The 2022 hiring outlook for MBA graduates is strong. After the early stages of the pandemic caused demand to falter for 2020 graduates, both hiring and salaries have rebounded to pre-pandemic levels. The QS Global Employer Survey 2022, which included over 5,000 MBA employers from 40 countries, found that 70 percent of US employers expect to hire more graduates within their organization in the next year.
Technology firms, which have shown consistent growth throughout the pandemic, are expected to drive demand for MBA graduates. Technology recruiters' interest in hiring MBAs has grown over time according to the 2021 GMAC Corporate Recruiters Survey, with the number of technology recruiters planning to hire MBAs climbing from 80 percent in 2019 to 96 percent in 2021. Similarly, the QS Global Employer Survey found that just over 50 percent of US companies offered MBA graduates roles in IT and technology, in both 2020 and 2021, compared to 27 percent receiving those functional roles globally (2021).
Amazon reported that in 2021 they increased MBA hires by 20 percent due to growth in demand for their products and services. Speaking to BusinessBecause, an Amazon spokesperson explained that the company hires were based on demand and that, “We work with business teams across Amazon to determine their need for student talent each hiring season.” The spokesperson also noted that they expect hiring to continue to increase in 2022. Other large employers of MBAs in technology include Google, Microsoft, and Apple.
Consulting will also continue to play a large role in MBA hires. With the US management consulting market size projected to grow by 4.1 percent in 2022, demand for MBAs from consulting firms is expected to remain high. GMAC’s Corporate Recruiters Survey found that 95 percent of consulting recruiters plan to hire MBAs. And, In 2021, 46 percent of those recruiters said that they expected to increase their MBA hires, compared to just 21 percent in 2020. McKinsey, BCG, and Bain have historically employed the largest number of MBA graduates and will likely continue to do so.
As companies throughout the US struggle with hiring and retaining the skilled workforce that they need, MBA graduates are well positioned to thrive. Economists are speculating that omicron could continue to impact the overall employment rate, pointing out that, across industries, quit rates have remained high, but hiring rates remain even higher. “Workers being able to quit their jobs to take better ones is a very good thing and signals an economy with healthy dynamism,” said Economic Policy Institute President, Heidi Shierholz. “A high quit rate combined with strong job growth is absolutely something to celebrate.”
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