2023-07-20 17:10:00
GMAC survey identifies in-demand talent and hiring prospects from corporate hiring managers
RESTON, Va., July 20, 2023, among corporate hiring managers, released today by the Graduate Management Admission Council. GMAC, a global association representing leading business schools, has released the results of its 2023 survey examining what skills employers think will characterize the workplace of the future – and how well prepared they think MBA and master’s degree candidates in business are.
Employers say that communication, data analysis and strategy are among the most important skills for business school graduates right now – and most say their importance will continue to grow. US employers interested in technical skills value their future importance, but believe business school graduates could be better prepared for specific technological skills. US recruiters – like their finance and accounting counterparts – are also more critical than other regions of applicants’ willingness to use some important communication skills, and believe that business schools could better develop their graduates’ cross-cultural skills.
“The outlook for most employers suggests that business schools are on the right track to equip their graduates with the skills that are now and will become increasingly important to thrive in an information and AI-driven world,” said Joy Jones, CEO of GMAC. “We believe that business schools and their graduates will rise to the challenge of enhancing the critical skills of the future – be it intercultural competence, Web3 and blockchain or digital communications – so that they can thrive in global, hybrid organizations and make meaningful contributions in an ever-changing environment.”
Other important results:
Overall, employers believe that a business degree can offer an advantage over talent without a management degree. Employers from Asia and Fortune 500 companies are more optimistic about the skills and advancement potential of business school graduates, but are also more likely to hire more graduates from “leading” business schools. And as in previous years, employers continue to value talent from face-to-face courses over those with online degrees or micro-certificates.
“Graduates of online business degrees should present their credentials differently depending on the employer – employers in Asia tend to value the degree itself, while U.S. and consulting employers tend to want to hear about candidates’ specific skills,” suggested Andrew Walker, director of research analysis and communications at GMAC and author of the report. “Micro credentials by themselves impress employers less than a business degree, although the skills they bring are valued by some employers.”
The survey also examines how macroeconomic conditions are affecting hiring and salary decisions across industries and around the world. Encouragingly, even adjusting for inflation, MBA salaries in the United States are expected to be higher in 2023 than in 2022, while salaries for master’s degree candidates in the industrial and business fields may decrease. Despite reported recession concerns, 2023 hiring plans remain optimistic, with some growth in graduate business hiring expected compared to actual 2022 results.
About the poll
For more than two decades, GMAC’s Corporate Recruiters Survey has provided business schools and employers worldwide with data and insights to understand current trends in hiring, compensation, skill needs and perceptions of MBA and Masters graduates in business. Together with survey partners, the European Foundation for Management Development also worked with a market research company to recruit additional participants to make the overall sample more globally representative.
About the GMAC
The Graduate Management Admission Council (GMAC) is a goal-oriented association of leading graduate business schools around the world. GMAC provides world-class research, industry conferences, recruitment tools and assessments for those involved in higher management education, as well as resources, events and services to support candidates as they progress through higher education. The Graduate Management Admission Test (GMAT), developed and administered by GMAC, is the most widely used exam in business schools.
More than 12 million prospective students trust GMAC’s websites each year, including mba.com, to learn about MBA and business masters programs, connect with universities around the world, prepare for and register for exams, and get advice on successfully applying for MBA and business masters programs. BusinessBecause and GMAC Tours are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom and the United States.
To learn more about what we do, please visit www.gmac.com.
Media contact:
Teresa Hsu
Sr. Manager, Media Relations
Mobil: 202-390-4180
[email protected]
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