Full-Time MBA Employment Report 2020–21

Full-Time MBA Employment Report

The University of Virginia Darden School of Business Career Center is pleased to present the Full-Time MBA Class of 2020 Employment Report and Class of 2021 Internships Report. Data associated with the full-time MBA Class of 2020 conforms to the MBA Career Services & Employer Alliance Standards for Reporting MBA Employment Statistics. Graduation date for the full-time MBA class was 16 May 2020. This report is based upon useable salary information from 94.8% of the graduates who accepted a job by three months after graduation. Members of the Class of 2020 saw their start dates pushed into late 2020 and some even lost their full-time offers due to the coronavirus pandemic. Many showed resilience and landed new opportunities in which they are leveraging their Darden experience. More than 40 Class of 2020 graduates took advantage of the Darden Impact Internships to bridge the gap between Final Exercises and delayed starts to their full-time work. The Class of 2021 also experienced a challenging internship cycle. Offers were rescinded and shortened, but students showed resilience by finding new opportunities — nonprofits seeking MBA talent, startups looking for MBA consulting, or multiple, short corporate internships. At the end of the summer, all members of the Class of 2021 had a summer internship that provided a valuable career development experience. If you have questions regarding this report, please contact Jeff McNish, assistant dean of career development, at McNishJ@darden.virginia.edu or +1-434-297-7971.

02

CLASS OF 2020

Meet Darden’s Career-Driven Class of 2020 Full-Time MBA Program Class Profile Work Authorization Categories

Seeking employment

Permanent Work Authorization

Non-Permanent Work Authorization

Total Full-Time MBA Graduates

240

76

316

Company-sponsored; already employed

3

2

5

Continuing education

0

1

1

Postponing job search

0

0

0

Starting a new business

4

1

5

Not seeking for other reasons

8

1

9

Total not seeking employment

15

5

20

No recent information available

1

1

2

Total graduates

256

82

338

Not seeking employment

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

03

CLASS OF 2020

Darden Graduate Talent in High Demand Timing of First Job Offers First Offer by Graduation

First Offer After Graduation and by Three Months After Graduation

Permanent work authorization

87%

93%

Non-Permanent work authorization

88%

91%

Total graduates seeking employment

87%

93%

87% of the class received a first offer by graduation

93%

of the class received a first offer by three months after graduation

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91%

of students with non-permanent work authorization in the class received a first offer by three months after graduation

93%

of students with permanent work authorization in the class received a first offer by three months after graduation

Employment Report 2020-21

04

CLASS OF 2020

Darden Students: Motivated to Make Career Choices Timing of Acceptances First Offer Accepted by Graduation

Accepted Job After Graduation and by Three Months After Graduation

Permanent work authorization

85%

92%

Non-Permanent work authorization

82%

88%

Total graduates seeking employment

84%

91%

84%

91%

of the class accepted an offer by graduation

of the class accepted an offer by three months after graduation

UVA DARDEN SCHOOL OF BUSINESS

82%

of students with non-permanent work authorization in the class accepted an offer by graduation

88%

of students with non-permanent work authorization in the class accepted an offer by three months after graduation

Employment Report 2020-21

05

CLASS OF 2020

Darden Talent Earns Record Starting Salaries Starting Salaries # Reporting Base Salary

% Reporting Base Salary1

Mean

Median

Low

High

Permanent work authorization

209

94.6%

$142,412

$150,000

$50,000

$190,000

Non-Permanent work authorization

64

95.5%

$131,887

$130,000

$60,000

$170,000

Total reporting base salary

273

94.8%

$139,945

$143,000

$50,000

$190,000

1. Divides number of students reporting base salary by the number of students reporting accepting a position Note: Darden uses the 12Twenty system to ensure consistent and timely currency conversion

Bonuses for Nearly Every Darden Student Starting Bonuses # Reporting Signing Bonus

% Reporting Signing Bonus2

Mean

Median

Low

High

Permanent work authorization

182

87.1%

$33,647

$30,000

$3,000

$107,500

Non-Permanent work authorization

58

90.6%

$32,067

$30,000

$7,410

$80,000

Total reporting starting bonus

240

87.9%

$33,266

$30,000

$3,000

$107,500

2. Divides number of students reporting useable signing/starting bonus information by the number of students providing base salary information Note: Darden uses the 12Twenty system to ensure consistent and timely currency conversion

