students covered by a GND, with those of part-time students, who were not bound by the GND. 

They found:

  • Students with a GND spent about 4.9 percent less time per course, compared to students without a GND. However, GND students did generally enroll in harder classes, which meant that their total time spent on academics was not statistically different from their counterparts. 

  • GND students were 7.6 percent more likely to engage in extracurricular activities than their counterparts.

  • GND students reported lower tenure at their first job post-graduation. They were 7.7 percent less likely to remain for more than a year and 12.8 percent less likely to stay longer than two years when compared to non-GND students.

While the study’s findings provide helpful insight into student behaviors, there is variation in the way the data could be interpreted. “Between the extracurriculars and the difficult classes, what we say isn’t all time spent away from academics is lost time,” said Dr. Lee. “But we can’t really comment on the good or bad effects.” Similarly, Dr. Tomar told the WSJ that the explanation for the reduced employment tenure could be attributed to either the negative effects that grade nondisclosure had on job matching between students and employers or the positive effects that additional time spent on extracurricular activities had on GND students’ networks, thereby increasing their likelihood of obtaining additional job opportunities and offers. 

MBA Class of 2022 Graduates Offered Record-Setting Salaries

Earlier this season we reported that preliminary MBA employment profiles showed record-breaking salaries for the class of 2022. Additional employment data has only validated this trend. Almost all of the U.S. News top 10 ranked programs have reported median salary increases of ten percent or more compared to last year. Below, we’ve aggregated data on the median salaries and compensation for these programs. 

University of Chicago (Booth): The median salary increased 12.9 percent from 2021 ($155,000) to 2022 ($175,000), while median total compensation increased by more than 10 percent to $196,600. Graduates split fairly evenly into consulting (36 percent) and financial services (35 percent), followed by technology (15 percent). 

University of Pennsylvania (Wharton): The median salary increased 12.9 percent from 2021 ($155,000) to 2022 ($175,000). Over one-third of graduates went into financial services (39 percent), followed by consulting (24 percent) and technology (17 percent). 

Northwestern University (Kellogg): The median salary increased 10 percent from 2021 ($150,000) to 2022 ($165,000), while median total compensation increased by 8.7 percent to $191,100. Over one-third of graduates entered into consulting (40 percent), followed by technology (21 percent), and financial services (16 percent). 

Harvard University: The median salary increased 16 percent from 2021 ($150,500) to 2022 ($175,000), while median total compensation increased 17.5 percent to $223,100. Over one-third of graduates went into financial services (34 percent), followed by consulting (26 percent) and venture capital/private equity (22 percent). 

MIT (Sloan): The median salary increased 10 percent from 2021 ($150,000) to 2022 ($165,000), while median total compensation increased by 4.7 percent to $204,700. Almost one-third graduates went into consulting (31 percent), followed by an even split between financial services (26 percent) and technology (26 percent). 

Yale University SOM: The median salary increased 14 percent from 2021 ($140,400) to 2022 ($160,110), while median total compensation increased by 12.5 percent to $185,940. Nearly half of graduates entered into careers in consulting (46 percent), followed by financial services (22 percent) and CPG/retail (11 percent). 

Columbia University: The median salary increased 16.7 percent from 2021 ($150,000) to 2022 ($175,000), while median total compensation increased by 14 percent to $203,252. Over one-third of graduates went into finance (37 percent) and consulting (34 percent), followed by media/tech (16 percent). 

UC Berkeley (Haas): The median salary increased 4 percent from 2021 ($149,000) to 2022 ($155,000), while median total compensation increased by 3.7 percent to $179,696. About one-third of graduates entered into careers in technology (33 percent), followed by consulting (28 percent) and financial services (14 percent). 

University of Michigan (Ross): The median salary increased 14.6 percent from 2021 ($144,000) to 2022 ($165,000), while median total compensation increased by about 12 percent to $192,270. Over one-third of graduates entered into consulting (42 percent), followed by technology (17 percent) and financial services (15 percent).

Note: At time of publishing, Stanford GSB’s class of 2022 employment profile was not available.

Related: 

Downtown in MBA Program Applicant Volume Continues

Preliminary Reports Show Significant Increases for MBA Class of 2022 Starting Salaries

Downturn in MBA Program Applicant Volume Continues

Despite top-ranked MBA programs continuing to report record-setting levels of compensation for graduates, application volume is way down. It may just be an ideal time to apply.

