DARDEN FULL-TIME MBA EMPLOYMENT REPORT Class of 2023 D A R D E N
SCHOOL OF BUSINESS
TA B L E O F C O N T E N T S
01 Letter From Assistant Dean Jeff McNish 02 Meet The Darden Full-Time MBA Class of 2023 04 Employment Report Highlights 06 Class of 2023 Career Outcomes 15 Where We Work 16 Class of 2024 Internship Outcomes
OUR WHY IS YOUR WORK
DEAR DARDEN COMMUNITY Last year, Darden students yet again achieved outstanding career and personal successes. Against an ever-shifting economic backdrop, we could not be prouder of these forward-thinking students who not only achieved excellent career outcomes, but also reached new heights in average compensation. As these numbers show, Darden MBA graduates are highly valued by leading global companies for their determination, drive and talent, which they bring across various industries and functions. This recognition reaffirms our commitment to nurture and inspire leaders who will positively impact the business world.
Highlights Across Darden • Transformational Education: Darden reached No. 3 in the Bloomberg Businessweek rankings, and in 2023 it was ranked as the No. 1 Public MBA for Career Prospects by The Princeton Review, illustrating the impact of the educational experience and world-class career support.
• Record High Average Base Salary: The base salary for the Full-Time MBA Class of 2023 reached a new high, with a mean of $167,899.
• Set up for Success: At three months after graduation, 95.8 percent of students in the Full-Time MBA Class of 2023 had received at least one offer of employment.
• Diverse Employers, Responsible Leaders: 107 unique employer partners hired students from Darden’s Full-Time MBA Class of 2023, showcasing the broad reach of our network of more than 18,000 alumni.
• Robust Employer Engagement: Darden’s Employer Engagement team delivers 500+ recruiting events each year across degree programs, providing numerous opportunities for students to connect with potential employers. • Top-Tier Companies: Graduates secured positions at prestigious employers, including Amazon, Bank of America, Boston Consulting Group, JPMorgan Chase & Co., McKinsey and Microsoft.
• Effective Career Center Resources: 82.7 percent of the jobs accepted were found using Darden Career Center resources, including alumni connections, hosted networking events, job boards and company visits. Our goal in the Career Center is to accompany students throughout their personalized MBA career journeys as they prepare for and launch their post-MBA careers. It has been a pleasure to work with these purpose-driven professionals to achieve their optimal career outcomes. I know I speak for the entire team when I say that we are eager to celebrate their new endeavors and witness their everyday triumphs. Warm regards,
Jeff McNish Assistant Dean, Career Center +1 434-297-7971 McNishJ@darden.virginia.edu
“Darden MBA graduates are highly valued by leading global companies for their determination, drive and talent, which they bring across various industries and functions.”
Meet the Class of 2023
CLASS SIZE
349 40% WOMEN
21%
U.S. MINORITY
15%
FIRST- GENERATION COLLEGE STUDENTS
7%
MILITARY
6%
LGBTQ+
111 International Students
02
41 Countries Represented
26 Industries Represented
Full-Time MBA Program Class Profile Permanent Work Authorization
Non-Permanent Work Authorization
Total Full-Time MBA Graduates
226
105
331
Company-sponsored; already employed
4
5
9
Continuing Education
2
0
2
Postponing Job Search
0
0
0
Starting a new business
3
1
4
Not seeking for other reasons
2
0
2
Total Not Seeking Employment
11
6
17
No Recent Information Available
1
0
1
Total Graduates
238
111
349
Work Authorization Categories Seeking Employment Not Seeking Employment
THE DATA IN THIS REPORT ALIGNS WITH MBA CSEA STANDARDS.
