According to the 2011 Year-End Poll of Employers conducted by the Graduate Management Admission Council, more companies plan to hire MBAs in 2012. This is certainly good news if you are in the MBA application pipeline, but how does it help you now?
Key expectations for MBA jobs
The report found lots of good career news for MBA candidates in aggregate.
- Nearly three-quarters (74%) of employers plan to hire MBAs in 2012, up from 58% in 2011.
- Nearly four times as many companies are planning to increase the number of MBAs they hire in 2012, compared to 2011 (from 6% in 2011 to 22% in 2012).
- 32% of companies plan to increase salaries for MBA hires.
MBA internships expected to rise
- The majority of companies report they offered paid internships in 2011 for all types of jobs candidates.
- Sixty-nine percent (69%) of employers plan to offer paid internships to MBA students in 2012, of which, 22 percent will increase the number offered.
- More than half of companies plan to offer paid internships to specialized master’s in business (56%) and Master in Management (54%) students in 2012.
Importance of MBA internships
In addition to the statistical conclusions from this section, there were several illustrative comments from employers about internships. It is clear that the MBA internship can be vital to successfully landing a post-MBA job. Potential MBA applicants should see this as a reason to do high quality due diligence about a school’s career services support and specifically into the strength of internship support.
- “We look to hire from our internship program.”
- “Internships! Spending time in the desired field of hire prior to graduation is key!”
- “It is more competitive than ever…build your resume with work and internships and a great MBA.”
- “If the student[s] determine they will go straight into graduate programs, it is important that practical work experience is completed, at least through internships or co-op work experiences. “
Many schools require an internship as part of the graduation requirements but provide few resources or support to help the student obtain them. This would be a caution flag for potential applicants. Other schools have great internship support programs and activity so the probability of success should be higher. Ask questions about the average internship salary, title, companies, industries, and how the students found their internships to really get a sense of how robust the school is.
The complete findings are available from the Graduate Management Admissions Council.