As students are graduating from school and figuring out what their future holds, taking up a career in business may be a good avenue. According to the 2013 Corporate Recruiters Survey, 935 employers in 50 countries anticipate hiring 75% MBA graduates – a 4% increase from 2012. Even if an MBA is not your cup of tea, Masters in various areas of Business are projected to experience a growth in employment as well.
Other Key Facts
- The Northeast takes the cake for the highest MBA demand with 92% of surveyed companies planning to hire recent grads.
- Median starting salaries for MBA grads is at $95,000. In comparison, the median salary for bachelor degrees is at $52,000.
- The rapid expansion of companies in Asia-Pacific are helping to create a higher demand for advanced degrees in business.
- Sectors experiencing the largest growth in MBA hires? Energy/utilities and health care/pharmaceutical sectors.
However, don’t expect obtaining an advanced degree in business will be a cakewalk; admittance rates aren’t high with the schools that boast the highest post-MBA median salaries. In a U.S. News & World Report ranking of the 2013 Best Business Schools, the number one ranked was Harvard University and in 2013, they received 9,331 applications and only admitted 12%.But, they boast a hefty median base salary of $120,000.
In comparison, the school that ranked 104, American University’s Kogod School of Business had 170 applications with 42% of applicants accepted. The average starting salary for Kogod’s MBA grads is at $68,540.
Despite the promising future for MBA graduates, an often overlooked piece of advice is to ensure your career aligns closely with your interests. Even if a career boasts a promising outlook with impressive salaries, it’s a field that you are committing every day to and if you are not passionate, the monetary compensation may not be worth the lifestyle.