MIT Sloan School of Management – A complete guide

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The full-time MBA program at the MIT Sloan School of Management lasts for two years and is one of the most sought-after MBA programs in the world.

MIT Sloan School of Management is one of the few business schools where entrepreneurship, innovation, and invention are built into the school’s culture. The MIT Sloan MBA program is one of the most selective in the world and ranks #1 in more fields than any other business school. It is located in Cambridge, which is near Boston, and is known as one of the best college towns in the US.

In this article, we take a look at the MIT Sloan School of Management’s MBA program, the class of 2024, and the employment report for 2022.

General Information on MIT Sloan

Location – 100 Main Street, Cambridge, MA 02142

Dean – David C. Schmittlein

Admissions Office – Arthur D Little Bldg, 100 Main Street, Cambridge, MA 02142, USA

Phone: +1-617-258-5434

Email: mbaadmissions.mitsloan@mit.edu

Social media – Facebook, Twitter, YouTube, Instagram, LinkedIn

MIT Sloan MBA – By the numbers

Here are a few important statistics for the latest class i.e. class of 2024 of the MIT Sloan

Class Size408
Median GMAT Score730
GMAT Range690-760
GRE Range315-340
Average GPA3.62
Work Experience (Average)5 years
Tuition Cost for a Single Person$80,400
Percentage of students that received a job offer96.6%
Median Base Salary$165,000
Median Signing Bonus$30,000

Now, let’s take a look in detail at the latest incoming class i.e., the MBA class of 2024 of MIT Sloan.

MIT Sloan MBA class profile 2024

Enrollment

MIT Sloan did not disclose the number of applications it received for the 2022 admissions. However, 408 candidates enrolled in MIT Sloan as the full-time MBA class of 2024.

  • Total Enrolled in MIT full-time MBA class of 2024 – 408

Diversity

Business Schools care a lot about maintaining diversity in the class. Nearly half (46%) of the MIT Sloan class of 2024 is female and 40% of students are international citizens and represent 63 countries.

More details are below.

  • % women in the MIT Sloan class of 2024 – 46%
  • % international students in the MIT Sloan class of 2024 – 40%

Test Scores and GPA

MIT Sloan is home to some of the brightest minds in the world. So, it’s quite understandable that the GPA and test scores will be on the higher side. The average GPA of the MIT Sloan class of 2024 is 3.62, and the median GMAT score is 730

Average GPA – 3.62

GMAT Score

  • Median GMAT – 730
  • GMAT Range (middle 80%): 690-760

GRE Score

  • GRE Quant Range (middle 80%) – 158-169
  • GRE Verbal Range (middle 80%) – 157-168

Undergraduate Major

The highest number of MIT Sloan class of 2024 students have a background in engineering (29%) followed by Business (23%) and Economics (17%). 

More details are in the table below:

Undergraduate MajorPercentage of MIT Sloan class of 2024
Engineering29%
Business23%
Economics17%
Science & Math15%
Social Science10%
Computer Science2%
Humanities2%
Law1%
Other1%

Pre-MBA industry of MIT Sloan MBA class of 2024

Every student in the MIT Sloan class of 2024 has some work experience. The average work experience is 5 years. 23% of the MIT Sloan class of 2024 has a background in Consulting (23%) and Financial Services (23%) followed by Technology (14%) and Nonprofit, Government, and Education (14%). 

More details are in the table below:

Pre-MBA industry% of MIT Sloan class of 2024
Consulting23%
Financial Services23%
Technology14%
Nonprofit/Government/Education14%
Other7%
Pharmaceutical/Health Care/Biotech6%
Energy4%
Consumer Products/Retail3%
Manufacturing3%
Automotive, Transportation, Defense2%
Media/Entertainment/Sports0.5%

MBA Application Deadlines

The application dates for the MBA Class of 2025 (incoming class of 2023) are

Application RoundDeadlineDecisions
Round 1Sep 29, 2022Dec 14, 2022
Round 2Jan 18, 2023Apr 3, 2023
*Extended MBA Round 2Feb 23, 2023April, 2023
Round 3Apr 11, 2023May 18, 2023

Now that you know the education and industry background of the latest class of MIT Sloan, you must have an idea of where you stand compared to them. To get into MIT Sloan try to match or exceed these numbers. Now, let’s take a look at the compensation that MIT Sloan MBA students get after they graduate.

