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MIT Sloan MBA Employment Report 2004–2005
diverse futures, MIT Sloann n n MBA Programn n n
MIT Sloan
MBA Employment Report
Employers Hiring Members of the Classes of 2004 and 2005 3i 3M ABB Accenture Adventis AIM Investments Akamai Technologies Allied Domecq Alvarez & Marsal Amazon.com Ambev – Pepsico Co. American Airlines American Axle & Manufacturing American Express Company American Management Services Analog Devices Analysis Group Animation Technologies AOL Time Warner Apax Partners Apple Computer Applied Value aQuantive Arience Capital Arnold Worldwide Asian Development Bank Atari
ATG Atlantis Investment Atlas Venture Avalon Natural Products Avaya Axxia Pharmaceuticals Azimuth Trust Bain & Company Banc of America Securities Banco Santander Central Hispano International Barclay’s Capital Barrow Street Capital Batterymarch Financial Management Bayer Corporation BEA Systems Beacon Capital Partners The Blackstone Group The Boeing Company Booz Allen Hamilton Bose The Boston Consulting Group Boston Scientific The Bridgespan Group Bridgewater Associates
Brigantine Capital Partners Bristol-Myers Squibb The Broad Street Group Brunswick Corporation Bunge Global Markets Business Objects BuyerZone.com C & S Wholesale Grocers Cambridge Energy Research Associates Cambridge Place Investment Management CANTV Capital Group Capricorn Venture Partners Charles River Associates Chaoticom Chatham Partners Chicago Board of Trade China AIDS Initiative CIBC World Markets Cisco Systems Citigroup Citizens Energy Close to Home Coghill Capital Management
College Sports Television Network Comcast Cable Communications Commons Capital Constant Contact Continental Airlines Continuum Photonics Control Solutions International Cornell Capital Partners Cornerstone Research Corporate Executive Board Corporation for Public Broadcasting Credit Suisse First Boston D. E. Shaw Darden Restaurants Dean & Company Dell Deloitte Consulting Deutsche Bank Group DHL/Deutsche Post World Net Diageo DiamondCluster International Digitas Draper Fisher Jurvetson
Dresdner Kleinwort Wasserstein Dubai International Financial Center DuPont Easdaq/Incofin eBay Electronic Arts Eli Lilly and Company Ember Corporation Embraco S.A. EMC Corporation The Endeavor Initiative Endeca Estee Lauder Expedia.com ExxonMobil Fidelity Fidelity Management & Research Fox Entertainment Fundtech Corporation Gartner Group General Electric Genentech General Atomics General Motors Corporation Genzyme Corporation GetConnected Gillette Goldman Sachs
GP Investimentos GreenFuel Technologies Greenhill Grupo Imsa The Hale Group Harris Williams Harvard University HIG Capital Hewlett-Packard Hitachi Consulting Hollingsworth & Vose Company Home Depot Honeywell HSBC Investment Bank IBM Corporation Infosys ING Innova Innovent Insight Venture Partners Intel Corporation International Finance Corporation Intselligence Intuit Invitrogen Corporation ITT Jeffries & Company JetBlue Airways JPMorgan Chase
From the Director
I am very pleased to present the MIT Sloan 2004–2005 MBA Employment Report. This past year has proven to be another outstanding year for MIT Sloan MBA students in their job search. Our students have experienced a steady strengthening of the MBA job market. They have again fared very well in securing full-time and internship employment, in extremely competitive industries and diverse job functions. Opportunities within the service industries continued to be most attractive to our students this past year. Consulting and Financial Services were the top service hiring sectors for both full-time and internship employment in 2004. Students also accepted positions in Technology and Pharmaceuticals/Biotechnology sectors. Consulting/Strategic Planning topped the list of job functions MIT Sloan students accepted. Finance, Marketing, and Operations/ Project Management also remained popular functional choices for our students. The CDO team remained committed to providing innovative programs for students and employers. For the third year, we provided personalized Job Matching services throughout the spring semester.
Johnson & Johnson Kimberly–Clark Corporation Kyocera Wireless LAN Airlines LeapFrog Lehman Brothers Lexecon Liberty Mutual Light Pharma LION bioscience LNR Property Corporation Lowe’s Companies Lucent Technologies Luxottica MassMutual MasterCard Masterfoods The Mathworks McKinsey & Company McKinstry Medley Global Advisors Medtronic Merck & Co. Merganser Capital Management Merkle Direct Marketing Merrill Lynch MFS Investment Management Micron Technology
Microsoft Corporation Millennium Pharmaceuticals Massachusetts Institute of Technology Mok3 Moody’s Investors Service Moog Monitor Group Morgan Stanley Morningstar Namco National Capital Revitalization Corporation NBC Sports Netapp Nextel Communications New Signature Nike Nissan Nokia North General Hospital Novartis Pharmaceutical Novell Novo Nordisk Pharmaceuticals NWI Management The Olsen Company
OmniGuide Communications Openwave Systems Oracle Orchid Partners Overture PA Consulting Group Pacific Alternative Asset Management Company Pacific Investment Management Company Packard Foundation palmOne Paramount Biocapital Investments Parthenon Group PartnerRe Pegasystems Pembroke Management PeopleSoft Pfizer Phillips–Norelco Poweradvocate PricewaterhouseCoopers Procter & Gamble Product Genesis Progressive Insurance PRTM
This program helps recruiting companies quickly identify qualified and interested students, usually within 48 hours of contacting the CDO. We also continued to partner with our career-focused student clubs to increase the number and improve the quality of Student Treks this past year, and our unique integrated Career Development curriculum, a partnership with Core faculty, continued to provide our students with top notch career development skills and insights. Year to year, MIT Sloan students demonstrate a versatility and diversity of talent that attracts the best companies to recruit our students. Hiring an MIT Sloan MBA is always a great investment. We highly value our partnerships with recruiters, alumni, and friends of MIT Sloan, and remain committed to making your recruiting experience positive and productive. Yours sincerely,
Jacqueline A. Wilbur Director MBA Career Development Office
Putnam Investments Raytheon Company RealNetworks Reebok International RGS Associates Riverside Partners RSA Security Ruckus Network Samsung SAP SBC Communications Schlumberger Schoolnet SECOR Consulting Serono Siebel Systems Siemens AG Simon-Kucher & Partners Sino Century Assets Management SolidWorks Sony Corporation South China Media Group Sprint Stanford University Staples State Street Bank Stonebridge Associates StorageTek
NOTE: Employers hiring three or more MIT Sloan students for full-time and/or summer positions are noted in bold.
