"Who’s Got Those Top Jobs?" (Harvard Business Review, March 2014) by Peter Cappelli (Wharton), Monika Hamori (IE), and Rocio Bonet (IE).
(Video Published on 11 Feb. 2014 ("Advice to young managers" at 5m12))
Peter Cappelli is the George W. Taylor Professor of Management at the University of Pennsylvania's Wharton School and the director of its Center for Human Resources.
Monika Hamori is a professor of human resource management, and Rocio Bonet is an assistant professor of human resource management, at the IE Business School, in Madrid. Prof. Hamori's work was published in Organization Science, the Academy of Management Annals, the Academy of Management Perspectives and Human Resource Management, among others.
...Over the past 30 years we've seen executives' education levels rise. About 65% of the leaders in 2011 held graduate degrees, compared with 62% in 2001 and 46% in 1980. Companies with the most MBAs in their senior ranks included Sears (75%), Sunoco (70%), and Disney (63%)...
Economist.com - whichmba - "A bumpy road to the top", 24th Feb. 2014
Aspiring MBAs may well ask: how do they get to the chief executive’s seat, and what kind of career bumps can they expect along the way?...
HBR (July 2010) article by Monika Hamori, "Managing Yourself: Job-Hopping to the Top and Other Career Fallacies"
Video May 2009, Dr Rocio Bonet speaks about the effect that MBA Rankings have on graduates' careers: "Career advancement of MBA graduates - IE Professors Talk".
Miss yesterday's campaign enews? Get inspired this morning & read about enterprise news, competitions & more! http://t.co/xawb4pumWX— StartUp Britain (@StartUpBritain) November 20, 2013
Failing to equip young people properly has an estimated £28 billion loss to the economy. Young people 'Not in Employment Education or Training' (NEET) cost £4.6 billion per year.
However, as the report's authors conclude, if we get it right then the rewards are significant. The CBI estimates that better education could add £8 trillion to the UK's GDP over the lifetime of a child born today – the equivalent of 1% to GDP each year.
Those schools reporting higher levels of enterprise education embedded into the curriculum feel that it improves the retention of pupils at risk of disengagement
*Report refers to another "Changing the Pace" report by CBI/Pearson
Raising ambition for all in schools
The most important factors employers weigh up when recruiting school and college leavers are their attitudes to work (78%), their general aptitudes (57%)….
these rank well ahead of academic results alone (37%)
...Perhaps the most surprising results were the 12 per cent of respondents had more than eight interviews, and 19 per cent were interviewed more than 10 times in the first round...
When Princeton professor Anne-Marie Slaughter published an essay in The Atlantic titled, "Why Women Still Can't Have It All," in July 2012 (most popular article of all-time of The Atlantic), she touched a nerve across generations and among both men and women, setting off a renewed public debate on women's progress and work-life balance.
Slaughter recently visited campus as a guest lecturer in the Authors@Wharton series and spoke directly to the people who she says inspired her to write the piece: this generation's students. In an interview for Knowledge@Wharton with Stewart Friedman, Wharton practice professor of management and director of the Wharton Work/Life Integration Project, Slaughter, former director of policy planning for the U.S. State Department, shares what it was like to draw back the curtain on her life as someone perceived to "have it all," and why she passed up the promotion of a lifetime to be with her family. She also suggests how companies can make life better for both women and men, and what society collectively must do to support the next generation.
An edited transcript of the conversation follows...
In 2011 the chief executives of the 500 biggest companies in the U.S. (as measured by a composite ranking of sales, profits, assets and market value) got a collective pay raise of 16% last year, to $5.2 billion.
A Wharton MBA in this year’s Class of 2012 landed a total first-year compensation package of $450,000, according to the school’s employment stats. That’s not a misprint. It’s $450,000 in base pay, sign-on bonus, year-end guaranteed bonus and possibly some other perks such as paid relocation expenses and tuition reimbursement.
Nice work if you can get it.
Yet, none of Wharton’s numbers this year are breaking any records. Even the $450K-a-year grad, who presumably landed a top finance gig, had been eclipsed by an MBA who reported a $680,000 total comp one-year package back in 2004...