MIT Sloan MBA employment statistics – Class of 2022

The MIT Sloan class of 2022 received a median base salary of $165,000. Moreover, 63% of the class received a median signing bonus of $30,000 and 73% will receive a median performance bonus of $40,000.

Here are the details:

  • Median Base Salary – $175,000
  • Median Signing Bonus – $30,000 – 70% Receiving
  • 41.4% – Accepted full-time offers were return offers from their summer internship employer
  • 96.6% received an offer within 3 months of graduating

Top Employers of MIT Sloan MBA class of 2022

The Boston Consulting Group hired 47 MIT Sloan MBA students from the class of 2022, which is the highest. It is followed by McKinsey & Company which hired 21 MIT Sloan MBA students and Amazon which hired 18 people.

More details are here.

Hiring CompanyNumber of hires
The Boston Consulting Group47
McKinsey & Company21
Amazon18
Google12
Bain & Company11
Goldman Sachs8
Capital One5
Deloitte Consulting5
Amgen4
Apple4

Employment by Industry

31.2% of the MIT Sloan MBA class of 2022 found employment in consulting followed by 22.6% in Technology, and Finance.

More details are in the below table.

Industry% MIT Sloan MBA class of 2022
Consulting31.20%
Technology22.60%
Software/Internet19.30%
Computers/Electronics3.30%
Finance22.60%
Investment Banking/Brokerage6.50%
Investment Management3.60%
Private Equity4.20%
Venture Capital4.40%
FinTech1.50%
Diversified Financial Services2.40%
Media/Entertainment/Sports2.00%
Retail/CPG3.60%
Services (includes Real Estate)1.80%
Pharma/Healthcare/Biotech6.80%
Auto/Aerospace3.30%
Energy2.00%
Manufacturing (includes Telecom, Agritech & Chemicals)2.00%
Nonprofit1.20%
Education0.30%
Government0.60%

Median Salary by Industry

Candidates finding employment in Consulting and Investment Banking received the highest median salary of $175,000. Candidates who found a job in Investment Management received a median salary of $170,000. 

More details are in the following table.

IndustryMeanMedianLowHigh
Consulting$175,608$175,000$62,000$245,000
Technology$148,851$150,000$67,000$215,000
Software/Internet$148,316$150,000$67,000$215,000
Computers/Electronics$151,900$152,500$104,000$180,000
Finance$163,386$170,000$90,000$270,000
Investment Banking/Brokerage$172,955$175,000$150,000$185,000
Investment Management$165,909$170,000$130,000$200,000
Private Equity$156,492$155,000$105,000$225,000
Venture Capital$151,750$140,000$90,000$270,000
FinTech$157,000$160,000$140,000$175,000
Diversified Financial Services$166,250$166,500$150,000$181,000
Media/Entertainment/Sports$135,000$137,500$120,000$145,000
Retail/CPG$140,100$141,000$95,200$185,000
Service (incl Real Estate)$130,500$125,000$100,000$172,000
Pharma/Healthcare/Biotech$150,750$145,000$130,000.00$190,000
Auto/Aerospace$151,727$160,000$97,000$180,000
Energy$142,143$150,000$115,000$165,000
Manufacturing (incl Telecom, Agritech & Chemicals)$145,000$140,000$120,000$190,000
Nonprofit$122,750$132,500$91,000$135,000

Employment by function

38.3% of the MIT Sloan MBA class of 2022 found employment in Consulting/Strategic Planning, followed by 18.1% in Finance, and 17.8% in Product Management/Development.

More details are below.

FunctionPercent
Business Analytics2.4%
Business Development5.0%
Consulting/Strategic Planning38.3%
Finance18.1%
Asset Management/Portfolio Management3.3%
Investment Banking5.3%
Private Equity4.1%
Venture Capital3.9%
Other Finance1.5%
Leadership Development Program/General Management5.3%
Marketing2.4%
Operations/Project Management9.8%
Product Management/Development17.8%
Other Function0.9%

Median Salary by function

MIT Sloan class of 2022 students who found employment in Consulting/Strategic Planning received the highest median salaries of $175,000 followed by Finance ($172,000), and Product Management/ Development ($155,000).

