MBA students are experiencing an improving job market after graduation, with 75% of companies worldwide planning to hire recent MBA graduates in 2013, according to the Graduate Management Admission Council (GMAC) 2013 Corporate Recruiters Survey Hiring Report.
The average number of recent MBA grads hired per company around the world is expected to grow from 11.4 in 2012 to 14.6 in 2013. The GMAC elicited responses from 900 companies in the United States, Europe and the Asia-Pacific region.
The Corporate Recruiters Survey also reported on some hiring trends that are placing MBA graduates into areas not traditionally filled by MBAs. Companies in the energy sector are starting to hire more graduates, with demand going from 69% of companies hiring last year to 86% in 2013. Another big hiring trend for MBA grads is in the health care/pharmaceutical sector, which has risen over last year from 77% to 89% of companies planning to hire graduates.
The Hiring Report found MBA graduates are enjoying a higher salary premium over candidates without the advanced business degree, compared with past years. In 2013, MBA graduates make $43,000 more than their counterparts with a bachelor’s degree, with a median base salary of $95,000, according to the report.
The United States remains the best employment destination for MBA candidates by far, with 85% of U.S. companies surveyed in the Hiring Report planning to hire one in 2013. This is a 3% increase over last year.
The Asia-Pacific region, however, is showing strong job growth for master’s graduates in business programs such as management, finance, accounting and business administration. According to GMAC report, companies in the Asia-Pacific region have increased their expected hiring of MBAs from 54% in 2012 to 61% in 2013 in order to “focus on expanding their customer base while attempting to reduce costs,” according to the report.
Another survey conducted this year by GMAC pointed to the high level of confidence MBA students have in their ability to find employment after graduation. In its poll of students who are in their final year of graduate business school, 60 percent of job-seeking students reported that they had already received job offers by the time of the survey. GMAC found that 85 percent of the students believe their graduate business education gave them an advantage over others in the job market.
These findings from GMAC indicate a strengthening job market for graduates of MBA programs. Employment is expanding both in the United States and internationally, with the largest job growth coming from the dynamic energy and health care sectors.