Planning Your MBA Career in a Post Recession Market
Peter von Loesecke, CEO & Managing Director The MBA Tour
Few industries have avoided the fallout of the past two years and, though rebuilding, corporations that once were the MBA’s bastion for jobs are no longer as plentiful.
Looking closer, the private sector is not expanding available jobs. “Finance in particular has dropped off,” said Peter von Loesecke, CEO and Managing Director of the MBA Tour. “Industry itself has suffered and I think this information is getting back to students in the pipeline or coming to MBA Tour events.”
The question of relevance of an MBA in today’s market has surfaced. Graduates are entering the workforce at the same rate and jobs are there. They’re not as plentiful as before, but within the MBA demographic the unemployment rate is relatively low compared to the rest of society.
In 2009, a Business Week survey of the unemployment rates for business schools’ graduating classes three months later ranged anywhere from 8 to 14 percent. Ranking of the program had nothing to do with low unemployment, which is frightening. Von Loesecke goes on to say, “But consider this. When the bureau of labor statistics did a survey in 2009 as unemployment was increasing rapidly past eight percent, the unemployment rate for people with professional degrees was 2.3 percent which includes MBAs and 3.9 percent with Masters. So while the three-month unemployment rate after graduation is definitely worrisome, the long term prospects are always better with more education. In addition, if you are not changing a career after your MBA, your prospects will be much brighter. I know this from my own hiring experience as a management consultant.”
Now, what if taking an MBA is in your near future?
We suggest approaching your MBA program choice with a business attitude and realistic career opportunities in mind. “I very strongly advise people looking at their MBA to really soul search their post MBA expectations,” von Loesecke said. “Find a program for what you expect to do.”
This might come as a disappointment if you’ve thought about a career change. Aside from finance – healthcare, the environment, education, and the public sector in the US have been suggested as growth areas. But companies will cherry pick. Experience will be the big factor combined with the MBA. They can afford to be choosy, so the more value you bring to the table the greater your chances of employment.
The MBA Tour gives you an opportunity to speak with top business schools’ representatives who can make a difference in your life. When signing-up for an event near you, be prepared for your chance to speak with one of these advisors. Do your homework. Have your skills, experience, goals, and expectations ready, and listen to their realistic view of the best career opportunities for you.
For more information on the MBA Tour, visit us at www.thembatour.com or connect with us on Facebook to chat with other pre-MBAs, alumni and admission reps at www.facebook.com/thembatour.