MBA Employment Report

2022–23
2 M B A Employ ment rep or t 2 0 2 2 / 2 3

Finance roles are prominent with gains

in Global Industry and Impact

We are delighted to have supported our MBA 22-23 and the UK. Geographic mobility continues to remain
class into corporate roles across different organisations, significant, with increased moves to the Middle East
sectors and countries. Our students have excelled in (up 9%) and a continued strong representation in Asia
securing a range of positions in 51 cities worldwide, and North America. Despite the challenges of the UK
through both traditional and non-traditional career market, this remains a strong area for relocation with
paths. They have achieved this by transitioning sectors, some notable roles attained.
countries or function (88%) or by venturing into
entrepreneurship. Finance roles are prominent, with 32% of students
securing an increasing number of positions in diverse
This year, there is a 9% average salary increase, specialisms. Whilst consulting hiring patterns have
maintaining a trend of strong growth since 2020, shifted, strategy consulting remains a key focus
notably in the Global Industry and Impact sectors. area among a wider diversity of firms. Despite
Reflecting Oxford Saïd’s long-term commitment to market conditions and the expected universal drop in
creating impact from within, we’ve witnessed more technology hires, our employment rate stands at 80%,
students returning or pivoting to a wide range of impact emphasising our commitment to supporting students
roles in foundations, government, and mainstream through their early alumni years, a crucial phase of
employers. career development.

There is a continued growth in sponsored students Congratulations to our newest global alumni on their
(10%), and 1 in 10 students have initiated their own diverse and rewarding roles. We remain dedicated to
ventures, primarily in the Technology and Energy staying connected and supporting them as they embark
sectors, with locations spanning Africa, North America, on their individual journeys.

MBA class of 2022/23

Graduating class size Female participants International students

311 48% 93%

Nationalities GMAT Median score Average work experience

64 690 5 years

Joy Bussell
Director of Career Development Centre,
Saïd Business School
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MBA 22-23 career outcomes:

the metrics that matter

82%
received an
80%
accepted an
127
companies
93%
students
offer within offer within recruited Oxford reported
three months three months MBAs
of graduation of graduation

£91,198
average salary
88%
switched sector,
51
number of
country or function cities

A Roadmap to Success: Tracking our graduates’ journey from

Pre-MBA to Post-MBA roles

Post MBA

Financial
Industry sector Consulting Global Industries Impact Technology
Services

Consulting 42% 22% 14% 8% 14%

Financial
20% 64% 9% 7%
Services
Pre MBA

Global
28% 21% 38% 3% 1%
Industries

Impact 25% 13% 8% 54%

Technology 13% 27% 20% 7% 33%

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Sectors and salaries

The diversity of our MBA 22-23 class destination is shown by the breakdown by sector, the corresponding average
salary and key organisations that employ our Oxford MBAs in fulltime positions.

MBA 2022-23 Industry sectors Post MBA Industry Sector destination

over the last four years

11.4%
20.8%
27.8% 27.2%
31.9%
27.2%
11.4%
• Consulting
29.8%
• Finance
33.3% 32.3%
• Global industry 26.7%

• Technology 14.0%
17.7% • Impact 15.5%
14.5% 17.7%

27.0%
18.3% 20.7% 11.4%
32.3%
8.4% 11.4%
6.1% 5.2%
27.2% Consulting
32.3% Finance
17.7% Global industry 2019-20 2020-21 2021-22 2022-23
11.4% Technology
11.4% Impact
Date Consulting Finance Global Industry Technology Impact
20.8% 29.8% 14.0% 27.0% 8.4%
2019-20
27.8% 33.3% 14.5% 18.3% 6.1%
2020-21
31.9% 26.7% 15.5% 20.7% 5.2%
2021-22
27.2% 32.3% 17.7% 11.4% 11.4%
2022-23

Average base salary for graduates in a new post-MBA role

£91,198

£83,410 2013-14 = £58,143

£78,895 2014-15 = £59,638
£80,000
£71,550 £72,618 £73,433 £71,940 2015-16 = £69,132
£69,132 2016-17 = £71,550

2017-18 = £72,618

2018-19 = £73,433

£60,000 2019-20 = £71,940

2020-21 = £78,895
£58,143 £59,638
2021-22 = £83,410

2022-23 = £91,198

£40,000
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
MBA Class
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Consulting

‘Prior to my MBA, I worked in the not-for-profit sector in the UK, most

recently leading a team of account managers in the corporate partnerships
team of an international NGO. When I started my MBA, I was still exploring
different career paths and learning more about the range of options
available.

Being able to have a tangible impact through my career was an important

factor for me, so I prioritised firms whose values aligned with mine. The
Career Development Centre supported me every step of the way in my
journey through resources, advice and knowledge sharing. Working closely
with them, I was able to navigate the application process – their help with
mock interviews, CV reviews and case preparation was invaluable.’

