In this in-depth analysis of Chicago Booth MBA program salary and employment trends for 2024, we cover:
• Overview
• By Industry: Chicago Booth MBA Salary and Placements 2024
• By Function: Chicago Booth MBA Salary and Placements 2024
• By Location: Chicago Booth MBA Salary and Placements 2024
• Top Employers: Chicago Booth MBA Salary and Placements 2024
Overview
The Chicago Booth MBA Class of 2024's employment report showcases notable shifts in both hiring rates and median base salaries across different regions. A median base salary of $175,000 reflects strong earning potential for graduates. The report highlights that 73.3% of students secured positions through school-facilitated channels, with 52.7% leveraging Booth-facilitated summer employers. Additionally, 10.3% of graduates were sponsored, and 3.9% chose to pursue entrepreneurial ventures.
Chicago Booth maintained a strong placement trend in the US with 94.1% of graduates finding employment in the U.S., marking a slight increase from last year’s 93.2%. When compared with its peers in the M7 group, this employment rate is on par with Harvard’s 94%, and MIT Sloan (94.6%), whereas higher than Columbia (79%).
While Booth’s hiring rate remains similar to Harvard’s and MIT Sloan’s, the median base salary at Chicago Booth stands at $175,000, lower than last year’s $185,000. This trend is reflective of broader shifts within the job market, where competition for similar roles have increased.
By Industry: Chicago Booth MBA Employment Report 2024
The Chicago Booth MBA 2024 employment report reflects key industry trends, with the school maintaining a strong presence in Consulting and Financial Services but also facing challenges in the Technology sector.
Consulting Hire Down but Better than Stanford and Harvard. Compensation Ahead of Harvard
Consulting remains the largest hiring sector, with 33.8% of graduates entering the field. This is a decrease from last year’s 38.6% but still represents a significant portion of the class.
Booth's Consulting placements are notably higher than those at Stanford (14%) and Harvard (18%) but align more closely with MIT (32.1%) and Columbia (30.6%), indicating that Booth continues to lead among its M7 peers in the industry.
The median base salary for Consulting roles is $190,000, with a $30,000 signing bonus, contributing to a total compensation of $220,000. While Booth’s Consulting salaries have remained stagnant compared to last year, the consulting base salary is ahead of Harvard’s $175,000.
The consistency in salary could be one factor that will drive applicants more toward the Chicago Booth MBA this year.
Financial Services – Strong Placements. Investment Banking A Key Contributor
In Financial Services, Chicago Booth again stands out, with 32.9% of graduates entering the sector, similar to last year’s 32.6%. The median base salary in Financial Services is $175,000, accompanied by a $50,000 signing bonus, leading to a total salary of $225,000. This is competitive when compared to Columbia’s 35.9% hiring rate and $200,000 total salary and MIT’s 25.3% with a slightly lower base of $175,000.
Financial Services remain a major strength for Chicago Booth, especially with the high signing bonuses, which stand out compared to Harvard’s $31,363 bonus and Stanford’s $30,000 bonus.
Technology Hiring Down. Sharp Drop in Base Salary
In Technology, Booth has seen a slight decline, with 14.8% of graduates entering the field, down from 15.5% last year. The median base salary for tech roles is $152,000, with a $37,500 signing bonus, resulting in a total salary of $189,500. This is noticeably lower than the $175,000 offered in MIT’s tech sector and significantly behind Stanford’s tech hires, which offer a $185,000 base salary. The dip in Booth’s Technology salary could be attributed to a broader slowdown in the tech industry, as seen in other top schools. Chicago Booth’s placement in Technology remains solid but lags behind peer schools like MIT (19%) and Stanford (22%), which continue to lead in the Technology space.
Growth in Healthcare and Consumer Products Hiring
Healthcare has seen growth at Booth, with 4.1% of graduates hired in the sector, compared to just 2.8% last year. The median salary in Healthcare is $145,000, with a $30,000 signing bonus, resulting in a total of $175,000. While this is an improvement from the previous year, it still falls short of the $165,000 base offered by Harvard and $160,000 at Stanford, indicating Booth’s Healthcare sector is still underdeveloped compared to its peers.
