MBA Class of 2008 Employment Report - Career Development Office

Employment Report - Class of 2008 Overview

Class of 2008 Profile¹

Number of Candidates	377
U.S. Citizens	70%
Non-U.S. Citizens	30%
Women	31%
Median GMAT Score	710
Median Undergraduate Grade-Point Average (out of 4.0)	3.5
Average Age at Entry to MIT Sloan	28
Average Years Full-Time Work Experience Prior to MIT Sloan	5

¹ Class profile (as of matriculation) and employment statistics (as of graduation) include information for MBAs and students in the joint MBA/Leaders for Manufacturing program.

Class of 2008 Employment Profile²

	Number	Percent
Seeking Employment	290	76.5
Not Seeking Employment	71	18.7
Continuing education	7	1.9
Company sponsored or have been employed as student	36	9.5
Starting own business	25	6.6
Job search postponed	2	.5
Other reason(s) for not seeking	1	.2
No Information Available	18	4.8
Total Graduates	379	100

² All information based on data reported by students.

Full-Time Employment Overview³

Mean Base Salary	$111,184
Median Base Salary	$113,000
Range of Base Salary	$35,000 - $162,000

³ Full-time employment statistics based on job acceptances. 92.4% of reported acceptances included usable salary information.

Top Hirers of Class of 2008

McKinsey & Company (26) graduates
Bain & Company (11)
Microsoft (9)
BCG (7)
Fidelity (7)
Goldman Sachs (7)
Google (7)
Lehman Brothers (7)
Amazon.com (6)
JPMorgan Chase (4)

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Salary Figures

Class of 2008 Base Salary by Industry

	Percent	Mean¹	Median	Range
Service Industries	78.8	$112,495	$115,000	$35,000-162,000
Consulting	30.4	122,776	125,000	82,000-140,000
Investment Banking	14.6	99,486	95,000	95,000-125,000
Software/Internet	11.9	106,328	110,000	77,000-135,000
Investment Management	8.5	112,238	115,000	85,000-142,000
Retail	4.6	113,700	110,000	95,000-162,000
VC/PE/Hedge Fund	4.2	112,000	120,000	35,000-150,000
Diversified Financial Services	1.9	98,250	115,000	70,000-115,000
Media/Entertainment	0.8	—²	—	—
Real Estate	0.4	—	—	—
Service/Other	1.5	104,250	110,000	90,000-127,000
Manufacturing Industries	19.0	$105,163	$105,000	$60,000-150,000
Computers/Electronics	3.9	106,850	115,000	90,000-120,000
Pharmaceutical/Healthcare/Biotechnology	3.9	101,556	100,000	87,000-110,000
Automotive/Aerospace	3.9	106,556	105,000	90,000-125,000
Telecommunications	2.7	106,714	105,000	60,000-144,000
Oil/Energy	1.9	111,800	106,000	90,000-150,000
Consumer Packaged Goods	1.2	92,500	95,000	90,000-95,000
Manufacturing: Other	1.5	101,250	110,000	80,000-120,000
Government/Nonprofit	1.5	$108,750	$110,000	$95,000-120,000
Other	0.7	—	—	—

¹ All salary data based on reported compensation.
² Dash indicates fewer than three people or less than 1% reported salary information.

Top Industries

	2008	2007	2006
Consulting	30.4%	37.2%	28.8%
High Technology*	18.5	13.1	16.2
Investment Banking	14.6	15.4	15.8

*Includes Computers/Electronics, Software/Internet and Telecommunications

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Class of 2008 Base Salary by Job Function

	Percent	Mean	Median	Range
Consulting/Strategic Planning	37.5	$120,247	$125,000	$57,500-160,000
Finance (total)	27.2	105,146	100,000	35,000-142,000
Finance/Investment Management	9.6	106,913	115,000	35,000-130,000
Finance/Investment Banking	8.1	102,000	95,000	95,000-125,000
Finance/Sales & Trading	4.6	96,094	95,000	70,000-115,037
Finance/Other¹	4.6	117,444	120,000	90,000-142,000
Finance/Research	0.3	—²	—	—
Operations/Project Management	8.4	109,364	110,000	90,000-150,000
General Management/Leadership Development Program	8.1	112,190	110,000	90,000-162,000
Marketing/Sales	8.1	95,639	100,000	60,000-118,000
Product Management/Development	5.7	105,000	106,000	90,000-120,000
Business Development	5.0	104,182	110,000	77,000-125,000

¹ Finance/Other includes corporate finance, venture capital and private equity.
² Dash indicates fewer than three people or less than 1% reported salary information.