Celeste Mottahedin-Fardo
Consultant, BCG, Dubai

Employment outcomes

27.2% £94,520 A selection of Consulting organisations*

of total jobs average salary who employed our MBA 22-23 graduates
reported in full-time positions
AlixPartners
Bain & Company
1.3%
BCG
2.5%
Dalberg
Efficio
Digital, Data and Analytics 2.5% EY-Parthenon
Impact Kearney
Operations and McKinsey & Company
performance improvement
Management Consulting Roland Berger
15.8% ZS Associates
Strategy
5%

*A full list of employers can be found on page 15

1.3% Digital, Data and Analytics

2.5% Impact

2.5% Operations and performance improvement

5% Management Consulting

15.8% Strategy
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Sector insights
from the Oxford Saïd Consulting Careers team
We are delighted that 55% of our consulting roles were successfully secured in leading strategy firms. A
greater number of consulting firms are hiring our students, up 12%, driven by more students achieving roles
in the Middle East and also securing more roles aligned to sustainability and impact. In common with other
sectors, there has also been a significant rise in the average salary for those entering the consulting field.

‘I have worked with over 100 impact-focused businesses across diverse

sectors throughout my decade-long career. I chose the Oxford MBA to
equip me to navigate the evolving global marketplace confidently and
competently. The resources and opportunities provided by Oxford Saïd’s
education and career development played a pivotal role in guiding my
career transition and fostering personal growth. It has given me the holistic
understanding and practical skills necessary to drive worldwide, impactful
change’

Annatu Neina Abdulai

Program Manager, Dalberg
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Financial Services

‘With a background as a software developer in the financial services sector,

my participation in the co-curricular Finance Lab, Asset Management
Masterclass, and Hedge Funds programme, reignited my passion for
investment banking.

I had dropped ideas of investment banking (IB), thinking I lacked the

skills required for it despite having cleared CFA Level II. Finance Lab
helped me build on my skills via live cases and modelling exercises. With
encouragement from my classmates and the careers team, I applied
for IB roles and was successful with Bank of America!’

Prafull Gupta
Investment Banking Associate, Bank of America

Employment outcomes

32.3% £88,749 A selection of Finance organisations*

of total jobs average salary who employed our MBA 22-23 graduates
reported in full-time positions
Bank of America
Barclays
1.3%
2.5% British International Investment
7.6% Goldman Sachs
International Finance Corporation (IFC)
Commercial banking 3.8%
Public Finance
JP Morgan
Impact Investment Morgan Stanley
Fintech PATRIZIA
Finance – other Revolut
Investment Banking The World Bank Group
Investment Management 5.1%
6.3%

5.7%
1.3% Commercial banking

2.5% Public Finance *A full list of employers can be found on page 15

3.8% Impact Investment

5.1% Fintech

5.7% Finance – other

6.3% Investment Banking

7.6% Investment Management

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Sector insights
from the Oxford Saïd Finance Careers team
The financial services employment backdrop for our MBA 2022-2023 class was tough. With US interest
rates continuing to rise to combat inflation, (the US Fed Funds Rate rose well over 2% during the period),
there was more bank firing than hiring. Higher interest rates effectively halted much Private Equity and
Venture Capital activity, and thus job opportunities for our students were harder to come by. Given that
backdrop, we are delighted that over 32% of the class still found jobs in Financial Services with buy-side
jobs leading the way, and fintech and investment banking not that far behind.

‘Before Oxford, I worked as an investor focusing on the infrastructure

sector for the IFC in the South Asia region. Attracted to the impact focus
of Oxford Saïd, I wanted to change my geography and pursue a one-year
MBA. I aspired to continue working at the intersection of finance and
impact. My belief was further strengthened after coming to Oxford and
interacting with my colleagues and career coaches. Co-curricular activities
and career support helped me a lot in securing an internship which has
now converted to a full time role.’

Preeti Mohan
Investment Executive, British International Investment, London
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Global Industry and Impact

‘My background is in strategy consulting, working for Deloitte, Mexico

for four years. The Career Development Centre helped me uncover my
career vision and develop a long-term career aspiration alongside providing
a structured approach on how to apply for a job. As the programme
progressed and I started applying to several positions, I realised companies
need specialists to fill post-MBA roles. Therefore, I decided to stay in
the same function: Strategy, what I was already good at, but change to a
different industry, ultimately landing a role in the sports industry.’

