If you or someone you put through college is entering the job market with a master's degree in management, life just got better.
A survey of hiring managers by the nonprofit Graduate Management Admission Council found that more than half of the respondents are planning to pay more for such potential talent in 2014 than they did last year.
These talent-seekers are clearly gearing up for what they see as a continually improving economy, and they're willing to budget more in order to get the horses they need to compete.
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"Employer plans to hire graduate business talent in 2014 are expected to remain strong for nearly all investigated candidate types, underscored by a majority of firms with increased focus on growth for the coming year and reduced focus on efficiency goals," GMAC said in a release. "In addition, a majority of employers that plan to hire new business school graduates in 2014 report expected growth in salary levels at or above the rate of inflation."
GMAC surveyed 211 employers at 185 companies in 33 countries worldwide. Among its findings:
• 72 percent of employers expect to hire MBA graduates, compared to 71 percent in 2013;
• 42 percent plan to hire candidates with a master's in management (up from 37 percent);
• 36 percent intend to hire those with an accounting master's (up from 35 percent);
• 35 percent plan to hire finance masters candidates (down from 36 percent);
• 48 percent identified targets among various "other" master's candidates (up from 44 percent);
• 87 percent of respondents plan to maintain or increase the number of new MBA hires.
The payoff for those entering the workforce this year will be handsome as well, the survey suggested. "A majority of employers seeking to hire business school graduates in 2014 (between 51 percent and 58 percent) plan to increase annual base salary levels for new hires at or above the rate of inflation," GMAC reported.
Highlights of the salary survey:
• 56 percent plan to increase base salaries for recent MBA graduates at or above the rate of inflation;
• A slightly higher percentage (58 percent) of those seeking a master's in management graduate in 2014 will increase base salaries at or above the rate of inflation;
• More than half of employers planning to hire candidates with a master's in accounting and finance graduates will increase salaries at or above the rate of inflation;
And, for those not yet newly minted grad students, internships will abound this year. Nearly 90 percent of respondents said they'll offer internship opportunities for graduate business students, and 61 percent plan to extend internship opportunities to MBA students.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
