Even with rocky economic times, the most recent MBA graduates in Canada and in other places around the globe are finding jobs at good wages and at a pace that has not been seen in 10 years, a new survey reports.
An annual survey of MBA alumni by the Graduate Management Admission Council reveals that 90% of 2012 grads from business schools in Canada were employed by the time they graduated from business school. In Canada, the median salary for a graduated MBA increased to $81,000 US, and more than three of four graduates stated that their earnings met or exceeded their expectations.
According to the director of research communications at GMAC, strong business skills are still strongly desired in the marketplace and even more than they were before the downturn. Many companies say that they are focusing their corporate goals on a need for more efficiency and also for growth.
Today, many MBA graduates are valuable for a company no matter if they have efficiency or expansion goals. The survey also revealed that there is still a strong value in earning an MBA, according to the associate dean of masters programs at McGill University. According to her, this shows that the investment in an MBA still pays off.
One of the most important factors in looking for a job is for a new MBA graduate to be willing to look at other industries and job functions outside of accounting and finance. These are the most common areas where MBAs try to find work and if you limit yourself to those sectors, you may have more difficulty finding a good job.
In the recent survey, technology did better than finance and accounting for the most popular sector for 2012 MBA graduates. Products and services, and consulting were the most popular fields where MBAs found jobs. Still 22% of recent grads were still hired for accounting and finance jobs.
Many firms that are in non-traditional industries are finding that MBA business talent can assist them in meeting their company goals, and the business talent coming out of MBA school is finding that there are many opportunities in non-traditional industries. Overall, Wall Street is not the most secure job destination anymore.
Of course, people who always aspired to be an investment banker are still going to be attracted to jobs as investment bankers, but there are many other parts of the economy today where having a strong understanding of business management is going to be valued just as highly.
The responses in the survey from MBA alumni show that there have been major shifts in demand for an MBA education. There is much more interest in MBA programs that are flexible, including part time MBAs, executive MBAs, online MBAs and more speciality MBAs, such as sustainability and health care management.
Back in 2002, 87% of those who responded to the survey stated that they earned a full time MBA. In 2012, this was down to 59%. The survey also revealed that 31% of recent MBA grads earned their MBA either online or part time. This trend is only accelerating as more and more strong MBA programs are being offered entirely online, including these 25 online MBA programs for healthcare professionals.
Also, the number of MBA graduates who came out of school with a specialty MBA increased to 10%, which is an increase from one percent in 2002.
If you have recently graduated from MBA school and still want to improve your skills, you should try to take a few of the free online MBA courses that are available here.