FOR RELEASE: April 29, 1998
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Margo Hittleman
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Compensation for Cornell MBA students is up 27 percent to $117,000
ITHACA, N.Y. - They're in the money. Starting salaries, signing bonuses and other job perks have sent the total compensation package for MBA students at Cornell's Johnson Graduate School of Management to $117,000. That's up 27 percent from last year's total of $92,000.
"This has been an incredible year for students when it comes to compensation," said Stephen F. Johansson, director of career services for the Johnson School. "Competition for graduates from the top MBA programs is so fierce that corporations have to put their best offer on the table to ensure they land a particular student."
Even a month before receiving their degrees, 91 percent of Cornell MBA students have jobs in hand with many contemplating five or more offers.
"Now that major downsizing has come and gone, companies are retooling and hiring again in hopes of gaining a greater market share for their products. That and the bustling economy have increased the desire for MBA students this year," Johansson said.
Johansson reported that 32 percent more companies recruited at the Johnson School this fall, compared to last fall. "The many new companies coming to campus, are a good sign that they would rather have a Johnson School MBA grad in their offices than see them at their competitors," he said.
The job search for the 260 Johnson School MBA students looking for careers after graduation begins in earnest in early fall when student calendars are crammed with interview appointments with corporate recruiters. But the seeds of employment are sown in the summer during a student's internship. Johansson noted that approximately 70 percent of graduating MBA students received offers from their internship sponsors.
Between now and June, students will ink their deals to make the 1998 Johnson School class the highest paid in school history.
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