Tag Archives: GMAC
February 21, 2013
The Graduate Management Admission Council announced the launch Wednesday of its newest product, “Reflect,” a self-administered online assessment and soft-skills development program. Soft skills are an important set of personal attributes that enhance one’s interactions, …
The Graduate Management Admission Council announced the launch Wednesday of its newest product, “Reflect,” a self-administered online assessment and soft-skills development program.
Soft skills are an important set of personal attributes that enhance one’s interactions, job performance and career prospects. GMAC worked with schools, corporate recruiters and experts in soft-skills development to identify 10 competencies essential to job and career success.
To build Reflect, GMAC partnered with Hogan Assessment Systems, a company that markets pre-employment personality tests, and combined the science of Hogan’s three flagship assessments into one product.
“What’s different about this test is that it’s been developed with the MBA student in mind,” Joe Fox, associate dean and director of the MBA program at Washington University in St. Louis’s Olin Business School, tells Bloomberg Businessweek. Reflect costs $99.99 for three years.
Within 45 minutes of input, users have access to an online library of articles, book summaries, and videos with actionable development advice — based on their competency scores — from the industry’s best executive coaches. Users can also benchmark their scores against high performers in 14 job categories.
“Until now, there have been soft-skills assessments based on hard science for corporate, school or executive-coached programs or soft-science products for individual use. Reflect is a hard-science, data-driven product developed with the individual, schools and corporations in mind,” says Dave Wilson, president and CEO of GMAC.
Ryan Ross, vice president of Global Alliances at Hogan, is pleased to offer these personality assessments to those who will have the biggest impact on the future of organizations. “Meaningful career development is no longer just for the executive suite,” Ross says.
December 12, 2012
Uncertainty hangs above many of the world’s economies, but the job market for 2013 graduates, particularly those with graduate-level degrees, may be looking up, according to a survey of 201 employers conducted by the Graduate …
Uncertainty hangs above many of the world’s economies, but the job market for 2013 graduates, particularly those with graduate-level degrees, may be looking up, according to a survey of 201 employers conducted by the Graduate Management Admission Council.
The 2012 Year-End Poll of Employers finds 76 percent of employers expect to hire new MBA graduates in 2013. Just 69 percent of them hired class of 2012 graduates. Of the employers planning to hire MBAs in 2013, 56 percent plan to offer starting base salaries that keep pace with inflation (43 percent) or exceed it (13 percent).
“Employers recognize that employees with graduate business degrees are a wise investment when times are uncertain and they need talent that not only bring skills but agility to meet the changing demands of these times,” says Dave Wilson, president and CEO of GMAC, which administers the GMAT exam for graduate management programs worldwide.
Hiring projections for experienced direct-from-industry hires (86 percent, up from 83 percent hired last year) and new bachelor’s recipients (78 percent, down from 80 percent last year) remained relatively stable. The poll also found that demand for new graduates with graduate degrees in other business fields is smaller but growing:
- 43 percent plan to hire master in management graduates (up from 33 percent)
- 40 percent intend to hire master of accounting graduates (up from 32 percent)
- 39 percent expect to hire master of finance graduates (up from 32 percent)
- 46 percent plans to hire other specialized master’s degrees in business (up from 34 percent)
The outlook for internships looks strong in 2013, as well. Some 85 percent of the employers polled plan to offer student internships in 2013, with 70 percent planning to use undergraduate interns and 65 percent planning to use MBA interns. Although fewer companies offer internships to other masters-level students, those that do are likely to offer as many or more internships in 2013 than they did in 2012.
The 2013 outlook follows a hiring year that went as well as or better than expected for most companies. Between 85 and 97 percent of companies that planned to hire across each candidate type in 2012 actually made the hires, and most companies hired as many or more employees than they planned for each candidate type.
The 13th annual Year-End Poll of Employers includes responses from 201 employers at 182 companies worldwide, including 45 Fortune 500 companies. The poll prefaces GMAC’s annual Corporate Recruiters Survey, a more comprehensive survey of employers worldwide released in conjunction with the Global Management Education Graduate Survey, a student exit survey, each May.
September 26, 2012
The Graduate Management Admission Council (GMAC), owner of the GMAT exam, has announced that last year was a record year for the exam. Volume for the 2012 testing year (July 1, 2011, to June 30, 2012) was up 11 percent from the prior year, and eight percent higher than the previous record of 265,613 in 2009.
