GMAC just released its 2016 Corporate Recruiters Survey Report. 109 graduate business schools participated in the GMAC survey in February and March of this year, and the survey reflects the responses of 842 employers from 530 companies in 40 countries around the world who recruit directly with the participating business schools.
Here are some highlights focusing on the importance of on-campus recruiting at business schools, hiring projections for the coming year, and expected starting salaries.
MBA Hiring Expectations
• 88% of corporate recruiters who work directly with graduate business schools plan to hire recent MBA graduates in 2016 – this is up 8% from last year and up 33% from 2010.
• About 25% of corporate recruiters plan to hire non-MBA business master’s program graduates this year, specifically 27% plan to hire Master of Supply Chain Management graduates, 26% plan to hire Master of Data Analytics graduates, and 24% plan to hire Master of Marketing graduates.
• In the Asia-Pacific region and Latin America, more corporate recruiters are planning to hire Master in Management and Master of Finance graduates in 2016 compared with 2015.
• In the Asia-Pacific region, Europe, and Latin America, recruiters plan on hiring more Master of Accounting graduates in 2016 than they did in 2015.
• 54% of employers plan to increase MBA starting salaries. 33% of these respondents will raise it at the rate of inflation and 21% will raise it above that rate.
• 46% of employers plan to keep MBA starting salaries the same as in 2016.
• 67% of employers who plan to hire graduates with Master in Supply Chain Management degrees expect to increase their starting salaries. 46% plan to increase at the rate of inflation, and 20% plan to increase above that rate.
• Last year, US-based companies offered MBA graduates a median starting base salary of US$100,000. This year, these companies plan to pay US$105,000.
• For graduates of Master of Data Analytics and Master of Marketing programs, US-based companies play on paying a median starting base salary of US$85,000, higher than the amount they plan on paying graduates of Master in Management and Master of Accounting programs.
International Hiring & Job Placement
• 52% of corporate recruiters plan to hire (24%) or are willing to consider hiring (28%) recent business school graduates in 2016 who require additional legal documentation, such as work permits or visas.
• 30% of companies who plan to hire business school graduates in 2016 plan on placing these candidates in multiple world regions.
GMAC also for the first time conducted a second survey of “human resource professionals and recruiters from employer samples purchased through an outside private vendor.” Employers are located in China, France, German, India, the UK and the U.S. According to Bob Alig, GMAC’s executive vice president for school products, “The difference [slightly lower but still strong] in hiring projections between the two surveys highlights the value business schools provide to students in connecting them with employers that want to hire them. These results are compelling evidence for admissions professionals to demonstrate the value of a graduate business degree to prospective applicants.”
Analysis of GMAC’s 2016 Corporate Recruiters Survey Report
There is no question that the news contained in GMAC’s Corporate Recruiters survey is excellent for graduate management students and applicants. Jobs are plentiful, and pay is increasing. It’s hard to find the cloud amidst the thick silver lining. Yeah!
Beyond the wonderful hiring news, I saw a few nuggets that are particularly germane to applicants as they complete their applications and head toward interviews.
Admissions is very much influenced if not driven by hiring. “Begin with the end in mind” holds for business schools as well as applicants in admissions. So if recruiters say they are looking for specific qualities in new hires, you can bet your last dollar that b-schools are also looking for applicants who already evince those qualities.
This is the triple crown that companies seek in new hires:
1. Ability to fit in organizational culture
2. Ability to work in teams
3. Potential to make an impact
Leadership potential is frequently mentioned, but didn’t quite make it into the top 3. However, it is closely related to “potential to make an impact.”
Fit in a specific corporate culture will depend somewhat on the individual culture so let’s focus on ability to work in teams and potential to make an impact. Those are the two qualities most relevant to applicants.
Folks, you simply must show teamwork and impact in your applications. Employers will ultimately want to see these two qualities and consequently admissions offices will want to see them first. MBA programs want to develop and nurture those qualities in people who already have them; they don’t want to create them from nothing.
How can you show them? Make sure your resume, community service descriptions, job history, essays, and interviews reflect both qualities. Include examples of you working in teams and the difference you made as a part of that team. Quantify impact when possible for added impact and credibility in a concise format.
Demonstrating teamwork and impact will wow the admission officers now and lay the foundation for a successful job search later.
By Linda Abraham, president and founder of Accepted and co-author of the definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.