For long, Consulting has remained at the top in MBA employment, offering fabulous salaries and perks along with dream locations all over the world. In recent years, several of the well-known Tech firms have developed a healthy appetite for business management talent.
The year 2020 looks to be a rosy year for fresh MBA graduates with 76% of companies across the board planning to hire them in large numbers, according to the GMAC Corporate Recruiters Survey 2019. The average salary has also gone up to $115,000 for the grads in the United States.
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The Survey points out that an estimated 80% of the tech companies are expected to keep expanding this year. In the past few years, the sector has been on the growth path, expanding its footprint in the management of products and services in several areas.
BusinessBecause, in its hiring predictions for 2020, says that at MIT Sloan, the tech was the joint top employer, along with consulting, offering roles to 30.7% of graduates, up from 26.2% in the previous year.
It quotes Susan Brennan, assistant dean of career development saying that an interest in growth being a primary motivation for students, they see the tech firms also offering similar growth and development opportunities like the consulting firms.
Several of the tech majors including Google, Apple, Amazon, Facebook, and Microsoft are expected to recruit US and European MBA graduates in large numbers. They are offered roles in business operations, strategy, product management, finance, supply chain & procurement, sales, and HR.
The advent of digitalization across all areas of business leading to the creation of hybrid sectors such as fintech, healthtech, agritech and martech, also would lead to a substantial increase in job profiles for MBAs.
Tech’s advent has not robbed the sheen off Consulting as yet. The sector remains the job of choice for 53% of MBA graduates in the Asia Pacific and 51% in Europe. About a third of those in the US would also prefer a career in consulting.
The popularity of Consulting can be seen in the fact that the big three in consulting, Mckinsey, Bain & Company and Boston Consulting Group (BCG) recruited 274 out of 1020 MBA graduates at INSEAD. Digital business transformation is changing the job profiles in this sector also with business analytics and data science becoming the third and fourth most common job functions.
With the US tightening its visa rules and travails over Brexit in the UK, an increasing number of international candidates are looking at Asia for employment opportunities. At INSEAD, more than half of the Chinese students prefer to head home after the MBA.
Job opportunities are also opening up in China with several firms including Alibaba, Baidu, Tencent and Didi coming up with offers for fresh graduates in cities like Beijing, Shanghai and Shenzen.
With several business houses moving away from the simple aim of increasing the profits to putting people and the environment, job opportunities are rising for MBAs. Besides fundamental financial and management skills, candidates should have specialized knowledge on the sustainable process and resource allocation.
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