QS TopMBA.com Jobs & Salary Trends Report

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1 2012/13 QS TopMBA.com Jobs & Salary Trends Report By Nunzio Quacquarelli, MA Cambridge, MBA Wharton

2 Contents Introduction 5 1. Summary of key MBA hiring trends in Summary of key MBA recruiting trends 7 2. Summary of key MBA salary trends in Demographics & sample of MBA employer respondents Long-term trends in MBA jobs Demand for MBAs around the world in 2012/ MBA jobs trends in US & 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 MBA jobs by sector in 2012 and forecast for MBA jobs in consulting MBA jobs in financial services MBA jobs in technology MBA jobs in general industry MBA jobs in pharmaceuticals and healthcare Functional roles on offer to MBAs Preferred MBA experience levels Key MBA skills The Global MBA recruitment market a profile of employer recruiting patterns and target nationalities (by region) 6. MBA salaries and compensation Overview of regional MBA compensation in Comparing local and international employer compensation offers in Comparing MBA salaries in North America and Western Europe MBA salaries and bonuses by industry sector in Strategies for MBA salary analysis Regional & country review of MBA salaries & bonuses in USA & Canada Latin America Western Europe Eastern Europe Asia Pacific & Oceania

3 Introduction Since 1990 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 2012 International Employer Survey is more extensive than ever and presents an unrivalled overview of the world MBA recruitment market. For the purpose of this report, responses were received from 3,305 (2,157*) respondents from companies in 42 (40) countries, actively recruiting MBAs*. This represents approximately three times the response of the GMAC MBA Employer survey and approximately ten times the response level of the Businessweek MBA Employer survey. 5 4 The 2012 QS Global Employer Survey was conducted between March and July * Comparative figures for 2011 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 25,000 employer respondents contributed to our survey and reports in 2012 Who will be interested in the survey? This research will be of interest to all who follow the international MBA and 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 jobs search, and to help negotiate an optimum compensation package. 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 University of Cambridge and an MBA from The Wharton School and has been responsible for the publication of the QS TopMBA.com Jobs & Salary Trends Report since 1990 Analyst Susan Gatuguta Gitau is a research analyst and member of the QS Intelligence Unit.

4 Methodology and scope QS TopMBA.com Global Employer Survey, from 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. throughout the report, we seek to differentiate salaries offered by local versus international employers. QS produces a separate report, QS Global 200 Business Schools Report, which identifies the most sought-after institutions among international MBA employers. 1. Summary of key MBA hiring trends in 2012 Each year, QS continues to conduct the largest survey of employers worldwide, with 3,305 MBA employer respondents contributing to this year s report from a record 25,000 respondents to our 2012 Global Employer Survey. The data includes specific analyses by sector, QS TopMBA.com also collects data directly QS TopMBA.com Jobs and salary trends report shows an overall 12% increase in MBA job geography and year. Time trend analysis as from business schools which report average opportunities in This represents a drop from the 36% growth experienced in 2011, but still well as sector and regional variations have salaries achieved by graduating students; this compares very favourably to the 5% decline experienced as recently as 2009, and is more in line been incorporated into this final report. data is included in section six for comparison with the long-term average growth rate of 15% per annum as reported by QS TopMBA since QS obtains information directly from the with the data reported by employers. 6 employers who hire MBA graduates, offering a The MBA qualification continues to play a central role in the battle for global economic supremacy, with companies in emerging markets fuelling worldwide growth in demand for MBAs. 7 unique up-to-date insight into salary and MBA jobs 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. 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 business schools. In particular, QS further differentiates its research by the objectivity of its position as a third party, operating between recruiters and business schools. By virtue of long-established contacts with recruiters that share their information with QS, alongside the bank of data on MBA recruitment and remuneration built up by QS over the last 20 years, this annual report allows meaningful trends to be identified over time. QS operates the website com which provides career opportunities and networking facilities exclusively for member business schools. Over 100 business schools and 800 employers subscribe to QS Global- Workplace (and QS TopMBA Careers). MBAs = Mobile, Bright, Ambitious = Average 15% Growth in Demand Worldwide Summary of key MBA recruiting trends By Region: This year s QS TopMBA.com report shows that across Africa, Middle East, Asia-Pacific, Latin America and North America, employer demand for MBAs has been robust in Growth in MBA demand in Europe has slowed, but not contracted. The Middle East has been the hottest region with growth of 21% in MBA demand in 2012 and growth of 23% forecast for Growth has centred on the recovery in the United Arab Emirates and Saudi Arabia. Parts of Africa have also reported increased demand, albeit from a relatively low base, in sectors including energy, consulting and finance. MBA demand continues to grow rapidly in Asia as the qualification is embraced by employers, particularly India and China, and especially in consulting and professional services, manufacturing, IT/ computer services and micro-finance. Employer projections suggest that growth in MBA demand in the region is set to accelerate from 15% in 2012 to 26% in India has now overtaken the USA in terms of volume of reported MBA jobs for fresh graduates in Last year was a watershed as MBA jobs within Latin America became much more plentiful, and this trend is continuing, albeit at a more sustainable growth rate of 14% in Employers in the region are utilizing MBAs as a key talent pool, as companies battle to internationalize across the region. Mexico and Brazil continue to be the engines of growth in MBA demand in the region. Growth in MBA demand in North America remained at a respectable 16% in 2012, but employers are cautious about 2013, with forecast growth of just 2% in Though exhibiting lower growth in percentage terms than many emerging markets, the USA still remains one of the largest markets for MBA employment. Summary of key MBA hiring trends in 2012

5 Summary of key MBA hiring trends in 2012 Despite the Eurozone crisis dominating headlines, Western and Eastern Europe still reported net growth in MBA demand of 5% and 7% respectively in There is particular demand for Chinese and other non-eu students to work in European headquartered companies seeking to expand non-eu exports. Denmark, Germany, France and the UK all reported strong demand for MBAs in the West, while a select group of MBA employers in Russia in the energy and consulting sector reported a growth of 70%. However, Greece, Italy, and Ireland all reported a substantial fall-off in MBA demand as austerity measures hit local employers in particular. European employers are cautious about 2013 with forecast growth of just 2%. By sector: With emerging markets continuing to thrive, the QS TopMBA.com reports another big jump in demand for MBA among employers across the major MBA hiring sectors. As we correctly forecast last year, MBA consulting jobs keep breaking record levels, with a profession, with employers willing to embrace career changers and targeting an incredible breadth of nationalities and skill sets. Our 2012 research reveals that employers continue to seek more experienced MBA candidates, preferably with international experience, combined with strong interpersonal and soft skills. It also shows that employers are increasingly willing to look internationally to find the right talent. In 2012, we identify that a higher proportion of MBA recruiters are recruiting on a pan-regional or global basis, rather than on a purely domestic basis. Among Middle Eastern employers, 87% are targeting local or domestic MBAs, while 67% are targeting Asian 17% jump in demand in 2012, followed by as many local employers in emerging MBAs and 40% are targeting North social responsibility, linguistic ability and 8 a more modest 9% increase forecast in markets expand the overall demand for American or Western European overall academic achievement. 9 MBA demand in financial services is MBAs. QS TopMBA.com survey reports MBAs. Business school graduates are still not recovering from the 2008/9 crash. 16% an 11% increase in MBA careers in general Among Asia Pacific employers, 91% meeting expectations in terms of their growth in 2012 following similar growth industry in 2012, with energy (28%), are targeting local or domestic MBAs, soft skills: leadership, communication, last year means that MBA demand in consumer goods (21%), metals and mining 39% are targeting MBAs in North interpersonal and strategic thinking skills, financial services is now substantially (40%) being particularly attractive sectors America, and 29% are targeting MABs which are at a premium. above 2007 levels and this growth is worldwide. in Western Europe. For the fifth year in succession, there forecast to continue. Demand for MBAs in the technology sectors is undergoing unprecedented growth, especially in Asia. More high technology and computer services companies are looking to MBAs to commercialize their products. A concentration of this growth is taking place in Asia, with big US employers actively hiring in the region. Though overall demand for MBAs in the technology sector only grew by 5% in 2012, employers are forecasting a stellar 27% growth in demand in 2013 this would seem to be the place to be for new MBA graduates in MBA demand in general industry (consumer goods, construction, energy, manufacturing, mining, retail etc) is strong, Pharmaceuticals and healthcare companies continue to target MBA graduates, albeit in relatively small numbers and targeting only top-tier institutions. They report an 18% growth in demand in 2012, with projected growth of 18% in Media & entertainment, travel & hospitality were the weakest performing sectors; both showing falls in demand for MBAs in By employer requirements: The MBA recruitment market is probably the most globally flexible recruitment market of any Among USA and Canadian employers, 20% are targeting all regions, with 95% targeting domestic and local MBAs. Latin American employers are the most locally focussed with 97% targeting their domestic and local MBAs. Western European employers are most likely to recruit from Western Europe (82%), but a massive 56% are seeking Eastern Europeans and 29% are seeking Asian MBA graduates. 67% of MBA employers worldwide seek international study experience. Employers strongly agree that screening for language and inter-cultural communication skills are an important part of the hiring process for international MBAs. They agree that the type and duration of study experience is important to employers. They most significantly agree that candidates with international experience out-perform those without. Employers are, in general, satisfied with the technical skills acquired by MBA students, and this result seems to be independent of which business schools the employers recruit from this refers to skills acquired in finance, marketing, e-business, risk management, corporate has been a 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, attracting only 6% of employers in MBAs with three to eight years of work experience, account for 60% of MBA employer demand worldwide. Demand for young and pre-experienced MBAs is almost zero in Western Europe and Latin America in both these regions there is an above average demand for MBAs with 5 8 years of work experience. By contrast, Asia-Pacific employers are much more willing to recruit younger MBAs with 0 3 years experience.. General management, strategic planning, marketing, business development and consulting remain the most popular functions on offer. There has been an increase in the number of opportunities in operations and manufacturing, supply chain management and strategic planning this year compared to Summary of key MBA hiring trends in 2012

6 Total compensation offered by The Top five countries in terms of average compared to 50% a decade ago. international employers for MBA hires MBA compensation in 2012 are: Australia The gap between Western European 10 increased by 20% in Asia- Pacific to ($142,700), Switzerland ($139,400), USA and Eastern European salaries is now $79,000, by 19% in Middle East to $65,400 ($113,800), Japan (111,500), UK ($107,600). just 20%, with MBA salaries in Russia 11 and by 3% in Latin America to $75,200. At the elite end of the MBA hiring market exceeding salaries in some Western The increases in emerging markets can we see salaries between $110-$150,000 economies. partly be explained by an increased as the norm. Strategy consulting firms tendency for employers to pay bonuses to offer salaries between US$ ,000 in MBA new hires. Europe and the USA. Among investment Summary of key MBA salary trends in Summary of key MBA salary trends in 2012 MBA salaries have increased substantially in emerging markets and have been fairly stable in Western markets. QS TopMBA.com Jobs & Salary Trends Report provides the first overview of MBA compensation trends in 2012 based on our survey of 3,305 actively hiring MBA recruiters. With no evidence of MBA demand abating in emerging markets, we predict that MBA salaries are likely to jump again in 2013, providing a double-dip global recession is avoided and current growth in MBA demand in emerging markets continues. Total compensation offered by international employers in Western Europe was stable at $103,800 and fell by 7% in Eastern Europe to $84,300. Total compensation offered by international employers in North America fell very slightly by -2% to $108,400, perhaps as these companies look further afield. By contrast compensation offered by domestic-only MBA employers in North America grew to $110,000 (the only region where domestic employers pay more than international employers). banks, offers range from $100-$150,000. Among all employers in Europe and North America, the highest paying sector in 2012 is pharmaceuticals & healthcare, offering an average MBA salary of $100- $150 (offered by both local and domestic employers). Construction and property is second this year, with salaries offered by 51 responding companies averaging $96,500. Financial services are third, with an average salary of $92,450. The lowest average MBA salaries are offered in utilities, law, transportation, travel & hospitality, retail and the public sector, all below $80,000 per annum. As more employers compete in the global market for top MBA talent, we observe an equalization of MBA salaries across regions a trend that has been on-going for over a decade. Western Europe and North American salaries remain very similar overall and across most industries. The gap between the highest international MBA salary region North America and the lowest Latin America is now only 30%, MBA salaries in Asia-Pacific and Oceania vary widely between countries. Australia and Japan are among the highest MBA salaries in the world, five times the level of MBA salaries in Thailand, South East Asia and India, where employers offer among the lowest MBA salaries in the world. There is a growing gap in international salaries and total compensation offered by multinational employers with a regional or global mandate to hire MBAs, compared to local employers. Summary of key MBA salary trends in 2012

7 3. Demographics & sample of MBA employer respondents The 25,000 employers responding to the QS Global Employer Survey in our 2012 report includes 3,305 who were actively recruiting MBAs, while 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: Employer response by industry 2012 Responses by Industry Chart: Regional breakdown of MBA employer respondents Chart: Employer response by size US & Western Canada Asia 0 Africa Europe Pacific and Middle 80 East 6% 56% 54.5% 20% Demographics & sample of MBA employer respondents 6% Latin America 33% 29% 6% Eastern Europe Responses were received from employers across the globe, with 20% of employer respondents based in Western Europe, 6% in North America, 29% in Asia-Pacific, 6% in Eastern Europe, 6% in Middle East and Africa, 33% (of which the majority were hiring locally) in Latin America and 2% in Australia and New Zealand. This breadth of response provides detailed insights into MBA recruiting patterns across the globe % 22.1% Over 250 staff Between 50 and 250 staff Less than 50 staff 23.1% 22.4% In 2012, a higher proportion of respondents worldwide were made up of large/medium sized companies with over 250 employees. It is the nature of the MBA employment market, that many small consulting firms and financial services boutiques (private equity, asset management, wealth management) hire MBAs. Aerospace / Defence Construction /Property Consulting /Professional Services Electronics / High Technology Energy FMCG Financial Services / Banking IT / Computer Services Law Consulting and professional services was the largest responding sector in 2012 as it was in 2011, reflecting the continued surge in demand in this sector. Banking and financial services was the second largest responding sector, followed by HR/recruitment services (often engaged in hiring for the banking and consulting sectors Manufacturing / Engineering Media / Entertainment & Arts Metals / Mining Pharmaceuticals / Biotech & Healthcare Public Sector / Govt. / Non-profit Recruitment / HR services Retail Telecoms Transportation / Distribution Travel / Leisure / Hospitality Utilities Other around the world). Manufacturing, IT, FMCG 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. Demographics & sample of MBA employer respondents

8 Demographics & sample of MBA employer respondents Table: Sample of responding employers by region 2012 The following table gives a snapshot of some of the organizations that took part in the survey across the world, all of which were recruiting 25 or more MBAs in A more comprehensive list can be found in the Appendix at the end of this report. Consulting Asia Europe US & Canada Latin America Roland Berger AT. Kearney Accenture Boston Consulting Group Booz & Company Fleishman-Hillard Bain & Company BDO International Colliers International Capgemini Consulting Monitor Group Omnicom Group Inc. Deloitte 4. Long-term trends in MBA jobs Since 1990, QS has conducted the largest survey of MBA employers worldwide the only available study of how global MBA employment demand has changed over time. MBAs = mobile, bright, ambitious = average 15% growth in demand worldwide (see chart) The MBA (Master of Business Administration) is a graduate management degree, which 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. Towers Watson Nielsen Manpower 2012 represents a return to a steady sustainable An MBA is an effective path towards a 14 The Word Bank Tata Consultancy growth in MBA demand of 12% worldwide, significant career change. As Graham Hastie, 15 Grant Thornton Frost & Sullivan Group Services following a stellar year of 36% growth in Finance The Warranty demand for MBAs in Despite continued AIG KBC Securities Bank of Montreal Group storm clouds battering Western economies, Australia New it seems MBAs are playing a central role in Allianz S E BGC Partners ING Zealand Bank the battle for global economic supremacy, DBS Bank Ltd Barclays Capital Black Rock JP Morgan with companies in emerging markets fuelling Nomura Standard Life Citigroup Lloyds TSB worldwide growth in demand for MBAs. Capital Eight Deutsche Bank GE Capital Banco de Crédito BCP Industry Pfizer Carl Zeiss AG Bayer AngloGold Ashanti Tata Skoda Auto CEMEX Skanska ZTE Johnson & Johnson Comcast Natura Hitachi TNK-BP DHL Komatsu Cummins Ltd. Panasonic BASF Ford Bayer S.A LG Novo Nordisk General Motors BHP Billiton Technology Adobe Honeywell Amazon Canon Dell Intel Apple Huawei Fujitsu Motorola Cisco IBM Toshiba Corporation Alcatel-Lucent EMC Hewlett Packard Phillips Atos Origin Microsoft Seimens Samsung Avaya SAP Telefonica James Platt, a partner in charge of MBA recruiting at BCG observes: For the last decade, we have increased MBA hiring globally. In general we hire from the top European and US business schools and we are looking to hire from more European schools as they attract better and better people from around the world. Fausto Yanez-Siller, Talent Manager at British American Tobacco -Latin America, looks for MBAs who will become Wellrounded business managers and leaders. This is what we most value in our MBAs. an MBA employment expert and previously head of career services at London Business School says: An MBA qualification is usually effective at bringing about a change in up to two of the big variables either in industry, function or geography but rarely in all three. 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. An MBA is also a route to 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. An MBA is also increasingly being seen as a facilitator for aspiring entrepreneurs. 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. Long-term trends in MBA jobs

9 The chart below shows the long-term trend in MBA jobs worldwide, by sector. Since 1990 worldwide demand for MBAs has grown at an average of 15% CAGR*. This growth was spread across all the major continents and focused on graduates from all of the world s top 200 business schools, in particular. Slow growth in major economies as far apart as US and Japan took its toll from , and demand for MBAs fell by around 20%. From we witnessed resurgence in MBA employer demand, far exceeding previous levels. The 2009 recession proved to be relatively benign for MBAs, although there was retrenchment within financial services. The upward trend in MBA demand is, if anything, accelerating in *compound annual growth rate Since the turn of the millennium, MBA demand in general industry (consumer goods, construction, energy, manufacturing, mining, retail etc) has taken off, as demand in emerging markets has accelerated. QS TopMBA.com survey reports an 11% increase in MBA careers in general industry in 2012, with energy (28%), consumer goods (21%) and metals and mining (40%) being particularly attractive sectors worldwide. Paul Danos, Dean of Tuck at Dartmouth College, explains the enduring appeal of top international MBA programs: Demand for MBA graduates by the great businesses of the world keeps increasing. As businesses grow in complexity and scope, companies need more and more skilled and welleducated leaders. Chart: Index of MBA Recruitment (Year 2000 = 1) Demand for MBAs in the technology sector is undergoing unprecedented growth Emerging markets are playing catch-up with Many more high technology and computer the West, and many companies are recognizing services companies are looking to MBAs to that MBAs represent an important pool of Long-term trends in MBA jobs % p.a. Industry Consulting Finance Technology commercialize their products. A concentration of this growth is taking place in Asia, with big US employers actively hiring in the region. Though overall MBA demand within the sector grew by only 5% in 2012, employers are forecasting a stellar 27% growth in demand in This would seem to be the place to be for new MBA graduates in managerial talent for businesses seeking to grow rapidly. There is a viral effect as well. As more MBA alumni from top business schools have returned home in recent years, as they enter the local job markets they seek to recruit other MBAs, often from their alma mater, once they assume positions that include hiring responsibility. Long-term trends in MBA jobs Source: QS TopMBA.com Jobs & Salary Trends 2011/12 (www.topmba.com) Demand for MBAs within consulting has been growing uninterrupted for the last decade and has exceeded all other sectors. As business becomes ever more global and complex, the demand for specialized consultancy skills is growing exponentially, and the MBA qualification is a key selection criteria for a sector which values generalist skills and developed critical intelligence above all else. The chart above reveals that the absolute number of MBAs hired into the consulting sector has more than trebled since 2000, and increased six-fold since This enormous expansion in MBA demand in the consulting sector simply reflects the enormous growth in this industry since 1990 consulting services are estimated to have generated over US$100bn in 2007, up from US$10bn in 1990 for which MBAs are the primary talent pool. The chart also reveals that MBA demand in financial services has also increased dramatically, doubling between 2000 and 2007 and, following a period of retrenchment, accelerating again in Despite the ongoing effects of the financial crisis, MBA demand has remained remarkably resilient in this sector over the long term. Consulting and financial services account for 50% of MBA hires at many top business schools. However, demand in financial services is not recovering at the same pace as consulting, within developed markets.