In Consumer Products, 2.3% of graduates were hired, with a median base salary of $128,000 and a $40,000 signing bonus, bringing total compensation to $168,000. While Booth’s Consumer Products hiring rate is slightly higher than Harvard’s 3%, its salary remains lower compared to other top schools like Columbia’s $134,750. The growth in signing bonuses in this sector indicates strong competition, but Booth’s overall salary levels reflect more moderate placements compared to peers.
Real Estate Hiring – Below Peers
Real estate hiring at Booth stood at 1.6%, with a $140,000 base salary and a $9,000 signing bonus, lower than the $150,000 median salary at Columbia’s 2.5% placements. The real estate sector is still a small niche at Booth.
Final Take
Booth remains a leader in Consulting and Financial Services, with competitive salaries and signing bonuses, especially when compared to its M7 peers. However, placements in Technology, Healthcare, and Consumer Products reflect stagnation, driven by market conditions and less focus in these industries relative to schools like Stanford and MIT.
| By Industry | % Hired | Median Base Salary | Median Signing Bonus | Total Salary |
| Consulting | 33.8% | $190,000 | $30,000 | $220,000 |
| Financial Services | 32.9% | $175,000 | $50,000 | $225,000 |
| Technology | 14.8% | $152,000 | $37,500 | $189,500 |
| Healthcare | 4.1% | $145,000 | $30,000 | $175,000 |
| Law | 2.7% | $225,000 | $25,000 | $250,000 |
| Consumer Products | 2.3% | $128,000 | $40,000 | $168,000 |
| Real Estate | 1.6% | $140,000 | $9,000 | $149,000 |
| Education/Non-Profit | 1.4% | $144,000 | NA | NA |
By Function: Chicago Booth MBA Employment Report 2024
Chicago Booth's hiring data for the current year shows strong representation in Consulting and Investment Banking.
Consulting Function – The Best Compensation Among M7 Schools
In Consulting, Booth remains a strong player, with 39.4% of its graduates securing roles in the function, offering a median base salary of $192,000. When compared to last year's data, where 39.4% were similarly hired into Consulting (with the same salary range), this trend has remained consistent.
Booth's Consulting percentage outpaces many of its M7 peers. Harvard had 18% of graduates in Consulting last year, and Stanford placed 16% of their class in this function. Booth's Consulting salary is also competitive, with MIT reporting $190,000 and Columbia at $190,000 for the same year.
Finance – Strong Placements
In Finance, Booth's 35.6% of hires with a median base salary of $175,000 this year is on par with Harvard (38%, $175,000) and higher than MIT (20.4%, $170,000). While Stanford is more competitive in Finance (32%, $200,000), Booth is solidly placed among the leaders, demonstrating a strong presence in Financial Services recruitment.
Investment Banking – A Notable Contributor
Investment Banking also shows significant hiring at Booth, with 15.5% of the class entering this field, offering a median base salary of $175,000, which is identical to last year's figures. This salary aligns with what Harvard and Stanford are offering in Investment Banking, where Harvard reports 16% of hires at a $175,000 median base salary, and Stanford offers a slightly higher salary of $200,000 with 16% of hires.
Columbia reported 20.6% of its hires in Investment Banking with a salary of $158,550, and MIT had 5.9% with $175,000. While Booth’s percentage is relatively smaller compared to Columbia, its salary is among the highest, competing closely with Harvard and Stanford.
Private Equity – Better than Harvard. Below Stanford
In Private Equity, Booth stands at 7.8% of hires, up from 7.1% and offering a median base salary of $169,000 this year – a similar base salary as last year. However, Booth’s Private Equity hiring rate is lower than Stanford's 16% with a median base salary of $200,000, but it outpaces Harvard's 7% at $200,000.
MIT and Columbia report lower hiring percentages in Private Equity (2.7% for both), with MIT offering $200,000 in base salary and Columbia reporting $142,500. Booth’s competitive salary offers in this sector hold it steady among the top players in the field, though Stanford continues to lead in both hiring percentage and compensation.
