Now is the time to apply to business school!
While the coronavirus has undoubtedly influenced the job market, the future is looking much brighter for MBAs than it did this past spring. Data collected from class of 2020 graduates in May determined that nearly half of MBA students graduating in 2020 had their start dates delayed.
Today, however, the value of an MBA shines through. While the effects of the pandemic continue to impact work life, a new Corporate Recruiter’s Survey from the Graduate Management Admission Council suggests that the demand for MBA graduates remains high.
While GMAC typically conducts one Corporate Recruiter’s Survey per year, it gathered a second round of data this year due to the coronavirus’s disruption of the job market. These data show that, following a short dip, companies’ interest in hiring MBA graduates already is increasing.
Before the start of the pandemic, 92% of firms expressed intentions to hire 2020 business school graduates. Although this statistic dipped to 77% this summer, the GMAC’s new report suggests that 89% of corporate recruiters intend to hire business school graduates in the coming year.
Per the GMAC’s findings, the percentage of corporate recruiters planning to hire MBA graduates will continue to rise, ultimately reaching pre-pandemic levels.
Additionally, forecasted hiring in 2021 is higher than the 86% of companies that hired business school graduates in 2019, another optimistic outlook for MBAs.
The GMAC’s findings on MBA salary trends are also encouraging. For one, the vast majority of corporate recruiters are not lowering salaries. Additionally, the median base salary for the class of 2020 is still expected to remain above $100,000.
Corporate recruiters’ plans to hire international students and interns are promising as well, especially due to the rise in virtual remote opportunities.
Because the demand for business school graduates persists, now is a great time to apply to MBA programs. With trends already on the upturn for 2021, predictions are that the class of 2023 will graduate into an economy with a great number of job opportunities.
In fact, the Federal Reserve’s rate setters expect unemployment to return to its pre-pandemic levels in 2023. This aligns perfectly for those planning to start their studies in 2021.
Though the recent rise in unemployment levels led many professionals to take the leap and apply for their MBA this fall, we know that many other potential applicants have paused their MBA plans.
Understandably, this job market uncertainty prompted many, especially international applicants, to have concerns about the logistics and benefits of an MBA. However, considering the forecasted sooner-than-anticipated economic rebound, now may be an ideal time to get started on your MBA applications.
Round 2 is a great time to apply. For some schools, applicant success rates are actually stronger in round 2 than in round 1. With a little more than two months until the first round 2 deadlines, now is the time to begin your applications!
Not sure how to begin? Take a look at our Kicking Off Round 2 blog to learn what actions to take before beginning to write your MBA application essays. As you look at these tips, remember that although campus visits aren’t possible this year, there are many virtual options to help you determine your target schools.
No matter whether you are just starting to think about applying for your MBA or have already begun the process, Personal MBA Coach is here to help!
Founded by a Wharton and MIT graduate, we regularly help applicants navigate their applications each year. We also conduct mock interviews with former M7 interviewers on our team.
Personal MBA Coach has been helping candidates through all aspects of the MBA application process for 13 years with a 96% success rate. Call us today at +1 617-645-2424 or email scott@personalmbacoach.com for a free consultation on your profile along with how we can help make your MBA dreams a reality!
BIO: Scott Edinburgh is a Wharton MBA and MIT Sloan BS graduate and founded Personal MBA Coach 13 years ago with the goal of providing customized one-on-one support. Scott also serves on the Board of Directors for AIGAC, the Association of International Graduate Admissions Consultants and is invited to speak at MBA Admissions events globally. Our clients have been accepted to all top schools globally with a 96% success rate. They received $5.5M in total scholarships last year.
