The Graduate Management Admission Council (GMAC) released their 2015 Global Management Education Graduate Survey. The GMAC has been conducting this survey since 2000 and this year’s survey covered over three thousand students from 112 universities and 29 different countries across the globe.
One statistic that stood out the most in this study was just how happy students were with their decision to attend business school. Nine out of ten respondents from the class of 2015 said that the value of their business degree was “good to outstanding,” and another 88% would recommend their program to others looking for a graduate degree. A very strong job market is also present in the survey results. Since so much of students’ satisfaction is based on their employment outcomes, let’s dive deeper into those numbers and see how they compare for various types of programs:
First, full-time MBA students had a pretty good year for job offers: 63% of full-time, two-year MBA graduates had a job offer by graduation, compared to only 40% in 2010. Other graduate programs showed similar increases – for example, 89% of students earning a Masters in Accounting had a job offer compared to 66% in 2010. The biggest growth in this area was for students pursuing a Masters in Management where 59% of students had a job offer by graduation, more than double the amount in 2010.
Part-time MBA programs also showed significant gains in employment outcomes. In 2010, only 22% of job seekers in part-time programs had a job offer by graduation, but this statistic has more than tripled this year to 68%. This is very interesting since in the past, part-time programs were targeted to students who planned on staying at their current employer and recruiters treated them so, largely focusing their recruiting efforts on full-time program students, instead.
Recruiters are now starting to see the value in part-time students and programs, however – they see that part-time students tend to have more experience and, unlike their full-time counterparts, continue to gain work experience during school. Recruiters are responding by shifting some of their resources to recruiting these students alongside more traditional full-time students.
Perhaps the one bit of bad news in this survey is for European business schools and their students: the MBA is the only type of program ata these schools that has seen a drop in job offers by graduation. In 2013, 57% of students at European MBA programs had an offer by graduation, however, the following year, that number dropped slightly to 56%, and in 2016, the number of students dropped even further to only 41%.
What can European programs do to help turn the tide and improve their job placement results? Most importantly, these schools can try to develop stronger relationships with employers outside of Europe. Since many students either don’t come from Europe or would find it hard to stay for work, the schools need to do a better job opening up recruiting channels outside of Europe.
Overall 2015 was a very good year – one of the best years ever – for both students and business schools when it came to finding post-MBA jobs for students. Keep this information in mind as you consider pursuing your own MBA.
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