Now that you have finished your MBA, you feel like floating in the 7th Heaven. You are on your professional “high.” You think that you are no longer an ordinary pen-pusher sitting in an anonymous corner in an anonymous office; that very soon, you will be flooded with job offers.
You still have to go through the rigors of applying and competing with other MBA grads. Besides, to prick your balloon, here are some sobering statistics about having, or not having, postgraduate degrees (U.S. News study done last year):
Of the American Fortune companies, 174 CEOs (35%) have an MBA, 59 (12%) have law degrees while the rest, nearly 200 (40%) have no postgraduate degree at all.
But is an MBA adds to your employability?
Yes! According to Accountemps, a global temporary staffing service for accounting and finance professionals, 80% of executives surveyed prefer applicants with postgraduate degrees and think that an MBA is still important to reach senior management levels.
And there is a growing evidence that an MBA not only gives you more leverage in dictating job titles and salaries, it can also give you leverage in achieving a better balance between work life and personal life (quintcareers.com).
Are your job prospects any better?
After a long employment slump due to the global financial crisis, things are again looking rosy for MBA grads.
While the boom times have not come back, according to the Graduate Management Admission council, the hiring rate in 2010 was better than in 2009, where 90% of MBA grads were hired compared to 84% the previous year.
Starting salaries grew too, from $ 75,000 to almost $ 79, 000.
On a survey done by U.S. News of 437 schools, of which 119 provided employment data, 2010 registered a 75.7% hiring rate within three months after graduation compared to 70.8% in 2009.
As expected, 2011 was a better year for MBA grads, than the previous. According to the Graduate Management Admission Council, 54% was given at least one job offer, up from 32% in 2010.
On the average, students who got job offers, submitted approximately 16 resumes and applications, given 6 job interviews and obtained two offers of employment.
Because of its economic resiliency, Asia/Pacific graduates fared better with 67% getting job offers by March compared to 54% in theU.S.
The bottom line is that there are MBA jobs available for you but you have to knock on doors to get it. They won’t knock on your doors just because you are fresh from Harvard or Wharton.
What jobs are available for you?
There is really no clear answer to this. It still depends on how you want to make use of your MBA degree to reach your career aspirations. There are numerous sites you can pick MBA jobs from. But you did not go to MBA school to do multiple-choice in choosing a job, did you?
To give you focus, below is a list of the five most popular MBA jobs to choose from (mademan.com):
MBA grads in the field of technology are tasked to come up with the latest innovations for software products or design marketing strategies.
They may also work in managerial positions concerning information, human resource or materials management systems.
2. Management consulting:
MBA grads in management consulting are utilized for their expertise in strategic business planning, financial analysis, investment and portfolio management.
They can also be used in improving manufacturing processes and procedures, streamline logistics management, evaluate suppliers and do project cost-benefit analysis.
3. International investment management:
Banks and investment firms need the expertise of MBA grads to help customers manage their portfolio and recommend appropriate investment vehicles.
They are also utilized to manage international bank accounts and investments.
4. Non-profit management:
Somewhere, anytime, there is always an activity, a project, social and humanitarian in nature, done by non-profit organizations. Most of these organizations are floating in donation money which could easily go to waste if not managed properly.
Because of this need, non-profit management and public administration is one of the top five most popular MBA specializations.
They are needed for grant and project management, hire and manage teams to assure fiscal responsibility, do research projects involving social and natural sciences or direct charity programs for civic or political organizations.
Marketing organizations need MBA grads as marketing directors, product design and development, design marketing strategies, evaluate marketing data and make decisions involving the marketing activities of an organization.
An MBA graduate shared his reasons for going to business school. These are to round out his education, learn something new in a business-based environment and meet dynamic and interesting friends. No doubt you have your own reasons. Whatever they are, your MBA degree will not take you straight to it. Just like everything else, getting there still requires the old-fashion traits of hard work, persistence and specific goals in life.