There are many MBA career paths. As you probably know, the qualification is renowned for opening doors. Better understanding the paths MBA graduates take and where the demand is can help you to focus your goals realistically. Furthermore, having some knowledge of the recruitment market can help you to decide if the MBA will help you achieve your personal aims.
Studying an MBA requires a considerable amount investment of time and money, so before you commit, consider your career goals. Ask yourself if your career aspirations align with the prospects for MBA graduates (and no I don’t just mean a three figure salary here, naturally we’d all like to align with one of those!)
Who should study for an MBA and which doors will open as a result?
Who should study an MBA?
The MBA course is primarily tailored for the needs of professionals. You will usually have a Bachelors Degree (BA) under your belt, as well as a couple of years of professional experience. If you don’t have a BA then all is not lost because if you have around five years of relevant professional experience you may be eligible for acceptance.
How can an MBA help your employment prospects?
According to the recently released GMAC corporate recruiter’s survey (June 2018), the demand for MBA graduates remains particularly high in the Asia Pacific (AP) region. As of 2017, 90% of employers surveyed plan to hire MBA graduates. The trend in AP remains strong.
On average, graduates look to double their wages once they get an MBA under their belt, with three-figure salaries remaining the norm. Primarily large companies hire MBA graduates, making this degree a good way to break into the corporate scene.
The highest hire rates exist in the Fortune 100 and 500 companies. The next highest rates are those with 10,000 or more employees. Nevertheless, demand remains strong in smaller companies too. For example, even medium-sized companies with 100-999 employees project employment rates at 75% for 2018.
Which industries may require an MBA?
The classic MBA industries are finance, HR, consulting, and law. Demand for MBAs is also strong in healthcare, energy/ utilities, and technology. Entrepreneurs can benefit significantly from MBA training. The course acts as excellent preparation for running their own company at scale. While all these industries don’t necessarily REQUIRE an MBA they are definitely seeking and favour MBA graduates. So if you want to increase your chance of success and fast track your way up the ladder, you best be looking at how you can get qualified.
Let’s have a quick look at some of the top MBA industries, and their current recruitment trend for MBA graduates.
The MBA finance sector is projecting some growth. They don’t have the most dramatic figures amongst the industries. However, the MBA hiring rate was 71% in 2017, and they project a rate of 76% in 2018. If you were betting and had a 76% chance of a win you would think you had good odds, right?
Measuring the demand for an MBA in HR is tricky because there is an HR department in every company. In the GMAC report at least, there isn’t a separate column for HR. However, in all companies with employees, the HR department has a strong need for capable professionals. Having an MBA, especially with some kind of specialised HR module will certainly increase your chances of employment and progression in the sector.
From 2017 to 2018 consulting has seen a significant jump in MBA hires. In 2017 they hired at 68%, now they predict a higher hiring rate of 82% for 2018. While this is not the industry with the highest MBA hire percentage, the trend is clearly on the up. Job prospects look good for MBA consultants.
MBA lawyers can expect an increase in demand for their services by pursuing an MBA. In particular, corporate lawyers. An MBA can help a lawyer take a broader view because they have a more in-depth understanding of the business world. This is a significant advantage to have over firms who purely practice law without having a helicopter view of the business landscape.
The healthcare industry hired MBA’s at a rate of 82% in 2017, and they project a higher rate of 93% in 2018. Demand clearly remains strong in this industry.
The energy and utility industry has a strong demand for MBA’s. In 2017 their hiring rate was at 75%, and they predict a hiring rate of 85% in 2018. This is good strong growth and indicates pursuing an MBA is worthwhile if you are working in this industry.
This is one of the strongest industries for MBA’s to plan a future in. The hiring rate remains high with a 2017 hire rate of 84% and a projected rate of 89% for 2018. Technology naturally wants to stay on the cusp of innovation so they can see a value in recruiting top-talent with up-to-date training.
According to the GMAC corporate recruiter’s survey, startups have increased their hiring of MBA’s over the last year. In 2017 they reported 55% hiring rates, whereas they project a hiring rate of 77% for 2018. This is quite a leap and indicates MBA entrepreneurship skills are increasing in demand.
The Future Looks Bright
According to current trends, and the findings of the GMAC survey, prospects for MBA graduates across many industries remain strong. In fact, in all highlighted industries look set to grow. Furthermore, with the strong MBA hiring rates in the Asia Pacific region, there has never been a better time to study at home and seek employment at home!
In short, an MBA continues to open doors for graduates across a diverse cross-section of industries. Now you only need to choose your MBA course that’s right for you and a bright future is on your horizon!