Product Management – 2nd Only to Stanford
For Product Management (Tech), Booth maintains a strong position with 8.7% of graduates entering the field, offering a median base salary of $165,000, which compares favorably to MIT’s 13.6% with a base salary of $163,875. Harvard, which has 11% in Product Management, offers a median base salary of $155,000, and Stanford offers $185,000, with 8% of hires. The 8.7% hiring rate at Booth, paired with competitive salaries, makes it one of the more attractive destinations for product management roles, even though Stanford leads in compensation.
General Management – Not Booth’s Strength
In General Management, Booth’s 5.2% of hires is lower than Stanford (32%) and Harvard (13%). Booth offers a median base salary of $145,000, which is behind Stanford’s $175,000 and Harvard’s $164,000. MIT's 6.8% of hires offer $160,000, slightly above Booth, making General Management a slightly weaker area of focus for Booth relative to other M7 schools.
Marketing – Another weakness
In Marketing, Booth’s 3.2% of graduates entering the field with a median base salary of $135,000 this year is relatively modest compared to its M7 peers. Harvard reports 11% of hires in Marketing, offering a median base salary of $155,000, while Stanford has 17% of graduates entering Marketing with a higher salary of $172,500. MIT reports 2.7% of hires in this field, but their median base salary of $137,500 is slightly higher than Booth’s. Columbia has 12.5% of hires in Marketing with a salary of $140,000.
Law – Benchmarked at $225,000
In the Law sector, Booth’s data shows 2.7% of hires with a median base salary of $225,000 this year, maintaining its strong standing. Compared to Harvard, which has 2.7% of hires in Law with a base salary of $225,000, Booth's salary matches Harvard's but falls behind in hiring percentage.
Final Take
Booth shows a consistent and strong trend across several key functions.
Consulting continues to be its standout, leading its M7 peers in both hiring percentage and salary. It holds a competitive edge in Investment Banking and Private Equity, particularly with its attractive salaries. While Booth falls behind Stanford in General Management and Private Equity, the school’s broader representation in Finance, Product Management, and Consulting solidifies its position among the top schools for recruiting across diverse functions.
| By Function | % Hired | Median Base Salary | Median Signing Bonus | Total Salary |
| Finance | 35.6% | $1,75,000 | NA | NA |
| Company Finance (Analysis/Treasury) | 3.4% | $132,500 | $37,500 | $170,000 |
| Investment Banking | 16.4% | $175,000 | $50,000 | $225,000 |
| Investment Management/Research | 3.9% | $172,500 | $35,000 | $207,500 |
| Private Equity | 7.1% | $185,000 | NA | NA |
| Real Estate | 1.4% | $125,000 | $10,000 | $135,000 |
| Venture Capital | 1.4% | $159,000 | NA | NA |
| Consulting | 35.2% | $190,000 | $30,000 | $220,000 |
| Product Management (Tech) | 7.3% | $169,100 | $40,000 | $209,100 |
| Corporate Strategy/Strategic Planning | 5.9% | $150,000 | $30,000 | $180,000 |
| General Management | 5.7% | $157,500 | $30,000 | $187,500 |
| Marketing | 3.2% | $135,000 | $35,000 | $170,000 |
| Brand/Product Management | 2.7% | $135,000 | $40,000 | $175,000 |
| Law | 2.7% | $225,000 | $25,000 | $250,000 |
| Business Development | 1.8% | $162,500 | $25,000 | $187,500 |
By Location: Chicago Booth MBA Employment Report 2024
Investment Banking Hires. Boston – High Compensation
Northeast (29.9%): New York, with its Investment Banking presence, continues to dominate in the Northeast region, accounting for 27.4% of hiring and showing consistent salaries of $175,000.
Interestingly, Boston, though a small percentage of the market at 2.1%, has a median salary that stands out at $192,000, surpassing all other cities in the region. This salary differential likely reflects the strong presence of high-paying sectors such as Technology, Healthcare, and Financial Services in Boston.
Harvard, another M7 school, reports a strong concentration in the Northeast (49%) with a base salary of $175,000, closely mirroring Booth’s figures but with a higher percentage of graduates finding opportunities in the region.
