IESE Business School released its MBA and MiM Class of 2022 employment reports
They began their business studies in the midst of a global pandemic. By the time the IESE MBA and MiM classes of 2022 graduated last year, the employment landscape had changed dramatically for the better.
IESE reported Friday, March 17 that 95% of graduates from the MBA class of 2022 secured a job offer within three months of graduation, compared to 94% for the class of 2021. Only 87% of the class of 2020, graduates in the coronavirus teeth, had obtained jobs after 90 days.
Again in 2022, consulting was the top destination for IESE MBAs, attracting 33% of the class 376, down slightly from 34%, followed by diversified industries (28%, down from 24% ), finance (21%, vs. 25%), and technology (18%, vs. 17%). Within industries, the most popular sectors are healthcare (11%, vs. 10%), energy and manufacturing (8%, vs. 6%), and retail (7%, such as last year).
Overall base salaries rose 5.6% to €92,500, or just over $99,000, for MBA graduates ranked #1 in Europe by Poets&Quants. Base salaries averaged €87,613 for the class of 2021, compared to €85,046 in 2019. an increase of 7.3%. Other average salaries, however, exploded from €50,480 to €72,900 ($78,000); and one lucky graduate netted a hefty bonus of €286,600, or about $307,000. Impressive – but not as much as the high bonus reported in 2021 of nearly $400,000.
IESE also released its Masters in Management Jobs Report last week, showing that 96% of graduates were employed within three months of graduation.
Source: IESE
MUCH LESS TAKE THE MBA ‘TRIPLE JUMP’
Twenty-two percent of IESE’s final MBA class used their experience to take the challenging career “triple leap” – a simultaneous change in industry, job function and location. That might seem like a lot, but it’s down a third from last year, when a full third of IESE’s 2021 MBA class (33%) took the triple jump, to roughly the same proportion of the 2020 MBA class; both were up from 21% of the class in 2019. The return to a pre-pandemic triple jump rate also seems to be happening elsewhere: in the 2020 class of HEC Paris MBAs, 45% made the triple leap ; by 2021, that number had fallen to 40%.
The region in which most IESE MBAs work does not imply a literal leap: Europe (excluding Spain) was the most popular region to work in, with 37% of graduates accepting jobs there, followed by Spain itself (23%). A fifth of the class moves to Latin America for work. Amazon, Bain & Company, Citi, Mastercard, McKinsey & Company, Pepsico and Uber were among the top recruiters.
“The class of 2022 launched the MBA program amid the global Covid-19 pandemic and graduated in a very different world and job market than they had experienced before,” says Patrik Wallén, director of the IESE’s Career Development Center, in an introduction to the new jobs report. “However, our graduates have explored an increasingly wide range of careers and 95% of them have found employment within three months of graduation. The consulting sector remains the most popular destination for IESE MBA students, followed by diversified industries, which have increased from previous years.
Source: IESE
A DEMANDING AND ENRICHING MBA
Founded in 1958, IESE formed an alliance with Harvard Business School in 1963 and launched the first two-year MBA program in Europe. It remains one of the few two-year programs taught almost entirely by case study. As Poets&Quants‘ Editor John Byrne wrote in February when announcing our 2023 International MBA Rankings, which IESE topped for the first time by toppling INSEAD’s long-standing number 1:
“To date, the workload of the first year (at IESE) in particular is very difficult. Students must essentially read and assimilate three cases a day, five days a week. “That’s about 4,000 pages of reading,” says Marc-Olivier Granger, a 2021 IESE graduate who now works for the Boston Consulting Group. “Add to academics the time spent on recruiting and extracurricular activities and you get very busy very quickly. However, after going through that first year and reflecting, I can definitely say that all of that effort has paid off. Coming from a non-business background, my learning curve was steep and the academic rigor of IESE has allowed me to become a 360-degree manager now.
“‘When we started the MBA, faculty and students told us to ‘trust the process’ and I’m glad I did.”
IESE’s MiM GRADUATES: ON THE WAY TO HAVING A ‘PROFOUND, POSITIVE AND SUSTAINABLE IMPACT’
Of the 96% of IESE 2022 Master in Management graduates, 40% chose consulting professions, while 21% chose finance, 14% either consumer goods or technology, 8% industry and 3% trade. Forty-six percent stayed in Spain to work, while 38% moved elsewhere in Europe.
The IESE MiM was launched in 2019 and is taught from the B-school’s Madrid campus and attracts younger students with a college degree but less work experience than their MBA counterparts.
“Talented people from all corners of the world have come to IESE with unique characteristics and diverse backgrounds,” Wallén says of the MiM Class of 2022. “They have completed the IESE program, working with their peers on a myriad of business cases and missions, skills needed by tomorrow’s business leaders, and be influenced by the pillars of the school’s mission: professional excellence, integrity and spirit of service. We firmly believe that they are in a unique position to have a profound, positive and lasting impact on people, businesses and society.
DON’T MISS TO MEET THE IESE MBA CLASS OF 2023 and THE IESE MBA CLASS OF 2021 JOB REPORT