10 Demand for MBAs around the world in 2012/13 5. Demand for MBAs around the world in 2012/ is proving to be another good year for MBA recruitment with employers around the world stocking up with new recruits after a lull. The QS TopMBA.com Jobs Index shows an overall 12% increase in MBA job opportunities in This year s QS TopMBA.com report shows that across Africa, Middle East, Asia-Pacific, Latin Rank by # of Rank by # of MBA demand MBA demand America and North America, MBA demand reported MBA reported MBA 18 Country growth growth 19 Table: Percentage increase in MBA jobs by region 2011/ /13 has been robust in 2012 across most major industries. Western and Eastern Europe have been the underperformers in 2012, but have still reported overall demand growth impressive when the turmoil that has affected financial markets in the region is taken into consideration. The table below shows the percentage increase (or decrease) in numbers of MBA job opportunities reported by employers in 2012 compared to 2011, by region and their expectation for As mentioned, Middle Eastern employers report the most rapid growth: a 21% increase in MBA job opportunities which continues with 23% growth forecast for Asian employers report a 15% increase this year and acceleration to 26% growth in In Asia, the report points to a continuation of a 2011 trend, as companies, and not necessarily multinationals, recruit larger numbers of MBAs. As Professor Tom Robertson, dean of The Wharton School, says: It is abundantly clear that the emerging worldwide economy is now vibrant with possibility for Asian businesses. The positive news is that the developed economies of North America and Western Europe are also growing this year, with MBA demand increasing 16% and 5% respectively. It is clear, however, that employers in these regions are becoming cautious about the impact of financial turbulence and government austerity policies, and growth in both regions is forecast to slow to just 2% in Region 2011/ /13 Africa & Middle East +21% +23% Asia Pacific +15% +26% Eastern Europe +7% +4% Latin America +14% +9% US & Canada +16% +2% Western Europe +5% +2% Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) The surge in employer demand in emerging markets has inevitably brought about a change in behavior 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 2012, an international MBA is as much about learning international business practices and creating a network which can be a powerful career advantage for MBAs seeking to exploit the rapid growth of China, South East Asia, Latin America, Middle East and other emerging economies. Mauro Guillen, dean of the Lauder Institute at Wharton, points out: A higher percentage, perhaps as many as two out of every three international students, are returning to work in their home countries, or in emerging markets, rather than staying in the USA. Top countries for MBA recruitment ranked opportunities 2012 opportunities 2011 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) The table below shows the percentage increase in the number of MBA jobs reported by employers in 2012 compared to 2011, for the top ten countries by volume of MBA hiring. The trends reported reflect the hiring patterns of the responding companies, year on year. The table provides a good indication of changes in MBA demand given the large overall sample of respondents to QS survey in each of these countries. 1 1 India 16% 29% 2 2 United States 16% 2% 3 3 United Kingdom 14% 4% 4 6 Sout Korea 30% 20% 5 5 China 20% 35% 6 7 Mexico 28% 8% 7 4 Argentina 6% 10% 8 11 Brazil 22% 16% 9 8 Germany 16% 1% Japan 15% 17% Demand for MBAs around the world in 2012/13

11 Demand for MBAs around the world in 2012/13 Indian employers reported more MBA job opportunities in 2011 and 2012 than the United States, with one financial services company in India reporting over 7000 MBA job opportunities this year. In India, MBAs are paid far less, on average, than in the West, yet their salaries still compare very favourably with less qualified local managers. The tendency for IT outsourcing and technology companies to recruit MBAs in large numbers is continuing across India. Marina Garcia of ICICI Bank in India says the attraction of MBAs to her company Latin America has been a relatively inactive region for MBA recruitment, with most Latin American MBAs choosing to study and work abroad in Europe or North America, but this year s survey suggests this is changing, as both multinationals and local employers are more actively targeting MBA hires for the region. Because of the need for internationally minded leaders, Latin American companies are now reaching out to US, Spanish and other European schools to pick up talented local students who have chosen to study overseas. The business cycle plays a major part in the short-term trends in MBA hiring, with local MBA jobs trends in Latin America in the number of internship opportunities 20 is the Ability to think logically, demand patterns fluctuating quite rapidly. 21 communicate sequentially and clearly, use of right expressions, strong foundation in areas of specialization, general business world awareness, an attitude towards learning and above all strong in morals and ethics. Banks in China, Japan, Singapore and India are recruiting a large number of MBAs. China seems to be maturing as an MBA hiring market, with plentiful opportunities in the professional services and consulting sectors, although these numbers are now growing more slowly than some other sectors. The electronics/high- tech sector is also recruiting MBAs in abundance in China at present. The UK and Germany are the only European countries to feature in this top 10 list, a dramatic change from a decade ago when the same list would certainly have featured France and Spain. The UK shows a continued commitment to MBA hiring, which reflects the dominance of the service sector in the UK economy, as well as the sensitivity of MBA hiring to the sector s performance. Yet banking, which remains at the heart of the UK economy, remains fairly subdued in terms of MBA hiring. Germany is quite different from the UK in terms of the profile of companies hiring MBAs. Technology, engineering and software companies sit alongside consulting firms as the major MBA employers MBA jobs trends in US & Canada As predicted last year, MBA demand in in North America slowed to a still-respectable 16% growth in 2012, but employers are cautious about 2013, with forecast growth of just 2%. The USA remains one of the largest markets for MBA employment. Projected increases in MBA recruitment levels 2011/ /13 US & Canada +16% +2% A partial economic recovery, the stabilization of the financial services, the recovery of some manufacturing industries and the appearance of new mid-sized MBA employers on campus, have all contributed to the growth. Look for increased, yet still uncertain, upward trending in MBA recruiting in the 2013 academic year, with the technology sectors leading the way. Ian Lynes, manager of QS Global- Workplace says Traditional big MBA employers have recovered from the drought in 2008/9. We are now seeing a pickup in financial services recruitment in the US, and the technology sector is vibrant. In North America there is still a surplus of applicants compared to places at schools, making gaining entry to traditional top schools highly competitive. This is also encouraging good candidates to look overseas or at nontraditional distance, part-time and one-year full-time MBA programs, many of which are yielding good career outcomes. Internship programs still the favourite screening mechanism of MBA recruiters have been a popular first step for companies testing the MBA recruitment market, and this year saw the birth of several. We expect a steady increase as the try before you buy trend continues at major companies. Recovery in financial services has been much slower than expected as firms climb out of debt. Hiring through contract assignments has been a popular and safe way for firms to pull in expertise and retain the flexibility they require on their balance sheets. Early in the recruiting season there was some concern among MBA recruiters in financial services that the economic crisis had damaged the industry s employment brand enough to negatively impact candidate yield on campus. However, indications are that the impact has been minimal. Student interest in financial services remains strong. Look for the pharmaceutical industry a traditional destination for a significant number of MBAs to continue recovery in 2013, with perhaps an increase in campus presence from smaller and less familiar firms. Some of the larger players have increased their MBA hiring considerably in We ve taken the approach that MBA recruitment is an important part of building a talent pipeline... Our sense is that companies will continue to recruit on campus so that when the economy improves and MBA recruitment increases once again, they don t have to regain their footing, says Jodi Goldman, head of MBA recruitment at Pfizer. Last year was a watershed as MBA jobs within Latin America became much more plentiful. This trend is continuing, albeit at more sustainable growth rate of 14% in Employers in the region are utilizing MBAs as a key talent pool as companies battle to internationalize across the region. Mexico and Brazil continue to be the engines of MBA growth in the region. Projected increases in MBA recruitment levels 2011/ /13 Latin America +14% +9% The QS TopMBA.com Employer Survey reveals a 28% increase in MBA demand in Mexico, a 13% uplift in MBA jobs in Brazil, and a 26% increase in MBA jobs in Venezuela. Claudia Vila of L Oreal, Mexico explains why her global luxury goods company seeks MBAs in Latin America We look for MBAs because they can bring analytical skills, innovation, strategic thinking, someone who deals effectively with all races, cultures, ages. Someone who has the functional and technical knowledge and skills to do the job. Someone who is good at bringing the creative ideas of others. Demand for MBAs around the world in 2012/13

12 Demand for MBAs around the world in 2012/13 Sandra Shwarzer, of INSEAD career service, has reported a big increase in job opportunities for INSEAD MBAs in South America in the last few years. Jose Antonio Cruzado, regional director for QS TopMBA.com in Latin America, states: Brazil is experiencing dynamic economic growth and increased demand for MBAs. Brazil is also the engine of Latin America at present, with connected economies, especially Peru, booming from the regional growth in demand. Another factor in the region is China s quest for raw materials, resulting in a growing demand for Chinese-speaking MBAs across Latin America. 22 In the past, Latin America has been a relatively MBAs, as do consultancies and major industrial We do see increased interest in hiring Chinese The UK market has been helped by ongoing 23 inactive region for MBA recruitment, with most companies. The biggest such recruiters are MBAs and international MBAs who speak the strong demand in the consultancy sector. James Latin American MBAs choosing to study and BBVA and Banco Santander, which have major Chinese languages, reports Vinika D Platt, a partner in charge of MBA recruiting at work abroad in Europe or North America. emerged as regional banking leaders in Latin Rao, head of Asia at INSEAD business school s BCG observes: In general we hire from the top This year s survey suggests this is changing America, though HSBC is not far behind. career services, which has campuses in France European and US business schools and we are as both multinationals and local employers and Singapore where MBA students study. looking to hire from more European and UK are more actively targeting MBA hires for the MBA jobs trends in Western Europe schools in particular, as they attract better and region. Because of the need for internationally better people from around the world. minded leaders, Latin American companies are now reaching out to US, Spanish and other European schools to pick up the talented local MBAs studying overseas. Mexico and Argentina are being used as a base for multinational companies to grow their Latin American operations. In Mexico, MBA hiring is spread broadly, but with a big impact from North American headquartered automotive, pharmaceutical and industrial holding companies. Mexico is by far the largest MBA recruitment market still in Latin America, and has grown dramatically since 2010, with over 70 companies reporting active MBA recruiting plans in Alejandra Herrera of Asturer in Mexico says companies are beginning to hire more MBAs because they can offer great potential to grow into leaders within the organization as Mexico moves further away from the family business model. Professional service companies like Ernst & Young, Deloitte, KPMG, Accenture and IBM all report big jumps in MBA hiring throughout Latin America, with the biggest increases in Argentina. The attractions of Buenos Aires seem to be a factor for these professional service companies. We are seeing a region-wide improvement William Davilla of IE Business School. Many European banks now own the major Latin American banks and they actively recruit Despite the Eurozone crisis dominating headlines, Western Europe still reported net growth in MBA demand of 5% in Denmark, Germany, France and the UK all reported strong demand for MBAs. However, Italy, Greece and Ireland reported a substantial fall-off in MBA demand as austerity measures hit local employers in particular. The slow return to pre-recession hiring rates among the big banks should not disguise the health of other sectors and the particular vibrancy of the consulting sector within the region. Denmark reported a 19% uplift in MBA demand in 2012, followed by Germany at 16%. The UK growth rate of 5% was slower than previous years. Projected increases in MBA recruitment levels 2011/ /13 Western Europe +5% +2% Career Service officers at business schools in Europe are cautious about the outlook in the region and report seeing European MBA graduates heading out to Asia and Middle East in greater numbers. One source of growth in Europe is bi-lingual Chinese-European language speakers. Europe gradually has to acclimatize to Chinese investment in European business and China is also becoming a major market for European exports. As a result, future business leaders with experience of both China and Europe are rapidly increasing in demand among recruiters. Currently, the focus continues to be primarily on China, Hong Kong and other Asia-based positions. However, as Chinese investment in Europe grows, we anticipate increased interest in hiring bilingual MBAs who can communicate effectively and adapt comfortably to both the site office in Europe and the HQ in China. Ursula Schwarzmann, staffing manager at GE Energy Europe says, We are experiencing a very dynamic hiring trend. We hire employees in almost all European countries, with an emphasis on nine main countries: Austria, France, Germany, Hungary, Italy, Norway, Poland, Russia, and the UK. Typically 15-20% of all new hires are for entry-level positions (MBA or Masters) has seen some improvement in MBA hiring within financial services. The financial centres of London and Frankfurt are recovering and bank profits begin to pick up once again, but MBA hiring is still restrained. The threat Demand for MBAs around the world in 2012/13

13 Demand for MBAs around the world in 2012/13 of increased government austerity measures, regulation and banking reform seems to be a major cause of these conservative hiring policies. HSBC is among the banks which are upgrading their MBA hiring targets. Many European banks have strengthened their capital/asset ratios and are now highly liquid and looking for talented traders to make good use of all the cheap government money available in the system MBA jobs trends in Eastern Europe Eastern Europe has been the slowest growth region in the world over the past five years, but reports a 7% increase in MBA demand in In Russia, a select group of MBA employers in the energy and consulting sector reported a 70% growth in demand this year. Romania also reported growth in demand in 2012, with several multinationals hiring MBAs for outsourcing operations in the country. This improvement has been offset by falling demand in Hungary, Czech Republic, and Poland. There are also many consultants in finance gravitating towards Russia. Susan Haddon of Merrill Lynch in London, states: MBAs bring a diverse skill-set to the organization Greece, perhaps not surprisingly showed Kazakhstan and Azerbaijan are oil economies from their studies and previous work experience. a decline in MBA demand, following the Projected increases in MBA recruitment levels - that are encouraging their local young Furthermore they provide us with languages that government s austerity measures. Italy and 24 professionals to study for an MBA. Strong / /13 are required in individual business areas and teams, and tend to be more business conscious. MBAs are very focused on their next career step and are very thorough in their approach to working for the right organization. A sample of over 50 companies in Germany indicated a 16% rise in MBA demand in The German economy is usually the engine of MBA demand in Western Europe. Strong demand for German goods in Asia in particular, has fuelled a demand for Asian MBAs to join German companies. Likewise, many service companies are desperate to recruit German MBAs to serve their successful German clients. Demand for MBAs in France improved in 2012 as companies seek fresh talent to help them emerge from difficult trading conditions. A sample of over 40 companies in France indicated a 15% rise in MBA demand in However, some French employers remain more sceptical about MBAs. Tamsin O Bryen of Sodexo says, While the level of learning of MBAs is good and gives a strong insight into the organization, I think MBA schools need to be more careful in managing their students expectations. A lot believe that the certificate makes them a natural leader but that is not the case all of the time. An MBA doesn t act like a magic wand Ireland also showed a fall in MBA demand in 2012 for the second year in succession. Ireland and Italy have been sluggish for the past two years, but they both have a growing number of financial companies regularly recruiting MBAs, as well as an expanding consulting industry. Dominique D Arcy of Manchester Business School states, increasingly the MBA is becoming the mainstream qualification for recruiters in many Western European countries, as has been the case in the USA for many years. She adds: strategy consultants are recruiting actively every year, and they have been joined by the professional service companies like KPMG, E&Y and Deloitte all of which are targeting MBA recruiting. Many industrial, technology and telecoms companies have been enticed into the MBA market in the last five years, and they have enlarged the total pool of MBA employers compared to the pre-dotcom era. Eastern Europe +7% +4% Russia has sustained strong growth in MBA demand throughout the recent global financial crisis, fuelled by the energy boom and expansion of their financial services sector. This growth has resumed in 2012 after a lull in Elizaveta Komolova, an HR Consultant with Morgan Hunt in Moscow says Russian companies Are looking to hire more and more MBAs compared to recent years. An MBA is becoming a default attribute of a successful manager. Komolova adds MBAs in Russia are expected to be more practice-orientated, have more structured knowledge and a broad business network. MBAs are known for their ability to think long term and use their business contacts for the best. Aleksey Elizarov of LC Community Consulting in Moscow says, The basic motive for choosing MBAs is [a young professional s] readiness to answer strategic questions for our clients. demand in energy and finance resulted in a 65% uplift in MBA demand in Kazakhstan in 2010 and a small increase in 2011, though this has slowed in Central governments are also encouraging state-backed companies to recruit more MBAs, both locally and internationally. Good Czech or Hungarian candidates are highly sought after, but mainly outside their home country with demand locally showing a decline in As mentioned, Romania has a growing domestic demand for MBAs, and increasingly EU recruiters are hiring Romanian candidates who now hold EU citizenship. By contrast Bulgaria continued to report a small drop in MBA demand in 2012, as the country continues to be affected by government austerity measures in Greece MBA jobs trends in Asia-Pacific Demand for MBAs around the world in 2012/13 Katya Rudelson, Egon Zehnder International, Moscow believes MBAs are seen by some Russian employers as the less risky option when hiring at a senior level: As the market matures, there is increased expectation that Russian MBAs can create value for their companies and that having an MBA is a proxy for having a certain outlook, training and business approach, thus it appears to reduce the risk of a hiring mistake on the part of the employer. However, outside consulting and banking as well as select industry companies that have MBA graduate management development programs, it is too early to say that Russian companies are massively recruiting MBAs. This year s survey shows that across Asia employers are continuing to embrace MBAs as they pursue global expansion. The MBA is increasingly in vogue throughout the region. Asian candidates are among the highest GMAT scorers in the world, and are focused on developing excellent technical skills often at the expense of integrating fully in the social aspects of the MBA. But Asian recruiters are looking for ambitious, well-rounded MBAs.

