MBA Career Report 1999
MBA Career Management MBA Career Management MBA Career Manage
The Wharton School adheres to the employment statistics standards set by the MBA
Career Services Council.
Salary statistics include all salaries given by graduates and interns. International
salaries are not excluded and are reported in U.S. dollars calculated on the basis of
prevailing exchange rates.
Note: All figures in this report are rounded to the nearest decimal; not all charts will
total 100%.
The University of Pennsylvania values diversity and seeks talented students, faculty and
staff from diverse backgrounds. The University of Pennsylvania does not discriminate
on the basis of race, sex, sexual orientation, religion, color, national or ethnic origin, age,
disability, or status as a Vietnam Era Veteran or disabled veteran in the administration
of educational policies, programs or activities; admissions policies; scholarship and loan
awards; athletic, or other University administered programs or employment. Questions
or complaints regarding this policy should be directed to Executive Director, Office of
Affirmative Action, 1133 Blockley Hall, Philadelphia, PA 19104.6021 or
215.898.6993 (Voice)or 215.898.7803 (TDD).
1999 MBA Career Report
Overview 2
Employment Results Highlights 2
MBA Career Management 4
The Wharton Way 5
The MBA Program 6
Wharton Employers 7
Recruiting Company Profile 8
Major Employers 1999 8
Recruiting Organizations 9
MBA Graduate Employment, Class of 1999 14
Class Profile 14
Locations Chosen by Graduates 15
Industries Chosen by Graduates 16
Functions Chosen by Graduates 18
MBA Summer Intern Employment, Class of 2000 20
Class Profile 20
Locations Chosen by Interns 21
Industries Chosen by Interns 22
Functions Chosen by Interns 24
Geographic Analysis of Graduate and Intern Choices 26
High-Growth Employment Profile 27
High-Tech 27
Venture Capital 28
Entrepreneur Profile 28
contents
http://MBACareers.wharton.upenn.edu
web!
2
Wharton MBA employment choices broadened in
1999, reflecting the utilization of graduate business
education in less traditional industry areas.
A strong economy continued to draw graduates to
consulting and investment banking, while the
employment increases in technology and venture
capital reflect the trend toward high growth indus-
tries. The Class of 1999 also saw an increase in the
number of graduating entrepreneurs.
This is the first year yielding a full employment sur-
vey response rate from both MBA classes. One
hundred percent of the Class of 1999 and the Class
of 2000 supplied data on their post-graduation and
summer career choices. This information was sup-
ported by information collected from employers in
June 1999. Thus, we present the following statistics
confident that they provide an accurate and com-
prehensive picture of the diverse interests and
careers pursued by Wharton MBAs.
• Compensation — The median total compensation
package for 1999 MBA graduates was $159,000.
Median starting base salary was $80,000, median
sign-on bonus was $20,000 and median guaranteed
first-year bonus was $25,000. Median other com-
pensation* of $34,000 rose slightly.
For the first
time, stock options have noticeably impacted com-
pensation packages, as 16.5% of the graduating
class reported receiving stock options as part of their
accepted offers.**
• Recruiting — The number of companies making
offers to MBA graduates and interns rose from 592
in 1998 to 643 in 1999.
More than 410 companies
recruited on or near campus and recruiting organiza-
tions posted over 1,000 job opportunities.
As of July
15, 1999, 96.2% of the Class of 1999 and 97% of
the Class of 2000 received job offers.
• Profile of Career Choices — Consulting,
Investment Banking and High-Tech industries
attracted the largest number of graduating and first
year-students.
Non-traditional areas of employment
for Wharton MBAs showed significant gains:
The
number of graduates who opted for positions
in venture capital more than doubled since 1998,
and 23 graduates reported plans to start their
own businesses.
• Location — Students continued to show diversity
in choice of job locations, accepting positions in 28
U.S. states, Puerto Rico, and 39 countries, encom-
passing 50 industries and 32 functional areas.
Increasing numbers of students accepted positions
outside of their home countries.
overview
Employment Results Highlights
1999 MBA Career Report
3
• Technology — Software, the Internet, and
Multimedia continue to impact employment, mak-
ing technology-related industries the third highest
industry employer.
More than 18% of the Class of
1999 and 19% of the Class of 2000 accepted posi-
tions with high-tech responsibility.
Only Venture
Capital shows as significant a jump, growing from
1.2 to 3.6% for 1999 graduates.
• Internships — Close to 55% of the 1999 graduat-
ing class received full-time offers from their sum-
mer employers and nearly 37% of the class accepted
their offer. For summer interns, 92.5% of the
students accepting permanent positions with their
summer employer received sign-on bonuses.
Compensation levels for the Class of 2000 remain
high as organizations compete for summer associates
as part of their full-time recruiting strategy.
Nearly
19% of the offers accepted by summer interns
included a bonus.
• Other Compensation — While organizations
continued to include sign-on bonuses to attract
candidates, many awarded stock options to induce
graduates into accepting non-traditional compensa-
tion packages.
High-tech and venture capital
account for 75% of the organizations offering stock
options as part of their compensation package.
Offers accepted by the graduating class including
some form of addition to base salary reflect that
84.5% received a sign-on bonus, 55.6% received a
guaranteed year-end bonus, and 51.6% received
other* compensation.
• Offer Sources —
On-campus recruiting continued to
be the preferred method of recruiting by the consult-
ing and investment banking industries.
The percent-
age of graduates finding full-time positions through
direct contact with a company, a process facilitated
by regional treks, has grown from 13.6% in 1998
to 20.6% in 1999.
* The other compensation category includes but is not limited to tuition
reimbursement, relocation expenses, automobiles, etc.
** No stock-option dollar value is assigned or reflected in the overall total
compensation pack
age reported here.
4
MBA Career Management
MBA Career Management
Career Resource Center 215.898.4383
On Campus Recruiting Services
Recruiting Facility 215.898.5396
Wharton MBA Career Management Resources
on the Web
A wide array of information is available on our web site,
including publications, contact information, and resources for
students, employers and alumni. Please visit our Web site
<http://MBACareers.wharton.upenn.edu> for more
detailed information on MBA Career Management and
Wharton MBAs.
web!
MBA Career Management’s recent name change (formerly Career
Development & Placement) underscores the emphasis Wharton
places on preparing students by helping them develop life-long
career search skills. Our mission is to develop and deliver world-
class career management services to an internationally diverse
group of students, alumni and recruiters resulting in educated
decisions and satisfying careers.
In facilitating relationships, MBA Career Management provides
many opportunities for students to connect with potential
employers in an environment that enables students to conduct
an effective job search. In 1999, we provided services to more
than 1,500 students, 1,600 employers, and hundreds of alumni.
1999 MBA Career Report
5
5
Individualized Services include personal career counseling to
coach students on skills and strategy; technology-based
resources including on-line Summer Job Surveys and Industry
Guides, and SPIKE, to help students focus their job search; and
networking resources including the Alumni and Summer Intern
directory and the many relationships forged through MBA
Career Management alliances.
Wharton Students
Career Advisory Board — Composed of first- and second-year
cohort representatives, the Career Advisory Board partners with
MBA Career Management to offer specialized programs and
workshops and to address students’ recruiting concerns.
Student Professional Clubs — The 29 professional and 14
cultural clubs at Wharton provide avenues to explore career
options and to exchange ideas and information. Most work
directly with employers and MBA Career Management to
sponsor professional speaker series, promote career opportuni-
ties, and provide networking contacts in specific disciplines.
Wharton Conference Series — The Wharton Conference
Series is a consortium of student-run events bringing leaders
from business and government to Wharton for senior-level
forums on issues in today’s market. Annual conferences include
Wharton Women in Business, Asian Finance Conference,
Investment Management Conference, European Conference,
Entrepreneurial Conference, Whitney M. Young, Jr. Memorial
Conference, Media and Entertainment Conference, Private
Equity Conference, Latin American Conference, Wharton
Technology Conference, Wharton Global Forum, Wharton India
Economic Forum, and Health Care Conference. Some are co-
sponsored with the Wharton Undergraduate Division.
Special Events — Zweig Executive Dinner Series, Executive
Lifestyle Series, Wharton World Tour, and Community Service
Initiatives all enrich the well-rounded Wharton-educated MBA
student.
Wharton Alumni
Upon graduation, the relationship with MBA Career
Management continues when students join an alumni base of
more than 70,000 members across 130 countries in nearly 80
alumni clubs worldwide.
<http://www.wharton.upenn.edu/alumni/>.
Career planning for Wharton MBAs is a process of facilitating
relationships and leveraging technology, education, and resources
to prepare students to pursue their employment goals. Because
MBA students have individual needs, training on the overall
career management process is supplemented with targeted pro-
grams and workshops to address specific topics. In addition to
Career Management’s extensive web-based resources
<http://MBACareers.wharton.upenn.edu>, students
are prepared for the MBA-level job search process through
many channels:
Career Management Seminar gives first-year students an
overview of the career management process, with specific
emphasis on the MBA-level job search. Topics included in this
six-week seminar are information gathering, developing an
MBA resume, identifying opportunities, recruiting orientation,
and managing the interview process.
