Salaries, bonuses edge upward for 2021 FTMBA grads

Average salaries for the Berkeley Haas Full-time MBA Class of 2021 edged up $9,000 this year, with the consulting and technology sectors again luring more than 60% of graduates.

photo of Abby Scott
Abby Scott said Haas alumni went “beyond themselves” to help grads find jobs.

“I’m so pleased to see this jump in starting base salary and strong employment outcomes, which represent the continuing strength and confidence in our students and the Berkeley MBA,” said Abby Scott, assistant dean of MBA Career Management & Corporate Partnerships. “This is particularly encouraging, given the pandemic and slower reopening of the California economy. The effort that our grads put into their job searches and the help of our alumni who went beyond themselves really helped this class land jobs.”  

Of the total class of 283 students, 239 students were seeking jobs. Within three months after graduation, 90% received job offers and 88% of the class—or 211 students—accepted, up slightly from 87% for the class of 2020.

A few highlights:

  • Starting base salaries are up to $149,000 median from $140,000 last year. 
  • 72% of students received a sign-on bonus and 42.6% received stock options or grants, adding significantly to long term compensation. The average sign-on bonus was $33,775, up from $31,000 last year.
  • Tech dominated employment outcomes at 34%; about 28% of the class went into consulting, up from 25% in 2020. 
  • About 12% of students took jobs in financial services; 10% went to startups; 6.6% landed in healthcare & biotech, 6.2% went to CPG/retail companies, and about 3% are employed in the energy industry.

This year’s top employers—companies that hired three or more graduates—included Amazon, Boston Consulting Group, Google, McKinsey & Company, Deloitte, Bain & Company, EY Parthenon, Adobe, Facebook, LEK, Microsoft, PwC Strategy and Samsung. Consulting was particularly strong this year, Scott said, with McKinsey and Deloitte hiring “the largest number of graduates we have ever seen.”

“One of a kind” Silicon Valley network

Photo of David Bolivar
David Bolivar, MBA 21, is a senior treasury analyst at Google.

David Bolívar, MBA 21, landed a job at Google as a senior treasury analyst after interning at Uber while at Haas.

Throughout the recruiting process, he spoke with over a dozen Haas alumni who work in tech, including several Haas alumni who work in Finance at Google. “The Haas network in tech in Silicon Valley is one of a kind,” said Bolívar, who credited Haas Career Management for its help providing key points of contact and coaching him on how to deliver impactful personal stories as an international student during interviews. “The Haas MBA gives you access to a unique network of alumni and faculty who become such valuable resources for your career.”

Bolívar said he was drawn to Google’s commitment to culture and to supporting its employees professionally and personally. “Google is a consensus-driven, flat organization, which is great if you are the kind of person not looking to operate under the mandate of traditional hierarchies.”

For many students like Bolivar, connecting with Haas alumni helped ease the recruitment process. Terence Mullin, MBA 21, who works in corporate strategy and strategic finance at Epic Games, said a fortuitous connection with an alumnus helped him find his career path.  

Terrence Mullin
Terrence Mullin, MBA 21, works in corporate strategy and finance at Epic Games.

Mullin, who returned to playing video games in his spare time during the lockdown, realized how much he loved games. That led to a eureka moment: “I thought I could do this as a job,” he said.

Mullin started connecting with Haas alumni who work in gaming, and talked with Roland Luk in Haas Career Management about finding internships. The day after he talked to Luk, Chris Kavcsak, MBA 17, who works in strategy at Epic Games, reached out to Luk about an internship in strategic finance at the company, the maker of the blockbuster multiplayer game Fortnite.

Mullin, who had been working on a game pricing project independently, studying Epic’s business model, accepted an internship working for Kavcsak. “Chris took me under his wing, and three months on they let me know things were going well—and then I came on full-time.”

Choosing a startup

Other students have found internships and jobs through a collaborative online effort called Hire Haas. The program, which generated 250 jobs from alumni in 2020, doubled that number to nearly 500 job postings from alumni in 2021.

Eduardo Bustamante, MBA 21, found his MBA internship at e-scooter and e-bike startup RidePanda through Hire Haas, which connected him to Ridepanda’s co-founder and CEO Chinmay Malaviya, MBA 18.

Bustamante said he came to Haas expecting to work in consulting or tech—but his Ridepanda experience led him to interview at Canoo, an electric vehicle startup that went public in December 2020.  “I got to wear different hats (at Ridepanda) and learn many things,” he said. “I liked the way it worked at a startup. That’s why I joined Canoo.” 

In his role as program controller in operations and finance, he’s working on the company’s new product rollout, a lifestyle vehicle that is scheduled to launch in late 2022.

View the 2021 employment report here.

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