President Obama at the Kelogg School of Management 10-04

President Obama at the Kelogg School of Management 

President Barack Obama arrived on the Northwestern University campus Thursday to deliver a major address on the economy to students at the Kellogg School of Management.

Obama to Kellogg: Business is the future

The president spoke on the economy to Kellogg students on Northwestern’s campus

Speaking to an assembly of Kellogg students, President Barack Obama on Thursday said the business leaders of tomorrow are the key to a strong economy.

"There is a reason why I came to a business school instead of a school of government," Obama said. "I actually believe business is the greatest force for prosperity and opportunity that the world has ever known."

Obama called for Kellogg students, as future business leaders, to pursue mindful growth.

“As you engage in the pursuit of profit, as you should, I challenge you to do it with a sense of purpose,” Obama said. “As you chase your own success, as we want you to do, I challenge you to cultivate ways to help more Americans chase theirs.”

'A clear-eyed look’

Obama, who delivered the commencement address for the Class of ’06, said he wanted Thursday’s speech to be “a clear-eyed look at our economy.”

In a speech that touched on issues including education, health care and energy, the president also spoke on the importance of parity for women in business, praising Dean Sally Blount '92 for her work in this area.

"Let's do what Dean Blount is doing here at Kellogg," Obama said, speaking of Blount's work with the White House.

He also called out Northwestern’s commitment to nanotechnology, which has helped produce startups such as lithium-ion battery maker SiNode Systems.

‘All in this together’

“But I also believe in a higher principle: we're all in this together,” Obama said. “That's the spirit that made the American economy not just the world's greatest wealth creator, but the world's greatest opportunity generator.”

The speech at Cahn Auditorium reflected the president’s desire to spread his message to the students who will be at the forefront of tomorrow’s growth.

“This is a university that is brimming with the possibility of the new economy,” Obama said as he began his address. “You can’t help but visit a campus like this and feel the promise of the future.”

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Kellogg MBA Lands $375K Job In Finance 12-08

Kellogg MBA Lands $375K Job In Finance

by John A. Byrne

You don’t often think of Northwestern University’s Kellogg School of Management as a producer of big time money managers or bulge bracket bankers. But this year a thirty-something male professional in the Class of 2013 landed a $375,000-a-year starting salary for an investment management gig. The eye-popping salary was more than three times the $110,000 median for other classmates going into the same industry.

Even more surprising, though, is the fact that the big pay day in finance came at Kellogg where only 3% of this year’s graduates went into Investment management and just 19% of the entire class went into financial jobs at all. Whoever brought home the bacon at Kellogg outdid every other prominent business school’s reported high in base salary for the year: the $350,000 at Wharton, $310,000 at Columbia, $250,000 at Chicago Booth, the $237,000 at NYU Stern, $225,000 at Stanford, and $177,500 at Harvard Business School (though HBS only reported the 75th percentile number).

In fact, Kellogg had at least a half dozen bust-the-bank pay deals for its MBAs this year. Besides the $375K investment management job, presumably at a hedge fund, there was a $350,000 base salary hire by a private equity firm, a $225,000 base salary for an MBA who went into the energy industry, and a $206,000 base for an MBA who took a job in “transportation services.” Kellogg grads who went into venture capital and consulting also landed awfully rich pay packages with base salaries of $175,000 each. None of those sums include sign-on bonuses or other guaranteed compensation which would further enlarge all those high numbers.

ONLY TWO OTHER SCHOOLS HAVE HIGHER MEDIAN BASE PAY NUMBERS THIS YEAR

All in all, it made for one of the best placement and pay years in recent memory for Kellogg, which released its 2013 employment report on Friday (Dec. 6). Overall, the school’s grads nailed down median base salaries of $120,000—equal to those at Harvard, MIT Sloan, and UC-Berkeley and $5,000 ahead of local rival Chicago Booth. Only two other business schools in the U.S. reported a higher median: Stanford and Wharton, both at $125,000. Kellogg said the median sign-on bonus for the Class of 2013 was $25,000, ranging from a low of $2,000 in technology to $60,000 in investment banking. The school said that 84% of its graduates had job offers at graduation and 94.7% had offers three months later.

