In June 1993 for the first time, the median salaries for graduating Master's (MBA/SM) students at the Sloan School of Management, Harvard Business School, and Stanford Business School were $65,000, a three-way tie and first among all salaries reported by US business schools.
The $65,000 median salary represented a value added of $26,500 for members of Sloan's Class of 1993, who reported a median salary of $38,500 when they enrolled two years ago.
The mean salary for Sloan graduates had a slight edge over Harvard's-$65,800 vs. $65,000. Stanford's mean was not available.
The median base salary at Sloan was eight percent higher than it was in 1992. This included a nine percent increase (to $70,000) in the service sector median, led by consulting and investment banking, and a three percent increase to $62,000 in the manufacturing sector median, led by electrical and electronic equipment/computers.
At graduation, 95 percent of the Sloan Class of 1993 reported offers of employment, and more than 88 percent of the Class of 1994 had summer internships. The median salary of those internships rose five percent-to $4,000 per month-over 1992 in both manufacturing and service firms.
The number of firms recruiting at Sloan in 1993 rose 12 percent, including 43 organizations new to interviewing on campus. All together the companies represented more than 40 industries and 30 different functions.
An increasing number of students relative to past years looked for-and found-international work. Fifty-three percent of the graduates took jobs that include either international projects, travel or living. Several are working outside their native countries or regions. An American is in the Ivory Coast working with Citibank, an Indonesian is working for a German manufacturer, a French student is in Japan working for Cartier and a Malaysian is reported to work in Spain. Two Americans joined the MBA Enterprise Corps in Eastern Europe (one in Poland, the other in Hungary), another is working for a Swiss bank and a fourth has moved to Austria as sales manager for his former US employer's Eastern European territory.
A version of this article appeared in the September 29, 1993 issue of MIT Tech Talk (Volume 38, Number 8).