Thinkers50 Names Rotman Professor One of World’s Best Management Minds
Roger Martin, a professor and former dean at the Rotman School of Management at the University of Toronto, has been named the best management thinker in the world, according to Thinkers50.
Just How Much Are Stanford MBA Grads Getting Paid?
Wondering what kind of pay day you can expect if you are among the select 6 percent of applicants who gain admission to Stanford Graduate School of Business (GSB)? Are you sitting down? Perhaps you should be, because the school’s 2017 employment report—released today—reveals record-breaking salaries for the third year in a row.
On average, last year’s graduates, now in their first year of post-MBA work, are pulling down an annual base salary of $144,455—a $4,000 increase over last year’s all-time high (median base compensation was $140,000, also besting last year’s by about $4,000). But it doesn’t stop there. Average signing bonuses, reported by 51 percent of the class, are also up—setting a new record at $29,534. (Median salary bonuses remained unchanged at $25,000.) And as if that weren’t enough, another quarter of the class reported other guaranteed compensation (OGC) surpassing last year’s all-time highs by a whopping $10,000. Average OGC for 2017 grads was $83,065, and median OCG was $50,000. The range was $6,750 to $450,000.
The GSB, in announcing these most recent employment statistics, pointed out that OGC will no longer be tracked by the MBA Career Services and Employer Alliance (CSEA) and that it began last year capturing an “Expected Performance Bonus” metric in its place. This measure includes both guaranteed and non-guaranteed cash compensation based on performance. Though the average and median EPB for the Class of 2017, at $71,946 and $35,000, were each lower than OGC figures, a full 65 percent of the class expected to receive such performance-based compensation, up from 61 percent last year—and substantially higher than the quarter of grads who reported OGC. The reported range for EPB was $5,000 to $450,000.
Stanford MBAs claim higher pay days than graduates of any other school, in part thanks to higher base compensation. Stanford’s median base—$140,000—surpassed that of Harvard Business School (HBS) ($135,000), the University of Pennsylvania’s Wharton School ($130,000), and the University of Chicago Booth School of Business ($125,000). Grads from both Stanford and HBS reported the same median starting bonus of $25,000, but the $50,000 in other guaranteed compensation reported by Stanford grads was double what grads at the school’s top East Coast rival reported.
Tech Less of a Draw Than in Prior Years
Bucking the trend at many other business schools—where increasing percentages of students are clamoring to enter the technology industry—fewer Stanford MBA Class of 2017 grads headed into tech. In what the school deemed “a rebalancing of the scales among the three top industries,” interest in technology dropped 8 percentage points—to a mere 25 percent of the class. Almost a third of the class—32 percent—headed into finance, up a point over last year. Consulting, too, gained four percentage points to attract 20 percent of the most recent class.
“Our leading employers span a wide variety of industries,” Maeve Richard, assistant dean and director of the Career Management Center, said as part of a news story announcing the latest employment statistics on the Stanford GSB site. “They represent organizations in such areas as consulting, finance, technology, consumer products, healthcare, and nonprofits. What they do have in common is work environments that offer the ability to make an impact with a focus on agency, career development, diverse challenges, and responsibilities.”
Indeed, a record-setting 411 organizations hired Stanford MBA students and graduates for internships or full-time roles this past year—up 7 percent over last year and 34 percent from six years ago. A whopping 95 percent of employers hired just one or two students—an indication of the breadth both of GSB employers and student interest.
Uptick in Women Headed into Private Equity and Venture Capital
“In addition, we observed that the number of women going to private equity and venture capital has nearly doubled since 2014,” Richard said as part of the Stanford GSB article. “While we do not disclose fine-grain gender detail and the numbers are still small, we see a definite widening of the cracks in the glass ceiling.”
It’s no wonder that Stanford GSB women would increasingly be looking to break into PE and VC, since those fields yield some of the very highest pay days. The highest reported base salary for the Class of 2017—$285,000—went to a graduate headed into venture capital. Median base salaries for both PE and VC were $175,000, $40,000 higher than for the class as a whole. And it was a graduate headed into a private equity analyst role who reported the mind-boggling $450,000 in other guaranteed compensation. The median signing bonus for PE—at $50,000—was also the highest in the class (on par with investment banking). Though it was a graduate headed into a marketing role who claimed the highest signing bonus of the class, $77,000.
Timing and Location of Offers
Stanford GSB reports full-time offer and acceptance rates at graduation and three months out from graduation—as mandated by CSEA standards. But in past years—as this year—the school has made a point of underscoring the fact that its graduates’ confidence in their ability to find the perfect job sometimes means they hold out longer in accepting their ultimate position than graduates from some other schools. That said, 92 percent of the Class of 2017 had offers three months out from graduation—up two points over last year—and 88 percent had accepted offers, a five-point increase year over year.