Regional Job Treks provide targeted career exploration for the
West Coast and other regional and industry opportunities. In
conjunction with Wharton’s West Coast office, students can
participate in a High-Tech Career Fair, Silicon Valley company
tours, and soon, a West Coast Industry Immersion Program.
East Coast events include a High-Growth Industry Career Fair,
a 16-week e-commerce forum, and speaker series. Wharton
alumni in Europe and Asia support a solid global Wharton
community.
Programs & Workshops are highly valued by students and
address a diverse array of issues, ranging from an international
career search to how to best prepare for a summer job. Key pro-
grams include a Career Exploration Conference, which allows
students to interact with Wharton MBA alumni and examine a
broad choice of career paths; the Wharton Interview Workshop,
which brings recruiters from diverse industries to Wharton to
share insights and provide mock interviews; the Mock Interview
Program, where trained second-year students polish first-years’
interviewing skills; and Career Changer Industry Primers
designed and conducted by experienced second-year students to
discuss in-depth industry job search skills.
web!
The Wharton Way
web!
6
The MBA Program
Departments and Programs
Accounting Department
215.898.7772
Finance Department
215.898.7622
Health Care Systems Department
215.898.2837
Insurance and Risk Management Department
215.898.7761
Legal Studies Department
215.898.9525
Management Department
215.898.7722
Marketing Department
215.898.8243
Operations and Information Management Department
215.898.5872
Public Policy and Management Department
215.898.3015
Real Estate Department
215.898.9687
Wharton Small Business Development Center
215.898.4861
Goergen Entrepreneurial Programs
215.898.4856
Statistics Department
215.898.8222
Transportation Program
215.898.7696
Communication Program
215.898.5036
Curriculum
Wharton’s MBA curriculum combines in-depth knowledge of
the fundamental management functions with the integrative
study across traditional functional boundaries. The curriculum
consists of two types of courses: core courses, which are
required, and electives. The core curriculum includes courses
in the principal management disciplines, along with programs
on leadership, ethics, communication, and interpersonal skills.
It also includes a field-based integrative course designed to
enhance cross-functional learning. For more information on
Wharton’s curriculum, visit the Web site
<http://www.wharton.upenn.edu/mba/> or contact
the Academic Services Office, Graduate Division, at
215.898.7604, e-mail [email protected].
Administration
Patrick Harker
Interim Dean
W. Bruce Allen
Vice Dean and Director, Graduate Division
Jitendra V. Singh
Vice Dean for International Academic Affairs
Scott R. Douglass,
Senior Associate Dean for Finance and Administration
Janice R. Bellace
Interim Associate Dean for Development and Alumni Relations
Jeffrey A. Sheehan
Associate Dean for International Relations
Gerard McCartney
Associate Dean and Chief Information Officer
web!
1999 MBA Career Report
7
This year was a very active year for Wharton MBA
recruiting. A record 643 employers extended offers
to first- and second-year students. Every major
industry and function had graduates or interns
accept positions in 455 organizations.
7
On-campus recruiting and job postings, which students access
through FORTUNE, Wharton’s Internet career management
system, continue to be the most popular source of interview
opportunities. Recruiters also utilized video-teleconferencing,
near-campus sites, and the telephone to interview Wharton
MBA students.
Employers who partner with MBA Career Management have
access to counselors who can advise on strategy to access
Wharton students. For more information concerning employers:
<http://MBACareers.wharton.upenn.edu>.
Wharton appreciates the efforts of the organizations that recruit
here, as well as the Wharton alumni who return as part of their
recruiting teams.
Employer/Student Forums
Organizations continue to use Employer Information Sessions as
the main communication venue for students. They remain an
integral component of recruiting strategy, evidenced by more
than 250 Employer Information Sessions held during the 1998
Fall and 1999 Spring semesters. Other ways employers partici-
pated in the career management process included:
Career Exploration Conference (CEC) — An annual event for
first-year MBA students, the 1998 Conference hosted over 50
business professionals serving on 13 panels, each focused on a
different industry or function.
Wharton Interview Workshop (WIW) — Held in January
1999, the beginning of the recruiting season for first-year stu-
dents, twelve industry representatives provided a seasoned
perspective on effective interviewing during a panel discussion
and then conducted simulated interviews in small break-out
sessions.
In addition, employers have enhanced their visibility on
campus and attracted the attention of Wharton MBA students
through participation in 13 student-organized conferences,
hosting students on Regional Career Treks, leading programs
and workshops, participating in current initiatives such as the
E-Commerce Speaker Series and the High-Growth Career Fair,
and through direct contact with Wharton Graduate Professional
Student Clubs.
wharton employers
Over 300 of the 1,110 firms
recruiting at Wharton in
1999 were organizations
that did not recruit at
Wharton in 1998. Eighty of
the 410 organizations who
had on-campus recruiting
schedules were organiza-
tions that did not recruit at
Wharton in 1998.
web!
8
Recruiting Company Profile
Graduates of Summer Interns
Class of 1999 Class of 2000
Number of Companies
Making Offers 535 502
Number of Companies Hiring 263 298
Number of Job Opportunity
Postings 693 224
Source of Positions
Class of 1999 Class of 2000
Wharton Recruiting
1
67.2% 64.5%
Direct Contact with Company 20.6% 28.1%
Returning to Pre-Wharton
Employer 7.2% 4.2%
Starting/Buying Company 3.1% 1.1%
Other
2
1.9% 2.1%
1
Wharton Recruiting includes On-Campus Recruiting Services,
Wharton Job Postings, Alumni Contacts and Research Centers.
2
Other includes Alma Mater Alumni, Job Fairs and Search Firms.
The following companies employed four or more graduates from
the Class of 1999:
Company Name Graduate Summer Intern
Hires Hires
McKinsey & Company 61 33
Merrill Lynch & Co. 30 27
Goldman, Sachs & Co. 25 50
Bain & Company 23 25
Boston Consulting Group 23 28
Deloitte Consulting 21 14
Morgan Stanley Dean Witter 18 20
Andersen Consulting 17 6
Booz•Allen & Hamilton. 16 19
Lehman Brothers 16 10
Siebel Systems, Inc. 14 0
Enron 12 9
Mercer Management Consulting 11 10
Chase Manhattan Bank 11 6
Bear, Stearns & Co. Inc. 10 5
PricewaterhouseCoopers 10 10
Donaldson, Lufkin & Jenrette 9 10
American Express Company 9 8
J.P. Morgan & Co. 9 16
BT Alex. Brown Inc. 9 5
Credit Suisse First Boston. 8 13
Diamond Technology Partners 8 4
BankAmerica/NationsBank 7 4
Salomon Smith Barney 7 2
A.T. Kearney, Inc. 6 9
Ernst & Young LLP 6 4
Marakon Associates 6 6
Deutsche Bank AG 5 8
LEK Consulting 5 0
SBC Warburg Dillon Read 5 2
Citibank 4 3
Capital One 4 1
Prudential Securities 4 2
Colgate-Palmolive Company 4 2
First Union Corp 4 0
GE Capital Corp 4 4
Priceline.com 4 0
Major Employers 1999
1999 MBA Career Report
9
The following is a list of employers who made offers to Wharton
students and summer interns and/or recruited at Wharton.
Organizations noted in bold are companies that hired three or
more members of the Classes of 1999 and 2000.
American Maple Leaf Financial
Corp.
American Resources Corporation
AmeriTrade Holding Corporation
Amgen Inc.
AMVESCAP PLC
Analog Devices inc.
Analysis Group Inc
Andersen Consulting
Anheuser-Busch Companies, Inc.
Ann Taylor, Inc.
Antal International Ltd.
Aon Group
Apax Partners & Co
Appaloosa Management
Applied Value Corporation
Archstone Communities
ARCO
Ardshiel, Inc.
Arnold Associates
Arthur Andersen LLP
Arthur D. Little
Asahi Glass
Asbury Automotive Group
Asera, Inc.
Ashland Chemical Company
Asian Infrastructure Fund
Advisers Ltd.
AT&T Corporation
Atlas Capital Partners
BACE Capital Partners, LLC
Bain & Company
Banco Bozano, Simonsen S.A.
Banco Central Hispano
Banco Nacional de Mexico, S.A.
Banco Opportunity
Bancomer, S.A.
Bank of New York, The
Bank of Thailand
Bank of Tokyo-Mitsubishi, The
BankAmerica/NationsBank
BankBoston, N.A.
Bankers Trust
Banmedica
Barclays Capital
BARRA International Ltd
Barrington Associates
BASF Corporation
Baupost Group
Bay Harbour Management
Beacon Group
Bear, Stearns & Co. Inc.
Bechtel Enterprises, Inc.
Bell Atlantic Corporation
Bellcore
Benckiser
Berger Group, The
Berkeley Computer Training
Berkeley International Capital
Berlitz Global Net
Berlitz Translation Services
Bertelsmann AG
Bestfoods
Bethlehem Steel Corporation
Biogen, Inc.
BizRate.com
Black and Co.
