Snow blankets the Stephen M. Ross School of Business in Ann Arbor. The school’s Class of 2025 MBA employment report shows graduates navigating a slower, later-clearing job market with steady pay and improving outcomes after graduation. Photo Credit: University of Michigan (Ross)
After weathering a particularly tough MBA hiring cycle in 2024, graduates of University of Michigan’s Ross School of Business had better luck landing job offers in 2025, though they are still a long way from the nearly full employment MBAs enjoyed post pandemic.
Ross’ Full-Time MBA Class of 2025 employment report shows modest improvements across the board in a still-cautious job market. What it does not show is a meaningful improvement in early hiring or a rebound in pay, reinforcing one of the clearest themes emerging from MBA jobs reports this year: employers are hiring later, not cheaper.
Ross’ Class of 2024 was hit hard by a cooling MBA job market with just 77.5% of MBAs getting job offers by graduation, a 13-point drop from 2023’s 90.5%. That metric was virtually unchanged for 2025 grads at 77.9%. In fact, the gap between job offers secured by graduation and those landed within three months widened to 8.2 percentage points, the largest spread in six classes.
ROSS MBA JOB OFFERS BY GRADUATION VS 3 MONTHS (ALL STUDENTS) |
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Job Offer By Graduation |
Job Offer 3 Months After Graduation |
3-Month Gap |
|
| 2025 | 77.9% | 86.1% | 8.2 |
| 2024 | 77.5% | 84.6% | 7.1 |
| 2023 | 90.5% | 95.9% | 5.4 |
| 2022 | 93.1% | 99% | 5.9 |
| 2021 | 90.2% | 97.5% | 7.3 |
| 2020 | 83.1% | 90.3% | 7.2 |
LATER JOB PLACEMENTS EMERGING MBA TREND FOR 2025
By six-months after graduation, Ross’ job offers rose to 91.7% for the current class.
“The rise in job offers between three and six months highlights our students’ persistence and the power of the Michigan Ross MBA,” Heather Byrne, managing director of the school’s Career Development Office, says in a school release.
The later placements mirror what we’re seeing elsewhere. At University of Virginia Darden School of Business, the gap between offers by graduation and three months after was the largest in more than a decade, though offers and acceptances rose to 95% by six months post commencement. The same was true for offers at NYU Stern School of Business. Even Harvard Business School, where outcomes remain among the strongest in the market, noted that offers continued to rise well beyond the traditional 90-day reporting window.
This hiring delay is most prominent for Ross’ international students. In 2025, 85.8% of U.S. Ross MBAs had offers by graduation, and 89.7% had one within three months, a gap of just 3.9 points. On the other hand, just 68.0% of foreign nationals had offers by graduation, down from 71.4% a year earlier. By three months, that figure jumped to 81.6%, creating a 13.6-point recovery gap, the widest in Ross’ recent history.
MICHIGAN ROSS MBA JOB OFFERS, U.S VS INTERNATIONAL |
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U.S. Citizens / Permanent Residents |
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Job Offer By Graduation |
Job Offer 3 Months After Graduation |
3-Month Gap |
|
| 2025 | 85.8% | 89.7% | 3.9 |
| 2024 | 81.1% | 87.4% | 6.3 |
| 2023 | 88.9% | 96% | 7.1 |
| 2022 | 93.2% | 99.2% | 6 |
| 2021 | 90% | 97.3% | 7.3 |
| 2020 | 86.5% | 93.1% | 6.6 |
International Students (Foreign Nationals) |
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Job Offer By Graduation |
Job Offer 3 Months After Graduation |
3-Month Gap |
|
| 2025 | 68% | 81.6% | 13.6 |
| 2024 | 71.4% | 79.8% | 8.4 |
| 2023 | 94.5% | 95.6% | 1.1 |
| 2022 | 92.9% | 98.2% | 5.3 |
| 2021 | 90.6% | 97.9% | 7.3 |
| 2020 | 75.9% | 84.5% | 8.6 |
In terms of job acceptance, 76.1% of the full class had accepted an offer by commencement. That figure rose to 84.3% within three months and 90.0% at six months.
To break it down, 83.2% of U.S. citizens and permanent residents had accepted an offer by graduation compared to just 67.2% of foreign nationals. However, international acceptances climbed sharply after, reaching 80.0% within three months and 85.9% within six months. U.S. acceptances were 87.7% within three months and 93.2% within six months.
PAY HOLDS STEADY, CONSULTING STILL LEADS
In all, 266 companies hired a Michigan Ross graduate or intern in 2025, according to Ross data. Some 81% of graduates and interns landed their roles through school-facilitated recruitment.
Compensation also stabilized in 2025 after the pullback of 2024, even as the distribution of jobs by industry continued to evolve. The median base salary held at $170,000, unchanged from last year, while average pay was essentially flat at $159,272, down slightly from $159,934. Median signing bonuses held steady at $30,000.
Where Ross 2025 MBAs did show improvement over the previous class is in bonus coverage: 91% of 2025 grads reported receiving a signing bonus, up from 86% last year.