14 of reported MBA jobs for fresh graduates in Amy Low of Visa International But among the many Indian companies South Korea is joining the MBA party in Asia. Projected increases in MBA recruitment levels in Singapore says, MBAs bring which responded to the QS Employer Survey, Fuelled by big multinationals like Samsung, intellect, a fresh approach and there are several distinct groupings. While LG and Hyundai, South Korea reports 26% 2011/ /13 strong determination to excel in their multinational employers still have a strong growth in MBA demand in 2012 and a further Africa & Middle East +21% +23% delivery. preference for recruiting MBA graduates from 20% increase projected for international business schools, local companies Dr Abdulkader Alfantookh, vice-minister of higher concentrate on locally educated MBAs. The Japan is a mature MBA market, with a long education in Saudi Arabia says, We are still majority of Indian employers are actively tradition of companies sponsoring students to Yonsik Kim, Staffing Manager at ASE in the early stages of becoming a knowledge looking to recruit from local business schools like study at Western business schools. Yet here too Group in South Korea says they look economy, but Saudi Arabia is investing in the IIMs and Indian School of Business, among we see dynamism, with 22% growth in 2012 scholarships for 40,000 students a year to study for MBAs for their multi-lingual, others. Other local Indian companies that are and 17% forecast for undergraduate, masters and MBA degrees strategic management skills. looking for MBAs without work experience, overseas, and we expect them to bring their as an alternative to bachelor s graduates, are T Takenouchi of Copernicus Associates knowledge back to companies within Saudi. offering salaries below US$30,000, and these in Japan says, Japanese companies Projected increases in MBA recruitment levels - employers have been excluded from the results of the survey. 2011/ /13 Demand for MBAs around the world in 2012/13 Asia Pacific +15% +26% This year s survey results clearly reflect the emergence of a greater number of Asian companies seeking MBAs, representing over a quarter of total respondents. Some employers are willing to hire from local business schools at relatively low salary levels, while other Asian employers remain fully committed to hiring from top North American, European and Australian business schools and are often willing to pay the higher salaries expected by their graduates, with a slight cost of living adjustment. The rise of an elite cadre of Asian business schools is underway, but will probably take another ten years to be fully established. MBA demand continues to expand in Asia as the qualification is embraced by employers, and particularly India and China, especially in consulting and professional services, manufacturing, IT/computer services and micro-finance. Employer projections suggest that growth in MBA demand in the region is set to accelerate from 15% in 2012 to 26% in For the last few years, the really hot MBA market has been India, which has experienced an explosion in employer demand: up 43% in 2010, 57% in 2011 and 16% in 2012, with an astonishing 29% growth forecast for India has now overtaken the USA in terms of volume Demand for MBAs in China is also strong, up 20% in 2012 and forecast 35% growth in 2013, for the sample of responding employers. Demand is so strong that the Municipality of Shanghai has funded the launch of its own local business school Shanghai Advanced Centre for Finance to compete with other local schools like CEIBS and Cheung Kong Business School. Employers in China could not find enough Chinese MBAs returning from US and European business schools, spurring the local government into action. Edward Hyun, VP Strategic Relationship Management for American Express Global Network Services Asia, continues to report strong demand for international MBA hiring to meet pipeline leadership needs throughout the Asia region. He comments: MBAs bring the maturity, business and cultural awareness as well as the leadership skills to take our company forward. Even during difficult economic conditions we remain committed to our MBA hiring program, not just in Asia but around the world. favour MBA holders who have an international perspective, strong interpersonal skills, as well as a good understanding of marketing, finance or strategic planning MBA jobs trends in Middle East & Africa The Middle East has been the hottest region, with growth of 21% in MBA demand in 2012 and 23% forecast for Growth has centred on the recovery in the United Arab Emirates and Saudi Arabia, but parts of Africa have also reported increased demand, albeit from a relatively low base, in sectors including energy, consulting and finance. Murali Krishnan, Head of HR, Byrne Investments in Dubai, says the biggest constraint on more MBAs coming to the Middle East is their Willingness and ability to relocate to the Middle East. Employers report a 29% increase in MBA demand in 2012, with a 21% increase forecast for 2013, lead by energy and financial services companies Saudi Aramco is the largest MBA employer in the region. The UAE seems to be on the path to recovery, also showing a 57% jump in MBA demand led by banking, energy and IT companies with offices in the UAE. Banks like Standard Chartered are basing many of their global back office operations in Dubai. By contrast, MBA demand in Africa, except for a few multinationals hiring in the region, remains subdued. Meryll Folb of Standard Bank of South Africa observes, Salary is a big barrier for African employers. Demand for MBAs around the world in 2012/13

15 5.2. MBA jobs by sector in 2012 and forecast for 2013 As predicted last year, this year s QS TopMBA.com report shows growth in MBA job opportunities in 2012, continuing at a slower pace into 2013 across the major MBA hiring sectors. Modest increases in Western markets are compensated by strong growth in emerging markets MBA jobs in consulting MBA jobs in consulting are forecast to be return to record levels, with a 16% jump in demand in 2012 (exactly in line with predictions in our report last year), followed by a further 9% forecast in MBA demand in consulting has risen by 16% (28%) in 2012, slowing to a forecast increase of 9% in Financial services won t be far behind with a 16% actual increase in 2012, but a much slower forecast increase of just 3% in high tech reports a 5% increase. However, the projections for 2013 in technology are very positive. IT/computer services (37%), electronics/high tech (22%), and telecoms (21%) are all set to grow markedly. Consulting 2012/ /13 Africa & Middle East 44% 33% Asia Pacific 16% 12% Eastern Europe 17% 17% Industry and manufacturing also exhibit strong MBA demand, especially in emerging markets. Latin America 16% 25% Demand for MBAs in the technology sectors Worldwide, the TopMBA.com survey shows US & Canada 18% 9% 28 is mixed; IT/computer services record a 12% 13% growth in manufacturing, 21% in FMCG, Western Europe 15% 9% 29 jump in MBA jobs this year and electronics/ 28% in energy and 40% in metals and mining. Worldwide 16% 9% Demand for MBAs around the world in 2012/13 Table: Growth in MBA demand by industry sector worldwide 2011/2012 and forecast 2012/13 Worldwide Share (%) MBA Jobs 2012 Growth 2011/12 Growth 2012/13 Aerospace / Defence 1% 4% 7% Construction / Property 2% 10% 1% Consulting / Professional Services 12% 16% 9% Electronics / High Technology 5% 5% 22% Energy 3% 28% 22% FMCG 1% 21% 10% Financial Services / Banking 26% 16% 3% IT / Computer Services 9% 12% 37% Law 1% 37% 51% Manufacturing / Engineering 5% 13% 4% Media / Entertainment & Arts 1% -14% -4% Metals / Mining 1% 40% -1% Pharmaceuticals & Healthcare 4% 19% 18% Public Sector / Govt. / Non-profit 1% 24% 11% Recruitment / HR services 13% 33% 25% Retail 1% 18% 29% Telecoms 6% -3% 21% Transportation / Distribution 2% 23% 12% Travel / Leisure / Hospitality 1% -41% 4% Utilities 0% -8% 11% The great thing about an MBA education is the tool kit it provides. Quality MBAs could not be better matched to the needs of the consulting industry. We can draw upon the full range of their knowledge as we allocate them to different types of client assignments. They have the knowledge and confidence to hit the ground running, utilising both their hard skills and their welldeveloped interpersonal skills, which are so important in our client facing business. says James Platt, partner in charge of MBA hiring at Boston Consulting Group in London. The consulting industry has grown at a phenomenal rate for the last 20 years, becoming a US$100 billion industry. Normally cyclical by nature, the consulting industry has defied the credit crunch and continued to grow. Platt confirms We have been growing at double-digit rates since 2003 and we expect that to continue for the foreseeable future. We expect companies to continue to require organizational change as a result of the recession and then strategic support as they enter the recovery phase. The constraint on our growth will be our ability to hire good people of the right quality. MBAs will continue to be crucial to our growth. Responses to the QS TopMBA.com Employer Survey suggest that larger strategy consulting recruiters continue to defy the economic climate and to seek many fresh MBA graduates each year. In addition, the professional services, technology and outsourcing firms are restaffing their strategy departments. Deloitte, KPMG, Ernst & Young and Cap Gemini are all actively expanding their business advisory/consultancy divisions. There has been a massive expansion of hiring by these companies in emerging markets, with thousands of MBAs being hired into regional hub offices in Argentina, Brazil, China and India, as well as consistent recruitment within the western economies. Demand for MBAs around the world in 2012/13 Other 6% 0% 12% Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com)

16 Demand for MBAs around the world in 2012/13 Employer responses reveal that consulting firms have overcome the caution of the last few years and are now expecting MBA demand to grow significantly, with fears of a double dip recession seemingly reduced. QS Global-Workplace (www.globalworkplace.com), the career platform for global Sej Butler of IBM UK looks for specific pre- Diane Morgan of London Business professionals, including the community for MBA skills either deep industry and process School believes that banks are 100 top business schools around the world, has knowledge or knowledge of solution areas. taking a longer-term view of their seen the number of jobs listed on its site grow MBA hiring. Several of them made throughout the past three years. Mike Holmes There are also a growing number of small specialist the mistake of cutting back in 2002 from Global-Workplace says, Typically, over consultancies looking to hire MBAs. Chris Lavin and were left with a big gap in talent 1,000 consulting jobs are listed on the site each of Sierra Systems, Canada finds MBAs the perfect when the markets picked up. year, though 2012 is slightly down on talent pool: They have a strong management toolkit 30 Consulting MBA job listings feature all the that is the basis for good management consulting, environment, where they are used to following 31 rules and being in compliance. major consulting firms as well as many smaller firms. Virtually all of the leading firms are hiring MBAs. In particular, the big strategy players MBA jobs in financial services MBA demand in financial services is recovering from the 2008/9 crash. 16% growth in 2012 following similar growth last year means that MBA demand in financial services is now substantially above 2007 levels and this growth is forecast to continue. Financial services firms have recovered quickly from the credit crunch, as banks take advantage of the increased availability of cheap capital. However, the large hiring volumes are concentrated in emerging markets, with much more modest growth in MBA hiring in developed economies, which are affected by the prospect of banking reforms and sovereign debt issues. Once their position in relation to these issues is clarified, it is likely that banks in developed economies will significantly upgrade their MBA hiring to make up for the five years of cautious recruiting, which could result in a hiring boom. However, employers remain cautious and the outlook for 2013 MBA hiring is for only slight growth overall and no growth in North America or Western Europe. like McKinsey, BCG, Accenture, Bain, and Booz are recruiting actively. Accenture and IBM Consulting are large players in outsource consulting projects and expect continued growth in this activity as companies look to reduce costs. For this type of consulting, and maturity and analytical skills to interact with senior clients. Many such firms are using search agencies, or web services such as rather than visiting schools. Financial Services 2012/ /13 Africa & Middle East 23% 19% Asia Pacific 7% 15% Eastern Europe 21% 8.% Latin America 22% 21% US & Canada 22% 9% Western Europe 3% 9% Worldwide 18% 9% Almost all major investment banks actively recruit MBAs. The credit crunch caused huge cut-backs in MBA hiring among some banks, especially CitiGroup and Bank of America, which received the largest US government bailouts. Despite redundancies among experienced bankers, entry-level recruitment remained steady in most other banks throughout the credit crisis. Demand for MBAs collapsed during Goldman Sachs, Morgan Stanley and others cut MBA hiring by up to 80% in some offices was completely different, with many banks hiring actively. Employers and students are backing-up this viewpoint. Sarah Thomas, head of MBA Recruitment at Standard Chartered says MBA hires are critical to building our leadership. Those banks most exposed to Asia, Russia and Brazil are continuing to perform well. Belinda Regan of Fidelity International prioritises MBA hiring because of intensive training from business schools and the fact that candidates are usually very motivated to commence a new career. So what turns a bright new business school graduate into a successful banker? According to Angela Cassidy, a recruiter at Deutsche Bank, her firm looks for high achievers who are both focused and motivated and who can demonstrate a good understanding of our industry. We also want people who are bright and energetic and not afraid of working hard. We don t just look at what an individual has achieved in the workplace, but also take into account what they have been doing outside their academic activities. Most people associate investment banking with mergers and acquisitions, but most of the top banks look to recruit MBAs into global markets (sales and trading securities, fixed income and derivatives), managing assets, structured finance, corporate finance and increasingly on-and-off balance sheet hedge funds. There are also many back office positions in risk, financial control and technology. According to Dr Taylor, Professor of finance at Cambridge s Judge Business School, the areas which were hit hardest in 2008/9 are bouncing back. These include M&A, private equity and asset management. Market risk and compliance departments may see increased MBA hiring as banks seek greater security and control of risky investment classes. In fact, an overall emphasis on compliance experience may be spreading throughout the financial services industry. Dennis Nason, CEO of Nason & Nason, an executive search firm specializing in the financial services industry says, [Financial services recruiters] want to see others who have been in a controlled Opportunities in credit derivatives, which expanded to US$ trillions in value in recent years and are the source of current problems, are likely to continue to see cutbacks. It is not just banks which recruit MBAs into financial services. GE Capital is now one of the biggest recruiters of MBAs worldwide. American Express is also emerging as a major player. Insurance steadily hires MBAs. In the US there are a number of insurance companies that recruit ten or more MBAs each year such as AIG, Travellers (part of Citigroup), CIGNA and Liberty Mutual. A new feature in recent years has been the entrance of hedge funds, private equity and venture capital houses into MBA recruiting in significant numbers. In the past they have focused on more experienced MBA alumni recruited through a network. Today, they are recognizing the need to recruit younger MBA graduates to meet the growing market opportunities. Dr Taylor remains convinced that the prospect is for strong long -term growth in financial services and for MBA career opportunities, once the current market uncertainty passes. Demand for MBAs around the world in 2012/13

17 Asia Pacific 9% 38% Africa & Middle East 17% 16% 32 Eastern Europe 9% 7% 33 Asia Pacific 31% 13% Latin America 9% 9% Eastern Europe 9% 9% US & Canada 9% 16% Latin America 14% 9% Western Europe 8% 9% US & Canada 16% 14% Worldwide 9% 27% Western Europe 9% 9% Demand for MBAs around the world in 2012/ MBA jobs in technology Demand for MBAs in the technology sectors is forecast for unprecedented growth. A growing number of high technology and computer services companies are looking to MBAs to commercialize their products. A concentration of this growth is taking place in Asia with big US employers actively hiring in the region. Though overall technology demand only grew by 5% in 2012, employers are forecasting a substantial 27% growth in demand in This would seem to be the place to be for new MBA graduates in 2013, with particularly strong growth in Asia, Middle East and North America. Technology Apple is now the most successful high tech company in the world and, along with Microsoft and Oracle, is undertaking an MBA hiring drive, recruiting into finance, sales, marketing and product management. Chloe Chometon of Oracle Ireland looks for MBAs with International exposure [and] structured thinking. Tom Kozicki, Director of Career Services at UC Irvine says the high tech corridor on the west coast remains vibrant. The web is attracting MBAs, with household names like Google and ebay snapping up entrepreneurially minded graduates. Staffing programs director Judy Gilbert says Google is still looking for risk-takers that means having a start-up on your résumé is a plus, even if the company went bust. Yet a career at Google offers MBAs much more stability and longevity than offered at dotcoms in the past. 2012/ /13 Africa & Middle East 20% 38% Avaya Communications is one of the largest recruiters of MBAs in the technology field, riding the wave of mobile phone growth in Asia. Telecommunications companies such as British Telecom and Vodafone are very active. According to Odesa Stapleton, director of talent management at Verizon Communications, We wouldn t want any potential MBAs to assume that we are not hiring. We continue to seek top talent across the organization; in good times and bad, we need to be out on the campuses. Asian technology recruiters are hiring actively in China, Taiwan and Korea. Although we still lack many Chinese technology recruiter respondents in the research, Korea is an example of the dynamism of technology in Asia MBA jobs in general industry 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. This year s QS TopMBA.com survey shows an 11% increase in MBA careers in general industry in 2012 with energy ( 28%), consumer goods (21%,) metals and mining ( 40% ) being particularly attractive sectors worldwide. Media & entertainment, and travel & hospitality were the weakest performing sectors; both showing falling demand for MBAs in General industry Growth in demand for MBAs in general Industry is not surprisingly greatest in Asia, but growth is being seen around the world. Our general industry category is a broad grouping of industries covering aerospace, automotives, chemicals, and logistics, manufacturing and steel. Each industry displays distinct trends, but a common theme is the continued recovery in MBA hiring in 2012, following a very good More and more industrial companies are fully embracing globalization, and understand that MBAs represent an essential pool of international managers who are capable of working in diverse cultures and business situations. In particular, multinational supply chains and procurement require internationally-minded, multilingual managers, making MBAs a natural talent pool. A sizeable number of MBAs who do find roles in the industrial sector will do so with multinational companies such as General Electric, Samsung, Toyota and Motorola, where specific MBA induction programs have been 2012/ /13 the norm for over a decade. Internationallyminded European companies like Siemens have established MBA entry programs. The energy sector continues to report strong MBA recruiting with a 28% increase in MBA careers in energy in There seem to be two drivers of this trend. The search for alternative energy sources is attracting many MBAs into smaller, entrepreneurial organizations. Secondly, as London Business School reports many of the big oil companies will need to replace their senior management over the next ten years as they come up for retirement. These companies have identified that they need new MBAs for their leadership programs and are offering exceptional packages to get the best people. Exxon Mobil and BP are among the largest MBA employers in the energy sector, though the impact of the Gulf of Mexico oil spill cast a shadow over the prospects of all big players in the oil sector as governments increase regulations to limit drilling. Demand for MBAs around the world in 2012/13

