Despite unfavorable macroeconomic conditions and looming uncertainties, employers remain confident in hiring graduates from business schools, according to a survey of corporate recruiters recently released by the Graduate Management Admission Council (GMAC). GMAC, a global association representing leading business schools, published findings from the 2023 survey that explores which skills employers think will characterize the future workplace – and how prepared they view candidates of MBA and business master’s degrees to be.
Employers say communication, data analysis, and strategy are currently among the most essential skills for business school graduates – and most say their importance will continue to grow. Notably, U.S. employers interested in tech skills highly value their future reputation but think business school graduates could be better prepared for specific technological capabilities. U.S. recruiters and their colleagues in the finance and accounting sectors are also more critical of candidates’ preparedness to leverage some essential communication skills compared to other regions and think business schools could better build their graduates’ intercultural skills.
Joy Jones, Chief Executive Officer of the Graduate Management Admission Council, said:
The outlook among most employers indicates that business schools are on the right track preparing their graduates with the skills of current and growing importance to successfully navigate an information-loaded and AI-affected world. We believe that business schools and their graduates will rise to the challenge of upgrading the critical skills of the future – be it cross-cultural competence, Web3 and Blockchain, or digital communication – to allow them to thrive in global, hybrid organizations and make a meaningful impact in an ever-changing environment.
Other Key Findings:
Employers believe the business school can offer an advantage over talent without a graduate management education. Employers from Asia and Fortune 500 companies have a more optimistic view of business school graduates’ abilities and advancement potential but also are more likely to recruit more heavily from “leading” business schools. And as in previous years, employers continue to value talent from in-person programs over those with online degrees or micro-credentials only.
Director of Research Analysis & Communications of GMAC & the report’s author, Andrew Walker, suggested:
Graduates of online business degrees should talk about their credentials differently depending on the employer—employers in Asia are more likely to value the degree itself. In contrast, U.S. and consulting employers would rather hear about specific skills candidates attained. Micro-credentials in and of themselves are less likely to impress employers than graduate business degrees though some employers appreciate the skills they bring.
The survey also examines how macroeconomic conditions influence hiring and salary decisions across industries and around the globe. Encouragingly, even after accounting for inflation, MBA salaries in 2023 the United States are expected to be higher than 2022 projections, while industry and business master’s salaries may drop. Despite reported recession concerns, 2023 hiring plans remain optimistic, with some anticipated growth in hiring among business masters compared to actual 2022 results.
For over two decades, the Corporate Recruiters Survey from GMAC has provided the world’s graduate business schools and employers with data and insights to understand current trends in hiring, compensation, skill demand, and perceptions of MBA and business master’s graduates. GMAC partners with European Foundation for Management Development (EFMD) and the MBA Career Services and Employer Alliance (MBA CSEA) and has collected input from 1,028 respondents in 34 countries, representing 55% of Global Fortune 500 companies from January to March of 2023, in association with the career services offices at participating graduate business schools worldwide. GMAC Research also worked with a market research firm to recruit additional participants to make the overall sample more globally representative.
The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. The company provides world-class research, industry conferences, recruiting tools, assessments for the graduate management education industry, and resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.
GMAC claims to have more than 12 million prospective students a year trust its websites, including mba.com, to learn about MBA and business master’s programs, connect with schools worldwide, prepare and register for exams and get advice on successfully applying to MBA and business master’s programs. BusinessBecause and GMAC Tours are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.
