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Home>Blog>MBA Blog>London’s Banking Sector Salaries and Other MBA News Snippets
London’s Banking Sector Salaries and Other MBA News Snippets
A salary survey of those working in London’s banking sector has thrown up an unusual pattern when it comes to the return on investment enjoyed by MBA graduates.
In a sample of 1,650 employees working in London’s front office banking sector, carried out by salary benchmarking site, Emolument.com, MBA graduates were found be earning more, on average, than those without the degree at the level of associate and vice president (VP), yet they were earning less than their peers in director and MD positions.
At associate level, MBA degree holders were paid an average of £17k (US$26k) more than those without the degree (c.US$157k vs.US$131k). However, this gap narrowed to £7k (US$11k) at VP level (US$228k vs. US$217k). At director level, average pay was found to be £1k (US$1.5k) higher among non-MBA graduates and a whopping, (or should that be Wapping?), £83k (US$128k) more at the level of MD.
The same sample showed that the proportion of MBA graduates increased the higher up the food chain you look. The proportion of MBA graduates found in the sample more than doubled between associate and MD level – from 10% to 21% - something that may help explain the MBA salary averages seen.
The Kellogg School of Management announced its second set of Zell Scholars at the end of last week. The program, established last year, runs over two quarters and seeks to provide students gearing up to enter startup careers with extra support in the shape of mentorship, coaching and networking opportunities.
One of the new Zell Scholars, and a JD-MBA student at the Kellogg School, Stephen Lane, described the program as resembling an MBA “on steroids”.
“It has more to do with helping people who are entrepreneurially minded be successful founders at some point in their careers,” said David Schonthal, an entrepreneurship professor at the Kellogg School and director of the program.
MIT Sloan club looking for MBA jobs in space
It may only be a matter of time before we can say that an MBA program is known for putting its graduates into space.
A second-year MBA student at MIT Sloan, Chris Holland, has been talking up the possibilities of finding MBA jobs in an emerging space industry – one which has seen private spending soar over the past year – in a Bloomberg Businessreport.
Holland launched a new student club for aeronautics and the space industry this year, together with some fellow students at MIT Sloan, to bring opportunities for MBA jobs in this area to the attention of those with business expertise.
"The new space industry has developed some pretty amazing rockets, and now they need people to help them manufacture and fly them. Companies need people with financial planning and analysis skills, people who can conduct a cost-benefit analysis for what parts to buy,” Holland told Bloomberg, of the duties one might expect to find at the level of MBA jobs in the industry.
The MIT Sloan student has already spent a summer interning at an aerospace company founded by Amazon’s Jeff Bezos, Blue Origin, and is hopeful that his dreams of space travel may yet be realized.
Tim is a writer with a background in consumer journalism and charity communications. He trained as a journalist in the UK and holds degrees in history (BA) and Latin American studies (MA).
London’s Banking Sector Salaries and Other MBA News Snippets
By Tim Dhoul
Updated February 13, 2015 Updated February 13, 2015A salary survey of those working in London’s banking sector has thrown up an unusual pattern when it comes to the return on investment enjoyed by MBA graduates.
In a sample of 1,650 employees working in London’s front office banking sector, carried out by salary benchmarking site, Emolument.com, MBA graduates were found be earning more, on average, than those without the degree at the level of associate and vice president (VP), yet they were earning less than their peers in director and MD positions.
At associate level, MBA degree holders were paid an average of £17k (US$26k) more than those without the degree (c.US$157k vs.US$131k). However, this gap narrowed to £7k (US$11k) at VP level (US$228k vs. US$217k). At director level, average pay was found to be £1k (US$1.5k) higher among non-MBA graduates and a whopping, (or should that be Wapping?), £83k (US$128k) more at the level of MD.
The same sample showed that the proportion of MBA graduates increased the higher up the food chain you look. The proportion of MBA graduates found in the sample more than doubled between associate and MD level – from 10% to 21% - something that may help explain the MBA salary averages seen.
Entrepreneurial boost for Kellogg School scholars
The Kellogg School of Management announced its second set of Zell Scholars at the end of last week. The program, established last year, runs over two quarters and seeks to provide students gearing up to enter startup careers with extra support in the shape of mentorship, coaching and networking opportunities.
One of the new Zell Scholars, and a JD-MBA student at the Kellogg School, Stephen Lane, described the program as resembling an MBA “on steroids”.
“It has more to do with helping people who are entrepreneurially minded be successful founders at some point in their careers,” said David Schonthal, an entrepreneurship professor at the Kellogg School and director of the program.
MIT Sloan club looking for MBA jobs in space
It may only be a matter of time before we can say that an MBA program is known for putting its graduates into space.
A second-year MBA student at MIT Sloan, Chris Holland, has been talking up the possibilities of finding MBA jobs in an emerging space industry – one which has seen private spending soar over the past year – in a Bloomberg Business report.
Holland launched a new student club for aeronautics and the space industry this year, together with some fellow students at MIT Sloan, to bring opportunities for MBA jobs in this area to the attention of those with business expertise.
"The new space industry has developed some pretty amazing rockets, and now they need people to help them manufacture and fly them. Companies need people with financial planning and analysis skills, people who can conduct a cost-benefit analysis for what parts to buy,” Holland told Bloomberg, of the duties one might expect to find at the level of MBA jobs in the industry.
The MIT Sloan student has already spent a summer interning at an aerospace company founded by Amazon’s Jeff Bezos, Blue Origin, and is hopeful that his dreams of space travel may yet be realized.
This article was originally published in February 2015 .
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Tim is a writer with a background in consumer journalism and charity communications. He trained as a journalist in the UK and holds degrees in history (BA) and Latin American studies (MA).
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