BlackRock Financial Management
Blackstone Group, The
Block Drug
Blue Cross & Blue Shield Association
BNY Capital Markets, Inc.
Boathouse Sports
BOC Gases
Boles Knop & Co
Booz•Allen & Hamilton, Inc.
Borden Inc
Boston Consulting Group, The
Boston Millennia Partners
Boston Partners Asset Management
Botswana Institute for
Development Policy Analysis
BridgeGate Group
Brigham & Women ‘s Hospital
Bristol-Myers Squibb Company
British Airways
British American Tobacco PLC
BRM Group
Broadbase Information Systems
Broadview Associates, L.P.
Brobeck, Phlager & Harrison, LLP
Brody Communications Ltd.
Brooklyn Museum of Art
Brooks, Houghton & Company, Inc.
Brown & Williamson Tobacco Corp.
Brown Brothers Harriman & Co.
Brown-Forman Corp
Brystol Cove Associates
BSRC
BT Alex. Brown Inc.
BTS
BTV
Building One Services Corporation
Burgess Group, The
Business Communications
Company, Inc.
Business Technology Group
Business Valuation Services
C/Base, Inc.
California Commerce Bank
Cambridge Associates, Inc.
Campbell Soup Company
Campus Pipeline
Candent Corp
Capital Group Companies, Inc, The
Capital Market Risk Advisors
Capital Market Risk Advisors Inc.
Capital One
Capital Trust
CARCO Group, Inc.
CARE USA
Cargill, Incorporated
Carlyle Group
Carrington & Carrington, LTD
Case Corporation
Castle Creek
Castle Group California, Inc.
Castling Group
Catalyst Partners
c-call.com
CDnow, Inc.
Cellular Solution
Center for Applied Research
Central Intelligence Agency (CIA)
Cerner Corporation
CGS Instrumentacao
Chalfin Goup Inc., The
Channelpoint
Charles Schwab & Co., Inc.
Charterhouse Inc.
Chase Capital Partners
Chase Manhattan Bank
Chemical Heritage Foundation
Children’s Hospital of Philadelphia
Children’s Television Workshop
Christini Technologies
Chrysalis Ventures, LLC
Chubb Group of Insurance
Companies
CIBC Oppenheimer Corp.
CIGNA Corporation
Cinergy Inc.
Cisco Systems, Inc.
CIT Group Equity Investments, Inc.
Citibank
Citizens Bank
Citizens Capital Inc
Clairol, Inc.
Clarion Partners
Clark Realty Capital, L.L.C.
Clorox Company
Cluster
Cobalt Group, Inc.
Coca-Cola Company
Cochran, Caronia & Company
Cohen Financial
Colgate-Palmolive Company
Collaborative Marketing
Collinson Howe & Lennox
Columbia Energy Group
Columbia Management Company
Combine International
Comcast Cable Communications, Inc.
@Home Corporation
1838 Investment Advisors, L.P.
3Com Corporation
3M
4anything.com
A.C. Broker
A.G. Edwards Inc.
A.T. Kearney, Inc.
Abbott Capital Management
Abbott Laboratories
Abercrombie and Fitch
ABN AMRO Bank
ACON Investments
Acuity
ADAC Laboratories
Adams, Harkness & Hill, Inc.
Adipose Media, Inc.
Adler Manufacturing
Advent International Corp.
Advisory Board Company
Advocate Health System
Aeltus Investment
Management, Inc.
Aetna Inc.
AIG Global Investment Corp.
AIG Life Companies
Air Products and Chemicals, Inc.
Allegheny Energy
Allegis
Alliance Capital Management L.P.
Alliance Consulting
Allianz Capital Partners
Allianz Versicherungs-AG
Allied Riser Communications, Inc.
AlliedSignal Inc.
Allstate Insurance Company
Alpha Credit Bank
Alpha Shirt Company
Alston and Bird, LLP
Alta Software, Inc.
Aluminum Company of America
Alvarez & Marsal
Amazon.com, Inc.
Ameren Energy
America Online, Inc.
American Airlines, Inc.
American Business Connections
American Business Products, Inc.
American Century Investments
American College of Physicians
American Communication Network
American Express Company
American Management Association
10
Comcast Interactive Capital Group
Commonfund Secruities, Inc.
Commonwealth Associates
Commonwealth of Massachusetts
Compaq Computer Corporation
Compass Partners International, LLC
Complete Care Services
Comrise Technology
ConEdison Inc
Confecta
Conseco
Consolidated Edison
Constellation Power Source
Consumer Health Sciences
Consumers Car Club
Conti Holdings
Coral Energy
CoreTech Consulting Group, Inc.
Cornerstone Capital Management
Cornerstone Research
Corning Incorporated
Corp Group
Corporacion Andina de Fomento
(CAF)
Corporate Decisions, Inc.
Corporate Realty Investment
Company
CorVel Corporation
Cosmobridge
Court of the Chancery
Covance
Cox Communications
CPC International Inc.
Creative Group
Credit Lyonnais S.A.
Credit Research & Trading
Credit Suisse First Boston Corp.
Credit Suisse Group
Crimson Consulting Group
Cromwell Partners, Inc.
CSC Strategic Consulting
CSX Corporation
Cura Group, Inc
Curtis-Davidson Associates Inc.
CV Therapeutics
Cytometrics, Inc.
Dade Behring
Dai-Ichi Kangyo Bank, Ltd
Dai-ichi Mutual Life Insurance Co.
DaimlerChrysler Corporation
Dain Rauscher Wessels
Damon & Morez
Danaher Corporation
Daniels & Associates
Darwin Digital
DASAR International
David Gomez & Associates, Inc.
Dax Partners LP
Day-Timer Technologies
Dean & Company
Eli Lilly and Company
EMC Corporation
EMDS International SA
Emerging Markets Investors
Corporation
Emerging Markets Partnership
Emerging Technologies
Management Research Program
Emmes & Company LLC
Employease
Endeavor Initiative, Inc.
Enersis
EnerTech Capital Partners L.P.
Englishlive.com
Enron Capital & Trade Resources
Enron International
Ensearch Energy Services
Envirogen, Inc.
Environmental Law and Policy
Center
Envirotech Companies
Epson America, Inc.
Equity International Partners
ERE Yarmouth
Eric-Louis Associates
Ernst & Young LLP
Esso
Estee Lauder Companies Inc.
Etec Systems, Inc.
Etre Creative Services
Europraxis
EVEREN Securities
Everyone.net
Evolution Health Initiatives
Ewing Monroe & Co.
Excel Telecommunications
Excite Inc.
Exempla St. Joseph Hospital
Expandia Invest
Exxon Corporation
Family Business
Farallon Capital Management
Federal Capital Partners
Federal Communications
Commission
Federal National Mortgage Assoc.
(Fannie Mae)
Federal Realty Investment Trust
Ferring Pharmaceuticals
Fidelity Investments
Financial Supervisory Service
FINCA International (Foundation for
Int’l Community Assistance)
Fireman’s Fund Insurance
First Annapolis Consulting
First Marathon Securities
First Source Partners
First Union Capital Markets
First USA Bank
Fitch IBCA, Inc.
Flanagan Financial Group — Mass
Mutual
Fleet Equity Partners
FMC Corporation
Focus Capital Group
Ford Motor Company
Ford Land Services Corporation
Forrester Research, Inc.
Fortune Fruit Ltd.
Foster Chamberlain, LLC
Fox Searchlight Pictures
Fox Television
Franklin Mint, The
Franklin Resources
Franklin Templeton Group
Free Library of Philadelphia
Foundation
Freemarkets Online
Fresenius Medical Care
Friedman, Billings, Ramsey & Co
Frito Lay Inc.
Froley-Revy Management Inc.
Fuji Bank, Limited, The
Fuji Xerox Company Ltd.
Fulbright & Jaworski L.L.P.
Gabelli & Company, Inc.
Galt Associates
Gap Inc., The
Gartner Group
GE Capital Corporation
GEF Investment Management
Gemini Consulting
Genentech, Inc.
General Electric Company
General Mills
General Motors Corporation
Genesys Telecommunications Labs
Genzyme Corporation
George Group
George K. Baum & Company
George Washington University
Medical Center
Georgia Pacific Corp
Gilbane Properties
Gillette Company
GirlGeeks?
GKR & Associates, Ltd.
Glenmede Trust Company
Global Crossing Development Co.
Global Education Partnership
Glocap LLC
GM Investment Management Co
Go Main Line.Com
Go Network
Goldman, Sachs & Co.
Government of Argentina
Government of Japan
Government of Singapore
Investment Corporation
Gradient
Deere & Company
Delaware Valley Community
Reinvestment Fund
Dell Computer Corporation
Deloitte & Touche
Deloitte Consulting
Delphi Automotive Systems
Dentsu Inc.
Denver Investment Advisors
Deutsche Bank AG
Dewey Ballantine
DFI International
Diageo
Diamond Technology Partners
Dick’s Clothing and Sporting
Goods, Inc.
Dimensional Fund Advisors
Dinte Resources, Inc.
Dirks, Van Essen & Associates
Disney Consumer Products
Disney Worldwide Services, Inc.