STP&I Symantec Corporation Target Corporation TD Securities Teleconsultans Telefonica Teradyne The Thomson Corporation T-Mobile Toyota Transitions Capital Transkaryotic Therapies Transmeta Transpac Capital Trizec Properties United Nations United Technologies Corporation University of Hawaii Velti S.A. Viisage Technology Viking Global Investors Visa International VitaMed VizQuest Ventures VMware WCI Communities W.M. Hague Company W.R. Grace
W.R. Huff Asset Management Wachovia The Washington Post
Wellington Management Company Wells Fargo WGBH Wilson TurboPower Windham Capital Management Winter Properties Worldwide Information Network Systems Yahoo! Yum! Brands ZS Associates
CLASS OF 2004 PROFILE1 Number of Candidates
373
U.S. Citizens
69%
Non-U.S. Citizens
31%
Women
25%
Median GMAT Score
710
Median Undergraduate Grade-Point Average (out of 4.0)
3.5
Average Age at Entry
28
Average Years of Full-Time Work Experience Prior to MIT Sloan
5.1
CLASS OF 2004 EMPLOYMENT PROFILE2 Number Seeking Employment
Percent
290
77.5
61
16.3
Not Seeking Employment Continuing education
4
1.1
Company sponsored or have been employed as student
36
9.6
Starting own business
11
3.2
Job search postponed
5
1.3
Other reason(s) for not seeking
4
1.1
23
6.1
374
100.0
No Information Available Total Graduates
FULL TIME EMPLOYMENT OVERVIEW3 Range of Base Salary
$12,000–150,000
Median Base Salary
95,000
Mean Base Salary
94,131
TOP HIRERS OF CLASS OF 2004 Number McKinsey & Company
1
11
Bain & Company
10
IBM Corporation
8
Citigroup
6
Raytheon Company
5
Intel Corporation
4
Monitor Group
4
The Thomson Corporation
4
Amazon.com
3
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. All information based on data reported by students. 3 Full-time employment statistics based on job acceptances. 97.7% of reported acceptances included usable salary information. 2
26
The Boston Consulting Group
CLASS OF 2004 BASE SALARY BY INDUSTRY Percent
Mean
Median
Range
SERVICE INDUSTRIES
TOP INDUSTRIES
70.8
$96,103
$97,500
$50,000 – 150,000
Consulting
30.3
99,968
105,000
60,000 – 138,000
Consulting
30.3%
15.8%
10.7%
Investment Banking/Brokerage
’04
’03
’02
10.7
88,060
85,000
62,500 – 125,000
High Tech*
18.7
21.6
25.1%
Software
8.8
96,891
90,000
70,000 – 150,000
Investment Management
6.1
99,813
87,500
80,000 – 150,000
Investment Banking/ Brokerage
10.7
n/a**
24.2%
Diversified Financial Services
4.6
95,000
90,000
80,000 – 130,000
Media/Entertainment
3.1
90,571
98,000
70,000 – 115,000
Venture Capital/Private Equity
1.9
97,000
100,000
80,000 – 120,000
Real Estate
1.5
82,500
80,000
70,000 – 100,000
Retail
1.1
83,333
85,000
80,000 – 85,000
Service: Other MANUFACTURING INDUSTRIES
1.8
99,000
94,000
75,000 – 130,000
29.0
$88,699
$90,000
$12,000 – 120,000
Computers/Electronics
8.0
91,476
90,000
40,000 – 110,000
Automotive/Aerospace
7.3
93,842
95,000
80,000 – 110,000
Pharmaceutical/Healthcare/ Biotechnology
4.6
96,100
95,000
75,000 – 120,000
Telecommunications
1.9
79,000
85,000
50,000 – 95,000
Oil/Energy
1.8
79,400
85,000
40,000 – 100,000
Transportation/Equipment/Defense
1.1
77,500
77,500
65,000 – 90,000
Consumer Packaged Goods
0.8
1
insufficient data
insufficient data
insufficient data
Manufacturing: Other
3.4
75,500
85,000
12,000 – 95,000
0.8
insufficient data
insufficient data
insufficient data
GOVERNMENT/NON-PROFIT
* Including Computers, Electronics, Software and Telecommunications (’03 and ’02 included Biotechnology) ** Not a top industry in ’03
CLASS OF 2004 BASE SALARY BY JOB FUNCTION Percent
Mean
Median
Range
Consulting/Strategic Planning
35
$98,923
$102,000
$60,000 – 138,000
’04
’03
23.6
90,198
85,000
40,000 – 150,000
Consulting
35.0%
25.3%
18.7%
Finance/Investment Management
5.3
100,143
95,000
50,000 – 150,000
Finance
23.6
31.1
43.8%
Finance/Sales & Trading
4.6
87,667
85,000
80,000 – 100,000
Finance/Research
3.0
90,625
85,000
80,000 – 125,000
Operations/ 23.6% Project Management 11.8
31.1% n/a**
43.8% 13.9%
Finance/Investment Banking
2.7
85,714
85,000
80,000 – 95,000
Finance (total)
2
8.0
85,775
86,250
40,000 – 120,000
Operations/Project Management
11.8
85,935
85,000
50,000 – 110,000
General Management/ Leadership Development Program
11.8 10.6
85,935 93,143
85,000 94,750
50,000 – 110,000 12,000 – 130,000
9.5
90,391
89,000
70,000 – 150,000
Finance/Other
Marketing/Sales Business Development
6.1
104,600
102,000
75,000 – 130,000
Information Technology
0.8
insufficient data
insufficient data
insufficient data
Other
2.6
92,857
90,000
75,000 – 110,000
1 2
TOP FUNCTIONS
Insufficient data indicates fewer than three people or less than 1% reported salary information. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
’02
* Including Computers, Electronics, Software and Telecommunications (’03 and ’02 included Biotechnology) ** Not a top function in ’03
CLASS OF 2004 BASE SALARY BY GEOGRAPHIC LOCATION Percent
Mean
Median
Range
86.0
$95,091
$95,000
$70,000 – 150,000
UNITED STATES Northeast
50.6
96,177
95,000
50,000 – 150,000
West
15.1
96,324
95,000
70,000 – 150,000
Midwest
5.8
94,200
93,000
80,000 – 105,000
Mid-Atlantic
5.4
95,250
97,500
80,000 – 110,000
Southwest
4.6
91,000
87,500
78,000 – 110,000
South
4.6
85,917
85,000
70,000 – 105,000
OUTSIDE U.S.
