By Kevin Dugan
There’s a growing class divide on Wall Street.
The brightest MBA graduates this year from the most elite schools scored multiple top-shelf job offers of about $125,000 — while middle-of-the-pack grads got relative crumbs, a Wall Street salary survey expected out Monday reveals.
In addition, the leaders of the MBA class — from top schools like Wharton and Harvard Business School — can be expected to be happier with their lifestyle, the survey found.
These grads can expect to skip a few years of the drudge work that tend to make life hell for young recruits, according to the annual survey from Training the Street.
At big Wall Street banks, for instance, that can mean skipping a year or two of 100-hour weeks compiling pitch books and getting yelled at by mid-level executives.
“Demand for MBAs remains strong, but firms are being more discerning in an effort to recruit those who can step in and contribute right away,” Scott Rostan, founder and chief executive of Training The Street, said in a statement.
The demand for top talent is clear in the results of the survey.
Nearly 50 percent of MBA grads landed top-paying jobs — up from 41 percent last year.
But here’s where the divide becomes clear: Just 32 percent were satisfied with their job offers, down from 45 percent last year. The percentage of grads outright dissatisfied at their offer doubled to 14 percent.
But don’t feel too bad about the growing ranks of morose MBAs — about 80 percent of them got $100,000 salary offers, the survey found.
While freshly minted lawyers from the top schools command higher starting salaries and are more likely to land a quick job offer, more MBAs at second-tier schools land job offers than their counterparts at B-level law schools, research has shown.
In addition, the Training the Street survey found:
- 28 percent of survey respondents received three or more offers.
- More than half of those surveyed didn’t get an offer — or received just one.
- Last year was the first time in the survey’s history that more students, roughly 31 percent, wanted to work for consultancies, like McKinsey & Co., than banks. This could be the result of the increased push of on-campus interviews from consultants, the survey found.
- Just 19 percent of MBA grads wanted to work at a major “bulge bracket” Wall Street firm, like Goldman Sachs, JPMorgan Chase, or Citigroup
- New York City remained the top destination, while San Francisco was the least favorite.