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LBS Alumni Spotlight: The Retail Industry & Holiday Trends
Unlike the consulting, finance and technology sectors, retail has always been regarded as a safe industry for employment. That’s because no matter how bad the economy gets, the retail industry will never cease to exist as long as people still make purchases. And that’s especially true for the holidays.
Each year during the holidays, on average, UK households spend £794.39 and US households spend $752.00. It’s not a small chunk of change. There’s no doubt that it’s a busy time of year, and many retail companies go all out to bring in new customers and grab the largest percentage of sales. But does that mean it’s a good industry to work in? Continue reading…
More Tech Hires at Kellogg, Per 2016 Employment Report
‘Tis the season for MBA employment reports, and one of the latest schools to share details about how its most recent class of graduates fared in their quest for jobs is Northwestern’s Kellogg School of Management. Released in its entirety last week, the report shows a surge of graduates heading off toward technology firms—22 percent of the class, up from 15 percent last year.
“I do think the tech story jumps out,” says Liza Kirkpatrick, director of career management for the full-time MBA program. “But we really are very proud of this year’s employment outcomes overall.” She went on to cite the fact that 96 percent of students received an offer within three months of graduation, up slightly from 95 percent the year before. The median base salary was $125,000, up $2,000 from the year before.
Consulting, long the destination for the majority of Kellogg grads, still drew one in every three—33 percent—though this represents an ever-so-slight dip from the 35 and 36 percent in each of the past four years. Financial services, which drew 19 percent of last year’s class and 20 percent two of the three years before that, dipped to just 13 percent this year, the most significant downward shift of any industry.
According to Kirkpatrick, the drop off in financial services could be nothing more than a reflection of the aspirations of this particular class. “We look at it as just an indication of the interest of the Class of 2016,” she says, noting that 14 percent of the class took finance internships during the summer between their first and second years, in line with the 13 percent who took full-time offers.
Not Surprisingly, Salaries Highest in Consulting, Financial Services
Though student interest in financial services is lower than it has been, it’s certainly not because of waning paydays. The highest starting salary of the class—$250,000—went to a graduate going into private equity. Median starting salaries for students headed into financial services were $125,000. Overall, consulting led the way in terms of pay, with a median starting salary of $145,000 for these graduates.
Technology trailed slightly, with a median starting salary of $120,000, although Kirkpatrick was quick to point out that salaries for those entering more technical roles at technology firms remain very high. “The more technical your skills are, the higher your base compensation will be,” she says. Stock options and other non-salary compensation also factor into the allure of tech jobs, she adds. “Stock options are very attractive, and we see tech companies using those to attract talent whether for technical or non-technical roles,” she says. Unlike some other schools, Kellogg does not include information about non-salary compensation as part of its employment report. Median signing bonuses were $25,000 for consulting and technology, bested by a median bonus of $32,500 for financial services.
Diversity of Jobs, Employers the Real Story
More than money, it’s the diversity of tech jobs that seems to be drawing Kellogg students, Kirkpatrick says. “There is such wide variety in the types of tech jobs our students take,” she says, noting that graduates went everywhere from very small companies like Narrative Science to medium-size companies like Uber to large firms like Google. They also went into a wide range of functions and an array of sub-sectors, from software to hardware, mobile to the “Internet of Things.”
Both in technology and beyond, the breadth of hiring companies is the real story in Kellogg’s most recent employment report, says Kirkpatrick. “What stands out for me most is the diversity and range of employers that come to Kellogg,” she says. “They are looking at our students—who have a balanced and dynamic skillset, excellent general management skills, the emotional intelligence to motivate teams and make an impact and a global perspective—and they are finding places for them in their organizations.”
There has also been an increase in data-related jobs, she adds. “There’s such a surge in data, and we are increasingly seeing employers look at the MBA skillset as a solution to that,” she says. “We continue to see a broad breadth of employers come to Kellogg, but we also see that how they are using the MBA in their organizations is evolving, too.”
In terms of absolute numbers, McKinsey snapped up more Kellogg grads than any other firm, hiring 43 members of the Class of 2016. Boston Consulting Group and Bain & Co. followed, hiring 25 and 24 respectively. In tech, Amazon led the way, luring 23 grads, followed by Google with 12 and Apple with 10. Notably, companies hiring three or more students accounted for just over half (290) of the jobs, with the other half split between scores of firms each taking just one or two grads, underscoring Kirkpatrick’s point about breadth.
Outside of these numbers were the roughly 15 percent of the class—95 students—who were company-sponsored and returning to their employers. As well, 13 students were focused exclusively on starting their own business, a slight uptick from 11 last year, but still representing just 2 percent of the overall class.