18 Consumer goods companies have been The increasing globalization of international MBA jobs in pharmaceuticals and healthcare committed to MBA hiring in the US for many trade, growing interdependence of common years, but MBA careers have grown slowly in markets, and increased international Pharmaceuticals and healthcare continue to be major employers of MBA graduates, and report Europe and Asia, although demand in FMCG competition, have all fuelled interest in MBAs strong growth of 18% in 2012 with a further 18% projected for will grow by 21% in Johnson & Johnson across the sector, but also made it vulnerable to Consumer Products traditionally hires many a global recession. Pharmaceuticals MBAs in the US and around the world and this 2012/ /13 program has remained unchanged in recent For domestic industrial companies, the high years. By contrast, Procter & Gamble hires a level of multinational salaries remains a barrier Africa & Middle East n/a n/a smaller numbers of MBAs, but the situation and can discourage MBAs from pursuing local Asia Pacific 55% 43% is changing. It is now common for both local opportunities that may bring them rewards in Eastern Europe 17% 10% operations and head offices of such companies the longer term. Latin America 9% 9% as Diageo, BAT and Coca Cola to hire MBAs. US & Canada 9% 9% Manel Gasca of Rittal Disprel, a consumer products/ MBA hiring in the industrial sector remains retail company based in Spain, has the following Western Europe 9% 9% 34 closely correlated with global trade and GDP advice for MBAs: Too much relevance is placed Worldwide 18% 18% 35 Demand for MBAs around the world in 2012/13 growth. Given the continued high growth rates in economies like China and India, demand for MBAs is buoyant and spreading throughout North and Southeast Asia. Exporting companies in the West are also benefiting from the recovery, with a rising numbers of MBA careers in industry and manufacturing in both Germany and the USA. Eaton Corporation is a diversified power management company with sales of US$11.9 billion. Casey Rasata, head of MBA hiring says, At Eaton, we lowered our overall hiring forecasts for both fulltime and internships in 2008 and 2009, as a result of the recession. However, numbers improved for 2010 and 2011 hiring and we re expecting normal hiring levels going into this fall s recruiting season. She adds: Our emphasis on doing business right and the fact that our products are sustainable by design are two major factors that attract MBA students to the opportunities we have to offer. on salary straight after an MBA. Since the year I graduated I had to learn that the true value of my MBA was the knowledge I acquired and not the job I got straight after graduation. MBA recruitment is very sensitive to economic conditions and we should not value studying an MBA by the salary we obtain after graduation. Inflated MBA salaries remain a problem for recruiters in the industrial sectors. A consistent message from recruiters in industry is that they are having to look outside the top-tier business schools to find the talent they need. However, they are almost all reporting success in their search. The major pharmaceutical companies have always been very active MBA recruiters, and pay the highest salaries after consulting and investment banking. They also offer attractive benefits and international mobility. They have remained committed to MBAs throughout the last decade, and growth in recruitment numbers is steady rather than spectacular. Merck has had a fairly traumatic few years in terms of patent losses and has significantly cut back MBA hiring. The loss of patents on blockbuster drugs may affect the ability of some big pharmaceutical companies to maintain a high level of MBA intakes,eli Lilly may be the next company to be affected. Yet many smaller pharmaceutical and healthcare companies are aggressively pursuing MBA hiring to help them meet their growth potential. As in other industries, pharmaceutical companies are increasingly looking to find recruits who truly want to build a career in their industry. Neil Currie of Johnson & Johnson says, I recruit international MBAs, and candidates often are reluctant to share vital information about their personal and career objectives. We waste their time and ours going through several interviews on campus and on site [and] make offers only to discover that they want to work in consulting after all. Demand for MBAs around the world in 2012/13

19 Demand for MBAs around the world in 2012/ Functional roles on offer to MBAs MBAs come from very diverse backgrounds and industries and as many as 50% will look to make a career change after graduating. This is reflected not just in the wide variety of companies seeking to employ MBAs, but also the variety of functional roles they enter after completing their course. Many companies recruit MBAs into more than one function. For example, Our MBAs are generally found in one of three functions: HR, finance and/or marketing/strategy confirms the head of MBA hiring at 3M. As the table below demonstrates, there has been little significant change in the functional roles offered to MBAs in 2012 compared to General management, strategic planning, marketing, business development and consulting remain the most popular functions However, these proportionate figures hide the significant growth in absolute numbers of jobs reported by responding employers in 2011/2012 compared to 2009/2010. Hence although 41% of responding employers offer jobs in general management, down from 48% Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Preferred MBA experience levels on offer. There has been an increase in the in 2009, this actually represents an increase in James Prazak, operations manager at number of opportunities in operations and absolute numbers of general management For the fifth year in succession, there has been a manufacturing, supply chain management and MBA jobs available in 2012 compared to drop in employer demand for MBAs with less 37 strategic planning this year compared to than three years of experience, and especially for MBAs with less than one year of work Table: Functional roles offered to MBAs experience (attracting only 6% of employers in 2012). MBAs with three to five years experience remain most in demand and together with MBAs of five to eight years of work experience account for 60% of MBA employer demand. Consultant 37% 39% 33% 40% E-commerce 8% 10% 9% 8% Finance - advisory 26% 29% 30% 40% Finance - 0ther 33% 39% 37% 32% General management 41% 44% 44% 48% IT / technology 24% 26% 25% 18% Marketing 41% 44% 55% 43% Operations / Manufacturing 24% 23% 30% 18% Sales & development 42% 40% 50% 41% Strategic planning 40% 42% 32% 41% Supply chain / logistics 25% 23% 21% 19% Other 10% 11% 10% 12% Chart: Functional roles offered to MBAs 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Consultant E-commerce Finance - Advisory The least popular experience range is 0-1 years of experience. This contradicts the policy of several top-tier US business schools which are actively recruiting pre-experience candidates in the pursuit of ever higher average GMAT scores: a policy which employers evidently do not agree with. Joanne Kim, talent acquisition manager at GE, South Korea says the key to successful MBAs at GE is not just academic excellence but hands-on work experience. Finance - Other General Management IT / Technology Marketing Operations / Management Other Roles Sales /Business Development Strategic Planning Supply Chain / Logistics Trizon Energy in USA, argues strongly against pre-experience MBAs: They lack of maturity, and feel they can command more money/prestige than undergrad counterparts when they really have minimal advantage. Too many simply get an MBA because they couldn t get a job after undergrad too long in school so don t understand the real world, plus they have no business experience. 6% of employers are seeking eight plus years of work experience. However, this experienced group typically fall outside the needs of mainstream on-campus MBA recruiters, and the true demand for this group is unlikely to be reflected fully in this research. They are more likely to find a post-graduate career through means other than on-campus recruiting. Demand for MBAs around the world in 2012/13 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Table: Preferred levels of experience of MBAs Years 6.2% 7% 7% 12% >1-3 Years % 30% 34% >3-5 Years 39.1% 37% 33% 35% >5-8 Years 20% 19% 25% 12% >8+ Years 6.2% 8% 5% 4% Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com)

20 Demand for MBAs around the world in 2012/13 The table below shows variations in work experience preferences by region. Demand for young and pre-experienced MBAs is almost zero in Western Europe and Latin America in both these regions there is an above average demand for MBAs with 5 8 years of work experience. By contrast, Asia-Pacific employers are much more willing to recruit younger MBAs with 0 3 years experience. Preferred # of years of work experience Employers strongly agree that screening for language skills and inter-cultural communication skills are an important part of the hiring process for international MBAs. They agree that the type and duration of study experience is important to employers. They perhaps most significantly agree that candidates with international experience outperform those without. Asia Pacific 10.5% 34.5% 31.0% 16.4% 7.6% Olga Bulatova, Partner at Ernst & Young, Russia Eastern Europe 10.3% 27.6% 44.8% 13.8% 3.4% says the biggest challenge in MBA hiring is finding Latin America 1.2% 25.0% 40.5% 25.0% 8.3% the right cultural fit. International experience is a big advantage for a new hire to an internationally US & Canada 7.0% 23.3% 44.2% 16.3% 9.3% minded company. Western Europe 1.7% 23.9% 45.3% 24.8% 4.3% 38 Gustavo Martin of Skanska confirms 39 Grand Total 6.2% 28.1% 39.1% 20.0% 6.7% Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) 5.5. Key MBA skills For the second year, in 2012 the QS TopMBA.com Jobs & Salary Trends Report attempts to quantify the value of international experience among employers around the world. We asked a series of questions aimed at determining the value placed by employers on international study experience. Among the 3,305 MBA employers responding to our survey, 67% said that they highly value international study experience. We then asked more detailed questions, asking them to agree or disagree with the issues featured in the chart below, on a scale of 1-5, with the average results reported below. Chart: Value of international study experience among employers (2012) 0-1 Years >1-3 Years >3-5 Years >5-8 Years >8+ Years Africa & Middle East 8.1% 24.3% 43.2% 18.9% 5.4% We screen for language skills It is only applicable for those expected to work internationally It is a formal part of the shortlisting / interview process The QS TopMBA.com Jobs and Salary Trends Report has also for many years reported employers views concerning the importance of key skills gained by MBA students during their studies, and their satisfaction with the level they have attained. Employers are, in general, satisfied with the technical skills acquired by MBA students, and this result seems to be independent of which business schools the employers recruit from. This supports the view that many of the core components of the MBA are broadly available to a high standard: skills acquired in finance, marketing, e-business, risk management, Chart: Importance and satisfaction with MBA skills, among Employers in corporate social responsibility, linguistic ability and overall academic achievement. However, soft skills such as interpersonal, strategic thinking, communication and leadership are more important than hard MBA skills according to MBA employers around the world. According to these international recruiters, business school graduates are still not meeting expectations in terms of their soft skills. There has been a long-standing shortfall in leadership and interpersonal skills, which is apparent year after year in this research. his firm selects MBAs based primarily on Personal skills like leadership, communications skills, and negotiation skills. Charles Tsieh, Head of HR at Lorem, Taiwan, confirms the key to successful MBA hires is attitude and communication skills. There is a shortfall in employer demand for relevant work experience, which ties in with the previous section findings that employers are looking for ever greater work experience. Demand for MBAs around the world in 2012/ Importance Satisfaction We distinguish between different types and duration of international study experience We measure inter-cultural communication skills as part of the recruitment process It is applicable for all new hires Academic Achievement E-Business Entrepreneurship Finance Skills International Awareness Interpersonal Skills IT / Computer Skills Leadership Skills Marketing Multi-lingual Relevant Experience Strategic Thinking Communication Skills Risk Management Corporate Social Responsibility Source: QS TopMBA.com Jobs & Salary Trends Report 2011/2012 (www.topmba.com) Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com)

21 Demand for MBAs around the world in 2012/ The Global MBA recruitment market a profile of employer recruiting patterns and target nationalities (by region) The MBA recruitment market is probably the most globally flexible recruitment market of any profession. The MBA qualification is geographically mobile and this section looks at what proportion of MBA employers recruit globally, regionally or locally, and which nationalities they are targeting. or global hiring basis, rather than on a purely domestic basis, than in The chart below shows that in North America the proportion of MBA employers recruiting with a global mandate increased from 16% to 21%, and the proportion with a regional mandate increased from 21% to 37%. Domestic-only recruiters dropped from 25% to 23%, with the remainder declaring an intention to only hire MBAs locally. These international recruiting mandates are reflected in the broad range of nationalities targeted by MBA employers. The table below identifies the regional nationalities targeted for MBA hiring, by the location of the employer (in the left hand column). Target region for MBA recruitment In Western Europe, we see the same trend, In 2012, we identify that a higher proportion of with global recruiters increasing from 16% Asia Pacific 39% 18% 29% 22% 24% 91% 18% MBA recruiters are recruiting on a pan-regional to 21% and a much higher proportion hiring Eastern Europe 25% 19% 39% 91% 21% 21% 16% regionally and increasing from 44% to 46%. Latin America 17% 97% 9% 8% 7% 7% 6% US & Canada 95% 28% 27% 20% 15% 28% 20% Chart: Geographical extent of recruitment Global Regional Domestic Western Europe 2012 Western Europe 2011 US & Canada 2012 US & Canada % 10% 15% 20% 25% 30% 35% 40% 45% 50% Location of employer Africa & Middle East US & Canada Latin America Western Europe Among Middle Eastern employers, 87% are targeting local or domestic MBAs, while 67% are targeting Asian MBAs and 40% are targeting North American or Western European MBAs. Among Asia-Pacific employers, 91% are targeting local or domestic MBAs, 39% are targeting MBAs in North America, and 29% are targeting MBAs in Western Europe. Eastern Europe Middle East & Africa Asia, Australia & New Zealand All Regions 40% 30% 40% 36% 87% 67% 27% Western Europe 27% 24% 82% 56% 23% 29% 17% Overall 30% 55% 30% 24% 19% 37% 13% Among USA and Canadian employers, 20% are targeting all regions, with 95% targeting domestic and local MBAs. Latin American employers are the most locally focused, with 97% targeting domestic and local MBAs. Western European employers are the most likely to recruit from Western Europe (82%), but a massive 56% are seeking Eastern Europeans and 29% are seeking Asian nationals. Demand for MBAs around the world in 2012/13

22 MBA salaries and compensation 6. MBA salaries and compensation The chart below shows that, whereas compensation has increased, international MBA salaries have remained fairly stable in 2012 compared to Africa and Middle-East saw a 9% increase. Asia- Pacific saw a jump of 7% to 63,000. MBA salaries in other regions were fairly flat. Nevertheless, at the elite end of the MBA hiring market we see increases in salaries offered by mainstream international MBA employers. Among strategy consulting firms, offers between US$110,000 $130,000 have become common place in Europe and the USA. Among Investment banks, offers between $110,000 $150,000 are now the norm. What is happening to MBA compensation avoided and current growth in MBA demand in 2012? The QS TopMBA.com Jobs & Salary in emerging markets continues. Trends Report provides the best overview of MBA salary and total compensation (salary From the table below, we see that total & bonus) trends in 2012, based on our survey compensation offered by international Chart: Comparison of MBA Salaries by Region of 3,305 actively hiring MBA recruiters. employers for MBA hires in 2012 increased $100,000 We also compare our survey results with by 20% in Asia- Pacific to $79,000, by 19% in average salaries self-reported to TopMBA. Middle East to $65,400, and by 3% in Latin $90,000 com/scorecard by top schools in each major America to $75,200. The increases in emerging $80, country and region around the world in 2011 markets can partly be explained by a growing $70, $60,000 (NB: Business schools will not self-report their results for their graduating classes of 2012 until the end of 2012) Overview of regional MBA compensation in 2012 MBA compensation has increased substantially in emerging markets and has been fairly stable in western markets. With no evidence of MBA demand abating in emerging markets, we continue to predict that MBA salaries & bonuses are likely to jump again in 2013, provided a double-dip global recession is tendency for employers to pay bonuses to MBA new hires. Total compensation offered by international employers in Western Europe was stable at $103,800 and fell by -7% in Eastern Europe to $84,300. Total compensation offered by international employers in North America fell very slightly by -2% to $108,400, perhaps as these companies look further afield. By contrast, compensation offered by domestic-only MBA employers in North America grew to $110, $50,000 $40,000 $30,000 $20,000 $10,000 Africa & Middle East Asia Pacific Eastern Europe Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Latin America US & Canada Western Europe MBA salaries and compensation Table: Comparison of MBA salaries and bonuses offered by international employers by region (US$) % Change Africa & Middle East $65,396 $55,000 19% Asia Pacific $78,969 $65,600 20% Eastern Europe $84,344 $90,400-7% Latin America $75,156 $73,100 3% US & Canada $108,421 $110,400-2% Western Europe $103,806 $104,400-1% *Excludes local employers and any employers offering salaries less than $25,000 and employers in USA paying salaries of more than $200,000 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) 6.2. Comparing local and international employer compensation offers in 2012 As the table below shows, there is a significant differential in salaries and bonuses across regions between offers made by local and multinational employers. In fact, in every region of the world, except North America, international recruiters are paying higher salaries and bonuses, on average, than their domestic counterparts. Multinational companies coordinate recruitment on a global level, and do not want to drive top candidates away from key regions because of a salary differential. As international companies set up operations in emerging markets, they are increasingly willing to pay more for MBAs, who they see as critical for building a foothold in each region. Over time, it is likely that differentials with local companies will diminish, as they respond by trying to attract talent for equivalent positions globally with more competitive salaries and bonuses. The average MBA bonus payable by international MBA employers in North America fell slightly to $17,700 in 2012, from $23,000 in By contrast the average bonus reported by international employers in Asia- Pacific increased to $16,000 in 2012, double the level reported the previous year. For the time being, domestically focused companies around the world are salary sensitive when hiring MBAs. Mauricio Rodriguez of CBS Steel India says, The most crucial decision is to decide about their pay package.

23 MBA salaries and compensation Deepra Ramrakiani of Grafton Consulting in Hungary says the biggest challenge is disharmony between gained skills and expected salary. Generally MBAs want more than we think they are worth. Eva Qin of Lowe s Companies in the US says, Finding students who have realistic views of needed experience and salary expectations remains a challenge. Chart: Comparison of MBA salaries offered by domestic-focused vs global/regional focused MBA Employers $120,000 $100,000 $80,000 $60,000 The table above provides the actual average salary and bonuses reported in 2012, in each region, for both local and international MBA employers. We have observed for a number of years that employers with a regional or global recruitment mandate seem to be benchmarking their MBA salary and compensation offers against their competition, resulting in an equalization of salaries across regions. We have witnessed this trend for over a decade. $40,000 Western Europe and North American salaries remain very similar overall and $20,000 Trend Report reveals that they are roughly 10% 44 across most industries. 45 The gap between the highest international Bonus ($) Salary ($) Domestic International Domestic Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) The chart above compares total compensation offered by local employers compared to international MBA employers (employers declaring a mandate to recruit at a regional or global level). Apart from North America, there are substantial differences between compensation packages offered by these two distinct groups of employers in each region of the world. (Note: any local employers responding with salaries below $25,000 have been excluded in India and South East Asia this represented a significant number of employers) Table: MBA salary and bonus differentials between local and multinational employers, by region in 2012 Source: QS TopMBA.com Jobs & Salary Trends Report 2011/2012 (www.topmba.com) International Region Scope Salary ($) Bonus ($) US & Canada Domestic $87,392 $22,860 International $89,117 $19,304 Latin America Domestic $48,093 $13,605 International $61,551 $16,553 Western Europe Domestic $84,767 $13,929 International $88,406 $17,755 Eastern Europe Domestic $61,413 $9,366 International $69,567 $17,220 Asia Pacific Domestic $56,014 $13,468 Domestic International US & Canada Latin America Western Europe Eastern Europe Asia Pacific Domestic International International $69,729 $17,074 Domestic International MBA salary region (North America) and the lowest (Latin America) is now only 30%, compared to 50% a decade ago. The gap between Western European and Eastern European salaries is now just 20%, with MBA salaries in Russia exceeding salaries in some Western economies. Katya Rudelson, Egon Zehnder International, Moscow warns of generalizations when looking at overall salary figures in the region: When it comes to compensations, the jobs taken by Russian MBAs who have studied abroad are not mass market roles, thus there is not an average salary and each case may be viewed individually Comparing MBA salaries in North America and Western Europe The financial crisis and subsequent recession in the West certainly had a negative influence on MBA salaries in 2010, but the impact was not severe and from last year there is evidence of resumed upward pressure on MBA salaries. MBA salaries offered by international employers in North America in 2012 have risen slightly compared to the previous year. MBA salaries in Western Europe increased by 6% last year and have dipped by 3% in 2012, when reported in US dollars (which can more than be accounted for by the depreciation of the euro against the dollar suggesting a rise in euro terms). Table: Average salaries: international MBA employers in US & Western Europe (US$) Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) North America 87,700 87,200 89,100 Western Europe 85,600 91,200 88,400 Looking at the longer-term trend in average MBA salaries across Western Europe and North America, QS TopMBA.com Jobs & Salary higher than they were a decade ago, but are still below their peak in An average salary of US$88,900 across Western Europe and North America is still roughly three times the salary being achieved by bachelor s graduates entering the job market for the first time not bad for MBA candidates who on average have just three years of work experience post first degree. What is happening at the top end of business schools? There are a small number of business schools which report average salaries significantly above the TopMBA.com average. The highest salaries from the previous MBA recruiting season were reported by an Australian business school Macquarie Graduate school of Management at US$143,000 (undoubtedly boosted by the strong Australian dollar). Two European business schools followed closely behind: Vlerick Leuven Gent in Belgium (US$140,000) and IMD (US$129,000). Both target more experienced professionals over 30 years of age on average, and this greater work experience has a direct impact on the average salaries they achieve, which are significantly higher than average salaries reported in TopMBA research. MBA salaries and compensation