For all the talk about job cuts on Wall Street and diminished prospects for MBAs in finance, it’s easy to lose sight of the fact that the vast majority of MBAs are still in demand. New research from the Graduate Management Admission Council, which publishes the GMAT B-school entrance exam, predicts something of a hiring boom next year.
GMAC surveyed 201 employers between Oct. 31 and Nov. 16 (mostly big U.S. companies) and found that 76 percent expect to hire MBA grads in 2013, up from 69 percent this year, and that 23 percent expect to hire more than they did in 2012. And it wasn’t just MBAs who were feeling the love from employers. The percentage of employers planning to hire a broad swath of specialized master’s degree graduates was up across the board. You can read the full report here...
Wikipedia: Since 1975 it has been revised and updated annually, sometimes substantially. Nine million copies are in print, and it has been translated into fourteen different languages worldwide. To date, over ten million copies have been sold worldwide. The book recommends networking to find "the person with the authority to hire you"...
It was bound to happen someday. And for at least one MBA in the Class of 2012 it finally did. The graduating student landed a job with a starting base salary that broke the million-dollar barrier.
What is even more surprising is that it didn’t happen at a Harvard or Stanford or Wharton. Manchester Business School in Britain is reporting that one of its graduates from the Class of 2012 got a job in financial services for the largest reported starting salary in history for a freshly minted MBA: $1,088,638.
That’s more than nine times the $120,000 median starting salary of a Harvard MBA this year. And the million-dollar jackpot merely represents base salary, not a lot of the other goodies that are often dangled in front of the best and brightest MBAs: signing bonus, stock options, guaranteed year-end bonuses, or tuition reimbursements...
February 28, 2012 - According to new findings by the MBA Career Services Council, 70% of schools reported an increase in on-campus activity for full-time positions compared with last fall. 46% reported an increase in job postings for internships.
The MBA Career Services Council, an association of business school career management offices and companies who hire MBA students, released the findings of its Fall 2011 Recruiting Trends Survey today. The findings show that both on-campus recruiting opportunities and full-time job postings have increased for most schools worldwide. These results reflect increasing optimism in the expectations of career services professionals, the majority of whom predict continued growth in total job opportunities throughout the year...
Three of the world’s largest MBA recruiters top a new list of the companies with the greatest career opportunities. Boston Consulting Group, Bain & Co., and McKinsey & Co. are number one, two and three in the new survey published today (Sept. 2) by Glassdoor.com...
Relatively few MBAs will go on to become chief executives, but for those who do, the financial rewards can be huge. Those rewards got considerably less gargantuan this year, however. The top 10 CEOs of billion-dollar-plus companies who have MBAs collectively earned more than $278 million in the most recent fiscal year, down about 15 percent from last year's top 10...
The worse the economy gets, the more popular business degrees become. By Richard Northedge
More people than ever want to study for an MBA, the course first offered by Harvard more than a 100 years ago. The London Business School has had 3,500 applications for this month’s 400 places. Demand for business courses in the UK is up by 8 per cent.
Jane Delbene, the director of marketing at the Graduate Management Admissions Council, which sets the entry tests used by many business schools, says: “There’s an inverse relationship to the economy. When the economy’s down, people decide they want to go to business school.” ...
Article of WSJ, July 18,2011
M.B.A. students from top-ranked schools are increasingly naming technology firms as their most-desired employers, according to a new survey, recalling the fervor of a decade ago, when the dot-com boom attracted plenty of freshly minted business-school graduates...
Welcome to the Financial Times Ask the Experts Jobs Clinic 2011. Are you an MBA graduate still looking for a job? Or are you a corporate recruiter, hoping to recruit MBAs this year? What skills can an MBA bring to your company?
Bruce Lane, vice-president of MBA Focus, the US-based recruitment organisation that specialises in MBA recruitment, answered your questions on Wednesday 29th June 2011.
...But the development that has taken most business schools by surprise is the strength with which banks and financial service firms have returned to the hiring trough...
