School v. School: Michigan Ross v. Minnesota Carlson
Where should you go to school for your MBA? It’s a hard decision that has to factor in many different elements from location to reputation, alumni networks, ROI, and program options.
To help simplify the process for you, our School vs. School series takes a look at two similar top b-schools to compare and contrast their offerings. Today, we look at Michigan vs Minnesota to see which is best for you. Continue reading…
Wharton Reveals 2018 MBA Employment Report, Announces $25 Mil Gift
Lots of news out of the Wharton School at the University of Pennsylvania recently. Employment statistics have been published for the most recent graduating class, and a big donation will fund a cool new building dedicated to entrepreneurship in West Philadelphia as well as more international scholarships for undergraduates.
Here’s what’s going on at the Wharton School.
Penn Employment Report (2018)
The 2018 MBA Career Report revealed a slight increase in job offers and salaries with finance drawing in more students than ever. In 2018, 36.9 percent of full-time MBA graduates went into financial services (up from 33 percent last year). Consulting lured the second most graduates at 25 percent, down from 28 percent in 2017. As for technology—the third most sought-after industry—this year there was a small dip down to 14.9 percent from 16 percent in 2017.
Employment Summary
Overall, of the 77.9 percent of Wharton MBAs seeking employment, 98.4 percent received a job offer 90 days post-graduation, and 94.6 percent accepted. For the remaining 17.2 percent not seeking employment—140 students—84 returned to their current company (60 percent), 34 started their own company (24 percent), 17 postponed their job search (12 percent), and five students gave another reason (3 percent).
As for top employers, many prominent companies hired two or more graduates including Accenture Strategy, Facebook, Amazon, Apple, Bain & Company, Deloitte Consulting, McKinsey & Company, Microsoft, and Tesla.
Salaries Rise
Wharton MBA salaries continued their climb, with the school reporting a $5,000 increase in total median base salary, bringing that figure to $135,000 in 2018. The highest median salary—$180,000—went to graduates heading into professional services, followed by venture capital at $175,000 and hedge fund managers at $162,000.
As for regional differences in salaries, the 42.7 percent of Wharton MBA graduates who accepted positions in the Northeastern United States commanded a median salary of $140,000. Another 23.2 percent of grads headed to the West, where the median annual salary was $135,000. The Mid-Atlantic region of the U.S., with its median annual salary of $139,000, drew the third largest percentage of grads, at 7.7 percent. Interestingly, those who took jobs in the Midwest and South reported the biggest paydays, with a median salary of $150,000. This was trailed by the Southwest, with a median annual salary of $145,000.
Another 11.7 percent of the graduating class sought post-graduation employment outside the United States, where salaries on the whole were lower. In Latin America, the median annual salary is $92,000. Salaries are slightly better in Europe, where the median is $119,000, and best in Asia, at $126,000.
$25 Million Gift for Scholarships and New Hall
Right on the heels of publishing its employment statistics last week, the Wharton School also announced a $25 million gift. The transformative gift will go toward constructing Tangen Hall, the first-ever dedicated space for cross-campus entrepreneurship at the University of Pennsylvania. It will also establish an international scholarship fund.
“This gift not only represents a profound commitment to Penn and Wharton student financial aid; it also energizes our entire campus community through Tangen Hall, a game-changing facility for innovation, entrepreneurship, and technology,” Wharton Dean Geoffrey Garrett said in a press release.
Nicolai Tangen, W’92
Alumnus Donation
Nicolai Tangen, the founder of London-based investment partnership AKO Capital and 1992 Wharton undergraduate alumnus, encouraged the AKO foundation to donate as part of Wharton’s More Than Ever fundraising campaign.
“Katja and I are continually inspired by Penn students and pleased to have the opportunity to engage with them and set them up for success,” Tangen says. “We look forward to their many achievements in the years ahead and to witnessing how this new building will bring together the next generation of entrepreneurs, leaders, and innovators to share their talents with one another and for the greater good.”
