As the global economy shifts and financial climates change, the business education sector has experienced some growing pains. The business world, once driven by dreams of upper management dominated by banking and high-profile corporations, has begun to experience a paradigm shift. Small businesses and technology startups have dipped their toes into the M.B.A. recruiting waters and eager students are taking the bait.
The crumbling economy of 2006-2007 sent corporations hightailing out of business schools and gathering their resources to stay afloat. This exodus gave smaller employers the chance to swoop in and take the spoils. Universities started reaching out to startups and small to mid-sized companies that were looking for the best and brightest to join their establishments. Now that larger corporations are re-entering the industry, the "little guys" are still hanging on for the ride and competing for the best M.B.A. graduates.
Schools such as the University of Pennsylvania and Vanderbilt University have actively encouraged small companies to visit and hold career fairs. Vanderbilt encourages companies to attend lectures and meet students to build their reputations and increase their chances of hiring top graduates.
Pepperdine University's Graziadio School of Business saw a 10% increase in small business recruiters since 2008. A 2011 career-services council survey found that 43% of schools also observed a significant increase in recruiters from small firms.
Diversification
The economic downturn, while reducing its dependency on corporate recruiting, also forced the business recruiting industry to diversify. The diversification has led recruiters to consider M.B.A. graduates for more positions than just banking and consultancy. In fact, some of this year's top recruiters for M.B.A. graduates are the technology companies Electronic Arts and Zynga. Both have dominated the gaming arena and are actively seeking M.B.A. students for their programs.
Ten years ago, nearly three-quarters of M.B.A. graduates entered the finance and consultancy industries. Today, almost 50 percent land jobs in varying industries such as media, pharmaceuticals, technology, and consumer goods among others. Social media has also opened the door for M.B.A. graduates to enter one of the fasting growing sectors of the internet.
Today's tech companies seek communication and analytics skills from their M.B.A. employees since their needs have shifted to a more digital climate. Companies such as Google, Yahoo, Amazon and Facebook have also jumped on the data analytics bandwagon and they actively recruit M.B.A. graduates for similar skills.
M.B.A. recruitment has risen in popularity since the diversification began. It increased nine percent from last year along with new hires according to a global recruitment survey published by the Graduate Management Admissions Council.
International Opportunities
The landscape of career placement for M.B.A. graduates has also expanded into other countries. Since the diversification has allowed business students to expand into more sectors, the possibility for opportunities has shifted to a larger global market. Electronic Arts has locations in the UK and China, and is currently looking for graduates to fill various positions. Harvard also reported that more US graduates are taking opportunities overseas.
With technology startups spreading like wildfire and universities recognizing the in-demand skills of the modern, technologically-savvy M.B.A. graduate, the landscape for business degrees has shifted.
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With new opportunities available, the future is promising as the demand for business post graduate degrees continues to expand. Article courtesy of Southern New Hampshire University's Online MBA Degree Program. http://www.snhu.edu/Master-Business-Administration-MBA.asp
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