Jobs for New MBAs Are on the Rise for “Returners” to Developing Markets
After last year’s dismal predictions of a job market meltdown, the landscape for new MBA graduates is experiencing an encouraging recovery, according to a recent Forbes report. According to the MBA Career Services Council, 60 percent of career departments at U.S. and European schools recently surveyed report more job postings this year than last. And some schools, such as New York University’s Stern School of Business, say that job postings in some sectors are up by as much as 70 percent, according to Forbes.
Hidden within these encouraging statistics are some interesting new trends, the Forbes report continued. Specifically, more and more Fortune 500 companies are now hiring international MBA students from top Western schools to run operations not in the United States or Europe but rather back in their home countries.
“With the rapid pace of globalization, corporate America has got the message that global growth requires talent with in-depth knowledge of the languages, customs and geography of other parts of the world,” Becky Joffrey of Dartmouth’s Tuck School of Business told Forbes. Recent Tuck students have been hired to run operations for Cargill and Samsung in Singapore, Israel and India, she says.
This shifting market was reflected in a recent hiring survey by international management recruitment firm Antal, according to the Forbes report. Antal’s Global Snapshot, which tracks employment trends in 55 countries, found hiring up more than 50 percent around the world since January, but up 65 percent in Brazil, 72 percent in China and 73 percent in India, Forbes reports.
“One of the key drivers behind this growth in emerging markets is a move away from the conventional expatriate model,” Graeme Read, Antal’s CEO, told Forbes. Whereas these countries used to import management expertise from the West, they are now taking control themselves and seeking locally born professionals who have trained at top business schools, Read says. “In countries like China and India, the ‘returner’ is becoming one of the most sought-after commodities in an increasingly competitive marketplace,” he told Forbes.
In response, top MBA programs are adjusting their career services budgets to reflect this new trend, according to Forbes. Harvard Business School (HSB) has upped it career services budget by 50 percent, placing particular emphasis on reaching potential new employers through international conferences. The University of Chicago Booth School of Business, meanwhile, has tripled its career development staff so that they can spend more time traveling internationally to develop new relationships with potential employers in person.
For the complete Forbes story on new MBA hiring trends, click here.