A recent survey by the Graduate Management Admission Council (GMAC) revealed a growing number of businesses have hired or plan to hire MBAs and other business master’s graduates in 2013 as compared to 2012. GMAC partnered with the European Foundation for Management Development (EFMD) and the MBA Career Services Council (MBA CSC) for the survey, which yielded responses from 900 employers in 50 countries across the globe.
For those seeking careers in finance, the numbers are promising. Worldwide, 75 percent of businesses expected to hire MBAs in 2013 (compared to 71 percent in 2012) and growth was also expected in hiring of candidates with master of accounting (38 percent in 2013, up from 34 percent in 2012) and master of finance (43 percent in 2013, up from 41 percent in 2012) degrees. Bachelor degree graduates saw a 1 percent decline in projected hires, down to 74 percent in 2013.
U.S. and Asia-Pacific Project Strong Growth, Europe Flat
When you look at estimates from region to region, demand for MBAs in Asia is projected to kick up from 54 percent last year to 61 percent in 2013 – a 5 percent increase. In the U.S., 85 percent of businesses projected that they would be hiring MBAs in 2013 – up 3 percent from 2012.
Similar increases were expected for the specialized master degrees in accounting, finance, management and other business master degrees in the U.S.
Master of Accounting: 35 percent 2012/40 percent 2013
Master of Finance: 35 percent 2012/41 percent 2013
Master in Management: 36 percent 2012/39 percent 2013
Other Business Masters: 42 percent 2012/50 percent 2013
The number of available jobs for MBA graduates by company was also expected to increase. In other words, more businesses were expecting to have more MBAs on staff this year, along with other master degree talent – with the average number of MBAs per business growing from 11.4 in 2012 to a projected 14.6 in 2013.
Understanding Organizational Goals Could Give You the Edge
If you’re hoping to land one of the desirable entry-level finance jobs at a premier finance or banking firm, you’ll probably need more than an MBA or other specialty master degree to get hired. Top candidates do their research, and you should learn as much as you possibly can about the business goals of the firms to which you are applying.
Distinguish yourself by demonstrating how your talents will help the organization achieve or surpass its goals.
The GMAC survey also provided insight into employer efficiency and growth goals. In its survey report, GMAC wisely pointed out, “Strategic hiring decisions are often signaled by organizational goals.” This is key for up-and-coming graduates who seek entry-level accounting jobs and other finance careers.
How does your degree and background qualify you to make a contribution to the achievement of these goals? Demonstrate this to prospective employers to gain an edge over other candidates.
In the U.S., organizations surveyed listed these goals as most important:
Efficiency: 68 percent are looking to improve performance and productivity.
Growth: 61 percent are looking to expand the organization’s customer base.
Other efficiency goals included: reducing costs (50 percent); improving customer service (44 percent); and overcoming economic challenges (30 percent).
Other growth goals included: launching new products or services (51 percent); expanding geographically (37 percent); diversifying the organization (34 percent); completing or integrating a merger (16 percent).
Things are looking up for MBAs and master degree bearing college graduates who are entering the finance world, but competing for the best jobs takes work. Doostang specializes in helping talented MBAs and finance and accounting graduates stand out from the competition. Visit our website to learn more.
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“2013 Corporate Recruiters Survey.” Report 01. Graduate Management Admission Council, 2013. Available at http://www.gmac.com/~/media/Files/gmac/Research/Employment%20Outlook/crs-2013-hiring-report-01. Accessed Oct. 28, 2013.