DePaul Alumni Spotlight: Charles Perino, Co-Founder of La Compagnie and Kellstadt MBA ‘93
Robin Florzak of the DePaul University communications department recently interviewed Jean Charles Perino, the co-founder of La Compagnie, a boutique all-business class airline that flies between Paris and New York. Perino, who earned his MBA in finance in Chicago at DePaul University’s Kellstadt Graduate School of Business in 1993, said that he applies the business lessons he learned at DePaul to his job at the Paris-based airline. Continue reading…
Getting Paid: Highest MBA Salaries in Chicago
Like most parts of the country, the U.S. heartland is undergoing a massive shift on all fronts, becoming more urbane, diverse, and open to outsiders than seemingly ever before.
Many communities are becoming increasingly diverse, attracting international residents at an unprecedented rate. Young, urban professional-types who once flocked to the coasts are now moving in droves to Midwestern cities, which were once dismissively filed under “fly-over territory.” Nowhere is this change more apparent than in the Windy City.
Chicago’s long been home to major players in media, education, finance, and food and beverage (shout-out to Giordano’s Deep Dish Pizza), but doing business in the city now also means something new. Like most major metropolitan areas, Chicago’s slowly dipping its toes into the tech game; the city’s home to Groupon, Grubhub, Orbitz, and Reverb.
So, take your pick, aspiring MBAs! When it comes to Chi-City, you’ll be a veritable kid in a candy store.
The 5 Highest Chicago MBA Salaries
Northwestern Kellogg School of Management
Northwestern Kellogg School of Management graduates earned average starting salaries between $106,000-$138,000, depending on their chosen industry. According to recent statistics, the four most popular industries to attract Kellogg MBAs were consulting (32.6 percent), where the starting salary hovers around $138,204 with a $29,375 signing bonus. MBAs in tech (22 percent) earned a starting salary of $119,713 with a $23,749 signing bonus. MBAs that specialize in consumer products (13.8 percent) earned an average starting salary of $106,052 with a $26,634 signing bonus. MBAs in financial services (12.8 percent) earned an average starting salary of $128,090 with a $32,100 signing bonus. Top employers of Kellogg graduates include: Adobe Systems, Amazon, Anheuser-Busch, Apple, Bain & Co, Bank of America Merrill Lynch, Boston Consulting Group, Cisco Systems, DaVita Healthcare Partners, Dell, Deloitte, Facebook, General Motors, Goldman Sachs, Google, JPMorgan Chase, Linkedin, Mars, McKinsey & Company, Microsoft, Nike, PepsiCo, among others
DePaul Kellstadt Graduate School of Business
Recent graduates from the DePaul Kellstadt Graduate School of Business posted record employment numbers for the school. According to an overview the school published, 92 percent of 2016 MBAs landed positions within 120 days of graduation. The average starting salaries for Kellstadt’s available MBA concentrations are as follows: Accountancy at $83,000; economics at $90,000; finance at $89,000; management at $83,000; marketing at $75,500; and real estate at $75,000. The most popular industries to attract Kellstadt graduates were accounting, financial services, manufacturing, health care, and consulting. Top employers include: Allstate, Bank of America Merrill Lynch, Boston Consulting Group, Deloitte, Deutsche Bank, GE Capital, General Mills, Google, Groupon, JPMorgan Chase, Microsoft, PwC, United Airlines, and Wilson Sporting Goods, among others.
Notre Dame’s Mendoza College of Business
According to statistics surveying the most recent MBA class, the average starting salary for Mendoza College of Business graduates is $105,000 with a $20,000 signing bonus. About 91 percent of MBAs received job offers within three months of graduation. The most popular industries to attract Mendoza MBAs are within tech (27.1 percent), financial services (18.8 percent), consumer products (14.6 percent), and consulting (11.5 percent). MBAs working in tech earned average starting salaries of around $110,000; financial services, $110,000; consumer products, $100,000; and consulting, $105,000. Top employers of Mendoza MBAs include: Deloitte, Procter & Gamble, PwC, Deutsche Bank, IBM, Discover, Allstate, IBM, Samsung, Amazon, American Airlines, ExxonMobil, Johnson & Johnson, AT&T, Kraft, Hershey, Heinz, Bank of America Merrill Lynch, Major League Soccer, United Airlines, General Mills, General Motors, Microsoft, GlaxoSmithKline, and Citibank, among others.
