The MBA Job Market Bounces Back
There has never been a better time to apply to Business School!
Of course, it is no secret that the coronavirus has impacted the job market. Earlier this year, a Poets&Quants study found that 44% of MBA students graduating in 2020 had their start dates pushed back, some of these delays lasting several months.
However, the future for MBA graduates remains bright. Though work life has taken on a new form of normal, the Graduate Management Admission Council’s latest Corporate Recruiter’s Survey suggests that the demand for business school graduates is still high.
This year, GMAC collected a second round of data after the pandemic’s disruption to their earlier reports. After a brief dip, interest in hiring MBAs is already on the rise again.
Prior to COVID-19, 92% of firms indicated an intent to hire 2020 MBA graduates. While this percentage dropped to 77% in June and July, GMAC now reports that 89% of corporate recruiters plan to hire MBA graduates in the new year.
As GMAC’s research below shows, the survey projects that the percentage of recruiters looking to hire will continue to increase, reaching levels similar to pre-COVID-19.
Additionally, projected hiring in 2021 is higher than the 86% of companies that hired MBA graduates in 2019, another promising sign for MBAs.
The GMAC’s insights on MBA salary trends are also favorable. Not only are the large majority of recruiters not reducing salaries, the median base salary for the class of 2020 is projected to remain over $100,000.
The hiring of international students and interns is promising as well, particularly with the increase of remote virtual opportunities.
As the demand for business school graduates prevails, now is an excellent time to pursue your MBA. With trends already on the upturn for 2021, expectations are that the class of 2023 will graduate into an economy with plenty of job opportunities.
While the recent increase in overall unemployment levels prompted many professionals to take the plunge and apply for their MBA this fall, we know many potential applicants also put their MBA plans on hold. Unsurprisingly, the market uncertainty led many, particularly international applicants, to worry about both the logistics and the benefits of an MBA. However, given the quicker-than-expected economic rebound, now may be an ideal time to submit your MBA applications.
Round 2 is a great time to apply (for some schools, success rates are even stronger during round 2 than during round 1), and with three months until the first round 2 deadlines, the time to get started with your applications is now!
Unsure where to start? Check out this blog: Kicking Off Round 2 covering the five steps you should be taking even before beginning your MBA application essays. As you read these tips, keep in mind that while campus visits are not an option this season, there are countless virtual options available to help you narrow down your target schools.
Whether you are beginning to consider applying for your MBA or are already into the process, Personal MBA Coach is here to help!
From developing an individualized MBA application timeline to editing your essays, to boosting your test scores through our customized tutoring services, Personal MBA Coach is willing to be your guide.
Founded by a Wharton and MIT graduate, we regularly help applicants navigate their applications each year. We also conduct mock interviews with former M7 interviewers on our team.
Personal MBA Coach has been guiding candidates through all aspects of the MBA application process for 13 years with a 96% success rate. Call us today at +1 617-645-2424 or email email@example.com for a free consultation on your profile along with how we can help make your MBA dreams a reality!
For more MBA updates and advice, check out the following blogs: