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Job and Salary Outlook for MBAs Remains Promising in 2014
According to recent research conducted by the Graduate Management Admission Council, 2014 is looking bright for those with MBAs. The study involved a survey of 211 employers in 33 countries who are looking to hire MBAs next year, and the results showed that both employment rates and compensation rates will remain strong.
72% of these employers are looking to hire MBA grads in 2014 – a small improvement over this year, which was 71%. Despite the fact that the job market in other disciplines is still delicate, it's safe for MBAs to have high hopes. According to the study, employers seem to think that applicants who have an MBA are more desirable. Another important factor in getting hired seems to be whether or not the applicant possesses language skills.
The job market forecast for Master in Management students and Master of Finance students is improving, as well. There is expected to be a 5% and 1% increase, respectively, in employer demand for these degrees.
As for salaries, about 42% of employers plan to pay those with MBAs the same amount they did in 2013, and 45% are looking to increase those wages. Only about 1% intend to decrease the salaries they offer to their MBAs. The current median salary for MBA hires in the U.S. is $90,000.
MBA Rewards & Getting Admitted
Needless to say, students who graduate from elite MBA programs often have better job prospects, but that isn't to say that an MBA from a lesser ranked program is any less promising in terms of getting hired. Having an MBA sets an applicant apart, and in fact, many companies will fund current employees with Bachelor's degrees to get their MBA.
Furthermore, there are plenty of MBA internships available, and it seems the opportunities will remain wide open throughout 2014. According to GMAC's research, some 14% of companies have the intent to expand their internship programs for MBA candidates; 61% of companies plan to seek MBA interns next year. Internships are great for supplementing an existing education as well as for opening doors into career fields.
Admissions to top MBA programs is highly selective. It's a good idea to invest in the resources that will make an application to a business school stand out. Hiring a consultant can assist in creating a personal brand that will better resonate with admissions officers.
Competitive MBA programs also look for applicants with strong GMAT standardized test scores. Accordingly experts agree that selecting a GMAT prep course that best fits a student's studying habits can have a significant effect on GMAT scores. Recently, many people are turning to convenient online GMAT preparation programs, such as EMPOWERgmat, and Manhattan GMAT.
Bottom line on getting in: the better the application and GMAT score, the better the school – and the better the future.