Article of Bloomberg BusinessWeek, June 16, 2011
Following Lehman's collapse, many big MBA employers cut back on hires from top schools, and a new crop picked up the slack
...more students have begun seeking nontraditional job opportunities and the job market for MBAs has diversified...The decline reflects an industrywide trend that has prompted business schools to better prepare students hoping for job offers from such firms...
...For the third year, Bloomberg Businessweek asked PayScale, a company that collects salary data from individuals through online pay comparison tools, to use its database of MBA graduates at the top U.S. business schools to calculate their median cash compensation—salaries and bonuses—around graduation and after they have an average of 5, 10, 15, and 20 years of pre- and post-MBA work experience in the same industry. We then used those data to calculate an estimate of median cash earnings over the entire 20-year span.
Overall, grads from the 57 top programs earned an estimated $2.4 million in base pay and bonuses over the course of a 20-year career, according to the data. On the high end is Harvard Business School (Harvard Full-Time MBA Profile), where grads earned about $3.6 million...
Every spring, the Wall Street Journal publishes a CEO Salary Report, using a Hay Group survey to break down compensation levels for the CEOs of the 350 biggest publicly traded US companies. Every year, there is predictable outrage at the sheer size of the numbers, especially relative to the average worker. This year was no exception, though the criticism had a particular post-crisis bent: Why are CEOs making an average $9.3 million, up 11% over 2009, when the economy is still largely in the tank?...
Financial-Services Companies, Consulting Firms Lead Hiring of M.B.A. Students After Declines
After two years of sharp declines in hiring, M.B.A. students are having more success landing jobs, and getting them earlier, than during the depths of the financial crisis...
Corporate bigwigs addressing the B-school class of 2011 are tempering their optimism. The message: Work hard, add value, embrace change
Few corporate leaders have as rapt an audience as they do when they speak at commencement, that great rite of spring when graduates get to reflect on the academic life they're leaving behind and the challenges and opportunities ahead. And this year's crop of B-school graduation speakers is no exception. With the job outlook for both college business majors and MBAs improving, the tone this year was generally optimistic—with a healthy dose of reality thrown in for good measure...
The job market for people with management education degrees has improved—and employers expect conditions to get even better during the months ahead, according to the results of a pair of annual international surveys released today by the Graduate Management Admission Council (GMAC).
The 2011 GMAC Global Management Education Graduate Survey reflects responses from 4,794 graduating members of the class of 2011 at 156 graduate business schools worldwide. Visit gmac.com/globalgrads for a report about the survey findings.
The 2011 GMAC Corporate Recruiters Survey includes responses from 1,509 employers from 905 companies in 51 countries. GMAC partnered with the European Foundation for Management Development (EFMD) and the MBA Career Services Council (MBA CSC) to develop the survey. A summary of the survey results is available at gmac.com/corporaterecruiterssurvey.
May 13 (Washing Post with Bloomberg) -- Paul Danos, dean of the Tuck School of Business at Darmouth College, talks about his tenure at the school and the placement and success of Tuck graduates. Danos was reappointed to serve a fifth four-year term as dean on May 11. He speaks with Tom Keene on Bloomberg Television's "Surveillance Midday." David Blanchflower, a Dartmouth professor and former policy maker at the Bank of England, also speaks. (Source: Bloomberg) (Bloomberg)
In Search of the MBA Superman or Wonder Woman, Poets and Quants, John A. Bryne.
When corporate recruiters interview MBA students, what exactly are they looking for? And what do they ultimately expect when they hire an MBA?
From a list of desired traits, knowledge, skills and abilities, you’d think they were looking for Superman and Wonder Woman, according to a new study of employer expectations released yesterday (May 10) by the Graduate Management Admission Council (GMAC). The report is based on the opinions of 1,509 corporate recruiters who hire MBAs at 905 companies in 51 countries. Each survey respondent was asked to check off the five most desired traits or skills he or she wants to see in an MBA...
The financial institution surveyed 375 U.S.-based, private, VC-backed software, hardware and cleantech companies, and found that startups are generally optimistic about current business opportunities and that they will continue to hire throughout 2011 to support the expected growth...
We’re In The Middle Of A Terrible Blubble!, Michael Arrington, April 24, 2011.
