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Samsung Plans $17 Billion Texas Chip Plant, Creating 2,000 Jobs

Samsung Plans Billion Texas Chip Plant, Creating 2,000 Jobs

(Bloomberg) — Samsung Electronics Co. outlined plans for a $17 billion U.S. semiconductor plant that will add more than 2,000 jobs, widen the South Korean giant’s foothold in Texas, and bolster its role as a vital supplier in the global manufacturing supply chain.

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“Increasing domestic production of semiconductor chips is critical for our national and economic security,” U.S. Commerce Secretary Gina Raimondo said in a statement Tuesday lauding the deal. White House officials also said they welcomed the investment, saying in a statement that it would help “protect our supply chains” and boost domestic manufacturing.

The project will create more than 2,000 jobs, Texas Governor Greg Abbott said at a press conference announcing the plans. Samsung also said that the plant would indirectly create thousands of additional jobs once it was operational. “The implications of this facility extend far beyond the boundaries of Texas,” Abbott said. “It’s going to impact the entire world.”

Korea’s largest company will build the facility in Taylor, Texas, about 30 miles from Austin, where Samsung has invested billions in a sprawling complex that already houses more than 3,000 employees and fabricates some of the country’s most sophisticated chips. Construction on the new plant is slated to start in the first half of 2022, and production will begin in the second half of 2024.

On Tuesday, Abbott touted Texas’s low taxes and talent pool as major draws for tech companies, and called Samsung’s decision to invest in the state “a testament to the economic environment that we have built.” Samsung could also receive $3 billion in incentives from the $52 billion bill known as the CHIPS Act if it passes, Texas Senator John Cornyn said Tuesday.

Samsung executive Kinam Kim said that the company’s decision to build in Texas was based on several factors including incentive programs, local talent and “infrastructure readiness and stability.” Infrastructure is particularly important for chip operations, which need a stable supply of power. Earlier this year a cold snap in Texas forced Samsung and other companies to pause operations. But Abbott has sought to reassure businesses that power outages won’t happen again, and that the state is now producing more power than it was earlier this year.

Samsung joins Taiwan Semiconductor Manufacturing Co. in making substantial investments in the U.S. The new facilities further the Biden administration’s goal of safeguarding the production of cutting-edge chips that are vital to defense as well as technologies like autonomous cars. It’s part of Washington’s broader effort to counter China’s rising economic power, as well as lure home some of the advanced manufacturing that in past decades has gravitated toward Asia.

A global shortage of chips this year has exposed imbalances in the industry and prompted governments from Brussels to Tokyo to court TSMC and Samsung — the two companies that make most of the world’s most advanced chips for clients like Apple Inc. and Nvidia Corp.

“Samsung’s new plant will help narrow the gap with TSMC’s production capability by making chips at the clients’ home,” said Kim Sunwoo, an analyst at Meritz Securities. “As the U.S. prioritizes domestic chip manufacturing, the company will be able to receive various benefits with its production base in the country.”

Neither the new Texas project nor TSMC’s $12 billion Arizona expansion are likely to alleviate chip shortages immediately. But their construction could lay the groundwork for a future American-centered chip ecosystem by attracting and training the component suppliers that typically spring up around such operations.

In June, President Joe Biden laid out a sweeping effort to secure critical supply chains. His administration has repeatedly voiced the need to increase semiconductor production in the U.S., saying that was the best way to compete with China and mitigate disruptions like those stemming from Covid-19.

Samsung spent months reviewing different sites and incentive packages before landing on Taylor. Samsung’s de facto leader, Jay Y. Lee, who walked free just months ago after serving time for corruption, green-lit the project after a recent trip in the U.S. where he met with prospective clients and partners from Alphabet Inc.’s Sundar Pichai to Amazon.com Inc. and Microsoft Corp.

The local government pulled out the stops, including waiving 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of property taxes for a decade, and 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the following 10 years. The project could potentially receive additional tax breaks because it’s in a federal opportunity zone, a program designed to spur investment in poor areas.

“Samsung is targeting American customers aggressively,” said Jeff Pu, an analyst with Haitong International Securities Group.

