Encouraging news for students in graduate management programs around the world: Latest generation of graduates report strong job market with higher total earnings than in 2021, according to latest Graduate survey Management Admissions Council.
GMAC released its 2022 this month, exploring year-over-year differences in the overall graduate management education (GME) student experience, job prospects, career advancement, and more. Overall, recent graduates said post-graduation employment jumped 6 percentage points from a year ago, while total earnings rose 29% after graduation. of their degree.
This survey is a bit different from other industry student surveys because it focuses on the most recent class – this one of 2022 – rather than future students Where old students. It also shows students’ perceptions of those who graduated later in the pandemic, compared to the 2021 survey, when students were graduating at a more disruptive stage. This has led to marked improvements in student perceptions of personalized and highly tactile aspects of graduate business programs, such as career services (up 10 percentage points from year previous) and student services (up 5 points).
“This year’s summary report explores respondents’ views on their overall GME experience, job search, career goals and progression, and compensation, as well as the overall value of their degrees, in the context of the COVID-19 pandemic,” the survey said.
The 2022 survey sample includes a total of 1,718 respondents from 299 business schools and 57 countries. The students were interviewed in May, and they were either still enrolled in business schools or had just graduated.
Below are six key takeaways from 2022 GMAC Student Enrollment Survey.
1. Graduate jobs up 6 points compared to 2021
Despite volatile economic conditions, rumblings of a recession and rumors of layoffs at some of the big tech companies, 2022 graduates have apparently benefited from recent strength in the job market. An impressive 86% of graduate respondents were employed at the time of graduation, up 6 points from 2021 graduates.
Graduates from Asia-Pacific and Europe had the best job prospects – both overall and compared to last year. Some 91% of Asia-Pacific graduates were employed at the time of graduation, while 90% of European graduates were. This compared to 78% and 75% respectively who said they had found a job in 2021.
“Also noteworthy is the significant year-over-year increase in the number of recent graduates considering self-employment, from 1% to 10% overall. A similar increase is seen across all program types and in all regions of the world,” the report notes.
Globally, by program type, graduates with a master’s degree in commerce had the best labor market outcomes in 2022, while professional MBA graduates showed the greatest one-year improvement on the other :
- 91% of business master students said they had a job at the end of their studies in 2022 compared to 82% in 2021, a jump of 9 points.
- 89% of professional MBA graduates found employment in 2002 compared to 77% last year, a jump of 12 points.
- 83% of full-time MBA graduates were employed in 2022 compared to 79% last year, a jump of 4 points.
Job offer or employment status at time of graduation
2. Most people who change careers and progress have been successful.
Consistent with 2022 GMAC Prospective Student Survey, the top motivators for current students and recent graduates were to change careers or advance in their current career, even in the midst of the big quit. For the most part, they succeeded.
Overall, 57% of recent graduates who said career change was one of the top three motivators did so, including 66% for students who attended business school in Latin America, in the Middle East and Africa. The success rates for students from other regions are as follows:
- North America, 61%
- Asia-Pacific, 54%
- Europe, 55%
For students who wanted to get a promotion, 56% of graduates got one. This includes a 67% pass rate in North American B schools, 63% in Europe, 51% in Asia-Pacific, and 39% in Latin America/Middle East/Africa.
More generally, 85% of respondents rated the overall value of their degree as good to outstanding, up from 82% in 2021. Regionally, schools in Asia-Pacific saw the greatest improvement in this category, with rates favorable from 75% to 86%. Year after year.
The top three motivations for pursuing GME and successfully achieving them
3. Compensation has jumped all over the world, but especially in North America.
The good news for graduate business degree seekers is that it continues to pay dividends in one of the most important variables: total compensation. Across the globe and across all degree types, recent graduates’ total earnings increased by 29% compared to before graduation.
Certain degrees and regions were, however, more lucrative than others.
Full-time MBA graduates in North America, for example, saw their total compensation (base salary, bonuses, etc.) jump 50% from a pre-graduation median of $80,000. to $120,000 afterwards.
Graduates from Asia-Pacific schools in full-time MBA programs, meanwhile, reported a median increase in earnings of $15,000, from $65,000 before graduation to $80,000 after graduation. .
Total compensation before and after GME
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