In terms of where geographically the most recent Stanford MBA grads wound up, the West was the winner—with 62 percent of grads choosing to remain in the region. This represents a 3 percent decline compared to last year. “Counter to assumptions, only 35 percent of these West region jobs relate to technology,” the school notes. “Finance represented 26 percent, and consulting represented 15 percent.” The Northeastern United States drew the second-most Stanford grads, 16 percent of the class. Another 11 percent took international jobs.
Also of note, 16 percent of the class launched their own startups upon graduation, up one percentage point over last year. Leading industries for these entrepreneurial students include software (15 percent), finance (11 percent), healthcare (9 percent), real estate (9 percent), and internet services (9 percent).
More Grads Seek Socially Responsible Roles
Another notable shift in these most recent employment statistics is the increasing number of Stanford MBA grads heading into careers in socially responsible roles or organizations. Thirteen percent of this year’s graduates answered yes to the question, “Have you chosen a socially responsible role in a private business?” That’s up from just 8 percent last year, when the question was first introduced.
Watch this space for an upcoming piece that will highlight several Stanford students who chose internships focused on social impact this past summer—a Clear Admit exclusive.
This article has been edited and republished with permissions from our sister site, Clear Admit.
Round 1 Decision Week is Here: Harvard, Northwestern Invites Arriving Soon
At 12 p.m. EST, Harvard Business School will unveil its round 1 MBA decision invites, leading a busy week for U.S. schools.
Tomorrow, Wednesday, December 13, will feature the first round of invites for Northwestern University’s Kellogg School of Management, with the Stanford Graduate School of Business, Berkeley Haas, and The Wharton School at the University of Pennsylvania following on Thursday, December 14. And on Friday, December 15, Rice Jones, UCLA Anderson and UMD Smith will reveal their first round invites.
A handful of notable Clear Admit favorites, such as the CMU Tepper full-time MBA, Dartmouth’s Tuck School of Business, Michigan Ross, and Washington Olin, among others, will also be releasing their own first round of MBA invites.
Clear Admit offers a host of valuable tools and advice for those waiting on the edge of their seats, including MBA LiveWire, DecisionWire, and ApplyWire.
Stay up to date with MetroMBA and Clear Admit for more information on the world’s best business schools and upcoming invites.
Why Bloomberg Businessweek Is Praising the UGA Terry College of Business
At the top of last month’s annual Bloomberg Businesweek domestic MBA rankings, the normative favorites reigned supreme, with the likes of the Harvard Business School, the Wharton School at the University of Pennsylvania, and the MIT Sloan School of Management sitting at the top of the ranking. A quick glance at the top 20 features more of the same, with Ivy League institutions coming in strong, as well as other large school powerhouses like the UCLA Anderson School of Management.
But the real meat and potatoes of the list, beyond stacking trophy cases for the already trophy-rich schools at the top, are the schools that shoot up the rankings the most, sometimes jumping eight or more spots from the previous year. Among the most lauded institutions that made its way up the rankings is the University of Georgia Terry College of Business, climbing from 65th overall in 2016 to 55th overall this year.
Santanu Chatterjee—the full-time MBA Director and Associate Professor of Economics at the Terry College of Business—recently spoke with MetroMBA, saying that part of the reason the school has earned such high praise is because of the concentrated effort of life after graduation.
The school has “a purposeful and deliberate strategy that connects admissions, student experience, and career management, by focusing on employability at the front end, a high level of customized career services for both students and employers, and a market-driven curriculum that ensures professional success for our students,” according to Chatterjee, who originally joined the Terry College of Business in 2001, just after earning his Ph.D. in economics from the University of Washington.
Santanu Chatterjee, Terry College of Business Director, Full-Time MBA Program and Associate Professor.
Although the Terry College of Business is part of the University of Georgia, one of the largest state schools in the U.S., its reputation still lags a bit behind some of the other big name brand institutions. As evident in its climb in the Bloomberg Businessweek ranking, however, its reputation as one of the better, under-the-radar business schools may be soon changing as the result of a plan that has been years in the making.
“Over the past three years, we have focused on making our curriculum more sensitive to the needs of the marketplace,” he says. “Initiatives have included new concentrations in Healthcare Management and Human Resource Management, areas of emphasis in Consulting and Financial Technology (FinTech), and an expanded focus on experiential/project-based learning. Most of our students complete one project with a corporate partner before their summer internships. We have also revamped our Leadership Fellows Program, and set up two new advisory boards, in Atlanta and in the Silicon Valley.”
