Class of 2023 grads are in high demand and receive $207K in median total compensation

By Liza Kirkpatrick  

Assistant Dean of the Career Management Center  

The final data for our Two-Year MBA Class of 2023 is in, and Kellogg Leaders continue to be in incredibly high demand. They’re breaking salary records, landing major sign-on bonuses, navigating career shifts and securing title bumps. Our graduates reached an all-time high median total compensation of $207,000* heading into a variety of industries, with demand growing especially in the financial services sector, particularly in private equity.  

Earlier this summer we provided a first look at our data, and today I’m pleased to present a fuller picture of our Two-Year class, based on job offers they received by three months after graduation. Of the graduates, 95% of students received a job offer, from incredible companies in a variety of roles. Here are just a few of their remarkable achievements: 

• The median base salary for Two-Year MBA graduates was $175,000, nearly double their pre-MBA salaries. This represents a $10,000 increase from 2022, and a 35% increase since 2018.  
• Nearly 86% of students reported receiving a sign-on bonus; the median sign-on bonus was $30,000. 
• Graduates accepted positions in a wide variety of industries and functions, with consulting, financial services and technology among top destinations. 

Financial services employers seek Kellogg talent 

While our graduates are in demand at top firms across industries, financial services firms especially are turning to Kellogg to recruit their next generation of talent. Among the Two-Year MBA Class of 2023, 22% of students accepted jobs in this industry, a 35% increase over 2022.  

Within financial services, private equity is the top destination for our students, with 10% of the class accepting jobs in the field. Top PE employers include HIG, Partners Group, Alpine Investors, IFM Investors, FFL Partners, Bain Capital and Carlyle Group Japan. For students pursuing PE, the median base salary is $190,000, a $30,000 increase over last year. 

Other students who pursued positions in financial services ended up in roles such as investment banking associate, principal, senior equity research associate and investor at firms including Goldman Sachs, Morgan Stanley, Citi, Capital One, American Express and Guggenheim Partners.  

Consulting and tech remain top destinations 

Kellogg sustains its reputation as a top choice for consulting firms, with a record high 42% of graduates pursuing a career in the field.  This year’s top employers — McKinsey & Co., Bain & Co. and Boston Consulting Group — highly value how Kellogg Leaders apply creative problem-solving, and a combination of analytical, creative and social intelligence, across industries and functions.  

Students also continue to find success in the tech sector, landing roles in technology firms like Google, Adobe, Amazon, C3.ai and Experian. Some graduates also landed in tech-focused roles within retail and finance companies – including Walmart, Inc., Intuit and Captial One as senior product managers.   

Outside of the Two-Year MBA Program, graduates from our inaugural MBAi class — our joint-degree program with the McCormick School of Engineering — secured roles in a variety of technology-focused positions such as senior product manager, technical product manager and senior consultant, and joined companies including BCG Digital Ventures, JPMorgan, McKinsey & Co., NVIDIA and more. 

Coast to coast 

While Kellogg has maintained its strong presence in the Midwest, particularly Chicago, as a post-graduation destination, a large percentage of our students are consistently accepting positions in the Northeast and on the West Coast. More than 47% of this class accepted jobs in these locations, which includes a record-high 23% of students accepting jobs in the Northeast, with 20% of the class accepting roles in the New York City and tri-state area. They represent a range of industries from biopharmaceuticals and tech to retail and investment banking. 

On the West Coast, our full-immersion quarter in San Francisco continues to connect students with companies and alumni in the area. Students in this graduating class who participated in this program told us the immersion in the Bay Area’s tech community, as well as tailored academic coursework in entrepreneurship and VC, helped launch their careers after graduation. 

Career and community support 

Throughout their MBA journeys, Kellogg students are supported by the Career Management Center and our global alumni network. The success in recruiting and hiring last year’s graduates for both internships and full-time positions wouldn’t have been possible without the strength of and collaboration within our network of nearly 70,000 Kellogg alumni. In fact, 70% of the class of 2023 accepted offers from a school-facilitated source such as the Kellogg Job Board or a direct alumni referral. 

As you can see, students are landing jobs at incredible companies in challenging roles, empowered with tools through our Career Management Center, meaningful connections throughout the Kellogg network and business education that prepares them to succeed. 

We look forward to releasing additional data this fall on the Class of 2023’s employment outcomes. In the meantime, we invite you to explore our webpage with additional information about this amazing group of Kellogg Leaders. 

Interested in a Kellogg MBA? Our 2023-2024 application is now open. Learn more about this year’s deadlines and application materials. 

*Median Total Compensation is calculated by taking the median of total compensation data for reporting Two-Year MBA graduates. Total compensation data includes base compensation and signing bonus.