MBAs Set Records for Salaries and Placements in 2018
With an average salary of $116,946 and 98 percent of employment-seeking students receiving a job offer within three months of graduation, the Georgetown McDonough Full-time MBA Class of 2018 set new career placement records.
“Through a personalized approach to the job search, opportunities for career treks throughout the United States and around the world, and a global alumni network of 190,000 graduates, the MBA Career Center ensures students are placed in the positions that inspired them to attend business school,” said Doreen Amorosa, associate dean of McDonough Career Services.
According to the school’s 2018 MBA Employment Report, the graduates’ average starting salary of $116,946 is a 4 percent increase from the previous year. The average signing bonus also increased 9 percent to $31,036. Nearly all students who were seeking employment — 98 percent — reported receiving a job offer within three months of graduation, up from 93 percent in 2017. Job acceptances within three months also increased to 94 percent, up 2 percent from last year.
Consulting, financial services, technology, and nonprofit/social impact continue to be the top industries of choice for Georgetown McDonough MBAs, with 26 percent, 22 percent, 18 percent, and 8 percent of placements respectively.
Among first-year students seeking internships, 100 percent secured one and 86 percent were paid positions. The average monthly compensation for internships was $7,043, up from $6,501 in 2017, and 78 percent of positions were facilitated by the MBA Career Center, up from 68 percent in 2016.
As the way companies recruit MBA students continues to change – from earlier interview schedules to more automated screening processes – Georgetown McDonough adapts and evolves so that students are prepared every step of the way.
For example, students complete a job search course the summer before their program even starts, preparing a strategy and framework they are ready to execute on day one of the program. Coaches work with students to create their career deliverables, including their accomplishments record, career inventory, prospectus, and resume.
By focusing on career goals before classes begin, Amorosa said students are prepared to articulate them to employers and align their studies to these outcomes.
As part of the summer course, the MBA Career Center developed a proprietary career inventory tool to help students narrow the focus of their search early in their first year, and then coaches work with students to create personalized outreach plans for each employer. The school also has implemented McDonough CareerView, a leading-edge recruitment technology solution for employers, students, and the MBA Career Center staff.
“When I first came to McDonough, the Career Center helped me helped me clarify my career search roadmap,” said Jinfeng Wang, who now is a senior consultant for Deloitte. “During the recruiting process, coaches and peer advisors helped me improve my applications, build my stories for behavioral interviews, and connect me with alumni. With the help of the Georgetown alumni network, I was able to learn about Deloitte, understand its business, and adapt myself to company culture.”
Career preparation is not isolated to the MBA Career Center – it’s woven throughout the program in collaboration with the career team, the student peer advisors and alumni. For example, McDonough implemented the Executive Challenge, an interactive final exam for all first-year MBA students as part of their Leadership Communications course. Student groups received three cases in the morning and had to role-play them with executive-level alumni judges. At the end of the day, the students benefited from an experiential learning activity and the ability to network with nearly 150 of the school’s most experienced alumni.
Georgetown McDonough’s student-run organizations also have a tradition of organizing career treks to cities around the world. In addition to long-standing treks to New York for finance and marketing, California for technology, and within D.C. for consulting, students recently traveled to China, Hong Kong, Israel, Tanzania, and Mexico to meet with alumni and employers. Student groups also hold career days on campus where they invite alumni and employers to present about specific industries.
“As Georgetown’s MBA program continues to expand in areas like experiential learning, data analytics, and the intersection of business and policy, in addition to customizable search technologies and alumni mentoring tools, employers have taken notice,” Amorosa said. “Our Employment Report is a measure of more than salaries – it’s the proof that the Georgetown MBA prepares our students and alumni to be successful in all stages of their careers.”