FunctionMeanMedianLowHigh
Business Analytics$154,300$150,000$141,000$175,000
Business Development$144,776$145,000$95,200$190,000
Consulting/Strategic Planning$169,864$175,000$62,000$245,000
Finance$164,347$172,000$90,000$270,000
Asset Management/Portfolio Management$166,500$160,000$150,000$200,000
Investment Banking$176,389$175,000$150,000$185,000
Private Equity$158,031$155,000$105,000$225,000
Venture Capital$152,100$127,500$90,000$270,000
Other Finance$157,609$135,000$140,000$172,000
Leadership Development Program/General Management$139,714$140,000$120,000$155,000
Marketing$147,000$145,000$116,000$179,000
Operations/Project Management$146,484$145,000$95,000$190,000
Product Management/Development$152,366$155,000$67,000$215,000

Median Signing Bonus

MIT Sloan graduates finding employment in Investment Banking received the highest Median signing bonus of $58,500. More details are in the table.

FunctionPercent receiving bonusMeanMedianLowHigh
Business Analytics50.0%$22,500$25,000$10,000$30,000
Business Development52.9%$15,278$15,000$2,000$35,000
Consulting/Strategic Planning77.5%$31,090$30,000$4,500$125,000
Finance52.5%$47,785$50,000$10,000$88,125
Asset Management/Portfolio Management72.7%$38,750$50,000$10,000$60,000
Investment Banking88.9%$56,313$58,500$40,000$80,000
Private Equity28.6%$36,250$30,000$15,000$70,000
Venture Capital7.7%NANANANA
Other Finance60.0%$47,708$30,000$25,000$88,125
Leadership Development Program/General Management66.7%$45,417$32,500$5,000$160,000
Marketing50.0%$36,250$35,000$30,000$45,000
Operations/Project Management63.6%$44,488$35,000$2,500$93,000
Product Management/Development63.3%$47,337$32,500$5,000$156,000
Other Function100.0%$11,167$7,500$6,000$20,000

Employment by Location

Majority (94%) of the MIT Sloan MBA class of 2022 found employment in the United States. A mere 6% chose to work outside the US. In the US, 53.7% found jobs in the North East and 19% in the West. More details are below.

Location

  • United States - 94%
  • International - 6%

United States

  • Mid-Atlantic - 6.8%
  • Midwest - 3.3%
  • Northeast - 53.7%
  • South - 5.3%
  • Southwest - 5.9%
  • West - 19%

International

  • Asia - 1.2%
  • Australia & Oceania - 0.3%
  • Canada - 0.3%
  • Europe - 3%
  • Mexico - 0.3%
  • Latin America - 0.3%
  • Middle East - 0.3%
  • Africa - 0.3%

Hiring trend at MIT Sloan

The primary reason for accepting a job offer

ReasonClass of 2022Class of 2021Class of 2020Class of 2019Class of 2018Class of 2017Class of 2016Class of 2015
Growth Potential42.30%40.70%43.60%44.30%35.30%33.30%37.50%31.40%
Job Function15.10%17.90%19.30%16.80%23%19.80%14.80%24.80%
Industry13.50%17.10%11.10%11.10%16.00%9.30%11.70%11.30%
People/Corporate Culture11.90%7.70%8.60%7.10%10.50%9.60%13.40%9.20%
Prestige of Firm5.10%5.70%3.70%5.70%4.40%8.30%4.90%6.10%
Compensation4.20%3.30%2.50%2.10%1.50%2.30%2.10%2.00%
Commitment to Sustainability2.90%2.80%0.90%4.30%0.40%3.30%1.40%1%
Commitment to Social Impact1.90%2.80%4.10%NANANANANA
Location1.90%2.00%3.70%5.70%5.80%5.90%8.20%4.40%
Other1.20%NA2.50%NANANANANA

Trend by industry

Tech jobs have increased in 2022 when compared to 2013. However, the share of tech jobs has seen a decline since 2019 from 30.7% to 22.6% in 2022.