Top Functions

	2008	2007	2006
Consulting	37.5%	40.6%	30.6%
Finance	27.2	26.1	28.9
Operations/Project Management*	8.4	n/a	10.0

*Not a top function in 2007

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Class of 2008 Base Salary by Geographic Location

	Percent	Mean	Median	Range
North America	81.9	$109,808	$110,000	$57,500-162,000
Northeast¹	47.7	109,504	110,000	60,000-150,000
Metro Boston	25.8	110,538	115,000	60,000-135,000
Metro New York	19.6	108,693	95,000	85,000-150,000
West	20.4	111,592	110,000	77,000-127,000
Mid-Atlantic	5.0	110,846	110,000	70,000-140,000
Midwest	4.6	104,875	110,000	57,500-162,000
South	1.9	101,600	103,000	95,000-110,000
Southwest	1.2	122,667	123,000	120,000-125,000
Canada	0.7	—²	—	—
Mexico	0.4	—	—	—
Rest of the World	18.1	$117,739	$125,000	$35,000-160,000
Europe	8.5	125,702	130,000	90,000-144,000
United Kingdom	6.2	127,536	130,000	100,000-144,000
Asia	8.5	106,158	106,000	35,000-130,000
Oceania	0.7	—	—	—
Latin America and the Caribbean	0.4	—	—	—

¹ Northeast includes states/cities beyond Metro Boston and Metro NYC.
² Dash indicates fewer than three people or less than 1% reported salary information.

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Class of 2008 Base Salary by Undergraduate Major

Major	Percent	Mean	Median	Range
Engineering	40.5	$113,521	$114,000	$60,000-162,000
Social Sciences & Humanities	27.2	108,418	115,000	35,000-150,000
Business	17.9	111,917	115,000	85,000-135,000
Sciences & Mathematics	14.4	109,601	110,000	78,000-144,000

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Class of 2008 Base Salary by Professional Experience

Years Experience	Percent	Mean	Median	Range
One year or less	4.3	$112,549	$95,000	$94,000-140,000
More than one year, up to 3 years	20.6	115,400	125,000	90,000-140,000
More than 3 years, up to 5 years	41.6	108,662	125,000	57,500-160,000
More than 5 years	33.5	111,225	125,000	35,000-162,000

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Signing Bonus Received by Job Function¹

	Percentage Reporting	Mean	Median	Range
Operations/Project Management	86.4	$21,474	$25,000	$5,000-35,000
Consulting/Strategic Planning	84.7	22,809	20,000	5,000-50,000
Finance/Sales & Trading	83.3	40,450	40,000	12,500-57,000
General Management/Leadership Development Program	81.0	21,559	20,000	10,000-45,000
Finance/Investment Banking	81.0	38,029	40,000	4,000-47,500
Marketing/Sales	52.4	23,818	20,000	3,000-50,000
Finance/Other²	41.7	24,400	25,000	15,000-30,000
Business Development	30.8	11,250	15,000	5,000-15,000
Product Management/Development	0.8	23,750	15,000	5,000-50,000
Finance/Investment Management	0.6	25,333	20,000	5,000-50,000

¹ 80.2% of the students reporting usable salary data reported receiving a signing bonus. Percentage represents the number of students who received a signing bonus in the job function.

² Finance/Other includes corporate finance, venture capital and private equity.

Other Guaranteed Compensation

Percent Reporting	Mean	Median	Range
22.1	$24,981	$24,500	$2,500-$100,000

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Class of 2008 Timing of Job Offers

	At Graduation	Three Months after Graduation
Percent of Students	91.4%	95.2%

Class of 2008 Timing of Job Acceptances¹

	At Graduation	Three Months after Graduation
Percent of Students	79.0%	90.4%

¹ Three graduates, representing 0.8% of graduates, reneged on an accepted offer.

Class of 2008 Reason for Accepting Position

	Percent
Growth Potential	27.5
Job Content	17.7
Job Function	16.9
People/Corporate Culture	12.2
Industry	9.8
Location	5.5
Prestige of Firm	5.5
Compensation	1.6
Commitment to Sustainability	1.2
Other	2.4

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Class of 2008 Source of Job

	Percent
School Facilitated Activities	80.9
Summer Internship	34.7
Scheduled Interviews On or Off Campus	25.6
MIT/MIT Sloan Job Posting	7.3
Faculty/CDO/Student Referral	6.5
MIT/MIT Sloan Sponsored Events	4.2
Resume Database, Resume Referral	1.5
Club Event	1.2
Student Facilitated Activities	17.6
Personal Network	8.4
Contacted Directly	5.0
Previous Employer	2.3
Newspaper, Magazine, Job Board	1.9
Other	1.5

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