Andrés Lara Oriani

Senior Strategy Manager at Formula E, London

Employment outcomes – Global Industry

17.7% £90,709 A selection of Global Industry

of total jobs average salary organisations* who employed
reported our MBA 22-23 graduates in
full-time positions

Education BHP
0.6%
0.6% Environment Services ByteDance/TikTok
3.2% 0.6% and Sustainability
ExxonMobil
1.3% Other
Aerospace / Aviation /
Formula E
Defence Hilton Worldwide
1.3% Healthcare Iove, Bonito
Industrials
2.5%
NBC Universal
Media
Nissan Motor Corporation
1.3% Mobility
0.6% Education Leisure Siemens Gamesa
0.6% Environment Services
and Sustainability Manufacturing Steinway and Sons
0.6% Other 1.3% Retail
1.3% Aerospace / Aviation / 1.9%
Defence Energy / Utilities
1.3% Healthcare 1.3%
1.3% Industrials 1.9%
*A full list of employers
1.3% Media
can be found on page 15
1.3% Mobility

1.9% Leisure

1.9% Manufacturing

2.5% Retail

3.2% Energy / Utilities

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Sector insights
from the Oxford Saïd Global Industry and Impact team
Energy, Manufacturing and Retail are all sectors that have held up well, although we have seen a dip in
Healthcare as they reduce their Leadership Development Programmes. We see consistent hiring across
familiar household names and multinationals, and in less well known but exciting startups and scale-ups.
Roles are varied though strategy, finance and product functions remain popular choices. There has been an
increase in MBAs finding jobs in North America and fewer in the UK, perhaps reflecting the relative strength
of the two economies.

It is good to see growth in impact outcomes, across a range of non-profit, social enterprise and public sector
organisations. It’s also worth noting the range of roles in the sector, which includes data science and product
management as well as more traditional fundraising and programme management functions.

Employment outcomes – Impact

Oxford has a strong reputation of supporting students building careers with a positive social or environmental
impact. Some of these students find employment in NGOs, non-profits, social enterprises, and the public sector,
as this chart shows. We also see students find roles in impact investment and impact consulting, as highlighted
elsewhere in the report, and in ESG, DEI and Sustainability functions in industry.

11.4% £92,033 A selection of Impact organisations*

of total jobs average salary who employed our MBA 22-23 graduates
reported in full-time positions
Accountant-General’s Department,
Government of Singapore
1.3%
Bill and Melinda Gates Foundation
Clinton Health Access Initiative
5.7%
Human Rights Watch
Education Ministry of Investment of Saudi Arabia
Social Impact
Nesta
Government – Local \
National \ Other Tony Blair Institute for Global Change
1.9%
Non-Profits and Social USAID
Enterprises
World Relief

2.6%

*A full list of employers can be found on page 15

1.3% Education

1.9% Social Impact

2.6% Government – Local \ National \ Other

5.7% Non-Profits and Social Enterprises

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Technology and Entrepreneurship

‘I was certain about my desire to shift industries, leveraging the skills I

had cultivated in banking in Canada. I dedicated time to expanding my
technical skill set and familiarising myself with new industries, laying the
groundwork for a successful career transition. The Career Development
Centre proved invaluable in addressing challenges I encountered along
the way, offering personalised assistance and resources. Moreover, their
support was instrumental during negotiations for job offers, ensuring
favourable outcomes and opportunities for advancement.’

Juliet Zhu
Manager, EMEIA Credit, Apple, London

Employment outcomes – Technology

11.4% £89,973 A selection of Technology organisations* who

of total jobs average salary employed our MBA 22-23 graduates in full-time
reported positions
Amazon
1.3% Apple
Canonical
Experian
Google
• Non-Profits
and Social Liberty Global
Enterprises
E-Commerce 2.5% Shein
• Social Impact
Telecoms Thread
• Government
Technology
Uber Technologies
• Education
Virgin Media
7.6%

1.3% E-Commerce *A full list of employers can be found on page 15

2.5% Telecoms
7.6% Technology
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Sector insights
from the Oxford Saïd Technology team
The widespread layoffs and hiring freezes in the Tech sector were headline news in 2022/23, when the tech
giants re-evaluated their workforce needs, which translated into a notable downturn in MBA hiring. Most
impact was felt with firms like Amazon, where large numbers of MBAs are traditionally hired. Despite the
turmoil, we were delighted to see an increase in roles at Liberty Global and Apple, as well as more roles
in emerging tech companies and startups, where the strategic and analytical skills of our MBA graduates
remained in high demand. It was also encouraging to see a continuing rise in salaries in this sector.

‘Embarking on an MBA programme, especially one as intensive as a one-

year course, demands strategic focus due to the necessity of making hard
choices. The Career Development Centre helped me do the groundwork
which allowed me to strategically enhance my narrative through targeted
networking and school introductions to Oxford alumni at Google. A
comprehensive approach that included personal initiative with institutional
support, was key in shaping and advancing my career trajectory.’

