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MBA graduates in high demand despite economic concerns: data and business analytics sector expects MBA employment to increase in 2024

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For MBA students, the current employment landscape may seem daunting due to the diverse industry challenges, but overall, an MBA degree remains beneficial in today’s marketplace. This finding comes from the Graduate Management Admission Council’s (GMAC) annual employer survey, released July 1, indicating that economic concerns have not dampened recruiters’ enthusiasm for graduates from 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, especially given the rise of artificial intelligence, which underscores the value of human skills honed through business education.

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

The main finding of the survey was that concerns about inflation and recession have not affected employer confidence in postgraduate business education. Confidence has increased in key industries such as consulting, finance, accounting and technology since the pandemic. The majority of global recruiters plan to maintain or increase headcount in 2024, with a third predicting an increase in MBA hiring compared to the previous year.

The report also highlighted that employers believe that MBA graduates tend to outperform other employees, advance more quickly into management positions, and earn higher salaries. This perception has grown stronger in recent years, likely due to the rapid advancement of technologies such as generative AI. Most employers do not expect these technologies to change immediately in their workplaces, but they do predict that AI-related skills will become essential in the next five years across various regions and industries.

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

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 they gain from a postgraduate business education are more important in today’s hybrid work environment, a significant increase from 2021, when the pandemic was at its peak. However, that confidence has not yet extended to online MBA programs. Two-thirds of employers still favor in-person programs to impart stronger technical skills, and nearly three-quarters believe they are better at developing leadership and communication skills. However, resistance to remote learning in the U.S. is starting to wane, with more employers realizing that online programs can also effectively develop essential skills.

Optimism about the global economic outlook is driving a strong hiring outlook despite concerns about inflation and recession. Consulting, finance, and accounting sectors are expected to hire more MBAs in 2024, with data and business analytics seeing the strongest growth. U.S. employers showed some conservatism on hiring expansion, while Asian employers reported the highest hiring plans across all degree types. International hiring is also on the rise outside the U.S., with significant increases in major markets in Asia and Western Europe compared to pre-pandemic levels in 2018.

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