The starting salary offers received by this year's MBA graduates add up to a mixed bag. About half of Bloomberg Businessweek's 30 top-ranked U.S. business schools reported flat or little growth this year over last. Of even greater concern, salary hikes are not keeping pace with inflation at many schools. For the first time this year, Bloomberg Businessweek calculated the 2010-12 inflation-adjusted growth rate for the median salary of each school's graduates, and the picture is not rosy. At about a third of the 30 top-ranked schools, the median growth rate was negative, meaning salaries have either fallen, or budged by less than 1 percent, over the last three years. A handful of schools defied the odds, including the University of Chicago's Booth School of Business, where salaries jumped 7 percent since 2010, after inflation is factored in. Other schools with inflation-adjusted pay growth exceeding 5 percent include Carnegie Mellon's Tepper School of Business and University of Notre Dame's Mendoza College of Business.

Notwithstanding the tepid growth, getting an MBA from a top 30 school still means that most students walk out with enviable starting offers—at least $30,000 more than they were making before attending business school. More than two-thirds of the top 30 schools reported median salaries that were well into six figures. The Stanford Graduate School of Business reported a $125,000 median salary—the highest of any top 30 school— trailed closely by Harvard Business School and the Wharton School, both of which reported median salaries of $120,000.

Note: All pay information was self-reported by schools, except as noted.

Photograph by John Smith/Corbis

The starting salary offers received by this year's MBA graduates add up to a mixed bag. About half of Bloomberg Businessweek's 30 top-ranked U.S. business schools reported flat or little growth this year over last. Of even greater concern, salary hikes are not keeping pace with inflation at many schools. For the first time this year, Bloomberg Businessweek calculated the 2010-12 inflation-adjusted growth rate for the median salary of each school's graduates, and the picture is not rosy. At about a third of the 30 top-ranked schools, the median growth rate was negative, meaning salaries have either fallen, or budged by less than 1 percent, over the last three years. A handful of schools defied the odds, including the University of Chicago's Booth School of Business, where salaries jumped 7 percent since 2010, after inflation is factored in. Other schools with inflation-adjusted pay growth exceeding 5 percent include Carnegie Mellon's Tepper School of Business and University of Notre Dame's Mendoza College of Business.

Notwithstanding the tepid growth, getting an MBA from a top 30 school still means that most students walk out with enviable starting offers—at least $30,000 more than they were making before attending business school. More than two-thirds of the top 30 schools reported median salaries that were well into six figures. The Stanford Graduate School of Business reported a $125,000 median salary—the highest of any top 30 school— trailed closely by Harvard Business School and the Wharton School, both of which reported median salaries of $120,000.

Note: All pay information was self-reported by schools, except as noted.

Photograph by John Smith/Corbis

Top B-Schools With the Highest-Paid MBAs

Stanford, Harvard, Wharton Lead the Pack
Stanford, Harvard, Wharton Lead the Pack

The starting salary offers received by this year's MBA graduates add up to a mixed bag. About half of Bloomberg Businessweek's 30 top-ranked U.S. business schools reported flat or little growth this year over last. Of even greater concern, salary hikes are not keeping pace with inflation at many schools. For the first time this year, Bloomberg Businessweek calculated the 2010-12 inflation-adjusted growth rate for the median salary of each school's graduates, and the picture is not rosy. At about a third of the 30 top-ranked schools, the median growth rate was negative, meaning salaries have either fallen, or budged by less than 1 percent, over the last three years. A handful of schools defied the odds, including the University of Chicago's Booth School of Business, where salaries jumped 7 percent since 2010, after inflation is factored in. Other schools with inflation-adjusted pay growth exceeding 5 percent include Carnegie Mellon's Tepper School of Business and University of Notre Dame's Mendoza College of Business.

Notwithstanding the tepid growth, getting an MBA from a top 30 school still means that most students walk out with enviable starting offers—at least $30,000 more than they were making before attending business school. More than two-thirds of the top 30 schools reported median salaries that were well into six figures. The Stanford Graduate School of Business reported a $125,000 median salary—the highest of any top 30 school— trailed closely by Harvard Business School and the Wharton School, both of which reported median salaries of $120,000.

Note: All pay information was self-reported by schools, except as noted.