24 Chart: Long Term Trend in MBA Salaries across North America and Western Europe Table: Breakdown of average salaries and bonuses by sector: North America and Western Europe 2012 (US$) 46 $55,000 Manufacturing / Engineering $82,500 $12,250 $94, $50,000 Media / Entertainment & Arts $82,150 $12,850 $95,000 Metals / Mining $82,000 $16,750 $102,750 MBA salaries and compensation $100,000 $95,000 $90,000 $85,000 $80,000 $75,000 $70,000 $65,000 $60, $73,800 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) 2000 $78, $82,250 In the US, Stanford (US$127,200), Harvard (US$121,700), and Wharton (US$118,000), were the top-reporting business schools in terms of base salary, excluding sign-on or starting bonuses. Salaries typically dipped slightly in 2008 and 2009, but have risen since, but not consistently. These schools report salaries between 20-30% above the TopMBA. com average for all schools. This can partly be attributed to the higher proportion of their graduates who enter the financial services and consulting industries. Stanford reports an average salary for those entering financial services (28% of class) which has a range from a low of US$47,500 (banking) to a high of US$250,000 (private equity). A big attraction of an MBA qualification is not just the salary uplift, but also the likely bonuses. Bonuses continue to ensure that the MBA qualification offers superb returns on investment for almost all MBA candidates, with an average payback period of between two and five years. Many MBAs receive a signon bonus, to help pay back tuition, as well as a performance-related end-of-year bonus $73, $75, $83, $85, $89, $93, $95, $91, $86, $90, $88, MBA salaries and bonuses by industry sector in 2012 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 other sectors. These sectors still pay the best, but not by as much as in the past. At the elite end of the MBA hiring market we see salaries between $110-$150,000 as the norm. Strategy consulting firms offer salaries between US$ ,000 in Europe and the USA. Among Investment banks, offers range between $100-$150,000. Among all employers in Europe and North America, the highest paying sector in 2012 is pharmaceuticals & healthcare, offering an average MBA salary of $100,150 (offered by both local and domestic employers). Construction and property is second this year, with average salaries of $96,500 offered among 51 responding companies. Financial services is third with an average salary of $92,450. The lowest average MBA salaries are offered in utilities, law, transportation, travel & hospitality, retail and the public sector, all below $80,000 per annum. North America & Western Europe average 2012 Industry Sector Avg salary Avg bonus Total Aerospace / Defence $91,000 $12,600 $103,600 Construction / Property $96,500 $22,800 $119,300 Consulting / Professional Services $83,950 $19,750 $103,700 Electronics / High Technology $86,950 $15,850 $102,800 Energy $84,100 $14,500 $98,600 FMCG $87,200 $24,500 $111,700 Financial Services / Banking $92,450 $22,400 $114,850 IT / Computer Services $88,550 $15,250 $103,800 Law $70,000 n/a $70,000 Pharmaceuticals / Biotech & Healthcare $100,150 $18,000 $118,150 Public Sector / Govt. / Non-profit $71,050 $16,350 $87,400 Recruitment / HR services $81,550 $17,650 $99,200 Retail $79,150 $15,000 $94,150 Telecoms $82,300 $13,100 $95,400 Transportation / Distribution $78,400 $16,500 $94,900 Travel / Leisure / Hospitality $76,150 $7,400 $83,550 Utilities $67,500 $11,000 $78,500 Other $89,850 $12,150 $102,000 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Salary is not the only aspect of MBA compensation. Employers recognise the investment MBA candidates have to make in paying for their qualification and the vast majority of MBA employers who completed the salary section of our 2012 survey over 70% in North America and Western Europe will pay a bonus in addition to base salary to their MBA hires. The average bonus payable to new MBA hires across North America and Western Europe in 2012 is over US$16,000, representing 18% of their total compensation. The highest reported first-year bonus in this year s survey was US$200,000. The above table above shows average salaries and bonuses for key industry sectors. In terms of total compensation, the highest paying sector in 2012 is surprisingly construction/property, offering total compensation of $119,300, which takes this top spot for the first time in the TopMBA Jobs & Salary Trends Report. Pharmaceuticals, the traditional table topper, is second with total compensation of $118,150. Financial services is third with average total compensation of $114,850. The lowest average MBA compensation is paid in utilities, law, transportation, travel & hospitality, retail and the public sector, all below $95,000 per annum. MBA salaries and compensation

25 MBA salaries and compensation 6.5. Strategies for MBA salary analysis The downside to such high average salaries for MBA graduates is that some employers become disaffected with MBAs, or have excessive performance expectations relative to non-mba staff on lower salaries. Patrick Smith, Bank of America, USA believes many MBAs have unrealistic expectations about starting salaries and the speed of advancement. There are more multinationals looking to hire MBAs on standard packages irrespective of the country in which they work (except for perhaps small cost-of- Most MBA recruiters agree with Sebastian Pav, director, Sage Solutions India, that they key living adjustments). to a successful MBA career is Making them An overall rise in job opportunities for understand that they shouldn t focus too much MBAs, relative to supply. As this report 48 on money in the initial phase of the career, but Even though the survey reveals that MBA indicates, we have seen a doubling or are following suit. 49 focus on learning. As mentioned previously, the growing In the last five years, a larger number of employers are looking to recruit MBAs from non top-tier business schools, having found salaries and candidates to be unapproachable at the elite institutions. This trend has continued in 2012, with a regionalization of demand, as employers seek the best MBAs from the best schools in each region, rather than competing with investment banks, pharmaceutical and consulting firms which tend prioritize the top 50 business schools globally. Mesha Mott, Meadwestvaco USA confirms, Depending upon the universities reputation and the skill sets required, salary requirements may be misaligned with what the candidates actually bring to the table. MBA graduates are known for their analytical ability. In negotiating salary offers or deciding on target regions for a job search, it is important to take a step back from the numbers and think of the bigger picture. Job applicants should consider the cost of living when comparing salary packages across regions the real, versus the nominal, wage a company and country offers. The OECD publishes annual research comparing purchasing power between countries (a good proxy for the cost of living). According to the OECD, the purchasing power in Mexico is over 25% more than in the US. graduates are paid 20% less in Latin America than in the US, graduates working in Mexico will enjoy a standard of living comparable with that of their US counterparts. By contrast, purchasing power in Japan is 20% lower than in the US, so, the higher cost of living will result in a lower standard of living if the same salary is paid as elsewhere Regional & country review of MBA salaries & bonuses in 2012 MBA salary differentials across regions have been steadily narrowing over the last ten years. This gradual equalization in MBA salaries has been driven by several factors: trebling in demand for MBAs since Yet the number of graduating MBAs has grown at a much slower rate, and the number of MBAs graduating from the top 200 business schools most highly sought after by employers has remained virtually the same. An expansion of global trade, hence the growth in the number of companies in each country looking to recruit MBAs. An increase in the number of MBA alumni in senior management or in roles responsible for hiring, who are better informed of the value of MBAs compared to traditional HR managers. Increased availability of information on average MBA salaries available online and in social networks, enabling candidates to demonstrate their true value when negotiating with local employers. It is inevitable that differentials between regions will remain, not least due to: The large variations in cost of living between countries The tendency for MBA students to be much younger in some regions (especially Asia) compared to others. Variations in the extent to which an MBA is accepted as a generally required qualification for senior managers in a country. The USA still remains the most MBA-centric job market for managers, although Canada, the UK, Mexico, Australia, India, China, Korea and Japan number of local companies seeking MBAs at salary costs benchmarked against lower local managerial salary levels, especially in India and South East Asia and Latin America. Availability of locally educated MBAs from less prestigious business schools willing to accept significantly lower salaries MBA salaries and compensation Such recruiters have reported greater success looking beyond the traditional pool of schools. The message for newly graduating MBAs is not always to chase the highest short-term salary offer, but to look for an organization which will lay the foundations for a successful long-term career, otherwise recruiters will look elsewhere; especially in the current economic environment.

26 MBA salaries and compensation The tables below show average compensation in countries in which we have received more than 20 employer responses. We do not normalize for local versus multinational responses in the country figures, which means that there can be significant variation year on year. These country figures should be used as an approximate guide only, whereas the regional figures are based on large response samples and are much more robust. The top five countries in terms of average MBA compensation in 2012 are: Australia ($142,700), Switzerland ($139,400), USA ($113,800,) Japan ($111,500), United Kingdom ($107,600) USA & Canada North American companies have a long tradition of MBA hiring and MBA salaries have fluctuated only slightly (no more than 10%) during the last decade. The USA still has the largest number of MBA Table: Average MBA salaries by country 2011 employers in the world and has by far the greatest salary range. This report does not Table: Average MBA compensation (salaries and bonus) in major markets worldwide (2012) Average include any salaries above US$200,000, which Country Salary ($US) would distort results year on year depending Country Salary & bonus on the number of respondents. However, these Canada 85, ($US) are prevalent in the USA among private equity United States 89,300 and venture capital companies and within Australia 142, selected departments of investment banks and Source: QS TopMBA.com Jobs & Salary Trends Report 51 Switzerland 139,400 only offered to candidates with highly relevant 2012/2013 (www.topmba.com) United States 113,800 work experience, Japan 111,500 United Kingdom 107,600 Hong Kong 101,900 Canada 98,000 Spain 97,600 France 95,200 Germany 93,600 Mexico 92,100 Russia 90,600 Denmark 89,700 Ireland 87,400 China 79,200 Italy 78,600 South Korea 78,500 Brazil 76,600 Peru 75,000 United Arab Emirates 70,500 Venezuela 65,000 Argentina 58,200 Chile 53,900 Saudi Arabia 51,400 Hungary 51,000 India 49,500 Ukraine 45,600 Kazakhstan 43,100 Taiwan 41,800 MBA salaries in North America rose by 2% but overall compensation fell by 5% as bonuses were cut back. The recovery in the US market is not as strong as recruiters were anticipating last year and as a consequence MBA hiring companies remain cautious, with a dampening effect on compensation. The tables below show that the average reported salary in the USA is $89,300, and provide some comparisons with data selfreported by business schools in the previous recruiting round of The average MBA salary for Canada is $85,000. Some of the best-known US business schools listed below pay average salaries of 10-30% above the national average of $89,000, as reported for the graduating class of These business schools typically have between 30-40% international students in their class. There is significant variation in salaries paid in different states across the USA, with schools close to the major cities of New York, Boston, San Francisco and Chicago yielding the highest salaries. MBA salaries and compensation Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com)

27 MBA salaries and compensation Table: Highest MBA average salaries reported by US b-schools by state in 2011 School name State Average Salary 2010 ($US) Average Salary 2011 ($US) Stanford University GSB California 118, ,189 Harvard Business School Massachusetts 112, ,785 The Wharton School U. Penn. Pennsylvania 110, ,029 Sloan, MIT Massachusetts 100, ,345 Source: TopMBA.com/Scorecard 2012 Data supplied by schools according to MBA Career Service Council standards Latin America In Latin America there remains quite a large disparity between multinational MBA salaries compared to local company MBA salaries. Multinationals are offering US$60-80,000 for new MBA hires returning to the region. However, local companies are offering US$30-60,000. IPADE Business Mexico 41,917 Tuck School of Business at Dartmouth New Hampshire 105, ,143 School Even including local and regional employers, Haas, UC Berkeley California 107, ,232 Universidad an average MBA salary of US$61,000 in Latin Panamericana Columbia Business School New York 106, ,340 America represents a significant gap with INCAE Business Costa Rica 40,000 Chicago Booth School of Business Illinois 102, ,220 non-mba salaries, reflecting the increasing School Fuqua Duke University N. Carolina 102, ,833 relevance of MBAs to multinationals in the IAE Argentina 30, University of Michigan Ross Michigan 98, ,502 region. It remains a fact, however, that MBA 53 Yale SOM Connecticut 98, ,157 employers still primarily target international Source: TopMBA.com/Scorecard 2012 Data supplied by NYU New York 100, ,798 business schools, with a gap remaining in the schools supply of internationally recognized MBAs University of Virginia Darden Virginia 100, ,478 within the region. SC Johnson, Cornell New York 97, , Western Europe UCLA California 95, ,368 McCombs, U. Texas Austin Texas 92, ,412 Goizueta Business School Emory University Georgia 92, ,683 Kenan-Flagler, U North Carolina N. Carolina 95,000 99,627 Georgetown University Washington 89,276 97,225 The table below shows average salaries reported by North American schools with the most international student profiles, as a further basis for comparison. Table: Average salaries of ten North American business schools with over 50% International Students School Name Average Salary 2011 ($US) % International Hult International Business School 95, Schulich York University 90, Thunderbird Global Management School 84, Krannert, Purdue University 80, McGill University 90, Sauder, U British Columbia 73, Simon, University of Rochester 75, Tobin, St John s University 75, Weatherhead SOM, Case Western Reserve University Babson College 82, The table below shows average salaries by country from companies supplying salary data in Latin America. Mexico reports the highest average salary, among multinationals, at US$72,800. Mexico has the largest number of responding MBA employers, with over 50 taking part in this survey. Table: Average MBA salaries by country 2012 Country Source: QS TopMBA.com Jobs & Salary Trends Report 2011/2012 (www.topmba.com) Average Salary ($US) Argentina 55,100 Brazil* 56,200 Chile 46,600 Mexico 72,800 Peru 70,000 Venezuela 50,000 Table: MBA salaries reported by schools in Latin America in 2011 School name Country Average Salary 2011 ($US) Business School Sao Paulo Brazil 68,000 MBA compensation in Western Europe remained stable in The sovereign debt crisis hitting the Eurozone is not stopping companies actively recruiting MBAs in the region in 2012, driven by the high number of multinational companies in the region, which actively target MBAs. Switzerland reports the highest average MBA compensation in Europe of $139,400, and the second highest average MBA salaries in the world in The UK reports the second highest average MBA compensation in Europe at US$107,600. Employers in France, Germany, Russia, Spain and Denmark all offer average MBA compensation in excess of $90,000 per annum, on average. The strength of Swiss MBA salaries in 2012 can partly be explained by the predominance of financial service companies in Switzerland, which actively recruit MBAs, partly by the strengthening of the Swiss currency, and partly by many multinationals and hedge funds moving their headquarters from London and Frankfurt to Switzerland to reduce their tax bills, resulting in the need for significant hiring of MBA talent. MBA salaries and compensation Source: TopMBA.com/Scorecard 2012 Data supplied by schools

28 MBA salaries and compensation Average German MBA salaries, at $84,300, are significantly lower than Switzerland. This does not reflect a lack of demand, but quite the contrary: more MBA employers in Germany are recruiting international MBAs from Asia and the Indian sub-continent at lower salaries than those paid to native German candidates. Table: Average MBA salaries by country 2012 The highest average salaries reported by European business schools in each country tend Country to exceed these country averages for several Average Salary ($US) reasons. As mentioned, several schools target much more experienced executives for senior The table below shows average salaries by country from 75 companies supplying data in Central Denmark 84,200 management positions and these schools will Europe. Russia reports the highest average salary at US$77,200. France 89,200 typically report salaries above their competitors Germany 84,300 in each country. In the UK, London Business Table: Average MBA Salaries by Country 2012 Ireland 71,100 School produces 315 MBAs with an average Italy 66,000 age of 29 and an average salary of $118,000. Country Average Salary 54 Spain 79, ($US) Elsewhere, schools which target candidates Switzerland 121,700 for the consulting and banking industry also Hungary 46,900 United Kingdom 92,500 tend to exceed these averages, like INSEAD in Russia 77,200 France and IE in Spain. Ukraine 42,100 Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Table: MBA salaries reported by schools in different Western European countries 2011 School Country Average Salary 2010 ($US) Average Salary 2011 ($US) London Business School UK 103, ,328 Vlerick Leuven Gent Management School Belgium 140, ,000 IMD Switzerland 125, ,600 INSEAD France ,900 IE Business School Spain 105, ,460 Copenhagen Business School Denmark 103, ,500 Trinity College, Dublin Ireland 98, ,000 ESMT Germany 95,900 99,000 SDA Bocconi Italy 93,400 95, Eastern Europe The experience of MBAs in Central Europe in 2012 has been a repeat of Central European economies have experienced a difficult year, with several, including Ukraine, Hungary and Bulgaria, battling to maintain financial solvency, hit by austerity in major trading partners like Greece and Germany. Not surprisingly MBA salaries have faced downward pressure in the region. However, Russia has been a sharp contrast, recovering rapidly from the financial crisis, showing renewed appetite for MBAs, and offering competitive salaries. Source: QS TopMBA.com Jobs & Salary Trends Report 2011/2012 (www.topmba.com) Table: MBA salaries reported by schools in different Central European countries in 2011 School Name Source: TopMBA.com/Scorecard 2012 Data supplied by schools Country Average Salary 2010 ($US) Average Salary 2011 ($US) Central European University CEU Business School Hungary ,062 Moscow University - Touro Russia 65,000 70,000 Warsaw University of Technology Business School Poland 43,000 43,000 CMC Graduate School of Business Czech Republic 55,000 55,000 MBA salaries and compensation Source: TopMBA.com/Scorecard 2012 Data supplied by schools

