RESTON, Va., July 01, 2024 (GLOBE NEWSWIRE) -- Despite concerns about inflation and recession risk, employer confidence in graduate management education (GME)
and its ability to prepare business school graduates to be successful in their
organizations has reached new heights since the pandemic, according to an annual
survey (https://www.gmac.com/market-intelligence-and-research/market-
research/corporate-recruiters-survey) of global corporate recruiters of business
graduates released today by the Graduate Management Admission Council (GMAC
(https://www.gmac.com/)). This increase in confidence was seen across key
industries business education caters to like consulting, finance and accounting,
as well as technology. The best news for today's business school graduates is
that employers' appreciation translates into optimistic hiring projections, with
the majority of global recruiters planning steady or expanding hiring in 2024. A
third expected to hire more MBA graduates than last year.
Notably, employers' renewed confidence in GME is reflected in the growing number
of them who say business school graduates tend to outperform their other
employees, fast-track to upper-level positions, and earn more than other
employees, and the share has grown in recent years despite - or perhaps due to -
the rapid rise of technologies like generative artificial intelligence (AI
(https://www.gmac.com/market-intelligence-and-research/gmac-research/ai-in-
graduate-management-education)). With the attention AI has received, the
responding employers do not necessarily believe the predicted changes have hit
their workplaces just yet, with only 26 percent considering AI to be an
important skill for current GME graduates to leverage in their organizations.
However, when asked which skills will be most important in five years, AI ranked
high across regions and industries. More importantly, employers consistently
value problem-solving and strategic thinking as the top skills for GME graduates
of both today and tomorrow, and these core competencies are seen as essential
around the globe.
"As disruptive technologies like generative AI reshape the labor market and the
skill economy expands, employers are putting a premium on strategic thinking,
people leadership, and problem-solving while betting on the rising importance of
tech prowess. To achieve success, future business leaders will need to harness
technological advancements and possess the knowledge and experience to manage
the change brought on by these evolutions," said Joy Jones, CEO of GMAC. "This
year's Corporate Recruiters Survey affirms that graduate business programs
continue to be uniquely positioned-and trusted for their ability-to develop
business talent with increasingly relevant and cutting-edge skills, who are
equipped to tackle new and perennial challenges with a balance of tech and human
understanding."
Confidence growth in remote working management skills does not extend to remote
learning.
Employers may have grown more confident in business schools related to the
changing context in which businesses and business education operate. Notably,
about two-thirds of employers say the skills gained through GME are more
important in today's world of remote and hybrid working. This is almost double
the share who answered a similar question in 2021 at the peak of the pandemic.
The increase in valuation of GME is most pronounced in leading Fortune 100 and
500 companies, the finance and accounting and manufacturing industries, and in
East and Southeast Asia and Western Europe. Understandably, organizations in
these companies, industries and regions have likely undergone the most changes
in remote working situations in the years following the pandemic and are more
likely to rely on the skills of GME graduates to manage this disruption.
However, employers' new appreciation for business graduates' ability to manage
flexibility in the workplace has not entirely extended to an appreciation for
the skills gained in online programs. Overall, two-thirds of employers still
believe in-person programs impart stronger technical skills than online
programs, and nearly three quarters of global employers agree in-person programs
impart stronger leadership and communication skills. But this year U.S.
employers, who in past surveys have been the most skeptical of online degrees
compared to other regions, are warming up to the idea that in-person degrees do
not necessarily have a leg up on online programs when it comes to development of
the above-mentioned skills.
Hiring projections remain optimistic despite recession fears and policy impacts.
Given the lingering uncertainty of the global economic outlook, more than half
of employers-regardless of industry or region-reported major or moderate
influence of inflation and recession on hiring but remain optimistic about
employment opportunities for business graduates. Consulting, along with finance
and accounting sectors, are projected to hire more MBA graduates while data and
business analytics hiring are expected to expand the most in 2024. Regionally,
planned hiring expansion is most conservative in the United States and the
technology sector, whereas employers in Asia report the highest intended hiring
across GME degree types. Employers in major markets in Asia, as well as Western
Europe, also demonstrated significant growth in international hiring-employment
of those who require additional legal documentation-compared to pre-pandemic
levels in 2018.
"We know that international education, and subsequent international employment
opportunities, brings tremendous economic and social benefits to a campus and a
country," said Martin Boehm, rector & professor of marketing at EBS Universit?t
für Wirtschaft und Recht in Germany and a board member of GMAC. "It is
encouraging to see the positive impact of international student recruitment by
increasing diversity and enrollment from abroad. We remain committed to growing
our graduates of cross-cultural competencies and their global employability."
About the Corporate Recruiters Survey
For more than two decades, the Corporate Recruiters Survey
(https://www.gmac.com/market-intelligence-and-research/market-
research/corporate-recruiters-survey) has provided the world's graduate business
schools and employers with data and insights to understand current trends in
skill demand, hiring, compensation, and perceptions of MBA and business master's
graduates. GMAC, together with survey partners European Foundation for
Management Development (EFMD) and the MBA Career Services and Employer Alliance
(MBA CSEA), conducted the survey from January to March of 2024, in association
with the career services offices at participating graduate business schools
worldwide. GMAC Research also worked with a market research firm to recruit
additional participants to make the overall sample more globally
representative. In total, 931 corporate recruiters and hiring managers from
staffing firms in 38 countries around the world participated in this year's
survey.
About GMAC
The Graduate Management Admission Council (GMAC) is a mission-driven association
of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test(TM) (GMAT(TM))
exam is the most widely used graduate business school assessment.
More than 12 million prospective students a year trust GMAC's platforms, including mba.com (https://www.mba.com/), GMAC Tours (https://www.mba.com/connect-with-schools/gmac-tours/), and BusinessBecause (https://www.businessbecause.com/), to learn about MBA and business master's programs, connect with schools around the world, prepare and register for exams,
and get advice on how to successfully achieve their business education and career goals. GMAC is a global organization with offices in China, India, the United Kingdom, and the United States.
To learn more about our work, please visit www.gmac.com (http://www.gmac.com/)
Media Contact:
Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com (mailto:thsu@gmac.com)
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