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<p>The University of Chicago’s Booth School of Business, which <a href="https://fortune.com/education/business/mba/rankings/best-mba-programs/"><em>Fortune</em> ranks No. 4</a> on its list of full-time MBA programs in the U.S., is a prime example of the value of an MBA. Salaries for Booth graduates have steadily grown during the past decade, reaching a $155,000 median in 2021. </p><div class="paywall-selector"></div><div class="paywall">



<p>Plus, within three months of graduation, more than 93% of the class landed a job, according to its <a href="https://www.chicagobooth.edu/employmentreport/classanalysis/full-time-2021">most recent salary report</a>.</p>



<figure class="wp-block-image size-large"><img data-src="https://media-cdn.fortuneeducation.com/wp-content/uploads/2021/12/01172928/QXqcU-how-much-university-of-chicago-mba-recipients-earn-right-after-graduation-1024x694.png" alt="" class="lazyload wp-image-17514"></figure>



<p>Of the 476 Booth students who were seeking a job at the time of graduation, more than one-third took a job in consulting. Furthermore, 10% of the entire Booth class was hired by <a href="https://fortune.com/company/mckinsey/">McKinsey &amp; Co.</a>, a top-three consulting firm—one that <em>Fortune </em>previously deemed as one of the <a href="https://fortune.com/most-important-private-companies/2016/">most important private companies</a>.</p>



<p>“We find that MBA programs prepare strong problem-solvers who are intellectually curious, innovative, strong team players, and excellent relationship builders,” Adriana Crespo, manager of recruiting operations at McKinsey, tells <em>Fortune. </em>“These skills, along with a foundation in business, help MBA graduates to excel as consultants.” The company recruits from more than 370 universities, she adds.</p>



<p><strong>Learn more</strong>: How do you <a href="https://fortune.com/education/articles/how-to-get-into-the-university-of-chicago-booths-full-time-mba-program/">get into Booth’s MBA program</a>?</p>



<p>McKinsey has consistently recruited from Booth for the past decade, hiring between 7% and 10% of the entire graduating class each year. The company also recruits many current Booth students for <a href="https://fortune.com/education/business/articles/2021/08/18/are-internships-important-for-mba-students/">internship positions</a>—39 this year, to be exact. </p>



<h2 class="wp-block-heading" id="h-pay-at-mckinsey-for-mba-grads">Pay at McKinsey for MBA grads</h2>



<p><span style="box-sizing: border-box; margin: 0px; padding: 0px;">According to Management Consulted, a company that offers prep and training for professionals entering the consulting industry, new McKinsey hires typically earn a base salary of $90,000 with just a bachelor’s degree</span>. </p>



<p>That base salary jumps to $165,000 for MBA hires—plus a performance bonus of up to $35,000 and a $30,000 signing bonus. Therefore, many Booth grads could be making up to $230,000 right out of the gate. </p>



<p>This compensation aligns with <a href="https://www.chicagobooth.edu/employmentreport">Booth’s 2021 employment report</a>, which shows that grads who went into consulting earned a $165,000 median base salary and $30,000 signing bonus. The school doesn’t report data on signing bonuses. </p>



<p>“Consulting firms expect a lot from their employees, and providing bonuses is one way to motivate them to perform at the highest levels,” <a href="https://www.kornferry.com/about-us/consultants/donlowman">Don Lowman</a>, a senior client partner and global leader of Korn Ferry’s Global Total Rewards business, previously told <em>Fortune.</em></p>



<p>MBA graduates typically join McKinsey as associates, working as generalists or focusing on a particular practice area such as tech, analytics, operations, or marketing and sales, Crespo says.</p>



<h2 class="wp-block-heading" id="h-other-major-employers-that-hire-booth-grads">Other major employers that hire Booth grads</h2>



<p><a href="https://www.bcg.com/en-us/">Boston Consulting Group</a> (BCG), another industry powerhouse, is also a big recruiter of Booth MBA grads. In 2021, the company hired 36 Booth grads or nearly 8% of the graduating class. </p>



<p>BCG offers similar compensation packages to its competitor, McKinsey. MBA grads who are hired by BCG typically earn a base salary of $165,000, with performance and signing bonuses cashing in at up to $41,250 and $30,000, respectively, according to data from Management Consulted.</p>



<p>“Starting salaries [for consulting jobs] have been steadily increasing over the past few years,” Lowman says. Consulting firms are “finding themselves competing more and more for some of the same top talent being recruited by investment banks and private equity firms, which are also premium payers to top MBA grads.”</p>



<p>Amazon recruited the third-highest number of students from <a href="https://fortune.com/education/business/articles/2021/07/12/university-of-chicago-mba-salaries-are-up-47-over-the-past-decade-heres-how-much-booth-grads-make/">Booth’s</a> most recent graduating class. In 2021, the tech giant hired 34 Booth grads and 27 current students as interns. The school reported that more than 100 of its 2021 grads <a href="https://fortune.com/education/business/articles/2021/04/29/whats-the-best-mba-for-tech-jobs-in-2021/">went into tech jobs postgrad</a> and earned a median base salary of $133,000 and a $40,000 sign-on bonus. </p>



<p>“While the market is oversaturated with tech professionals with highly specialized skills, very few are able to transform themselves for techno-functional roles,” <a href="https://www.mbacrystalball.com/mba-consultant-profiles/">Sameer Kamat</a>, author of <em>Beyond the MBA Hype</em> and founder of MBA Crystal Ball, an admissions consulting firm, previously told <em>Fortune.</em> “The lower supply results in higher salaries.”</p>



<div class="wp-block-group pro-tip-box-widget"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
<h3 class="wp-block-heading pro-tip-box-heading">Read more</h3>



<li>Choose from our rankings of the <a href="https://fortune.com/education/business/best-mba-programs/">best MBA programs</a> to find the next phase of your educational journey.</li>
<li>This list helps those looking for <a href="https://fortune.com/education/business/best-mba-programs/no-gmat-gre-required/">MBA program options that do not require submission of test scores</a> to apply.</li>
<li>Our directory of the <a href="https://fortune.com/education/business/most-affordable-online-mba-programs/">most affordable online MBA programs</a> can help you find the school that best fits your budget.</li>
<li>You can work towards your career goals on your own time by selecting from our list of the <a href="https://fortune.com/education/business/best-parttime-mba-programs/">best part time MBA programs</a>.</li>
<li>To help you pick the program that’s the best fit for you, we made this list of the <a href="https://fortune.com/education/business/best-executive-mba-programs/">best executive MBA programs</a>.</li>
<li>Interested in earning your MBA online? Here’s our ranking of the <a href="https://fortune.com/education/business/best-online-mba-programs/">best online MBA programs</a>.</li>
</div></div>
</div>

McKinsey has been consistently recruiting from Booth for the past decade—hiring between 7% and 10% of the entire graduating class each year.

McKinsey hires 10% of Chicago Booth's latest MBA class

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McKinsey has been consistently recruiting from Booth for the past decade—hiring 7% to 10% of the entire graduating class each year.

McKinsey hires 10% of Chicago Booth’s latest MBA class

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