14.0
$88,100
$90,000
$12,000 – 138,000
United Kingdom
3.5
1 1 2 ,750
107,500
95,000 – 138,000
Asia
3.5
75,611
90,000
1 2,000 – 105,000
Western Europe
3.1
92,375
87,000
75,000 – 130,000
Central/South America/Mexico
3.1
67,429
72,000
40,000 – 90,000
Eastern Europe
0.4
insufficient data
insufficient data
insufficient data
Middle East
0.4
insufficient data
insufficient data
insufficient data
CLASS OF 2004 BASE SALARY BY UNDERGRADUATE MAJOR Major
Percent
Mean
Median
Range
Engineering
48.9
$93,855
$95,000
$40,000 – 150,000
Social Sciences & Humanities
26.0
96,227
95,000
50,000 – 138,000
Business
14.5
87,878
90,000
12,000 – 130,000
Sciences & Mathematics
10.7
98,444
100,000
40,000 – 150,000
CLASS OF 2004 BASE SALARY BY PROFESSIONAL EXPERIENCE Percent
Mean
Median
Range
0.4
insufficient data
insufficient data
insufficient data
More than 1 year, up to 3 years
19.5
$95,460
$98,500
$50,000 – 150,000
More than 3 years, up to 5 years
45.8
92,192
92,500
12,000 – 138,000
More than 5 years
34.4
96,080
95,000
50,000 – 150,000
One year or less
SIGNING BONUS RECEIVED BY JOB FUNCTION1 Percent Reporting
Mean
Median
Range
Consulting/Strategic Planning
88.0
$12,701
$10,000
$5,000 – 40,000
Finance/Research
87.5
20,786
20,000
5,000 – 50,000
Finance/Investment Banking
71.4
19,000
20,000
10,000 – 30,000
Operations/Project Management
67.7
15,119
15,000
5,000 – 40,000
Finance/Sales & Trading
66.6
25,000
20,000
20,000 – 40,000
General Management/ Leadership Development Program
66.6 53.4
25,000 13,333
20,000 10,000
20,000 – 40,000 5,000 – 40,000
Finance : Other2
52.4
17,227
15,000
10,000 – 35,000
Business Development
50.0
9,625
10,000
2,000 – 15,000
Marketing/Sales
48.0
17,708
12,500
5,000 – 45,000
Finance/Investment Management
35.7
14,600
13,000
10,000 – 20,000
Information Technology
28.6
insufficient data
insufficient data
insufficient data
1
2
68% of the students reporting usable salary data reported receiving a signing bonus. Percentage represents students who received a signing bonus in the job function. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
Class of 2004 Reason for Accepting Position Job Function 12.3% Job Content 23.4% Compensation 2.7% Prestige of Firm 6.9%
Class of 2004 Source of Job
Scheduled Interviews On and Off Campus 26.8%
People/Corporate Culture 9.2%
Growth Potential 23.0%
Industry 9.6%
Other 4.5%
School Facilitated Activities 68.9%
Location 8.4%
Summer Internship 24.9%
OTHER GUARANTEED COMPENSATION Percent Reporting
Mean
Median
Range
32
$24,261
$15,000
$1,500–120,000 Faculty/CDO/Student Referral 7.7%
CLASS OF 2004 TIMING OF JOB OFFERS At Graduation
Three Months after Graduation
91.0
95.5
Percent of Students
MIT/MIT Sloan Job Postings 4.6% MIT/MIT Sloan Sponsored Events 2.3% Club Event 1.5%
CLASS OF 2004 TIMING OF JOB ACCEPTANCES
At Graduation
Three Months after Graduation
80.0
90.7
Personal Network 10.3%
Previous Employer 8.4%
Direct Campaign 7.7%
Student Facilitated Activities 29.5%
Percent of Students
Resume Books, Resume Referrals 1.1%
1
Newspaper, Magazine, Job Boards 3.1%
1
Five graduates, representing 1.7% of graduates, reneged on accepted offers.
Other Activities 1.6%
Other 1.6%
CLASS OF 2005 PROFILE1 Number of Candidates
354
U.S. Citizens
66%
Non-U.S. Citizens
34%
Women
26%
Median GMAT Score
710
Median Undergraduate Grade-Point Average (out of 4.0)
3.5
Average Age at Entry
27
Average Years of Full-Time Work Experience Prior to MIT Sloan
4.9
CLASS OF 2005 SUMMER EMPLOYMENT PROFILE2 Number
Percent
Seeking Employment
329
81.8
Not Seeking Employment
62
15.5
Leaders for Manufacturing Students
48
11.9
9
2.2
Company sponsored or have been employed as student Starting own business
2
0.6
Other reason(s) for not seeking
3
0.8
No Information Available Total Graduates
11
2.7
402
100
SUMMER EMPLOYMENT OVERVIEW3 Median Monthly Base Salary
$6,000
Mean Monthly Base Salary
$5,781
Range of Monthly Base Salary
$300 – 20,000
TOP INTERN HIRERS OF CLASS OF 2005 Number
1
McKinsey & Company
15
Goldman Sachs
11
Microsoft Corporation
7
Bain & Company
6
The Boston Consulting Group
6
Deutsche Bank
6
JPMorgan Chase
6
Lehman Brothers
6
Booz Allen Hamilton
5
IBM Corporation
5
Pfizer
5
Class profile includes information for MBA students only. Employment statistics do not include information for Leaders for Manufacturing students, except noting they are not seeking summer employment. All information based on data reported by students. 3 Summer employment statistics based on job acceptances. 90.2% of reported acceptances included usable salary information. 2
CLASS OF 2005 MONTHLY SALARY BY INDUSTRY TOP INDUSTRIES
Percent
Mean
Median
Range
65.7
$6,673
$7,083
$300 –20,000
17.6
7,255
8,000
300 – 11,764
High Tech*
21.3%
21.6%
25.1%
SERVICE INDUSTRIES Consulting
’04
’03
’02
Investment Banking/Brokerage
14.5
7,041
7,000
3,200 – 8,500
Consulting
17.6
15.8
10.7%
Software
10.5
5,716
6,000
2,000 – 8,000
Investment Management
6.8
5,737
5,682
1,500 – 17,000
Investment Banking/ Brokerage
14.5
14.3
24.1%
Venture Capital
4.9
3,396
3,282
2,000 – 7,500
Media/Entertainment
4.9
5,116
5,000
1,750 – 10,000
Diversified Financial Services
2.8
7,035
5,617
4,000 –20,000
Retail
0.6
Insufficient data1
Insufficient data
Insufficient data
Real Estate
0.3
Insufficient data
Insufficient data
Insufficient data
Service: Other
2.8
4,614
4,000
1,300 – 7,500
30.2
$5,175
$6,000
$900 – 10,000
Pharmaceutical/Healthcare/ Biotechnology
8.0
5,190
5,633
1,250 – 8,180
Computers/Electronics
7.4
5,319
5,365
1,200 – 9,600
Consumer Packaged Goods
5.2
4,240
5,000
900 – 5,800
Telecommunications
3.4
5,687
6,000
3,000 – 7,500
Automotive/Aerospace
1.9
5,735
5,750
3,600 – 7,308
Transportation/Equipment/Defense
1.2
3,050
3,000
2,400 – 3,750
Oil /Energy
0.6
Insufficient data
Insufficient data
Insufficient data
Manufacturing: Other
2.5
6,155
5,720
4,000 – 10,000
4.1
$2,300
$2,075
$600 – 4,750
MANUFACTURING INDUSTRIES
GOVERNMENT/NON-PROFIT
*Including Computers, Electronics, Software and Telecommunications (’03 and ‘02 included Biotechnology)
CLASS OF 2005 BASE SALARY BY JOB FUNCTION Mean
Median
Range
34.9
$5,810
$6,700
$1,500 – 17,000
13.0
5,274
5,800
2,000 – 8,180
Finance
34.9%
31.1%
Finance/Sales & Trading
6.5
6,831
7,000
3,200 – 8,500
Consulting
25.0
25.3
18.7%
Finance/Investment Management
6.5
5,751
6,000
1,500 – 17,000
Marketing/Sales
21.3
20.1
12.0%
Finance (total) Finance/ Other2
Finance/Investment Banking
4.6
7,205
7,000
6,540 – 8,500
Finance/Research
4.3
5,790
7,000
2,500 – 8,500
Consulting/Strategic Planning
25.0
6,200
6,800
300 – 1 1 ,764
Marketing/Sales
21.3
5,223
5,400
650 – 9,600
Business Development
8.6
5,360
5,500
2,800 – 7,500
Operations/Project Management
3.7
5,058
5,350
1,600 – 10,000
General Management/ Leadership Development Programs
2.8
4,850
5,700
600 – 6,830
Information Technology
2.2
8,300
7,500
2,200 –20,000
Other
1.5
1,600
1,600
3,200 – 3,200
1 2
TOP FUNCTIONS
Percent
Insufficient data indicates fewer than three people or less than 1% reported salary information. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
’04
’03
’02 43.8%
Class of 2005 Reason for Accepting Position Industry 16.7% Job Content 23.6% Compensation 1.6% Location 5.2%
Prestige of Firm 8.9%
Growth Potential 10.2%
Job Function 21.0%
Other 2.0%
People/Corporate Culture 10.8%
CLASS OF 2005 MONTHLY SALARY BY GEOGRAPHIC LOCATION UNITED STATES
Percent
Mean
Median
Range
77.8
$6,016
$6,000
$650 – 20,000
Northeast
50.8
5,972
6,000
1,200 –20,000
West
15.8
5,805
6,000
650 – 9,600
Mid-Atlantic
5.0
5,476
5,500
2,700 – 8,000
Midwest
2.5
5,941
5,800
4,000 – 8,000
South
2.2
5,969
7,000
1,300 – 8,400
Southwest
1.5
5,092
4,700
3,750 – 7,308
OUTSIDE U.S.
