QS TopMBA.com Jobs & Salary Trends

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1 2014/15 QS TopMBA.com Jobs & Salary Trends 1 Nunzio Quacquarelli (MA Cambridge, MBA Wharton) Susan Gatuguta Gitau (BSc USIU - Africa, MA Nottingham University Business School)

2 Contents 2 Introduction 2 Who will be interested in the survey? 2 Methodology and Scope 3 Summary of Key MBA Hiring Trends in Demographics & Sample of MBA Employer Respondents 10 Long-term trends in MBA Jobs Demand for MBAs Around the World in 2014/ MBA Jobs Trends in USA & Canada MBA Jobs Trends in Latin America MBA Jobs Trends in Western Europe MBA Jobs Trends in Eastern Europe MBA Jobs Trends in Asia-Pacific MBA Jobs Trends in Middle East & Africa 22 MBA Jobs by Sector in 2014 and Forecast for MBA Jobs in Consulting MBA Jobs in Financial Services MBA Jobs in Technology & Telecoms MBA Jobs in General Industry MBA Jobs in Pharmaceuticals & Healthcare 28 Functional Roles on Offer to MBAs 30 Preferred MBA Experience Levels 31 Key MBA Skills 32 MBA Salaries and Compensation 36 Overview of Regional MBA Compensation in Comparing MBA Salaries in North America and Western Europe MBA Salaries and Bonuses by Industry Sector in Regional Review of MBA Salaries & Bonuses in USA & Canada 41

3 6.4.2.Latin America Western Europe Central Europe Asia-Pacific 46 3

4 Introduction The MBA (Master of Business Administration) is a graduate management degree that prepares professionals for management responsibility. It is one of the best-known degrees in the world, with more people taking it than any other postgraduate course. Deciding to take an MBA is a crucial step in an individual s career. 4 Since 1990, the QS Intelligence Unit, in collaboration with TopMBA.com, has conducted an annual survey of MBA employers worldwide to determine trends in international salaries and recruitment. QS is proud to produce the longest established, geographically broadest and most comprehensive global review of MBA jobs and salary trends. The 2014 International Employer Survey is as extensive as ever and presents an unrivalled overview of the world MBA recruitment market. For the purpose of this report, responses were received from 5,669 (4,318*) respondents from companies in 54 (39) countries, actively recruiting MBAs** over a three-year period, with 1,632 brand new respondents in This represents approximately four times the response of the GMAC MBA Employer Survey and approximately ten times the response level of the Bloomberg Businessweek MBA Employer Survey. The 2014 QS International Employer Survey was conducted between March and July ** Comparative figures for 2013 are shown in brackets throughout the report * ** QS Global Employer Survey also collects responses from companies seeking to hire masters and undergraduate level students. In total 28,759 employer respondents contributed to our reports in Who will be interested in the survey? This research will be of interest to all who follow the international MBA recruitment market. It will help three groups in particular to make informed strategic decisions: ~ ~ Companies and agencies that recruit MBAs National and international recruiters will find the survey useful in managing human resource policies, such as whether to determine salaries globally or locally, and whether to benchmark their salaries against peer institutions. ~ ~ Business school administrators and career services offices worldwide MBA program administrators and career services professionals will find the survey valuable for providing guidance to students and managing relationships with recruiters. ~ ~ Current and future MBA graduates MBAs can use the research to determine which industries and geographies to pursue in their MBA job search, and to help negotiate an optimum compensation package.

5 About the Contributors ~ ~ Editor - Nunzio Quacquarelli is founder and managing director of QS Quacquarelli Symonds Ltd, publishers of TopMBA.com and organizers of QS World MBA Tour. Nunzio has an MA from the University of Cambridge as well as an MBA from the Wharton School and has been responsible for publication of the QS TopMBA.com Jobs & Salary Trends Report since ~ ~ Analyst Susan Gatuguta Gitau is a research analyst and member of the QS Intelligence Unit. Susan has an MA in Corporate Strategy and Governance from the University of Nottingham. 5

