GMAC (Graduate Management Admission Council) has published the results of their latest annual survey of corporate recruiters. The 2020 survey concentrated on the impact of COVID-19 for business master’s and MBA grads by comparing data from two waves. Survey responses were collected from 712 corporate recruiters in Wave I (February 17–March 17, 2020) and 232 responses from Wave II (June 17–July 17, 2020).
Here are some of the results:
- Most recruiters (61%) expect to keep their headcount steady in 2020. In comparison, 17% will decrease their headcount and 22% expect to increase it.
- The percentage of recruiters planning to hire in 2021 was similar in both waves: 89% in Wave II and 92% in Wave I.
- During Wave I, 90% of recruiters responded that they were highly confident or confident that graduate business schools were able to prepare students to be successful in their companies. Wave II saw a slight decrease to 87%.
- Recruiters reported 3 reasons for their high confidence level in grad business schools’ ability to prepare their students: Strategic thinking, communication skills, and versatility.
- Despite the pandemic forcing organizations to focus on operational stability, and the fact that there are more candidates than positions available for 2020 grads, most recruiters intend to honor compensation promises. A small number will reduce salaries, benefits, or bonuses.
- Grads from top b-schools continue to receive high salaries. The median salary for an MBA during Wave I was $115,000 – 75% more than those with a bachelor’s degree – and decreased only slightly during Wave II to $105,000.
As the pandemic continues, so does worldwide uncertainty. MBA and business master’s grads are affected as well. Despite everything, the 2020 GMAC Survey results seem to show that employers are still confident about the value of hiring MBA and business master’s grads. The skills and knowledge obtained by these students continue to make them valuable assets in assisting organizations to recover from the effects of COVID-19.
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