29 Asia Pacific & Oceania Table: MBA salaries reported by schools in different Asia-Pacific countries in 2011 MBA salaries and compensation Within Asia-Pacific, Australia is the big story in 2012, overtaking Switzerland to report the highest average MBA compensation in the world at $142,700 (though the salary component remains well below Swiss levels, the bonuses are much higher). Japan reports the next highest compensation in the region of $111,500, followed by Hong Kong at $101,900 (among multinational employers local employers are excluded from these figures). Asia-Pacific is a large territory and MBA salaries vary significantly between countries. India and China have typically reported much lower MBA salaries than more mature markets like Japan, Korea or Australia. This differential is really emphasized if we look at salaries offered by the many local MBA employers entering the marketplace. They offer salaries as low at $25,000 and are targeting the Source: TopMBA.com/Scorecard 2012 Data supplied by schools increase in supply of MBAs from local business schools, especially within India and China, many of 56 whom are happy to accept these lower salaries a sharp contrast with the graduates of established 57 international business schools. The table below shows average salaries by country from over 500 companies supplying data in Asia Pacific separating local from multinational employer salaries. Table: Average international MBA salaries by country 2012 Country Average Salary ($US) Australia 105,200 China 64,400 Hong Kong 89,400 India 45,900 Japan 99,000 South Korea 60,200 School name For the first time, TopMBA.com Salary & Recruitment Trends report has received a significant number of respondents from the Middle East. Over 100 companies provided information, reporting an average salary of US$49,700. A growing number of Western companies are active in the Middle East and they are creating greater demand for MBAs. This trend is only likely to continue and MBA salaries are only likely to rise. The table shows average salaries by country from companies supplying data in Africa & Middle East, of which the majority were in UAE. UAE reports the highest average salary at US$61,700. Table: Average MBA salaries by country 2012 Country Average Salary 2010 ($US) HKUST Hong Kong - 92, 595 Macquarie GSM Australia 120, ,583 Indian School of Business India - 78,841 Hitotsubashi GSICS Japan 95,714 97,000 Nanyang Business School, Singapore Singapore 69,680 80,306 CEIBS China 50,683 51,000 Country Average Salary 2011 ($US) Average Salary ($US) Saudi Arabia 49,400 United Arab Emirates 61,700 MBA salaries and compensation Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) *Employers that recruit locally and do not require work experience have been excluded. This included significant numbers of employers in India offering salaries less than US$30,000. Asian multinational employers targeting top international business schools are becoming more competitive, and are offering salaries that compare directly with their Western counterparts. In addition, salaries at local business schools are catching up with western schools as they increasingly attract international candidates to meet the needs of local employers. The high salaries reported by Australian business schools are partly a function of the strengthening of the Australian dollar, but even adjusting for this effect reveals an increase in MBA salaries in Australia, driven by the strong demand for MBAs among multinational employers across Asia and the strength of Australian business schools in recruiting and placing Asian candidates throughout the region. Source: QS TopMBA.com Jobs & Salary Trends Report 2012/2013 (www.topmba.com) Table: MBA salaries reported by schools in different Middle Eastern and African countries School Country Average Salary 2011 ($US) Bar-Ilan University Graduate School of Business Israel 55,000 United Arab Emirates University UAE 50,000 University of Cape Town Graduate School of Business South Africa 82,000 Source: TopMBA.com/Scorecard 2012 Data supplied by schools

30 Argentina CroweHorwath Hewlett Packard Pernod Ricard Toyota Sinclair Knight Merz Perren y Cia. S.A. Trilogy Food Business SRL Speciaist Link Accenture CUPALEN SRL Huawei Tech. Investment Petrobras UMANA St George Private Clients Accusys Technology Danone HUNTER DOUGLAS ARGENTINA PIREN Univeg Expofrut s.a. Strategic Project Partners ADT Security Services DAXA SA S.A. Piris sa Vale Sugar/Talent2 Allus BPO Deloitte IBM PlanObra SA VDH Suncorp Group Antoniazzi hnos Delta Group IBM Postulatio Veloce logística S.A. Synergetics Pty Ltd AptarGroup, Inc. Dia Argentina S.A. IDONEUS Recursos Humanos Pre Paga Vesuvio SACIFEI Teach For Australia Aquaser Distribuidora Lanus Industrias Juan F. Secco Provincia pagos SA Viñas Argentinas S.A. The Palladium Group 58 Arcos Dorados (Mc Donalds) Dow Chemical Co. Inmark Prysma Talent Care Wall Chase Partners Thomas & Coffey Limited Armada DYSAM Internet Psicographis Grafología & RRHH Walmart Westpac 59 Asociacion Mutual El Kakuy El Rayo Azul srl Interpack S.A. Puente Hnos. Warm Up 08 SRL WorleyParsons Atento Electromap, GrooveSur Investigacion de Mercado Quantum Consultora Weatherford Int de Arg. SA Atos International Electronica Megatone S.A. ISS Argentina sa. RH & Asociados Recursos Humanos Whalecom Austria Automotriz ELECTRÓNICA RIVAS Jazzplat Ricardo Huck Wolfram Research Accenture Avature EM& ASOC. JUAN F. SECCO S.A. RH Consultoria Inteligente Albrecht Business Coaching GmbH Avon Emikel SRL Julio Villasenin Moure SRL Right Management, Manpower Australia Erste Asset Management Babolat Entidad Privada Kenexa RightThing Accenture GE Banco Nacio Esposito S.A Kimberly-Clark SAIEP ANSTO Salzburg Global Seminar BASF Establecimiento Tralcan Kontrol Defensa Electronica SA Salud Australian Association of Angel Schleifmittelwerk Bayer ESTADO LAN Sanatorio Investors Limited Siemens Bayton Capital Humano Estado Provincial LATAMCHINA Santander Australian Prudential Regulation SPAR österr. Warenhandels-AG BIC Estudio Contable Latinlists SAP Authority SPIELO International Brains Market EUROP-ASSISTANCE ARGENTINA LOMAS DEL SOL SRL Seeliger y Conde Booz & Company Tieto Austria GmbH Bronzino S.A. Mac Talento Segundo Tiempo S.R.L. BOS International CAPIP Expertise Consultores Manpower SELEN Capital Humano Brambles Limited Azerbaijan Carraro Argentina S.A. FABRICA SRL María Victoria Martínez & Asociados Sensibles con Humor Coles Azerfon Carrefour Fidia SA MATERIABIZ SerhConsultores Corporate Counsel Pty Ltd Bank of Baku Carvajal S.A. Fortalein SL MAUVECIN SESA INTERNACIONAL DB SCHENKER Caucasus Research Resource Center Centro Motor S.A Gerresheimer MENTO Consultores en RRHH SI Fimpex SRL Deloitte Deloitte Cerberus S.A. Gesthos SA Mimo & Co Siemens Equator Pty Ltd Delta Group CGE Gi Group Multivac Argentina S.A. Sindicato Ernst & Young Microsoft CHEP Argentina S.A. Global Crossing Municipalidad de Maipú Sintesis Quimica SA Insurance Australia Group CIAR SA Global Group Argentina Musimundo Skanska JPMorgan Belgium Coati Globant Natali Starbucks K2 Advisors Adva Solar sbvba COBRANZAS GMS SA New X Argentina S.A. Stefanini Kellogg Brown & Root Pty Ltd Anheuser-Busch InBev Coca-Cola GOMERIA TITO SRL Nextel Supreme Court Kerr Capital Careers International Cofibal Grupo Bimbo Ninguna Sur Contact Center KPMG Fleishman-Hillard CONA Consultores Grupo Occidental S.R.L. Noble Argentina Swiss Medical S.A. Letz Experience Pty Ltd Initio Belgium Consentio Strategic Partners Grupo RHUO Northgate Arinso Tablero de comando Look4Travel, Australia KBC Group Consultant Team Grupo Solares Obra Social Talentar Lort Smith animal Hospital StepStone Container LA Grupo Vi-Da OBSBA Tarjeta Naranja National Australia Bank Tiense Suikerraffinaderij Coppel GSS SRL Olaya Hnos SCC TATA Consultancy Services Origin Correo Privado Gygacool OMEGA EMPLEOS Techint Partners in Performance International Brazil Coto Cicsa Harren Group Organizacion Ba.Te. Go. S.A. The following companies contributed towards the 2012/13 TopMBA.com Jobs and Salary Trends Report Oro Verde Servicios S.R.L. Paola De Simone, Servicios Empresariales Patagonia Bioenergia Pecomex Telecom Teletech Argentina Tenda da Sole Tetra Pak Thomson Reuters Pillar Administration Services PricewaterhouseCoopers Rider Hunt International Santos SCE

31 3M Tempo de RH Desenvolvimento de ASEGER SA Everis Monpla Investments TNT Adecco International Projetos Atento Focus Advisor Moscoso y Cia Total Chile ADVISIA Unimed Campo Grande B. Bosch Focus Search s.a Netline Telecomunicaciones TRANSDUCTO Banco BMG Zamplex Consultoria BAL Chile S.A. FUDEA New Quality Consultores Transearch Baxter Banco Chile Fundación Integra Nextel Trisquel BP Brunei Darussalam Banco Estado G4S Novaotec Tronwell Brastec Technologies Ltda Philips Banco Itaú GISP Optimatix UGM Centervale shopping Baninter Corredores de Seguros Global SKM. Chile. OrgoCultura Ultramar Group CJ BHP Billiton Grunfeld Automotriz S.A. PAZ ( INMOBILIARIA) UTFSM Claro Bulgaria Bolivariana Guerrero, Olivos, Novoa y Errazurz Petokon S.A Vecchiola SA Confecções Caedu ACE HR Services BVM Consultores Gurkha PG CORP S.A Von Der Heide DESIX Intersnack Bulgaria CAPJ HATCH PGA VTR DHL KBC Group Cardif Honda Pineal Consultores Yarur Eglo do Brasil Luminarias Lda Lietou.com CBRE Chile Imaco Ltda Poder Judicial 60 EOC Training Desenvolvimento Nestlé CCU SA INCOSEC S.A Polla Chilena de Beneficencia S.A. China Empresarial UniCredit CDO C G INDO CONSULTORES Pro Choice Consultores 5880.cn 61 ESAF Escola Superior de Administração Fazendária Espro Euquipe Excim Importação e Exportação S.A Floc Textil Fundação Roberto Marinho GOl Linhas Aereas Grupo DMRH / Cia de Talentos H.O.Consultoria Soluções Humanas e Organizacionais Habib s IBDEC Ipsos ITT IP BRASIL Laureate Education, Inc. Leo Madeira Logos Engenharia Monsanto do Brasil Ltda Monster Brazil MWM International Natura Omron Eletrônica do Brasil Ltda Phibro Animal Health Ritter Alimentos S.A Roberto Marinho Foundation S/A Estado de Minas Schlumberger SMC DO BRASIL LTDA. Statoil Stefanini TAP Portugal Techint Telefonica TVA Yavlena Ltd Canada Accenture Bank of Montreal Cameco Corporation CGI-ISMC Inc. CIBC Eaton Corporation Fraser Milner Casgrain LLP Health Canada Insurance Institute of Canada International Institute for Sustainable Development Investors Group Financial Services Lusight Research Rogers Communications Inc. Scotiabank TD Bank Group Chile Adecco International Adiestramiento Profesional Adimark GfK ADM Planning Consultores Ltda Aes Gener S.A. AFP Provida Agrosuper Servicios Corporativos Agunsa Renca AIEP AIH EIRL AITUE S.A. ARAMARK Arauco CDO CONSULTING GROUP CEMFA limitada CENAC CONSULTORES LTDA Cero Emisión Chile Relocation Claro Chile CLB Consultores Clinica Regional Curico S.A. CMPC CODELCO Comercial &Log[istica General S.A. Comsultora Buro Construmart SA Crystalis Consulting Cummins Cygnus Delicias Coffe Break Derco Dercomaq Dimeiggs DIVERGENTE S.A. DOGA SA del grupo Dom DUOC UC E.CL S.A. EFE Efectum Consulting Ejército de Chile E-Mining Technology S.A. ENAP Enersis Entel Essbio SA Estaciona Limitada ESVAL S.A. Industrias Ceresita S.A. INE ING Intervial Chile SA IP CHILE S.A. IPLA JCLEPE CONSULTORIA Joglar Asociados Jose Bustamante y Cia Ltd JP Morgan KFC Kimberly-Clark Komatsu Cummins KOMATSU CUMMINS CHILE LTDA. KornFerry International Laboratorio Sanderson S.A. LAN Airlines LG LinkCorp L Oréal Loyal Global Solutions Loyal S.A. Maclean Ltda. Magnos MANOFACTURERA MARCO MINING SERVICE Mekano S.A. Metro SA Metso Michael Page Mitsubishi Moneda Asset Proteam Consulting Proteus Quimica Visual Quintec Randstad Ray & Berndtson RH Seguridad Robert Half International RyQ Ingenieria S.A. SAM SA Sandvik Chile Santo Tomas Selcap SeniorWorks Sercotec Servicio Nacional de Aduanas Sibafor Siemens Sociedad Rene Zacarías Armijo e Hijo Ltda Sodexo Soletanche Bachy Chile S.A SOREPA SA SQM Synapsis TATA Consultancy Services Techint Telefonica Telemercados TEMEX Tironi y Asociados TMF-Group TMS Chile ABB Adecco International American Tec. Ltd. Co. ARCELIK Atkins China AVIC int l BankingTalents Beijing Cyberhr Consultanting Ltd Beijing SinoRefine Air Conditioning Technology Co.,Ltd. Beisen Assessment Technology Co., Ltd. Bettermore Conltanting Boehler Welding Group Boehringer Ingelheim Bole Shi, Headhunter Branch Software Technology Company British American Tobacco Bulgari Canon Capital Eight Careers International Carrier Air-Conditioning Cascade Central Tian Yi Co., Ltd. Cheung Enterprise Group Co China Business Aviation Group Chongqing EU Financial Holdings CLTX Cosway China Ltd Dading Computer Accessory DuPont

32 Eagles Associates Phoenix ZTE Quantum C KMD A/S Nokia Edan Instruments PIC SERO S.A.S Kolding School of Design Orion Pharma Edelman Polaris Power grid Colombia servitalentos LEGO Global Supply Chain Raisio Plc Ernst & Young PowerGenix Systems (SZ) Adecco International SGF Global Lightship Chartering Tofuture Everthriving Investment Group Praxair ADIDAS Siemens MUU ApS Turku Science Park Ltd FaithWin Management Consultants Qingdao Atom Enterprise Agricaña Signium International Neurodan A/S Faro Recruitment Management consult.,ltd AIRE AMBIENTE SA SKF Nohr-Con France Firstleap Education Group Roland Berger Strategy Consultants Airecaribe S.A. SMARTCHIP S.A. Nordea Investment Management ALTEN Flextronics Saint-Gobain Almagran SNC-Lavalin Novo Nordisk AP-HM Fosun group Samsung OpenTide China AngloGold Ashanti Talento humano para usted Nycomed Danmark ApS Atos Origin Foxconn Sandvik ASAP LTDA Telefonica Pluribus Aps BOSCO LOMBARD Gemdale Corporation SDTT Bancolombia Tempocolba Ltda Regional Authority of North Denmark Bouygues Telecom Hainan Honz Pharmaceutical Shanghai Centre Bavaria Tizón Reliasset A/S BPI Group Haitong International Shanghai inspires Enterprise BCSC Top Management RESON CMA CGM 62 Han Billiton Enterprise Management Management BDO Transportadora del Atlantico S.A.S. Rockwool Foundation CONVERTEAM Consulting Shanghai Mercury Consulting Belcorp Siemens Danone 63 Hatco Corp. Company BogoFoods Cyprus Society for Danish Language and Disneyland Paris HeBei Jobinhe Talents Information Service HR Might Huayu Group Hubei JingGong Science & Technology Co., Ltd Hubei Sanhuan Development Corporation Ltd Inner Mongolia Mengniu Dairy Inventis Investment Holdings Jiangsu Honland Investment Management Co.,Ltd. Johnson Matthey Kenway Employment Marketing & Associates Keren Consultants King High Way Lenovo Li Ning Sports Goods Co., Ltd Limagrain China Locks Oil & Lubricant (Shanghai) Longtian Tea Lucky-hand Lushang Medium Group.ltd MCG Merit Consulting Ltd. MGA New Culture Tourism Development Ningbo Wencheng International Student Internship Inc OPR Media Pasonatech Ltd Philip Sheng Energy Company Shanghai Tian Yue Technology Shanghai Yinghao Institue of Education Shanghai Yourich talents consulting co.ltd Shanghai Zhangjiang Innovation Institute Shenyang Minghai Headhunting Ltd. Shenzhen Deren Electronic Corporation Shenzhen Shengyuan Dispatch. Shoreline capital Siemens Smith & Nephew Stand unbeaten Enterprise Management Consulting Co. STAUFF Sun Mind Consulting T&C The Kunming competitive Human Resource Consulting Co., Ltd. Tianjin Guanghua Management Consulting TRCE TTC Group UNDP Vastsea Wisbank Education Woori Bank China Xiamen Evergreen Online Tech Xi An Investment Holding Yousong Group Zeen Caja Compensación Carvajal S.A. Casa Toro Automotriz S.A Clariant Colombia S.A. Coomeva Servicios Administrativos Corporacion Colombia Internacional CCI CPI Deloitte Esumer Fundación Creciendo Unidos Fundación Empresarios por la Educación FUNDACIÓN GAP GE Gilat Satellite Networks Grupo Bretano GS1 HAMBURGUESERIA LTDA IMS INDUSTRIAS HEGO Inpec INSPIRAT Ltda. ITAL LENT SAS lab de amaguey McKinsey & Company MPX Notelapierdas.com Oesia Colombia Oratech P&S Sistemas Pronasa S.A. Protela S.A. KPMG Prime Insurance Czech Republic GRN Global Recruiters of Czech Republic Honeywell IT Talents Reckon Regus Skoda Veolia Transport Denmark ALK Abelló Amminex A/S Banedanmark Basco Consulting A/S BDO Carlsberg Carnegie Bank Danfoss Power Electrinics Danish Standards DELTAQ A/S DONG Energy Ewoundcure Forward Industries Fullrate GN Resound A/S Hjoerring Gymnasium & HF ISS World Service Jobbsafari KL Literature TingskouJarnum Traelasthandlerunionen TUN UNILABS Bioanalytical Solutions Vestas Wind Systems Vitesse Semiconductor Ecuador Adecco International Almacenes Juan Eljuri Consulting & Tax Intercia Link Coaching & Consulting Nestlé OCP Organizacion Deportiva Qualipharm Egypt Dar Al Fouad Hospital Embassy of France Hands On-HR SQS Finland Blue1 Booz & Company Finnish National Board of Education Fujitsu GE HyperIn Inc. Kela Mediamaestro Oy Frost & Sullivan Hewlett Packard IFC J.P.L. CAFE COTON Kellogg Leroy Merlin LVMH MACIF Neumann Partners Nicolas Guillon Pechel QuantHouse Sciences Po Sodexo Sterwen consulting Volvo Germany 3DSE Management Consultants GmbH ALBA Group Alcatel-Lucent Deutschland AG Allianz Amadeus Fire AG BASF Bayer BearingPoint Booz & Company Bosch Capco Capgemini Carl Zeiss AG DB Projektbau GmbH