DN Partners LLC
Dole Food Company, Inc.
Dolphin Communications
Partners, L.P.
Domain Associates
Domain Registry.Com
Donald Smith & Co. Inc.
Donaldson, Lufkin & Jenrette
Doosan Corporation
Doug Evans + Partners, Inc.
Dow Chemical Company, The
Dow Jones & Company
Downer and Company Ltd.
Dresdner Bank AG
Dresdner, Kleinwort, Benson, Inc.
Dreyfus Corporation
Dreyfus Health Foundation
Driehaus Capital Management, Inc.
drugstore.com
Duane, Morris & Heckscher
Duff & Phelps Credit Rating Co.
(DCR)
Duke Energy Corporation
Duke Realty Investments
Dun & Bradstreet Corporation, The
E! Entertainment Television
E*TRADE Group, Inc.
E.I. DuPont de Nemours & Co., Inc.
E.M. Warburg Pincus
Earlybird VC
Eastdil Realty, Inc.
Easton Consultants
eBay
e-Citi
eCollege.com
eCOM Partners
Edison Project
EF Language
eFax.com
1999 MBA Career Report
11
GPU International
GRADUS
Graham Partners Inc.
Granite Associates, L.P.
Great Hill Partners
Greenlight Capital, L.P.
GreenTravel. com
Greenwich Street Capital Partners
Group Outcome, Inc
Gryphon Investors, Inc.
GSIC Private Limited
Guardsmark Inc
Guidant Corporation
Guinness Plc
Hambrecht & Quist LLC
Hamilton Cornell
Hammes Company
Hanover Direct, Inc.
Harbour Group
HarperCollins Publishers
Harrah’s Entertainment, Inc
Harris Williams & Co
Harrowston, Inc.
Harvest Partners
Haug S.A.
Hawthorn
HealthShop.com
Hearst Business Publishing, Inc.
Hedlund Corporation
Heirs Organization
Hermes Management Consulting
Herrerias & Associates
Hewitt Associates
Hewlett-Packard Company
Hexcel Corporation
Hibernian Companies, The
HIG Capital LLC
Hines Interests
Hirtle Callaghan & Company
Hoechst Marion Roussel
Hoffmann-LaRoche, Inc.
HollywoodInvestor.com
Honest Tea
Hong Kong & Shanghai Banking
Corporation Ltd., The
Hospital of the University of
Pennsylvania
Houlihan Lokey Howard & Zukin
Howard, Merrell & Partners
Howe & Associates
HR Alliance
HRG, Inc.
HSBC Equator Bank
Hull Trading Company
Human Performance
Technologies, Inc.
Hunt Capital Group, LLC
Hyosung Corporation
Hyundai Oil
i2 Technologies, Inc.
Iberdrola
IBM Consulting
IBM Corporation
ICAHN Associates
ICN Pharmaceuticals, Inc
I-Cube
IllusionFusion!, LLC
IMC Global Inc
IMD
IMG
IMS Health
Indus River Networks, Inc.
Industrial Bank of Japan
Industrial Investments, Inc.
ING Baring Furman Selz LLC
Initiative for a Competitive
Inner City
Innova Capital
Insignia/ESG Jackson-Cross
Institutional Investor, Inc.
Integral Inc
Intel Corporation
InteliHealth
Inter-American Development Bank
Interbrand
Intercontinental Distributing, Inc.
InterGen
Intermountain Health Care
International Capital Strategies
International Finance Corporation
International Flavors &
Fragrances, Inc.
Internet Capital
Internet Partnership Group
IntraMed
INVESCO MIM
Investor Responsibility Research
Center Inc. (IRRC)
iPIN
IPO.com
IS Robotics, Inc.
ITOCHU Corporation
ITT Hartford Insurance Group
iXL
J. & W. Seligman & Co., Inc.
J.H. Lindell & Company
J.P. Morgan & Co., Incorporated
J.T. Brady and Associates
Janssen Pharmaceutica, Inc.
Jardine Fleming Limited
Jeffries & Company
Jellyvision, Inc.
John Buck Company
John Nuveen & Company, Inc., The
Johnson & Johnson Consumer
Products
Johnson & Johnson Development
Johnson & Johnson Health Care
Johnson & Johnson Inc
Johnson & Johnson International
Johnson & Johnson Merck
Consumer Products
Johnson & Johnson Professional
Johnson Enterprises, Inc.
Jones Lang LaSalle, Inc
Joseph E. Seagram & Sons, Inc.
JWG Associates
Kalchas Group — A Unit of CSC
Katz, Ettin, Levine, Kurzweil,
Weber, & Scialabba
Kauffman Foundation
Kauffman Group
KBL Healthcare
Kensington Group
Keystone Venture Capital
KIDS 1, Inc.
Knoll Pharmaceutical Company
Koren, Rogers Associates, Inc.
KPMG Peat Marwick LLP
Kraft Foods, Inc.
Kravco Company
Kurt Salmon Associates
LAI Worldwide
Lakota
Lang & Associates
Lazard Asset Management
Lazard Freres & Co
Leach Management Consulting
Legg Mason Wood Walker, Inc.
Lehman Brothers
LEK Consulting
Lend Lease Real Estate Investments
Liberty Mutual Group
Liberty View Capital Management
Limited, Inc.
Lincoln Center for the Performing
Arts, Inc.
Lincoln Property Company
Lincolnshire Management, Inc.
Linklaters & Paines
Lion Brothers Company Inc.
Lipper & Company, Inc.
Lockheed Martin Corporation
Long-Term Credit Bank of Japan, Ltd
Loomis, Sayles & Co. L.P.
L’Oreal S.A.
Lotus Development Corporation
Lucent Technologies
LVMH Moet Hennessy Louis Vuitton
Lycos
M&T Bank
MacroView Communications Corp.
Madison Trading
Magna Carta B.V.
Mainline Company
Management Alliance Group, Inc.
Management Sciences For Health
Marakon Associates
Marconi Pacific, LLC
MarkeTech Systems
Marketing Communications
Marriott International, Inc.
Martha Stewart Living Omnimedia
Marubeni Corporation
Masco Corporation
Massachusetts General Hospital
MasterCard International, Inc.
Mathematica Policy Research
Matsushita Electric Industrial
Co., Ltd.
Mattel, Inc.
Max Worldwide
MBA Nonprofit Connection
MBI, Inc.
McCarthy & Company
McGraw Hill Companies Inc
McIntyre Company, The
McKesson HBOC
McKinsey & Company
McLean Watson Capital Inc.
McNeil Consumer Healthcare
Mead Corporation
Medarex, Inc.
Media & Methods
MediaOne Group
Medical Broadcasting Company
Medical Inter-Insurance Exchange
Medscape.com
Medtronic, Inc.
Mehta Partners, LLC.
Mellon Ventures, Inc.
Memorial Sloan-Kettering Cancer
Center
Mercer Management Consulting
Merck & Co., Inc.
Merck-Medco Managed Care
Mercury Seven
Merrill Lynch & Co., Inc.
Metropolitan Life Insurance Co.
MFS Investment Management
MGM Universal Home
Entertainment
Miami Medical Centers USA, Inc.
Michelin Travel Publications
Microsoft Corporation
Midtown Research Group
MileagePointe.com
Milken Institute
Millennium Financial Inc.
Millicom International Cellular
Miningco.com
Mirronex Technologies, Inc.
Mitchell Madison Group
Mitsubishi Corporation
Mitsui & Co., Ltd.
MJI Broadcasting Inc.
Moai Technologies
Mobil Corporation
Molecular Circuitry, Inc.
Mondiale Asset Management Ltd.
12
Monitor Company
Monogram International
Monsanto Life Science Company
Montgomery Investment
Technology, Inc.
Moody’s Investor Service
More.com
Morgan Samuels Company
Morgan Stanley Capital
International
Morgan Stanley Dean Witter
Morris Nichols
Morrison Express Corporation
Motorola, Inc.
Mount Auburn Partners
MPM Capital Advisors
MTV Networks
Municipal Mortgage & Equity
(MuniMae)
Murex
Mybasics.com, Inc.
Nabisco, Inc.
Nassau Capital LLC
N-Associates Company, Inc.
National City Bank
National Parks Business Plan
Initiative
National Science Foundation
NationsBanc Montgomery
Securities LLC
Nature Conservancy of Colorado
Nature’s Cure, Inc.
Navimedix
Ned Davis Research, Inc.
NeSBIC CTE Fund B.V.
Nesbitt Burns Inc.
Nestle USA, Inc.
netLibrary, Inc.
NetRisk
Netscape Communications Corp.
Netyear Group
NetZero, Inc.
Neuberger & Berman
Neuromedica
New Balance Shoe Manufacturing
New England Institute of
Jewish Studies
New Jersey State Legislature
New Line Cinema Corporation
New York Capital Corporation
New York Life Insurance Company
New York Times Company
Newcourt Services
Nex-i.com
Nextlink
NISA Investment Advisors
Nokia
Nomura Research Institute Ltd.
Nomura Securities International, Inc.