6 Methodology and Scope The QS TopMBA.com International Employer Survey, from the QS Intelligence Unit, collects primary data on the state of the recruitment market and predictions of future trends from recruiters in general industry, consulting, financial services and technology. 6 QS obtains information directly from the employers who hire MBA graduates, offering unique up-to-date insights into salary and MBA job trends around the world. Each respondent is designated as being responsible for MBA recruiting within his or her company, whether as a whole or in a division. They are asked to identify their geographical responsibilities, confirming whether they recruit locally, regionally or globally. The data includes specific analyses by sector, geography and year. Time trend analysis as well as sector and regional variations have been incorporated into this final report. As the demand for MBAs grows around the world, it is increasingly important to differentiate between local MBA employers who seek MBAs purely from local institutions, versus employers with an international recruitment mandate seeking MBAs from a top-tier of up to 200 global business schools. In particular, throughout the report, we seek to distinguish salaries offered by local employers versus offers made by international employers. QS produces a separate report World Business Schools Rankings Full-time MBA that identifies the institutions most sought after by international MBA employers. QS TopMBA.com also collects data directly from business schools which report average salaries achieved by graduating students; this data is included in section six for comparison with the data reported by employers. QS further differentiates its research by the objectivity of its position as a third party, operating between recruiters and business schools. Our long established contacts with recruiters who share their information with QS, and the bank of data on MBA recruitment and remuneration built up by QS over the last 20 years, allow meaningful trends to be identified over time. QS operates the website which provides career opportunities and networking facilities exclusively for member business schools. Over 100 business schools and 1,000 employers subscribe to QS Global-Workplace.

7 1. Summary of Key MBA Hiring Trends in 2014 Each year, QS continues to conduct the largest survey of employers worldwide, with 5,669 (4,318) MBA employer respondents contributing to this year s report, including 1,631 brand new respondents, from a total of 35,000 (27,000) respondents globally to our Global Employer Surveys. The QS TopMBA.com Jobs Index shows an overall 8% increase in MBA job opportunities in 2014, a drop from the 14% growth experienced in 2013, but still very favourable compared to OECD GDP growth. 7 With employers forecasting 12% growth in MBA demand in 2015, we are perhaps seeing the emergence of a mature qualification with a long-term growth rate likely to swing between 6-12%, rather than the phenomenal 15% average growth reported by QS TopMBA since Since 1990, the MBA qualification has played a central role in the globalisation of business, with export oriented companies in Western and emerging markets fuelling worldwide demand growth for MBAs. MBAs = Mobile, Bright, Ambitious 15% = Average Growth in MBA Demand Worldwide % = Average Growth in MBA Demand Worldwide e 1.1. Summary of Key MBA Recruiting Trends By Region: ~ ~ NORTH AMERICA - The QS TopMBA.com report highlights that across North America MBA demand has jumped 10% in 2014, in line with our forecast from last year s report. It seems that as confidence in economic recovery arrives in North America, we are seeing renewed demand for MBA graduates from globally oriented and local employers. ~ ~ WESTERN EUROPE - The story in Western Europe is one of a lag in recovery of MBA demand, with 0% reported net growth in MBA demand in Growth in demand in Switzerland (15%), Germany (9%), Belgium (9%), France (6%) and the UK (5%) has buoyed the region. Northern European MBA demand has been offset by continued declines in Southern Europe, especially in Italy (-27%) and Spain (-1%). However there is some good news for Europe s MBAs. Growth across Europe is forecast to accelerate in 2015, with Italian and Spanish employers leading the way with a projected 15% and 7% growth in demand in 2015 respectively. ~ ~ CENTRAL EUROPE - Central European employers reported growth of 10% in 2014, not quite the dramatic increase we forecast in last year s report, but but still a respectable figure. The growth figures are boosted by global companies expanding operations in Central Europe, with Russia and Kazakhstan reporting 19% and 18% growth in MBA demand respectively. There is a growing appetite for Western educated MBAs to return home after their MBA to local/regional employers.

