Tag Archives: GMAC
March 16, 2017
Recent changes to immigration procedures have caused some confusion and concern among international MBA candidates applying to business schools in the United States. To help clarify matters, the Graduate Management Admission Council has created a page …
Recent changes to immigration procedures have caused some confusion and concern among international MBA candidates applying to business schools in the United States. To help clarify matters, the Graduate Management Admission Council has created a page on its website mba.com to help alleviate some of these concerns.
Here you’ll find resources and information that apply to international students, including an overview on applying for a visa to study in the U.S., and information from leading GMAT-using schools for students navigating U.S. travel and immigration policies.
If you’re looking for how to convert your grades to the GPA scale, want to hear from others who have chosen to go abroad for their MBA, or simply interested in general tips for successful international study, bookmark this resource today.
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Image credit: Flickr user Fedecomite (CC BY 2.0)
March 1, 2017
More than half of graduate business school alumni are currently employed in an industry or job function they did not have experience in prior to entering business school, according to a report released today by …
More than half of graduate business school alumni are currently employed in an industry or job function they did not have experience in prior to entering business school, according to a report released today by the Graduate Management Admission Council (GMAC), a nonprofit organization of leading graduate business schools.
Findings from the Council’s 2017 Alumni Perspectives Survey show that 2 in 5 (39%) alumni currently work in an industry they hadn’t considered prior to starting business school; they learned of the opportunity while enrolled in a graduate business program, with 88% sharing that they are satisfied with their job and employer.
“Year after year our research has shown that a graduate management education offers significant personal, professional and financial rewards. We’re now seeing strong evidence of how valuable the degree is with regard to changing careers,” said Sangeet Chowfla, president and CEO of GMAC.
“Given the current pace of change in the economy and the workplace, candidates can be confident in the knowledge that a graduate management education can prepare them with the skills and flexibility they need to be in a better position to pivot and adapt their careers when opportunities present themselves and industries are disrupted.”
The findings of the 2017 Alumni Perspectives Survey Report detail the education and career outcomes of nearly 15,000 graduate business alumni representing 1,100 graduate business programs located around the world. The report highlights that the value proposition of a graduate business degree is high regardless of graduation year or program type.
Compensation for Business School Graduates
Nearly all (95%) survey respondents rate their graduate management education a good to outstanding value. On average, the total compensation package for graduate business school alumni can range from a median of US$75,513 for an entry-level position upward to a median of US$440,122 in total compensation for a C-suite executive.
Business school alumni earn 76% of their total compensation in base salary, on average. As they advance up the career ladder, a greater proportion of their compensation comes from non-salary sources such as bonuses.
Ninety-two percent of survey respondents are currently employed — 8 in 10 overall (81%) worldwide are employed with a company and 11% are self-employed entrepreneurs. Globally, the products and services (27%), technology (14%), and finance and accounting (11%) sectors employ the greatest proportion of alumni represented in this survey.
Though alumni work across the spectrum of industries, their degree type often differentiates career paths. MBA alumni are more likely to work in technology, nonprofit and government, manufacturing, health care, energy, and utilities, compared with alumni holding non-MBA master’s degrees. Business master’s alumni, for example, are more likely to be found employed in finance, accounting and consulting industries.
As for job functions, MBA alumni are more likely to hold positions in marketing, sales, operations, logistics, and general management. Alumni of non-MBA business master’s degrees are more likely to work in finance, accounting, and human resource positions.
In total, more than 4 in 5 alumni agree their education prepared them for leadership positions (86%), prepared them for their chosen career (85%), and increased their earnings power (82%).
Most alumni delay their entrepreneurial activities until after graduation. In fact, 2 in 3 alumni entrepreneurs began their business after graduation following employment at another company.
One in 8 alumni entrepreneurs sought venture capital and 72% of these individuals received such funding. Half of the alumni entrepreneurs say their university provided faculty guidance, experts from the community, and mentors to guide their entrepreneurial activities.
