MBA Job Outlook Still Bright, Despite Downturn
A weak global economy hasn’t staunched employers’ interest in hiring MBAs, a recent survey by the Graduate Management Admission Council (GMAC) reports. In fact, the proportion of respondents to the annual GMAC Corporate Recruiters Survey who are preparing to hire new MBAs is higher this year than it was in 2007.
“Through economic slowdowns, as well as expansions, organizations see value in the skills that MBAs bring to the table,” says GMAC’s president and CEO David A. Wilson. “Even as there is serious retrenchment going on at investment houses, more companies in the finance and accounting industry plan to hire MBAs than did last year.”
There’s good news on the salary front as well, the survey has found. Most employers expect salaries to rise at the rate of inflation or better despite a rough economic climate that is seeing many firms cut back. “The preliminary salary projections are encouraging and do speak to the value of the skill and experience MBAs bring,” says Tom Kozicki, president of the MBA Career Services Council and executive director of MBA career services at the Paul Merage School of Business.
Corporate recruiters told GMAC researchers that this stable employment outlook for business school graduates reflects widespread respect among employers for people with MBAs. According to the press release, employers especially value business school graduates for their management knowledge and communications skills””traits that are as prominent among MBAs in a weak economy as they are when times are flush. The technical and quantitative skills typically emphasized by MBA programs also are selling points for recruiters.
So don’t let the economic slowdown get you down. Turns out that mega B-school debt will still be worth it.