A Poets & Quants’ analysis of application trends found that in the 2021-2022 admissions cycle, application numbers fell at 16 of the top 25-ranked schools, when compared to the prior year. At some schools, applications dropped by more than 10 percent year-over-year, including MIT (-24.8 percent), Stanford GSB (-16.5 percent), Yale SOM (-16.5 percent), Harvard (-15.4 percent), UPenn Wharton (-13.9 percent), and Chicago Booth (-13.6 percent). 

According to a recent QS survey of business school admissions officers, many expect this downturn to continue through the current admissions cycle. Among the respondents, just over half replied that they expect domestic applications to be slightly lower (30 percent) or much lower (22 percent) this year. Responses were more optimistic in regards to international applicants, however, with most (91 percent) noting that they expect the number to stay the same or increase. 

“There has been a lot of discussion about the ‘great resignation’ in the US. It’s likely that what we’re seeing here is that the buoyancy in job vacancies is presenting sufficient opportunities for career mobility for aspiring managers, so there is less of an incentive to invest in an MBA to develop their skills and accelerate their career progression,” Nunzio Quacquarelli, CEO of QS Quacquarelli Symonds said. “In my experience, MBA demand is counter cyclical. With interest rates rising and market volatility, this situation could change quickly and MBA demand for 2023 could see a significant uplift.” 

As a result of the continued drop in application volume, domestic applicants are seeing some benefits:

--Schools have continued to maintain or incorporate flexible standardized testing policies. Columbia University, Duke Fuqua, UVA Darden, Michigan Ross, and Georgetown McDonough are all accepting the Executive Assessment (EA) as an alternative to the GRE/GMAT. The EA is a shorter exam (90 minutes) requiring less preparation. Additionally, UVA Darden, Michigan Ross, and Georgetown McDonough are continuing to offer test waivers to applicants who can demonstrate academic readiness through work experience, undergraduate academic record, and in some cases even expired GMAT/GRE scores (older than five years). 

--A number of schools have made public overtures to those who have been affected by layoffs in the tech industry. Schools, hoping to attract highly qualified applicants, have made various offers to accommodate tech veterans wishing to switch course and pursue an MBA. They include flexibility in terms of application requirements (e.g., test waivers) and extended round two deadlines.  


Related: Preliminary Reports Show Significant Increases for MBA Class of 2022 Starting Salaries

More MBA Programs Offer Admissions Accommodations to Laid Off Tech Workers

A number of business schools are joining Northwestern’s Kellogg in offering special admissions accommodations to the tens of thousands of recently laid off tech workers. 

MIT Sloan will extend its Round Two deadline from January 18th to February 23rd for recently laid off tech employees. Applicants will still need to submit the full application, including GMAT/GRE scores. 

Indiana Kelley is offering laid off employees an application fee waiver, and highlights that they offer GMAT/GRE waivers to all applicants (in any round) with a strong past academic record that includes the successful completion of quantitative coursework. Upcoming application deadlines are January 5th, March 1st, and April 15th.

UC-Berkeley Haas is offering any applicant who has been laid off in the past six months (regardless of industry/location) an application fee waiver for the full-time MBA program, as well as an extension for the Round Two application deadline from January 5th to February 2nd. 

NYU Stern announced that it will waive entrance exams for the one-year Andre Koo Technology and Entrepreneurship MBA program (May 2023 start). Upcoming application deadlines are January 15th and February 15th.

Related: Kellogg Waives Standardized Test Requirement for Laid-off Tech Employees

The Number of Women in Full-time MBA Programs Continues to Grow

According to a Forté Foundation analysis, the number of women matriculating to full-time MBA programs continues to grow. In 2022, among the 56 members of the Forte Foundation coalition, women’s enrollment averaged 41.4 percent, up slightly from 41.2 percent in 2021. This is an increase of almost ten percentage points from 2011. Two full-time MBA programs achieved gender parity: Johns Hopkins’ Carey and University of Pennsylvania’s Wharton. And, an increasing number of programs came close; in 2022, 17 programs enrolled at least 45 percent women (see list below), up from 10 the year before. There were zero in 2012. 

“It’s exciting and gratifying to see the impact of our efforts over the last two decades to close the gender parity gap in MBA programs,” Elissa Sangster, Forté’s CEO, told Bizwomen, an online business journal. “More women today understand the opportunities an MBA offers and our work has helped build the pipeline of young women interested in business careers and advancing to leadership,” she said.

