In recent years, a growing number of companies around the world have seen an MBA from a top business school as an essential management entry-level qualification.
In other words, earning your online MBA degree is no longer seen as a optional component to increasing your career success – in today’s job market it is seen as a requirement. So, what does 2012 hold in store for MBA careers? Read on..
Since 1990, QS Intelligence Unit, in collaboration with TopMBA.com, has conducted an annual survey of MBA employers worldwide to determine trends in MBA salaries and recruitment. They recently released their 2011/12 Jobs & Salary Trends Report, and we took a closer look at it.
2012 MBA Career & Jobs Overview
- Overall, demand for MBA graduates has increased dramatically over the 2009-2010 period. According to the report, 2011 showed a World-wide increase of 36% in MBA job opportunities, while the U.S. showed a 24% increase of job opportunities for MBA graduates.
- The average MBA salary in the US was $92,000 in 2011.
- Three to five years of work experience remains the most popular range for employers hiring MBA grads.
MBA Specializations are Hot
- Consulting has seen a 28% jump in demand for MBA jobs in 2011, and an additional 17% increase in demand forecast in 2012.
- Financial services posted a 27% actual increase in 2011 and a further increase of 14% forecast in 2012.
- IT/computer services recorded a 34% jump in MBA jobs this year and electronics/high tech reported a 28% increase.
- Industry and manufacturing are also experiencing a strong recovery in MBA demand with a 36% increase reported.
- MBA careers in pharmaceuticals and healthcare are set to recover with a 20% growth in jobs.
Why Get an MBA?
1. An MBA is an effective tool for changing you career. For example, without an MBA, it is almost impossible to change career to become an analyst at a leading investment bank, or a senior consultant at a top consultancy.
2. An MBA is method to progress your career to a management position. For example, it has become common for engineers and technology managers to take an MBA to help progress from a technical to a managerial position.
3. Leadership is a recurring theme in the curricula of leading business schools today, as they seek to imbue some of the ‘good habits of effective leaders’. An MBA will help you become a better leader; a very valuable skill in today’s business landscape.
4. An MBA is also increasingly being seen as a facilitator for aspiring entrepreneurs. Ask a venture capitalist or an Angel investor what they look for in aspiring entrepreneurs (beyond the requisite experience in the chosen field), and an MBA is usually mentioned.
All in all, 2012 looks to continue the upward trend for MBA careers, jobs and salaries. If you would like more information, check out this good article by Alison Damast at Bloomberg Businessweek.
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