University of Chicago Booth School of Business
Chicago Booth School of Business graduates earned an average starting salary of $125,000, according to recent statistics. The top industries to attract Booth MBAs are financial services (36 percent), consulting (27.5 percent), and technology (16.7 percent). Booth MBAs working in financial services earn average starting salaries of $125,000 with a $40,000 signing bonus; consulting, $145,000 with a $25,000 signing bonus; technology, $125,000 with a $30,000 signing bonus. Top employers of Booth graduates include McKInsey & Company (7.1 percent), Boston Consulting Group (4.7 percent), Amazon (3.9 percent), Bain & Company (3.1 percent), Accenture (2.6 percent), Google (2.4 percent), Bank of America Merrill Lynch (2.2 percent), and PwC Strategy (2 percent).
University of Illinois at Chicago Gies College of Business
On average, Gies College of Business graduates can expect to start their careers in the $90,000 range with a $10,000 signing bonus. According to statistics supplied by the school, MBA grads have a 94 percent employment rate. The most popular industries are technology (20.3 percent), financial services (18.8 percent), consulting (15.6 percent), and consumer products (12.5 percent). Liautaud MBAs who took positions in tech started at $94,000; financial services, $87,857; consulting, $89,125; and consumer products, $95,800. Liautaud graduates work for a broad range of companies, but top employers include AT&T, Johnson & Johnson, Walt Disney, Amazon, Chrysler, Hewlett-Packard, Sears, Google, State Farm, City of Champaign, Bank of America, and Whirlpool Corporation.
Graduate With A Dual MBA Degree at Northwestern’s Kellogg School
When going for that MBA, why not just go for two graduate degrees? That’s possible at Northwestern University’s Kellogg School of Management.
The business school, tucked inside Chicago, offers two dual MBA programs. Some of its graduates have gone on to work for Amazon and Microsoft. Plus, living in Chicago is a bonus.
The Windy City has vibrant arts, food, and comedy scenes, as well as a growing number of traditional career opportunities. Though the state of Illinois is suffering financially, Chicago saw a jump in employment following the Great Recession. The city is also home to headquarters for some of the biggest banks in the country.
Really, isn’t deep-dish pizza all a person needs though? Candidates can enjoy some Chicago-style pizza (if they’re into that kind of thing) while studying hard to achieve that dual degree.
Masters of Science in Design Innovation (MMM)
According to the school, this program is the first of its kind. Graduates walk away with their Kellogg MBA—and a Masters of Science in Design Innovation from Segal Design Institute at the McCormick School of Engineering and Applied Science.
That’s a steal. Especially given that this takes no more than two years. Candidates who want to build a successful business with a strong focus on design should really benefit from this program. Some design tools students learn while at Kellogg include user-centered research methods, prototyping, and implementation.
But every student has a specific interest. The program’s electives allow participants to hone in on whatever skills they need to succeed. These courses can look like programming design or even whole-brain communication.
“The MMM program challenges me to be more dynamic: in thought, in understanding, and in action,” Kellogg student Vikram Raju said on the school’s website.
The Kellogg MMM is a full-time program, offering classes during both the day and evening.
JD/MBA Program
This program is tailored specifically to the business-savvy with an interest in law. The JD/MBA program offers graduates a Masters of Business Administration from Kellogg, as well as a Juris Doctor from the Northwestern School of Law.
Again, Kellogg set an example with this program: It’s the first kind in the U.S. Be it for someone who ultimately wants to do law or someone who wants to hold a unique set of business skills, the JD/MBA program uniquely positions its graduates for the real world. Law firms, corporations, and nonprofits look to Kellogg’s JD/MBA graduates. Some alumni even go onto elected office.
“This program attracts people who are leaders,” JD/MBA student Adina Lord said on the program’s website.
This program takes three years (one year more than the MMM), but it’s worth it. The average student takes five years to achieve these degrees separately.
While working toward the MBA, students can choose an expertise: accounting, economics, and marketing, among others. Then, there’s the legal background on top. And the practice is hands on.
While at Kellogg, students can work with Northwestern’s Entrepreneurship Law Center, Global Lab, or Venture Lab. All these resources give students experience they need to attract future employers. The Law Center connects students with small businesses, where they can give businesses legal and strategic consulting.
What MBA Class of 2019 Profiles from HBS, Kellogg Reveal about YOUR Admission Chances
Northwestern’s Kellogg School of Management last week released a profile of its incoming Class of 2019, and Harvard Business School (HBS) earlier this summer released its own preliminary Class of 2019 profile. (The Boston school notes there could be subtle shifts come late August when the final class matriculates.) A look at both reveals that this past admissions cycle was a competitive one with few major shifts from the year before. It also shows some striking similarities between the incoming class compositions at the two schools.
