The Wharton School’s Huntsman Hall. Courtesy photo
SCHOOLS FOR SKY HIGH SIGNING BONUSES
Signing bonuses for new graduates not only boost total first-year compensation, they can also help new graduates settle into new cities or living arrangements where up-front costs are a consideration.
There was no higher average bonus than at Wharton, which soared to an average $15,603 this year, up $13,247 from the Class of 2023. Further, a high of 90.7% of Class of 2023 graduates received a signing bonus, more than any other school.
2023 graduates of American University Kogod School of Business reported an average signing bonus of $12,500, but only 9% of grads reported getting one.
Rounding out the top five signing bonuses for the Class of 2023 was Cornell University Dyson School of Applied Economics and Management at $12,128 (59.7% receiving), Carnegie Mellon University (Tepper) at $11,583 (83% receiving), and Rutgers Business School – New Brunswick at $11,452 (42.9% receiving).
Overall, the average signing bonus at all 91 business schools we ranked in 2024 fell just over $115 from 2022 to 2023 (from $6,800 to $6,684). The average percentage of students reporting getting a bonus has held steady at 38%.
10 HIGHEST & LOWEST SIGNING BONUSES AT P&Q RANKED B- SCHOOLS
10 HIGHEST |
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| 2024 Rank | School | 2023 Signing Bonus | % 2023 Getting Bonus | 2022 Signing Bonus |
% 2022 Getting Bonus
|
| 1 | University of Pennsylvania (Wharton) | $15,603.00 | 90.70% | $13,247.00 | 84.90% |
| 80 | American University (Kogod) | $12,500.00 | 9.00% | $7,071.00 | 4.00% |
| 6 | Cornell University (Dyson SC John) | $12,128.00 | 59.70% | $9,886.00 | 53.70% |
| 29 | Carnegie Mellon University (Tepper) | $11,583.00 | 83.00% | $11,285.00 | 83.00% |
| 44 | Rutgers Business School – New Brunswick | $11,452.10 | 42.90% | $10,993.00 | 68.00% |
| 9 | New York University (Stern) | $11,059.00 | 70.70% | $10,357.00 | 65.70% |
| 28 | Binghamton University | $11,000.00 | 32.40% | $13,760.00 | 35.00% |
| 11 | Washington University in St. Louis (Olin) | $10,309.00 | 72.00% | $10,602.00 | 76.10% |
| 3 | Georgetown University (McDonough) | $10,291.04 | 71.01% | $9,652.00 | 72.00% |
| 4 | University of Virginia (McIntire) | $10,183.00 | 78.00% | $9,896.00 | 76.00% |
10 LOWEST |
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| 2024 Rank | School | 2023 Signing Bonus | % 2023 Getting Bonus | 2022 Signing Bonus |
% 2022 Getting Bonus
|
| 86 | Northern Illinois University | $4,357.00 | 29.50% | $3,316.00 | 24.16% |
| 42 | Florida Southern College | $4,000.00 | NR | $11,667.00 | NR |
| 60 | Marian University (Byrum) | $4,000.00 | 26.80% | $6,202.00 | 48.08% |
| 74 | Christopher Newport University | $3,917.00 | 17.00% | $4,417.00 | 4.00% |
| 89 | University of Akron | $3,916.67 | 9.00% | $5,400.00 | 3.00% |
| 71 | University of Michigan-Dearborn | $3,833.00 | 2.00% | $3,500.00 | 3.00% |
| 53 | University of Evansville (Schroeder) | $3,167 | 7.69% | $3,167.00 | 7.69% |
| 68 | Duquesne University (Palumbo Donahue) | $2,686.00 | 11.00% | $3,317.00 | 15.00% |
| 79 | Roger Williams University (Gabelli) | $2,267.00 | 12.00% | $2,267.00 | 12.00% |
| 70 | Towson University | $1,300.00 | 15.00% | $5,000.00 | 44.00% |
AND THE SCHOOL WITH THE HIGHEST OVERALL COMPENSATION IS …
With average starting salaries, starting bonuses and percent of students receiving a bonus, we estimate overall adjusted compensation for grads’ first year. To calculate this metric, we multiplied the average signing bonus with the percentage of graduates receiving a signing bonus, then we added back the average starting salary.
