The corporate and financial worlds were recently rocked by several financial crises in recent years. When issues such as the subprime housing market bubble burst occur, it takes time for the market to recover. As money has begun to move again, and confidence in the market rises, opportunities begin to return. The market is recovering, but slowly. This healthy recovery shows a lack of uncontrolled growth, meaning that things that are growing now should remain steady for quite some time.
Emerging and recovering companies are advertising a desire to hire professionals, particularly those with MBA degrees. Both permanent jobs and internships are on the rise, showing the demand for professionals is returning. This is a great time to get your MBA with many opportunities ready and waiting.
Challenges in the job market
The rate of jobs is increasing, meaning more MBA graduates will find rewarding opportunities this year than last year. A survey of Corporate Recruiters put forth by the Graduate Management Admissions Council shows that the market returning to normal is great news for new graduates and those seeking new opportunities. That is not to say that the jobs are plentiful, however. The offers may not be rolling in, and the competitive market is keeping average salaries somewhere between $80,000 and $90,000 a year. Because of that complicated market, networks have become more vital than ever. Connections and colleagues can be invaluable in a job search, and in turn you can be of use to others seeking opportunities.
Social networking sites also provide a network of contacts that can certainly prove useful. Schools and Universities are offering personalized career services to students and alumni in order to help overcome this slump. One suggestion is to make your resume or CV prominently display achievements to highlight your skills. The market is returning to normal, but not quite there yet. Forward thinking will allow students to position themselves well and prepare for the market when it is ready for them.
Most in the past had imagined an MBA graduate to be the career of Wall Street or corporate executives. This market is growing to be fiercely competitive, however. Investment banking analysts are no longer leaving an entry-level position to become associates through an MBA education. Many are simply being promoted into those positions. Further complicating the job search are the trends of banks seeking out PhD graduates. Doctorates in finance, business, mathematics, operations, and physics can tend to highly technical jobs and further diminish the market for MBA professionals.
Consulting firms are also looking to replace MBA holders with doctors, lawyers, and economic PhD holders. Applied math, physics, life sciences, and computer science are all specialized field that have been sought after in recent years. With the decrease in hiring MBA graduates to take on higher level positions, and the demand increasing for higher-level degrees, the market is becoming more challenging for recent graduates. Such does not mean you are making a poor choice by seeking an MBA degree. Think of it as one of your first true problems to find a solution to. Leaders in any field are constantly given unique challenges and limited resources to overcome them.
Where the jobs are emerging
In line with current trends, many are looking into not just local or domestic markets. International contacts can be just as valuable and interesting. In recent years, the number of MBA graduates taking jobs in Asia has more than doubled. Asian firms including powerhouses like Infosys and Tata are actively recruiting in the United States. As they serve many American interests and consumers, having English speaking executives can be a great asset for their marketing and leadership teams.
This provides a wonderful opportunity for students to get into a high-prestige position quickly. Other opportunities include positions overseas. Many Fortune 500 companies are hiring international students to manage operations in their home countries. Many MBA graduates are also taking additional languages to broaden their appeal and also open up new markets for careers. Corporations and companies can use individuals that are more versatile and capable of working in another language. That can open up booming markets for careers such as Brazil, China, and India where skilled individuals can thrive. MBA skills translate well to many locations, so students can move abroad for international experience and high-paying positions.
An MBA education is also very useful other than in the corporate setting. Healthcare is a booming industry here in America, with high demand for professionals to help run clinics and hospitals. Doctors are the face of these locations, but they need professionals that are capable of running the office just as badly. This opens up careers in healthcare and pharmaceuticals with a lot of security and growth. Other venues to consider include energy and utilities, corporate finance, and accounting.
Each provides many challenges and opportunities to overcome issues much as a boardroom might provide. At the same time, the struggle to obtain a position in these areas is not as intense.