UPDATE April 26, MarketWatch, WSJ: New Internet bubble gathering steam
B-school career offices chase a new breed of employer as students look beyond Wall Street...
NASSCOM, with Fragomen as Knowledge Partner is pleased to announce “Global Immigration - Trends, Opportunities & Challenges - 2011”, an immigration workshop on employer responsibility, new global legislative developments and strategies for compliance at a time of ever increasing restrictions on the worldwide deployment of international personnel.
We had an interesting year where corporations were coming out of the recession and increased deployment globally in line with renewed client demand. In the last one year, we have seen more protectionist measures as well as new challenges. We have seen visa costs increasing and minimum eligibility requirements more stringent across the globe. Mobility and Immigration professionals have been working in tandem with government agencies and industry bodies to be able to address these new demands and be in compliance with the legal requirements.
This conference will enable attendees to obtain and understand a comprehensive overview of the current Immigration trends, challenges and best practices covering multiple international destinations for multi-national corporations. We have confirmations from embassies as well as government immigration authorities from major geographies to speak at the event.
The program with details can be downloaded by clicking here. We look forward to meeting you at this seminar.
Employers clamor for students with project management skills
An M.B.A. no doubt bolsters any résumé and allows many students to walk through professional doors that would have otherwise been shut. But once an M.B.A. graduate has stepped over that threshold, their skills will be put to the test. And while many M.B.A. students may be well versed in the nuances of finance, accounting, and analysis, employers have recently indicated that they need a more diverse set of skills from many of these high priced employees.
Increasingly, employers in various fields are seeking workers who have a proficiency in project management. Skills like time management, the ability to implement strategic change, and cost management, among other...
Article by: Alison Damast on March 10, 2011
MBAs should be heartened by the findings of a new report, which predicts that hiring in the finance and consulting sector should return to pre-recession levels beginning in 2012. The finance sector hired 22 percent more MBAs in 2010 and expects to increase hiring by 11 percent this year, while the consulting industry increased hiring by 19 percent last year, and plans to bump hiring up 37 percent this year, according to data from the QS TopMBA Jobs and Salary Trends report. The report was published by the QS World MBA Tour, a London-based company that organizes information and recruitment fairs for business school applicants. The organization surveyed over 5,000 companies in 36 countries for the report, released this week...
Median Salary Tops US$94,500; 93 Percent of B-School Alumni Employed
GMAC Press Release, February 10, 2011
Reston, Virginia—Compensation packages for MBAs who graduated over the last decade are continuing to grow as the global economy appears to be on the mend, according to research conducted by the Graduate Management Admission Council (GMAC), owner of the GMAT exam. The median base salary for business school alumni in the survey topped US$94,500 in 2010—well above the pre-recession level of US$89,000 recorded in 2007.
Download the Survey Report (254KB PDF)
Financial Times, January 31 2011
If you are looking for a job, Asia is the place to be. This seems to be the unanimous view of headhunters, recruitment consultants and companies.
The latest Employment Outlook Survey by Manpower asked 64,000 human resource and recruitment managers around the world about their hiring intentions for the first quarter of 2011. The results show that India, China and Taiwan are the best places to look for a job in the new year...
The New York Times/International Herald Tribune, January 31, 2011
M.B.A. increases earnings, British survey shows
Earning a master’s degree in business administration increases median earning power by a third. Men earn more than women. Bonuses seem to be coming back. And graduates of full-time, two-year courses earn on average 33 percent more than graduates of part-time courses.
Those are just a few of the findings in a survey of more than 2,000 business school alumni by the Association of M.B.A.’s, an organization based in London that accredits postgraduate business programs. The 2010 Career Survey, by the association’s Research and Consultancy Center, looked at salaries for...
Article of BusinessWeek, January 24, 2011
With the MBA job market on the rebound, 2011 will likely bring good news, particularly for students seeking to enter consulting and financial services...
...Class of 2011 MBAs are also likely to face less job competition than their 2010 counterparts, who were competing against 2009 graduates for a smaller pool of entry-level MBA positions, says Elena Bajic, chief executive of Ivy Exec, a recruiting company focused on MBA job placement...
The summer internship hiring season is just beginning at many business schools and already things are looking up for first-year MBA students, according to the latest survey from the MBA Career Services Council.