Nonprofit Facilities Fund
Nori, Hennion, Walsh, Inc.
North Atlantic Technology Fund
Northeast Business Environmental
Network
Northfield Information Services
Northwest Airlines, Inc.
Norwest Venture Capital, L.P.
NovaCare Inc.
Novartis AG
NTT Data Institute of Management
Consulting, Inc
NUI Energy Solutions, Inc.
Oak Hill Partners
Occidental Chemical Corporation
Ocean Spray Cranberries Inc
Office of the State Comptroller,
State of New York
Okidata
Olsten Health Services
O’Neill Group
On-Link Technologies, Inc.
Oppenheimer Captial
OppenheimerFunds, Inc.
Oracle Corporation
Orthovita
OTA Limited Partnership
Output Technology Solutions
Overseas Private Investment Corp.
Oxygen Media, Inc.
P.G. Corbin & Company
Pacific Equity Partners
Pacific Investment Management Co.
Pactual
PaineWebber Incorporated
Palladium Equity Partners, LLC
Palm Computing
Pandesic LLC
Pangea Systems
Paramount Studios, Inc.
Paribas
Park Avenue Partners
Parke Davis
Parteur Merieux Connaught
Parthenon Group, The
Passlogix
Paymybills.com
PeaceWorks
PEC Israel Economic Corporartion
PECO Energy Company
Pennsoil Company
Penobscot Group
People’s Internet Connection, Inc.
Peoplesoft, Inc.
PepsiCo, Inc.
Pequot Private Equity Fund
Perry Capital Partners
Pet Valu International, Inc.
Peter J. Solomon Company
Peterson Ventures
Pfizer Inc.
PGI, Inc.
Pharmacia & Upjohn, Inc.
Philadelphia Orchestra
Philadelphia Ventures, Inc.
Philip Morris International, Inc
Physicians Clinical Research
Solutions
Pilgrim Baxter & Associates
Pittiglio Rabin Todd & McGrath
(PRTM)
PlaNet Finance
PolarisCommunication Services
Popular, Inc.
Populations Services International
Potomac Partners
PPG Industries, Inc
Prairie Group
Pratt & Whitney
Predential International
Investments
PREIT- Rubin, Inc.
Priceline.com
PricewaterhouseCoopers
Primary Health Care, Ltd
Primedia Inc
Princeton Consultants Inc
Principal Financial Group,/
Investa Capital Management
Prize Central Networks, Inc.
Procter & Gamble Company
Prodigy
Product Key.Com
Professionals For Nonprofits, Inc.
Progressive Corporation
Promecap
PromPeru
Prospect Street Ventures
Providence Health System
Prudent Management Associates
Prudential Capital
Prudential Insurance Company of
America
Prudential Securities
PT. Wavin Duta Jaya
Public Affairs Group, Inc
Public Science
Pullman Group
PUMA — North America
Punk Ziegel & Co
Purchasing Group, Inc.
Putnam Investments
Putnam, Hayes & Bartlett, Inc.
Pyramid Research
Q Investments, L.P.
QED
Quadrant International Ltd.
Quantum Corporation
Quesstor Management Company
Quokka Sports
RAF Industries, Inc.
Rain Bird Sprinkler Manufacturing
Rainmaker Capital, LLC
Raymond James Financial
RBC Dominion Securities Inc.
RCN Corporation
Reactor
Real Producations
Realventures.com
Reebok International Ltd.
Reed Jonas & Lee
Reliant Solutions, Inc.
Resurgence Asset Management
Retail Initiative, Inc.
Reuters America, Inc.
Revlon Consumer Products
RHO Management Company, Inc.
Riggs Capital Partners
RightWorks
Rittenhouse Financial Services, Inc.
Robert W. Baird & Co
Robertson Stephens Funds
Robinson-Humphrey Company, Inc.
Rohm and Haas
Roland Berger & Partner GmbH
Roll International
Roseland
Rothschild & Cie
Rouse Company, The
Rouse/Chamberlin Limited
Roxbury Capital Management
RR Donnelly & Sons
SABRE Group, The
Safeguard Scientifics
Sagaponack Partners
Sage Financial Group
Sakura Bank, Limited
Salomon Smith Barney
Samsung Corporation
San Francisco Coffee
San Francisco Opera
Sanford C. Bernstein & Co., Inc.
Sankaty Advisors, Inc
Santander Group
Sanwa Bank, Limited
SAP America, Inc.
Saudi International Bank
Saunders, Karp & Megrue
Savoy Capital
Saxon Group
SBC Communications Inc.
SBC Warburg Dillon Read
SCA Consulting
Schering-Plough
Schindler Elevator Corporation
Schroder & Co. Inc.
Science Applications International
Corp.(SAIC)
Scient
Scotia Capital Markets
Scott Bennett Inc.
1999 MBA Career Report
13
Sears Online
Sears, Roebuck And Co.
Secada & Company
Security Capital Group Inc,
Seed Capital Development Fund
SEI Investments
Sensors Unlimited
Seton Institute
SG Cowen
Shamlian Advertising
Shell Oil Company
Shipper.com
Shorenstein Company LLP
Showtime Networks Inc.
Sibson & Company
Sicom
Siebel Systems, Inc.
Siemens AG
Silicon Graphics
Simon Development Group
Simpson Thacher & Bartlett
SITA
Skadden Arps
Sky View
Skyron, Inc.
SkyView Media Group
SmithKline Beecham
Software.com
Sohsei, Inc.
Songbird Medical Inc.
Sony Corporation of America
Sony Music Entertainment, Inc.
Sony Pictures Entertainment
SoundView Technology Group
Southern Company
Southern Energy, Inc
Sparks.com
Spencer Stuart
Spieker Properties
Spree.com
Sprint
SPSS Inc
Standard & Poor’s
Standish Ayer & Wood, Inc.
Stanton Chase International
Staples
Star TV
StarMedia Network
State Street Research &
Management Company
Stax Research Inc.
Stephens Inc
Stern Stewart & Co.
Strategic Analysis Inc.
Strategic Decisions Group
Strategic Market Research/
Monitor Company
Striker Investments
Structure Internet Design Group
(SIDG)
Sulzer Management Ltd.
Sumitomo Marine & Fire Insurance
Co., Ltd.
Sun Microsystems, Inc.
Sun Seed Company
SunAmerica Inc.
Supreme Court of Pennsylvania
Susquehanna Pfaltzgraff Co.
Sutro & Co.
Sveihagel & Company
Svoboda Collins LLC
Swander Pace Company
Swiftwater Group
Sylvan Learning Systems, Inc.
Syncromade Corporation
Synergy Corp
Synovus Financial Corporation
Synthes U.S.A.
T. Rowe Price
T.H. Hunter, Inc.
TAL Technologies, Inc.
Tamkin Capital Partners
Target Stores
TASA Worldwide
Taylor Wharton Gas Equipment
TD Securities Inc.
Teach For America
Tech Data
TechnoServe, Inc.
Techtel Media Services, Inc.
Tektronix, Inc.
Telecommunications
Development Fund
Telefonica de Argentina
Telesis Company
Telos Management
TenFold
Texaco Inc.
Texas Instruments Incorporated
Thai Farmers Bank Public Co., LTD.
Thammasat University
theglobe.com
Thomas Weiset Partners
TIAA-CREF
Time Inc.
Timken Company
Tishman Speyer Properties
Tokio Marine & Fire
Toll Brothers, Inc.
Tonen Corporation
Tower Consultants
Towers Perrin
Toyo Trust and Banking Co., Ltd
Trammell Crow Company
Transwestern Investment Co., LLC
Travelers Investments
Treacy & Company, LLC
Trident International, Inc.
Trilogy Development Group
Triton Partners
Triumph Capital
Trust Company of the West
Tucker Anthony Incorporated
Tufenkian Tibetan Carpets
Twentieth Century Fox Film Corp.
TwentySomething Inc.
TXU
U.S. Department of Agriculture
U.S. Trust Company of New York
UGI Corporation
Unilever (HPC)
Union Bank of Switzerland (UBS)
Unisys Corporation
United Airlines, Inc.
United Distillers & Vintners
United Industries
Universal Gear
University of Pennsylvania
UNUM Corporation
Up With People
Updata Capital
Urban Outfitters Inc.
US Bancorp
US Bancorp Piper Jaffray Inc.
US WEST, Inc.
USA Networks
USAirways
USWeb/CKS
V.I. Technologies, Inc.
Valhalla Inc
Valspar Corporation
Value Partners Management
Consulting
Vanguard Group, The
VarsityBooks.com
Vcall
Venango Venture Capital
VeriSign, Inc.
Veronis, Shuler & Associates Inc.
Vertex Partners
Vertex Pharmaceuticals Inc.
VerticalNet, Inc.
Vestar Capital Partners
Viacom Inc.
Viant Corporation
Viewer’s Choice
Vinacoal
Violy, Byorum & Partners LLC
Virginia Capital, L.P.
Visa International
Visio Corporation
Vlasic International
Volpe Brown Whelan & Company
V-SPAN
Vulcan Capital
W.L. Gore & Associates, Inc.