Photograph by John Smith/Corbis
1. Stanford University
1. Stanford University

Stanford Graduate School of Business

Median Graduate Salaries
• 2012: $125,000
• 2011: $125,000
• 2010: $120,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -.98%
• 2012 Post-MBA Pay Increase: $35,000 (38.9%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph by Proehl Studios/Corbis
2. Harvard University
2. Harvard University

Harvard Business School

Median Graduate Salaries
• 2012: $120,000
• 2011: $120,000
• 2010: $110,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 3.7%
• 2012 Post-MBA Pay Increase: $30,000 (33.3%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph by Brent Lewin/Bloomberg
2. University of Pennsylvania
2. University of Pennsylvania

The Wharton School

Median Graduate Salaries
• 2012: $120,000
• 2011: $120,000
• 2010: $110,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 3.7%
• 2012 Post-MBA Pay Increase: $30,000 (33.3%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph by Kendall Whitehouse/The Wharton School
4. MIT
4. MIT

Sloan School of Management

Median Graduate Salaries
• 2012: $118,500
• 2011: $119,000
• 2010: $110,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 2.4%
• 2012 Post-MBA Pay Increase: $38,500 (48.1%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph courtesy of MIT
5. University of Chicago
5. University of Chicago

Booth School of Business

Median Graduate Salaries
• 2012: $115,000
• 2011: $107,000
• 2010: $102,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 7.17%
• 2012 Post-MBA Pay Increase: $40,000 (53.3%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Source: The University of Chicago via Bloomberg
6. Northwestern University
6. Northwestern University

Kellogg School of Management

Median Graduate Salaries
• 2012: $115,000
• 2011: $110,000
• 2010: $105,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.11%
• 2012 Post-MBA Pay Increase: $36,000 (45.6%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph courtesy of Kellogg School of Managemen
6. Dartmouth College
6. Dartmouth College

Tuck School of Business

Median Graduate Salaries
• 2012: $115,000
• 2011: $110,000
• 2010: $105,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.11%
• 2012 Post-MBA Pay Increase: $50,300 (77.7%)

Photograph courtesy of Dartmouth College
8. University of California, Berkeley
8. University of California, Berkeley

Haas School of Business

Median Graduate Salaries
• 2012: $115,000
• 2011: $111,000
• 2010: $110,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -.62%
• 2012 Post-MBA Pay Increase: $43,000 (59.7%)

Photograph courtesy of Haas School of Business
9. Duke University
9. Duke University

Fuqua School of Business

Median Graduate Salaries
• 2012: $110,000
• 2011: $101,400
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.56%
• 2012 Post-MBA Pay Increase: $50,000 (83.3%)

Photograph courtesy of Duke University
10. University of Michigan
10. University of Michigan

Ross School of Business

Median Graduate Salaries
• 2012: $110,000
• 2011: $103,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.56%
• 2012 Post-MBA Pay Increase: $49,000 (80.3%)

Photograph courtesy of Ross School of Business
11. Columbia University
11. Columbia University

Columbia Business School

Median Graduate Salaries
• 2012: $110,000
• 2011: $110,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.56%
• 2012 Post-MBA Pay Increase: $30,000 (37.5%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph by James Leynse/Corbis
12. University of Virginia
12. University of Virginia

Darden School of Business

Median Graduate Salaries
• 2012: $105,000
• 2011: $100,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -.19%
• 2012 Post-MBA Pay Increase: $39,000 (59.1%)*

* Based on pre-MBA salaries reported in a 2012 Bloomberg Businessweek graduate survey, as well as post-MBA salaries reported by the school.

Photograph courtesy of Darden School of Business
12. Carnegie Mellon University
12. Carnegie Mellon University

Tepper School of Business

Median Graduate Salaries
• 2012: $105,000
• 2011: $100,000
• 2010: $95,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.06%
• 2012 Post-MBA Pay Increase: $53,000 (101.9%)

Photograph courtesy of Carnegie Mellon University
 14. University of California, Los Angeles
14. University of California, Los Angeles

Anderson School of Management

Median Graduate Salaries
• 2012: $103,500
• 2011: $100,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -1.62%
• 2012 Post-MBA Pay Increase: $41,500 (66.9%)

Photograph courtesy of Anderson School of Management
15. University of Southern California
15. University of Southern California

Marshall School of Business

Median Graduate Salaries
• 2012: $100,000
• 2011: $96,000
• 2010: $94,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 1.12%
• 2012 Post-MBA Pay Increase: $35,000 (53.8%)

