According to a GMAC press release, employers are expressing early optimism for 2013 MBA hiring. Here are some of the key findings of the GMAC’s 2012 Year-End Poll of Employers, which includes responses from over 200 employers who hire students from graduate business programs:
- 76% of employers expect to hire 2013 MBA grads. Last year, only 69% hired 2012 grads.
- 43% of employers plan on hiring Master in Management grads (up 10% from last year).
- 40% expect to hire Master of Accounting grads (up 8% from last year).
- 39% intend to hire Master of Finance grads (up 7% from last year).
- 46% expect to hire other business MA degree holders (up 12% from last year).
For internships, 85% of employers plan on hiring interns in 2013. 65% expect to hire undergrad interns and 65% plan on using MBA interns.
While the MBA market is showing a healthy increase in anticipated hiring, salaries will remain fairly stable. Most employers plan to increase salaries at or above the rate of inflation. Only 1 in 8 intends to increase average base salary above the rate of inflation so soaring salaries are not in sight for 2013 MBA grads. Approximately 40% will keep starting salaries the same as in 2012. All this is good news if you are in business school or are out in the working world with 2-5 years of experience and are considering pursuit of an MBA.
The real news, however, in the above stats is the anticipated relative increase in hiring for the specialized masters programs vs. the slight decline in anticipated hiring for bachelor’s degree holders. Among the 200 employers who responded to the GMAC survey, the specialized degrees are increasingly in demand.
|Percentage Increase in Employers Hiring|
|Direct from Industry||
|Specialized business master’s||
|Master in Management||
|Master of Accounting||
|Master of Finance||
While MBA grads can anticipate a healthy job market and increased hiring, the 2013 market for specialized masters, especially the MiM, is showing striking strength and demand over 2012.
Seniors – especially seniors without a biz undergrad – take note. Look at the average salaries for MiM grads and what you are likely to make without the MiM or MAcc or whatever specialized business master’s degree tickles your fancy. You may find that pursuing a specialized one-year business master’s degree gives you a real edge in the job market, positive ROI, skills that are in demand – all at a time in your career when your opportunity cost is much lower. Also, if you later decide to pursue an MBA, chances are increasing that the business schools may either shorten your MBA to one year or allow you to take more electives and advanced courses because you have the basics as a result of your specialized masters. These programs can be an excellent launchpad for your business career.