Source: 2013 Employment Reports

Of course, the $375K winner had six to nine years of work experience, presumably in the investment field (schools do not identify graduates in their employment report but a careful reading of the reports allow one to often glean a sparse details about the MBAs who land the highest pay packages). He also went to work in New York City, though the $350K MBA headed to Boston for his job in private equity.

“There is a mystery about those super winners,” says Sandy Kreisberg, a leading MBA admissions consultant and founder of HBSGuru.com. 

“My guess is they are one-off kids who got that money because they could bring in family business or knew the Snapchat kids.”

THE HIGHEST MEDIAN SALARIES AT KELLOGG WENT TO GRADS IN LAW AND LEGAL SERVICES

Kellogg’s numbers also go to show, however, that pre-MBA experience may well trump business school choice in the landing of a highly lucrative job at graduation. The conventional advice that is given to  applicants to go to the best school they can get into, with strong consideration to their desired career path and preferred job location, may not always hold true. Simply getting an MBA from one of the very top schools–regardless of its specific core strengths–may well give a professional the sought-after career boost.

“Most top schools can do more than one thing well,” says Betsy Massar, an HBS grad and founder of Master Admissions, an MBA admissions firm. “Never assume that only one school can help you meet your goals. I think it is great that Kellogg is finally making headlines for something other than marketing.  In fact, because of my own finance background, I have had the chance to work with some great Kellogg MBA candidates who come from the investment world and want to stay there.  And they felt the right fit at Kellogg.  Conversely, I have worked with some cool Wharton types who had no interest in finance, but had a great experience at that school.”

In any case, Kellogg’s highest median salaries, $160,000—were paid in law and legal services, presumably for the school’s dual MBA/JD graduates. Otherwise, consulting ruled the roost, with median salaries of $135,000, exactly the same rate of pay for consulting at Harvard, Stanford and other top schools. Energy/utilities and venture capital was next, with median salary of $130,000, followed by technology at $128,000, private equity at $125,000, and telecom at $121,000 (see table below). Not surprisingly, the lowest median salaries—$76,750—were paid to the 1% of the class that accepted non-profit jobs which ranged in base pay from $50,000 to $95,000 a year.

MCKINSEY, BAIN, BCG, DELOITTE & ACCENTURE BIGGEST EMPLOYERS AT KELLOGG IN 2013

As usual at Kellogg, the biggest employers were the prestige global consulting firms. Eight of the school’s 13 largest hirers were in the consulting business. McKinsey & Co. hired 46 Kellogg grads this year, followed by Bain & Co. (38), Boston Consulting Group (34), Deloitte Consulting (34), and Accenture (13). The school has historically done exceptionally well with consulting because its graduates have a reputation for their professional presence and interpersonal skills, attributes that Kellogg has long screened for in applicant interviews.

Other major employers of Kellogg’s MBAs this year were Microsoft (10), Amazon (9), A.T. Kearney (8), Cisco Systems (8), General Mills (7), Booz & Co. (6), Kraft Foods Group (6), L.E.K. Consulting (6), ExxonMobil (5), Goldman Sachs (5), Pwc (5), Apple (4), Bank of America Merrill Lynch (4), The Chartis Group (4), Citi (4), DISH Network (4), J.P. Morgan (4), PepsiCo (4), and Target Corp. (4).

AN EXCEPTIONALLY DIVERSE MIX OF COMPANIES HIRED KELLOGG MBAS

A similarly diverse range of companies brought aboard at least three Kellogg grads this year, including The Cambridge Group, Coca-Cola, Danaher, Davita, Evercore Partners, Nike, Samsung, Sears Holdings, and Unilever. Only 3% of the class started their own businesses, compared to 7% at Harvard and a record 18% at Stanford.

There were no dramatic shifts in industry choices at Kellogg. The largest single chunk of graduates, 38%, went into consulting, a percentage point drop from last year when 39% choose the field. Some 19% went info finance, exactly the same percentage as 2012. Some 11% of the class accepted jobs in consumer packaged goods, up two points from 9% last year. About 12% went into a catchall category that Kellogg calls “technology, manufacturing and services”—exactly the same as last year. Some 10% went into “other services,” same as 2012. “Other manufacturing” attracted 6% of the class—identical to last year’s number—and pharmaceutical, biotech and healthcare, grabbed 4% of the grads, down from 5% a year earlier.

HOW MUCH KELLOGG GRADUATES MADE IN 2013

Source: Kellogg 2013 employment report

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