Posted by: Alison Damast on March 10, 2011
MBAs should be heartened by the findings of a new report, which predicts that hiring in the finance and consulting sector should return to pre-recession levels beginning in 2012. The finance sector hired 22 percent more MBAs in 2010 and expects to increase hiring by 11 percent this year, while the consulting industry increased hiring by 19 percent last year, and plans to bump hiring up 37 percent this year, according to data from the QS TopMBA Jobs and Salary Trends report. The report was published by the QS World MBA Tour, a London-based company that organizes information and recruitment fairs for business school applicants. The organization surveyed over 5,000 companies in 36 countries for the report, released this week.
“Optimism is returning to the MBA marketplace, with MBA job opportunities increasing in most countries around the world,” wrote Nunzio Quacquarelli, director of the QS World MBA Tour, in the report. “MBA salaries have softened slightly in 2010 but are likely to jump again in the near future, if a double-dip recession is avoided and current growth in MBA demand continues.”
Here are a few of the other interesting findings from the report, which can be found here:
• Worldwide, MBA salaries have fallen an average of 5 percent in 2010, compared to 2009. The average starting MBA salary was $86,650 across Western Europe and North America.
• There has been a drop in employer demand for MBAs with less than three years of pre-MBA experience, with only 29 percent seeking MBAs who fall into this category, down from 34 percent in 2009. MBAs with three to five years experience remain most in demand, but there is a growing appetite for MBAS with more experience. For example, in 2010, 25 percent of employers targeted MBAs with five to eight years of experience, up from 13 percent in 2009.
• Demand for MBAs continues to be strong in emerging markets like South Asia and South East Asia. For example, the number of MBA jobs reported by employers in India shot up 43 percent in 2010, and 19 percent in China.
• The healthcare and pharmaceuticals industry took a hit in 2010, with hiring down 10 percent, and expected to increase only 2 percent in 2011. Demand for MBAs in the technology sector was unusually strong this year, with a 39 percent spike in hiring in 2010, and a 17 percent increase forecasted for 2011.
Readers, how is MBA hiring panning out on your campus? Are you and your classmates having an easier time finding jobs and internships this year?