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The MBA graduating class of 2015 seems to be entering the workforce at the perfect time according to projections by the Graduate Management Admission Council (GMAC).
A report from the council, which administers the GMAT, shows that more companies are looking to hire MBA graduates in 2015 than they have in any single year since 2003. In its annual survey of corporate recruiters, GMAC found that 84 percent of companies worldwide say they are looking to hire people with a master’s degree in business, up from 74 percent that brought on new MBA hires last year. The jump is the largest year-over-year increase in projected MBA hiring since 2011. When looking at the numbers nationally, 90 percent of U.S. employers say they plan to fill desks with new business school graduates, up from 82 percent last year.
In the sectors of energy and utilities, the demand for MBA graduates was the highest, with 96 percent of companies saying they want to hire recent graduates with most of them working in fields related to finance or general management. Technology was the second most high demand industry, with 93 percent of tech companies saying they plan to make room for new graduates, mostly to work in marketing.
In addition to a rise in employment, MBA graduates are also projected to see a pay increase with many companies saying they will raise the starting salary to where recent grads can expect to earn around $100,000, which is slightly higher than the median salary in 2014 and almost double what the average college graduate will make this year.
Hopefully reports such as this, which show an increase in employment opportunities and pay, will help increase the enrollment for top business schools who have seen a dip in applications.