03
Embarking on Purpose-Driven Career Journeys
The Places They Go
24
62
7
U.S. STATES
CITIES
COUNTRIES
Graduates Reported a Record High Average Salary and Signing Bonus Average Signing Bonus
$170K
SALARY
$35,488 $150K
$135,168 ’19
$34,749
$34K
$144,933
$139,945 ’20
’21 GRADUATION YEAR
04
$37,588
$157,090
$33,458 $33,266
$130K
$38K
$167,899
’22
’23
$30K
SIGNING BONUS
Average Starting Salary
REPORT HIGHLIGHTS
Joining Industries With Impact
Consulting
Financial Services
Technology
46%
26%
11%
They Accepted Positions in Diverse Functions
4
Operations/Logistics Information Technology
Finance/Accounting
Other
3 Human Resources
12 27
Marketing/Sales
General Management
4
36
145
Consulting
82
05
Achieving Remarkable Success in Their Job Search
Darden Graduates Continue a Consistent Trend of Receiving at Least 1 Offer Within 90 Days of Graduation
Timing of First Job Offers Total Seeking Employment
First Offer Received by Graduation
First Offer After Graduation and by Three Months After Graduation
Have Not Reported Receiving an Offer by Three Months After Graduation
NUMBER
PERCENT
NUMBER
PERCENT
NUMBER
PERCENT
Permanent Work Authorization
226
212
93.8%
6
2.7%
8
3.5%
Non-Permanent Work Authorization
105
95
90.5%
4
3.8%
6
5.7%
Total Graduates Seeking Employment
331
307
92.7%
10
3.0%
14
4.2%
Received Offer at Graduation
100%
97% 3%
Received Offer by 3 Months After Graduation
97% 93%
5%
98% 4%
96% 3%
6%
90%
94%
92%
94%
93%
’22
’23
87% 80%
’19
’20
’21
GRADUATION YEAR
06
FULL-TIME MBA CLASS OF 2023
Timing of First Job Acceptances Total Seeking Employment
First Offer Accepted by Graduation
Accepted Job After Graduation and by Three Months After Graduation
Have Not Reported Accepting a Job by Three Months After Graduation
NUMBER
PERCENT
NUMBER
PERCENT
NUMBER
PERCENT
Permanent Work Authorization
226
205
90.7%
12
5.3%
9
4.0%
Non-Permanent Work Authorization
105
93
88.6%
3
2.9%
9
8.6%
Total Graduates Seeking Employment
331
298
90.0%
15
4.5%
18
5.4%
90%
Accepted Offer at Graduation
95%
Accepted Offer by 3 Months After Graduation
07
International Graduates Achieved Excellent Outcomes
RECEIVED an offer by 3 months after graduation*
08
*students with non-permanent work authorization
94%
91% ACCEPTED an offer by 3 months after graduation*
FULL-TIME MBA CLASS OF 2023
Average Salaries Hit New Heights and Median Salaries Maintained a 2-Year High
Base Salary # Reporting Base Salary
% Reporting Base Salary1
Mean
Median
Permanent Work Authorization
214
98.6%
$168,778
$175,000
Non-Permanent Work Authorization
93
96.9%
$165,876
$175,000
Total Reporting Base Salary
307
98.1%
$167,899
$175,000
(1) Divides number of students reporting Base Salary by the number of students reporting accepting a position.
Signing/Starting Bonus # Reporting Signing/ Starting Bonus
% Reporting Signing/ Starting Bonus2
Mean
Median
Permanent Work Authorization
187
87.4%
$36,209
$30,000
Non-Permanent Work Authorization
89
95.7%
$40,485
$35,000
Total Reporting Signing/ Starting Bonus
276
89.9%
$37,588
$30,000
(2) Divides number of students reporting usable Signing/Starting Bonus information by the number of students providing base salary information.