22.2
$5,520
$6,100
$300 – 11,764
Western Europe
7.4
5094
4,500
900 – 1 1 ,764
Asia
6.2
4,820
7,000
600 – 8,000
Central/South America/Mexico
3.7
3,996
2,900
300 – 10,000
United Kingdom
3.4
8,336
8,440
6,500 – 10,000
Canada
0.9
7,300
7,500
5,400 – 9,000
Middle East
0.6
Insufficient data
Insufficient data
Insufficient data
CLASS OF 2005 MONTHLY SALARY BY UNDERGRADUATE MAJOR Major
Percent
Mean
Median
Range
Engineering
35.8
$6,100
$6,250
$300 –20,000
Social Sciences & Humanities
33.9
5,983
6,000
1,250 – 17,000
Business
17.9
4,874
5,000
600 – 11,764
Sciences & Mathematics
12.4
5,667
5,800
1,500 – 9,000
CLASS OF 2005 MONTHLY SALARY BY PROFESSIONAL EXPERIENCE Years Experience One year or less More than 1 year, up to 3 years
Percent
Mean
Median
Range
1.0
$6,250
$6,250
$3,500 – 9,000
13.2
5,990
6,550
1,750 – 17,000
More than 3 years, up to 5 years
46.1
5,865
6,000
300 – 11,764
More than 5 years
39.7
5,606
6,000
600 –20,000
Class of 2005 Source of Job
School Facilitated Activities 71.7%
Scheduled Interviews On and Off Campus 39.7%
MIT/MIT Sloan Job Postings 13.0%
Faculty/CDO/Student Referral 7.5%
Club Event 5.9% MIT/MIT Sloan Sponsored Events 4.6%
Personal Network 19.9%
Direct Campaign 3.8%
Student Facilitated Activities 25.7%
Resume Books, Resume Referrals 1.0%
Previous Employer 2.0%
Other 1.6%
Other Activities 2.6%
Other 2.6%
Career Development Office Contacts Jackie Wilbur
Lisa Monaghan
Additional Contacts
Director
Career Resource Center Assistant
David Capodilupo
General management, new business
Job postings (academic year only)
Executive Director, MBA Program
[email protected]
[email protected]
617.253.7504
617.258.0879
Phillip McMullen
Marie Eiter
Associate Director, Career Education
Executive Director, Executive Education
development, corporate relations [email protected] 617.258.6492 Sue Kline Associate Director, Recruiting Recruiting services and policies, corporate relations, employment statistics
and Counseling Career development seminars and workshops,
[email protected] 617.253.1503
student advising, especially non-U.S. students
[email protected]
[email protected]
Christine Foglia
617.253.3946
617.253.8399
Center Manager
Tricia Lacefield
Julie Papp
[email protected]
Assistant Director, Recruiting
Associate Director, Career Education
617.253.6657
MIT Center for Information Systems Research
Recruiting scheduling and logistics, company presentations, club contacts [email protected] 617.258.6493
and Counseling Career development seminars and workshops, student advising
MIT Entrepreneurship Center
617.258.7429
[email protected] 617.253.8653
Assistant Director, Recruiting
Heather Miller
Marketing outreach, career fairs/events,
Assistant Director, Career Education
[email protected] 617.324.1017
Senior Lecturer and Managing Director
[email protected]
Dana Hart
club contacts
Ken Morse
and Counseling Student advising, student club support, career development seminars and workshops
Don Rosenfield Director, Leaders for Manufacturing Program [email protected] 617.253.1064
[email protected] Marilyn Cronin
617.253.9831
Associate Director, Career Resource Center Job postings, Career Resource Center management, company literature
David Verrill Executive Director, Center for e-Business @MIT
Emily Price
[email protected]
Administrative Assistant
617.452.3216
[email protected]
[email protected]
617.258.6125
617.253.6149
David Weber Director, Corporate Relations [email protected]
The Massachusetts Institute of Technology is committed to the principle of equal opportunity in education and employment. The Institute does not discriminate against individuals on the basis of race, color, sex, sexual orientation, religion, disability, age, veteran status, ancestry, or national or ethnic origin in the administration of its educational policies, admissions policies, employment policies, scholarship and loan programs, and other Institute administered programs and activities, but may favor U.S. citizens or residents in admissions and financial aid. * The Vice President for Human Resources is designated as the Institute's Equal Opportunity Officer and Title IX Coordinator. Inquiries concerning the Institute's policies, compliance with applicable laws, statutes, and regulations (such as Title VI, Title IX, and Section 504), and complaints may be directed to Laura Avakian, Vice President for Human Resources, Room E19-291, 617 253-6512 or to Regina A. Caines, Director of Affirmative Action, Equal Opportunity and Diversity Pro-grams, Room E19-226, 617 258-8718. Inquiries about the laws and about compliance may also be directed to the Assistant Secretary for Civil Rights, U.S. Department of Education. *The ROTC programs located on the MIT campus are operated under Department of Defense policies and regulations, and do not comply fully with MIT's policy of nondiscrimination with regard to sexual orientation. On the recommendation of the Faculty, MIT Is working to develop a modified on-campus ROTC program open to all MIT students.
MIT Sloan School of Management MBA Career Development Office Tang Center for Management Education 70 Memorial Drive, E51-203 Cambridge, MA 02142-1347 Phone: 617.253.6149 Fax: 617.253.0226 mitsloan.mit.edu/cdo/main.html
This report conforms to the MBA Career Services Council Standards for Reporting MBA Employment Statistics.