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

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CLASS OF 2020

Employment Trends 2020 Offers and Acceptances in Line with 5-Year Trend

Received Offer

Accepted Offer 97%

93%

93% 90%

2016

Another Year of RecordBreaking Salaries

94%

96% 93%

92% 90%

2017

2018

2019

91%

2020

$122,806 $124,684 $127,764 $135,168 $139,945

Averase Base Salar y

2020 2019 2018 2017 2016

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

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CLASS OF 2020

Darden New Grad Salaries Remain Consistent Across Functions and Industries Compensation by Function Function

Graduates Accepting New Employment

Graduates Reporting Salary

NUMBER

NUMBER

PERCENT

Mean Base Salary

Median Base Salary

Low Base Salary

High Base Salary

Consulting

112

39%

106

$155,997

$165,000

$72,070

$170,000

Finance/Accounting

59

20%

57

$138,202

$150,000

$60,000

$160,000

General management

50

17%

47

$121,056

$125,000

$50,000

$165,000

Human resources

4

1%

4

$111,136

$106,500

$88,546

$143,000

Information technology

10

3%

9

$139,100

$140,000

$121,000

$165,000

Legal services

5

2%

3

$164,000

$190,000

$112,000

$190,000

Marketing/Sales

36

13%

35

$125,549

$124,000

$104,004

$160,000

Operations/Logistics

12

4%

12

$126,617

$121,000

$102,000

$182,000

Total reporting

288

100%

273

$139,945

$143,000

$50,000

$190,000

% Grads in Top Hiring Industries

50

Tech Sector

40

41 37

Financial Services

36

34

30

Consulting

32

27

20

20 19 15

14

10

UVA DARDEN SCHOOL OF BUSINESS

24

18

17

0

26

24

2016

2017

2018

2019

2020

Employment Report 2020-21

08

CLASS OF 2020

You’ll Find New Darden Grads Entering Nearly Every Industry Compensation by Industry Industry

Graduates Accepting New Employment

Graduates Reporting Salary

NUMBER

NUMBER

PERCENT

Mean Base Salary

Median Base Salary

Low Base Salary

High Base Salary

Consulting

118

41%

113

$155,661

$165,000

$72,070

$170,000

Consumer packaged goods

8

3%

8

$113,175

$107,500

$105,000

$140,400

Energy

4

1%

4

$126,000

$112,500

$97,000

$182,000

Financial services

55

19%

54

$139,620

$150,000

$60,000

$160,000

Health care (including products and services)

7

2%

5

$98,000

$120,000

$50,000

$130,000

Legal services

5

2%

3

$164,000

$190,000

$112,000

$190,000

Manufacturing

8

3%

8

$123,677

$125,000

$110,000

$135,000

Media/Entertainment

2

1%

2

I /D

I /D

I /D

I /D

Nonprofit

3

1%

3

$106,667

$95,000

$90,000

$135,000

Real estate

2

1%

2

I /D

I /D

I /D

I /D

Retail

14

5%

14

$122,857

$120,000

$115,000

$140,000

Technology

59

20%

54

$125,997

$130,000

$74,261

$155,000

Transportation/Logistics services

3

1%

3

$107,003

$104,004

$104,004

$113,000

Total reporting

288

100%

273

$139,945

$143,000

$50,000

$190,000

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.

58%

of those entering the financial services industry accepted full-time offers in investment banking with an average starting salary of $148,125.

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

09

CLASS OF 2020

Grads Take Jobs Across 4 Continents Compensation by World Regions Region

Graduates Accepting New Employment

Graduates Reporting Salary

NUMBER

NUMBER

PERCENT

Mean Base Salary

Median Base Salary

Low Base Salary

High Base Salary

Africa

0

0%

0

I /D

I /D

I /D

I /D

Asia

10

3.5%

8

$113,749

$120,000

$74,261

$150,795

Europe

1

0.3%

1

I /D

I /D

I /D

I /D

Latin America/Caribbean

2

0.7%

2

I /D

I /D

I /D

I /D

North America

275

95.5%

262

$141,243

$150,000

$50,000

$190,000

Oceania

0

0%

0

I /D

I /D

I /D

I /D

Total reporting

288

100%

273

$139,945

$143,000

$50,000

$190,000

I /D: Fewer than three data points

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

10

CLASS OF 2020

Transformed in Charlottesville, Ready to Lead Anywhere Compensation by Region: North America Graduates Accepting New Employment

Graduates Reporting Salary

NUMBER

NUMBER

PERCENT

Mean Base Salary

Median Base Salary

Low Base Salary

High Base Salary

Mid-Atlantic

62

23%

57

$140,195

$150,000

$60,000

$190,000

Midwest

13

5%

13

$140,986

$160,000

$50,000

$170,000

Northeast

82

30%

78

$146,627

$150,000

$95,000

$190,000

South

35

13%

34

$139,441

$150,000

$60,000

$170,000

Southwest

42

15%

41

$143,663

$150,000

$97,000

$170,000

West

40

15%

38

$131,301

$130,000

$88,546

$155,000

Total North America

274

100%

262

$140,369

$150,000

$50,000

$190,000

Note: No outcomes reported for Bermuda, Greenland, St. Pier/Miquelon (one outcome reported in Canada). Total North America is equal to 275.