More details are below:

YearFinancial ServicesConsultingTechnology
201326.631.919.2
201419.533.926.1
201512.932.130.6
201614.730.529.3
201713.732.131.8
201816.431.629.4
201919.730.730.7
202018.531.127.6
202121.428.325
202222.631.222.6

This is what the salaries look like at MIT Sloan. However, you should also know how much will it cost to attend MIT Sloan. The next section explains this in detail.

Cost of Attendance

This student budget represents the standard Cost of Attendance at MIT Sloan set by Student Financial Services, and it can vary only slightly depending on family size. This figure represents the limit on all forms of financial aid, including scholarships, fellowships, and student loans.  Additional living costs may vary widely, depending on your lifestyle, the size of your household, and other personal details.

Tuition$80,400
Fees$2,596
Housing$17,100
Food$6,777
Books and supplies**$1,008
Personal (including medical insurance)$9,657
Transportation$2,457
Total Cost of Attendance$119,995

**While the student is responsible for purchasing textbooks, all required course packs are included as part of the tuition cost.

MIT Sloan Scholarships

MIT Sloan is able to provide fellowship opportunities to first- and second-year students in the MBA program, thanks in part to the generous support of individual, corporate, and foundation donors.

The MIT Sloan Admissions Committee awards merit-based fellowships to exceptional students based on a variety of criteria, including, but not limited to:

  • Academic excellence
  • Professional achievements
  • Potential to enhance the MIT Sloan community

The following fellowships are awarded upon admission. No application is required. 

The fellowships listed below, many of which have been established through generous gifts to MIT Sloan from alumni and friends of the school, are available to admitted students. Students will be considered for these fellowship awards automatically, dependent upon their eligibility, and do not need to submit an additional application. Students are typically informed if they have received a fellowship upon notification of admittance to the school. This applies to U.S. citizens, permanent residents, and international students.

