Hot Jobs for 2014 Business School
Grads
Look Beyond
Traditional Fields to Technology, Healthcare, Manufacturing
MBAs
and other business school graduates on the job market might do well to look
beyond traditional sectors to fields such as technology, manufacturing, and
healthcare. A global student exit survey taken by the
Graduate Management Admission Council in February and March found job seekers
in those sectors were more likely to have an early job offer than those
searching in larger, more traditional fields such as finance/accounting,
products & services and consulting.
Overall,
some 57 percent of class of 2014 MBA and other business school graduates
seeking jobs had at least one early offer. That’s down slightly from 60 percent
in last year’s survey but nearly double the 32 percent who had offers at the
same time period in 2010. The survey of 3,049 business school graduates at 111
universitieswas conducted by GMAC, the non-profit organization that conducts
the GMAT exam on behalf of graduate business and management programs worldwide.
“This
snapshot of the early job market for business school graduates demonstrates
that graduate business degrees are useful in a wide variety of careers. While
demand remains strong among traditional industries, business school graduates
shouldn’t overlook alternative sectors, which are actively seeking MBA and
other business school talent,” said Gregg Schoenfeld, GMAC survey research
director.
The 15th annual Global Management Education Graduate
Survey looks at how business school graduates view their programs and offers a
snapshot of their early job search and career intentions. A total of 62 percent
of the graduating students were involved in a job search, and another four
percent were either self-employed or intending to pursue entrepreneurship at
graduation.
Although salaries vary widely by industry, job level, and work
location, the median increase in salary of those with job offers was 80 percent
over their pre-degree salary. That’s up from the 73 percent increase reported
by business school graduates with early job offers in 2013.
Some key
findings regarding job sectors for business school graduates:
·
Technology is
emerging as a promising sector for business school graduates, as 61 percent of
those seeking jobs in the tech industry had job offers, accounting for 15
percent of all students with early offers. In 2010, just 9 percent of students
with early offers were in the technology industry.
·
Manufacturing and healthcare/pharmaceuticals may be the
undiscovered beaches of the business school job market. Although they account
for just 7 percent and 5 percent, respectively, of the students with early
offers, students searching in these sectors had the greatest success rate, with
74 percent reporting at least one offer.
·
Consulting is the
most popular field for career-switchers, as 27 percent of all career-switching
graduates with job offers were in consulting. Among all job seekers, 21 percent
of those with job offers are in consulting, on par with 2010 (20 percent).
·
Finance/accounting is the
top sector for graduates with job offers who are not switching industries after
graduation. Twenty-six percent of all those with job offers were in this
sector, slightly higher than last year (24 percent) but still lower than in
2010 (30 percent).
·
Government/non-profit
remains
a steady sector for business graduates, accounting for 5 percent of the
graduates’ early job offers. Some 62 percent of those seeking jobs in
government/non-profit had early offers, about the same as last year and five
years before.
“The job
market for business school graduates has rebounded nicely since 2010, and
employers in all sectors recognize they need the business skills and acumen
these graduates bring,” Schoenfeld said.
For a copy of the Global Management Education Graduate Survey report, go
to gmac.com/globalgrads. For more information, contact Tracey Briggs,
GMAC media relations director, at 703-668-9726 or tbriggs@gmac.com.
About GMAC: The Graduate Management Admission Council (gmac.com) is a nonprofit education organization of
leading graduate business schools and owner of the Graduate Management
Admission Test (GMAT exam), now celebrating its 60th year and used by more than
6,000 graduate business and management programs worldwide. GMAC is based in
Reston, Virginia, and has regional offices in London, New Delhi 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 113 countries. More information about the
GMAT exam is available at mba.com. For more information about GMAC and
additional resources for media, please visit gmac.com/newscenter.
For further
information, please contact:
Avian
Media, Chennai
Krishna
Moorthy - 9442191717
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