617.253.7161
Principal photography: Stuart Darsch Concept and design: Sametz Blackstone Associates, Boston PSB# : 04-08-0454
value
MIT Sloan MBA Employment Report 2004–2005
diverse futures, MIT Sloann n n MBA Programn n n
MIT Sloan
MBA Employment Report
Employers Hiring Members of the Classes of 2004 and 2005 3i 3M ABB Accenture Adventis AIM Investments Akamai Technologies Allied Domecq Alvarez & Marsal Amazon.com Ambev – Pepsico Co. American Airlines American Axle & Manufacturing American Express Company American Management Services Analog Devices Analysis Group Animation Technologies AOL Time Warner Apax Partners Apple Computer Applied Value aQuantive Arience Capital Arnold Worldwide Asian Development Bank Atari
ATG Atlantis Investment Atlas Venture Avalon Natural Products Avaya Axxia Pharmaceuticals Azimuth Trust Bain & Company Banc of America Securities Banco Santander Central Hispano International Barclay’s Capital Barrow Street Capital Batterymarch Financial Management Bayer Corporation BEA Systems Beacon Capital Partners The Blackstone Group The Boeing Company Booz Allen Hamilton Bose The Boston Consulting Group Boston Scientific The Bridgespan Group Bridgewater Associates
Brigantine Capital Partners Bristol-Myers Squibb The Broad Street Group Brunswick Corporation Bunge Global Markets Business Objects BuyerZone.com C & S Wholesale Grocers Cambridge Energy Research Associates Cambridge Place Investment Management CANTV Capital Group Capricorn Venture Partners Charles River Associates Chaoticom Chatham Partners Chicago Board of Trade China AIDS Initiative CIBC World Markets Cisco Systems Citigroup Citizens Energy Close to Home Coghill Capital Management
College Sports Television Network Comcast Cable Communications Commons Capital Constant Contact Continental Airlines Continuum Photonics Control Solutions International Cornell Capital Partners Cornerstone Research Corporate Executive Board Corporation for Public Broadcasting Credit Suisse First Boston D. E. Shaw Darden Restaurants Dean & Company Dell Deloitte Consulting Deutsche Bank Group DHL/Deutsche Post World Net Diageo DiamondCluster International Digitas Draper Fisher Jurvetson
Dresdner Kleinwort Wasserstein Dubai International Financial Center DuPont Easdaq/Incofin eBay Electronic Arts Eli Lilly and Company Ember Corporation Embraco S.A. EMC Corporation The Endeavor Initiative Endeca Estee Lauder Expedia.com ExxonMobil Fidelity Fidelity Management & Research Fox Entertainment Fundtech Corporation Gartner Group General Electric Genentech General Atomics General Motors Corporation Genzyme Corporation GetConnected Gillette Goldman Sachs
GP Investimentos GreenFuel Technologies Greenhill Grupo Imsa The Hale Group Harris Williams Harvard University HIG Capital Hewlett-Packard Hitachi Consulting Hollingsworth & Vose Company Home Depot Honeywell HSBC Investment Bank IBM Corporation Infosys ING Innova Innovent Insight Venture Partners Intel Corporation International Finance Corporation Intselligence Intuit Invitrogen Corporation ITT Jeffries & Company JetBlue Airways JPMorgan Chase
From the Director
I am very pleased to present the MIT Sloan 2004–2005 MBA Employment Report. This past year has proven to be another outstanding year for MIT Sloan MBA students in their job search. Our students have experienced a steady strengthening of the MBA job market. They have again fared very well in securing full-time and internship employment, in extremely competitive industries and diverse job functions. Opportunities within the service industries continued to be most attractive to our students this past year. Consulting and Financial Services were the top service hiring sectors for both full-time and internship employment in 2004. Students also accepted positions in Technology and Pharmaceuticals/Biotechnology sectors. Consulting/Strategic Planning topped the list of job functions MIT Sloan students accepted. Finance, Marketing, and Operations/ Project Management also remained popular functional choices for our students. The CDO team remained committed to providing innovative programs for students and employers. For the third year, we provided personalized Job Matching services throughout the spring semester.
Johnson & Johnson Kimberly–Clark Corporation Kyocera Wireless LAN Airlines LeapFrog Lehman Brothers Lexecon Liberty Mutual Light Pharma LION bioscience LNR Property Corporation Lowe’s Companies Lucent Technologies Luxottica MassMutual MasterCard Masterfoods The Mathworks McKinsey & Company McKinstry Medley Global Advisors Medtronic Merck & Co. Merganser Capital Management Merkle Direct Marketing Merrill Lynch MFS Investment Management Micron Technology
Microsoft Corporation Millennium Pharmaceuticals Massachusetts Institute of Technology Mok3 Moody’s Investors Service Moog Monitor Group Morgan Stanley Morningstar Namco National Capital Revitalization Corporation NBC Sports Netapp Nextel Communications New Signature Nike Nissan Nokia North General Hospital Novartis Pharmaceutical Novell Novo Nordisk Pharmaceuticals NWI Management The Olsen Company
OmniGuide Communications Openwave Systems Oracle Orchid Partners Overture PA Consulting Group Pacific Alternative Asset Management Company Pacific Investment Management Company Packard Foundation palmOne Paramount Biocapital Investments Parthenon Group PartnerRe Pegasystems Pembroke Management PeopleSoft Pfizer Phillips–Norelco Poweradvocate PricewaterhouseCoopers Procter & Gamble Product Genesis Progressive Insurance PRTM
This program helps recruiting companies quickly identify qualified and interested students, usually within 48 hours of contacting the CDO. We also continued to partner with our career-focused student clubs to increase the number and improve the quality of Student Treks this past year, and our unique integrated Career Development curriculum, a partnership with Core faculty, continued to provide our students with top notch career development skills and insights. Year to year, MIT Sloan students demonstrate a versatility and diversity of talent that attracts the best companies to recruit our students. Hiring an MIT Sloan MBA is always a great investment. We highly value our partnerships with recruiters, alumni, and friends of MIT Sloan, and remain committed to making your recruiting experience positive and productive. Yours sincerely,
Jacqueline A. Wilbur Director MBA Career Development Office
Putnam Investments Raytheon Company RealNetworks Reebok International RGS Associates Riverside Partners RSA Security Ruckus Network Samsung SAP SBC Communications Schlumberger Schoolnet SECOR Consulting Serono Siebel Systems Siemens AG Simon-Kucher & Partners Sino Century Assets Management SolidWorks Sony Corporation South China Media Group Sprint Stanford University Staples State Street Bank Stonebridge Associates StorageTek
NOTE: Employers hiring three or more MIT Sloan students for full-time and/or summer positions are noted in bold.