Career Services Adjusts to Changing Recruitment Landscape
As the nature of recruiting has become more diverse, so, too, have the services Kirkpatrick and her team offer. On the employer side, the Kellogg Career Management Center (CMC) has a team of business development leads working to create opportunities for students across industries, geographies and companies. On the student side, a team of one-on-one coaches works intensively to help students identify their target companies and understand what their recruitment journey will look like. If it does evolve to an off-campus process—as is the case for a growing percentage of the class—a personal coach is available to help them navigate it successfully. “What we offer is very customizable to what the student is looking for,” Kirkpatrick says.
“We are always looking at ways to improve our services to students,” she continues. “We do find that students coming in have an increased demand for one-on-one coaching. Students want to have a relationship with their coach, someone who understands their story and can help them achieve their goals. In Kellogg’s CMC we pride ourselves in knowing our students and how to help them on their job search journey.”
Though traditional on-campus recruiting has remained a very robust channel at Kellogg, Kirkpatrick says, the trend toward off-campus, just-in-time recruiting is something she and her team are paying close attention to. “As students’ interests expand, Kellogg’s Career Management Center services and support evolve to support every students unique job search.”
To view the 2016 Kellogg MBA Employment Report, click here.
This article has been republished with permissions via Clear Admit.
Top Entrepreneurship MBAs in Los Angeles
Famed architect Frank Lloyd Wright famously said, “Tip the world over on its side and everything loose will land in Los Angeles.”
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Top Finance MBAs in Los Angeles
The finance industry has always gone hand in hand in the MBA. Even as MBAs are becoming increasingly popular in other industries, finance is still the biggest MBA job sector and accounts for 22 percent of all MBA jobs, according to the 2014/15 QS TopMBA.com ‘Jobs and Salary Trends Report‘. Continue reading…
Foster Ranks 1st in MBA Job Placement
How do you choose an MBA program? You might look at faculty, research, course work and alumni just to name a few. But what about job placement? Why attend an MBA program and spend all that time and money if you can’t improve your job situation afterward? Well, there’s great news for MBAs at University of Washington’s Foster School of Business. BusinessWeek recently named Foster as the number one school in job placement for the ‘Top 20 Full-Time MBAs in the U.S.’ Continue reading…
Structural Unemployment Is Coming, Says WorkingNation Founder
Speaking on Wharton’s SiriusXM radio show Knowledge@Wharton, University of Pennsylvania alum and board member, Chicago Booth MBA grad and founder of WorkingNation Arthur Bilger spoke on what may be the next great economic epidemic: structural unemployment.
A Deeper Look at the 2016 Michigan Ross Employment Report
The University of Michigan’s Ross School of Business earlier this month released its 2016 MBA Employment Report, and the results are nothing short of stellar.
Inside the FinTech Industry
Finance has always been one of the hottest MBA industries. In fact, at many top schools such as the Booth School of Business and NYU Stern, over 30 percent of MBA graduates go into the financial industry each year. Why? Because it’s lucrative—the average Finance MBA earns $121,000 a year compared to $104,000 for other specialties—and well respected. However, until now, one thing that an MBA in finance did not offer was innovation.
The finance industry is one of the oldest and most prestigious industries around. It’s built on a foundation of history and careful research; after all, no company wants a CFO who makes decisions based on gut instinct. But, recently, a new side of the financial services industry has started to gain traction: FinTech. Continue reading…
Top Management/Consulting Jobs for MBAs in Washington DC
Students who have already gone through the process of applying for and earning their MBA seem ready to take on anything, and sometimes that can be a problem.
The immense skills gained from an MBA can leave students overwhelmed with decisions to make after graduation. Thankfully, MetroMBA has provided several helpful guides to help students and graduates to make these important career decisions once their degree is in hand.
Hot MBA Jobs – Nonprofit Fundraiser
It goes without saying—everybody likes making money. But while everyone loves some extra change in their bank accounts, some really get a sense of accomplishment working directly for a cause or nonprofit corporation.
Gupta College of Business Students Explore Opportunities at Fidelity
Students at the University of Dallas – Satish and Yasmin Gupta College of Business recently had the opportunity to tour the Westlake campus of Fidelity Investments to network and explore future career possibilities.
Atlanta MBAs That Do Not Require Work Experience
Atlanta is many things to many folks—Coca Cola country, Black Hollywood and Turner HQ among others. The metro area is home to around 5.5 million people, boasting one of the busiest airport hubs in the world along with first-rate commercial, technological, educational and cultural resources. As one Redditor plainly puts it, “We rose from the ashes of Sherman’s march like a phoenix to become the cultural and business capital of the Southeast.”
