Diversity MBA Magazine - Summer 2008 - (Page 90)

Latest MBA Salary Data Suggests MBA Is A Safe Haven In an era of financial insecurity and intense global competition, the MBA qualification seems to be a safe haven for young professionals seeking career advancement. Average salaries for newly graduating MBAs from many top business schools in both the US and Europe exceed $100,000 for the first time. QS, publishers of the Global Recruiters’ Top 100 Business Schools as well as the Times Higher-QS World University Rankings, reveals the average salaries reported by over 350 of the world’s leading business schools for their class which graduated in summer 2007. This data is published for the first time in the new 2008 edition of TopMBA.com/Scorecard, which is live from April 2008. founded with 25 corporate partners and these partnerships help ensure our MBA students receive good starting salaries on graduation.” Small class sizes, slightly more experienced students and the strong Euro may go some way to explaining why European schools are outperforming their international counterparts, but do not tell the full story. MBA recruiters in Europe are switching on to the MBA qualification in increasing numbers. Sarah Thomas, MBA Recruiter at Standard Chartered Bank, based in London, reports that the bank is seeking to double MBA hiring in 2008. Rudi Kindts, HR Director of British American Tobacco, expects to “dramatically increase MBA hiring in Europe in 2008.” Table 1 - Averages By Region For The 50 Business Schools Reporting The Highest Salaries In Usa And Europe For Class Of 2007: Region USA UK Europe Average base starting salary US$ 102,223 105,771 107,350 % accepted employment three months after graduation 93 92 90 Average years work experience 5 7 6 Number of schools in top 50 19 14 17 Source: QS TopMBA.com/Scorecard Table 1 reveals that among the US and European business schools offering the highest salaries, 19 are in the US, compared with 14 in the UK and 17 in Continental Europe. With an average of $107,350, this is the first year on record in which European business schools have reported higher average salaries, in dollar terms, than their US or UK counterparts. Employment rates are similar across all schools, with between 90% and 93% of students having accepted employment within three months of graduation. The profile of candidates is also similar, with an average of between five and seven years of work experience. Table 2 shows the average salaries reported by each school. IMD in Switzerland tops the list with a reported average salary of $129,000, followed by Saïd Business School at Oxford University at $125,440. The table also illustrates a number of less well-known European schools, which are yielding very high starting salaries. Ulf Dreier, Marketing Manager at ESMT in Berlin, which reports an average starting salary of $116,800 for its 31 students, says: “We are a relatively young school, 90 At a recent QS World MBA Tour Admissions panel in Frankfurt, Janet Shaner, Director of Marketing at IMD, explained that the school looks for proven highachievers. Their general management MBA results in many of their graduating MBAs entering industrial and commercial management functions within Europe, a segment where demand is growing rapidly. Companies operating on a global level are increasingly turning towards MBAs. KPMG is a world leader in audit, tax and advisory services and has traditionally favored accountants to MBAs. Lord Michael Hastings, Global Head of Diversity at KPMG International, says this is changing: “KPMG is constantly working with global clients who are asking us how they square up in the world where there is conflict and how to function in those areas to best develop their business. The MBA provides a richness of perspective that is not easy to pick up by standard study. There is huge value to MBAs as they have great depth.” |dMBA| w w w. d ive r s it y mb a ma g a z in e. c o m http://TopMBA.com/Scorecard http://TopMBA.com/Scorecard http://www.diversitymbamagazine.com

Table of Contents Feed for the Digital Edition of Diversity MBA Magazine - Summer 2008

Diversity MBA Magazine - Summer 2008 Contents Letters to the Editor In Your Own Hands Editor's View Find Your Power Voice Business Briefs Off the Shelf The Fourth Annual Top 100 Under 50 Diverse Corporate Executives Negotiation: The Art of Persuasion or Zero Sum Game? Career Planning for Tomorrow's Hispanic Workforce Who's Who In Diversity Entrepreneur Profile: Anita Santiago: Doing It Her Way Businesses that Keep On Giving Rising Sun Going Global: Will An International Assignment Benefit Your Career Work-Life Balance and the C-Suite: An Oxymoron? A Call to Save Travel: Off the Beaten Path - Chile Drawing the Line – Latin Art Exhibit The New Taste of Latin Cuisine American Sabor: Exhibit Highlights Latino Influence in Pop Music Crafting Specialized Business Degrees Latest MBA Salary Suggests MBA Is A Safe Haven Gadgets & Gizmos Gone Phishing – How Scammers Mine Private Data From Web Surfers Advertiser's Index The Meaning of Sanctuary

Diversity MBA Magazine - Summer 2008

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