Demand for MBA Graduates Recovers to Pre-Pandemic Levels in 2021, Research Finds

According to GMAC, hiring has rebounded in all of the major industries that hire MBA talent.

Companies within the technology sector have emerged as the biggest recruiters of business school graduates: 96 percent of surveyed tech firms plan to hire MBAs in 2021 compared with 80 percent in 2019. This could be due to an overall growth in the sector, which has managed to pivot its operations to total digital formats successfully during the pandemic.

Other industries are also showing commitment when it comes to business school hiring. Consulting comes after technology as the biggest recruiter of MBAs at 95 percent, followed by finance and accounting at 83 percent.

Among the top skills recruiters’ value in MBA students, we find interpersonal skills (80 percent); learning, motivation and leadership (75 percent); the ability to manage the decision making process (64 percent); strategic and systems skills (61 percent); and knowledge of general business functions (57 percent) are the most important.

These strong projections for the job market highlight that companies consider business school graduates as essential parts to rebuild their operations after the pandemic. However, MBAs need to ensure they seek every opportunity to develop the right skillset during the degree.

Demand for MBA talent appears to be stronger in certain regions of the globe than others.

The research has found that hiring is projected to be the highest in the US (94 percent) and Europe (86 percent), followed by the Asia-Pacific region (73 percent).

Interestingly, when looking at long-term plans, Europe takes the lead as the region with the most MBA-friendly companies. When asked about MBA hiring projections for the next five years, Europe leads at 54 percent followed by the US at 34 percent and the Asia-Pacific at 32 percent.

Another bit of great news for MBAs is that salary prospects have now gone back to pre-pandemic levels. In fact, the median salary for MBA salaries for 2021 is projected to amount to US$115,000 – the same figure as in early 2020. In the long run, the salary premium should allow an MBA graduate to earn US$3m more than someone with only a bachelor’s degree under their belt.

This is yet another sign that an MBA remains a solid investment to make in your career, whether you’re trying to switch industries or advance in your current role.