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MBA Class of 2012 Finding More Job Opportunities
By Catherine Groux
Posted May 22, 2012 02:02 PM
A majority of 2012 MBA degree holders have already received job offers.With an unemployment rate still hovering above 8%, many individuals are concerned that after graduating from their campus-based or online master's programs, they will not be able to find their dream job. However, for those pursuing a Master of Business Administration (MBA) degree, the perfect position may be a little easier to attain, as many companies plan to increase the number of people they hire with this credential.
A new report by the Graduate Management Admission Council (GMAC) shows that about 62% of job seekers in the class of 2012 had a job offer at the time of the survey. For individuals in part-time and Executive MBA programs in particular, this figure beat 2001's all-time high. Among full-time, two-year MBA degree holders, this figure almost matched the record set in 2001.
The report indicates that while most business administration program graduates were able to land jobs, students seeking positions in specific fields were even more likely to have a successful job hunt. For instance, about 76% of individuals looking for positions in the manufacturing sector were able to find jobs, while only 53% of those seeking jobs in the products and services industry were able to say the same.
Dave Wilson, president and chief executive officer of GMAC, said many companies - especially smaller businesses - are increasing the hiring of MBA degree holders as a means to expand.
"As companies begin to act on plans to expand, they are hiring talent to help manage strategy and growth to sustain the business for the long term," Wilson said. "Particularly noteworthy is the expansion of hiring among smaller companies in our survey, which are key drivers of economic activity. These entrepreneurial firms see real value in the skills that management graduates bring to the workforce."
In addition to finding more job opportunities, most MBA degree holders believe their new credential will also help them receive a higher salary. Individuals who landed jobs in the products and services sector, for example, reported a 75% increase in salary.
Even individuals who stayed in their current positions after earning their MBA expect a higher salary. The report shows that 33% of graduating students will remain with their current employer after graduation, and these individuals expect to see a 36% increase in their salary due to their new degree.
No matter what types of jobs individuals found after graduation, most agree their MBA prepared them for their new positions. According to the report, four out of five students said their degree "gave them a competitive advantage and prepared them for today's job market." Additionally, nine out of 10 graduates said they would rate the quality of their graduate management education as outstanding, excellent or good value.