A total of 286,529 GMAT exams were taken, with 831,337 score reports sent to 5,281 graduate business and management programs around the world ”” all historic highs, says GMAC.
The record volume partially reflects increased interest in the exam brought on by the addition of the Integrated Reasoning section on June 5, 2012. Historically, test volume rises just before changes are made to a standardized exam as test takers opt for a familiar format at the transition.
GMAT testing outside of the United States continues to grow quickly. Tests taken by non-US citizens rose 19 percent in 2012 and represented 59 percent of global GMAT volume.
Chinese test takers, the second-largest citizenship group after the US, represented 20 percent of global testing. In 2012, the number of exams taken by Chinese citizens increased 45 percent to 58,196 exams. Meanwhile, Indian citizens, the third-largest citizenship group, took 30,213 GMAT exams, a figure that increased 19 percent in 2012.
The percentage of exams taken by women hit 42.9 percent in 2012””a record for the third straight year.
“Today’s global students ”” who may be a citizen of one country, study in second and choose to work in a third ”” recognize the significance and the superiority of the GMAT exam in gaining admission to the best management programs around the world,” says David Wilson, GMAC president and CEO.
“Business and management skills are needed more than ever in an ever increasing variety of organizations. Business schools have responded by offering a deeper portfolio of programs to meet these diverse needs,” Wilson adds.
September 19, 2012
Looking for a way to learn about dozens of leading MBA programs from the comfort of your computer? Through the upcoming GMATCH virtual fair, sponsored by the Graduate Management Admission Council (GMAC), prospective students can …
Looking for a way to learn about dozens of leading MBA programs from the comfort of your computer? Through the upcoming GMATCH virtual fair, sponsored by the Graduate Management Admission Council (GMAC), prospective students can connect with admissions officials, ask questions of current students and alumni, and collect information about MBA programs in Asia, Europe and North America.
Set to run October 10th and 11th, 2012, the GMATCH fair will include the University of California-Berkeley Haas School of Business, the McCombs School of Business at the University of Texas at Austin, the Indian School of Business, the Tuck School of Business, UV Darden School of Business, Spain’s IESE Business School and EMLYON in France.
Established in 2010, GMATCH employs a rich graphical interface featuring virtual booths designed and run by each participating school. The online fair includes a multimedia auditorium with presentations on a variety of topics, such as choosing the best program and preparing for the GMAT exam. The GMATCH fair also has a lounge to facilitate networking with school staff and other prospective MBA students.
“The driving force behind GMATCH is our vision to provide students and institutions with tools that will help them thrive in today’s global, highly competitive economy,” says Pepe Carreras, GMAC vice president of marketing operations. “GMAC is pleased to host this high-tech event to bring together MBA programs and prospective students from around the world.”
Registration has begun for the GMATCH virtual fair, which will be open for six hours on each of the two days it occurs and is structured to allow people in different time zones to participate when it is most convenient for them. Students may register for the GMATCH fair by visiting www.mba.com/gmatch.
June 4, 2012
This post originally appeared on Stacy’s “Strictly Business” MBA blog on U.S.News.com Class of 2012 grads are breathing a collective sigh of relief””and likely doing some version of the happy dance””as they embark on their …
This post originally appeared on Stacy’s “Strictly Business” MBA blog on U.S.News.com
Class of 2012 grads are breathing a collective sigh of relief””and likely doing some version of the happy dance””as they embark on their post-MBA careers in a job market that looks several shades brighter than when they entered business school just two years ago.
According to new data from the Graduate Management Admission Council’s (GMAC) 2012 Global Management Education Graduate Survey and the 2012 Corporate Recruiters Survey, 62 percent of newly minted MBAs have job offers right out of the gate. The good news is even sweeter for graduates of full time, two-year MBA programs, where 64 percent have job offers in hand””nearly matching the all-time record set in 2001, when 66 percent of students had employment offers, GMAC reports.
Companies are feeling optimistic, too, with 79 percent saying they plan to hire recent MBA graduates this year, compared with 72 percent in 2011 and a paltry 55 percent in 2010.
The largest gains came from a surprising source: small businesses. Companies with fewer than 1,000 employees accounted for the largest proportional increase in demand for graduate management hires among the 1,096 global companies surveyed.
“These entrepreneurial firms see real value in the skills that management graduates bring to the workforce,” says Dave Wilson, president and chief executive officer of GMAC.
