Employer interest in hiring MBA graduates is ticking up across the US, and the rest of the world, according to a recent survey by the Graduate Management Admissions Council.
According to the GMAC, nearly twice as many employers in 2021 believed that recent MBA graduates are more adept at navigating the post-pandemic landscape compared to experienced employees who were hired directly from the industry. This belief is particularly strong in sectors such as finance, accounting, and manufacturing, where the demand for MBA graduates is on the rise.
The survey findings also reveal that MBA graduates are viewed as being better suited for fast-tracking to upper-level positions and commanding higher salaries.
Consequently, hiring for MBA graduates have been stronger than for holders of bachelor's degrees and those already in the workforce in 2023, with expectations that this trend will continue into 2024. U.S. employers, in particular, are optimistic about the stable demand for business graduates in the coming years.
Despite these positive trends, there has been a decline in graduate student enrollment in 2023, and a survey last fall indicated that students entering the job market were facing challenges in finding employment. This disconnect between employer demand and student perceptions could be a result of the dynamic changes in the job market post-pandemic.
The GMAC survey collected responses from over 900 employers in 38 countries across various industries, including technology, products, finance/accounting, consulting, and healthcare/pharmaceuticals. Notably, over half (51%) of the respondents hire for Global Fortune 100 and 500 companies, underscoring the broad appeal of MBA graduates among top-tier employers.
Employers continue to prioritize skills such as problem-solving, strategic thinking, communication, and teamwork in business graduates. These skills are considered essential across all industries, as employers seek professionals who can excel in client-facing and project-based work.
Looking ahead, employers are encouraging future graduates to not only master these core traits but also to develop emerging skills such as emotional intelligence, grit, adaptability, and technological literacy in information technology and AI. In particular, employers expect graduates to be proficient in using AI for acquiring knowledge and learning new skills (63%), developing business strategy and making decisions (62%), and conducting research (51%).
As the business landscape continues to evolve, the value of an MBA degree appears to be on the rise, with employers placing a premium on the leadership and strategic skills that these graduates bring to the table.