The has released its popular 2015 Corporate Recruiters Survey as a good omen for graduates. It has been found that the employer demand for fresh has touched an all-time high of 84% worldwide. 92% American companies, and 75% recruiters from Asia-Pacific and Latin America are looking forward to hire business school pass-outs in 2015. Europe, however, trailed behind with just 56% employers on the lookout for MBAs this year. Also Read - UPSC Recruitment 2021: Applications Invited for Various Posts, Here's How You Can Apply
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Before this year, the best global job outlook for MBA graduates was projected in 2005 at 82%. In 2014, 74% employers were expecting to hire new MBAs globally. According to Sangeet Chowfla, GMAC president and CEO, “Hiring of new MBA graduates is expected to rise for third year in a row. This bodes well for those who pursue graduate management degree to give a extra push to their career aspirations.” Also Read - Operation Smile: Indore Cop Turns Teacher For Slum Children Who Couldn't Attend Online Classes Due to Pandemic
Salary on the Rise
More than half of the employers also said that they are planning to increase the starting salaries for the new MBA hires. While 30% employers said that they would increase the salaries according to the inflation rate, 21% planned to pay more to the new business school graduates.
In Asia-Pacific, 52% employers said that they are planning to offer same starting salary as 2014 to new MBA hires. 22% said that they would increase the starting salary as per inflation rate while 26% employers planned to offer better salary rates (more than the inflation rate adjustment).
Damian Zikakis, who also leads Career Services at the University of Michigan’s Ross School of Business, said, “Higher starting salaries bode well for the economy. It means that the companies are more confident about their growth prospects.”
According to the GMAC survey, the companies based in the United States may offer a median starting salary of $100,000 to an MBA graduate in 2015 – especially to those who have 2-4 years of post-graduate work experience (before taking admission in the MBA course).
Data Analytics skill is in demand
More than 51% companies surveyed globally indicated that they planned to hire data analytics experts in 2015. Data Analytics was the most in-demand skills for MBA grads this year. Other skills that were on top of the selection criteria for employers were:
- Demonstrated track record,
- Strong communication skills, and
- Solid technical or quantitative skills.
Massive Open Online Courses (MOOCs) fail to woo employers
For the first time in 2015, GMAC also gauged employers’ impressions about the MOOCs. Even thought 63% employers knew about MOOCs (which included 46 companies from the Fortune 100 list), only 15% considered them as a viable alternative to graduate management education. However, 58% employers did believe that MOOCs were good as professional development tools. 52% recruiters thought that one could choose MOOCs to explore their personal interests and 33% employers believed that taking up MOOCs make a difference to a prospective candidates’ resume as it shows how much an employee is interested in a particular topic.
Surprisingly, only 8% US employers considered MOOCs as alternative to regular college courses. On the other hand, as many as 29% Asia-Pacific employers were ready to consider MOOCs a chance as an alternative to regular MBA courses.
MOOC certifications were ranked last in the 23 selection criteria for potential candidates worldwide. 66% employers worldwide considered MOOCs irrelevant for selecting business school graduates.
Job Demand for MBAs by Industry or Function
In 2015, survey findings reveal double-digit increase in the percentage of companies across various sectors and industries that plan to hire MBA graduates in 2015. Marketing seems to be the most burgeoning function across the sectors where MBAs are in demand.
Here is a quick look at sector-wise demand for management graduates:
- 96% Energy or Utilities companies plan to hire business school graduates in a variety of functions. 70% companies are looking for MBA for finance and general management roles, 67% for data analytics, and operations & logistics roles and 59% for accounting and marketing roles.
- 93% companies in Technology sector plan to hire business school graduates. 71% companies have marketing positions, 64% have data analytics jobs 62% have general management jobs while 60% have business development roles to fill. 57% companies also have demand for operations and logistics positions, 52% for finance positions, and 50% for Information Technology positions.
- 86% companies in Products or Services sector plan to hire business school graduates. 70% of them have demand for marketing jobs, 60% for operations and logistics position, 57% for finance positions, 53% for business development positions, 53% for business development positions and 52% each for general management and data analytics positions.
- 84% companies in Finance or Accounting sector plan to hire business school graduates. 48% are offering offer Finance roles, 47% are offering Investment Banking roles and 44% are offering Accounting roles to fresh MBA graduates in 2015.
- 81% companies in both Consulting and Manufacturing sectors plan to hire business school graduates. 76% consulting firms are planning to hire MBAs for consulting positions, 57% for data analytics and 42% for business development functions. 69% manufacturers are looking for candidates for marketing positions and 64% are looking for operations & logistics positions. 62% manufacturing firms are looking to hire candidates for finance jobs, 59% for business development jobs and 50% for general management jobs.
- 75% companies on Health Care or Pharmaceuticals sector plan to hire business school graduates. 77% companies have marketing and sales positions to fill in 2015, 60% have general management positions, 57% have business development positions while 50% have finance jobs and operations & logistics jobs.
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