Tangen Hall
Tangen Hall will be located at 40th and Sansom Street, offering students almost 70,000 square-feet of space to pursue entrepreneurial goals. The hall brings together students from across the university to participate in the new Venture Lab. Also, the building will become the new home of many entrepreneurship-focused programs including:
- Penn Wharton Entrepreneurship
- Goergen Entrepreneurial Management Program
- Weiss Tech House
- Sol C. Snider Entrepreneurial Research Center
- Wharton Small Business Development Center
- The Master’s Level Integrated Product Design Program
Tangen Hall will have dozens of meeting and collaboration spaces for students, retail space for student ventures, a test kitchen, a maker lab with 3D printers and laser cutters, a VR cave, and a café.
“Tangen Hall marks a new chapter for the entrepreneurial community at Penn and in Philadelphia, providing a central hub for the groundbreaking innovations that happen here every day,” Wharton Vice Dean of Entrepreneurship and Innovation Karl Ulrich says. “This physical space will allow faculty to more strongly support students who turn ideas into outcomes that will transform business for years to come.”
Construction will begin in 2019 with completion slated for 2020.
International Scholarship Fund
Beyond Tangen Hall, the $25 million will also go toward a new Katja and Nicolai Tangen International Endowed Scholarship, which will provide funding for international undergraduate students. The goal is to help students who could otherwise not afford a Penn education.
It’s the fourth scholarship made possible thanks to the AKO Foundation and the Tangens. So far, they’ve supported a total of 22 Penn students since 2012.
“We are profoundly grateful to Nicolai and Katja Tangen for their extraordinary commitment to extend opportunities for entrepreneurship to all Penn students,” Penn President Amy Gutmann says. “We are also grateful that Nicolai and Katja are expanding their steadfast scholarship support, enabling the best students from every part of the world to attend Penn, to thrive in their studies, and to serve communities worldwide.”
This article has been edited and republished with permissions from Clear Admit.
MBA Job Types: Entry Level v. Experienced
Contrary to popular misconception, choosing to pursue an MBA degree is a decision that can be made at any point in your career. From programs that allow students to jump right in to their degree after undergrad to those that require over ten years of work experience, the wide variety of degree programs means there’s no one way to get your MBA. Because of this, there are a large variety of MBA job types.
However, professional experience is still an important part of an individual’s career development, Even a group of MBAs—having the same foundational business education—will likely find differences in the kinds of jobs they can find after graduation, the levels of pay, and the kind of skills required for these jobs, based on their professional experience. Below, we break down some of the major differences you’ll find between MBAs just starting their careers and those with more professional experience.
MBA Job Types
One of the first major differences for MBAs (and non-MBAs) at the entry level versus those with more experience is the types of jobs available to them. Even though having an MBA degree often helps professionals accelerate their careers and reach higher level management positions, it is unlikely that an MBA with little experience will jump immediately into these senior management roles.
Below are some common entry-level MBA jobs:
- Accountant: an accountant is responsible for maintaining company and personal financial records. Typically, students who pursue accounting specializations within their MBA degrees are prepared to pass the rigorous CPA examination by the time they complete their degree and begin in entry or mid level accounting jobs.
- Medical and Health Services Manager: Healthcare Administration is a quickly growing career for many MBA graduates, with many schools now offering majors or specialization in the field. According to data Bureau of Labor data in 2016, openings in the medical and health services management field are expected to grow by 20% over the next ten years.
- Financial Advisor: Financial advisors are crucial for all types of organizations, which might be why finance is one of the most popular MBA majors. Most MBAs with a high GPA and internship experience already have the requirements needed to get started in a financial advisor position.
Below are some common jobs for experienced MBAs:
- Accounting Manager: accounting managers are responsible not just for overseeing the company’s finances, but also the daily activities of the accounting department. With more experience, certified CPAs have more opportunities to leverage their MBAs into senior management roles.
