A recent survey by the Graduate Management Admission Council (GMAC) has revealed that despite concerns about immigration and work visas in the US, more companies want to hire MBA Grads this year. The Corporate Recruiters Survey, conducted annually by GMAC, has revealed that 86 percent of the companies want to hire recent MBA grads, up from 79 percent last year. The strongest demand is seen in the US and APAC region.
While the report does not include salary data from respondents outside the US, the good news is that in the US alone, the starting salary of new MBA graduates is $110,00 which is an increase by $5,000 compared to the last year. These median MBA starting salary numbers vary across industry with finance and accounting industry offering the highest starting salary of $120,000. In addition, more than half of the employers have reported that they will increase starting salaries for MBA hires at or above the inflation rate.
Another interesting finding is that the outlook remains positive for other business master’s graduates as well. 59 percent of the surveyed companies plan to hire students pursuing Master in Management programmes. The hiring demand for Master of Accounting graduates continues to remain steady, with 42 percent of the employers having plans to hire them. Also, 48 percent of the employers have plans to hire Master of Finance graduates. The demand for data analytics graduates will continue to remain high as well.
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Among the US businesses, technology companies are the most willing to hire international candidates with half the companies having stated plans to do so. The sector least likely to employ international graduates is manufacturing with only 4 percent of the respondents answering in the affirmative. Also, larger companies are more likely to hire international candidates. So, if you have a startup dream, it looks difficult since only 7 percent of the startups have expressed interest to hire international graduates.
When it comes to recruiting recent graduate business students, employers globally prefer old school methods such as hiring directly from universities. Employers also hire candidates by posting jobs on their company website and through employee referrals. Only Latin American employers adopt active hiring methods such as searching on LinkedIn. Also, when hiring candidates, the most preferred skill sets include communication and teamwork.
These results indicate that business graduates continue to add value globally, and the employment opportunities look positive despite an uncertain regulatory climate. The underlying message for prospective graduates is that they should be good at technical skills, be willing to adapt to technological and global changes, and have strong communication skills to be seen as a valuable asset at the workplace.