Most Valued Skills in the Workplace
Alumni rank interpersonal skills as most important in the workplace, regardless of job level or function. Among the top five talents important to their job, the ones related to “people” skills or emotional intelligence are highly ranked by alumni, with interpersonal skills (e.g., active listening, persuasion and negotiation, time management) topping the list.
Other skills predominate as one moves up the corporate ladder. Alumni in higher-level positions are more likely to indicate that managing human capital, strategy and innovation, and the decision-making process are more important to their current job compared with alumni in lower-level positions.
Most alumni are very likely to recommend their graduate business program to colleagues and friends. The overall Net Promoter Score — a customer loyalty metric — that business schools receive from their alumni is 47, which is greater than scores received in many sectors of the economy.
Net Promoter Scores are positive for all graduate business programs, although differences by program type range from 22 for Master in Management programs to 62 for full-time two-year MBA programs. If offered the choice, more than 9 in 10 (92%) alumni would have pursued their graduate management education knowing what they know now.
“Graduate business programs expose students to a wide range of opportunities and provide alumni with access to a variety of career outcomes,” said Chowfla. “It’s clear from the results that alumni feel their education helped prepare them for leadership positions, as well as enhanced their earnings potential and guided their career development. This positivity is reflected in their recommendation of a graduate management education to others.”
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January 17, 2017
One of the strongest indicators of a healthy post-MBA job market can be found within the annual Year-End Poll of Employers, a survey conducted by the Graduate Management Admission Council (GMAC) near the end of …
One of the strongest indicators of a healthy post-MBA job market can be found within the annual Year-End Poll of Employers, a survey conducted by the Graduate Management Admission Council (GMAC) near the end of each year. Hiring of b-school talent remains a priority in employers’ stated business goals for 2017, signaling expanded opportunities for competitive and high-performing MBA graduates.
Hiring Projected to Increase in 2017
The year 2017 looks to be positive for job-seeking business school graduates, as 83% of surveyed companies have plans to hire b-school graduates this year, whether an MBA or non-MBA candidate.
- Nearly 8 in 10 employers (79%) expect to hire MBA graduates in 2017, compared with 68 percent of the same companies that hired MBA candidates in 2016. Among companies planning to hire MBAs in 2017, 78% of employers plan of to hire as many or more of them than they did last year.
- The 2017 hiring forecast for graduates of master’s programs in management and accounting is on trend with past years, with about a third of employers expecting to hire candidates with master’s degrees in management (31%) and accounting (29%), up from actual hiring outcomes in 2016 for these candidates.
Not only are a greater share of companies planning to hire business school graduates in 2017, but these employers also plan to increase the number of MBA and non-MBA graduates they will hire, expanding the number of positions for job-seeking b-school graduates.
Internship Opportunities Plentiful for MBA Candidates
The end-of-year 2016 poll results show that nearly all companies surveyed offer internships to undergraduate and graduate-level students.
- Of companies that offer internships, 66% will offer internships to MBA candidates in 2017 and 82% of the companies that offer MBA internships plan to maintain or increase the number of MBA internship openings in the coming year.
- On a par with past years’ findings, a smaller share of employers also expects to offer internships to candidates in business master’s programs including Master of Accounting (17% of employers), Master in Management (16%), and Master of Finance (15%).
GMAC’s annual employer hiring data collected through the Corporate Recruiters Surveys show that internships are one of the most successful means for graduate business students to acquire needed work experience and get a leg up in the job search. For example, 57% of companies surveyed last spring said they hired more than half of their MBA interns from 2015 to full-time positions.
Completion of an internship has value not just in boosting employment opportunities after graduation, but in determining starting salaries for recent b-school graduates. Nearly a quarter (23%) of employers who responded to the 2016 Corporate Recruiter Survey reported that participation in an internship would positively influence the base starting salary offered to a new graduate business hire.
Results of the 2016 Year-End Poll of Employers reflect responses provided by 167 recruiters from more than 140 companies of varying sizes and industry sectors across the globe, including 31 companies listed among the Fortune 500, 21 of which are also included in the Fortune 100.
For more findings from the 2016 Year-End Poll of Employers, you can download the full summary report at www.gmac.com/employerpoll.