EMPLOYMENT, SALARY & BONUS BY INDUSTRY FOR MICHIGAN ROSS MBAs, 2025 VS 2024 |
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% 2025 |
% 2024 |
MEAN SALARY 2025 |
MEAN SALARY 2024 |
Median Salary 2025 |
Median Salary 2024 |
SALARY RANGE 2025 |
SALARY RANGE 2024 |
MEDIAN SIGNING BONUS 2025 |
MEDIAN SIGNING BONUS 2024 |
||
| Consulting | 33.50% | 36.00% | $183,070 | $180,948 | $190,000 | $185,000 | $85,000-$193,294 | $106,916-$200,000 | $30,000 | $30,000 | |
| Consumer Packaged Goods | 8.90% | 7.70% | $125,211 | $122,643 | $125,000 | $125,000 | $100,000-$160,000 | $110,000-$128,000 | $40,000 | $40,000 | |
| Energy | 2.60% | 2.60% | $150,400 | $144,167 | $156,000 | $147,500 | $121,000-$175,000 | $120,000-$165,000 | $26,250 | $35,000 | |
| Financial Services | 19.50% | 17.60% | $164,105 | $162,023 | $175,000 | $175,000 | $65,033-$245,000 | $80,000-$300,000 | $50,000 | $50,000 | |
| Healthcare | 10.20% | 9.20% | $140,964 | $138,486 | $138,500 | $137,250 | $67,200-$200,000 | $101,200-$180,000 | $30,000 | $35,000 | |
| Manufacturing | 3.80% | 4.40% | $140,750 | $132,091 | $142,500 | $133,000 | $110,000-$175,000 | $125,000-$140,000 | $25,000 | $30,000 | |
| Retail | 2.10% | 2.60% | $130,400 | $134,286 | $130,000 | $135,000 | $120,000-$140,000 | $125,000-$145,000 | $25,000 | $25,000 | |
| Technology | 13.10% | 15.10% | $140,669 | $156,066 | $143,000 | $157,205 | $72,800-$185,000 | $115,880-$230,000 | $41,000 | $30,000 | |
| Other | 6.40% | 4.80% | $148,667 | $144,573 | $136,000 | $142,000 | $107,000-$225,000 | $79,420-$215,000 | $15,000 | $30,000 | |
| Total/Average | 100.00% | 100% | $159,272 | $159,934 | $170,000 | $170,000 | $65,033-$245,000 | $79,420-$300,000 | $30,000 | $30,000 | |
| Source: Michigan Ross | |||||||||||
Consulting remains Ross’ largest industry destination, though its share of the class slipped to 33.5% from 36% a year earlier. Even so, consultants continued to command the highest pay, with a median salary of $190,000, up $5,000 year over year. Financial services remained the second most popular industry, rising to 19.5% of the class from 17.6%, with median pay holding at $175,000 and bonuses remaining among the richest at $50,000. Together, consulting and finance accounted for more than half of all Ross MBA jobs in 2025.
Elsewhere, the data show a market still recalibrating. Technology hiring continued to soften, falling to 13.1% of the class from 15.1%. That’s more than 10 percentage points lower than the 24.9% of grads who joined industry in 2021. Tech salaries also dropped sharply from last year.
Healthcare expanded modestly to 10.2% of jobs, with median pay ticking up slightly to $138,500, while consumer packaged goods also grew, offering stable salaries and one of the strongest median signing bonuses at $40,000.
INDUSTRY CHOICE & MEDIAN SALARY OF MICHIGAN ROSS MBAs, 2019-2025 |
||||||||||||||
2025% |
2025 Median Salary |
2024% |
2024 Median Salary |
2023% |
2023 Median Salary |
2022% |
2022 Median Salary |
2021% |
2021 Median Salary |
2020% |
2020 Median Salary |
2019% |
2019 Median Salary |
|
| Consulting | 33.50% | $190,000 | 36.00% | $185,000 | 44.90% | $190,000 | 42.20% | $175,000 | 35.10% | $165,000 | 35.70% | $160,000 | 32.00% | $150,000 |
| Consumer Packaged Goods | 8.90% | $125,000 | 7.70% | $125,000 | 5.40% | $128,000 | 5.30% | $120,000 | 7.90% | $113,000 | 7.20% | $110,000 | 8.00% | $108,000 |
| Energy | 2.60% | $156,000 | 2.60% | $147,500 | 3.40% | $125,000 | 3.00% | $125,000 | 1.50% | $110,000 | NA | NA | NA | NA |
| Financial Services | 19.50% | $175,000 | 17.60% | $175,000 | 14.20% | $175,000 | 15.00% | $175,000 | 15.50% | $150,000 | 11.90% | $150,000 | 15.10% | $150,000 |
| Healthcare | 10.20% | $138,500 | 9.20% | $137,250 | 5.70% | $135,000 | 6.30% | $140,000 | 5.60% | $130,000 | 5.30% | $125,000 | 3.60% | $120,000 |
| Manufacturing | 3.80% | $142,500 | 4.40% | $133,000 | 2.70% | $125,000 | 3.70% | $125,000 | 2.90% | $132,500 | 4.40% | $123,500 | 8.90% | $120,000 |
| Real Estate | NA | NA | NA | NA | 1.70% | $140,000 | 1.00% | $130,000 | NA | NA | NA | NA | NA | NA |
| Retail | 2.10% | $130,000 | 2.60% | $135,000 | 3.70% | $140,000 | 2.00% | $127,500 | 1.80% | $127,838 | 3.80% | $120,000 | 4.40% | $115,000 |
| Technology | 13.10% | $143,000 | 15.10% | $157,205 | 15.50% | $152,625 | 17.30% | $136,000 | 24.90% | $130,000 | 24.50% | $130,000 | 21.60% | $122,650 |
| Other | 6.40% | $136,000 | 4.80% | $142,000 | 2.70% | $150,000 | 4.20% | $141,000 | 5.00% | $130,000 | 5.00% | $115,000 | 6.40% | $120,000 |
| Source: Michigan Ross | ||||||||||||||
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