Read more: White House Spurns Intel Plan to Boost Chip Production in China

The World Is Short of Computer Chips. Here’s Why: QuickTake

(Adds White House statement and other details starting in the second paragraph.)

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Bitcoin mining in Navajo land yields jobs, revenues while revealing economic disparity

Bitcoin mining in Navajo land yields jobs, revenues while revealing economic disparity

Tiffany Nelson knew little about cryptocurrency when she first happened upon a temporary labor job in 2019. A Canada-based company called Westblock was recruiting “labor hands,” in Nelson’s words, to help unload boxes in a data center facility on land belonging to the Navajo Nation.

A Navajo living on tribe land, Nelson considered the job rare for its proximity to her home. With a total tribe population of 400,000 people, only about 170,000 live on the reservation. That’s most often attributed to poor economic conditions and scarce employment opportunities, especially for women.

While grateful for the opportunity, Nelson’s employer didn’t initially tell her what the company’s business on the New Mexico reservation was.

Another Navajo woman, Kennette Phillips, who was hired around the same time, recalled similar misgivings surrounding the mysterious business of her employer.

As security guards kept watch over the site, Phillips, Nelson and another employee unloaded boxes and then began setting up the machines inside.

“When we opened the boxes, we found these machines that looked like toasters,” Phillips recalled. “We weren’t told what they were for. It seemed a little sketchy… we didn’t know if what we were doing was legal.”

Tiffany Nelson

Tiffany Nelson (Photo courtesy of Compass Mining)

Part of their growing concern was spurred by the crisis-level rates indigenous women have been kidnapped or murdered across Canada and the U.S. 

When the two women, both single mothers, finally asked their employer what the site would be used for, they discovered with much relief, the company intended to use the toaster-like machines to mine bitcoin.

Bitcoin mining is the computationally-heavy process of computers validating bitcoin’s network of transactions. While the cryptocurrency’s supply is limited at 21 million coins, it distributes a small sliver of that supply to miners for contributing computer power, thereby securing the network.

The work can be lucrative, especially as the price has more than tripled over the last year. Mining bitcoin requires specialized computers, the infrastructure to house them, plus a robust and stable power supply.

“Oh, wow. Okay,” Nelson remembered thinking with relief. She didn’t claim to understand the full extent of how bitcoin worked back then, but she knew it was a cryptocurrency, “like internet money.”

Three years later, Nelson and Phillips manage operations for the site full-time. In addition to two other full-time managers who together keep the operation running day and night, the facility also employs four to six security guards to protect their expensive mining equipment, which is valued in the tens of millions of dollars, according to Westblock’s CEO Ken Maclean.

Tapping into unused power sources

Like many other bitcoin mining operations, this project benefits from tapping into energy that otherwise went unused. After the shutdown of a nearby coal-fired power plant, the Navajo Tribal Utility Authority (NTUA), a tribe-owned nonprofit, possessed an extra 15-megawatt load of electricity for which they were eating the cost.

According to Westblock’s Maclean, the power the operation draws from NTUA comes from a mix of solar, hydroelectric, nuclear power and natural gas, with 60{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of it attributed to renewable energy. The situation reflects the Navajo Nation’s broader and economically difficult energy transition from fossil fuel to renewable energy sources over the last decade.

Historically, the bulk of the tribe’s revenues have come from leasing land to extractive energy companies, with leases for oil and gas mining operations accounting for 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the tribe’s total income as far back as 2003.

Critics of bitcoin mining’s high energy consumption are quick to point out that bitcoin now accounts for 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the planet’s energy consumption. While direct comparison can be tricky, the computational power directed toward securing bitcoin consumes more power than all the refrigerators in the U.S. but less than the total energy used to produce paper and pulp worldwide, according to the University of Cambridge’s Center for Alternative Finance. 

Additionally, Westblock’s bitcoin mining project currently uses 7 megawatts of the NTUA’s power with plans to eventually use all 15 megawatts in the near future. Relative to other regions within the Navajo Nation, the project’s energy consumption suggests some economic disparity.

A three-hour drive West from the site, in the Nation’s Black Mesa region, many residents live without electricity and running water.