  • 42 Analytics Fellowship
  • Tamotsu Adachi (1983) Fellowship
  • Admadjaja Family Fellowship
  • Jim and Sara Anderson Fellowship
  • Antonios and Ioannis Angelicoussis Foundation Fellowship
  • ASEAN Fellowship
  • ASEAN Fellowship and Student Support 
  • Beatrice Ballini (1986) Fellowship
  • Borromeo Fellowship
  • Caireta Family Fellowship 
  • Mariafrancesca Carli-Josselyn (1992) Fellowship
  • Tim (1975) and Nancy (1976) Chan Fellowship
  • Philip M. Condit (1975) Fellowship
  • F. Hudnall Christopher Jr. (1959) Fellowship 
  • Betsy and Stephen (1958) Corman Fellowship
  • Linda Archer Cornfield Fellowship
  • Jean-Jacques Degroof (1993) Fellowship
  • Rafael del Pino (1986) Fellowship
  • Henry B. DuPont Fellowship
  • Joseph E. Eastin (2015) Fellowship
  • Samuel (2003) and Alexandra Epee-Bounya Fellowship
  • Exxon Education Foundation Fellowship
  • Hala Frangie Fadel (2001) Fellowship
  • Alexis (1967) and Leticia Falquier Fellowship
  • Bill and Lisa Ford Fellowship
  • Global Opportunities Fellowship
  • Robert P. Goldberg (1965) Fellowship
  • Gordon-Bluestein Fellowship
  • Gordon Family Sloan Fellowship
  • MIT Sloan Guo Heng Fellowship
  • Bassim (2002) and Maha Halaby Fellowship
  • Ivy Head Family Fellowship
  • LCP Ho Fellowship
  • Luli Yeh and Tsu Ho Hong Fellowship
  • Mindy Hsu (2006) and David Lee (2004) Fellowship
  • Ed and Caroline Hyman Fellowship
  • Iman Foundation Fellowship
  • Edward H. Inman (1975) Fellowship
  • John E. Jamerson (1977) Fellowship
  • Marzio Keiling Sloan Masters Fellowship
  • Kenedix Fellowship
  • Sara and Frederic (2009) Kerrest Fellowship
  • Ketterson Family Fellowship
  • Assia Khellaf (1992) and Vedat Eyuboglu Fellowship
  • Yu-Ting Kuo (1994) Fellowship
  • Eivind Lange (1981) Mary Puma (1981) Fellowship
  • Lebanese International Finance Executives (LIFE) Fellowship 
  • Lin Family Fellowship
  • Lo Family Fellowship
  • Gernot Lohr (1998) and Lara Zibners Lohr Fellowship
  • Stephen E. Mermelstein (1976) Fellowship
  • Sunshik Min MBA Fellowship
  • Philip (1998) and Winnie Mok Fellowship 
  • Elizabeth Monrad Diversity Fellowship
  • Nath Fellowship
  • Pechacek Fellowship
  • Thomas R. Petersen Memorial Fellowship
  • Gustavo A. Pierini (1987) Fellowship
  • Robert Pozen Fellowship
  • Chin Chin and Garrison Qian Fellowship
  • Rajaram Family Fellowship
  • Karen and Jack (1947) Rizika Fellowship
  • Samsung Fellowship
  • Sadeq Sayeed (1985) Fellowship Fund
  • Paul K. (1947) and Mary L. Schilling Fellowship
  • Serge (1996) and Pascale Schoen Fellowship
  • Louis E. and Theresa Seley Fellowship
  • Shahril Shamsuddin (1996) Fellowship
  • Miriam Sherburne Fellowship
  • Alexander H. Shing (2000) Fellowship
  • Stone Masters Fellowship for Women
  • Shivan S. Subramaniam (1978) Fellowship
  • FM Global Fellowship in Honor of Shivan Subramaniam (1978)
  • Lester Thurow Fellowship
  • Kim Sai Toh (2002) Fellowship 
  • Dr. Kiyoyuki (1987) and Machiko Tsujimura Fellowship
  • Theodore Vassilakis Fellowship
  • Sloan Veterans Fund 
  • Verma Family Fellowship
  • VGS Foundation Fellowship
  • Thomas J. Vincent (1968) Fellowship
  • Wilke Leadership Inclusion Fellowshi
  • Ronald A. Williams (1984) and Cynthia Williams Fellowship
  • Thomas R. Williams (1954) Fellowship
  • Pengfei Xie (1997) and Yufei Wang (1998) Fellowship
  • Connie (1995) and Paul (1991) Yang Fellowship
  • Xiaodong Zhang (2006) Fellowship

The following fellowships require a separate application. 

There are several fellowships that require a separate application process and are awarded through their respective organizations. Please see below for more information on these fellowships and directions on how to apply.