8 ~ ~ ASIA After several boom years, demand for MBAs in Asia is settling at a sustainable rate of 11% per year. In recent years, the MBA qualification has been embraced by Asian employers, particularly in India and China, where demand is growing in consulting and professional services, manufacturing, IT/computer services, finance and micro-finance. Since 2011, India has been vying with the USA to be the largest MBA job market and there is no sign of this trend reversing with forecast growth of 8% in ~ ~ MIDDLE EAST - From a small base, MBA demand has grown rapidly in recent years and it is not surprising that growth rates have settled down to just 2% in Growth has centered on the recovery in the United Arab Emirates and Saudi Arabia. Parts of Africa are reporting optimism for 2015 MBA demand in sectors like energy, mining, consulting and finance. Demand is forecast to jump by 12% in ~ ~ LATIN AMERICA - MBA demand in Latin America has become much more plentiful in recent years amongst local employers and this trend is continuing, albeit at a more sustainable growth rate of 7% in 2014 after a year of 10% growth in Employers in the region are utilising MBAs as a key talent pool as companies battle to internationalize across the region. Brazil, Argentina and Mexico continue to be the engines of MBA growth in the region. By Sector: ~ ~ ENERGY Although relatively small by volume, but very attractive to MBAs, the large energy companies have reported 18% growth in MBA demand in 2014, supplemented by many smaller companies operating in renewable energy fields. ~ ~ TECHNOLOGY The big story in 2014 is the spread of demand amongst global technology companies, which are now recruiting in almost every region of the world. Top technology firms such as Amazon and Apple feature prominently in rankings of popular MBA employers as multinationals spread their reach to recruit MBAs from a growing number of business schools all around the world, in large numbers. Miriam Park, who heads up Amazon s MBA recruiting team, says, We love MBAs because they re strong analytical thinkers and problem solvers. They are a strong pipeline of leadership talent for the long-term. Other technology companies are responding in kind with several expanding (or establishing for the first time) large global MBA recruitment programs. High tech/electronics companies report 11% growth in demand in IT/computer services report 8% growth whilst telecoms report 7% growth. ~ ~ CONSULTING Since 1990 there has been a six-fold increase in the number of MBAs recruited annually by the consulting sector. The global expansion of this industry and the demand for MBAs have gone hand in hand. Consulting and professional services report a 9% demand growth in 2014 continuing this longstanding pattern, albeit at a slower rate than previous years. Consulting is a bellwether of the health of the MBA and the sector is forecasting 8% growth in 2015.

9 ~ ~ MEDIA Media & Entertainment has traditionally been a small sector in terms of MBA demand but 2014 has been the best year for MBA hiring since the dotcom boom, with 11% growth reported. The spread of broadband is fuelling the demand amongst traditional media companies looking to digitise their products and also amongst many smaller companies seeking to become new media giants. Facebook and LinkedIn are the biggest brands embracing MBAs, but the list of hiring companies is extensive. ~ ~ MANUFACTURING & FAST MOVING CONSUMER GOODS Though not seen as typical MBA recruiters, there are a growing number of local and national players who seek MBAs (salaries tend to be below average). Consumer goods is reporting 12% growth in 2014, whilst manufacturing is reporting 10% growth and the numbers being hired are significant, especially in emerging markets. 9 ~ ~ PHARMACEUTICALS & HEALTHCARE This industry is dominated by global players, many of which have run global MBA hiring schemes for many years. After a bit of a lull, their appetite for MBAs seems to be resuming with 9% growth in demand in ~ ~ FINANCIAL SERVICES Traditionally the financial services industry has accounted for about one third of MBA demand. Since the financial crisis this sector has undergone significant regulatory and structural change, which has slowed hiring patterns, especially in the USA and Western Europe. In 2014 we are seeing some recovery in demand growth for MBAs in financial services, especially in Latin America, but also in North America and parts of Europe. However, this has been offset by a slowdown in demand for MBAs in this sector in parts of the Middle East and Southern Europe. The result is an overall growth of just 7%, which perhaps hides an underlying recovery story. The forecast for 2015 is 5% growth but if the North American recovery carries on apace, there could be rapid re-evaluation of hiring needs. By Employer Requirements: The MBA recruitment market is probably the most globally flexible recruitment market of any profession, with employers willing to embrace career changers and targeting an incredible breadth of nationalities and skill sets. Our 2014 research reveals that employers continue to seek more experienced MBA candidates, preferably with international experience, combined with strong interpersonal and soft skills. Employers also are increasingly willing to look internationally to find the right talent. ~ ~ In 2014, we identify that more MBA employers are recruiting on a panregional or global basis, rather than on a purely domestic basis. Despite only 19% of respondents focusing on global recruiting compared to 32% last year, it is not that North American employers have withdrawn from global MBA hiring. Rather, we have seen a big increase in the numbers of domesticonly recruiters returning to MBA hiring in 2014, reflecting the growing strength and confidence in the US economy. Amongst North American recruiters 63% focus purely on national recruiting whilst 13% are localised in their search. Not surprisingly, Asia is the next biggest source region for these employers as the