Kennette Phillips (Photo courtesy of Compass Mining)

Kennette Phillips (Photo courtesy of Compass Mining)

Navajo Nation’s need to diversify its economy

But the effort of transferring power from one part of the nation to another is not so simple, according to Carl Slater, a delegate with the Navajo Nation’s Tribal Council. Roughly the size of West Virginia, the Navajo Nation is the largest independent authority of land within the U.S. and its power grid isn’t connected evenly dispersed or connected throughout its 17 million square acres.

Surprised, to say the least, when he first heard a developer was mining bitcoin on Navajo land, Slater told Yahoo Finance the opportunity could be an economic boon for the nation, if the revenues paid to its utility can end up serving the nation’s residents.

“The utility that the nation owns would have just had to eat the cost of that power. To make use of it in a way that generates revenue back to the nation is good, but I think there’s a shared responsibility between the nation, utility and developer to figure out a process whereby more of the revenue can be directed to our local communities,” said Slater.

Andrew Curley, an assistant professor of geography at the University of Arizona, said the Nation’s move to bitcoin mining is just the latest iteration of their long-standing need to diversify its economy.

“The tribal leaders are trying to make the reservation a place where companies, outside of those in extractive industries, can do business and hire people,” said Curley, a Navajo Nation member himself, who lives off the reservation.

A sociologist by training whose research focuses on the Navajo Nation’s energy transition, Curley called the bitcoin mining project an “interesting prospect” but also acknowledged that the Nation’s energy disparity is relative to different local communities. While some communities remain without power, he said the utility companies bare the brunt of the responsibility, explaining that overall, the Navajo Nation “by far under-consumes the amount of energy it produces.” 

When thinking of other economically struggling nations that have or are considering adopting cryptocurrency more broadly, such as El Salvador, Curley is quick to point out the obvious problem with making cryptocurrency play a larger rule in the Nation’s economy.

“There is an innate problem and challenge when asking poorer people to take riskier transfers of technology,” said Curly.

Though Westblock’s mining operation opened in 2020, this year marks the first time the project has gained a material profit. On the other hand, the tribal utility NTUA has yet to disclose its total revenue from the effort, but should in early 2022. In addition to monthly revenues for internet and electricity paid to the NTUA, Westblock also pays taxes, rent for its land lease in addition to scholarships set aside for the local community.

A person familiar with the Navajo-based operation said the revenue generated from the project this year is “in the millions,” and that Westblock is working with NTUA along with other tribal chapters to find other sites on the land, which might be used for bitcoin mining.

“I’m just happy to have a job close to home, especially since so many people lost their jobs during the pandemic,” Tiffany Nelson added. “It’s been a good ride and something that I’m proud to be a part of.”

David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.

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How to Land a Top Job in Finance

How to Land a Top Job in Finance

Are you ready to take on the world of finance as an eager, hard-working, entry-level employee? If so, there’s good news. Right now, jobs are plentiful for people with the proper education, a can-do attitude, and the willingness to spend time on a thorough search effort. Besides taking the time to do a bit of soul searching to decide on your preferred industry niche, it’s wise to bolster your resume with relevant work and volunteer experience. 

And, by expanding your professional network and making lots of contacts, you’ll get the attention of a large number of potential employers. And, don’t be afraid to use the services of a professional head-hunting agency. Avoid the ones that ask you to pay a fee. The more reputable ones get their commission from companies that do the hiring. Here’s a shortlist of realistic actions you can take to land a position in the financial industry.

Choose a Niche

Finance is a vast field, so be sure to narrow down your goals before composing the final version of your resume. Retail and banking are perhaps the two most common starting points for those with little or no prior experience in the niche. Others find excellent opportunities in the securities markets, insurance, retirement planning, financial analysis, and corporate accounting. It’s never too late to begin a new career so even if you are already in one of these sectors it is completely feasible to make a switch to another to land your dream job. 

Get the Right Degree

No matter your current situation, give serious thought to earning a graduate degree in business at some point in the early part of your career. Many programs offer evening and weekend classes, either online or in traditional classrooms. Paying for an MBA, for example, can be a challenge for anyone, which is why so many people turn to private lenders to get the student loan financing needed for an advanced degree. One of the main advantages of private lenders is that you’ll have the chance to borrow the entire educational costs, including tuition, books, fees, and related expenses. Terms, repayment periods, and interest rates are competitive, and you can even apply online to get an answer in a matter of minutes.