More Information

  • Aker Scholarship
    The Aker Scholarship is a grant awarded to Norwegian students pursuing the MBA [or MFIN, MBAn] at MIT Sloan. MIT is one of the selected few universities to receive this scholarship. Funding is available to Norwegian students and those with strong ties to Norway who are accepted into post-graduate degree programs. The scholarship will supplement any other funding to cover the full cost of study and living expenses. For more information and to apply, visit the Aker Scholarship website.
  • Fundacion Gondra Barandiaran
    Awarded to two Spanish nationals who obtained their engineering degrees from a Spanish university and will join the MBA, Master of Finance, or Master of Business Analytics program. The scholarship covers full tuition for two years (12 months for MFIN and MBAn programs). To be eligible, MBA candidates must be admitted in Round 1 or Round 2; MBA, MFIN, and MBAn candidates must submit their application for the scholarship to FGB within 20 days of their admission decision. Find more information here.
  • Kennedy Memorial Trust Scholarships
    The Kennedy Scholarship is an academic award for British students studying at two of the world's finest universities - Harvard and MIT. It can be used to fund a wide variety of programs at MIT and across all the graduate schools within Harvard - from PhD to LLM, from MPH to March.   It can also fund a Special Studentship for those wanting a general program of non-degree study.  Learn more here.
  • Legatum Fellowship
    The Legatum Center for Development and Entrepreneurship offers financial assistance to select entrepreneurial graduate students at MIT. Their application process is separate from MBA Admissions. The fellowship is open to all MIT graduate students who demonstrate a commitment to starting a business in a low-income country after graduation. Please visit the Legatum Center website for more information and to apply.
  • Lemann Education Fellowship
    A generous gift from the Jorge Paulo Lemann Foundation has created a pilot program to support Lemann Education Fellowships at MIT. Fellowships will be awarded to outstanding MIT graduate students to further their studies in education, educational technology and innovation, educational policy and reform, and related areas. Graduate students from all schools and disciplines are eligible, with preference given to applicants from Brazil, and then to applicants from any country working on issues relevant to advancing education in Brazil. Preference will be given to master’s students, then doctoral students. Incoming students must be admitted to their program of choice at MIT, then submit an application for a Lemann Fellowship.  For more information and to apply, please visit the Office of the Dean for Graduate Education website.
  • McKinsey Award
    McKinsey & Company awards scholarships of $10,000 each to up to three first-year MBA students at the MIT Sloan School of Management. The award recognizes MIT Sloan students with an outstanding record of academic achievement, demonstrated drive and personal impact, and distinctive leadership in professional, community, or campus activities.
    The McKinsey Award is open to all incoming MBA students at the MIT Sloan School of Management regardless of professional experience and interest. All MIT Sloan graduate applicants are encouraged to apply. Each applicant must indicate interest in applying for the McKinsey Award by checking the McKinsey Award box on the MIT Sloan application.
    The McKinsey Award Committee will select the scholarship recipient(s) based on MIT Sloan application materials, possible in-person interviews, and other relevant information, emphasizing academic excellence; drive and personal impact; and professional, campus, or community leadership. McKinsey & Company will notify the winners directly, and the awards will be announced in early fall of the first semester.
  • MIT-China Scholarship Council Fellowship Program
    Incoming first-year graduate students accepted to an MIT graduate program who are citizens of the People’s Republic of China are eligible to apply to this fellowship. The MIT-CSC Fellowship Program provides fellowships consisting of funding that covers a standard stipend, full tuition, international round-trip airfare, and appropriate fees. Applications to participate in the MIT-CSC Fellowship Program should be submitted by candidates directly to the CSC. Interested candidates must apply here.
  • MIT Public Service Center Fellowships
    MIT Public Service Fellows play a leading role in developing and implementing their service projects. Fellows must work in collaboration with a supervisor in a community organization that will benefit from their work in the long term, but Fellows typically take a consultant or partnership role with their supervisors, rather than working directly for them. MIT students who are developing their own non-profits or social enterprises may also apply for Fellowships to support them in this process. 
  • MIT Sloan Social Impact Fellowships
    The MIT Sloan Social Impact Fellowships provide funding to a limited number of MBA students taking on important societal challenges during their summer internship period. Students apply in April of their first year, and awards are announced in early May. Funding is provided by the Dean’s Office and contributions from classmates.  To learn more, please contact the MIT Sloan Net Impact Chapter.
  • Yellow Ribbon GI Education Enhancement Program
    MIT Sloan offers $25,000 scholarships, with $25,000 in matching funds from the VA, to all veterans of the U.S. military who meet the VA eligibility requirements for the Yellow Ribbon program. For more information, please contact Josh DeMaio (jkdemaio@mit.edu) or visit the program website.
  • The Zuckerman Fellowship
    The Zuckerman Fellows Program equips people from the fields of medicine, law, and business to provide leadership for the common good by making it possible for them to pursue public service degrees at the Harvard Graduate School of Education, Harvard T. H. Chan School of Public Health, or Harvard Kennedy School. The Zuckerman Fellowship provides recipients with full tuition and health insurance fees for one year plus a living stipend. This fellowship is for dual-degree students only.  Learn more here.

Final Thoughts

Getting an MBA from MIT Sloan is a dream for most MBA applicants. MIT Sloan is one of the best business schools in the world, so getting into it can be hard. Even though there is no foolproof method to ensure admission to MIT Sloan, you can improve your chances significantly by working diligently on your application. We can help you get into MIT Sloan. Our consultants include MIT Sloan alumni who will give you the most accurate advice and guidance you’ll need to get into MIT Sloan. So, get started now.

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