Midwest – Chicago Booth’s Strength
Midwest (29.9%): Chicago remains the dominant player in the Midwest, with 27.9% of Booth graduates securing positions in the region, earning $181,500—slightly up from last year’s $180,000. This aligns with Booth's historical strength in Chicago’s thriving Finance, Consulting, and Technology industries.
Compared to MIT Sloan’s Midwest (2.7%) and Harvard (6%) hiring trends, Booth stands out with its strong, consistent presence in its home region. It is important to note that Booth’s salary in Chicago is slightly above MIT Sloan’s broader Midwest median base salary of $145,000, further reinforcing Booth’s competitive positioning in the region.
West – Bay Area Hiring Dip: Larger Technology Trend
West (20.8%): While Booth’s West Coast presence (notably in cities like the Bay Area, Los Angeles, and Seattle) remains a significant part of the employment picture, it is important to note the decline in Bay Area hiring from last year’s 14.1% to this year’s 9.8%.
Salary in the Bay Area remains solid at $175,000, but this drop may be indicative of broader trends in the Technology sector, which has faced significant layoffs and hiring slowdowns in the wake of the pandemic and economic uncertainty that followed with the advancement of AI.
In comparison, Harvard’s West region shows 17% of hires with a median salary of $180,000, slightly above Booth’s figures, suggesting that Booth is facing more pressure in this highly competitive region.
Southwest – Strong Compensation; An Outlier
Southwest (5.9%): The Southwest region shows an increase in hiring and compensation, particularly in Dallas and Houston, where Booth graduates earn a median base salary of $190,000. This reflects the growing trend of companies in the tech and energy sectors moving to Texas, driven in part by lower taxes, cost of living, and the relocation of major headquarters (like Oracle and Tesla).
MIT Sloan’s (5%) Southwest figures show a higher median base salary of $187,500, but Booth's hiring percentage is slightly better, reflecting greater diversity in job types and industry spread within the region.
International Hiring Trends: Internationally (5.9%), Booth reports a significant drop in hiring in the Asia (3%) and Latin America (1.4%) regions, with a median salary of $130,000. In comparison, Harvard’s international figures reflect hiring in Asia at 5% of the class with a base salary of $120,000, but MIT Sloan with a higher percentage of hiring in Asia also offer better salary.
As we have highlighter earlier – lower international hiring rate is a good news for MBA applicants. The trends indicates robust local hiring.
Overall, Chicago Booth saw a slight decrease in its international hiring percentage, with 5.9% of graduates securing positions abroad, down from 6.8% last year, and a median base salary of $130,000, up from $123,952 in 2023.
International Salary: Compared to its M7 peers, Booth’s international hiring rate is lower than Harvard's 16%, though Harvard's international hires earn a lower median salary of $120,000. MIT Sloan follows a similar trend with 5.1% international placements and a salary of $150,000, positioning it slightly above Booth in terms of compensation. Columbia has a significantly higher international hiring rate of 21%, but their median salary is much lower at $115,069.
Final Take
The region-by-region breakdown highlights Booth’s stronghold in the Midwest (Chicago), although it faces some pressure in tech-heavy areas such as the Bay Area and the West. The drop in international hiring and salary, especially in Asia and Latin America, is consistent with the economic slowdown in global markets and contrasts with the strong domestic hiring performance, notably in Texas.
