Optimistic outlook for MBA graduates despite economic uncertainty, GMAC reveals
HR Editorial, December 15, 2011
In contrast to concerning economic predictions, findings from the Graduate Management Admission Council (GMAC) reveal an optimistic job outlook for MBA and Masters graduates.
A study published this week outlines the boost graduate management education can offer individuals keen to obtain and retain top quality jobs in the current turbulent job market.
According to the Organisation for Economic Co-operation and Development (OECD), Europe is currently in recession with Britain poised to follow in early 2012.
The OECD also said unemployment, which currently stands at 8.3% - its highest since 1996 - will rise to 9.1 per cent in 2013, putting another 400,000 workers out of a job on top of the 2.6 million already unemployed.
But GMAC's survey finds 74% of employers plan to hire MBAs in 2012, up from 58% in 2011, 51% of employers plan to seek Master's in Management in 2012, up from 36% this year and 59% of companies plan to hire graduates with specialised business Master's in 2012, a substantial increase from 38% this year.
Nearly four times as many companies are planning to increase the number of MBAs they hire in 2012 (22%), compared to last year (6%) and more than 50% of employers expect to fill positions from Master's in Management and Specialised Master's in 2012, reflecting significant growth over the third of companies last year who were seeking these candidates and met or exceeded projections.
Just under a third (32%) of companies plan to increase salaries for MBA hires, 27% plan to increase salaries for Master's in management and 26% plan to increase salaries for specialised Masters courses.
GMAC researchers sent the invitation for this poll to 3,358 employers. As of November 16, 229 respondents from 216 companies had completed the survey-a 7% response rate.