Major U.S. firms PricewaterhouseCoopers and Deloitte more than tripled full-time hires of University of Michigan Ross School of Business bachelor of business administration graduates this year.
Ross just released, in a report for recruiters, the hiring and salary information for its 2014 graduates. This year’s report, unlike last year’s, fails to include data on graduates’ job offers at and three months after graduation.
Deloitte took on 14 Ross BBA graduates, compared to only four in 2013. PwC hired 13, after taking in four in 2013.
Other companies hiring double-digit numbers of Ross BBA graduates were professional services firm EY, which took 11, after hiring nine in 2013, and the global bank Citi, bringing on a dozen, compared to only three in 2013.
MCKINSEY TAKES MORE ROSS BBAs
McKinsey & Co. also upped its intake of Ross BBA graduates, to five from two.
Deloitte, this year’s top firm for hires of Ross BBAs, is also typically the No. 1 recruiter for Ross MBA graduates, pulling in 14 of them this year, about half the number of Ross MBAs acquired this year by e-commerce giant Amazon.
Not all the hiring news was rosy: Amazon dropped its full-time hiring of Ross BBAs this year to a single graduate, after taking three in 2013. JPMorgan Chase & Co. hired seven Ross BBA graduates, fewer than half the 16 taken on in 2013, while Cisco systems hired none, compared to five in 2013.
Other prestigious companies giving full-time jobs this year to Ross BBA graduates include the Goldman Sachs Group (9); American Express (8); Microsoft (7); IBM (6); Accenture (5); The Boston Consulting Group (4); General Motors (4); Morgan Stanley (4); General Motors (4); Bain & Co. (3); Bank of America Merrill Lynch (3); and Google (2).
A DARK SPOT IN THE SALARY PICTURE
One dark spot appeared amid the mostly excellent Ross BBA graduates’ salary picture. In marketing, the median base salary jumped 9% to $60,000, from $55,000 in 2013, and the mean base salary rose 3% to $61,144 from $59,184. While the median base salary in finance stayed at $70,000 this year compared to last year, mean base salary climbed 2% to $67,003 from 2013’s $65,875. However, graduates going into consulting found a median base salary drop of $5,000 to $65,000 in 2014 from $70,000, a 7% reduction, although the mean increased fractionally to $66,934 over $66,875.
Ross BBA graduates heading into finance this year saw median signing bonuses stay the same, at $10,000, as in 2013, but their median other guaranteed compensation doubled to $20,000. In marketing, median bonuses remained at $5,000 through the two years, but other guaranteed compensation jumped 30% to $7,800 from 2013’s $6,000.
Graduates going into consulting suffered another hit, with other guaranteed compensation falling 33% to $5,000 from $7,500.
Highest starting salaries among Ross BBA graduates went to those working in the area of computers, internet and software, with a $71,969 mean base salary. Those jobs carried median additional compensation of $18,000, meaning graduates going into financial services and investment banking were pulling in a higher total, with financial services adding $30,000 in median extra compensation to the $67,313 average base pay, and investment banking bringing in median additional compensation of $27,500, on top of $68,515.
Numbers rose slightly in the timing of Ross BBA hiring, with 92% of graduates employed at graduation in 2014, compared to 91% in 2013, and 94% hired within three months of graduating, compared to 2013’s 92%. Foreign citizens had the same employment rate at graduation as U.S. citizens did in 2014, though their results three months post-graduation were slightly lower, at 92%.
LARGEST NUMBER OF GRADUATES HEAD INTO FINANCE
For 2014 BBA graduates, finance pulled in the largest proportion, with 44.4% entering that sector, while 24.7% went into consulting, 13.1% into marketing, 8.4% into accounting, 1.5% into buying/purchasing, and 8% into other areas. In 2013, the same proportion went into finance, while a slightly larger percentage, 16.4%, went into marketing, and a slightly smaller percentage, 22.4%, went into consulting. Buying/purchasing took up 2% in 2013, accounting 2.8%, and other areas 12%.
As for the most lucrative pastures for 2014 graduates, the message was “go west, young grad, or leave the country”: the highest mean salaries went to those taking jobs internationally, where they’re pulling in an average base salary of $73,090 and additional bonuses and compensation of $26,735. To be sure, only 2% of the 423-member class took international jobs. Some 11% headed to the West, receiving average base pay of $70,884, plus an additional $15,000 in compensation.
Lowest average base pay, of $57,278, went to graduates taking jobs in the Southwest, although their extra compensation of $12,938 exceeded that for Midwest jobs, which provided $10,000 atop an average base salary of $62,066. Highest additional compensation went to graduates taking jobs in the Northeast, where they added $28,750 to an average base salary of $66,459.