STP&I Symantec Corporation Target Corporation TD Securities Teleconsultans Telefonica Teradyne The Thomson Corporation T-Mobile Toyota Transitions Capital Transkaryotic Therapies Transmeta Transpac Capital Trizec Properties United Nations United Technologies Corporation University of Hawaii Velti S.A. Viisage Technology Viking Global Investors Visa International VitaMed VizQuest Ventures VMware WCI Communities W.M. Hague Company W.R. Grace
W.R. Huff Asset Management Wachovia The Washington Post
Wellington Management Company Wells Fargo WGBH Wilson TurboPower Windham Capital Management Winter Properties Worldwide Information Network Systems Yahoo! Yum! Brands ZS Associates
CLASS OF 2004 PROFILE1 Number of Candidates
373
U.S. Citizens
69%
Non-U.S. Citizens
31%
Women
25%
Median GMAT Score
710
Median Undergraduate Grade-Point Average (out of 4.0)
3.5
Average Age at Entry
28
Average Years of Full-Time Work Experience Prior to MIT Sloan
5.1
CLASS OF 2004 EMPLOYMENT PROFILE2 Number Seeking Employment
Percent
290
77.5
61
16.3
Not Seeking Employment Continuing education
4
1.1
Company sponsored or have been employed as student
36
9.6
Starting own business
11
3.2
Job search postponed
5
1.3
Other reason(s) for not seeking
4
1.1
23
6.1
374
100.0
No Information Available Total Graduates
FULL TIME EMPLOYMENT OVERVIEW3 Range of Base Salary
$12,000–150,000
Median Base Salary
95,000
Mean Base Salary
94,131
TOP HIRERS OF CLASS OF 2004 Number McKinsey & Company
1
11
Bain & Company
10
IBM Corporation
8
Citigroup
6
Raytheon Company
5
Intel Corporation
4
Monitor Group
4
The Thomson Corporation
4
Amazon.com
3
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. All information based on data reported by students. 3 Full-time employment statistics based on job acceptances. 97.7% of reported acceptances included usable salary information. 2
26
The Boston Consulting Group
CLASS OF 2004 BASE SALARY BY INDUSTRY Percent
Mean
Median
Range
SERVICE INDUSTRIES
TOP INDUSTRIES
70.8
$96,103
$97,500
$50,000 – 150,000
Consulting
30.3
99,968
105,000
60,000 – 138,000
Consulting
30.3%
15.8%
10.7%
Investment Banking/Brokerage
’04
’03
’02
10.7
88,060
85,000
62,500 – 125,000
High Tech*
18.7
21.6
25.1%
Software
8.8
96,891
90,000
70,000 – 150,000
Investment Management
6.1
99,813
87,500
80,000 – 150,000
Investment Banking/ Brokerage
10.7
n/a**
24.2%
Diversified Financial Services
4.6
95,000
90,000
80,000 – 130,000
Media/Entertainment
3.1
90,571
98,000
70,000 – 115,000
Venture Capital/Private Equity
1.9
97,000
100,000
80,000 – 120,000
Real Estate
1.5
82,500
80,000
70,000 – 100,000
Retail
1.1
83,333
85,000
80,000 – 85,000
Service: Other MANUFACTURING INDUSTRIES
1.8
99,000
94,000
75,000 – 130,000
29.0
$88,699
$90,000
$12,000 – 120,000
Computers/Electronics
8.0
91,476
90,000
40,000 – 110,000
Automotive/Aerospace
7.3
93,842
95,000
80,000 – 110,000
Pharmaceutical/Healthcare/ Biotechnology
4.6
96,100
95,000
75,000 – 120,000
Telecommunications
1.9
79,000
85,000
50,000 – 95,000
Oil/Energy
1.8
79,400
85,000
40,000 – 100,000
Transportation/Equipment/Defense
1.1
77,500
77,500
65,000 – 90,000
Consumer Packaged Goods
0.8
1
insufficient data
insufficient data
insufficient data
Manufacturing: Other
3.4
75,500
85,000
12,000 – 95,000
0.8
insufficient data
insufficient data
insufficient data
GOVERNMENT/NON-PROFIT
* Including Computers, Electronics, Software and Telecommunications (’03 and ’02 included Biotechnology) ** Not a top industry in ’03
CLASS OF 2004 BASE SALARY BY JOB FUNCTION Percent
Mean
Median
Range
Consulting/Strategic Planning
35
$98,923
$102,000
$60,000 – 138,000
’04
’03
23.6
90,198
85,000
40,000 – 150,000
Consulting
35.0%
25.3%
18.7%
Finance/Investment Management
5.3
100,143
95,000
50,000 – 150,000
Finance
23.6
31.1
43.8%
Finance/Sales & Trading
4.6
87,667
85,000
80,000 – 100,000
Finance/Research
3.0
90,625
85,000
80,000 – 125,000
Operations/ 23.6% Project Management 11.8
31.1% n/a**
43.8% 13.9%
Finance/Investment Banking
2.7
85,714
85,000
80,000 – 95,000
Finance (total)
2
8.0
85,775
86,250
40,000 – 120,000
Operations/Project Management
11.8
85,935
85,000
50,000 – 110,000
General Management/ Leadership Development Program
11.8 10.6
85,935 93,143
85,000 94,750
50,000 – 110,000 12,000 – 130,000
9.5
90,391
89,000
70,000 – 150,000
Finance/Other
Marketing/Sales Business Development
6.1
104,600
102,000
75,000 – 130,000
Information Technology
0.8
insufficient data
insufficient data
insufficient data
Other
2.6
92,857
90,000
75,000 – 110,000
1 2
TOP FUNCTIONS
Insufficient data indicates fewer than three people or less than 1% reported salary information. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
’02
* Including Computers, Electronics, Software and Telecommunications (’03 and ’02 included Biotechnology) ** Not a top function in ’03
CLASS OF 2004 BASE SALARY BY GEOGRAPHIC LOCATION Percent
Mean
Median
Range
86.0
$95,091
$95,000
$70,000 – 150,000
UNITED STATES Northeast
50.6
96,177
95,000
50,000 – 150,000
West
15.1
96,324
95,000
70,000 – 150,000
Midwest
5.8
94,200
93,000
80,000 – 105,000
Mid-Atlantic
5.4
95,250
97,500
80,000 – 110,000
Southwest
4.6
91,000
87,500
78,000 – 110,000
South
4.6
85,917
85,000
70,000 – 105,000
OUTSIDE U.S.