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

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CLASS OF 2020

95%

of graduates took a job in the United States, with opportunities spread across the nation

30%

NORTHEAST $150,000

5%

15%

MIDWEST $160,000

WEST $130,000

23%

MID-ATLANTIC $150,000

15%

13%

SOUTHWEST $150,000

SOUTH $150,000

5%

INTERNATIONAL ASIA: $120,000

% of students region median base salary

UVA DARDEN SCHOOL OF BUSINESS

Employment Report 2020-21

12

CLASS OF 2020

Top 12 Hiring Companies for the Class of 2020

School Plays Key Role in Partnering With Students to Secure Full-Time Careers Primary Sources of Job Acceptances

78.5% School-Facilitated

UVA DARDEN SCHOOL OF BUSINESS

21.5% Graduate-Facilitated

53%

of students in the class received full-time offers as a result of their summer internships

Employment Report 2020-21

Full-Time MBA Class of 2021 Internship Outcomes

14

CLASS OF 2021

Prepping for Leadership Starts in the First Year Monthly Internship Compensation by Function Students Accepting Internships

Function

NUMBER

Mean Base Salary

Median Base Salary

PERCENT

Consulting

84

26%

$10,520

$12,133

Finance/Accounting

94

29%

$9,625

$10,417

General management

69

21%

$7,595

$8,500

Human resources

2

1%

I /D

I /D

Marketing/Sales

53

16%

$7,227

$7,019

Information technology

10

3%

$9,238

$8,750

Operations/Logistics

10

3%

$6,983

$7,492

Other

5

2%

$14,574

$14,567

Total reporting

327

100%

$9,026

$9,000

I/D refers to instances with insufficient data. MBA CSEA Standard guidelines require a minimum of three data points for each category and that the number of data points is equal to or greater than one percent of students.

7

Class of 2021 students participated in the Darden Non-Profit Internship Fund. DNIF is a program that helps First Year students defray summer living expenses while pursuing internships in the nonprofit and social sectors.

UVA DARDEN SCHOOL OF BUSINESS

7

Class of 2021 students participated in a Darden Impact Internship. Darden Impact Internships are full-time, paid internships with Darden’s award-winning faculty and executive staff leadership. This curated collection of projects offered participants the chance to gain valuable work experience and develop additional skills.

Employment Report 2020-21

15

CLASS OF 2021

First Years Gain Real-World Experience Across Industries Monthly Internship Compensation by Industry Industry

Students Accepting Internships

NUMBER

Mean Base Salary

Median Base Salary

PERCENT

Consulting

67

20.5%

$12,246

$13,500

Consumer packaged goods

26

8%

$6,472

$6,760

Energy

4

1.2%

$4,436

$4,160

Financial services

92

28.1%

$9,958

$10,417

Government

1

0.3%

I /D

I /D

Health care (including products and services)

25

7.6%

$7,526

$8,333

Manufacturing

21

6.4%

$8,294

$8,500

Media/Entertainment

3

0.9%

I /D

I /D

Nonprofit

16

4.9%

$2,536

$2,687

Real estate

3

0.9%

$6,806

$7,000

Retail

6

1.8%

$7,207

$7,292

Technology

55

16.8%

$7,741

$8,342

Transportation/Logistics services

2

0.6%

I /D

I /D

Other

6

1.8%

$12,613

$13,333

Total reporting

327

100%

$9,026

$9,000

41 students took part in the Batten Venture Internship Program (BVIP). BVIP allows Darden students to pursue summer internships with startups, venture capital (VC) firms and closely held enterprises. To promote and support student involvement with these firms, the Batten Institute Fund provides a matching stipend to supplement a student’s summer salary.

The following industry value was excluded due to having no data points: Hospitality. Other includes legal services (5) and corporate services (1). I/D refers to instances with insufficient data. MBA Standard guidelines require a minimum of three data points for each category and that the number of data points is equal to or greater than one percent of students.

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Employment Report 2020-21

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