GMAC
Survey Finds Companies Investing in Talent as Goals Shift Away From Overcoming
Economic Challenges
More companies plan to hire MBAs
and other business school graduates in 2014, according to
a global survey of employers out today. Some 80% of business school
recruiters plan to hire MBAs in 2014, up 7% points from last year
and 30% higher than 2009, in the heart of the economic crisis,
when just half of employers hired MBAs.
The 13th
annual Corporate Recruiters Survey of 565 employers from 44 countries was
conducted in February and March by the Graduate Management Admission Council,
which administers the GMAT exam on behalf of business and management programs
worldwide. The survey, including 32 of the top 100 companies in the FT 500 and
36 of the Fortune 100, was conducted in partnership with EFMD and the MBA
Career Services and Employer Association.
“More companies in all sectors
and across the world plan to hire business school graduates, with projected
hiring rates the highest for all degree types since the Great Recession started
in 2009,” said Sangeet Chowfla, GMAC CEO and president. “MBAs have always been
valued by employers, but this survey shows that as the economy improves,
employers see MBAs as a good investment into their future.”
The optimistic hiring outlook for
MBAs and other master’s-level business graduates comes as fewer companies are
focused on overcoming economic challenges. Companies focused on growth
and expansion are more likely to have improved hiring plans.
The upbeat forecast echoes the
general decline in the percentage of companies reporting a focus on overcoming
economic challenges, from 58 percent in 2009 to 25 percent this year, as well
as reducing costs, from 66 percent in 2009 to 45 percent this year. At the same
time, the percentage of employers planning to hire new bachelor’s degree
graduates is holding steady, down one percentage point from the 75 percent that
hired bachelor’s graduates in 2012 and 2013.
“This year's survey paints a very
positive picture for the business education sector and clearly shows how
companies and recruiters value the whole portfolio of business degrees. Despite
all of the doom and gloom, the clear message from the market is that business
schools are providing the talented, bright individuals that companies need,”
said Prof. Eric Cornuel, CEO & director general of EFMD.
Key findings, comparing projected
hiring for 2014 with actual hiring from previous years:
§ Some
83% of employers in Asia-Pacific, 61% of European employers, and
86% of US employers plan to hire MBAs this year, all increases from
2013.
§ Half
of the employers surveyed plan to hire master in management graduates, up from
45% past year and 18% in 2009.
§ 45% of employers plan to hire master of accounting graduates, up from 36% last year and 17 percent in 2010, the first year data were available
for these grads.
§ 44% of employers plan to hire master in finance graduates, up from 39% last year and 41 percent in 2012, the first year data were available
for these grads.
§ 74% of employers plan to hire bachelor’s degree graduates, down slightly
from the 76% peak in 2011 but much higher than the 56% that hired
in 2009.
§
Out
of communication, managerial, teamwork, leadership and technical skills,
employers say communication skills are the most important ones they seek in new
hires, on average twice as important as managerial skills.
§ Median
base salaries employers expect to offer MBAs are US $ 95,000 in the US and
US $ 69,000 in Europe, as compared with US $50,000 for US bachelor’s graduates and
US $ 41,000 for European bachelor’s graduates. Projected median MBA base salary
in Asia-Pacific is US $ 21,340, reflecting much lower per-capita income in the
region.
"With the global economy
moving forward at more solid pace in 2014, MBA CSEA is pleased to see that 80% of companies intend to recruit MBAs this year, that salary gains are
being realized for MBAs in regions such as Asia-Pacific, and that industries
such as consulting have been increasing recruitment since last year.
These are
all positive signs for MBA graduates and talent in the pipeline,” said Mark
Peterson, president of the MBA Career Services & Employer Alliance and
director of graduate business career services, Iowa State College of Business.
About GMAC and the GMAT
exam..
The Graduate Management Admission
Council (www.gmac.com) is a non-profit
education organization of leading business schools and owner of the Graduate
Management Admission Test (GMAT®), used by almost 6000 graduate business and
management programs worldwide. GMAC is based in Reston, Virginia, and has
regional offices in London, Gurgaon and Hong Kong. The GMAT exam—the only
standardized test designed expressly for graduate business and management
programs worldwide—is continuously available at approximately 600 test centers in
83 countries.
In India, the GMAT is accepted for admissions at 230 programs
offered by 112 business schools and is offered on demand and year-round at 17
cities in India through 20 test centres. More information about the GMAT
exam is available at mba.com , the official GMAT website of
India. Connect with us on our Official GMAT pages on Facebook, Twitter and
PaGalGuy.com and get free test questions, tips, and advice from the makers of
the GMAT exam!
For further
information, please contact:
Krishna
Moorthy – 94421 91717 / Dinesh – 9840 03993
Avian
Media, Chennai
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