Full-time MBA programs where women’s enrollment reached at least 45 percent in 2022: 

Johns Hopkins University (Carey): 52 percent

University of Pennsylvania (Wharton): 50 percent

Southern Methodist University (Cox): 48 percent

Duke University (Fuqua): 48 percent

Northwestern University (Kellogg): 48 percent

Oxford University (Saïd): 48 percent

Washington University in St. Louis (Olin): 47 percent

University of Cambridge (Judge): 47 percent

George Washington University: 47 percent

University of California-Berkeley (Haas): 46 percent

Harvard Business School: 46 percent

University of Southern California (Marshall): 46 percent

MIT (Sloan): 46 percent

New York University (Stern): 45 percent

Alliance Manchester School of Business: 45 percent

Dartmouth College (Tuck): 45 percent

Columbia University: 45 percent

Kellogg Waives Standardized Test Requirement for Laid-off Tech Employees

Greg Hanifee, Associate Dean of Degree Programs and Operations at the Kellogg School of Management at Northwestern University, announced earlier this week that Kellogg will waive the standardized test score requirement for any Round Two applicants impacted by the recent, wide-scale tech industry lay-offs. Noting the vast impact of the lay-offs as well as Kellogg’s “long heritage of acting with empathy and valuing collaboration,” Hanifee laid out the specifics of the program:

  • This test waiver is geared for individuals recently laid off from the tech industry and only applies to Round Two applicants. 

  • Those eligible can apply by providing their transcripts, resume, and a completed application (including a brief essay on their most recent role, as well as how Kellogg’s MBA program will advance their transformation). 

  • The waiver extends to all Kellogg Full-Time Programs including their One-Year, Two-Year, MMM (a dual degree with the McCormick School of Engineering), and MBAi (a joint degree with the McCormick School of Engineering), as well as their Evening and Weekend Programs.  

Hanifee stipulates that Kellogg will not be able to accept everyone who applies using the waiver, as applicants will still have to meet the rigorous acceptance criteria.

Related: Trends in Business: MBA Programs Prepare Students for Leadership Roles in Technology 

How to Approach University of Chicago Booth’s Essays

The admissions team at University of Chicago Booth is, of course, interested in your abilities in leadership, critical thinking, and collaboration. But they also want to see you, a person with a unique path, who may even be able to embrace and celebrate your own “weirdness.”

The Booth application requires all candidates to submit responses to two short-answer questions, which will provide you the best opportunity to demonstrate your unique qualities through stories from your past, and give the admissions committee a view into the person and professional behind the experiences and accomplishments listed on your resume. They also provide an optional third question.

Short Answer Question 1: How will a Booth MBA help you achieve your immediate and long-term post-MBA career goals? (Minimum 250 words, no maximum.)

Although the question asks about your future goals and how a Booth MBA will help you achieve them, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Your resume will provide an overview of your professional path to date, but this is your chance to provide a deep dive into your most pivotal experiences. Once the reader has taken this trip to your past, your proposed path forward and why Booth is the perfect fit, will make much more sense. 

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in an MBA program. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Chicago Booth MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. Think about your application as a whole and use your responses to strategically cover any qualities that may not be adequately addressed in other aspects of your application. 

Write. Keep in mind that you must be showing, not telling the reader who you are. Invite the reader into your life by highlighting sensory details, such as smells and sounds, and don’t hesitate to engage your readers emotionally. Sprinkle in humor (if you feel comfortable doing so) or hit a poignant note. In contrast to your resume which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection.  

Short Answer Question 2: An MBA is as much about personal growth as it is about professional development. In addition to sharing your experience and goals in terms of career, we’d like to learn more about you outside of the office. Use this opportunity to tell us something about who you are… (Minimum 250 words, no maximum.)

It’s time to showcase some personality! Booth is looking for students who will be collaborative and form lasting personal and professional relationships, so exposing a bit of vulnerability to show a quirky or sentimental side is a good idea, especially because your other essay delved deeply into your professional and/or academic interests and abilities. You may also want to showcase how you will contribute to the diversity of the class and what you will offer your classmates. Are you a passionate environmentalist who spends weekends leading group hikes? Do you organize food drives with a local non-profit? Do you spend all of your vacation time traveling to a specific region of the world? Are you an avid guitar player? Show the admissions committee who you are and what you are most passionate about. 

The following question is optional: Is there any unclear information in your application that needs further explanation? (Maximum 300 words.)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

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