Cherry Pick Volunteer Opportunities

Don’t submit a resume to any prospective employer unless the document includes at least one volunteer job. Be sure to choose these pro-bono kinds of tasks carefully. For example, if your goal is to become a tax analyst, consider donating your time to a community organization that helps low-income people file their annual returns. Or sign up with a non-profit consumer counseling service that works with people who need general advice about getting out from under credit card debt, managing their monthly budgets, and setting up basic retirement accounts. You won’t receive any pay as a volunteer, but you will acquire worthwhile experience and add muscle to your resume.

Join Professional Societies

No matter what sector of the larger finance field you intend to enter, you can join professional societies to connect with like-minded people. The majority offer low annual membership dues for students and recent graduates. Ask a mentor which organizations are the best to join to make connections and gain access to free online educational resources.

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The Great Resignation story is “not a choice that most American workers can have”

The Great Resignation story is “not a choice that most American workers can have”

There is a story developing in the labor market, which has marked a significant shift in who is participating amid the ongoing pandemic. 

Among the many stories are resignations, for various reasons, and the struggle to fill more labor-intensive jobs. It has resulted in an unprecedented demand for more highly-skilled, remote jobs, and those willing to work in lower-wage jobs are being paid significantly more than those who previously held the positions.

ZipRecruiter chief economist Julia Pollak told Yahoo Finance that low wage workers are in a stronger position than ever before to demand higher wages.

At the start of the pandemic, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the jobs that were lost were from the lowest quarter of income distribution. As a result, those who now work in those jobs are earning more.

“Wage growth is actually fastest for workers at the bottom. And some groups of workers that typically really struggle, like teenagers, especially Black male teenagers, actually have lower unemployment rates than they have historically, typically. So, very puzzling, unusual situation,” Pollak said.

But a disparity still exists. The unemployment rate now is 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for whites and 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for Blacks, according to Pollak.

So what does that mean for the future? Jain Family Institute Senior Fellow Claudia Sahm told Yahoo Finance said it remains to be seen, as more and more statistics and data are coming in.

“We really, really have to look under the hood, understand different peoples’ experiences,” Sahm said.

She noted that in the story of a shifting labor market, there is a clear disparity in where jobs are and where people are going — but there’s more to the story.

“I’ve been very critical of the ‘Great Resignation’ story, in the sense of the pandemic has had people step back and rethink their lives, and now they’re going to work less, or pursue some other passion. The reality is, the ‘rethinking our lives,’ is a privilege and something that professional workers, higher income workers, are able to do. And that is, frankly, not a choice that most American workers can have,” Sahm said. 

For those who can seek remote work or better paying skilled jobs, the available jobs don’t match the supply, according to Pollak.

“It is a numbers game. There are certainly areas where there are huge labor shortages, and employers are struggling to find candidates. But there are many other roles … remote jobs, where there are 50, 60, 70,100 applications per posting,” she said.

In fact, 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of job seekers surveyed on ZipRecruiter in November said they would prefer to find a remote job, Pollak said. And a majority of those were women — but for jobs in male-dominated fields like tech.

Whether or not some who left the market return, especially for lower-wage jobs, remains to be seen. 

Follow Anjalee on Twitter @AnjKhem

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The vice mayor of a California city is working three jobs, including one at a local restaurant, to tackle staffing shortages

The vice mayor of a California city is working three jobs, including one at a local restaurant, to tackle staffing shortages
Help wanted sign

The labor shortage carries on to lead to disruption for company owners and clients.Chris Ware/Newsday RM/Getty Photos

  • The vice mayor of Folsom is doing the job at a restaurant to enable control staffing shortages, for every CBS News.

  • Sarah Aquino had currently taken on a 2nd task offering wellbeing and everyday living insurance.

  • She said she required to guide by instance and encourage other individuals to just take up vacant roles.

The vice mayor of Folsom, California, has taken up a 3rd task at a neighborhood cafe in an try to tackle the city’s labor shortage.