October 11, 2016
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. This fall and winter, career services departments in business schools worldwide can anticipate an increased presence of corporate recruiters on campus, predicts the …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.
This fall and winter, career services departments in business schools worldwide can anticipate an increased presence of corporate recruiters on campus, predicts the Graduate Management Admission Council. MBA programs will want to make those recruiters happy by providing a highly competent pool of candidates for them to meet with. But what do employers really want in candidates?
GMAC answers that question in its 2016 Corporate Recruiters Survey, which asked 842 employers that represent more than 530 companies in 40 countries to identify the most important skills and traits when evaluating MBA and non-MBA business master’s graduates as potential new hires for their companies.
Among 12 traits that survey respondents ranked as most valuable, a candidate’s ability to fit within an organization’s culture was highest overall, followed by the candidate’s ability to work in teams and the ability to make an impact.
If companies want team players, you can bet that admissions committees do, too. Schools want to know that applicants are individually capable, but they don’t expect you to do everything on your own. They want to see that you are able to work with others to reach a common goal.
The good news is that you can show admissions committees that you already possess this quality. Here are three parts of the application process where you can highlight your teamwork skills.
• Essays: Themes of leadership and teamwork run through many business schools’ essay topics, but simply acknowledging that you have worked in teams won’t prove to the admissions committee that you know how to do it well. Illustrate your success in this area by citing specific experiences.
For example, talk about a time when you encountered a conflict, such as over ideas on the best way to tackle a project, or personal conflicts with people on your team. Perhaps you worked with someone who was bossy and overbearing or with people who didn’t do their share of the work – show how you brought dissenters together to achieve that shared goal.
Mine those workplace or extracurricular experiences where you handled the normal pitfalls of teamwork. Maybe you have successfully dealt with communication challenges stemming from cultural differences, multiple time zones or just working with a client or coworker who preferred to discuss everything over the phone instead of email. The actual situation is irrelevant – the admissions committee simply wants to know that you can succeed in a program that is focused on a team environment and group projects.
Resume: The MBA resume should include details that explain what you did on a project,showcase specific achievements and results and highlight your increased responsibilities over time. Use these details to demonstrate your ability to work well on a team.
The following examples are from former clients’ resumes and help support their abilities to work well with others.
One client from strategy consulting had a bullet point that stated, “Conducted focus groups with influential client representatives to validate and communicate the strategy.” Another client from private equity noted, “Considerable client exposure: participated in pitches, due diligence and drafting sessions and preparing Fairness Opinions.”
A military applicant displayed his impressive interpersonal skills when he listed on his resume, “Represent and advocate for detainees during Law of Armed Conflict Detainee Review Boards.”
Every applicant is different, but most b-school candidates can find some way to convey teamwork experience on their resume. Think of examples of when and how you united people behind a common goal, capitalized on others’ talents and skills, instilled a vision, identified a new problem or prioritized the project’s needs above personal ones.
Interview: During an MBA interview, whether it’s with an alumnus or admissions staff member, you’ll likely be asked about a time when you worked as part of a team. The interviewer is trying to get to know you but is also assessing your fit with future classmates.
If you go to the Kellogg School of Management at Northwestern University, for instance, and work on a project within a study group, will your fellow students like working with you? Will you be timid about speaking up or will you communicate effectively and get things done?
Show off your teamwork abilities by mentioning a situation where you listened to others and bridged a gap between diverse participants to help foster collaboration on a project. Or talk about a time when you boosted morale or facilitated a compromise between two stubborn teammates.
You will likely encounter scenarios like these during business school, and if your interviewer feels you are already well-prepared for the inevitable challenges, your application is much more likely to receive a green light.
Building or running a business is not a solo endeavor. To create anything scalable, you’ll need to rely on others.
Even small enterprises require working with others to get things done. Prove you already have the skills in this area, and you’ll impress not only the MBA admissions committee but also future employers.