| By Region | % Hired | Median Base Salary |
| United States | 94.1% | $175,000 |
| Northeast | 29.9% | $175,000 |
| New York | 27.4% | $175,000 |
| Boston | 2.1% | $192,000 |
| Midwest | 29.9% | $1,80,000 |
| Chicago | 27.9% | $1,81,500 |
| West | 20.8% | $1,69,100 |
| Bay Area | 9.8% | $1,75,000 |
| Seattle | 5% | $1,60,000 |
| Los Angeles | 4.3% | $1,80,000 |
| Southwest | 5.9% | $1,90,000 |
| Dallas | 2.5% | $1,91,000 |
| Houston | 1.8% | $1,90,000 |
| South | 4.3% | $1,65,000 |
| Miami | 1.8% | $1,62,500 |
| Atlanta | 1.4% | $1,90,000 |
| Mid-Atlantic | 3.2% | $1,80,000 |
| Washington, DC | 3% | $1,80,000 |
| International | 5.9% | $1,30,000 |
| Asia | 3% | $1,30,000 |
| Tokyo | 1.4% | $1,20,000 |
| Latin America and the Caribbean | 1.4% | $1,30,000 |
Top Employers: Chicago Booth MBA Employment Report 2024
BCG Holds, McKinsey Steep Fall while Bain & Co. Moderate Fall
Boston Consulting Group (BCG) remains the top employer, hiring 48 Booth graduates, a slight drop from 52 last year. Similarly, McKinsey & Company saw a significant decline in hires, from 71 in 2023 to 33 in 2024. This dramatic shift likely reflects broader industry trends, including changes in demand for consultants amid economic uncertainty. Bain & Company also experienced a similar decrease, hiring 20 students this year compared to 30 last year.
One notable trend is the continued dominance of Consulting firms, particularly BCG, McKinsey, and Bain, which together hired 101 students, making up a significant portion of the placements. The decline in McKinsey’s hiring numbers suggests competition among M7 schools, particularly among Harvard, Stanford, and Chicago Booth candidates.
Amazon – Strong at Chicago Booth
In contrast to the decline in Consulting hires, companies in the Technology and Finance sectors showed stronger hiring numbers. For example, Amazon hired 16 Booth graduates, showing a slight decrease from 17 last year.
Goldman Sachs, JPMorgan Chase, and Citigroup – Strong Hires
Goldman Sachs, JPMorgan Chase, and Citigroup continue to be strong players, with Goldman Sachs and JPMorgan Chase hiring 9 and 8 graduates, respectively, while Citigroup hired 7. While the total number of hires from financial institutions is lower than in Consulting, these firms remain major employers, indicating strong demand for Booth's finance candidates.
Non-Traditional Hires
The rise of non-traditional firms is another significant trend. Companies like TikTok (6 hires), Samsung Group (4 hires), and Walmart (4 hires) show growing interest from Technology and consumer goods companies who are diversifying their recruitment pools for top talent. The addition of TikTok as a notable employer, hiring 6 graduates, marks a major shift from last year, where tech firms such as C3.ai and ServiceNow played a more significant role.
AI hires have peaked.
Boutique Consulting Hire
Deloitte Consulting, L.E.K. Consulting, and EY-Parthenon maintain a strong presence with 7 hires each, marking a slight increase in their numbers compared to last year. This stability may suggest that Consulting firms, while facing a decline in overall hiring, continue to value the skills that Booth graduates bring, particularly in strategic Consulting and management.
Final Take
The comparison between the 2024 and 2023 data reveals a trend of decreasing reliance on traditional Consulting firms and increasing diversification in employer types. While Consulting remains a dominant sector for Chicago Booth MBA hires, especially in top firms like BCG and Bain, the presence of tech and Finance firms signals a shift toward industries with higher growth potential. Additionally, the emergence of non-traditional employers, like TikTok, Samsung, and even Walmart, showcases Booth graduates’ versatility and ability to adapt to a broader range of sectors.
| Top Employers | Number of Students Hired |
| Boston Consulting Group | 48 |
| McKinsey & Company, Inc. | 33 |
| Bain & Company, Inc. | 20 |
| Amazon.com, Inc. | 16 |
| Goldman Sachs Group Inc. | 9 |
| JPMorgan Chase & Co. | 8 |
| Bank of America Corporation | 7 |
| Citigroup, Inc. | 7 |
| Deloitte Consulting | 7 |
| L.E.K. Consulting | 7 |
| Capital One Financial Corp | 6 |
| EY-Parthenon | 6 |
| TikTok Inc. | 6 |
| Evercore Partners Inc. | 5 |
| 5 | |
| Morgan Stanley | 5 |
| Guggenheim Partners, LLC | 4 |
| Lazard Freres & Co. LLC | 4 |
| Samsung Group | 4 |
| UBS AG | 4 |
| Walmart Inc. | 4 |
Final Take