Part of the wave of program changes over the past few years also comes from newfound partnerships with many of the University of Georgia’s other esteemed colleges, establishing newfound dual degree programs to help facilitate an academic edge many of the country’s smaller schools simply cannot provide.
“While we continue to work on making the MBA curriculum more market-driven, we are also focused on a more interdisciplinary approach to business education,” he says. “Over the past three years, we have worked to develop new dual degree programs with the College of Engineering, Law School, Medical School, and the College of Public Health. New dual programs are currently being developed that include the College of Pharmacy and a one-year STEM MBA for UGA undergraduates in the STEM disciplines. A new one-year Master of Science program in Business Analytics is also awaiting final approval from the University System. These new programs will enable us to significantly expand our corporate relationships and partners, which in turn will help support our curriculum and student support initiatives.”
The use of broader university resources speaks to what Chatterjee believes is becoming a definitive advantage to not only Terry College of Business students, but University of Georgia students as a whole.
“Across the board, the Terry College of Business is focused on student success by providing them with an outstanding academic and experiential learning experience,” he notes. “This philosophy cuts across programs at all levels, from undergraduate to the Masters and Ph.D. [programs]. We have a roster of world-class faculty, excellent facilities, and a dedicated network of more than 70,000 alumni who work tirelessly to improve the quality of education and career success for our students.”
Even with the noted praise Chatterjee eschews for the business school, one program strength he may be overlooking is the welcomed affordability of the Terry full-time MBA, which only costs Georgia-based residents $15,670 per year, compared to several of the more popular MBA programs in the U.S., which often venture into triple digit territory by the end of the program.
For more information on the Terry College of Business and its increasingly praised MBA program, head over to the official Terry College of Business website.
Gain a Global Edge with These Philadelphia International Business MBAs
Every day, it becomes easier and easier to make connections across the world, building a global network of business and resources that can help to benefit the world. Due to an increasingly global economy, possessing a deep knowledge and understanding of the way global markets work can be a crucial part of building a business career. There is almost no limit to the types of opportunities an education in global business will provide: from working in the fields of international trade, global business operations or planning or industrial development, and being employed by international agencies, non-profit organizations, governmental, or both public and private corporations.
According to Michigan State program globalEDGE, “demand continues to grow for individuals who understand the global context of business: from the logistics of international trade and cross-border investments to the cultural and ethical issues that are imbued in the practice of business around the world. By studying international business, you will learn about world cultures and societies, and be challenged to approach issues from different perspectives.”
In choosing to study international business in the Philadelphia metro area, aspiring business leaders can center themselves in a growing market at the center of United States history and global trade. We’ve rounded up some of the area’s top MBA programs that offer a concentration in international business, allowing students to gain specific knowledge and skills to make an impact in the global economy.
Fox School of Business – Temple University
Consistently rated one of the top business schools in the country, the Fox School of Business at Temple University offers students a number of opportunities to gain skills and earn a degree in the field of global business. The Global MBA program, based in Philadelphia, is taught by world renowned faculty and is designed to provide an experiential education in international economics, with live consulting, internship and professional development opportunities. Additional programs like the MBA from Temple University Japan in Tokyo and the EMBA at Temple University Paris offer further opportunities for students to gain a hands-on global experience with a strong business background.
Lerner College – University of Delaware
The MBA at University of Delaware’s Lerner College of Business gives students the opportunity to concentrate in international business, providing the solid business background they will need to effectively conduct business in a global environment. In addition to U.S. citizens looking to expand their knowledge in international business and help their organizations to expand overseas, many students in the Lerner MBA program are international, returning home with a deep understanding of U.S. customs and the ability to navigate business across borders.
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Rutgers School of Business, Camden
Students interested in concentrating in International Business and Operations can do so at the Rutgers School of Business by pursuing a number of electives in the field. Students can take a number of electives in the fields of International Business and Operations Management to complete the concentration, including courses like: International Management, Global Operations Information Technology, Global Marketing Strategy, and International Study Abroad in countries such as South Africa, France, and Brazil.
Smeal College of Business – Penn State
While the Smeal College of Business at Penn State does not directly offer a concentration or major in international business, it is an available as an option. At Smeal, options constitute a briefer but still targeted study within a particular area, allowing students to gain a deeper education in Global Business while still receiving the more general education of an MBA.