10 10 technology industry witnesses a revival. European recruiters are more globally minded than their North American counterparts with 36% recruiting globally, up 14% from 2013, and 20% recruiting across Europe, down from 29% last year. Nonetheless, close to 50% are recruiting Central Europeans in particular. Between 24% and 34% of European employers are also very actively looking for North Americans, Asians and Latin Americans. Amongst Middle Eastern employers, 95% are targeting local or domestic MBAs, while 41% are targeting European MBAs. Demand for MBAs across all regions has increased in comparison to last year. Fewer Asia-Pacific employers are targeting local or domestic MBAs down 7% from In spite of this decline, 83% of their recruitment activities are based in Asia-Pacific while 36% are targeting MBAs in North America and 28% are targeting MBAs in Western Europe. However, a greater proportion is targeting Central & Eastern European candidates (34%). Latin American employers are locally focused with 97% targeting their domestic and local MBAs. In 2014, 15% of Latin American recruiters expressed an interest in Western European MBAs, up from 10% last year. ~ ~ Business school graduates are still not meeting expectations in terms of their soft skills including communication, interpersonal and strategic thinking skills, which are highly sought after. Soft skills are far and away the most important skills employers are looking for from new MBA recruits. Communications, interpersonal, strategic thinking and leadership skills make up four of the five most important skills for new hires to possess. Relevant work experience is the fifth criteria. ~ ~ Employers are broadly satisfied with the technical skills acquired by MBA students, and this result seems to be independent of which business schools employers target. This refers to academic achievement, computer skills, languages and skills acquired in finance, marketing, e-business, and risk management. ~ ~ International study experience is sought by 67% of MBA employers. Recruiters strongly agree that screening for language skills and inter-cultural communication skills is an important part of the hiring process for international MBAs. The type and duration of study experience is also important. They most significantly agree that candidates with international experience outperform those without. ~ ~ There was a big increase in demand for MBAs with more than five years of work experience in 2014, with 29% of employers preferring this group compared to just 24% in 2013.

11 ~ ~ In recent years there has been a steady drop in employer demand for MBAs with less than three years of experience and especially for MBAs with less than one year of work experience. This trend has continued in % in 2014 compared to 35% in Demand for young and preexperienced MBAs is low in Western Europe and Latin America in both these regions there is an above-average demand for MBAs with 5 to 8 years of work experience. By contrast, Asia-Pacific employers are much more willing to recruit younger MBAs with 0 to 3 years experience. ~ ~ Some significant changes have appeared in the functions offered to MBAs in Business development and marketing are the two most popular functions on offer, overtaking general management, finance (other) and consulting. 11 ~ ~ The favorite MBA majors/study specializations amongst employers are strategy and leadership, whilst business innovation has been growing in popularity in recent years and has caught up with finance.

12 2. Summary of Key MBA Salary Trends in Overall MBA salaries have increased 4% on average in the mature North American and Western European markets for the first time in several years, with an average salary of $94,200, whilst average MBA compensation in North America (including bonuses) is up a whopping 15% to $128,600. With evidence of MBA demand picking up steadily in North America as well as in several European markets, we continue to predict that MBA salaries are likely to increase again in 2015 in these regions. At the elite end of the MBA hiring market we see salaries between $110,000 and $150,000 as the norm in North America and Europe. The QS TopMBA.com Jobs & Salary Trends Report provides the first view of MBA compensation trends in 2014 based on our survey of 5,669 actively hiring MBA recruiters, including 1,632 new respondents. ~ ~ Average total compensation offered by MBA employers in North America increased by 15% to $128,600 ($112,200), with salaries of $97,700 and bonus of $30,900. ~ ~ Total compensation offered by MBA employers in Western Europe grew by 3% to $112,600 ($109,100). By contrast, total compensation for MBAs in Central & Eastern Europe is $72,700, up 6%. ~ ~ Total compensation offered by MBA employers in Asia-Pacific actually fell by 2% to $86,000 after several years of strong growth. MBA salaries in the region remained roughly flat at $68,000 with bonuses being cut back. ~ ~ Total MBA compensation in Latin America, at $71,400, and Middle East, at $70,300, were both slightly down in 2014, compared to This can be explained by increases in the numbers of local employers in sectors like consumer goods and manufacturing, which typically offer below- average salaries. Salaries offered by international employers in these regions were flat. When comparing salaries and compensation by country, QS looks only at responses from domestic employers: The top ten countries in terms of average domestic MBA compensation in 2014 are: Switzerland ($122,000), Australia ($115,600), Denmark ($112,000), UK ($98,000), USA ($93,200), France ($89,800), Germany ($89,800), Spain ($83,100), Japan ($83,000), and Canada ($87,500). Ten years ago an MBA was effectively a passport into a career in strategy consulting and investment banking with salaries as much as 50% higher than those in other sectors. These sectors still pay well, but they are no longer the top-paying sectors as they were in the past. ~ ~ Metals & Mining Among all employers in Europe and North America, the highest paying sector in 2014 remains metals & mining, offering an average MBA salary of $134,250 ($139,000). ~ ~ Energy This sector has seen a surge in employment demand in 2014, jumping into the No. 2 spot for average salaries on offer, at $107,000.