33 JHP GfK Hellas Unilever BASIX Divya Bhaskar Kloepfel Consulting GmbH HaMed SA Honduras Bayer DQ 64 Lödige Industries Holmes Place East Med B.V ONG Internacional CUSO-VSO Iceland Bernafon HAC Dr Ramesh Hospitals Merck House Market S.A. (IKEA) Arctic Adventures Beyondtek IT Dr. Reddy s 65 msg systems ag HYPHEN S.A. Hong Kong Bharat Electronics Limited Dr.Agarwal s Group of Eye Hospitals OSB AG IATRIKO DIABALKANIKO CENTER ABN AMRO BANK N.V. HONG India Bharti Dukes Deutsche Bank E.ON ElringKlinger AG Ernst & Young Ford Motor Company Franz & Wach Gallup GRIP Personal Consulting GmbH H&Z Unternehmensberatung AG HSOL IKOR GmbH Infineon Technologies DELOS S.A. Diebold DIMITRIOS TSOKANOS SA E&E MEDICAL SA EPA Attikis, Gas Supply Company ESTEE LAUDER EVOIKI ZIMI SA Flexible Packaging Fresenius Kabi Hellas AEE Gas Supply Company of Thessaloniki GCPMED General Mills Syscom S.A. Thenamaris Ships Management Inc Thesis Business Consultants Ltd Titan Toyota Trenkwalder Job Centres Uni Systems VELTI VERISFIELD VERMA DRUGS SA Vivodi Telecommunications VOCATE Eastjob Hungary Grafton Kft. HungaroTrial IBM IT Services Hungary Ltd. Kienbaum Executive Consultants Kienbaum Executive Consultants Kft. Pedersen&Partners Philips Recruitment International Servier Hungary Tredegar Film Products Ashok Leyland Asian Paints Ltd. ASK Group Aspirations Education Services Aspire Assure Consulting Audatex Solutions Pvt Ltd AutoMobile Azad Manpower Consultants BA Continuum India Pvt Ltd BACE Marketing Pvt. Ltd. BAJAJ MOTORS LTD CT Group Of Institutions Cummins Cygnus Staffing Solutions Dahej Harbour & Infra Structure, Aditya Birla Group, Gujarat India DBH DDFS De Novo Group Dell Deloitte DESTINY CONSULTANTS DIFS RBS RoeverBroennerSusat Robert Bosch Rocket Internet Roland Berger Strategy Consultants Saint-Gobain SAP Siemens Simon-Kucher & Partners Trienon Vestas Wind Systems Vital Insights, Inc. Volkswagen Weidmüller Interface. ICTS In Group HR Solutions Info Quest Technologies Info Spy Co. INNOVA SA INTERPLAST SA Intracom Invensys llc IONIAN KALK SA JATO Dynamics Ltd Karamolegos Bakery SA KOSMOCAR KPMG LAMAPLAST S.A. KONG BRANCH Bank of America Merrill Lynch Barclays Capital Chong Hing Securities Limited Citigroup Deloitte Energizer Company Inc Hong Kong East Cluster, Hospital Authority Hong Kong Examinations and Assessment Authority Hong Kong Productivity Council Hotel ICON Ltd. Hysan Development Co. Ltd. 2COMS Consulting 3M 4W Technologies Abseil Consulting Pvt. Ltd. ACC Accenture ACCIL Accurate Infocom Pvt Ltd. Ace Edutrend Limited AdaniWilmar Ltd Adobe Adventus Consulting Partners Aegis Ltd AIG Investments BIESSE Binisoft Technologies Birla Surya Limited Birlasoft India Ltd. Blisstering Solution Pvt. Ltd. Blue Bridge Resources Private Ltd BLUE LITMUS Building Blocks Proujects India Pvt Ltd BUPL Capronics CBay Systems CBS STEEL PVT. LTD. Cease Fire Efftronics Systems Private Limited Ehara Industries Ekgaon Technologies Private Limited Elements Training & Advisory Services ESource E-Square estates P Ltd ETA General Pvt Ltd Etaash Consultants Fairwealth Securities ltd Financial Inclusion Network & Operations Ltd. Finicity (In2M Technologies Pvt Ltd.) Four Soft Ltd. Ghana SEM Capital Management LG MAKRO Cash & Carry MAPFRE LVMH ORMAZABAL Pentland Brands Plc Akash Yog Health Products (P) Ltd. Akzo Nobel Chemicals Al Mostajed Technologies Co. LLC CELL INDUSTRIES LTD. Cement Plant CETHAR Fouress Marketing International Fractal Analytics Franchise Mart pvt ltd Greece A.Hatzopoulos S.A ABB ALPHA PLAN CONSULTANTS ALUMIL SA ANiMA Bristol-Myers Squibb BSH Centric CHIPITA SA CHRISOS ODIGOS GREEK YELLOW PAGES COCO-MAT Credicom Consumer Finance Creta Farms S.A. Mellon Group of Companies N.PAPAPOSTOLOU LTD Nestlé Notos Com Holding S.A. onlava Travel PAMI SA Petros Petropoulos SA PGA ELLADA QUANTOS SA Rakas ltd Semitron SA Sfakianakis Group of Companies Siemens Stedima Business Consultants Swarovski Hellas Pfizer Inc Philips Razorfish (HK) Co. Ltd. SCAD Hong Kong Siemens Sinoway Group Standard Chartered Swiss Re Techworld Industries Limited YOKOWO (Hong Kong) LTD. Hungary AB InBev Ochre House Budapest Bank Continental Automotive American Express AMI POLYMER PVT. LTD. AMS INFOTECH Anand Rathi shares & stock brokers Anushka Management Consultancy Apollo Gleneagles Hospitals APS Aptivaa Consulting Pvt Ltd APTIVAA CONSULTING SOLUTIONS PVT LTD ARABIAN SERVICES COMPANY Artech Infosystems Pvt Ltd Asahi Glass Asahi India Glass Ltd. Asc Media N Services CMC LTD CMM Trdelinks Pvt Ltd CMS Computer Institute CNET INFOTECH PVT LTD Cognizant Colortek (Meghalaya) Pvt. Ltd. Concast Ispat Limited- Cement Division Consolidated Cybernetics Co Pvt Ltd Convonix Countryclub Cndia ltd Covalense Technologies Pvt Ltd Cryo Save (India) Pvt Ltd Crystal Fact Crystal Solutions Pvt Ltd. FrontAhead HR Solutions Future Jobs G H C L Limited, NOIDA, UP, India G4S Gammon GEMS Education Genius consultant ltd GET Pvt Ltd Global Career Advisers Global One Technologies Pvt. Ltd. GlobalLogic Godfrey Phillips India Ltd Goodwill India Google Greenply Industries Limited

34 GTL ISS Integrated Facility services Mohan Clothing Company Pvt. Ltd Ltd. SIPS Vedant Steel Processing Center Gupta Energy Ltd J K Paper Limited (Blackberrys) Prometric Testing Private Limited SIXO ONLINE SERVICES Visaka Industries HCL Technologies JD Consultants Monitor Group Property oneshop.com SKS Microfinance Limited (SKS) Vishal Mega Mart Healthcare JINDAL PIPES MU Punj Lloyd SLC-India Vision HR Services Pvt Ltd HERITAGE FOODS JK2N SECURITY SOLUTIONS Muthoot Capital Services Limited Pure Information technology Softtech Multimedia Vmarsh Textile Consultancy Services Hero Cycles Ltd. JM Financial NASL Pylon Solar Power Technologies India LLP Vyoma Graphics Hewlett-Packard JnJ Powercom Systems Ltd NDDB, India QUALITY INN SABARI Sony Walk In Solutions Hindustan Abhikaran Tyre John Deere NeemTree Consulting QuEST Global Sourceout Consultings Welspun HINDUSTAN AERONAUTICS LTD K.CHELLAPPA, MANAGEMENT Neerinfo Solutions Rajagiri Center for Business Studies Spice Winning Way Consuting Services HIndustan Pressings Pvt. Ltd CONSULTANTS NEON Rare Accumen HR & Management Sree Lakshmiganapti Automobiles Wipro Hitech Placements Kangaro Industries Ltd. Nestor Sourcing Inc Sol. P.Ltd Srei Infrastructure Finance Ltd Wizlead Management Services Honeywell Karvy Stock Broking Ltd New Chemi Industries Limited Rasna Pvt Ltd Standard Chartered WS Solutions Pvt. Ltd. HT Media Ltd. Kelly Services private India Ltd New Era PVT. LTD. Ravi Kapoor & Associates Staples Future Ximux Infotech Pvt Ltd Human Value Management KNACK POWER L.L.C New York Life Insurance Co. Ltd RCL Start-up Yahoo 66 Consultants KPIT Cummins Infosystems NOWTIX INFOTECH Reliance BPO Private Limited Statcon Power Controls Ltd. Yash Jobs HUNT N HIRE KRI Tech Solutions Pvt. Ltd. Nunhems India Private Limited Reliance Communications STEPS Youdian Business Solutions Pvt Ltd. 67 I solutions i3 Consulting Private Limited i3 HR Solutions IBM IBPIL ICAI ICICI Bank Limited icompassconsults.com ICS ideacoe Tech P Ltd. IES Management College and Research Centre IFANglobal Inc. IIPM IKYA Human Capital Solutions IMImobile Indecomm Global Services INDIAN AIR FORCE Infocare Digital Systems Pvt Ltd Infocom Network limited Information Mosaic Software Private Limited INMANTEC Institutions Insightzprofiler INTEGRA India Group Co. Ltd. IntelliAvenues Intelspace Technologies Interface Incorporate International Coil Limited International Omerta Consulting inventiv International Pharma Services Pvt Ltd isource Consulting KRIBHCO INFRASTRUCTURE LTD. K-Tek Resourcing Ktrian solutions pvt ltd Kumaran Systems Pvt Ltd Lafarge Umiam MIning Pvt Ltd Liugong India Pvt. Ltd. Lloyd Insulations India Limited Maccaferri Magma Fincorp Ltd. Mahaveer Infoway Ltd. MahindraSatyam Mancer Consulting Manya Education Private Limited Marks & Spencer Mastech.Inc Maven Workforce Max New York Life Insurance MAYUR INDUSTRIES LTD. MBA (HR) FRESHER MBD Medline Industries India Pvt. Ltd. Meghmani Unichem LLP Mehta Cad Cam Systems Pvt Ltd Melstar Information Technologies MetLife India Insurance Co. Ltd. Micro engineering & Testing Laboratory, Rai, sonepat, Haryana. Minda Autocare Ltd Mindlance Inc. Mindlance, Inc. Mindworx Advisory Pvt Ltd Mission Naukri Consultancy MITCON OM AUTOMOBILES (UNNAO) PVT. LTD. Omax Autos Limited ONE SOURCE GLOBAL Onida OpenXcell Technolabs Pvt. Ltd. OPG Power Gujarat Pvt. Ltd. Orex Pharma Pvt Ltd Organon Research Outward Bound Bharat Trust PCC Associates PEGASUSINFO People Power Management Resources Pvt. Ltd. People Quest PERIGLOBAL Petrofacemirates L.L.C PHARMA Philips Electronics Indai Ltd. Photoquip India Ltd Pinstorm PL Engineering Ltd. Plakon Consulting PPLTD PPS HR SERVICES Prachin Infotech Pvt Ltd Pragmatic N HR Services PRECEPT Premier Consultants Prestige Institute Of Management & Research, Indore Procter & Gamble Progressive HR Services (India) Pvt. Reliance Power Limited Renaissance solution Resultrix Media Pvt Ltd Right Advisors Riya Infotech RKCO Group RLS RPG Group Company RRL India Pvt. Ltd. RST Websolutions Pvt.Ltd Ruby Builders and Promoters Saanika Industries Pvt. Ltd SAFETY CIRCLE PVT LTD Sagarsoft Sage Solutions Private Limited Sahayata Microfinance Pvt Ltd. Sai Placements Samin TekMindz India Pvt. Ltd. Sanjiv Associates SAP Sarda Energy and Minerals Ltd. SATVEN Savvysoft SCHOTT KAISHA PVT LTD SCOPE Scope Placement Solutions SDC Information Services India P Ltd Secure Meters Limited Seed Infotech Ltd SHADAN PG COLLEGE Shagun food products pvt.ltd. Shivalik Group Sigma Vibracoustic India Pvt. Ltd. STERLING PORT LIMITED Straight HIre Strategic Management Services Sufi international Summationhr Services PVT.Ltd. Sun Hospital Pvt. Ltd. Supertech ltd Symphony Services Synergy mangement advisors p ltd TATA Consultancy Services Tata Motors Ltd Tata Steel Limited Tata Technologies Limited TCML, SANGLI Teamlease Services Pvt. Ltd. Think Overseas Consultants ThreeC IT Consulting (P) Ltd TimesJobs Tops Security Limited Touram It Pvt. Ltd. Transasia Bio-medicals Limited Tritium Consulting Pvt.Ltd. TVS Interconnect Systems Limited TWS U. P. Financial Corporation UAE EXCHAANGE & FS LTD. UAEGlobal Unnathi Business Solutions V V Mineral Vasanthat Tool Crafts P Ltd Vatika Group Vcare Corporation (India) vcustomer Services India Pvt Ltd Zee News Limited Zenith Tin Works Private Limited ZETEK Zitaa Integrated Solutions Zoom Developers ZS Associates Indonesia Evonik MULIA Triputra Group Iran National Iranian Oil Company Ireland Abbott Laboratories AIBMS Analog Devices Inc. ARV Excellence Avaya Citco Fund Services Deloitte Google ICS Intel Corporation KPMG Lionbridge Technologies Microsoft SI Associates Smurfit Kappa Group plc State Street

35 Israel Marubeni Corporation Tengizchevroil LLP AFFINIA SERVICIOS Grupo de la Parra Schlumberger McAfee Meltwater Group Turner&Townsend Energy Limited ADMINISTRATIVOS, S.A. DE C.V. Grupo Eductativo Potosino S.C. Scouseg NHK SPRING CO., LTD United Chemical Company AHMSA Grupo Galeria SEASU Italy Nippon Steel Corporation Alfaro, Davila y Rios, SC Grupo Lala Seguros Monterrey Allianz NTT DATA Corporation Kenya Almacenadora General GT Service Servicios y Suministros SA de CV CEVA Logistics Italia Oji Paper Company Gapco Kenya Limited ALSEA Hamburg Sud Tetra Pak Compagnia di San Paolo Panasonic Noir & Blanc limited Alumersa Hershey Mexico The Warranty Group Cost Crociere S.p.A. Teijin Ltd ToughStuff APE MEXICO HES Logistics & Consulting ThyssenKrupp Enel SPA Toshiba Assésor Hildebrando/Bancomer Tovar Consultores S.C. Fincantieri, Cantieri Navali Italiani Yaskawa America, Inc Kuwait ASTURER Hudson/Nalco Transitions S.p.A Boubyan Bank BBVA I.C.A. UGM Fondamenta SGR Jordan VIVA Telecom BE Consultores Idea Consultores Ultraquimia Fondazione Rui Jordainian Food and Drug Bombardier Industrial Kitchen Nohers Inc. UNETE IBP GE Adminstraion Lebanon British American Tobacco Ingenium International Unisem, S.A. de C.V. IBM Booz & Company Bufete Ojeda Consultores IPADE Urbi Construcciones del Pacífico S. A. 68 IED HOLDING SPA Kazakhstan Casas GEO ITESM de C. V. 69 iguzzini illuminazione spa AES АО Усть-Каменогорские т. сети Libya CEMEX Jaguar Ingenieros Constructores, S A Walmart Intesa Sanpaolo Italcementi S.p.A. Johnson & Johnson LANXESS Srl McKinsey & Company NISSAN ITALIA SRL Pfizer Inc Piaggio & C. S.p.A. Schering-Plough STMicroelectronics Techedge The Boston Consulting Group Trina Solar Unipol Gruppo Finanziario Alliance Bank Altyn Alma BORKIT DMG Consult Ernst & Young Eurasian Bank EXIMAR LLP Farab Tourism Fincenter.kz GCS LLC GOODMARK Gumilyov ENU Halyk Finance KEGOC Kazakhstan Petrochemical Industries Multi Solutions Liechtenstein Hilti AG Lithuania Danske Bank A/S Lithuania Branch Euromonitor International UAB Rubedo sistemos Luxembourg ArcelorMittal European Investment Fund SES ASTRA CGB Consultoria Global CIMMYT Int CNH de México SA de CV Coca-Cola Cocinas Industriales Multifuncionales de Calidad, S.A. de C.V. Colgate Palmolive Comisión Federal de Electricidad Contacto Humano Continental Automotive Coral Cuernavaca Cotemar Deere and Company Deloitte DESEMPLEADA De C V John Deere Johnson Controls Inc. KARUM LATIN AMERICA Kiuman Resources L Picard Soluciones Financieras LA PEQUEÑA HACIENDA LALA LEANMATICS Levi Strauss L Oréal Mabe Manpower Mardupol Mars YES MEDIA GROUP Zermat Nepal Gorkha Brewery (P) Ltd. Netherlands DSM Koenen en Co Accountants & Adviseurs Nysingh Robeco New Zealand ACC Japan Actelion Pharmaceuticals Japan Ajinomoto Group Apple Inc. Become Japan Inc. Chiyoda Corporation Eli Lilly & Co. FUJIFILM Corporation Fujitsu Fukuoka City Hall GE Goldman Sachs Hitachi IBM Itochu Corporation Japan International Cooperation Agency Kirin Brewery KazKom Kazkommertsbank KazMunaiGas KazUni Consulting KBTU KPMG Kuralai Microsoft Mozyria NAT Kazakhstan Nurbank Philip Morris Kazakhstan ProMED Prague Ripken CO Romat Schlumberger Stepnogorsk Mining Tekes SC Malaysia AmBank Group Besi Apac Sdn. bhd. Citigroup Clean Sense Industries Dell First Solar KIC Resource Sdn.Bhd KPMG Multimedia Development Corporation Berhad OYL Daikin Putra Samudra Tesco UPM international Mexico Adelanta Asociados DHL Dp Consultores Dridco Mexico SA de CV EMPATE LABORAL EN DESARROLLO Encinos Kapital Especias moy FACILEASING Facturar en Linea SRL de CV FEMSA Fides Capital Humano Financiera Independencia Fundación FDC, IBP GE Global Assurance Brokers Global Consulting GOCASA Grupo BSV Medtronic Michael Page Microsoft MIRA MRP NACESA OMA Servicios Aeroportuarios Operadora Zaimo SA de CV Pepone Le Traiteur Pernod Ricard Pfizer Inc Polícia Federal Prime Construction, LC Procter & Gamble Quantum Ranbaxy Mexico Red Ring SAGAJI Chevpac Machinery Datacom Systems Fulton Hogan Ltd Meridian Energy Synergy Consulting Transpower New Zealand Limited Nigeria Mavinna andassociates Stallion Nigeria Ltd Norway Hodejegerne AS Kongsberg Maritime AS Meltwater Group Statistics Norway Statsbygg

