New GMAC Survey Finds Business School Students in High Demand
Despite market fears of an imminent recession, 86% of 2022 business school graduates found employment upon graduation. This is up from 80% in 2021, according to a new survey report by the Graduate Management Admission Council (GMAC).
Regional results of graduates who studied in the Asia-Pacific region and Europe contributed to the favorable trends. Among Asia-Pacific b-school grads, this year, 91% report having a job at the time of graduation, compared with 78% in 2021. Similarly, among European graduates, 90% say they were employed this year compared with 75% last year.
The annual Enrolled Students Survey from GMAC analyzes trends in student and recent graduates’ evaluations and outcomes of their graduate management education (GME). Conducted in May-June 2022, this survey explores the views of 1,718 respondents from nearly 300 business schools in 57 countries. They answered questions regarding their overall GME experience, job search, and compensation in the context of the COVID-19 pandemic.
Globally, respondents reported a median percentage increase in total compensation – including base salary and all other compensation – of 29 percent. Notably, among North American graduates, those who attended full-time MBA programs reported a pre-GME total compensation median of US $80,000 and a post-GME total compensation median of US $120,000 – an impressive 50% increase.
“With the volatile economic conditions and organizational challenges brought on by the pandemic, well-rounded and prepared business leaders and managers are especially in demand in the current job market,” said Matt Hazenbush, director of research analysis and communications at GMAC and author of the report. “As the survey findings suggest, graduate management education provides students with a powerful leg up for their career.”
Other Key Findings
Most students who set out to make a career change or gain a promotion found success
Students’ top goals and motivations in 2022 were to enrich their lives and make a career change. Many respondents who set out to make a career change or get promoted report that they achieved their goals. Likewise, 56% of graduates who had the goal of gaining a promotion were successful.
Social media use in the job search jumps up from last year
Use of social media in the job search – including sites like LinkedIn – increased significantly year-on-year, from 27% to 37 percent. This overtook networking with classmates and alumni (28%) as well as friends and family (35%).
The increase in social media use as a job search method was significant among professional MBA (24% in 2021 to 31% in 2022) and business master’s students (23% in 2021 to 40% in 2022). Social media use increased significantly among students in Asia Pacific, Europe, and Latin America/Middle East/Africa, but not in North America.
Students from Asia-Pacific schools rate the overall value of their degree significantly higher in 2022 compared with 2021
Eighty-five percent of respondents rated the overall value of their degree as good to outstanding, up from 82% in 2021. Students who studied in Asia-Pacific schools reported the largest year-on-year increase in favorable ratings, rising from 75% to 86% between 2021 and 2022.
While both full-time MBA and business master’s students in Asia Pacific had year-on-year increases, the increase was significant among full-time MBA students, rising from 66% to 84 percent.
As pandemic restrictions eased, student satisfaction with career and student services improved
Eighty-four percent of 2022 respondents gave career services a favorable review, up from 74% in 2021. Also improving were opinions on student services, up to 85% favorable from 80% in 2021. The improvement in favorability in career and student services was consistent across all GME students worldwide.
Source: GMAC News Center