More Recruiting and More Avenues: What MBA Applicants Should Consider in GMAC’s Corporate Recruiters Survey
Note: The following is a guest post by Liza Weale, Senior Consultant for mbaMission.
The numbers from GMAC’s 2013 Corporate Recruiters Survey are in, and the MBA continues to gain ground with employers. Of the companies surveyed, 75% plan to hire MBAs in 2013 versus the 71% that hired business school graduates in 2012. The median starting salary for MBAs at U.S. companies is also on the rise: up from $90K in 2012 to $95K in 2013. And companies in the classic fields of consulting and finance are not the only ones expecting to add MBAs to their work force (79% in 2013 over 69% in 2012 and 75% in 2013 over 70% in 2012, respectively): 86% of energy and utility companies (up 17% over 2012) and 89% of health care and pharma companies (up 12% over 2012) report plans to do so as well.
Undoubtedly, the outlook for MBAs is rosy, but being aware of this promising forecast is not enough to help an applicant gain a spot at a top program. Some deep soul searching is needed, and resources such as GMAC’s 2013 Corporate Recruiters Survey can be excellent sources of inspiration”especially as candidates contemplate what next after business school.
The following are a few things that might be helpful to consider as you think about your goals:
1. Investment banks and consulting firms are not the only places that offer finance and strategy jobs.
Often, MBA applicants fixate on consulting or investment banking, but getting a job in one of these fields is a competitive process. Consider this: you can do strategy and finance jobs in industry companies. More than 50% of the companies in GMAC’s survey in the areas of energy and utilities, health care and pharma, products and services and technology expect to hire MBAs into business development and strategy roles in 2013. Even more industries are looking to hire MBAs into finance roles: more than 50% of companies in the areas of manufacturing and government and nonprofit, as well as energy and utilities, health care and pharma, products and services and technology, will hire business school graduates for finance positions.
2. Give some thought to specialty degrees.
Really like finance? Have you ever considered a Master of Finance (MFin)? It might not be as well-known a degree as an MBA, but if you want to do sophisticated financial transactions or create new products, it could be an excellent choice. And recruiters recognize its value, too: the percentage of companies expecting to hire those with an MFin has increased from 41% to 43% and will likely continue to grow as these programs gain in popularity. Other specialty degrees worth considering are a Master in Management and a Master of Accounting.
3. Just because a company you like does not have a campus presence does not mean it is not interested in employing MBAs.
The mean number of MBAs that businesses in GMAC’s survey are looking to hire increased from 11.4 in 2012 to 14.6 in 2013. That number varies by company size, but even the small firms (defined as having fewer than 1,000 employees) plan to hire five. Do not constrain yourself by believing that opportunities exist only with companies that recruit on campus; just know that if the firm you are targeting is a smaller one, you will need to do some heavy lifting to engage with it. Reach out to alumni, peers, colleagues and professors to build connections and establish a rapport.