BY Sydney LakeDecember 16, 2022, 3:08 PM

Students walk on campus at Dartmouth College in Hanover, New Hampshire, as seen in October 2021. (Photographer: Bing Guan—Bloomberg/Getty Images)

Despite major layoffs in the tech industry and a potential recession that’s looming, many top-ranked business schools saw their 2022 MBA grads land record-breaking pay packages. In fact, grads from business schools saw starting median base salaries jump to as high as $175,000—up to a 17% increase in some programs.

Business school officials and experts credit this leap in starting pay to competition in the most popular MBA career paths: consulting, finance, and technology. For example, the three big consulting firms—McKinsey & Co., Boston Consulting Group, and Bain & Co.—announced changes to their MBA pay structures, granting new grads starting base salaries of at least $190,000. With signing and performance bonuses, these grads make close to $300,000.

“Most grads have multiple opportunities and compare one against the other,” Juan Pablo Gonzalez, a senior client partner with Korn Ferry, a management consulting and recruiting firm, previously told Fortune. “Add to this that employers from other labor markets—tech, private equity, financial services—want the same talent and the result is a hyper competitive market.”

Salaries for both the tech and financial services (which includes private equity, venture capital, and investment banking) also rose. Harvard Business School saw median base investment banking salaries jump almost 17% to $175,000 between 2021 and 2022, and private equity salaries also rise to $175,000, a 9% increase. The overall median base salary was $175,000 for the class of 2022 at HBS, which Fortune ranks as the No. 1 full-time MBA program in the U.S.

“We saw increases in almost every sector, thus the overall median for the class also went up,” Kristin Fitzpatrick, managing director of MBA Career & Professional Development at HBS, previously told Fortune. These grads also landed $30,000 median signing bonuses and $40,000 performance bonuses, bringing their total pay packages to $245,000.

Based on 2022 salary reports released thus far, Fortune has compiled a list of business schools that see their grads land starting pay packages—including base and bonus pay—of at least $200,000. Note that not all business schools release data regarding bonuses, which means that this is not an exhaustive list.

Harvard Business School

Fortune full-time MBA ranking: No. 1 

2022 median base pay: $175,000

2021-2022 year-over-year increase: 16%

2022 median signing bonus: $30,000

2022 median performance bonus: $40,000

2022 median pay package: $245,000

Most popular industries: Consulting (26%), technology (19%), and private equity (15%)

University of Chicago Booth School of Business

Fortune full-time MBA ranking: No. 2 

2022 median base pay: $175,000

2021-2022 year-over-year increase: 13%

2022 median signing bonus: $30,000

2022 median pay package: $205,000

Most popular industries: Consulting (36.8%) and finance (36.2%)

Northwestern University’s Kellogg School of Management

Fortune full-time MBA ranking: No. 3

2022 median base pay: $165,000 overall; $175,000 for consulting grads

2021-2022 year-over-year increase: 10%

2022 median signing bonus: $30,000

2022 median pay package: $195,000 overall; $205,000 for consulting grads

Most popular industries: Consulting (40%) and technology (20%)

New York University Stern School of Business

Fortune full-time MBA ranking: No. 7

2022 median base pay: $170,000

2021-2022 year-over-year increase: 10%

2022 median signing bonus: $35,000

2022 median pay package: $205,000

Most popular industries: Financial services (34%) and consulting (31%)

Dartmouth College’s Tuck School of Business

Fortune full-time MBA ranking: No. 11

2022 median base pay: $175,000

2021-2022 year-over-year increase: 17%

2022 median signing bonus: $30,000

2022 median pay package: $205,000

Most popular industries: Consulting (47%) and financial services (20%)

Yale School of Management

Fortune full-time MBA ranking: No. 12

2022 median base pay: $160,110

2022 median signing bonus: $30,000

2022 median year-end bonus: $20,000

2022 median pay package: $210,110

Most popular industries: Consulting (46%) and investment banking (10%)

Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.

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