Three months after graduation, 92 percent of the MBAs at the Tepper School of Business have received a job offer, marking another strong year of recruiting. The mean salary for the MBAs in the class of 2012 is $107,700, a record-high for the Tepper School.
This year’s high employment rate, combined with a 91 percent rate for 2011, marks a return to the robust levels that were the norm before the recession hit, said Stephen Rakas, executive director of the Career Opportunities Center at the Tepper School. “We ended another successful recruiting year despite the lagging economy,” he said. “Tepper students are performing very well in the job market.”
The numbers will be submitted to the MBA Career Services Council and factored into the rankings of business schools published by U.S. News & World Report and Business Week/Bloomberg and others.
The Employment Report of the MBA Class of 2012 also revealed a shift in career focus. Thirty percent of the class found a job in consulting, where the starting salary averages about $122,000. Tepper School MBAs also gravitated toward jobs in marketing functions (25 percent) and the high technology (21 percent) and biopharma healthcare industries (10 percent).”We are moving ahead as a school in consulting, technology and health care,” Rakas said. “We have one of the highest percentages of biopharma health care of any top MBA school.”
While job offers in those fields grew, those in the financial sector declined to 19 percent, down from about 40 percent in its heyday. “That reflects a shift in all of the top MBA programs,” Rakas said. “I speak with a lot of colleagues. There are just not as many opportunities in financial services, nor do we see the same level of interest from many students.”
The job offers are already flowing into the MBAs in the class of 2013. As of the end of October, 50 percent of the second year MBAs had a job offer in hand, compared to 38 percent during the same time last year.
“It’s phenomenal,” said JP Balfour (MBA '13), the Graduate Business Association vice president for the Career Opportunities Center at the Tepper School. "Everyone is really positive right now. There is a lot of opportunity out there.”
Balfour, 30, from Plano, Texas, accepted an offer for his dream job at the GE Capital Leadership Program. “It is like a residency for a doctor,” he said. “You have three eight-month rotations in three different cities. It is the preeminent leadership program in the country.”
Rakas said the Tepper School arrived at this bright spot because the dedicated support of the alumni helped the school weather the recession.
“With a close-knit program, the success we have seen in recruiting is largely attributed to alumni dedication," Rakas said. "In particular, they got us through the downturn during the dark days of 2008 and 2009. There were several critical 'calls to action' and our alumni came through with many opportunities for our students. Alumni still support us in many important ways, including helping students land internships and full-time jobs, hosting treks and making introductions. Alumni involvement has been the key to our success.”