The Great Recession is finally behind us. While many people may not fully agree with this statement, the job market does. In January, 257,000 jobs were added, continuing an 11th month streak of adding more than 200,000 jobs a month. The private sector has created 11.8 million new jobs, and as reported by the BBC, it’s recent MBA grads who are capitalizing on the continuing economic upturn.
Companies have reported plans to hire as many if not more MBA grads than they did in 2014, and many in a recent GMAC survey also reported plans to raise starting salaries for MBAs.
The refueled demand for newly minted MBAs is already being felt at business schools across the nation. At Emory’s Goizueta Business School, 72 percent of seniors already have job offers, an increase of 10 percent from the previous class this time last year. The Wharton School of the University of Pennsylvania has seen its lowest number of grads still seeking employment after graduation. In 2014, only 4.2 percent of grads were still looking for jobs four to six months after graduation, the lowest amount in 20 years, and school officials expect this high success rate to continue. At the Wisconsin School of Business, job postings are up 36 percent from last year.
This growth in demand is also spread across many sectors. Business schools report increased hires in technology, internal strategy, consulting, health care and financial services.
What’s driving the demand for MBAs?
Business school admins point to increased consumer confidence and a growing U.S. economy – two figures which hit their highest marks in over four years in 2014. Pam Brown, the senior director of Emery’s career management center, believes that companies are “behind the eight ball” and making up for lost time and low hiring years. Businesses are looking to fill employment gaps left from the recession.
Worried you decided to apply for your MBA too late? Don’t stress. Schools expect the need for MBAs to continue as companies continue to fill employment gaps, especially as baby boomers retire.
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