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Right Arrow Button IconThis elite business school just saw starting salaries for its new MBAs spike 21%

This elite business school just saw starting salaries for its new MBAs spike 21%

By
Sydney LakeSydney Lake
Sydney LakeSydney Lake
and
Jasmine SuarezJasmine Suarez
Jasmine SuarezJasmine Suarez
By
Sydney LakeSydney Lake
Sydney LakeSydney Lake
and
Jasmine SuarezJasmine Suarez
Jasmine SuarezJasmine Suarez
June 1, 2022 at 7:11 PM UTC
The Virginia Cavaliers mascot performs during the game against the St. Bonaventure Bonnies during the NIT Quarterfinals at John Paul Jones Arena, as seen in March 2022 in Charlottesville, Virginia. (Photo by G Fiume/Getty Images)
The Virginia Cavaliers mascot performs during the game against the St. Bonaventure Bonnies during the NIT Quarterfinals at John Paul Jones Arena, as seen in March 2022 in Charlottesville, Virginia. (Photo by G Fiume/Getty Images)

Commencement season is underway, and many top business schools have held in-person graduation ceremonies for MBA students for the first time since the pandemic struck. But what’s also worth celebrating is the great return on investment that these new grads are already seeing. 

The University of Virginia’s Darden School of Business, which Fortune ranks as having the No. 14 full-time MBA program in the U.S., announced in May that its class of 2022 MBA graduates saw a 21% jump in their starting median base salaries compared with the 2021 class. Darden MBA graduates this year will earn a median base salary of $175,000—and 92% of those in the class of 2022 seeking jobs have already received at least one offer. 

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“Our graduates bring tremendous value to the firms that hire them, and this value is directly correlated to the salary increase,” Jeff McNish, assistant dean of Darden’s Career Center, tells Fortune. 

According to the preliminary career statistics for Darden’s class of 2022, the top industries for grads include consulting, finance, and technology—the trifecta at most prestigious business schools. Three of the top recruiters were from Boston Consulting Group, Bain & Co., and McKinsey & Co., which are commonly considered the best consulting firms in the country.

While detailed salary data isn’t yet available for Darden’s most-recent graduating class, starting pay packages for MBA consulting hires can reach at least $200,000. And that’s an all-time high for new MBA hires in this industry, Sarah Rumbaugh, CEO of Relish Careers, a job-search platform for MBA and other master’s students, previously told Fortune. 

While Darden hasn’t yet released detailed data for its class of 2022, last year’s employment report shows that nearly one-third of MBA grads went into consulting.

“[Consulting] employers who hire Darden students treasure their confidence and resiliency,” McNish says. “The 21-month MBA experience—including the case method, collaborative culture, and rigorous curriculum—prepares our recent alumni to jump right in and solve challenges facing organizations today.”

The case interview method, in which applicants are asked to solve a business problem, is common in the consulting recruitment process.

Other top employers of Darden graduates this year include Microsoft, Dell, JPMorgan Chase, Deloitte, Amazon, Bank of America, and Credit Suisse. More detailed salary and employment data will be available from Darden in October when the school releases its final report. In 2021, the school reported an average base salary for all graduates of nearly $145,000, with a signing bonus of more than $35,000.

Executive MBA grads

Fortune also ranks Darden as having the No. 12 executive MBA program in the country—and that program’s preliminary statistics also didn’t disappoint. More than 80% of this year’s class was promoted or landed a new job. Plus, the class of 2022 reported a 20% base salary increase during the course of the program, bringing that average to more than $180,500 by graduation, according to Darden.

Executive MBA grads also raked in major bonuses. Among those students who shared their base salaries, 76% reported extra compensation—with nearly half of those reporting an expected bonus of more than $50,000.

See how the schools you’re considering landed in Fortune’s rankings of the best master’s in psychology programs, public health programs, business analytics programs, data science programs, and part-time, executive, full-time, and online MBA programs.

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About the Contributors

Sydney Lake
By Sydney LakeAssociate Editor
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Sydney Lake is an associate editor at Fortune, where she writes and edits news for the publication's global news desk.

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Jasmine Suarez
Reviewed By Jasmine SuarezSenior Staff Editor
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Jasmine Suarez was a senior editor at Fortune where she leads coverage for careers, education and finance. In the past, she’s worked for Business Insider, Adweek, Red Ventures, McGraw-Hill, Pearson, and more. 

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STEM-designated. Tar Heel ROI. No compromises.

UNC Kenan-Flagler’s top-ranked online MBA is designed for experienced professionals looking to take their career to the next level. Students have access to lifelong career benefits and a global network of 51,000+ business school alumni. Earn your MBA online in as few as 18 months or up to three years. MBA Fellowships Available.

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