Wachovia Bank
Wachtell, Lipton, Rosen, & Katz
Walt Disney Company
Walt Disney Imagineering
Walt Disney Studios
Walt Disney World
Walton Street Capital, LLC
Warner Brothers
Warner Lambert
Wasserstein Perella & Co., Inc.
Waveland Capital Management
WebTV Networks
WEDGE Capital Management
Weiss Peck & Greer Investment
Management
Wellington Management Company
West Group
Western Parcel Express
Western Union Corporation
Westvaco Corporation
Wharton Private Equity Network
Wharton Small Business
Development Center
WHYY
William Blair & Company, LLC
William E. Simon & Sons, LLC
William M. Mercer, Inc.
Wilshire Associates
Wind River Systems
Winsor Associates
Woodbury Group
World Bank
World Game Institute
World Health Organization
Worldco LLC
WPP Group
Wyeth-Ayerst
X*Cel Consulting, Inc.
Yahoo! Inc.
Yasuda Trust & Banking Co.,Ltd.
York Capital.
ZA Business Services Inc.
Zeneca Group PLC
Zephyr Management
ZS Associates
Zweig-DiMenna Associates LLC
14
Class of 1999 Total Percent
of Class
Number of Graduates 788 100.0%
Women 217 27.5%
Minority 136 17.2%
International 237 30.1%
Average Age at Graduation was 30
Graduates Reporting Job Offers 747 96.2%
Graduates Reporting Job Acceptances* 729 92.5%
Graduates Continuing Their Education 6 0.8%
Graduates Taking Time Off 3 0.4%
Graduates Not Responding to the Survey 0 0%
The numbers above include information received as of July 15, 1999.
* Job acceptances include students who are company sponsored (6.7%),
starting their own business (2.8%), or working for a family business
(0.4%).
graduate employment
mba class of 1999
United States 69.9%
Europe 7.5%
Latin America 5.2%
Other 7.5%
Asia 9.9%
Class Profile
Geographic Origins of Graduates 1999
1999 MBA Career Report
15
Percent Salary Range Median
1998 1999 Region 1999 1999
82.9 84.6 United States 33,361 – 165,000 80,000
44.7 46.2 Northeast 35,000 – 150,000 75,000
34.0 32.1 New York City 70,000 – 150,000 75,000
5.0 6.3 Boston 35,000 – 115,000 90,000
9.5 10.6 Mid-Atlantic 37,000 – 150,000 85,000
4.3 4.1 Philadelphia 46,000 – 150,000 80,000
2.9 3.8 Washington, D.C. 75,000 – 105,000 95,000
3.0 2.5 South 65,000 – 95,000 75,000
2.0 1.2 Atlanta 65,000 – 95,000 80,000
5.6 6.5 Midwest 60,000 – 130,000 85,000
2.9 2.7 Chicago 60,000 – 100,000 92,500
1.0 1.1 Minneapolis/St. Paul 72,000 – 100,000 74,850
5.3 4.5 Southwest 33,361 – 130,000 72,000
2.0 1.5 Dallas/Fort Worth 65,000 – 110,000 95,000
2.2 1.5 Houston 70,000 – 70,000 70,000
14.8 14.4 West 65,000 – 165,000 90,000
9.8 9.6 San Francisco 66,000 – 165,000 90,000
3.7 2.6 Los Angeles 70,000 – 100,000 80,000
16.8 15.1 Abroad 40,000 – 160,000 80,000
5.7 7.0 Europe 61,450 – 150,000 83,000
5.3 6.9 Western Europe 61,450 – 110,000 82,750
7.3 4.9 Asia 40,000 – 110,000 80,000
2.7 1.4 Central/South America/Mexico 50,000 – 90,000 77,000
Wharton adheres to the Graduate Management Admissions Council’s definitions of U.S. and International regions.
Salaries of graduates employed abroad are given in U.S. dollars calculated on the basis of prevailing exchange rate at the time job acceptance was
reported. No adjustments for cost of living, etc. are made. The percentage of respondents choosing Asia include sponsored students returning to their for-
mer employers.
Salary Statistics are not released for locations representing
less than 1% of all hires, although Wharton MBA graduates
selected the following diverse locations:
• The Northeastern United States attracts the majority of
Wharton graduates and continues to grow, moving up from
44.7% to 46.2%. New York, a world financial center, com-
prises the largest percentage of this number.
• The number of graduates going to Boston increased, a
reflection of the rising venture capital employment in
1999.
• Changes in the financial market have impacted the number
of graduates accepting positions in Europe, with nearly
58% of those European positions located in London.
Locations Chosen by Graduates
Cleveland
Miami
New Orleans
Salt Lake City
Seattle
St. Louis
Wilmington
Africa
Australia
Canada
Eastern Europe
Austin
Baltimore
Charlotte
Cincinnati
16
Consumer Goods
Venture Capital
Investment Management
Diversified Financial Services †
High Tech
Investment Banking/Brokerage
Consulting
0% 5% 10% 15% 20% 25% 30% 35%
99
98
97
96
95
40%
• The consulting industry continued to be the largest
employer of Wharton MBAs. A dip in accepted offers,
35.5% in 1998 to 31.9% in 1999, accounted for the
decline in the service industry. Median annual salary
increased from $92,000 to $95,000 reflecting the height-
ened recruiting activity to attract students from competing
industries.
• Investment Banking and Investment Management contin-
ued to attract Wharton students, accounting for close to a
third of the accepted offers.
• High-tech growth accounted for the jump in manufactur-
ing employment. This area continued to capture the atten-
tion of many Wharton MBAs as reflected in the increasing
numbers of students entering or returning to this industry
sector. This year, high-tech careers attracted almost 13% of
the graduating class. Software, the Internet, and multime-
dia are the ever-growing target of MBAs worldwide.
• Venture Capital/Private Equity employed more Wharton
graduates than ever, increasing from 1.2% to 3.6% in
1999.
• Both energy and utilities industry employment increased
this year. Rapid change stemming from deregulation issues
has created an increased need within these companies for
people with strong financial and strategic skills.
Industries Chosen by Graduates
Major Industries Chosen by Graduates 1995-1999
† Includes Commercial Banking
1999 MBA Career Report
17
In addition to the top industries listed above, students from
the Class of 1999 accepted positions in a wide range of
service and manufacturing industries. Salary Statistics are
not released for categories representing less than 1% of all
respondents.
Industries Chosen by Graduates
Median
Percent of Class Salary Range Median Sign-On
1998 1999 Industry 1999 1999 Bonus
85.1 82.4 Services 33,361 – 165,000 80,000 20,000
13.9 17.4 Manufacturing 50,000 – 150,000 78,000 15,000
Leading Industries
35.5 31.9 Consulting 50,000 – 165,000 95,000 25,000
29.1 26.5 Investment Banking/Brokerage 50,000 – 100,000 75,000 20,000
6.3 12.6 High-Tech † 50,000 – 105,000 80,000 16,750
5.2 5.1 Investment Management 40,000 – 130,000 85,000 15,000
4.5 5.1 Diversified Financial Services 65,000 – 100,000 75,000 20,000
1.2 3.6 Venture Capital 60,000 – 140,000 80,000 20,000
3.0 3.2 Consumer Goods 70,000 – 150,000 72,000 15,000
1.8 3.2 Commercial Banking 50,000 – 90,000 75,000 20,000
2.0 1.9 Pharmaceuticals//Biotech/Health Products 72,000 – 100,000 78,000 15,000
0.7 1.2 Health Care Services 33,361 – 130,000 60,000 15,000
† When high-tech services (including telecomunications and media services) is combined with high-tech manufacturing industries (including software, the
Internet, multimedia, computer hardware, semiconductors, and technology related consumer products), the percentage of Wharton graduates entering a
high-tech industry is 11.2%. Including entrepreneurs starting technology-related businesses, the percentage is 12.6%.
Sign-on bonuses are only published if 50% or more of the offers in a given category were reported as including a sign-on bonus. Categories representing
less than 0.3% are not included here.
Services
Advertising/Marketing Services
Education
Entertainment
Government/Not-for-Profit
Insurance
Law
Real Estate
Retail/Fashion
Import/Export/International Trade
Transportation Services
Utilities
Wholesale
Widely Diversified Services
Manufacturing
Agribusiness
Chemicals
Extractive Minerals
Forest Products/Packaging
Highly Diversified
Petroleum/Energy
Printing/Publishing
Automobile/Transportation
Equipment
18
• Finance continued to dominate the Wharton hiring landscape.
All finance — corporation and banking — totaled 44.5% for
the Class of 1999.
• Sales and Trading reflected the global market weakness with a
significant dip from 8.6 to 5.5% of the class.
• Graduates pursuing Venture Capital more than doubled from
2.3% to 5.2% last year consistent with the growth in the
Private Equity arena.
• Marketing held steady at 8.8%. The largest component, 6.6%
entered brand/product management and roughly 3.0% went
to consumer goods companies. Salaries overall have inched up
from a median of $72,500 last year to $75,000 in 1999.