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Here Are The Best Paid Internships In The U.S. Right Now
The illustrious and ever-elusive paid internship, for some, is nothing but a fever-dream. For MBA grads, however, the reality of earning one is astoundingly higher. U.S. grads take note: these are the highest-paid internships in the U.S., according to Statista.
Rady Partners with Athena San Diego to Mentor Female Entrepreneurs
At UCSD’s Rady School of Management, developing women in business has always been a priority. In fact, just this year, the full-time MBA class welcomed 39 percent female students. And now, they’re taking their work one-step further. In partnership with Athena San Diego—which has worked for 20 years to connect and support women in STEM (science, technology, engineering and math)—Rady is offering mentorship to female founders and leaders as part of its mystartupXX accelerator. Continue reading…
Pepperdine Announces AEG Partnership, Offers New MBA
In an expansive new move, Pepperdine University has announced a partnership with Anschutz Entertainment Group (AEG) that will create classrooms in the Staples Center in downtown Los Angeles.
The home to the Los Angeles Lakers, Clippers, Sparks and Kings (which AEG has a 50 percent ownership stake in) will house new course programs that are directed to students pursuing careers in sports management.
“Internship programs, industry conferences and other educational events also will be created together,” writes Los Angeles Times reporter Rosanna Xia. “And Pepperdine will establish MBA opportunities for AEG employees interested in furthering their education.”
Jon Werbeck, vice president of AEG Global Partnerships spoke on the recent announcement, saying, “AEG will help Pepperdine build out a strategic, educational stronghold in the heart of Los Angeles’ preeminent downtown entertainment district, L.A. Live, while AEG will get a hand in sourcing, growing and supporting the next generation of sports and entertainment business professionals.”
“Pepperdine understood the vision and the mutual benefits to really build something special and unique that nobody has ever done in this capacity,” Werbeck says. “Cultivating educational opportunities is one of the ways we like to give back to the fans and neighborhoods that support us.”
“Working together, we are excited to develop this one-of-a-kind platform.”
Provost Rick Marrs also notes that through the new partnership, with courses officially beginning in 2017, the school is establishing certifications, masters and additional MBA programs. Guest lectures and an educational series focusing on business in the NHL are also said to be in the works.
Click here to read the entire Los Angeles Times article and check out our guide for Pepperdine’s Graziadio School of Management.
The Top Finance MBAs in Chicago
The finance industry has always gone hand in hand in the MBA. Even as MBAs are becoming increasingly popular in other industries, finance is still the biggest MBA job sector and accounts for 22 percent of all MBA jobs, according to the 2014/15 QS TopMBA.com Jobs and Salary Trends Report. Continue reading…
Toronto MBAs That Don’t Require The GMAT/GRE
Current resume, two or more references, personal essays … these are just a few of the pieces that will be required of students applying for an MBA program. But perhaps the most stressful part of applying to an MBA program comes in the form of that GMAT/GRE—the daunting graduate admissions test which can take more than three months of continued preparation for a good score.
MBA applicants are often also working professionals with careers and families in addition to their business studies. For such students, finding time to prepare for and take the GMAT/GRE can be an immense hurdle to their continued education.
Thankfully, some MBA programs do not require all applicants to submit the GRE’s, or provide possible exemptions for some programs. Below are MBA programs in Toronto which do not require GMAT/GRE for admission:
Ivey Business School – Western University Canada
The GMAT/GRE may not be required for students applying to the Accelerated MBA Program after graduating from the Ivey HBA. Students with a 78 percent-plus average over HBA1 and HBA 2 combined are not required to submit GMAT scores to be considered for admission. Exemptions are also granted for Ivey’s Executive MBA program after taking prior academic work and professional experience into consideration.
Additional requirements for admission for both programs include a current resume with professional experience and references (students applying for the Accelerated MBA must include at least one reference from an HBA professor).
Wilfrid Laurier University – Toronto Campus
The part-time Alternate Weekend MBA at Laurier’s downton Toronto campus requires students to display strong quantitative skills, but does not necessarily require require students to complete the GMAT/GRE to be considered for admission. The GMAT is required, however, for students who earned their undergraduate degree outside of Canada.
Additional admission requirements for the Alternate Weekend MBA at Laurier include a four-year undergraduate degree, three professional references, proof of English proficiency and at least two years full-time professional experience.
Rotman School of Management – University of Toronto
The Rotman School of Management requires a GMAT/GRE score from most applicants to their part and full-time MBA, but will waive the requirement for any student who has already passed the CFA III examination. Candidates for the Executive MBA program at Rotman may be able to take the Executive Diagnostic Test (EDT) in place of the GMAT if they possess a four-year undergraduate degree.
Additional requirements for the MBA program at Rotman include an undergraduate degree, professional work experience, references, two written essays and invitation-only interviews.