13 ~ ~ Pharmaceuticals Dominated by multinationals, pharmaceuticals have dropped from the top spot in 2012 to No. 3 in 2014, with an average MBA salary of $99,200 ($100,300). ~ ~ Construction/ Property Coming in at No. 4 is the construction/property sector, with average salaries of $98,350 ($97,200). ~ ~ Financial Services With an average salary of $95,050, financial services ranked No. 5 overall, although bonuses in this sector can often be quite large, with total compensation often exceeding $200, ~ ~ High Tech/Electronics The boom in demand in high tech and electronics companies raised the average salary to $94,950, with the sector placing sixth overall ~ ~ Consulting Global strategy consulting firms offer salaries between US$110,000 and $160,000 in Europe and the USA, but there are a large and growing number of small and niche consulting firms recruiting locally, resulting in an average reported salary of just $88,250 ($89,150) across the sector. ~ ~ The lowest average MBA salaries are offered in retail, utilities, law, transportation, travel & hospitality and the public sector all below $80,000 per year. As more employers compete in the global market for top MBA talent, we observe a longerterm trend toward equalization of MBA salaries across regions (this trend has been on-going for over a decade). Western European and North American salaries remain very similar overall and across most industries. The gap between the highest-paying region (North America) and the lowest (Latin America) narrowed to only 30% in 2013, compared to 50% a decade ago. However, with upward pressure on US salaries in 2014 this gap has widened once again to almost 40%.

14 3. Demographics & Sample of MBA Employer Respondents 14 The 28,759 employers responding to the QS Global Employer Surveys between 2012 and 2014 include 5,669 who were actively recruiting MBAs, whilst the remainder were recruiting only undergraduates or Masters students. All employers that responded to the survey are guaranteed confidentiality for the components of their individual responses, except for any open-ended feedback they have chosen to provide, on the value of an MBA or concerns with MBA hires. Chart: Regional Breakdown of MBA Employer Respondents 19% 13% Africa & Middle East Asia Pacific 14% 30% Eastern Europe Latin America 18% 6% US & Canada Western Europe Responses were received from employers across the globe, with 19% of employer respondents based in Western Europe, 14% in North America, 30% in Asia-Pacific, 6% in Eastern Europe, 13% in Middle East and Africa, 18% (of which the majority were hiring locally) in Latin America. Among respondents in Asia-Pacific, 12% were employers in Australia and New Zealand. This breadth of response provides detailed insights into MBA recruiting patterns across the globe. Chart: Employer Response by Size 2014 Less than 50 staff Between 50 and 250 staff Over 250 staff 22.1% 21.9% 56.0% % 23.1% 54.5% % 16.4% 66.0% 2014

15 In 2014, a higher proportion of respondents worldwide was made up of large companies with over 250 employees. This points towards a potential shift in the MBA recruitment market from small consulting and financial services firms to larger industry players. Chart: Employer Response by Industry Aerospace / Defence Construction / Property Consulting / Professional Services Electronics / High Technology Energy Consumer Goods IT / Computer Services Financial Services / Banking Law Manufacturing / Engineering Media / Entertainment & Arts Metals / Minig Pharmaceuticals / Biotech & Healthcare Public Sector / Govt. / Non-profit Recruitment / HR service Retail Telecoms Transprtation / Distribution Travel / Leisure / Hospitality Utilities Other Eduction