Application Volume Increases
HBS clearly outperformed Kellogg in terms of application volume. At HBS, applications rose from 9,759 in 2015-2016 to 10,351 in 2016-2017, a 6 percent increase. The school maintained its stringent 11 percent acceptance rate, second only to Stanford’s, which has historically hovered around the 6-percent mark. Total enrollment this year is 941, down from 942 last year. According to the school, yield this year was 91 percent, which means more than nine of 10 accepted students decided to enroll.
At Kellogg, applications rose a more modest 1 percent over last year. Melissa Rapp, Kellogg Director of Admissions, characterized application volume as “steady” in an interview with Clear Admit earlier this summer. The single percentage point increase included slight upticks in domestic applicants as well as those from some international markets, which offset declines in applicants from other international markets, she says. Applications totaled 4,553 last year, which puts this year’s number closer to 4,600. Overall, 478 students comprise the incoming class, up from 474 in the Class of 2019.
Kellogg Continues Its GMAT Ascent
But where GMAT scores are concerned, Kellogg outshone HBS. HBS reported a median GMAT score of 730—identical to the two prior years. HBS does not share average GMAT score data, but it does reveal that the middle 80 percent of the class submitted scores between 700 and 770.
Kellogg, which shares average GMAT score, saw this metric rise another four points over last year, to 732. It’s the continuation of a multi-year increase for the Evanston school that just five years ago had an average GMAT score of 708. Its meteoric rise places it second only to Stanford Graduate School of Business where this metric is concerned, barring significant jumps at other schools that have not yet reported average scores for the incoming class. (Stanford GSB doesn’t release its incoming class profile until later in the fall, but last year’s average GMAT score was 737.) Kellogg’s overall GMAT score range was between 600 and 780. Last year, the range was 690 to 760—but last year’s data only reflects the middle 80 percent range, before Kellogg started reporting full range.
Undergraduate GPA, Major
In terms of average undergraduate GPA, HBS saw slight gains over last year, up to 3.71 from 3.67. At Kellogg, average GPA stayed the same as last year, at 3.6. As for what applicants studied while in college, both schools showed a greater preference for business backgrounds this year than last. At HBS, 45 percent of the incoming class majored in business or economics, up from 41 percent the year before. STEM majors were next, at 36 percent, with humanities majors bringing up the rear at just 19 percent. (Last year, STEM majors accounted for 38 percent, humanities majors, 21 percent.) At Kellogg, 49 percent of this year’s incoming class majored in business or economics, up from 45 percent of the previous class. STEM majors, meanwhile, made up 30 percent (up from 29 percent the year before), and humanities majors rounded out the class, at 26 percent (compared to 28 percent last year).
Class Diversity Similar at Both Schools
In terms of class diversity, both Kellogg and HBS will welcome incoming classes that are 42 percent women, down slightly from 43 percent at HBS and up slightly from 41 percent at Kellogg. Forty-three percent has thus far proven the high-water mark at both institutions.
At HBS, 35 percent of the class is international, and 26 percent belongs to U.S. ethnic minorities—mirroring last year’s stats. Kellogg’s incoming class is also 35 percent international, though U.S. minorities are 25 percent, a percentage point decline since last year. Still, Kellogg notes that this year’s class is among the school’s most diverse ever.
At HBS, the incoming class counts students from 70 countries, though 69 percent of students are from North America and 65 percent are from the United States. Students from Asia make up 14 percent of the class, with Europeans comprising another 10 percent. Student from Central and South America make up another 4 percent of the class, and 2 percent—or 16 students—hail from Africa.
Varied Professional Experience
Both schools tout the varied professional experience represented by the incoming class. At HBS, those from a consulting background make up 16 percent of the class, followed closely by venture capital and private equity, which each comprise another 15 percent. The financial services category makes up 11 percent, followed by government/education/nonprofit, healthcare/biotech, and other services (each at 7 percent); consumer products and energy (6 percent each), and finally manufacturing and military (each at 5 percent). HBS shared that the average age of those in the incoming class is 27, though no details about average years of work experience were made available.