Landing the job: Recruiters want graduates with more work experience, either before they enroll in business school or from internships during their program. GMAC reports nearly three quarters of employers seeking to hire MBAs prefer candidates with more than three years of work experience.
While the search for employment typically requires a multi-pronged approach, some strategies yielded far greater success for this year’s graduates. GMAC found that 39 percent of students used internships to land a job, with a 71 percent success rate, making it the most effective job search method that students cited.
Also, MBAs who received a job offer through an internship were offered a greater salary increase over pre-degree earnings (84 percent) compared with grads with new job offers (70 percent). These findings indicate that employers recognize the value added by the internship experience.
Students also reported respectable degrees of success in their job search using traditional, school-based programs, such as career services (53 percent), job boards (43 percent), job fairs (34 percent), or networking with classmates and alumni (32 percent). Interestingly, the recent exponential increase in social media usage and online job search sites proved the least-effective method for 2012 graduates, yielding a success rate of only 17 percent and 15 percent, respectively. Participating in an internship or work project lead to a job offer nearly five times as often as online or social media methods, GMAC says.
Show me the money: Employers in the United States expect to pay MBA graduates substantially more in 2012 than new hires with only a bachelor’s degree. This translates into annual earnings for new MBAs that are $40,000 higher, on average, than the salaries bachelor’s degree-holders can expect, according to the Corporate Recruiters Survey.
Among students who had at least one job offer at the time the Global Management Education Graduate Survey was conducted in February and March 2012, full time, two-year MBAs saw an 81 percent gain between pre-MBA and post-MBA salaries””up eight points from last year. In 2012, the median expected starting salary for recent MBA graduates working in the United States is $90,000, though many industries report significantly higher starting salaries. Nearly half of all companies offer their starting MBA hires a signing bonus, and the median signing bonus for those candidates is $15,000, a figure unchanged from 2011, GMAC says.
This year’s graduates also seem to have an upbeat outlook on student debt, a subject that has garnered much attention over the past year. For the first time, GMAC asked students graduating in 2012 about the level of debt they incurred while in b-school. Although more than half (59 percent) of graduating students report that they expect to have some debt after graduation (a median of $45,000), GMAC reports it has no bearing on the students’ views regarding the quality, reputation, and value of their graduate management program.
Those who entered business school in 2010 took a considerable gamble, betting that, come graduation, the economy would have rebounded and their newly honed management and leadership skills would make them even more attractive to prospective employers. Judging by these responses, collected from 6,292 graduate management students at 136 business schools worldwide, the wager seems to have paid off nicely.
April 16, 2012
The number of GMAT scores sent by Chinese citizens to schools around the world nearly tripled (from 48,664 to 126,090) in the past five years, says a new report on GMAT score-sending patterns in Asia …
The number of GMAT scores sent by Chinese citizens to schools around the world nearly tripled (from 48,664 to 126,090) in the past five years, says a new report on GMAT score-sending patterns in Asia from the Graduate Management Admission Council (GMAC).
With 40,069 exams taken by Chinese citizens in the testing year ending June 30, 2011, growth has been driven by women test takers and those younger than 25, who are largely interested in specialized master’s programs outside of China.
According to an interview with Dave Wilson, president and chief executive of GMAC, the reason for this shift is that a lot of young people realize that the best time to take the GMAT is when they are in the last year of undergraduate program, when they’re used to exams and have the time to study.
The 2012 Asian Geographic Trend Report also illustrates the globalization of management education and the quality options within Asia and around the world. Programs in Asia saw a 63 percent increase in the number of GMAT scores received from test takers in testing year 2011 (42,933) when compared with 2007 (26,296). India remains the region’s leading destination for GMAT scores, receiving 11,484 score reports in 2007 and increasing to 17,638 in 2011, with the vast majority of scores coming from Indian citizens.
Overall, Asian citizens sent 69 percent of their scores to management programs in the U.S. in 2011, compared with 74 percent in 2007. Other study destinations among the top 10 that received more than 10,000 score reports from Asian citizens included India, United Kingdom, Singapore, and Canada.
The report also shows that Asian citizens sent an average of 3.4 GMAT scores per exam taken in 2011, significantly higher than the global average of 2.9. However, there were substantial regional differences in score-sending habits. For example, Indian citizens sent the highest average number (4.4), and South Koreans sent the lowest (2.0).
“The significance of the Asian impact on management education is real,” says Wilson. “The flows of graduate management students to, from and within the region have positive benefits for Asian firms as well as multi-national companies that operate there.”