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Wharton 2022 MBA Jobs Report: Median Salary Jumps 12.9% To $175K

Published: 11/19/2022

Amid all the recent headlines about layoffs and hiring freezes at tech giants Meta, Amazon, and Twitter, here’s a bit of bright news for MBAs considering a career in tech: The University of Pennsylvania’s Wharton School released its latest employment report Thursday (November 17) showing that more graduates than ever sought and found jobs in tech.

Nearly 17% of Wharton’s Class of 2022 MBAs secured jobs in the wobbly technology sector, and median base salary in the industry jumped 8.7% this year to $153,500, up from $141,000. Nearly 20% of Wharton’s Class of 2023 internships worked in tech this summer, as well.

SECTOR’S TROUBLES NOT OVER YET

But techies should be wary of seeing Wharton’s success in tech as a sign of rebound. While the raw number of Wharton MBAs finding jobs in tech is higher than ever, the percentage of the class in the industry is down slightly, as the number of job-seeking graduates in 2022 (633) is 8.2% more than in 2021 (585) as a result of Wharton enrolling larger classes at the start of the coronavirus pandemic.

Moreover, Whartonites’ success in landing tech gigs runs counter to many of their peer schools, where tech hiring is down — and in some cases down big — and likely points to a very different tech landscape graduates faced this summer as they rounded out their offers.

True Up, a website that tracks hundreds of thousands of tech jobs, reports an ongoing bloodbath in the industry, including 58,000 tech layoffs since October, prompting at least one top MBA program to make direct overtures to recently unemployed techies. Through November 17, True Up had tracked nearly 200,000 tech jobs lost in almost 1,200 layoffs.
 

Wharton MBA Career Outcomes Trends

Wharton’s MBA Class of 2022 had the highest number of technology job placements, setting a school record for the second year in a row. However, the percentage of the class in the industry is down slightly because 2022 had a higher number of job-seeking graduates than in 2021 -- 633  and 585 respectively.

Table with 7 columns and 18 rows. Currently displaying rows 1 to 18.
Industry2022%2022 Median Salary2021%2021 Median Salary2020%2020 Median Salary
ALL INDUSTRIES $175,000 $155,000 $150,000
Consulting24.30%$175,00027.20%$165,00024.50%$165,000
Consumer Products/Retail1.6%$120,0001.40%$120,0005.60%$122,500/$140,000
Energy1.00%$150,0000.90%NA0.20%N/A
Financial Services38.60%$173,51335.10%$150,00036.20%$150,000
Diversified Financial Services1.80%$162,0002.10%$125,0001.40%$125,000
Hedge Funds2.00%$175,0001.90%$150,0003.20%$150,000
Investment Banking/Brokerage11.70%$175,00012.90%$150,00012.20%$150,000
Investment Management6.40%$170,5593.70%$150,0004.50%$150,000
Private Equity/Buyout Firms12.60%$175,00011.10%$167,50011.90%$170,000
Venture Capital4.10%$150,0003.40%$157,5003.10%$171,500
Healthcare5.60%$160,0005.30%$131,0006.70%$140,000
Manufacturing1.30%$155,0001.40%$142,5000.80%N/A
Media & Entertainment1.30%$150,0001.60%$150,0001.30%$150,000
Real Estate2.30%$147,5002.10%$130,0002.90%$120,000
Social Impact1.30%$135,0001.20%$130,0001.80%$89,250
Technology16.90%$153,50018.60%$141,00016.20%$139,345
FinTech2.30%$155,0001.20%$152,5002.10%$140,000
Get the data  Created with Datawrapper


MEDIAN SALARIES JUMP 12.9% TO $175K

Overall, 98.7% of Wharton's job-seeking graduates this year had job offers, and 96.2% accepted, a slight dip from 2021 when 99% of graduates had offers and 96.8% took them. There were 852 students in the Class of 2022, 74.3% of which were seeking employment — almost 100 more students than the Class of 2021 (754 students, 81.8% seeking employment).

Just as we've seen at other top B-schools this fall, median salary for Wharton MBAs grew significantly this year, jumping 12.9% to a school-record $175,000. That’s after salaries remained at a flat $150,000 in 2019 and 2020 and rose only to $155,000 in 2021.

So far, that salary increase is on par with other M7 salaries: Harvard Business School, MIT Sloan, and Chicago Booth all reported double-digit year-over-year jumps in median base salary to $175,000. Northwestern Kellogg’s median was $165,000. Columbia Business School and Stanford Graduate School of Business have yet to release their 2022 employment reports.

Read More: Poetsandquants

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