09
Translating Learning to Leadership in Diverse Industries
Salary Insights by Industry Graduates Accepting New Employment
Graduates Reporting Salary
Mean Base Salary
Median Base Salary
NUMBER
PERCENT
NUMBER
Consulting
145
46.3%
142
$182,123
$190,000
Consumer Packaged Goods
8
2.6%
8
$117,713
$117,500
Energy Financial Services
2
0.6%
2
I/D
I/D
82
26.2%
82
$167,573
$175,000
Healthcare (Including Products and Services)
11
3.5%
9
$127,163
$125,000
Manufacturing
9
2.9%
9
$128,333
$125,000
Media/Entertainment
2
0.6%
2
I/D
I/D
Non-Profit/Education
1
0.3%
1
I/D
I/D
Real Estate
5
1.6%
5
$150,200
$150,000
Retail
10
3.2%
10
$142,880
$143,900
Technology
33
10.5%
33
$152,681
$155,000
Transportation and Logistics Services
1
0.3%
1
I/D
I/D
Other
4
1.3%
3
$221,667
$225,000
Total Reporting
313
100%
307
$167,899
$175,000
Industry
I /D: Fewer than three data points. Individual compensation information is confidential. To protect confidentiality, the Career Center only reports compensation information for data points equal to or greater than three.
10
FULL-TIME MBA CLASS OF 2023
Launching Careers Across Business Functions
Compensation by Professional Function Graduates Accepting New Employment
Graduates Reporting Salary
Mean Base Salary
Median Base Salary
NUMBER
PERCENT
NUMBER
Consulting
145
46.3%
142
$181,454
$190,000
Finance/Accounting
82
26.2%
82
$167,073
$175,000
General Management Human Resources
36
11.5%
36
$143,557
$145,000
3
1.0%
3
$146,000
$143,000
Marketing/Sales
27
8.6%
25
$132,613
$126,000
Information Technology
12
3.8%
12
$161,613
$169,000
Operations/Logistics
4
1.3%
4
$138,175
$141,000
Other
4
1.3%
3
$221,667
$225,000
Total Reporting
313
100%
307
$167,899
$175,000
Industry
11
Positioned to Make a Global Impact in Hubs of Business Innovation
World Region Summary Region
Graduates Accepting New Employment
Graduates Reporting Salary
NUMBER
NUMBER
PERCENT
Mean Base Salary
Median Base Salary
Asia
4
1.3%
4
$111,560
$114,287
Europe
1
0.3%
1
I/D
I/D
Latin America & the Caribbean
2
0.6%
1
I/D
I/D
North America
305
97.4%
300
$169,453
$175,000
Oceania
1
0.3%
1
I/D
I/D
Total Reporting
313
100%
307
$167,899
$175,000
No outcomes reported in Africa. I /D: Fewer than three data points. Individual compensation information is confidential. To protect confidentiality, the Career Center only reports compensation information for data points equal to or greater than three.
Compensation by Region: North America Graduates Accepting New Employment
Graduates Reporting Salary
Mean Base Salary
Median Base Salary
UNITED STATES
NUMBER
PERCENT
NUMBER
Mid-Atlantic
71
23.3%
70
$169,856
$175,000
Midwest
25
8.2%
25
$158,708
$175,000
Northeast South
102
33.4%
100
$169,625
$175,000
40
13.1%
39
$169,791
$175,000
Southwest
34
11.2%
33
$179,518
$190,000
West
33
10.8%
33
$165,756
$169,100
Total North America
305
100%
300
$169,453
$175,000
No outcomes reported in North America outside of the United States.
12
FULL-TIME MBA CLASS OF 2023
33%
NORTHEAST $169,625
8%
11%
MIDWEST $158,708
WEST $165,756
23% 11%
SOUTHWEST $179,518
MID-ATLANTIC $169,856
13%
SOUTH $169,791
% of Students Region Mean Base Salary (annually)
13
Top Hiring Companies
Transformational Global Employers Hire Darden’s Most Recent Graduates
COMPANY HIRED INTERNATIONAL STUDENT
14
FULL-TIME MBA CLASS OF 2023
Best-In-Class Career Resources Play Integral Role in Student Employment Success
Primary Source of Full-Time Job Acceptances School-Facilitated Activities
Number
Percent
Scheduled Interviews on or off campus for full-time employment
46
14.7%
Activities supported by career center (i.e. job fairs/conferences, employer events, information meetings, school promoted job boards)
24
7.7%
Conversion of Internship; Internship obtained through School sources
85
27.2%
Job Postings on school career systems, resume books, resume referrals by career center
80
25.6%
Other School-facilitated source
7
2.2%
School network/resources (i.e. faculty referrals, alumni referrals, classmates, campus speakers, treks, club events, class projects)
17
5.4%
Total School-Facilitated Activities
259
82.7%
Graduate-Facilitated Activities
Number
Percent
Personal contacts (i.e. previous employers, family, friends outside of school, etc.)