Of the B-school career officers surveyed, 81 percent said they expected internship hiring to improve, up from 60 percent in 2009. The improved economic outlook is also boding well for other key hiring indictors like on-campus recruiting and full-time job postings, according to the survey, conducted this December at 79 public and private business schools worldwide.
In the latest survey, 63 percent of schools reported an increase in full-time on-campus recruiting, a sharp contrast from last year when 79 percent said they saw a decline in the number of recruiters visiting. Another bright spot? Full-time job postings are making a comeback, with 70 percent of schools reporting a spike in postings; last year at this time, 48 percent reported a decrease in this area.
The encouraging hiring picture comes as business schools have changed some of the tactics they use to help students find employment. For example, this year 64 percent of schools said they saw an uptick in direct referrals of students to employers. Additionally, 58 saw an increase in alumni-initiated hiring of students...
With the decision now taken to increase undergraduate tuition fees, the implications for graduate management education will soon be apparent. Will postgraduate students be willing to pay the fees currently charged when also facing up to £25,000 of undergraduate debt? Will the increase of undergraduate fees impact the uptake of postgraduate qualifications? Will post graduate fees increase? Whatever the future holds, it is clear today that not only are graduate students willing to pay - they get personal returns – but the economy benefits from graduate management education as well.
The results of a recent global survey of graduate management alumni from the class of 2010 by the Graduate Management Admission Council (GMAC) clearly indicate that they place a high value on their education. By September 2010, 88 percent had a job and some three-quarters of those said they could not have obtained their job without their graduate business degree—the same proportion as the class of 2007 alumni, who entered the labour force in a booming economy.
Reston, Virginia (21 December 2010)—A virtual business school information fair hosted last month by the sponsor of the GMAT exam gave 1,750 prospective MBAs from 136 countries a unique chance to meet with representatives from dozens of the world’s top business schools.
Slow growth, hesitancy, and nervousness will continue into 2011, but the competition for employees will continue to be vigorous for many positions.
That’s the upshot of what a panel of recruiting leaders, consultants, and professors are saying. Their detailed advice for corporate recruiting leaders is in the December 2010 / January 2011 Journal of Corporate Recruiting Leadership...
Opening paragraphs of an article of The Financial Times, by Della Bradshaw, June 3 2007.
Industrial companies have traditionally favoured hiring “second-hand” MBAs – those who have cut their teeth in banking or management consultancy and want to move on. Now, this is changing.
In spite of recent concerns in the business school world that MBA degrees do not teach students skills that companies need, recruiters are increasingly giving the professional services firms a run for their money when it comes to recruiting newly minted MBAs directly from business school. These days companies such as BP, BT, Google, Pepsico, Samsung and Shell are names as familiar on the business school campus as investment banks and management consultancies.
The sea change came with the classes that graduated in 2002 and 2003...
Opening paragraphs from an article of The New York Sun, May 29, 2007
Congratulations to the class of 2007: It is an excellent year in which to venture forth into the real world, and even onto Wall Street. For the very best and brightest among you, the bulge bracket firms (aka the really big guys) are hiring like mad. For the traditional entry-level position of "analyst," the firms are paying a base compensation of about $70,000, with a bonus of anywhere between $65,000 and $95,000. Not bad, right?
Not bad, but, astonishingly, not good enough. These days, the Wall Street firms are struggling to keep their top hires, many of whom move onto the greener pastures of private equity and hedge funds after their obligatory two-year stints.
Excerpt of article from CNN, April 10, 2007
LONDON, England (CNN) -- Another new survey of business schools, this time exclusively in the U.S., has confirmed one increasingly evident fact for those considering an MBA -- there is a clear elite in the field.
The top of the list of graduate business schools produced by U.S. News and World Report sees a series of names familiar from other, similar league tables.
In top place comes Harvard Business School, followed by Stanford, the University of Pennsylvania's Wharton school, MIT's Sloan and, in joint fifth, the Kellogg school at Northwestern University and Chicago.
Other well-known names -- Tuck, Haas, Columbia, Stern -- follow to make up the rest of the top 10....