14.0
$88,100
$90,000
$12,000 – 138,000
United Kingdom
3.5
1 1 2 ,750
107,500
95,000 – 138,000
Asia
3.5
75,611
90,000
1 2,000 – 105,000
Western Europe
3.1
92,375
87,000
75,000 – 130,000
Central/South America/Mexico
3.1
67,429
72,000
40,000 – 90,000
Eastern Europe
0.4
insufficient data
insufficient data
insufficient data
Middle East
0.4
insufficient data
insufficient data
insufficient data
CLASS OF 2004 BASE SALARY BY UNDERGRADUATE MAJOR Major
Percent
Mean
Median
Range
Engineering
48.9
$93,855
$95,000
$40,000 – 150,000
Social Sciences & Humanities
26.0
96,227
95,000
50,000 – 138,000
Business
14.5
87,878
90,000
12,000 – 130,000
Sciences & Mathematics
10.7
98,444
100,000
40,000 – 150,000
CLASS OF 2004 BASE SALARY BY PROFESSIONAL EXPERIENCE Percent
Mean
Median
Range
0.4
insufficient data
insufficient data
insufficient data
More than 1 year, up to 3 years
19.5
$95,460
$98,500
$50,000 – 150,000
More than 3 years, up to 5 years
45.8
92,192
92,500
12,000 – 138,000
More than 5 years
34.4
96,080
95,000
50,000 – 150,000
One year or less
SIGNING BONUS RECEIVED BY JOB FUNCTION1 Percent Reporting
Mean
Median
Range
Consulting/Strategic Planning
88.0
$12,701
$10,000
$5,000 – 40,000
Finance/Research
87.5
20,786
20,000
5,000 – 50,000
Finance/Investment Banking
71.4
19,000
20,000
10,000 – 30,000
Operations/Project Management
67.7
15,119
15,000
5,000 – 40,000
Finance/Sales & Trading
66.6
25,000
20,000
20,000 – 40,000
General Management/ Leadership Development Program
66.6 53.4
25,000 13,333
20,000 10,000
20,000 – 40,000 5,000 – 40,000
Finance : Other2
52.4
17,227
15,000
10,000 – 35,000
Business Development
50.0
9,625
10,000
2,000 – 15,000
Marketing/Sales
48.0
17,708
12,500
5,000 – 45,000
Finance/Investment Management
35.7
14,600
13,000
10,000 – 20,000
Information Technology
28.6
insufficient data
insufficient data
insufficient data
1
2
68% of the students reporting usable salary data reported receiving a signing bonus. Percentage represents students who received a signing bonus in the job function. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
Class of 2004 Reason for Accepting Position Job Function 12.3% Job Content 23.4% Compensation 2.7% Prestige of Firm 6.9%
Class of 2004 Source of Job
Scheduled Interviews On and Off Campus 26.8%
People/Corporate Culture 9.2%
Growth Potential 23.0%
Industry 9.6%
Other 4.5%
School Facilitated Activities 68.9%
Location 8.4%
Summer Internship 24.9%
OTHER GUARANTEED COMPENSATION Percent Reporting
Mean
Median
Range
32
$24,261
$15,000
$1,500–120,000 Faculty/CDO/Student Referral 7.7%
CLASS OF 2004 TIMING OF JOB OFFERS At Graduation
Three Months after Graduation
91.0
95.5
Percent of Students
MIT/MIT Sloan Job Postings 4.6% MIT/MIT Sloan Sponsored Events 2.3% Club Event 1.5%
CLASS OF 2004 TIMING OF JOB ACCEPTANCES
At Graduation
Three Months after Graduation
80.0
90.7
Personal Network 10.3%
Previous Employer 8.4%
Direct Campaign 7.7%
Student Facilitated Activities 29.5%
Percent of Students
Resume Books, Resume Referrals 1.1%
1
Newspaper, Magazine, Job Boards 3.1%
1
Five graduates, representing 1.7% of graduates, reneged on accepted offers.
Other Activities 1.6%
Other 1.6%
CLASS OF 2005 PROFILE1 Number of Candidates
354
U.S. Citizens
66%
Non-U.S. Citizens
34%
Women
26%
Median GMAT Score
710
Median Undergraduate Grade-Point Average (out of 4.0)
3.5
Average Age at Entry
27
Average Years of Full-Time Work Experience Prior to MIT Sloan
4.9
CLASS OF 2005 SUMMER EMPLOYMENT PROFILE2 Number
Percent
Seeking Employment
329
81.8
Not Seeking Employment
62
15.5
Leaders for Manufacturing Students
48
11.9
9
2.2
Company sponsored or have been employed as student Starting own business
2
0.6
Other reason(s) for not seeking
3
0.8
No Information Available Total Graduates
11
2.7
402
100
SUMMER EMPLOYMENT OVERVIEW3 Median Monthly Base Salary
$6,000
Mean Monthly Base Salary
$5,781
Range of Monthly Base Salary
$300 – 20,000
TOP INTERN HIRERS OF CLASS OF 2005 Number
1
McKinsey & Company
15
Goldman Sachs
11
Microsoft Corporation
7
Bain & Company
6
The Boston Consulting Group
6
Deutsche Bank
6
JPMorgan Chase
6
Lehman Brothers
6
Booz Allen Hamilton
5
IBM Corporation
5
Pfizer
5
Class profile includes information for MBA students only. Employment statistics do not include information for Leaders for Manufacturing students, except noting they are not seeking summer employment. All information based on data reported by students. 3 Summer employment statistics based on job acceptances. 90.2% of reported acceptances included usable salary information. 2
CLASS OF 2005 MONTHLY SALARY BY INDUSTRY TOP INDUSTRIES
Percent
Mean
Median
Range
65.7
$6,673
$7,083
$300 –20,000
17.6
7,255
8,000
300 – 11,764
High Tech*
21.3%
21.6%
25.1%
SERVICE INDUSTRIES Consulting
’04
’03
’02
Investment Banking/Brokerage
14.5
7,041
7,000
3,200 – 8,500
Consulting
17.6
15.8
10.7%
Software
10.5
5,716
6,000
2,000 – 8,000
Investment Management
6.8
5,737
5,682
1,500 – 17,000
Investment Banking/ Brokerage
14.5
14.3
24.1%
Venture Capital
4.9
3,396
3,282
2,000 – 7,500
Media/Entertainment
4.9
5,116
5,000
1,750 – 10,000
Diversified Financial Services
2.8
7,035
5,617
4,000 –20,000
Retail
0.6
Insufficient data1
Insufficient data
Insufficient data
Real Estate
0.3
Insufficient data
Insufficient data
Insufficient data
Service: Other
2.8
4,614
4,000
1,300 – 7,500
30.2
$5,175
$6,000
$900 – 10,000
Pharmaceutical/Healthcare/ Biotechnology
8.0
5,190
5,633
1,250 – 8,180
Computers/Electronics
7.4
5,319
5,365
1,200 – 9,600
Consumer Packaged Goods
5.2
4,240
5,000
900 – 5,800
Telecommunications
3.4
5,687
6,000
3,000 – 7,500
Automotive/Aerospace
1.9
5,735
5,750
3,600 – 7,308
Transportation/Equipment/Defense
1.2
3,050
3,000
2,400 – 3,750
Oil /Energy
0.6
Insufficient data
Insufficient data
Insufficient data
Manufacturing: Other
2.5
6,155
5,720
4,000 – 10,000
4.1
$2,300
$2,075
$600 – 4,750
MANUFACTURING INDUSTRIES
GOVERNMENT/NON-PROFIT
*Including Computers, Electronics, Software and Telecommunications (’03 and ‘02 included Biotechnology)
CLASS OF 2005 BASE SALARY BY JOB FUNCTION Mean
Median
Range
34.9
$5,810
$6,700
$1,500 – 17,000
13.0
5,274
5,800
2,000 – 8,180
Finance
34.9%
31.1%
Finance/Sales & Trading
6.5
6,831
7,000
3,200 – 8,500
Consulting
25.0
25.3
18.7%
Finance/Investment Management
6.5
5,751
6,000
1,500 – 17,000
Marketing/Sales
21.3
20.1
12.0%
Finance (total) Finance/ Other2
Finance/Investment Banking
4.6
7,205
7,000
6,540 – 8,500
Finance/Research
4.3
5,790
7,000
2,500 – 8,500
Consulting/Strategic Planning
25.0
6,200
6,800
300 – 1 1 ,764
Marketing/Sales
21.3
5,223
5,400
650 – 9,600
Business Development
8.6
5,360
5,500
2,800 – 7,500
Operations/Project Management
3.7
5,058
5,350
1,600 – 10,000
General Management/ Leadership Development Programs
2.8
4,850
5,700
600 – 6,830
Information Technology
2.2
8,300
7,500
2,200 –20,000
Other
1.5
1,600
1,600
3,200 – 3,200
1 2
TOP FUNCTIONS
Percent
Insufficient data indicates fewer than three people or less than 1% reported salary information. Finance: Other includes venture capital/private equity, corporate finance, and treasury.