HBS Touts Its Diversity in Video Entitled “Mosaic of Perspectives”
Kellogg, meanwhile, shows a greater predilection toward applicants from a consulting background, who make up 27 percent of this year’s incoming class. Applicants who have worked in financial services follow, at 20 percent; “other” makes up 14 percent, and those from a tech/communications background make up 12 percent. Other less represented backgrounds include government/education/nonprofit and healthcare/bio (each 7 percent), consumer products (6 percent), military (3 percent), manufacturing (2 percent), and energy (1 percent). Average work experience at Kellogg this year is 5.1 years, with 80 percent of the class having between 3.5 and 7 years. The average age of the incoming class is 28.
Rapp expressed great enthusiasm about both the diversity and high quality of the group of students who are just now arriving on campus, noting that theirs will be the first class that will get to enjoy Kellogg’s gorgeous new Global Hub for their entire time in business school. “As we do every year, we looked for leaders that are focused on collaborating to create impact and lasting value wherever they go—before Kellogg, during their time at Kellogg, and in the future,” she said. “Our comprehensive approach to admissions enables us to attract an incredibly well-rounded group of students to Kellogg. The quality of the applicant pool has increased this year, and the quality of our accepted students is commensurate with that.”
Chad Losee, HBS managing director of MBA admissions and financial aid, shared fewer words but no less enthusiasm. “So hard to capture the talent and diversity of perspectives in this group. They are amazing!” he wrote on his Director’s Blog.
This article has been edited and republished with permissions from Clear Admit.
New Chicago Booth School of Business Research Finds Internal Ethical Bias
New research published from the University of Chicago Booth School of Business is asking whether people chronically believe they are “holier” than others or “less evil” than them. That’s some pretty heavy stuff coming from one of the world’s most prestigious business schools. Continue reading…
Metro News & Notes: The Business of Improv, Souring on Wall Street, and More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
How Improv Methods from Comedy Can Lift Business Performance | Knowledge@Wharton
There aren’t many part-time comedians and business school professors, but Bob Kulhan doesn’t fit the norm. An adjunct professor at both Duke University and the Columbia Business School, Kulhan is the founder and CEO of Business Improv and co-author of the new book “Yes And”: The Art of Business Improvisation. Speaking on the Knowledge@Wharton podcast about his new work, Kulhan talks about his improv-upbringing in the Chicago comedy scene and how it can be applied in a business setting.
When discussing those in business who struggle to think on the fly, Kulhan notes, “There are all sorts of biases that keep us from just communicating with people and keeping an open mind. What we look for in improvisation is a postponement in judgment and the critical thinking to another side so that we can take in and absorb the offers and opportunities that are being presented to us.”
The concept of “Yes And” (the building block of improv comedy structure), Kulhan notes, can help build individual development, which then helps build team development. “When great minds and intelligent people are sharing thoughts … the collective consciousness of the group will outweigh that of any individual,” he says.
Check out the Knowledge@Wharton podcast today.
A Record Percentage of MBAs Don’t Want to Work on Wall Street | Bloomberg
Training the Street, a New York City-based finance training firm, affirmed what many had already begun to suspect: Wall Street jobs are becoming less appealing.
The new survey data found that MBA graduates would like to work at the largest “bulge bracket banks” at the lowest rates in eight years—right after the peak of the economic recession. Scott Rostan, Founder and CEO of Training The Street, said in a release, “Banks are still a dominant hiring force for MBAs and continue to attract top talent, but working for larger, established companies off of Wall Street is becoming more attractive to MBAs as they offer a different type of lifestyle.”
Bloomberg writer Julie Verhage notes that interest in finance is not necessarily disappearing, however. “Other employment options hit record levels of preference this year,” Verhage notes. “Top choices included consulting firms at 20 percent, corporate development at a Fortune 2000 company at 13 percent and boutique banks at 12 percent.”
Find out more about the survey here.
AI Creeps Into the Work of MBA Career Advisers | Financial Times
The AI revolution may be a little less Terminator 2 (so far) than people might have expected, but it’s still changing the MBA game. In a new piece from the Financial Times, writer Jonathan Moules examines several of the world’s top business schools utilizing AI advantages for students, including Vmock, a helpful student résumé assistant created by grads from the Chicago Booth School of Business and Northwestern Kellogg School of Management.
“More than 100 higher education institutions, including 17 of the top 20 business schools on the FT MBA ranking list, pay an annual subscription for Vmock’s software,” Moules writes. The cost to use the program is a modest fee of $19.95, with over one million résumés already uploaded.
Like Vmock, much of the AI-infused technology used in business schools was “born out of a frustration the founders felt as MBA students themselves.” Moules’ sources insist that the infusion of tech will not replace the hands-on help of career advisers, but I doubt many of them are ready for Terminator 2 world either.
