MBA hiring is set to surge 38% in 2014 in the United States, the largest gain since before the financial crisis in 2007, led by the information services and financial sectors.
MBA hiring is expected to surge 38% in 2014 in the United States, the largest gain since before the financial crisis in 2007, according to new data released this week.Recruiters plan to scoop up nearly 6 MBA graduates per company, according to a survey of about 5,700 employers by Michigan State University’s College Employment Research Institute. The biggest MBA hiring drives will be in large companies with 10,000 or more employees.
The findings show that US employers are confident with the stronger than expected economic recovery, with 66% of respondents indicating that growth is important for their hiring – the highest level since 2008.
Six sectors are reporting double-digit employment growth. Information services is the biggest hiring area in 2014, which is projected to generate a 51% increase in total new jobs from last year.
The finance and insurance sectors will see a 31% increase in total hiring, followed by professional, business and scientific services sectors – including consulting – which will boost hiring by 24% in 2014.
More than 50% of survey respondents were recruiters and HR managers seeking full-time staff, although 9% were looking for short-term hires for positions of less than six months. Nearly 20% of respondents were seeking experienced talent.
However, competition has increased – recruiters say that competition for candidates is approaching the highest level in ten years. Large companies will target 160 candidates in 2014, up from 70 last year.
HR managers also say that students are entering the recruiting season with lacklustre resumes and “slipshod” cover letters. “Employers want to see at least a modicum of polish,” the report notes.
Employers also warn that financial difficulties have hampered their ability to attend campus recruiting events with enough staff, and their ability to maintain their brand.
Some recruiters also try to poach graduates who already have jobs – a trend that has seen a war for talent emerge in the financial sector.
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University of Michigan - Ann Arbor - Stephen M. Ross School of Business
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