A GMAC press release presents the results of the most recent global student exit survey (of 3049 grads from 111 schools who responded in February and March), revealing that those students seeking jobs in traditional fields like consulting, products/services, and finance/accounting were more likely to have a difficult time securing a position early in the hiring cycle that those looking for work in smaller, less traditional fields such as technology, manufacturing, and healthcare.
Here are some highlights from the report:
• 57% of 2014 business school graduates (MBA and others) received at least one early job offer, down 3% from last year, but up 25% from 2010.
• 62% of students were involved in the job search; 4% were planning on pursuing entrepreneurship or were already self-employed.
• There was an 80% median salary increase (over their pre-degree salary) for those who received job offers, up 7% since last year.
• 61% of job seekers in the tech industry received job offers, accounting for 15% of the total number of grads who received early job offers; this is up since last year’s 9%.
• Students in the manufacturing and healthcare/pharmaceuticals industries had the greatest success rate landing job at 74% reporting at least one job offer, and accounting for 7% and 5% respectively of all early offers.
• 27% of career changers who received job offers were in the consulting.
• 21% of all job seekers who received job offers were in consulting, up slightly since 2010 (20%).
• 26% of all job seekers who received job offers were in the finance/accounting sector, up since 24% last year, but down from 2010’s 30%.
• 62% of graduates in the government/non-profit sector received early offers, accounting for 5% of all job seekers who received job offers.
The following stats come from the Financial Times article on the subject, “Technology companies become magnet for MBA students”:
• At London Business School, more graduates received job offers at tech companies than at financial institutions. Eleven class of 2013 grads landed jobs at Amazon, while Citi hired only eight. Seven grads were recruited by Google, and only five received job offers from HSBC.
• In 2013, Stanford GSB sent more grads to tech companies than to banks for the second year in a row – 32% in 2013 went into technology, which followed 24% in 2012 and 13% in 2011. Of those who headed to tech companies, 40% went to small and medium-sized companies, 40% went to large companies, and 20% went to startups.
According to the FT article, a number of factors are responsible for this monumental shift. Steve Dalton, Duke Fuqua’s senior associate director of MBA student services, reports that promotions and job security, two previously high scoring advantages for the banking industry, are on the decline, making alternative fields more attractive. But, according to David Morris, LBS career services’ head of corporate sectors, in explaining tech’s growing and banking’s declining popularity, money’s not the main draw – “People are excited about the company and the product – that’s the main driver, not the money,” he says.
You can read more about the results of the GMAC survey in the Poets & Quants article, “Job Offers Up In Tech & Healthcare.”