Internationally, the best-known MBA program in Russia is that of SKOLKOVO Moscow School of Management, rated one of the top 50 programs in Europe by MBA employers and recruiters in the QS Global 200 Top Business Schools Report for Europe. However, the vast majority of Russia’s MBA programs are focused toward nurturing local students to become the countries next business leaders.
As a result, business schools such as the Academy of National Economy under the Government of Russia, the Graduate School of Management at St Petersburg State University, Moscow International Higher Business School, and Moscow University Touro are seldom recognized outside of Russia for their MBA programs.
However, the MBA degree in Russia is still very well respected, and demand for MBA graduates in the country has increased dramatically in recent years, in part as a result of the expansion of Russia’s energy and finance sectors.
While MBA recruitment in the rest of Central and Eastern Europe slowed considerably during the economic troubles of recent years, the MBA jobs market in Russia remained healthy, increasing by 22% during 2010/11, according to the QS TopMBA.com Jobs and Salary Trends Report.
Elizaveta Komolova, HR consultant with recruitment agency Morgan Hunt in Moscow explains that Russian companies “are looking to hire more and more MBAs compared to recent years. An MBA is becoming a default attribute of a successful manager.
“MBAs in Russia are expected to be more practice-orientated, have more structured knowledge and a broad business network. MBAs are known for their ability to think long-term and use their business contacts for the best.”
Russian based MBA graduates can enjoy the largest average salaries in Central and Eastern Europe, with the QS TopMBA.com Jobs and Salary Trends Report revealing that local employers in Russia pay MBAs, on average US$70,300. Multinational employers pay an average of US$105,000 to MBA graduates in Russia, higher than average salaries in the traditional MBA career haunts of the USA, Canada and the UK.
Interestingly, Russian MBA applicants are amongst the most realistic around the world, as the average target salary expected by them, according to the QS TopMBA.com Applicant Survey 2011 is closely aligned with the average compensation paid post-qualification. This expected salary represents a 166% increase from the average pre-MBA salary of US$36,470, as reported by Russia-based MBA applicants.