- Hospital CEO: MBAs with extensive experience, typically 8-10 years, in healthcare administration may take roles in high level positions like Hospital CEO, the highest ranking official in a hospital organization.
- Financial Manager: at least five years experience or more are required for jobs in finance management, which expects candidates to have a lot of hands on experience. Financial Managers oversee all aspects of company or personal finance.
Levels of Pay
It might go without saying that more experience probably means a higher salary. Even though MBAs do make, on average, more than those without an advanced business degree, that number will continue to climb the more experience you get.
- For a field like accounting, Accountants with an MBA degree will make an average of $51,022 per year, while roles that require more experience, like an Accounting Manager, will make close to $72,489 a year.
- In the healthcare management field, a Healthcare Administrator will make on average $74,188 per year while a Hospital CEO will make significantly more at $164,332
- For those in the field of accounting, there is also a significant difference depending on experience. For a role like Financial Advisor, employees make $58,652 per year on average, compared with $99,115 each year for a Financial Manager.
Skills and Experience Required
Another major difference for entry level and experienced MBAs is the type of experience and skills required for their particular roles. Research has often shown that an MBA education provides a number of so called “soft skills” which are often sought by employers, and are important for many entry-level jobs. These skills may include things like the ability to work in a fast-paced environment, critical thinking and problem-solving skills, the ability to communicate effectively, leadership potential, and the ability to take risks.
Conversely, those seeking higher level jobs that require more experience will likely find job posting that ask for specific, industry-related knowledge, and experience. These employers might ask applicants to demonstrate prior experience in the industry and show proven success within their field.
Different Types of Companies
Each year, top companies from around the world recruit MBA talent. Many major companies, like CVS and New York MetLife even offer MBA training/acceleration programs that hire recent graduates and fast track them to a management position within the year. Still, two companies—Apple and McKinsey & Company—which consistently make the list as top companies for MBAs to work for typically require anywhere from 7-15 years experience for some of their senior level MBA jobs.
For entry level MBAs, getting a foot in the door at these companies may mean starting with an internship or as part of a special MBA recruitment program, whereas those with both the degree and several years of experience may have an opportunity to jump right in at the senior level.
Best MBA Internship Opportunities in the Northeast
There’s no doubt that summer internships play a critical role in an MBA student’s education and career. Not only do internships provide students with the opportunity to gain hands-on experience in the workforce, but they’re also known for helping students develop professional connections and earn top-tier salaries.
But not all internships are made equal, especially for talented business school prospects. For example, working at Apple would likely have a very different effect on an MBA’s resume than working for a small, unknown startup company down the street. And if you’re looking at the top cities across the U.S. where companies actively recruit talent, you can’t go wrong with Boston, New York City, or Philadelphia for your location. But which is the best?
In this article, we highlight the top internship destinations in each city along with the top two schools in each area that will get you where you want. Continue reading…
Why McKinsey & Company Loves Hiring MBAs
McKinsey & Company is considered one of the most prestigious management consultancy firms in the world, with a clientele that includes 80 percent of the world’s largest corporations, along with an extensive list of governments and non-profit organisations. The firm is also a prestigious landing spot for MBAs following graduation. Continue reading…
What is the Most Valuable San Francisco MBA?
There’s no doubt: San Francisco is a great city to earn your MBA. Located near Silicon Valley, business schools throughout the area provide not only an excellent education but also opportunities to interact with many tech and industry leaders in the area. But which MBA programs in San Francisco are the best?
This is not an easy question to answer. You can check rankings, to see which MBA programs perform well based on surveys and statistics provide to The Financial Times, U.S. News and World Report, and The Economist. And that’s a great place to start, but probably the most essential value when determining the right MBA program for you is your return on investment (ROI).
The ROI of an MBA program is one of the best indicators of what your MBA is actually worth. It looks at statistics such as average salary increase, post-graduation employment, tuition cost, cost of living, and more. To help you out, we looked in-depth at the best business schools in San Francisco to see which offer the best ROI. Continue reading…