Strategic Planning & Internal
Consulting
Finance-Corporate
Management
Marketing
Consulting
Finance-Professional Services
0% 10% 20% 30% 40% 50%
99
98
97
96
95
• Health Care Management/Services bumped up slight-
ly from 0.4% last year to 1.7% this year. Salary
median increased from $75,000 to $77,500, although
this function reflected a wide range of compensation:
$33,500 — $130,000.
• High-tech is a broad label, and every industry sector
included a component of high technology in the form
of a business unit, division, or department. Among
graduates, 18% reported that their position included
high-tech responsibility.
Functions Chosen by Graduates 1995–1999
Functions Chosen by Graduates
1999 MBA Career Report
19
Functions Chosen by Graduates
Percent of Class Salary Range Median Sign-On
1998 1999 Industry 1999 1999 Bonus
35.3 33.0 Consulting 50,000 – 165,000 95,000 25,000
31.4 30.2 General/Strategic Management 50,000 – 165,000 95,000 25,000
2.0 1.6 Health Care 90,000 – 105,000 97,500 25,000
1.8 0.8 Other*
4.3 4.9 Finance — Corporate 50,000 – 125,000 75,000 20,000
3.8 3.7 Analysis/Investments/Treasury 60,000 – 125,000 75,000 20,000
0.3 0.4 Control/Accounting*
0.3 0.4 Real Estate*
40.2 39.6 Finance — Professional Services 40,000 – 160,000 75,000 20,000
19.7 20.2 Corporate Finance 50,000 – 100,000 75,000 20,000
8.6 5.5 Sales and Trading 70,000 – 160,000 75,000 20,000
5.6 5.4 Investment/Portfolio Management 40,000 – 100,000 82,000 20,000
2.3 5.2 Venture Capital 60,000 – 140,000 80,000 20,000
2.2 2.6 Investment Research 65,000 – 90,000 75,000 20,000
1.9 0.7 Real Estate (banking)*
3.9 5.1 Management 33,361 – 150,000 80,000 20,000
2.7 3.4 General/Project Management 55,000 – 150,000 90,000 20,000
0.4 1.6 Health Care Management/Services 33,361 – 130,000 77,500 20,000
8.7 8.8 Marketing 65,000 – 100,000 75,000 15,000
7.3 6.6 Brand/Product Management 65,000 – 90,000 72,000 15,000
2.7 2.9 Consumer Goods 65,000 – 74,700 72,000 15,000
3.0 2.2 High-Tech 70,000 – 90,000 85,750 20,000
0.7 1.4 Product Development 65,000 – 100,000 81,500 15,000
0.7 1.1 Financial Services 65,000 – 75,000 75,000 10,000
0.4 0.4 Sales*
0.3 0.3 Market Research*
1.0 0.3 Pharmaceutical*
3.4 3.2 Strategic Planning/Internal Consulting 40,000 – 130,000 80,000 20,000
2.1 2.2 Other 72,000 – 105,000 87,500 20,000
* Salary Statistics are not released for categories representing less than 1% of all hires. Sign-on bonuses are only published if 50% or more of the
reported offers indicated the receipt and amount of a sign-on bonus. Categories representing less than 0.3% are not included here.
20
Class of 2000 Total Percent
of Class
Number of First-Year Students 770 100.0%
Women 236 30.6%
Minority 140 18.0%
International 243 31.5%
Average Age at Summer Employment was 29
First-Year Reporting Job Offers 743 97.0%
First-Year Reporting Job Acceptances* 720 93.5%
First-Years Continuing Their Education 10 1.3%
First-Years Not Responding to the Survey 0 0.0%
The numbers above include information received as of July 15, 1999.
* Job acceptances include students who are company sponsored (4.5%),
starting their own business (1%), or working for a family business
(0.4%).
summer intern employment
mba class of 2000
United States 68.2%
Other 6.0%
Latin America 4.9%
Europe 7.9%
Asia 13.0%
Class Profile
Geographic Origins of Summer Interns 1999
1999 MBA Career Report
21
Percent Salary Range Median
1998 1999 Region 1999 1999
79.4 80.9 United States 450 – 14,400 6,250
46.8 43.9 Northeast 450 – 14,400 6,250
36.4 32.5 New York 450 – 14,400 6,250
4.5 5.4 Boston 3,000 – 9,100 6,500
12.0 11.6 Mid-Atlantic 450 – 12,100 5,280
7.1 7.0 Philadelphia 450 – 12,100 5,000
2.3 2.0 Washington, D.C. 2,000 – 8,167 7,000
2.1 2.6 South 1,000 – 8,750 5,650
1.0 1.3 Atlanta 1,000 – 8,750 6,400
7.0 6.3 Midwest 4,000 – 9,000 5,450
2.4 1.7 Chicago 4,000 – 9,000 7,500
2.9 3.2 Southwest 4,000 – 9,000 5,500
1.5 1.3 Houston 5,000 – 9,000 5,500
8.6 13.1 West 1,000 – 9,500 5,950
4.2 6.6 San Francisco 1,000 – 9,500 5,900
2.8 3.4 Los Angeles 1,250 – 9,000 5,667
20.4 19.0 Abroad 1,400 – 10,000 6,350
10.0 8.3 Europe 1,400 – 9,500 6,915
9.4 7.9 Western Europe 1,400 – 9,500 6,832
6.8 6.2 Asia 1,400 – 10,000 6,100
2.3 3.2 Central/South America/Mexico 1,500 – 8,500 4,500
Salaries of interns employed abroad are given in U.S. dollars calculated on the basis of prevailing exchange rates at the time job acceptance were reported.
No adjustments for cost of living, etc. are made. The percentage of respondents choosing Asia include sponsored students returning to their former employers.
Salary Statistics are not released for categories represent-
ing less than 1% of all hires, although Wharton MBA
selected diverse locations for their summer internships:
Locations Chosen by Summer Interns
Dallas/
Ft. Worth
Miami
Minneapolis/
St. Paul
Austin
Baltimore
Charlotte
Cleveland
Cincinnati
Salt Lake City
San Diego
Seattle
Wilmington
Africa
Australia
Canada
Eastern Europe
22
• Students continue to enter a wide variety of industries
reflecting their different interests and backgrounds.
Wharton MBA interns accepted positions in 52 indus-
tries this year.
• Mirroring the trend of the graduating class, the Consulting
industry hired the highest percentage of 1999 interns,
followed closely by Investment Banking/Brokerage and
Manufacturing-related industries (including High-Tech).
• Summer employment highlights included a significant
increase in High-Tech internships — from 7.1% to 12.2%.
0% 5% 10% 15% 20% 25% 30% 35%
Consumer Goods
Venture Capital
Investment Management
Diversified Financial Services †
High Tech
Investment Banking/Brokerage
Consulting
99
98
97
96
95
Industries Chosen by Summer Interns
Industries Chosen by Summer Interns 1995-1999
• Although Investment Banking as a functional category
continued to be one of the most popular at Wharton,
summer internships in Investment Banking dropped
to 24.9% from 31.9% in 1998. Some of this can be
attributed to the explosive growth in the high-tech
sector, accompanied by a dip in Sales and Trading. To
a lesser extent, it speaks to the broadening of the
financial sector to include growing interest in invest-
ment management, venture capital and private equity.
† Includes Commercial Banking
1999 MBA Career Report
23
In addition to the top industries listed above, students from
the Class of 2000 accepted positions in a wide range of
service and manufacturing industries. Salary statistics are
not released for categories representing less than 1% of all
respondents.
Industries Chosen by Summer Interns
Percent of Class Monthly Salary Range Median
1998 1999 Industry 1999 1999
80.3 76.8 Services 450 – 14,400 6,250
18.9 23.2 Manufacturing 1,000 – 12,100 5,200
Leading Industries
26.1 28.0 Consulting 450 – 10,000 7,985
31.9 24.9 Investment Banking/Brokerage 1,400 – 14,400 6,250
7.1 12.2 High-Tech† 1,000 – 12,100 5,250
5.4 5.8 Investment Management 1,250 – 10,000 6,000
2.5 3.4 Pharmaceuticals//Biotech/Health Products 4,000 – 10,000 5,400
5.2 3.4 Diversified Financial Services 1,400 – 7,800 5,417
2.1 3.3 Venture Capital 1,000 – 12,100 5,250
4.2 3.0 Consumer Goods 4,000 – 6,500 5,000
1.7 2.2 Commercial Banking 1,480 – 6,250 6,000
1.6 2.1 Automobile/Transportation Equipment 2,000 – 6,500 5,313
1.7 2.0 Entertainment 1,300 – 6,000 4,000
† When high-tech services (including telecomunications and media services) is combined with high-tech manufacturing industries ( including software, the
Internet, multimedia, computer hardware, semiconductors, and technology related consumer products), the percentage of Wharton summer interns entering
a high-tech industry is 12.2%.
Sign-on bonuses are not reported for summer internships. 18.8% of the respondents indicated that the employment offers they accepted included a sign-on
bonus.