’04
’03
’02 43.8%
Class of 2005 Reason for Accepting Position Industry 16.7% Job Content 23.6% Compensation 1.6% Location 5.2%
Prestige of Firm 8.9%
Growth Potential 10.2%
Job Function 21.0%
Other 2.0%
People/Corporate Culture 10.8%
CLASS OF 2005 MONTHLY SALARY BY GEOGRAPHIC LOCATION UNITED STATES
Percent
Mean
Median
Range
77.8
$6,016
$6,000
$650 – 20,000
Northeast
50.8
5,972
6,000
1,200 –20,000
West
15.8
5,805
6,000
650 – 9,600
Mid-Atlantic
5.0
5,476
5,500
2,700 – 8,000
Midwest
2.5
5,941
5,800
4,000 – 8,000
South
2.2
5,969
7,000
1,300 – 8,400
Southwest
1.5
5,092
4,700
3,750 – 7,308
OUTSIDE U.S.
22.2
$5,520
$6,100
$300 – 11,764
Western Europe
7.4
5094
4,500
900 – 1 1 ,764
Asia
6.2
4,820
7,000
600 – 8,000
Central/South America/Mexico
3.7
3,996
2,900
300 – 10,000
United Kingdom
3.4
8,336
8,440
6,500 – 10,000
Canada
0.9
7,300
7,500
5,400 – 9,000
Middle East
0.6
Insufficient data
Insufficient data
Insufficient data
CLASS OF 2005 MONTHLY SALARY BY UNDERGRADUATE MAJOR Major
Percent
Mean
Median
Range
Engineering
35.8
$6,100
$6,250
$300 –20,000
Social Sciences & Humanities
33.9
5,983
6,000
1,250 – 17,000
Business
17.9
4,874
5,000
600 – 11,764
Sciences & Mathematics
12.4
5,667
5,800
1,500 – 9,000
CLASS OF 2005 MONTHLY SALARY BY PROFESSIONAL EXPERIENCE Years Experience One year or less More than 1 year, up to 3 years
Percent
Mean
Median
Range
1.0
$6,250
$6,250
$3,500 – 9,000
13.2
5,990
6,550
1,750 – 17,000
More than 3 years, up to 5 years
46.1
5,865
6,000
300 – 11,764
More than 5 years
39.7
5,606
6,000
600 –20,000
Class of 2005 Source of Job
School Facilitated Activities 71.7%
Scheduled Interviews On and Off Campus 39.7%
MIT/MIT Sloan Job Postings 13.0%
Faculty/CDO/Student Referral 7.5%
Club Event 5.9% MIT/MIT Sloan Sponsored Events 4.6%
Personal Network 19.9%
Direct Campaign 3.8%
Student Facilitated Activities 25.7%
Resume Books, Resume Referrals 1.0%
Previous Employer 2.0%
Other 1.6%
Other Activities 2.6%
Other 2.6%
Career Development Office Contacts Jackie Wilbur
Lisa Monaghan
Additional Contacts
Director
Career Resource Center Assistant
David Capodilupo
General management, new business
Job postings (academic year only)
Executive Director, MBA Program
[email protected]
[email protected]
617.253.7504
617.258.0879
Phillip McMullen
Marie Eiter
Associate Director, Career Education
Executive Director, Executive Education
development, corporate relations [email protected] 617.258.6492 Sue Kline Associate Director, Recruiting Recruiting services and policies, corporate relations, employment statistics
and Counseling Career development seminars and workshops,
[email protected] 617.253.1503
student advising, especially non-U.S. students
[email protected]
[email protected]
Christine Foglia
617.253.3946
617.253.8399
Center Manager
Tricia Lacefield
Julie Papp
[email protected]
Assistant Director, Recruiting
Associate Director, Career Education
617.253.6657
MIT Center for Information Systems Research
Recruiting scheduling and logistics, company presentations, club contacts [email protected] 617.258.6493
and Counseling Career development seminars and workshops, student advising
MIT Entrepreneurship Center
617.258.7429
[email protected] 617.253.8653
Assistant Director, Recruiting
Heather Miller
Marketing outreach, career fairs/events,
Assistant Director, Career Education
[email protected] 617.324.1017
Senior Lecturer and Managing Director
[email protected]
Dana Hart
club contacts
Ken Morse
and Counseling Student advising, student club support, career development seminars and workshops
Don Rosenfield Director, Leaders for Manufacturing Program [email protected] 617.253.1064
[email protected] Marilyn Cronin
617.253.9831
Associate Director, Career Resource Center Job postings, Career Resource Center management, company literature
David Verrill Executive Director, Center for e-Business @MIT
Emily Price
[email protected]
Administrative Assistant
617.452.3216
[email protected]
[email protected]
617.258.6125
617.253.6149
David Weber Director, Corporate Relations [email protected]
The Massachusetts Institute of Technology is committed to the principle of equal opportunity in education and employment. The Institute does not discriminate against individuals on the basis of race, color, sex, sexual orientation, religion, disability, age, veteran status, ancestry, or national or ethnic origin in the administration of its educational policies, admissions policies, employment policies, scholarship and loan programs, and other Institute administered programs and activities, but may favor U.S. citizens or residents in admissions and financial aid. * The Vice President for Human Resources is designated as the Institute's Equal Opportunity Officer and Title IX Coordinator. Inquiries concerning the Institute's policies, compliance with applicable laws, statutes, and regulations (such as Title VI, Title IX, and Section 504), and complaints may be directed to Laura Avakian, Vice President for Human Resources, Room E19-291, 617 253-6512 or to Regina A. Caines, Director of Affirmative Action, Equal Opportunity and Diversity Pro-grams, Room E19-226, 617 258-8718. Inquiries about the laws and about compliance may also be directed to the Assistant Secretary for Civil Rights, U.S. Department of Education. *The ROTC programs located on the MIT campus are operated under Department of Defense policies and regulations, and do not comply fully with MIT's policy of nondiscrimination with regard to sexual orientation. On the recommendation of the Faculty, MIT Is working to develop a modified on-campus ROTC program open to all MIT students.
MIT Sloan School of Management MBA Career Development Office Tang Center for Management Education 70 Memorial Drive, E51-203 Cambridge, MA 02142-1347 Phone: 617.253.6149 Fax: 617.253.0226 mitsloan.mit.edu/cdo/main.html
This report conforms to the MBA Career Services Council Standards for Reporting MBA Employment Statistics.
617.253.7161
Principal photography: Stuart Darsch Concept and design: Sametz Blackstone Associates, Boston PSB# : 04-08-0454
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