RESTON, VA--(Marketwired - Nov 18, 2013) - The business school class of 2013 fared well overall on the job market, as 90 percent of alumni around the world polled by the Graduate Management Admission Council in September were employed. Rates varied by country and world region of citizenship, with 95 percent of US respondents employed, 92 percent of Latin Americans, 87 percent of Indians, 82 percent of Europeans, and 85 percent of those from Asia-Pacific countries.
The global figure is six percentage points above the employment rate in 2009, when 84 percent of those queried were employed in September, but down slightly from the 92 percent of last year's graduates employed by September 2012. Despite continued economic uncertainty, 74 percent of class of 2013 alumni who landed jobs said they could not have gotten it without their graduate management education.
"In spite of the slow, uneven economic recovery around the world, the job outlook for business degree-holders is holding fairly steady," said Gregg Schoenfeld, director of management education research for GMAC, the non-profit organization that conducts the GMAT exam for graduate programs in business and management worldwide. "Regardless of employment status, the vast majority of alumni from the class of 2013 believe their education developed their skills, expanded their network, and prepared them for the job market."
The poll is a follow-up to the GMAC Global Management Education Graduate Survey, an exit survey of graduate business students conducted in February and March. Some 915 alumni from 129 business schools worldwide responded to the poll in September. Key findings:
- 95 percent of US citizens were employed, up from previous poll results since 2009 (87 percent). Almost all (97 percent) of the US citizens work in the United States, though more than half (58 percent) of US alumni work for multinational organizations.
- The technology sector is drawing 15 percent of the class of 2013 graduates worldwide, up from 12 percent in 2009.
- Ninety-two percent of full-time two-year MBA alumni were employed at the time of the follow-up alumni poll -- the highest level reported since the class of 2009.
- MBAs and other business master's degree-holders continue to find opportunities in a variety of industries, with a total of 57 percent employed in the products and services, finance and accounting, and consulting sectors.
- Five percent of class of 2013 alumni reported themselves as entrepreneurs/self-employed. A majority (78 percent) of self-employed alumni expect to hire a median of three employees in the next 12 months.
- Almost all class of 2013 alumni (96 percent) rated the value of their degree as outstanding, excellent or good, similar to previous years.
Salaries for business school graduates must be interpreted with caution because they are influenced by many factors, including years of work experience, regional cost of living differences, industry, and job level.
- The median starting annual salary offered to US citizens who graduated from a full-time two-year MBA in 2013 is US$90,000, with a bonus and additional compensation of US$10,000. US citizens who graduated from a part-time MBA programs report a median annual salary of US$85,000.
- Citizens of India who graduated from full-time two-year MBA programs report a starting salary of US$34,988.
- European citizens who graduated from full-time one-year MBA programs report the greatest median starting salaries, US$101,093.
For more information, go to gmac.com/datatogo
About GMAC: The Graduate Management Admission Council (gmac.com) is a nonprofit education organization of leading graduate business schools and owner of the Graduate Management Admission Test (GMAT exam), used by nearly 6,000 graduate business and management programs worldwide. GMAC is based in Reston, Virginia, and has regional offices in London, New Delhi and Hong Kong. The GMAT exam -- the only standardized test designed expressly for graduate business and management programs worldwide -- is continuously available at more than 590 test centers in 112 countries. More information about the GMAT exam is available at mba.com. For more information about GMAC, please visit gmac.com/newscenter.