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Demand for MBAs by Region
More and more companies are global in their operations without ties to any one region, according to the QS TopMBA.com Recruiter Survey 2007. In total, 58 of the 489 recruiters responding to our survey had global responsibility for MBA hiring. These global recruiters include strategy consulting firms, investment banks, and pharmaceutical companies, supplemented by a small number of companies in most other sectors.
North America
In the USA, the largest MBA employment market, recruitment is booming again according to the QS TopMBA.com Recruiter Survey 2007.
Demand is growing both amongst mainstream, high volume recruiters and companies seeking a smaller, more select entry pool. Maryana Ayerbe of Merrill Lynch USA says, “We are increasing our MBA hiring because MBAs bring in the new talent and energy that the business needs to grow.”
Debbie Sehulster of Ingersoll Rand USA says, “We have been able to improve our leadership strength over the years by bringing on a handful of MBAs each year. We have a rigorous hiring process and have been successful in recruiting and retaining high calibre talent that in the long term become high performing and/or high potential leaders in our organization. MBAs bring us greater business acumen than undergraduate students.”
Many industrial companies are having to look outside the top tier schools in order to find the MBAs which match their skill requirements at a competitive salary. Mesha Mott of Mead Westvaco USA observes, “Depending upon the universities and the skill sets required, salary requirements may be misaligned with what the candidates actually bring to the table. This usually is a function of both school/reputation of program and skill set of hires.”
For many candidates, entry to a top-tier US business school channels them into a banking or consulting career post-MBA in order to pay back the fees, as well as follow the natural peer-pressure to get the ‘best job’. A growing number of candidates are actively looking for specialist smaller schools which can better match their career aspirations. This requires a more thorough self-assessment prior to the MBA, a thorough business school search and a reduced reliance on overall rankings.
It is still a challenge for foreign students to obtain H1 visas to stay and work in the US, though recent evidence confirms that as the labour market tightens, recruiters are finding ways to hire the people they really want. The Director of the Career Service at Wharton comments, "Over 60% of Wharton's international students accepted full-time positions in the United States last year." At UC Irvine, Tom Koziki reports that 90% of their international students obtained work permits to stay and work in Southern California, but a handful of students were unable to stay beyond their F1 visa which guarantees a year of work experience in the USA after an MBA.
Europe, Middle East & Africa
MBA recruitment is very much on the agenda of European-based companies seeking to be internationally competitive. Lucy Tarrant of Barclays Bank says, “To become a truly global bank, we need internationally-minded future leaders.”
Usha Kakaria-Cayaux of Nike Netherlands says, “We look for MBAs for their learning agility, international experience, conscious decision to evolve, interest in continual learning and broad management exposure (although sometimes somewhat surface level).”
Several Western European countries are becoming hot spots for MBA recruiting. The UK is at full employment, particularly due to the implementation of the Highly Skilled Migrant Programme, the visa regime that is favourable to MBAs of almost any nationality. Spain and Italy have growing numbers of financial and technology companies regularly recruiting MBAs, as well as a growing consulting industry. The German economy is also on the move. France remains sluggish, though a new right wing government seems set on revitalising the industrial sector and major companies are active. Dominique D’Arcy of Manchester Business School says, “Increasingly the MBA is becoming the mainstream qualification for recruiters in many Western European countries, as has been the case in the USA for many years.”
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