In recent years, the job market has faltered due to the lagging world economy, and MBA grads were hit just like everyone else. However, a recent survey conducted by the Graduate Management Admission Council (GMAC), who administers the GMAT, reveals that employment is up for 2012 MBA grads. Of the 4,444 MBA and other graduate-level alumni surveyed, 92% were employed three months after graduation–6 percentage points higher than reported by graduates in last year’s survey. Additionally, 77% of those surveyed this year reported that their starting salary met or exceeded their expectations, and 76% stated that they could not have gotten their jobs without their graduate management education.
Dave Wilson, GMAC president and CEO, attributes this year’s higher employment percentages to the improving world economy, stating, “As the economy improves in many parts of the world, employers who are hiring look for skilled managers to lead the way. MBAs and other graduate degrees provide the skills people need to manage tough problems in today’s complex marketplace.”
Compensation for 2012 MBA graduates differed most significantly by work location, with Europe featuring the highest median salary ($105,120) and Central Asia the lowest ($27,818). The median salary in the U.S. was $83,000, with Canada just slightly behind at $81,443 (all salaries are expressed in USD). Also, compensation varied between full-time two-year and one-year MBA programs: graduates of two-year programs reported a median salary of $85,000, while graduates of one-year programs reported a median salary of $59,000.
These promising survey results demonstrate that now is a great time to move forward with your plans to get your MBA. Check out other Kaplan GMAT blog posts for tips on getting started with the process, and look for upcoming free Kaplan GMAT prep and admissions events.
The summary report of the 13th annual GMAC Alumni Perspectives Survey can be found here.