MBA Graduates in High Demand Despite Economic Concerns: Data and Business Analytics Sector Expects Growth in Hiring them in 2024

For MBA students, the current hiring landscape may seem daunting with varying industry challenges, but overall, holding an MBA remains advantageous in today’s market. This conclusion comes from the Graduate Management Admission Council’s (GMAC) annual survey of employers, released on July 1, indicating that economic worries have not lessened recruiters’ enthusiasm for graduates of global MBA programs. The 2024 Corporate Recruiters Survey reveals that employer confidence in business schools’ ability to prepare successful graduates is at an all-time high, particularly given the rise of artificial intelligence, which underscores the value of human skills refined through business education.

Joy Jones, CEO of GMAC, noted that as disruptive technologies like generative AI transform the labor market, employers increasingly value strategic thinking, leadership, and problem-solving skills alongside technological expertise. The survey, conducted in partnership with the European Foundation for Management Development (EFMD) and the MBA Career Services and Employer Alliance (MBA CSEA), polled 931 corporate recruiters and hiring managers from 38 countries between January and March 2024.

The primary finding of the survey was that concerns about inflation and recession have not negatively impacted employer confidence in graduate business education. This confidence has surged across key industries such as consulting, finance, accounting, and technology since the pandemic. A majority of global recruiters plan to maintain or expand their hiring in 2024, with one-third anticipating an increase in MBA hires compared to the previous year.

The report also highlighted that employers believe MBA graduates tend to outperform other employees, advance more quickly to senior positions, and earn higher salaries. This belief has strengthened over recent years, possibly due to the rapid advancement of technologies like generative AI. Most employers do not expect immediate changes from these technologies in their workplaces but foresee AI skills becoming crucial in the next five years across various regions and industries.

Problem-solving and strategic thinking are consistently valued as the top skills for MBA graduates now and in the future. Jones emphasized that future business leaders must harness technological advancements and manage the changes they bring, and graduate business programs are uniquely positioned to develop such talent.

The survey also found growing employer confidence in MBA graduates’ ability to navigate hybrid and remote work environments. About two-thirds of employers believe that the skills gained through graduate business education are more critical in today’s hybrid work environment, a significant increase from 2021 during the pandemic’s peak. However, this confidence does not yet extend to online MBA programs. Two-thirds of employers still prefer in-person programs for imparting stronger technical skills, and nearly three-quarters believe they are better at developing leadership and communication skills. Nevertheless, resistance to remote learning in the U.S. is beginning to soften, with more employers recognizing that online programs can also effectively develop essential skills.

The optimism about the global economic outlook contributes to strong hiring projections despite inflation and recession concerns. The consulting, finance, and accounting sectors are expected to hire more MBA graduates in 2024, with the data and business analytics sector seeing the most significant growth. U.S. employers showed some conservatism about hiring expansion, while employers in Asia reported the highest intended hiring across all degree types. Additionally, international hiring outside the U.S. is increasing, with significant growth in major markets in Asia and Western Europe compared to pre-pandemic levels in 2018.

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