If you are considering getting an MBA, the prospects haven’t been this kind to graduates in almost a decade. According to Prep Adviser, the economy’s stabilization has lead to an increase in the need for MBA graduates. U.S. News and World Report shows the average starting salary up to $89,051, an increase of 12 percent from 2005 after adjusting for inflation. The average employment rate for MBA graduates was 60.5percent and 81.5 percent when looking three months after graduation.
The Corporate Recruiters Survey on 2014 hiring trends, conducted in partnership with MBA CSEA and European Foundation for Management and Development (EFMD), as well as business schools and companies cross the globe found that MBA hiring rates are the highest since the Great Recession in 2009.
“This year’s survey paints a very positive picture for the business education sector and clearly shows how companies and recruiters value the whole portfolio of business degrees,” said Professor Eric Cornuel, CEO and directory general of the EFMD. “Despite all of the doom and gloom, the clear message from the market is that business schools are providing the talented, bright individuals that companies need.”
The prospects are equally as good for students looking for career opportunities abroad, as employers surveyed in Asia-Pacific (83 percent) and Europe (61 percent) planned to join the U.S. (86 percent) in plans to hire MBA graduates.
“2013 turned out to be a solid year for MBA employment, so the large majority of schools reporting stable to increasing trends indicates very positive hiring as this year’s recruiting season progresses,” said Mark Peterson, president of the MBA Career Services & Employer Alliance (MBA CSEA). His group’s survey found that 43 percent of schools reported an increase in on-campus recruiting for full-time positions, while 56 percent reported an increase in full-time job postings.
So with all the indicators pointing in the right direction, where are the opportunities for newly minted MBA grads? The QS Top MBA annual survey of MBA employers detailed the growth by sectors of MBA hires, finding the energy sector with an 18 percent higher demand for MBAs, while high tech and electronics companies reported an 11 percent growth, and consulting and professional services saw a 9 percent increase in demand.
Is now the right time for you to get your MBA? While there are many factors to consider, the fact remains that the global economy is only increasing its reliance on MBA graduates to forge the future of business.