36 Oman Cencosud Perú SA NG Capital Partners Marie France Group of Companies Capgemini KPMG EPC Company Compania de Minas Buenaventur Ninguna North Park Group of Companies Codecs Mars Galfar Engineering & Contacting Cidelsa Oncosalud Smartmatic Elmec Romania Medtronic TCC CIDES ONP EMERSON MegaFon Technical Trading Co. LLC Concar s.a. OSIPTEL Poland Ernst & Young MZT The Performance Factory Corporacion Aceros Arequipa Penta Consultora SAC ASTEK POLSKA Gameloft Romania Neumann Partners Towell Corporación Aceros Arequipa Pinturas Aurora Corporación Mara B-Active Headhunting GENPACT PI Maria Corporación Mara QP Business & Marketing Consulting Citigroup Genus PLC Portal Groups Mega Mix Dataimagenes SAC. SAC Concrete-Zabłoccy IntegraHR PricewaterhouseCoopers Pakistan Derrama Magisterial Rio Tinto Gold Group Incorporation Integrisoft Solutions Project BO Brothers Traders Diageo Saga Falabella Luxoft Poland ITOL Satrun-Kazan Descon DLV&F Saga Falabella S.A MedPharm Group Ixia SOM RUS Ericsson Electroandina Industrial S.A.C. San Fernando Motorola Kirchhoff Automotive Stalfond First American Corp. pvt ltd. Epensa Santo Domingo C.G.S.A. Publishing Millenniumbank Romania Stroiservice 70 FAO EsSalud SAVSA Recrutamos Doradztwo Personalne Netbridge Services TD Iceberry Globex Safety Private Limited Future Business S.A.C. SENATI Shell Orange The Boston Consulting Group 71 Hasnain Tanweer Associates Meezan Bank Limited Merlin Mobilink MOL Oil & Gas Co. B.V. Pakistan Multinet pakistan (Pvt.) Ltd NADRA National Bank of Pakistan Pepsi Rehmpack (Pvt.) Ltd. Sham Consultants Sybrid Pvt. Ltd Toyota Gerdau Siderperu GMD-Graña Montero Graña y Montero Green Peru S.A.C. Grupo Copetrol Grupo Ferrand Guanaco Azul GyM SA Hewlett Packard Hochschild Mining Humanitae IconosGraficos Indurama Electroandina Industrial SAC Shalom Empresarial sac Shell SIGDELO S.A SIT Computer SAC SITEL Skanska SOLTEC TARGET Tecnology supply Telefonica Textil Del Valle S.A. Trabajos Maritimos SA Tractovias Transearch Temporary Agency ThinkBig Thomson Reuters Trinity Lab Vinotti Portugal Aguirre Newman BA Vidro Deloitte Lusosider Aços Planos SA PRIMAVERA BSS Roland Berger Unisys Organisation Consulting prod Petrom PFA PricewaterhouseCoopers PTC RINF Safe Recruitment SMART MEDIA PROJECT SPA & SUITES SRL Tarom The Institute Russia AB InBev CEE TK TDD TNK-BP VimpelCom Ltd. Saudi Arabia Abdul Latif Jameel (Toyota) Abudawood Group ACS Al Elm Al Muhaidib Group Al Rajhi Bank Alfanar company ALGUTHMI Al-Jomaih Bottling Plant (PEPSI Panama Canon GRUPO REY INSPyRA ISIL Johnson Controls Inc. Komatsu-Mitsui Unique S.A. Unique Yanbal UPS Volcan Vitro Chaves Puerto Rico Procter & Gamble Abbott Laboratories ABBYY Russia Alserio Gold ALSO Ltd COLA) Al-Kifah Holding Company AL-RUSHAID GROUP American Express Peru Acredita SAC Adecco International AID INGENIEROS EIRL Alpacotton SA Americatel Perú S.A. Angeles M y C Anglo American ARAMARK Atento Ausenco Avon Banco de Crédito BCP BCP Boart Longyear CEDEPAS Norte La Quinta Montaña Inversiones Lindley London Consulting Group Luz del Sur S.A.A. Maersk Maestro Magico Motorrs S.A Manpower MAPFRE Maple Etanol SRL Metis Gaia Minera Barrick MIsquichilca S.A. Minería Minsur S.A. MLV CONTADORES SAC Mota Engil Peru WVI Xstrata Copper Tintaya S.A. Yanbal International Yrivarren & Asociados Zinsa Philippines AMKOR TECHNOLOGY PHILIPPINE Colliers International Dungan ESS Manufacturing Company, Incorporated ING L Oréal Manabat Delgado Amper & Co. Qatar ALCAT. Descon Global Inspection Services LLC Midmac Contracting Co. Premier Engineering & Trading Qatar Islamic Bank RasGas TFI ZAD Romania ADM FARM Banca Millennium SA Banca Transilvania ATBE Barclays Bank Russia Boeing British American Tobacco Cheboksary Electric Company Citigroup Comus-Volga Egon Zehnder International Ernst & Young Far Eastern Theater of Fashion First Quantum Group Fitness-Consalt High Technologies Center Innospek Intel Corporation Kazimir Partners Arab National Bank Aramco Devoteam Dresser-Rand Arabia EEIC HAK Group HEPTC Kader Group of Companies L&T Electricals Saudi Arabia Company Limited Ma aden Najran Cement Company National Water Company Olayan Financing Company S&S Global Solutions Saudi Aramco

37 Saudi Goody Products Marketing 3M SUNATFOOD GroupM Sociedad de Prevención de FREMAP MIGROS GENEVE Savola Foods United Sugar Company AJU Savings Bank Suwon Grupo BLC Sony Nestlé SCCC AMPLUS Asset Development Towers Watson Grupo P&A Consultores Strategia New Re SEDCO Holding Company ASE Korea Woori Investment Securities Hernest Consulting Telefonica Novartis SHUAA Capital Saudi Australia and New Zealand Bank IBM Teleline Philip Morris International Sunbulah Group Beiersdorf Spain Idom The Logic Group Management Zuhair Fayez and Associates BenQ Korea Co.,Ltd. A.T. Kearney InfoChina Gestión SL The Nielsen Company PricewaterhouseCoopers Brisk & Young Associates ACCIONA AGUA Ingeteam S.A. Thinking People Roche CJ Ackermann Beaumont IVECO TOCONIL Schindler Singapore Coca-Cola ACNIELSEN COMPANY Garcia Carrion Toshiba SMA und Partner AG Accenture Daelim Industrial Co. ADIDAS Johnson & Johnson Tradedoubler Sulzer Metco Adge Pte Ltd Daesang Co Admiral Insurance JT International Iberia S.L. Union Quimico Farmaceutica Swisscom AG Barclays Capital Daesung AgioGlobal Kellogg VALPRIMAS Tetra Pak Cerebos Pacific Limited Daewoo Securities ALTISMOS Kimberly-Clark VIDACAIXA GRUPO The Boston Consulting Group 72 Changi Airport Group DHL ANTA Laboratorios Leti VISCOFAN Trinity Procurement GmbH Credit Suisse Dongu Aprasco Los Aguilares Zara Home Trinity/SABMiller 73 DBS Bank Ltd ebay Flextronics HT/LT AND INDUSTRIAL MOTOR MANUFACTURING Infineon Technologies Interlocal Exim Pte Ltd Johnson & Johnson Jurong Port Pte Ltd KPMG Molex Global Commercial Products Division Nomura NTU OFSS Sembcorp Industries Standard Chartered TSH Corporation Doosan Corporation DuPont ebay Ernst & Young Export Import Bank of Korea GBS GE GS E&C HANMI Pharm Hyosung Corporation HYOSUNG Corporation Hyundai Motor Hyundai Motor Company Kolon Life Science Inc Korea Telecom Korea Trade Insurance Corporation KT Lam Research Corporation LG Arkadin spain ASNIACER AXA MedLA Ayanet RRHH Barloworld Mera BBVA Beiersdorf BODEGAS MELGOSA Bravo & Orozco BTS Cárnicas Serrano Carrefour CEIT CESOL CHEP ESPAÑA CIOSA CONDEPOLS, S.A. CURVER Dallant S.A. LUXETALENT LVMH Maersk MAGTEL Marketing Media Europe SL Masquepet Kiwoko Mercapital Microsoft Moma Marketing MSD ESPAÑA Nexus Executive Search Nuez Seguros OPTICON 33 OSBORNE OTICON Pepsi Philips Ibérica SAU PINNUX Plan de Acción SL Sri Lanka Informatics International Limited Sudan Eana medical services UNDP South Sudan United Nations Missions in Sudan (UNMIS) Sweden Klarna AB Nova Global Switzerland A.T. Kearney ABB Amcor B+L Verlags AG T-Systems Schweiz AG Unilever Vectronix AG ZKB Zurich Financial Services Zurich Insurance Company Taiwan ASUSTek Compunter Inc. Credit Agricole EBSCO Information Services H&Q Asia Pacific Ltd Lorom Group Ruentex Group Standard Chartered Topview Optoelectronics Corp Tanzania TEWUTA Slovakia Lyreco CE, SE LG N-sys Maeil Dairy Co., Ltd Mando Dapp Publicaciones Juridicas Dell Diageo PORSCHE IBERICA, S.A. Prinzipal Partners Procter & Gamble Baloise Group BioMedPartners CEMEX Thailand Bank of Thailand Charoen Pokphand Group Co.,Ltd Slovenia Information commissioner Microsoft NCSI Nepes Corporation EITB Electrolux En paro actualmente Promotora General de Revistas PSICOTEC Random House Mondadori, SA. Clariden Leu Cognizant Credit Suisse EF Education First Foresight Research Co., Ltd. GF Group of Companies South Africa Allan Gray Ltd Deloitte Investec Bank Ltd Johannesburg Stock Exchange Monitor Group NHN Korea ORUM REITs Osram Korea Oxy Reckitt Benckiser LLC PricewaterhouseCoopers Samsung Shinhan Bank Ensa ERGODECOR ESPRINET IBÉRICA, S.L.U. Essential Services Consulting Group Euromanager Fira Barcelona France Telecom Randstad REPSOL ROBLEDIS Roca Sanitario, S.A. Sales Hunters Schneider Electric Sephora Cosméticos España S.L. Deloitte Glencore International AG Hexagon Metrology Hilti AG Hoffman La Roche HPO AG Jobsource.ch AG Grant Thornton Infratrans Consultancy MSIG Insurance OHAUS Corporation, USA. RMA Group SM Shipping Consultants Co.,Ltd T.N. Information Systems Ltd. South Korea SK telecom GE SICE, Lantero embalaje Johnson & Johnson Touchwood Asia Co., Ltd.

38 Turkey Adecco International CEMENT & CONSTRUCTION GTI Recruiting Solutions Bank of America Intel Corporation Akkariyer Consultancy Agthia Group MATERIALS Hatstand Bayer Intercall Allianz AIMS XLRI ROBODH CONTRACTING CO LLC HM Treasury Bayser JBS Deloitte Al Fara a Group SAP HSBC Beautyman Alvstad, LLP Jive Software Ekonomy Al Fatah Human Resources Sharjah Municipality IBM BGC Partners Johnson & Johnson EUROBANK TEKFEN Al Ghurair Standard Chartered ICAEW BlackRock Johnston & Johnston H&M Al Mostajed Technologies Co. LLC Streit Group FZE IDEO Blackwater Worldwide JPMorgan Nestlé Al Rayan HR & Management Talent Hunt IMI plc Burroughs Payment Systems Inc Kaplan Test Prep & Admissions Renault Consultancy Technip Intel Corporation Capgemini Karel & Company Treasury Minisstry Alfaraa General Contracting Co Tercel Oilfield Products InterSystems CBIZ MHM (Mayer Hoffman Karl Storz North America ANC Holdings World Security Johnson & Johnson McCann) KIMC US Uganda Aujan Industries Yateem Group KA Development Solutions CEMEX Kodiak Realty Services, LLC Human Edge International Ltd Bhatia Brothers Kingsfield Consulting International Chopper Trading Liberty Mutual Group Bitech International LLC United Kingdom Ltd Cisco Lowe s Companies, Inc. 74 Ukraine Booz & Company A.T. Kearney KPMG Citigroup Macquarie Infrastructure Company 3M Byrne Investments LImited ABS EUROPE LTD Kraft Foods UK Comcast Marriot 75 Aspire AVANGARCO IPL Credit Dnepr Bank DizaynSV DTEK ERC Generali Life Insurance IntellectTechnologies ISD Corporation KBTU Kniazha Koil Prodakts Interneshnl KPD KPMG Metinvest Holding Metro Cash & Carry Ukraine Mriya AgroHolding Nemiroff NOVUS PRAVEX-BANK, INTESA SANPAOLO PricewaterhouseCoopers PZU UKraine Recruit Alliance Ltd SITRONICS Strauss Group The Day Newspaper Vega Telecommunications Veld Ltd Caparol LLC Cognizant DGHR Dodsal E&C Dorsch Holding Education Zone Emdad Gulf Catering Logistic Emintad Emitac Healthcare Solutions Empower Energy Solutions ETA ETA Ascon Star Group Finesse FZ LLC G4S Galadari EDAM International Foods LLC German Imaging Technologies GSMA IBM IFFCO Jumbo Electronics Kuwait Food Company (Americana) Landmark Group Limitless Logistics LLC Marina Gulf Trading Co LLC NATIONAL FOOD PRODUCTS CO NATIONAL PEST CONTROL Nexus Insurance Optimus computers Trading LLC Park Rotana Hotel Acritas Aquamarine Power BAE Systems Baillie Gifford Barclays Capital Barclays Wealth BLT Booz & Company Burns Sheehan Ltd Business-Paradigm Ltd Capricorn Interactive ltd Chartis Europe Ltd Citigroup Contact Singapore Cooper Industries Credit Suisse De Beers Deloitte Delphi Diesel Systems Deutsche Asset Management UK Ltd Deutsche Bank Dickinson Dees LLP Dsquare Eli Lilly & Co. Elliott Browne Ltd Enterprise Rent A Car Ernst & Young FDM Group Fidelity International FSA Manpower Marston s PLC MC2 (Manchester) Ltd MCGRIGORS LLP Moloney Search Morgan Stanley NIIT LTD UK NuSurgix Ltd PricewaterhouseCoopers SELEX Galileo Simmons & Simmons Spirogen Ltd Standard Chartered Standard Life Sutton Winson Tarmac Ltd Teach First Teach First The Boston Consulting Group Thomson Reuters Towers Watson Unilever Wolseley Zurich United States Ac healthcare Inc Allegis Group Services ALLETE Amazon Computer Sciences Corporation Contract Resource Associates Corning Incorporated Covidien CPS CSR Technology Inc. Deloitte Dentsply Professional DHL Dish Dow Corning Corporation Ducommun Incorporated DuPont E.ON Easton Associates, LLC Eaton Corporation Edvisors Eli Lilly & Co. EMC EPLAN esystems, Inc Fastrack Design, Inc. Ford Motor Company GE GlaxoSmithKline GRIMCO Grupo R Hands-On Labs, Inc. HSBC Humana Masonicare Memorial Physicians Merck MGB Partners Microsoft MITRE Monitor Group Morgan Stanley Nationwide Mutual Insurance Navigant Next Step Advisory Group Nielsen Northwestern Mutual Financial Group Nurses 24/7 Ogilvy Omnicom Group Inc. OppenheimerFunds P2 Energy Solutions PAAMCO Pfizer Inc Plum Creek Praxair PReP Intl SOS Intl PricewaterhouseCoopers Prudential Real Circuit Solutions Richard, Wayne & Roberts Road Runner Sports Roblox United Arab Emirates Abu Dhabi Marine Operating Company Abu Dhabi National Oil Company Penspen International ltd. PPiB Punj Lloyd RAS AL KHAIMAH CO. FOR WHITE GCC GE Gradcracker GSK Apple Inc. Applied Defense Solutions Avanade, Inc. Bain & Company IBM IBM IFC IMS Rocket Software SAP Schneider Electric Schneider National

39 Teradyne, Inc. CAF, Banco de Desarrollo de Por cuenta Propia The Boulware Group Latinoamérica Procter & Gamble Scotia Bank Sears Sheffield Haworth Shire Siemens Small Business Banking Network Sony SPX Standard Chartered STIHL Inc. Swisslog Logistics SysMind inc. T. Rowe Price Target Adiestra AGA Agropecuaria El Guanche, c.a Alcaldia de Maracaibo Aluminios Pipo II Alvaro clemente & asociados Atento Banco de Venezuela Banco Exterior Banesco BBVA Belcorp Best Consulting C.A. Diario Panorama Manufacturas 7007, c.a. McDONALD S Microsoft Movistar Ninguna Novartis Oracle Pat Primo Venezuela PDVSA Pfizer Inc Pitangora Travel RL plansuarez c.a PLASTICENTRO, C.A Ponche Crema The Modellers The World Bank Group Thomson Reuters Toyota Tricon Energy, Ltd Trump Hotels Tufts Medical Center U.S. Cotton UPS US Airways US Department of Agriculture USAF Vaisala Vanguard ViVOtech Wahl Clipper Corporation Walt Disney Parks & Resorts Wayne Water Systems WellPoint, Inc. Carniceria Venus CEMEX Cerveceria Polar Chrysler Financial Services Cindu de Venezuela, S.A. COAMTINCA Construcciones Eléctricas Iribarren- CACEI CONTEVENCA CTPartners DHL Diageo Eli Lilly & Co. Empleate Evolución Estratégica Consultores Evolutions, Talento Humano CA Exgeo CGGVeritas Fabriempaque Farmacia Fasa FIMACA C,A Proyectos Inversiones y Desarrollos Pacifico Sur C. A. Real Natura Sebrianth Imports Seinprese, C.A Serfinca, c.a Serviomca SINOPEC Venezuela Sura de Venezuela S.A. Tachirense Family Foundation The Boston Consulting Group Unimet Yellow Cap Companies Zoom Logistics Services, c.a Vietnam ABB FV hospital Hotel Nikko Saigon HUFLIT Uruguay CREAR Comunicación Faurecia Julio Berkes S.A. Lloyds TSB Bank Uruguay Ninguna TCS Towers Watson Garcia Tuñon C.A. GASIA Coaching & Training Gobernación del Estado Guarico Gobernacion del Zulia Grupo Mistral Hiper Bebe Hiring & Training Hotel Melia Inelmeca VietSoftware International Venezuela Abastecimientos Electricos, SA (Abelec) ACIERTA CONSULTORES ACOM Intelec Inversiones Roraima Foods Janssen Cilag JUCAMEL C.A. Manpower With special thanks to our media partners around the world Asia Europe Middle East

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