Survey: MBA Job Market Stronger in 2014
The outlook for MBA grads is bright.
A survey of corporate recruiters by the Graduate Management Admission Council (GMAC) reports that companies worldwide plan to hire MBAs and other business school graduates more in 2014 than last year. According to the survey, 80 percent of employers expect to hire MBA graduates in 2014, up 7 percentage points from last year and 30 percentage points from 2009. Eighty-six percent of U.S. employers plan to hire MBAs in 2014, up from 81% last year.
The GMAC administers the Graduate Management Admission Test (GMAT) and includes responses from 36 Fortune 100 companies.
If anything, the survey shows that the value of an MBA remains strong.
Sangeet Chowfla, CEO and president of GMAC, says in a Poets & Quants article: “MBAs have always been valued by employers” adding that as the economy improves so does the appeal for MBAs.
Companies are now focused on improving performance and productivity goals and hiring business school graduates to manage their growth. Survey analysis shows that employers seek recent business graduates who are highly proficient in communications skills, especially oral communications, followed by listening and writing skills. Prospective students seeking to develop the skills their employers need should consider a management degree.
MBA programs have changed greatly over the years. Now, students can choose from many specializations and areas of study. Coursework provides students with opportunities to follow a plan that fits their individual needs and interests. Whether they work in marketing and advertising, real estate, finance or even health care, MBA students can take advantage of enhancing their knowledge of business fundamentals and new developments.
So, what about the payoff? The GMAC survey also says a majority of companies worldwide will offer recent MBA graduates starting salaries comparable to those offered in 2013. But, the long-term benefits of a graduate business degree can be tremendous.
For those who graduated from an MBA program in Pennsylvania cities such as Philadelphia, Allentown or Harrisburg, the future looks even brighter. The Federal Reserve Bank of Philadelphia said in May that data suggests the state’s economy may expand into the fourth quarter of 2014.