16 16 Consulting and professional services was the largest responding sector in 2013 and once again in Banking and financial services was the second largest responding sector, followed by manufacturing and engineering, which displaced HR/recruitment services from third place. IT, consumer goods and pharmaceuticals were also extremely well represented in the sample. Companies select their own industry definition and the other category is made up of respondents across all sectors who felt their companies did not quite fit the narrow industry definitions provided. Table: Sample of Responding Employers by Region 2014 The following table gives a snapshot of some of the organizations that took part in the survey across the world all of which are recruiting 25 or more MBAs in A more comprehensive list can be found in the appendix at the end of this document. Asia Europe US & Canada Latin America Consulting Beijing Consulting Group AT Kearney Booz Allen Hamiliton Accenture Grant Thornton LLP Bain & Company Deloitte Deloitte Ernst & Young BCG Ernst & Young KPMG IBM PwC Towers Watson PwC Finance Commonwealth Bank AXA American Express Banco Santander Citibank Bloomberg BlackRock Bancolombia Nomura BNP Paribas Citibank BBVA Continental OCBC Bank Deutsche Bank ING HSBC Industry Air Liquide Abbott 3M Colgate Palmolive Alstom Alstom Best Buy Daimler Baxter Bayer ConAgra Foods Exxon Bombardier Boehringer DHL Merk Technology Hitachi Alcatel-Lucent Brightstar Corporation Hewlett-Packard Microsoft Google Apple Atos LG Electronics Avaya Oracle BlackBerry Tata Microsoft Microsoft MercadoLibre

17 4. Long-term trends in MBA Jobs Since 1990, QS has conducted the largest survey of MBA employers worldwide the only available long-term study of global MBA employment demand. MBAs = Mobile, Bright, Ambitious Average 15% Growth in Demand Worldwide (see chart) Average 10% Growth in Demand Worldwide e (see chart) The MBA qualification has proven to be probably the most recession-proof postgraduate degree since the financial crisis in Despite all the shocks to the financial system and despite contraction in financial services, MBA graduates have been successfully finding wellpaid jobs in diverse sectors all around the world. Since the financial crisis, MBA employer demand contracted only slightly in 2009 and 2010 but had a stellar year of over 25% growth in 2011, fuelled by a boom in demand in emerging markets. Since 2012, we have seen steadier growth, slightly below the long-term growth rate of 15%. With the on-going economic recovery, North America and Europe will see renewed demand for MBA graduates. This, combined with steady demand growth in emerging markets, suggests that we are perhaps seeing the emergence of a mature qualification where the long-term growth rate is likely to swing between 6 and 12% per year, rather than the phenomenal 15% average growth reported by QS TopMBA since 1990, as shown in the chart below. 17 Chart: Index of MBA Recruitment e (Year 2000 = 1) 4.00 Industry Consulting Finance Technology Source: QS TopMBA.com Jobs & Salary Trends (www.topmba.com)

