MBA executives work in a highly demanding and dynamic sector of employment which undergoes changes in almost every the passing year and thus, demands a constant improvement from their employees. This, in turn, creates more chances for better salaries and more job opportunities year by year. However, the job expectations from the employers also get proportionally amplified with all the facilities and opportunities the MBA hires get. The article sheds light for MBA in 2018 regarding hiring rates, salary levels as well as the expectations of employers from their employees.
Hiring Trends for MBA in 2018
Hiring levels for MBA have substantially increased over the period, making MBA more alluring career prospect for professionals. According to the recent 2018 reports by QS, hiring for MBA has increased by 13% globally. This is a notable figure considering the fact that it is almost double the level of growth in hiring predicted by employers in the last edition of research.
However, it must be noted that a slowdown in this growth is predicted over the coming years on a global basis. Regionally speaking, US and Canada, along with Western Europe are the regions which have seen 10% growth in hiring levels which is considerably greater than the predicted 3% and 2% respectively. In the case of the US & Canada, this comes on the back of strong growth reported last year; and the coming years look positive too in hiring prospect. In Western Europe, this comes as a part of a sluggish recovery over the last decade. In both regions, 7% growth predicted for next year.
However, the Asia-Pacific region comes out to be the global leader in terms of hiring growth with a strong 18% growth. The growth in Asia-Pacific region, with China and India as major contributors, along with the rapidly growing ASEAN region and traditional strongholds like Japan and Australia, has been the big story for years now and remains same this year. Predictions for next year are positive too for Asia Pacific region considering the trends from previous years.
Salary Trends for MBA in 2018
Salary trends have witnessed a slight dip as compared to previous years. However, the figures are expected to rise again in the coming years as expected by the employers.
Figuratively, North America remains the leader in salary graph, with employers in the US & Canada reporting base salary levels of US$98,900. This increases to US$116,300 when bonus figures are also considered. However, it is still slightly down on last year’s figure.
Western Europe has also seen an increase, with base salaries up to US$85,500 and total compensation just touching the six-figure mark at US$101,300. The employers in Switzerland offer the highest salaries in the world to their MBA employees– US$123,500, with France (US$98,500) and the UK (US$92,400) slightly behind—the latter also includes bonus figures of US$30,500, taking total compensation to US$122,900. Bonus figures are volatile and change from year-to-year.
Australia reports the highest salary figures in the Asia-Pacific region with US$98,400, followed by Japan with US$80,000.
Employer Expectations from MBA
Hiring levels for MBA have experienced exponential growth globally across all sectors this year. One of the positive stories is the strength in hiring across the ‘other’ industry grouping (15%), which takes in pharmaceuticals, industry, retail, manufacturing, and engineering. It shows the vast spectrum of industries in which MBAs are desired they now have a much wider choice of career path.
However, this financial insurance comes with an ask for higher expectations. Employers expect a lot from their MBA hires, and are not easily satisfied with what they get. Soft skill areas, notably communication skills and interpersonal skills come under the expectation radar the most. It is not just enough to be strong in functional areas. Hence a disconnect between expectations and satisfaction in leadership and strategic thinking is observed.
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