Image credit: Kellogg School of Management
July 14, 2016
If you’re working on your b-school application, you won’t want to miss our Q&A session during the Graduate Management Admission Council‘s (GMAC) upcoming Google Hangout, Behind the Scenes with MBA Admission Consultants, on Thursday, July 28 at 1pm EDT. Hosted …
If you’re working on your b-school application, you won’t want to miss our Q&A session during the Graduate Management Admission Council‘s (GMAC) upcoming Google Hangout, Behind the Scenes with MBA Admission Consultants, on Thursday, July 28 at 1pm EDT.
Hosted by Eric Chambers, GMAC’s Market Development Director and former Wharton School MBA admissions representative, you’ll have a chance to ask your burning application questions, as well as learn about SBC’s consulting philosophy and approach to the MBA admissions process.
Register today and mark your calendar for what’s sure to be an enlightening conversation!
June 23, 2016
Companies working directly with business schools plan to hire more MBAs this year than they hired in 2015, according to a global survey report released by the Graduate Management Admission Council (GMAC). The survey findings …
Companies working directly with business schools plan to hire more MBAs this year than they hired in 2015, according to a global survey report released by the Graduate Management Admission Council (GMAC).
The survey findings are based on responses from 842 employers representing more than 530 companies in 40 countries worldwide who recruit directly from participating business schools.
Some 88 percent of corporate recruiters say they plan to hire recent MBA graduates in 2016, up eight percentage points from last year and 33 percentage points higher than 2010, the lowest point of the Great Recession.
GMAC conducted the 15th annual Corporate Recruiters Survey in February and March together with survey partners EFMD and MBA Career Services & Employer Alliance (MBA CSEA), in association with 109 participating graduate business schools.
This report highlights the value that on-campus recruiting brings to job-seeking business school graduates.
For the first time, GMAC broadened its reach among employers by conducting a supplemental survey of an employer sample purchased through an outside private vendor.
This “General Population Employer Survey” yielded responses from 1,282 companies located in the six largest markets for graduate management education — China, France, Germany, India, the United Kingdom and the United States.
The results show overall that half of the companies responding to the supplemental survey have plans to hire an MBA in 2016 — ranging from 35 percent of companies in Germany to 70 percent of companies in China.
“The difference in hiring projections between the two surveys highlights the value business schools provide to students in connecting them with employers that want to hire them,” said Bob Alig, GMAC’s executive vice president for school products. “These results are compelling evidence for admissions professionals to demonstrate the value of a graduate business degree to prospective applicants.”
“This survey brings to light the enhanced opportunities our member school career services offices bring to graduate business students,” said Damian Zikakis, MBA CSEA president and director, Career Services, at the University of Michigan Ross School of Business.
“Nearly 9 in 10 employers that work with career services plan to conduct on-campus recruitment this year, giving students a tremendous advantage in finding job opportunities that are a great match for their talent and aspirations,” Zikakis added.
Expected Starting Salaries
Globally, more than half (54 percent) of employers plan to increase MBA starting salaries either at the rate of inflation (33 percent of respondents) or above (21 percent); 46 percent will keep starting MBA salaries the same as 2015.
- These MBA salary projections for 2016 are similar to those projected for new hires with non-MBA business master’s degrees, with one exception: 67 percent of companies that plan to hire graduates with Master in Supply Chain Management degrees expect to increase their starting salaries either at the rate of inflation (46 percent) or above (20 percent).
- US-based companies plan to offer recent MBA graduates a median starting base salary of US$105,000 in 2016, up from a median of US$100,000 in 2015.
- The median starting base salary of US$85,000 that US employers will pay to graduates of both Master of Data Analytics and Master of Marketing programs is expected to exceed the median salary they will offer to graduates of Master in Management and Master of Accounting programs.
International Hiring and Job Placement
Overall, 52 percent of corporate recruiters report that their companies either have plans to hire (24 percent) or are willing to consider hiring (28 percent) recent business school graduates who require additional legal documentation, such as work permits or visas.
- Nearly a third (30 percent) of companies that plan to hire business school graduates in 2016 will place these candidates in multiple world regions.
“A graduate business degree is rewarding from a personal, professional and financial standpoint no matter which country you study in,” said Eric Cornuel, director general and CEO of EFMD. “The advantages students get from on-campus recruitment will pay dividends throughout their careers.”