Posted by: Geoff Gloeckler on September 9, 2010
What do you think the biggest motivator among MBA aspirants is for applying to B-school? If you guessed a salary boost, you’d be wrong. According to a recent survey conducted by Veritas Prep, the two main motivations for pursuing an MBA are “an interest in business and the way it shapes society,” and “the desire to affect positive change in the world.” But that doesn’t mean money isn’t on their minds. More than two-thirds of respondents are looking for a starting salary of at least $100,000 upon graduation, and nearly a quarter of those are looking for at least $145,000.
For the study, entitled “Inside the Minds of MBA Applicants,” Veritas Prep collected responses from 1,721 prospective, current, and recent MBA applicants to “capture the intentions, motivations, and concerns of today’s cohort of business school applicants,” according to a release. Of the surveyed group, 75 percent plan to apply to business school in the future and 21 percent are currently in business school.
Apart from salary numbers, the survey findings are a good indication of the current state of the MBA hiring market and the fears students have about the job search. For instance, of the respondents, 50 percent were worried about finding a job upon graduation. Additionally, 68 percent voiced concern about finding a long-term career path that appeals to them.
Among the surveyed group, 64 percent were interested in making a career switch, while 19 percent said they were looking to advance their career along the same path they are currently on. The most popular career paths among the surveyed group were banking and finance, management, and consulting.
Considering the recent reports that Wall Street firms could be in for massive job cuts in banking and finance in the coming 18 months, the question is, will there actually be jobs for these MBA aspirants come graduation?