Georgetown Reports $80,000 Base Salary for Master’s in Management Graduates

A master’s in management (MiM) program can unlock a host of leadership opportunities for young professionals who don’t have managerial experience — and that can lead to higher earnings and a return on investment for graduates.

The Georgetown University McDonough School of Business reported an average base salary of $80,294 for its 2023 master’s in management graduates, with 93% of students receiving their job offer within six months of graduating and 89% accepting their offer.

That represents a decline from 2022, when Georgetown reported an average base salary of $84,030, although the job offer rate remained identical.

“We are proud of the Class of 2023 for remaining steadfast in their goals and securing impactful roles across a wide range of industries,” Evelyn Williams, academic director of the MiM program, said in the Georgetown press release.

“With a combination of management, innovation, and STEM-designated coursework, Georgetown’s MiM program equips students with the tools and expertise that employers value, and we are pleased to see our students’ hard work reflected in this year’s report.”

An emerging alternative to the master of business administration (MBA) degree, the MiM program is typically geared toward younger students without as much work or leadership experience. It covers a wide variety of topics, including strategic leadership and high-demand skill sets like data analysis.

Georgetown’s 10-month, intensive MiM program is designated in science, technology, engineering, and math (STEM) and aimed at undergraduates with 0-3 years of work experience.

The broad scope of the MiM degree program, coupled with the young professionals the degree is geared toward, leads to graduates landing in a wide range of industries — and that’s reflected in Georgetown’s 2022 and 2023 figures.

While there was a slight salary decline year over year, the industries that Georgetown MiM graduates went into varied widely between 2022 and 2023.

Consulting, financial services, and technology were the top industries for 2022 MiM graduates: 40% of graduates went into consulting, 33% into financial services, and 11% into technology. Those same fields were also popular for 2023 graduates, with 29% going into consulting and 23% heading to financial services.

One stark difference between 2022 and 2023 Georgetown MiM graduates, however, was the number of students heading into the social impact and nonprofit sector.

Significantly more 2023 MiM graduates went into the social impact and nonprofit sector — 14% — compared to just 2% in 2022.

Both cohorts closely mirrored each other in what they previously studied, with 39% in each studying liberal arts, humanities, or social sciences. The MiM program’s broad managerial scope can prepare students for roles in a wide variety of industries, from nonprofits to tech startups and more.

“Each student’s career pathway is unique, and we are committed to offering whole-person support and guidance to help them realize their full potential,” Karen Kouagou, director of the Georgetown MiM’s career services, said in the press release.

“These outcomes are a testament to the extraordinary Class of 2023 who leveraged these resources, remained focused on their professional pursuits, and achieved extraordinary outcomes after graduation.”

Management occupations are projected to grow faster than the average for all occupations from 2022-2032, according to the Bureau of Labor Statistics, and the MiM program’s broad scope can prepare students to lead in a wide variety of industries.

A growing number of top U.S. business schools have adopted MiM programs in recent years. The University of Chicago Booth School of Business and the Emory University Goizueta Business School will both launch their own MiM programs in fall 2024. Leaders from both of those institutions emphasized the degree program’s impact on early career professionals.

“We are excited to debut Chicago Booth’s one-year Master in Management, the school’s first new degree program in 88 years,” Madhav Rajan, dean of Chicago Booth and the George Pratt Shultz professor of accounting, said in a July 2023 release.

“We look forward to introducing foundational business skills to a new generation of Booth students, enhancing their impact in that first job and beyond.”

Andrea Hershatter, Goizueta associate dean of undergraduate education, said in a 2023 release that an MiM program “bridges the gap between an undergraduate degree in liberal arts, science, or engineering and the skills needed to thrive in a business environment.”