With its first-in-rank average salaries and signing bonuses, Wharton again comes out on top. Its 2023 graduates had an adjusted total compensation of $121,366.92, up almost $10,000 over 2022 graduates’ $111,902 figure.
Six other schools join Wharton in $100K club: USC Marshall, Georgetown McDonough, University of Virginia McIntire School of Commerce, Carnegie Mellon Tepper, and Cornell Dyson. For the Class of 2022, graduates from just three schools hit the milestone.
Graduates of all schools in the top 10 in this metric had average first-year earnings of $103,407, almost $6,000 more than last year’s average of $97,564.
HIGHEST & LOWEST TOTAL COMPENSATION AT P&Q RANKED B-SCHOOLS
10 HIGHEST |
|||||
| 2024 Rank | School | 2023 Salary | 2023 Signing Bonus | % Getting Bonus | 2023 Adjusted Compensation |
| 1 | University of Pennsylvania (Wharton) | $107,215.00 | $15,603.00 | 90.70% | $121,366.92 |
| 3 | Georgetown University (McDonough) | $100,859.15 | $10,291.04 | 71.01% | $108,166.82 |
| 6 | Cornell University (Dyson SC John) | $98,066.00 | $12,128.00 | 59.70% | $105,306.42 |
| 29 | Carnegie Mellon University (Tepper) | $94,341.00 | $11,583.00 | 83.00% | $103,954.89 |
| 5 | University of Michigan (Ross) | $94,294.00 | $9,979.00 | 83.70% | $102,646.42 |
| 4 | University of Virginia (McIntire) | $93,180.00 | $10,183.00 | 78.00% | $101,122.74 |
| 2 | University of Southern California (Marshall) | $93,247.00 | $9,858.00 | 78.70% | $101,005.25 |
| 9 | New York University (Stern) | $92,066.00 | $11,059.00 | 70.70% | $99,884.71 |
| 11 | Washington University in St. Louis (Olin) | $90,371.00 | $10,309.00 | 72.00% | $97,793.48 |
| 8 | University of North Carolina (Kenan-Flagler) | $86,443.61 | $8,080.22 | 79.00% | $92,826.98 |
10 LOWEST |
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| 2024 Rank | School | 2023 Salary | 2023 Signing Bonus | % Getting Bonus | 2023 Adjusted Compensation |
| 68 | Duquesne University (Palumbo Donahue) | $57,128.00 | $2,686.00 | 11.00% | $57,423.46 |
| 72 | Ohio University | $56,470.09 | $5,455.45 | 16.20% | $57,353.87 |
| 79 | Roger Williams University (Gabelli) | $56,697.00 | $2,267.00 | 12.00% | $56,969.04 |
| 53 | University of Evansville (Schroeder) | $56,325.00 | $3,167 | 7.69% | $56,569 |
| 91 | University of Wisconsin-Milwaukee (Lubar) | $55,943.00 | $0.00 | $55,943.00 | |
| 43 | Lipscomb University | $55,002.00 | $0.00 | $55,002.00 | |
| 42 | Florida Southern College | $54,328.00 | $4,000.00 | $54,328.00 | |
| 71 | University of Michigan-Dearborn | $53,333.00 | $3,833.00 | 2.00% | $53,409.66 |
| 66 | Ithaca College | $49,330.00 | $6,500.00 | 2.00% | $49,460.00 |
| 38 | Hult International Business School | $42,900.00 | $0.00 | $42,900.00 | |
Click through the following pages for salary, signing bonus, and total compensation figures at all 91 ranked business schools.
PAGE 3: Average first-year salaries for Class of 2023
PAGE 4: Average signing bonuses for Class of 2023
PAGE 5: Average first-year adjusted total compensation for Class of 2023
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