Services
Computer Related Services
Education
Government/Not-for-Profit
Health Care Services
Insurance
Law
Media Services (not print)
Real Estate
Retail/Fashion
Import/Export/International Trade
Utilities
Widely Diversified Services
Manufacturing
Aerospace
Chemicals
Construction
Extractive Minerals
Forest Products/Packaging
Highly Diversified
Petroleum/Energy
Printing/Publishing
24
0% 10% 20% 30% 40% 50%
Management
Corporate Finance
Corporate/Strategic Planning/
Internal
Marketing
Marketing-Brand/Product
Consulting
Finance-Professional Services
99
98
97
96
95
• Finance retained its stronghold as the function of choice for
interns, despite an overall decline of around 5%. Venture
Capital, Investment/Portfolio Management and Investment
Research all experienced increases in percentages of
Wharton MBAs as summer interns.
• Consulting continues its decade-long upward summer hir-
ing trend by increasing its percentage of interns from 27%
to 29% over the past year — a record for this industry.
• The Marketing function had a significant increase this year
— from 9.8% to 12.9%- generated by a higher percentage
of interns entering Brand/Product Management and Market
Research.
Functions Chosen by Summer Interns
Major Functions Chosen by Summer Interns 1995-1999
• Management increased 1% due to the demand by the
High-Tech sector for Project Management summer
interns.
• The considerable decrease in Sales and Trading positions
owes to the volatility exhibited by world markets in the
past year.
1999 MBA Career Report
25
Functions Chosen by Summer Interns
Percent of Class Monthly Salary Range Median
1998 1999 Function 1999 1999
27.2 29.0 Consulting 450 – 10,000 7,917
25.0 26.3 General/Strategic Management 450 – 10,000 7,985
0.8 2.1 Other 1,500 – 8,667 4,000
1.1 0.5 Health Care*
6.8 5.1 Finance — Corporate 1,225 – 6,500 5,325
5.2 4.5 Analysis/Investments/Treasury 1,225 – 6,240 5,313
0.5 0.3 Control/Accounting*
0.7 0.1 Real Estate*
42.6 37.6 Finance — Professional Services 1,000 – 14,400 6,250
19.1 18.1 Corporate Finance 1,400 – 14,400 6,250
11.0 5.5 Sales and Trading 1,440 – 8,000 6,250
4.7 5.1 Investment/Portfolio Management 1,250 – 10,000 6,000
3.4 5.0 Venture Capital 1,000 – 12,100 5,443
2.8 3.2 Investment Research 2,000 – 6,500 6,000
1.6 0.7 Real Estate (banking)*
2.7 3.6 Management 1,000 – 7,800 5,000
1.3 2.6 General/Project Management 1,000 – 7,800 5,000
1.2 0.5 Health Care Management/Services*
0.01 0.4 Operations/Production Management*
9.8 12.9 Marketing 1,000 – 8,333 5,000
7.7 8.6 Brand/Product Management 3,000 – 8,333 5,000
3.6 3.3 Consumer Goods 3,600 – 6,250 5,000
2.4 2.5 High-Tech 3,000 – 6,250 5,000
1.3 1.7 Product Development 1,000 – 7,500 5,000
0.6 1.6 Market Research 3,000 – 7,000 4,750
1.2 1.5 Financial Services 4,000 – 6,250 5,000
0.5 1.1 Pharmaceutical 4,500 – 8,333 5,240
0.0 0.8 Sales*
6.4 5.7 Strategic Planning/Internal Consulting 2,000 – 8,333 5,250
1.8 3.5 Other 2,400 – 10,000 5,833
* Salary Statistics are not released for categories representing less than 1% of all hires. Sign-on bonuses are only published if 50% or more of the
reported offers indicated the receipt and amount of a sign-on bonus. Categories representing less than 0.3% are not included here.
26
geographic analysis
graduate and summer interns
Where Do They Go?
0% 1% 2% 3% 4% 5% 6% 7% 8%
Middle East
Africa
Australia
Canada
Central/South
American/Mexico
Asia
Europe
99
98
International Locations Chosen by Graduates
International Locations Chosen by Summer Interns
0% 2% 4% 6% 8% 10% 12%
Australia
Middle East
Africa
Canada
Central/South
American/Mexico
Asia
Europe
99
98
Work locations chosen by Wharton MBAs were influenced by
the international economic climate, by the geographic origins of
non-U.S. citizens, and by their choices in returning to their
home country. Overall, an increase in the number of non-U.S.
citizens working outside of their home country and an increase
in U.S. citizens working abroad underscores the increasing
globalization of Wharton MBAs.
• For the graduating class, interest shifted from Asia to
Europe in 1999. For the Class of 2000, Latin America was
of significant interest.
• The percentage of U.S. citizens choosing to intern abroad
rose from 7% to 8.5%, although the percentage of
Wharton graduates with U.S. citizenship choosing to start
their postgraduate careers abroad dropped slightly.
• More than 30% of the Class of 1999 and Class of 2000 are
non-U.S. citizens, many of whom are gaining international
experience by accepting positions in the United States.
Non-U.S. citizens accepting permanent positions in the
United States increased from 55% to 61% while Non-U.S.
citizens accepting summer internships in the United States
increased from 47.3% to 57%.
• Nearly 72% of Wharton MBA graduates and summer
interns who are non-U.S. citizens chose to work outside of
their home country.
1999 MBA Career Report
27
high-growth employment
Permanent
Summer Internships
3
6
9
12
15
19991998199719961995
Technology-related companies employing 3 or more
Wharton students:
Amazon.com, Inc.
Asera, Inc.
Dell Computer Corporation
drugstore.com
Hewlett-Packard Company
Intel Corporation
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
62,328
70,000
73,750
75,000
80,000
19991998199719961995
1,000
2,000
3,000
4,000
5,000
6,000
3,800
4,700
4,680
5,000
5,250
19991998199719961995
Class of 1999
• 18% of the Class of 1999 accepted positions with high-tech
responsibility.
• 8% accepted jobs with Internet companies.
• More than half of the 23 students who are starting their
own businesses are starting internet-based companies.
• The percentage of students doing high-tech/Internet-
related work in traditional industries continues to increase,
as evidenced below.
Percentage of students with high-tech responsibilities in other
industries:
• Corporate or Strategic Planning 35%
• Marketing 34%
• Venture Capital 32%
• General management 30%
• Consulting 15%
• Finance 13%
Class of 2000
• More than 19% of the Class of 2000 accepted summer
internships in high-tech industries.
• Nearly 8% accepted jobs with Internet companies.
Number of Students Accepting Positions
in High-Tech Industries
Median Salaries for Summer Internships—
High-Tech
Median Salaries for Full-Time High-Tech Positions
High-Tech Employment Profile
Lucent Technologies
Microsoft Corporation
Priceline.com
Siebel Systems, Inc.
Sun Microsystems, Inc.
Vcall
28
Interest in Venture Capital and Private Equity swelled to record
levels among the Class of 1999 and 2000. As new firms and
funds were introduced, students were drawn to the challenge of
assessing investments in companies at varying stages of develop-
ment. Established firms grew to add new associates while new
funds were hiring their first employees.
From the Class of 1999, 26 graduates accepted positions in
Venture Capital, and 25 summer interns were hired into the
field. Dean Miller, Class of ’99, is one such hire.
Dean Miller, Pennsylvania Early Stage Partners
Function: Finance-Venture Capital
Position Description: Senior Associate
Sourcing and analyzing business plans,
meeting with entrepreneurs, completing
due diligence on potential investments,
negotiating the terms of investments,
working with portfolio companies to help
them grow their business and ultimately,
helping the company to prepare for either
an IPO or sale to another company.
How Wharton Prepared you:
“The growing entrepreneurial spirit at Wharton helped to foster
my learning for my job in VC, from both an academic and
direct-experience perspective. I took a number of entrepreneur-
ship courses that taught me how to write solid business plans,
how to create a marketing program for a start-up and especially,
how to complete VC deals (the terms, structure, etc.). Since I
had so many entrepreneurial classmates, I was also constantly
asked by my classmates to review their business plans and
provide feedback. This experience was invaluable in preparing
me for my day to day responsibilities in the real world. My firm
actually just invested in a classmate’s business.”
Interest in entrepreneurship among Wharton MBA students has
continued to increase, evidenced by 23 graduates and 8 summer
interns reporting business start-ups. Wharton MBAs have
focused mainly on technology-related areas such as the Internet
and e-commerce. Two graduates from the Class of 1999 are
profiled below:
ImageMine
Industry: Business-to-Business E-commerce
Maye Chen, Co-Founder
Gregg Spiridellis, Co-Founder
Business Description:
ImageMine will provide data and applica-
tions that enable apparel and accessory
retailers to offer consumers “truly
personalized” online shopping tools.
How Wharton prepared you:
“The exposure I had to a broad range of
disciplines at Wharton has provided an
invaluable foundation for analyzing any
business situation. In addition, the
Wharton network has opened doors to
some of the top companies we are court-
ing. Access to the alumni database alone
was worth the tuition!”
— Gregg Spiridellis
Venture Capital Employment Profile Entrepreneur Profile
Wharton MBA Career Management
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