18 From 1990 to 2012 worldwide demand for MBAs grew at an average compound annual growth rate of 15%. This growth was spread across all the major continents and focused on graduates from the world s top 200 business schools, in particular. There have been dips in demand. The period 1990 to 1992 saw a brief global contraction that impacted MBA demand. Between 2001 and 2004 following the dotcom crash, slow growth in major economies as far apart as the US and Japan, took its toll and demand for MBAs fell sharply. By contrast the post-lehman financial crisis of proved to be relatively benign for MBAs. Although there was retrenchment within financial services overall demand was flat and then recovered quickly. 18 So why has the MBA experienced this long-term growth of 15% annually? The answer lies, firstly, in its flexibility, allowing early career professionals to bring about significant career changes in either industry or function, and perhaps most importantly to relocate to a new part of the world. Isabella Pinucci, career service coordinator at Italy s SDA Bocconi School of Management, says changing one or more aspects of their careers motivates many MBAs. Whether it s sector, industry or function or country or region, [switching careers] seems to be driving a greater proportion of candidates. Secondly, an MBA is increasingly a recognized route for accelerated career progression for aspiring business leaders. 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, or if already managing a team, then to reach the next step in their career. Thirdly, the MBA qualification fosters entrepreneurs who start businesses and then come back and recruit MBAs into their small, fast-growing companies. There will always be the Bill Gates and Michael Dells of this world who drop out of college only to become wildly successful. Yet ask a venture capitalist or an angel investor what they look for in aspiring entrepreneurs, and beyond the requisite experience in the chosen field, an MBA is usually mentioned. Demand for MBAs in consulting has been growing consistently. The chart above reveals that the absolute number of MBAs hired into the consulting sector has more than tripled since 2000, and increased six-fold since As business becomes ever more global and complex, the demand for specialised consultancy skills is growing exponentially, and the MBA qualification is a key selection criteria for a sector that values generalist skills and deep intellect above all else. This enormous expansion in MBA demand in the consulting sector simply reflects the enormous growth in this industry since 1990 consulting services generated over US$100 billion by 2007, up from US$10 billion in The chart reveals that MBA demand in financial services has also increased, albeit less rapidly than consulting doubling between 2000 and 2007 and, following a period of retrenchment, seemingly entering a new growth phase since Despite the drama of financial crises, MBA demand has remained remarkably resilient in this sector over the long term. However, demand in financial services is not recovering at the same pace as consulting within developed markets.

19 Since the turn of the millennium, MBA demand in general industry (consumer goods, construction, energy, manufacturing, mining, retail, etc.) has really taken off as demand in emerging markets has accelerated. In 2014, there have been more MBA jobs reported in general industry than in financial services. Demand for MBAs in the technology sectors has experienced an era of unprecedented growth, especially in Asia. As reported last year, more and more high technology and computer services companies are looking to MBAs to commercialise their products. Most of this growth is taking place in Asia with big US employers actively hiring in the region. In 2014, overall demand grew by 11% in high technology and by 7% in telecoms. Paul Danos, dean of the Tuck School of Business at Dartmouth College, explains the enduring appeal of top international MBA programs. Demand for graduates of top MBA programs by the great businesses of the world continues to be strong. As businesses grow in complexity and scope, companies need more and more skilled and well-educated leaders, says Danos, who is stepping down as dean in Danos says he foresees no end to the insatiable demand of top businesses to employ high-quality MBA talent. 19

20 5. Demand for MBAs around the World in 2014/15 It s beginning to look as if 2014/15 will be the year in which employers in Western economies will gradually expand their hiring programs, rather than taking a wait-and-see attitude. The QS Survey suggests many HR managers, especially in North America, believe their companies were too cautious in They ve increased MBA hiring in 2014 and are predicting a further increase in MBA demand in By contrast MBA demand growth in emerging markets, which has outstripped Western markets in recent years, is beginning to settle down to more sustainable rates. All in all the qualification seems to be entering a more mature phase in terms of employer patterns of hiring. The table below shows the year-over-year change in numbers of MBA job opportunities reported by employers in 2014, by region and their expectation for The business cycle plays a major part in the short-term trends in MBA hiring, with local demand patterns fluctuating quite rapidly. Table: Percentage Increase in MBA Jobs by Region World Region Projected Change 2014/13 Projected Change 2015/14 Africa & Middle East 2% 12% Asia-Pacific 11% 8% Eastern Europe 10% 5% Latin America 7% 8% US & Canada 10% 9% Western Europe 0% 3% Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com) Employers in the US & Canada have ramped up MBA hiring by 10% this year and are looking to grow demand by a similar amount again next year really impressive figures for such a large and mature MBA market. European employers are also becoming more optimistic for Northern European economies are already back on track with strong demand in the UK, Germany and Scandinavia. Southern European countries are also showing signs of recovery in Whereas Asia-Pacific reports the highest growth in 2014, employers in Africa and the Middle East project a 12% increase in MBA recruitment in 2015, by far the most impressive growth across all the regions. The surge in employer demand in emerging markets has inevitably brought about a change in behaviour of international MBA students. A few years ago, an international MBA was a route to a new life in the USA, Canada or Western Europe. In 2013, an international MBA is as much about learning international business practices and creating a network - a powerful career advantage for MBAs seeking to exploit the rapid growth of China, Southeast Asia, Latin America, the Middle East and other emerging economies.

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