I’m an MBA Grad: Now Where?

One of the toughest things a graduate has to do is to find suitable work. The big question is….where? In this post, we’ll take a look at where corporate recruiters say the best places are to search for a job if you’re a 2010 MBA graduate.

The world’s economic troubles are certainly impacting hiring. According to the GMAC’s 2010 survey, experienced professionals are seeing a lower level of mobility. They are also experiencing less opportunities, or direct hires from industry. The current trend is about a 10 percent decrease in direct hiring from industry over the past couple of years. In 2008, experience professionals captured 47 percent of the opportunities from industry. In 2009, it was down to 38 percent and is expected to be around 28 percent in 2010.

As for MBA graduates, the change in the hiring mix has remained stable over this same time period. Here’s where you can expect to find a job this year.
Marketing and sales. In GMAC’s survey, 45% of the companies responding say they’ll be hiring for positions in marketing and sales areas.
Finance. The survey also shows that 42% of opportunities will be in the financial arena. This does not include financial banking, which you might expect to be a little lower in demand for this year.

What levels are they hiring at? Executive? Mid-Level? I know this question is on every graduates mind. The hiring position should be representative of a graduate degree, right? My observation here is that since experienced professionals are not getting more opportunities, companies aren’t focusing on ensuring they have enough years of experience in their workforce, but are more focused on keeping costs low. Of course, it is likely that companies will use high unemployment as an opportunity to get real talent at bargain prices. Don’t let that thought diminish your negotiation power. If they’re making an offer to you, you’ve got room to negotiate. Use it.

Of the respondents in the survey, 66% say they will hire new MBAs for Mid-level positions, while 52% say they will hire new MBA graduates for entry-level positions.

Mid-level. The companies hiring at this level are in healthcare, pharmaceuticals and consulting.

Entry level. The companies hiring at this level are in consulting.
Other specialized master’s degrees are in increasing demand. Specialized master’s degrees include accounting, finance, management and MIS. These graduates will see their demand increase over the next couple of years. In 2008, the demand was at 4% and it grew in 2009 to 12%. More growth is expected in these areas in 2010 (15%).

The master’s in management is drawing interest equally at the mid-level and entry level positions. Over two-thirds of the companies seeking these graduates are in consulting, while 61% of government and non-profit organizations are hiring them for general management positions. Healthcare and pharmaceutical companies make up about one-third and 42% high tech companies are seeking specialized master’s in business programs or MIS.

Getting an MBA or a specialized master’s degree still seems to be a good investment for your career. Many companies still see value in the MBA degree. The biggest reason for hiring MBA graduates is that they have skills in managing strategy and innovation. These are key skills for growing a company, implying that companies need graduates who can come in and make a big difference on the job by providing vision and direction. This is a fairly high standard to meet if you don’t have a lot of work experience. At least now, you know what companies are looking for and should be able to mold your experience to fit these needs, especially if you are seeking a mid-level position.