Tanvi Nautiyal
Strategy and Operations Lead, Google, Stockholm

Employment outcomes – Entrepreneurship

10% of the total class recorded
10% that they started their own venture.
The countries* recorded by students
The start-up industry focus was on
of the total class energy and technology, and among who started their own venture.
the recorded locations, Africa, North
Australia
America and the UK were
most popular. Bolivia
0.6%
Canada
1% France
Germany
Ghana
Financial Services India
Consulting 1.3%
Kenya
5.2% Impact
Technology Nigeria
Global Industries Tanzania
United Kingdom
USA
1.9%
*Please note that seven start-up
locations were not recorded
0.6% Financial Services

1% Consulting

1.3% Impact

1.9% Technology

5.2% Global Industries

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Destinations

MBA Job location and salary*

North America UK Europe MENA Asia

£95,869 £86,417 £103,882 £117,782 £71,819
17% 45% 6% 12% 11%

Latin america/Caribbean Africa Oceania

I/D** £76,385 £92,280
1% 4% 2%

**I/D = Insufficient data points. MBA CSEA standard requires that values should not be
*1% location not reported displayed where there are less than three salary data points in a category.
14 M B A Employ ment rep or t 2 0 2 2 / 2 3

Salaries and Employment

Summary

Region Average salary (£) Min salary (£) Max salary (£)

Africa – sub Saharan £76,385 £46,960 £111,339

Asia £71,819 £30,000 £129,950

Australia and Oceania £92,280 £86,051 £96,186

Europe (excl. UK) £103,882 £51,000 £250,000

Latin America and the

I/D* I/D* I/D*
Caribbean

Middle East and North

£117,782 £76,000 £256,737
Africa (MENA)

North America £95,869 £34,407 £205,920

United Kingdom £86,417 £38,000 £151,000

*I/D = Insufficient data points. MBA CSEA standard requires that values should not be displayed where
there are less than three salary data points in a category.

Employment summary – Graduating students: 311

Seeking employment 64%

Accepted an offer within three months of graduation 51%
Did not accept an offer within three months of graduation 13%

Not seeking employment 30%

Continuing education 1%
Sponsored 10%
Postponing job search 2%
Starting a new business 10%
Not seeking for other reasons 7%

No recent information available 7%

0 10% 20% 30% 40% 50% 60%
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Employers

Note: Those organisations marked in bold hired multiple students

Consulting Financial Services Palladium Impact Capital

Patrimium
Acumant American Express PATRIZIA
AFRY Attento Capital Pepper Money UK
Afton Bloom Backbase Ltd Plenary
AlixPartners Badwa Capital Prath Ventures
Bain & Company Bank of America Revolut Limited
BCG Bank of Japan R-evolution / Hexagon
CRU Consulting Barclays S&P Global
Curzon Consulting Barka Capital Sarona Asset Management
Dalberg British International Investment The Global Fund
Dalberg Advisors Chapel Hill Denham The World Bank Group
Efficio Checkout.com TLG Capital
EY-Parthenon Citi UK US International Development
Gartner Credit Saison Mexico S.A. Finance Corporation

Gobeyond Partners DE C.V., SOFOM E.N.R VenCap International plc

Kearney Development Innovation Ventures Volpi Capital LLP

McKinsey & Company First Abu Dhabi Bank Wise Ltd

Oliver Wyman Global Brain Corporation

Rebel Group Goldman Sachs
Roland Berger HSBC Innovation Banking
Thinking Spree HSBC UK
Wood Mackenzie Hudson River Trading
ZS Associates International Finance Corporation
(IFC)
JP Morgan
Metier Capital
Moonah Technologies Inc.
Morgan Stanley
MUFG Securities
Northleaf Capital
Ozone API
Paddle
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Global Industries Impact Technology

Arena labs 100x Impact Accelerator Amazon
BHP Accountant-General’s Department, Apple
Government of Singapore
Burnco Canonical
Allia Ltd
ByteDance/ TikTok Experian
Bill & Melinda Gates Foundation
Caely Renewables Gigamon
Children’s Investment Fund
Dialogue Health Technologies, Inc. Google
Foundation
Dollarama Liberty Global
Clinton Health Access Initiative
EQTEC Lightbricks
Human Rights Watch
ExxonMobil Odicci
LEVRA
Flexsea SHEIN
Midwest Trust Company
Formula E Thread
Ministry of Investment of Saudi
Getir Arabia Uber Technologies
Gren Ministry of Tourism of Saudi Arabia Virgin Media
Helm Club Nesta Zerobroker
Hilton Worldwide Teaching Lab
Jardine Cycle & Carriage Tony Blair Institute for Global
Change
Life Fitness
USAID
love, Bonito
World Relief
Mach Industries
Medtronic
Minimax Holdings Ltd
NBCUniversal
Nissan Motor Corporation
Roketsan
Siemens Gamesa
Steinway & Sons
TES
Winsome Business Solutions
Woodside Energy