19
6.1%
Conversion of internship; internship obtained through graduate-initiated sources
18
5.8%
Online job postings (i.e. social media/LinkedIn, Indeed, company websites)
17
5.4%
Total Graduate-Facilitated Activities
54
17.3%
Total
313
100%
83%
SCHOOLFACILITATED
17%
STUDENTFACILITATED
15
Full-Time MBA Class of 2024 Internship Report
Class of 2024 Admissions Profile
CLASS SIZE
346 37% WOMEN
35%
INTERNATIONAL
20%
U.S. MINORITY
16%
FIRST- GENERATION COLLEGE STUDENTS
8%
LGBTQ+
8%
MILITARY
19% Hold Advanced Degrees
48 Countries Represented
32 Industries Represented
17
Top Hiring Companies for Internships
COMPANY HIRED INTERNATIONAL STUDENT
18
FULL-TIME MBA INTERNSHIP REPORT CLASS OF 2024
In Demand by Top Industries
Compensation by Industries Students Accepting Internship
Students Reporting Salary
NUMBER
PERCENT
NUMBER
Consulting
139
40.8%
Consumer Packaged Goods
15
Industry
Mean Base Salary*
Median Base Salary*
139
$14,558
$15,750
4.4%
14
$8,292
$7,860
Energy
4
1.2%
4
$3,263
$3,610
Financial Services
88
25.8%
88
$12,148
$14,583
Government
1
0.3%
1
I/D
I/D
Healthcare (Including Products and Services)
13
3.8%
13
$8,418
$8,147
Hospitality
2
0.6%
1
I/D
I/D
Manufacturing
10
2.9%
10
$8,474
$8,816
Non-Profit/Education
4
1.2%
4
$4,283
$4,333
Real Estate
3
0.9%
3
$8,228
$8,000
Retail
16
4.7%
15
$8,267
$8,667
Technology
37
10.9%
36
$9,059
$9,459
Transportation and Logistics Services
5
1.5%
5
$7,285
$7,107
Other
4
1.5%
3
$17,700
$17,917
Total Reporting
341
100%
336
$11,925
$14,167
I/D: Fewer than three data points. Individual compensation information is confidential. To protect confidentiality, the Career Center only reports compensation information for data points equal to or greater than three. *Salaries reported are monthly.
19
Prepared to Excel in Any Business Function
Compensation by Professional Functions Students Accepting Internship
Students Reporting Salary
NUMBER
PERCENT
NUMBER
Consulting
144
42.2%
Finance/Accounting
99
29.0%
Function
Mean Base Salary*
Median Base Salary*
143
$14,337
$15,750
99
$11,568
$12,500
General Management
45
13.2%
42
$8,208
$8,729
Human Resources
4
1.2%
4
$6,970
$6,717
Marketing/Sales
32
9.4%
32
$8,467
$8,323
Information Technology
6
1.8%
6
$10,364
$10,171
Operations/Logistics
7
2.1%
7
$7,484
$8,784
Other
4
1.2%
3
$17,700
$17,917
Total Reporting
341
100%
336
$11,925
$14,167
I/D: Fewer than three data points. Individual compensation information is confidential. To protect confidentiality, the Career Center only reports compensation information for data points equal to or greater than three. *Salaries reported are monthly.
20
FULL-TIME MBA INTERNSHIP REPORT CLASS OF 2024
31%
NORTHEAST $13,316
8%
13%
MIDWEST $12,749
WEST $10,393
25% 11%
SOUTHWEST $13,012
MID-ATLANTIC $10,530
10% SOUTH $12,163
% of Students Region Mean Base Salary (monthly)
21
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CONTACT THE CAREER CENTER Coaching & Career Education coaching@darden.virginia.edu Recruitment & Employer Engagement recruiting@darden.virginia.edu