Good news for MBAs seeking jobs. The Graduate Management Admission Council (GMAC) released the results of its annual global survey of employers, revealing that 80 percent of business school recruiters plan to hire MBAs in 2014. That’s up seven percentage points from last year and a whopping 30 percentage points over 2009, in the midst of the economic crisis.
GMAC’s annual Corporate Recruiters Survey, now in its 13th year, polled 565 employers from 44 countries in February and March, including 32 of the top 100 companies in the FT 500 and 36 of the Fortune 100. GMAC, which administers the GMAT exam, conducts the employers survey in partnership with EFMD and the MBA Career Services and Employer Alliance.
“More companies in all sectors and across the world plan to hire business school graduates, with projected hiring rates the highest for all degree types since the Great Recession started in 2009,” GMAC CEO and President Sangeet Chowfla said in a statement. “MBAs have always been valued by employers, but this survey shows that as the economy improves, employers see MBAs as a good investment into their future.”
The survey found that the percentage of employers planning to hire MBAs this year increased over last year across several regions, with 83 percent of employers in Asia-Pacific, 61 percent of European employers, and 86 percent of U.S. employers all chiming in. Half of employers surveyed also plan to hire master in management graduates this year, up from 45 percent last year and 18 percent in 2009.
Notably, when asked which skills are the most important ones they seek in new hires, employers responded that communication skills ranked highest, on average twice as important as managerial skills.
“This year’s survey paints a very positive picture for the business education sector and clearly shows how companies and recruiters value the whole portfolio of business degrees,” Prof. Eric Cornuel, CEO and director general of EFMD, said in a statement. “Despite all of the doom and gloom, the clear message from the market is that business schools are providing the talented, bright individuals that companies need.”