The Wharton School – University of Pennsylvania
The Wharton School at UPenn, well-known as one of the top business schools in the world, provides students the opportunity to pursue a joint MBA/MA in International Studies. The MBA/MA Lauder Joint-Degree provides students a range of resources and educational experiences in global business, such as the Global Knowledge Lab, which involves students working together as a team to produce a thorough research paper/master’s thesis. The program also includes two short global immersions and an optional ten-day trek called Culture Quest, organized completely by students in the program. The six areas of concentration students may choose to specialize in include: Africa, East and Southeast Asia, Europe, Latin America, South Asia, the Middle East, and North Africa.
Hot Jobs for MBAs: Becoming a Pricing Analyst
MBA graduates looking to apply their skills to a fast-growing and high-paying career may be interested in pursuing a role in Pricing Analysis. Named among the 100 best jobs in America by CNN, working as a Pricing Analyst is a perfect way for an MBA graduate to make use of their strong education combining skills in marketing, finance, and analytics.
With a predicted 10-year job growth of 41.2 percent and roughly 280,000 total jobs available, business students who think they might be interested this fast-growing career can start preparing while still in school through specialized study in marketing or finance. Armed with the special skills in data analysis in addition to the strong business background of an MBA, students looking to enter the field after graduation will have a competitive advantage as they begin their career.
We’ve rounded up the most important things to know about a career in Pricing Analysis to help you decide if it’s the right role for you.
What is a Pricing Analyst?
A company’s pricing analyst is responsible for figuring out the appropriate price for a business to place on a product or service. Using a variety of data and different metrics, the Pricing Analyst will determine the perfect price that will both appeal to consumers and produce an appropriate profit for the company.
Pricing Analysts must be able to track marketplace trends and implement a strategy that will benefit both the company and consumer. Someone in this role must be able to effectively communicate to a number of other departments such as supply chain, sales, marketing, finance, and be able to work with these groups in making pricing recommendations and decisions based on their analysis.
Pricing Analysts may be needed at wide variety of companies and organizations, ranging from construction companies, colleges and universities, banks and financial institutions, pharmaceutical companies, and more.
What Skills Does a Pricing Analyst Need?
Those who succeed in the role of Pricing Analyst typically have strong skills in mathematics, analytical thinking and problem solving. It is also important that Pricing Analysts are able to effectively communicate, as they are often required to explain their research and analysis to others in order to make important decisions.
Other skills employers may seek in a Pricing Analyst may be:
- An interest and skill working with numbers and data.
- Being a detail oriented and proactive worker.
- Have the ability to work with minimal supervision.
- Experience in back-office and billing systems and database management programs,
Pricing Analyst Salary
Pricing Analyst salaries, according to PayScale, may vary according to a number of factors, such as education, terms of the job, and type of employer. On average, Pricing Analysts can earn anywhere from $52,000-61,000 depending on their level of experience. In cities like New York and Boston, that number is slightly higher.
A recent study from Deloitte found even more impressive figures: 62 percent of respondents in a survey of pricing professionals reported salaries of greater than $100,000 and 83 percent of respondents said they were also eligible for an annual bonus.
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MBAs For Pricing Analysts
While most MBA programs do not offer a direct concentration in pricing analysis, a number of programs still provide specialized pricing education through other departments, like finance and business analytics. Below are just a few examples of pricing-related courses available at some of the top MBA programs in the country:
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Scheller College of Business – Georgia Institute of Technology
The Scheller College of Business offers a course in pricing strategy as part of their Business Analytics MBA concentration. The course, marketing Analytics and Pricing Strategy, helps students gain skills in making effective pricing decisions through the understanding of important economic and analytical concepts associated with customer behavior and competition.
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The Wharton School – University of Pennsylvania
FNCE717, or Financial Derivatives, at the Wharton School focuses students on making strategic corporate decisions, particularly when it comes to pricing. Students will learn several different approaches to pricing and how to apply such skills for investment and risk-management.
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Rutgers School of Business, Newark and New Brunswick
The MBA program at Rutgers’ Newark and New Brunswick location offers a class in Supply Chain Pricing Strategy. The course recognizes the importance of pricing in driving profits and the extreme negative impact poor pricing decisions can have. Students will learn how to approach pricing from both a strategic and tactical level and be able to apply it to a number of fields and industries.
Do You Actually Need an MBA for the Job?
While an MBA is not necessarily a requirement of all Pricing Analyst jobs, it is by far the most common degree held by those in this role. According to the aforementioned Deloitte survey, 43 percent of respondents held MBA degrees, while just 26 percent—the next highest percentage—held undergraduate degrees in business. Earning an MBA and demonstrating specialized coursework in pricing will give those in the field a competitive edge and open the door to higher level management positions in the field.
