New MBAs Expect Starting Pay of $62,000

A survey released Tuesday by the University of Pittsburgh reveals most 1990 MBA graduates from the country’s top business schools expect to make $62,602 total compensation in their first year of employment.

The average base salary expected by students who answered the survey was $51,786, but they also anticipated an average signing bonus of $9,754.

The goal of the Katz Business School Report was to determine prevailing attitudes, career plans and values of MBA graduates loosed on the corporate world in June.

Pitt mailed 1,400 surveys in April and received a 50% response rate from students whose median age was 27, with four years prior work experience. Men made up 74% of the group, minorities 13% and most respondents were single.

Against 1989 results, the survey reveals the consumer products and high-tech industries hold less appeal but students are still looking in those areas, along with industrial manufacturing and investment banking.

Only 22% expected to be employed in a finance career upon graduation, compared to 32% in 1989. Roughly 19% expected to find jobs in either marketing or consulting, another 10% said investment banking would be their first job and 8% said general management.

The survey shows 96% of the students expect to be working for an employer in the beginning but within a decade, 53% want to be involved in an entrepreneurial venture.

Most of the MBA graduates expect to head to New York or Chicago for their first jobs, although roughly 6% believe that they can find what they need in Boston, Detroit or San Francisco.

There are some areas a majority of the students would not consider in their job search--tobacco products, defense contractors, alcohol manufacturers and direct investors in South Africa.