Skills shortages, coupled with an unpredictable business landscape, are likely to make MBA graduates more attractive to recruiters, leading to a boom in MBA jobs in 2022, according to career experts.
While demand for MBAs fell at the start of the pandemic, it has since increased, with salaries and hires for MBAs returning to pre-pandemic levels in 2021.
Experts say the growing demand for MBA graduates is expected to continue into 2022. Key industries that have performed well during the pandemic, the tech sector in particular, are expected to experience the strongest growth in MBA hires.
“Business models have changed dramatically for most companies,” says Willem van Donge, manager of professional and personal development at Nyenrode Business University. “These types of dynamics are driving the demand for MBA graduates.”
So what are the top MBA hiring trends for 2022?
More MBA jobs in technology!
It’s the same story for some time now: The tech industry has been the hit with the pandemic.
Driven by the shift to remote work, technology companies have experienced constant growth. Apple recently became the first company valued at over $ 3 trillion, while Microsoft is expected to achieve the same feat in 2022.
Large tech companies are some of the biggest MBA recruiters and the most attractive companies for MBA graduates.
The success of the pandemic means that they have increased their hiring of MBAs from year to year throughout the pandemic. In 2019, 80% of tech companies reported their intention to hire MBAs. In 2021, this figure has risen to 96%.
This should continue in 2022, thinks Mitchell Kam (Photo), Principal Director of the Graduate Career Management Center at UCSD Rady School of Management. Mitchell also predicts that e-commerce in particular will be the key to generating MBA jobs.
The increase in hires among tech companies means a greater focus on digital and data skills, a key area that MBAs need to focus on this year. “There is an increasing demand for candidates with skills in analysis, machine learning and artificial intelligence (AI),” says Mitchell.
MBA Consulting Jobs Remain Strong
Consulting firms are often the best recruiters for MBA talent pools, led by the big three consulting firms: Bain, McKinsey, and the Boston Consulting Group.
The sector is considered a good choice for MBA graduates, requiring business acumen and a diverse set of skills. It’s also very lucrative, as the starting salary for MBAs is over $ 160,000.
“Even when the market isn’t great, there are usually opportunities in consulting,” says Chris Garnett. (Photo), Head of Postgraduate Careers and Employability at Alliance Manchester Business School.
With the increase in demand for MBAs across all fields, it’s no surprise to learn that consulting firms are likely to be the top MBA employers in 2022. According to the Graduate Management Admission Council (GMAC) , nearly half of the best consulting firms predict their MBA demand. will increase over the next five years.
“The board is very active right now,” adds Chris. “In the current climate, it is probably the most active sector.
Technology will drive MBA hiring in other industries with more healthcare MBA jobs
The influence of technology extends to other industries. Companies in most industries have adapted their business models and incorporated more digital practices during the pandemic. This has increased employment opportunities for MBAs with digital skills.
Chris predicts this will continue into 2022, boosting recruitment in areas such as technology consulting. “Where these two areas intersect in technology consulting, there is a real skills gap and many opportunities,” he explains.
“Organizations have a greater need to acquire digital knowledge and a strategic mindset, either by recruiting directly or by bringing in external consultants,” he adds.
Healthcare is another sector that has undergone a digital transformation during the pandemic.
Record levels of investment have fueled the adoption of new technologies for predictive and preventive care. The global healthcare apps market, valued at $ 2.4 billion in 2017, is expected to grow to $ 102 billion by 2023.
At UCSD Rady, healthcare and biotechnology are the main industries recruiting for the school’s MBA graduates, Mitchell says. He predicts this will continue in 2022.
More sustainable jobs and jobs with social impact for MBA graduates
Sustainability is fast becoming the key to doing business, and some experts predict that a lasting employment boom is on the horizon.
Armed with the impact of the pandemic on the climate and large-scale events like the COP26 Climate Conference, sectors like impact investing, sustainable finance and social entrepreneurship have gained ground. Sustainable development is now part of companies’ recruitment strategies as more and more ESG jobs emerge.
“Job vacancies, including the social impact within the role, have surged over the past two years,” says Beth Briggs (Photo), Associate Dean of Career Services at NYU Stern.
This is also a key area for MBAs when assessing potential employers, she explains. “Employers and MBAs are increasingly interested in sustainability and impact. ”
Companies also emphasize inclusiveness and diversity as part of this dynamic of sustainable development. A recent BCG report found that companies with above-average diversity in their leadership teams achieved higher levels of innovation. Diversity is likely to be an important goal for MBA recruiters in 2022.
“Employers across all industries include diversity and inclusion in job descriptions and look for candidates who demonstrate these core values,” says Beth.
MBA employers want agile leaders
The only thing businesses can be sure of this year is uncertainty. The pandemic causes regular changes between physical and remote work, and often forces borders to close and open quickly with little warning.
In this climate, employers are increasingly looking for new recruits capable of handling unpredictable situations, preferring to recruit candidates who demonstrate agility.
73% of recruiters cite a versatile skill set as the main reason for hiring MBA cohorts, according to GMAC.
Students who can show themselves to be agile leaders will therefore be attractive to employers in 2022, says Stephanie Kutschmann, MBA program manager at the Frankfurt School of Finance and Management.
“Companies are looking for MBA graduates who not only know how to deal with challenges and change, but who also have the ability to drive those processes,” she explains. “Graduates excel when they take a holistic approach to their development. “
Now entering our third year of the pandemic, businesses have a much clearer idea of how to operate than they did in 2020.
The outlook for MBA jobs in 2022 is more positive than in previous years, as emerging sectors begin to increase MBA hiring and more established industries like consulting and technology continue to value MBA skills.
The move towards technology means that MBAs need to ensure that their digital skills are up to par when looking to attract employers. Demonstrating a wide range of skills will also be essential in convincing recruiters that you are capable of thriving in an unpredictable environment.
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