Schulich School of Business – York University
The Kellogg-Schulich Executive MBA program may permit exemptions from the GMAT/GRE for applicants who already satisfy the program’s academic requirements. After a student applies, they will be advised as to the additional steps necessary for admission, and this may or may not include GMAT scores.
Additional requirements for the Executive MBA program include transcripts from any post-secondary institutions, resume, essay questions, two letters of reference, letter of intent and Company Letter of Support.
For more information on the GMAT and GRE in Toronto and other Metros see MetroMBA’s No GMAT and GRE Guide and Toronto MBA Programs that Don’t Require the GMAT or GRE.
Forté Foundation Launches New Men as Allies Initiative
Reaching gender equity on business school campuses is far from just a women’s issue, which is precisely why the Forté Foundation is calling on men to get involved. Drawing on successful programs already underway on campuses spanning from Harvard Business School (HBS) to Stanford Graduate School of Business, Forté today announced its new Men as Allies Initiative. It is designed to invite and encourage male students to get involved in a growing movement toward gender equity in business school classrooms and the broader business world.
The idea for the new initiative grew out of a session with sponsors at Forté’s annual conference focused on HBS’s Manbassadors ally group, according to Forté Executive Director Elissa Sangster. Forté is a non-profit consortium of leading corporations and top business schools committed to helping women lead fulfilling careers in business. “We started talking with our sponsors about how Forté could support similar initiatives at our member schools’ campuses,” she says. “We began to brainstorm about what we could provide so it didn’t end up that every time someone wanted to do this they had to call the Manbassadors and ask them the same questions over again.”
Forté recognized at least ten top business school campuses that already have male ally programs in place. HBS, Kellogg’s Northwestern School of Management and Duke’s Fuqua School of Business led the charge, forming their groups in 2013. The following year, UCLA Anderson, Michigan’s Ross School of Business, the University of Pennsylvania’s Wharton School and Stanford GSB got with the program. In 2015, Columbia Business School and NYU Stern joined in, and London Business School (LBS) created its own club earlier this year. Calling themselves everything from Manbassadors (Anderson, HBS, LBS, CBS) to WiMEN (Stanford) to the 22’s (Wharton, a reference to the 22 percent gain necessary to close the gender pay gap), the groups work in partnership with women’s business organizations on campus to adopt behaviors that support gender equity in classroom discussion and beyond.
Conducting focus groups with existing groups, Forté began to collect information on what has been successful, what pitfalls and challenges can be avoided and what types of events and activities best serve to open up dialogue. “We also conducted external environmental research, identifying inspirational role models and people leading the charge in the business world,” Sangster says.
The new Forté Men as Allies Initiative is designed to provide potential male allies at schools that don’t already have existing groups with the tools they need to establish their own Manbassador-type groups. As part of the new initiative, Forté has launched a new “Men as Allies” website featuring a toolkit geared toward male students that includes reasons to start a group, steps to follow to do so and information on activities and events that have been successful on other campuses. “Our hope is that as men graduate from MBA programs, they are able to take some of these skills they have been developing and look for ways to engage in the workforce and make that impact even more widespread,” Sangster says.
A Tipping Point
There has been a growing movement in recent years to enhance gender equity in business and society, evidenced by the United Nations’ HeForShe initiative, Catalyst’s Men Advocating Real Change (MARC), and the White House’s Let Girls Learn program. In summer 2015, the 47 business school leaders convened at the White House specifically to address the gender imbalance among MBA classes. In addition to male ally groups, many business schools also feature school-wide initiatives designed to tackle gender equity at the cultural, academic and admissions levels, such as the Gender Equity Initiative (GEI) at UC Berkeley’s Haas School and the HBS Gender Initiative.
“We may have reached a tipping point as more women are pursuing an MBA and more men are interested in supporting gender equity,” Sangster continued. “While we are making great progress, and getting closer to 40 percent women’s enrollment at our member business schools, initiatives like this one that foster inclusiveness, will help us get to gender parity faster.”
Carnegie Mellon University’s Tepper School of Business, Cornell’s Johnson Graduate School of Management and Georgetown’s McDonough School of Business provided generous financial support of Forté’s new initiative, and diversity experts Anne Weisberg and Lisa Levey, among others, contributed to its development.
Sangster points out that there are multiple benefits for men who get involved in gender equity initiatives. “It gives them insight and information and resources to use in developing their own leadership styles and creating their own perspective on what’s important not only to advance women in the workforce but also just to be a well-rounded advocate and manager of talent in their organizations,” she says. “It’s really about fine-tuning their leadership perspective and leadership skills. Business school is a safe place to stretch your muscle in this area and think hard about the kind of leader you want to be and how to become that leader.”
Learn more about Forté’s new Men as Allies Initiative.
