Results from the GMAC 2008 Alumni Perspectives Survey show that nine out of 10 2008 alumni surveyed in September found that their graduate business education met or exceeded expectations. What’s more, 80 percent of those who are in the workforce believe they could not have obtained their first job after graduation without a graduate management degree.
The class of 2008 also reported high job satisfaction. Two in three 2008 alumni reported that their first job was definitely the kind of work they were looking for. In fact, compared with previous surveys dating back to 2000, the class of 2008 had the highest percentage of alumni who indicated that their first job was definitely the type of work they sought. On average, the class of 2008 received 2.7 job offers, significantly more than the classes of 2001 through 2005.
The 2008 alumni also showed how an MBA makes a difference in salary. The median salary of alumni who continued working for the same employer after graduation rose 21%, to US$72,500, up from US$60,000 pre-degree. And the median salary of those who changed employers after graduation jumped even more, to US$80,096 up from US$50,000, a 60 percent increase.
Among all alumni from the classes of 2000-2008 surveyed, 87.4 percent were working for an employer, 5.6 percent were self-employed, 5.7 percent were unemployed, and 1.4 percent were not in the labor force as of September 2008. Of those employed, 21 percent worked in finance/accounting, 21 percent in products/services, 15 percent in consulting, and 13 percent in technology industries. Among working alumni, 40 percent have budgetary responsibilities and 48 percent have supervisory responsibilities.
Forty-nine percent of all respondents reported that they have been promoted by their current employer. On average, members of this group had received two promotions.
A full 88 percent are satisfied with the way their career has progressed since they left graduate business school.
In terms of compensation, survey respondents from the class of 2000 reported that their median salary plus additional compensation now totals US$145,000. The chart below shows the median reported salary for the classes of 2000 through 2008.