Photograph courtesy of Marshall School of Business
16. Emory University
16. Emory University

Goizueta Business School

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $90,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.62%
• 2012 Post-MBA Pay Increase: $50,000 (100%)

Photograph courtesy of Goizueta Business School
16. Cornell University
16. Cornell University

Johnson Graduate School of Management

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $96,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -.98%
• 2012 Post-MBA Pay Increase: $40,000 (66.7%)

Photograph courtesy of Cornell University
16. University of North Carolina
16. University of North Carolina

Kenan-Flagler Business School

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $95,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: .06%
• 2012 Post-MBA Pay Increase: $55,000 (122.2%)

Photograph by University of North Carolina
16. University of Texas, Austin
16. University of Texas, Austin

McCombs School of Business

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $95,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: .06%
• 2012 Post-MBA Pay Increase: $35,500 (55%)

Photograph by University of Texas, Austin
16. New York University
16. New York University

Stern School of Business

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -4.94%
• 2012 Post-MBA Pay Increase: $32,611 (48.4%)

Photograph by Adam Pantoza
16. Yale University
16. Yale University

Yale School of Management

Median Graduate Salaries
• 2012: $100,000
• 2011: $100,000
• 2010: $100,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -4.94%
• 2012 Post-MBA Pay Increase: $37,566 (60.2%)

Photograph courtesy of Yale School of Management
22. University of Notre Dame
22. University of Notre Dame

Mendoza College of Business

Median Graduate Salaries
• 2012: $99,500
• 2011: $93,500
• 2010: $90,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.09%
• 2012 Post-MBA Pay Increase: $59,500 (148.8%)

Photograph courtesy of University of Notre Dame
23. Indiana University
23. Indiana University

Kelley School of Business

Median Graduate Salaries
• 2012: $99,500
• 2011: $95,000
• 2010: $90,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.09%
• 2012 Post-MBA Pay Increase: $54,200 (119.6%)

Photograph courtesy of Kelley School of Business
24. University of Minnesota
24. University of Minnesota

Carlson School of Management

Median Graduate Salaries
• 2012: $97,505
• 2011: $95,507
• 2010: $90,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 2.98%
• 2012 Post-MBA Pay Increase: $55,505 (132.2%)

Photograph courtesy of University of Minnesota
25. Rice University
25. Rice University

Jones Graduate School of Business

Median Graduate Salaries
• 2012: $95,000
• 2011: $95,000
• 2010: $95,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -4.94%
• 2012 Post-MBA Pay Increase: $47,000 (97.9%)

Photograph courtesy of Rice University
26. Brigham Young University
26. Brigham Young University

Marriott School of Management

Median Graduate Salaries
• 2012: $94,050
• 2011: $92,000
• 2010: $88,550

Pay Analysis
• 2010-12 Inflation-Adjusted Change: .96%
• 2012 Post-MBA Pay Increase: $42,050 (80.9%)

Photograph courtesy of Marriott School of Management
27. Georgia Institute of Technology
27. Georgia Institute of Technology

Scheller College of Business

Median Graduate Salaries
• 2012: $94,000
• 2011: $90,000
• 2010: $85,020

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.10%
• 2012 Post-MBA Pay Increase: $31,351 (50%)

Photograph by Daniel Mayer
28. Texas A&M University
28. Texas A&M University

Mays Business School

Median Graduate Salaries
• 2012: $93,500
• 2011: $85,000
• 2010: $85,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 4.56%
• 2012 Post-MBA Pay Increase: $51,500 (60.6%)

Photograph courtesy of Mays Business School
29. Southern Methodist University
29. Southern Methodist University

Cox School of Business

Median Graduate Salaries
• 2012: $90,000
• 2011: $82,400
• 2010: $81,000

Pay Analysis
• 2010-12 Inflation-Adjusted Change: 5.62%
• 2012 Post-MBA Pay Increase: $30,000 (50%)

Photograph courtesy of Southern Methodist University
30. Michigan State University
30. Michigan State University

Broad College of Business

Median Graduate Salaries
• 2012: $86,700
• 2011: $87,500
• 2010: $86,200

Pay Analysis
• 2010-12 Inflation-Adjusted Change: -4.39%
• 2012 Post-MBA Pay Increase: $63,181 (268.6%)

Photograph courtesy of Michigan State University