Sarah Aquino explained she just lately began her new employment as a hostess and dining area supervisor at Back Bistro, CBS News claimed.

Together with that and her vice mayor responsibilities, she also sells health and fitness and life insurance coverage, the outlet claimed.

“I saw a Fb post that explained they were being desperate for hosts and buspeople,” Aquino instructed CBS MoneyWatch. “I informed them I experienced no cafe expertise, but I am a difficult employee and fast learner, and if you’re willing to employ the service of and practice me, I will dedicate to perform for up to 20 several hours a week for six months.”

“I resolved to guide by illustration,” she said. If people can “get out there and assistance these firms fill these positions, it allows the firms when also aiding the metropolis of Folsom,” she added.

Aquino a short while ago announced a marketing campaign to motivate community retirees, remain-at-property mothers and fathers, and learners to go to function and enable relieve the labor crunch, as Insider’s Mary Hanbury described.

Lots of cafe owners in California are having difficulties to hire or retain workers. In September, a sushi restaurant chain in the condition was pressured to near all 9 areas at the time a week, because of to a absence of qualified employees.

“We have a very good business, our shoppers, but now we have no support,” the owner explained to KCRA at the time.

It can be not just California, both. Restaurateurs from Massachusetts to Arkansas have also been seriously impacted. This is since several employees have quit their careers in search of far better wages, advantages, and functioning circumstances.

The broader retail business is also experiencing disruption connected to worker shortages in the operate-up to Xmas.

Recently, a deficiency of Santa impersonators was described, whilst this was blamed on the actuality that older adult males worry they may contract COVID-19 although performing the position.

According to CBS Sacramento, Back again Bistro are about 10 employees shorter of the place they would like their staffing to be.

For Aquino, she hopes the new campaign will “inspire a several men and women when they see the support required sign.”

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Kellogg Offers Sneak Peek At 2021 MBA Jobs Report

Kellogg Offers Sneak Peek At 2021 MBA Jobs Report

Kellogg Class of 2021 MBAs earned median salaries of $150K and bonuses of $30K. The former represents a $6,000 increase from the Class of 2020.

Northwestern Kellogg School of Management won’t release its full MBA Class of 2021 employment report until next month. But on Wednesday (November 17) the school offered a glimpse at some of the highlights from the forthcoming report via a blog post by Liza Kirkpatrick, assistant dean of Kellogg’s Career Management Center. Kirkpatrick reveals that outcomes for the class were consistent with strong placement and pay figures reported by Kellogg’s peer schools, including three others (so far) in the M7.

Kirkpatrick reports that 97.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Kellogg’s two-year MBA graduates in 2021 received offers by three months after graduation, up from 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last year, and 96.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} accepted, up from 93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Pay also climbed, with median starting salaries up to $150,000 from $144,000, leading to a 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} uptick in total compensation, to $175,800 from $172,200. Bonuses, which 86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of grads reported receiving, were the same at a median of $30,000.

“This is a class who, when confronted with the unprecedented disruption of a pandemic, persevered and ultimately made Kellogg history,” Kirkpatrick writes.

KELLOGG REPORT FITS THE PATTERN: M7 REMAIN MAGNIFICENT

Liza Kirkpatrick is assistant dean of Kellogg’s career management center

How do Kellogg’s 2021 employment numbers compare to other M7 schools? They fit the pattern of a strong rebound. Chicago Booth saw both median salaries and bonuses increase, leading to an overall compensation total of $178,450, up 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from a year ago.

MIT reports steady salaries and bonuses and a big leap in “other” compensation, which skyrocketed from a median of $11,000 to $34,000, powering Sloan School MBAs to an 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump in total compensation: $195,600, up from from $180,223.

And the Wharton School’s report, released a week ago, shows that by late summer nearly all of the school’s 585 grads seeking jobs were working or had received offers of work. Wharton’s 99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} offer rate after three months set a new school record and closed the books on the 2020 mark of 93.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} offers after 90 days.

No doubt the remaining three M7 jobs reports will cement the narrative of the pandemic as a past-tense issue when it comes to MBA job prospects. We shouldn’t have long to wait to find out. Harvard Business School and Columbia Business School are expected to release their 2021 jobs reports by the end of November; however, Stanford Graduate School of Business won’t release its report until January, a school spokesperson says.

