When the economic downturn came, hiring of MBA graduates — with their high-level leadership skills and high-level pay scales — took a hit like everything else.
Now with the economy finally coming out of its slump, Richard Powers, associate dean at the Rotman School of Management in Toronto, says the good news is that employers seem to be in headhunting mode again, particularly for MBA graduates with the leadership skills to move their businesses further.
“With the economy improving, we’re seeing more recruiters coming to the school and asking for greater numbers of graduates,” he said. “We’re still waiting to see how that affects actual job offers, but the message we’re hearing is that things are back on track.”
Powers says the economic downturn that promised less work in the market for MBA and other graduates in the short term certainly saw that prognosis realized.
“The percentage of our students who have jobs within three months of graduating is usually around 90 per cent, and last year it was down to 83 per cent,” Powers said.
Especially hard-hit was the financial services sector, meaning MBA graduates hoping to find work in that field need to be flexible and consider broader opportunities for employment that still let them use their new skill-set.
“For graduates looking to work in the financial industry, last year was tough. The message is you have to look at a variety of opportunities and show a little flexibility,” Powers said.
Leslee Harden, MBA program director at the Edwards School of Business in Saskatoon, says recent MBA grads should widen their job search process and make use of every available resource.
“There’s no question the job market is tighter, so people have to engage in a very strong search process. The hidden job market is so important. Contact all the people you know — opportunities are often made as opposed to being found,” Harden said.
She suggests MBA grads shouldn’t fear a slightly tougher job market because their job search process has always been about quality, not quantity.
“It’s not about finding a job, but finding the right job. It’s about finding something that motivates, inspires and challenges you. MBA graduates always have to be creative in their search to find that,” she said.