CLAWING OUT OF A (SMALL) HOLE

Covid-19 was a world-changing event that graduate business education will be contending with for a long time. But in terms of MBA employment, some schools, particularly the elite, maintained the reputation of the MBA as a degree that improves the lives of its bearers. Northwestern Kellogg was certainly one of those schools.

Even as the coronavirus pandemic disrupted graduation and recruitment in 2020, Kellogg managed to get the vast majority of its MBAs hired, with 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the Class of 2020 receiving offers three months after graduation (down from 2019’s mark of 98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), and 93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} accepted (down from 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}). Kellogg grads also received a record-high median base salary of $144,000 and median signing bonus of $30,000. Not bad under the circumstances, especially compared to Kellogg’s peers and other U.S. B-schools.

Consulting was king at Kellogg once again in 2020, only more so, jumping 8 percentage points from the previous year. Thirty-nine percent of Kellogg Class of 2020 MBAs went to work in the industry, equalling the next two sectors — technology and finance — combined. Tech was second at 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, down a point from 2019, while finance snapped back to its 2018 mark of 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after a surge last year.

CONSULTING REMAINS KING AT KELLOGG

In 2021, Kirkpatrick writes, “Kellogg students continue to secure jobs across a variety of industries and functions, with consulting, tech, and finance being the most popular. This year, 37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of 2Y students went into consulting, with a median base salary of $165,000. Nearly 100 Kellogg 2Y students were hired by top consulting firms, including Boston Consulting Group, McKinsey & Company, and Bain & Company. In fact, this year McKinsey hired a record 50 students from our 2Y class — up from 30 students in 2020.

“Up from 2020, tech remains students’ second most popular industry, with 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of 2Y students securing roles in big firms like Amazon, Apple and Microsoft Corporation, as well as smaller startups, like NerdWallet. We also saw an exciting increase in hiring from Google this year, hiring 14 2Y students, up from seven students last year. Students who accepted tech roles received a median base salary of $134,250.

“Additionally, 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of 2Y students secured roles in finance, with a median base salary of $150,000. Private Equity and Venture Capital remain top recruiting areas due to strong student interest and specifically a growing passion for startups and entrepreneurship. Our students landed roles in VC and PE firms, including Hearst Ventures, Urban Innovation Fund and Alpine Investors. Additionally, this year, Kellogg’s team won the Venture Capital Investment Competition, the world’s largest venture capital competition. The team delivered Kellogg’s first global win — beating out 84 teams from around the world.”

‘WHAT REMAINS CONSTANT IS THE CALIBER OF OUR STUDENTS’

Kirkpatrick writes that across industries, feedback from recruiters of Kellogg MBAs has been consistent: “Top firms, she writes, “specifically seek out Kellogg students for their distinct strength as leaders coupled with their mastery of business fundamentals. This was reflected in recruiters’ feedback from a range of industries, but I want to share the message we received from Joanna Walker from Evercore, an investment banking firm: ‘We continue to come back to Kellogg to find students who are curious, demonstrate their analytical and problem-solving skills and enjoy working on teams.'”

Those are qualities that set Kellogg students apart to recruiters, Kirkpatrick writes, but they do more than that: They help them “to make long-lasting impact throughout their careers.” She points out that one of those impacts is helping their alma mater: The school saw a 34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase from last year in alumni-sourced job opportunities on the Kellogg Job Board for second-year students, which translates to more than 330 jobs in a class of around 470.

“While we will continue to see industries and firms adapt and change due to the ongoing pandemic and shifts in the broader business landscape,” she writes, “what remains constant is the caliber of our students. Kellogg students have the ability to adapt, an appetite for disruption, and the necessary skills to lead in an increasingly complex global economy. I look forward to seeing how they continue to make their impact as alumni, and pay it forward to the rising leaders at Kellogg.”

DON’T MISS WHARTON 2021 MBA EMPLOYMENT REPORT: JOBS FOR (NEARLY) EVERYONE! and KELLOGG TIGHTENS COVID RESTRICTIONS AS NEW CASES SOAR

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