Despite a difficult year due to the recession, b-schools in general were able to make a turnaround in terms of placement rates. The market for MBA graduates has made a rebound from probably one of the most difficult MBA hiring seasons ever. Many of the top-ranked MBA programs (full time) have experienced an increase in job landing rates for their graduates, according to Bloomberg BusinessWeek. Some of the schools that were able to make a slow recovery include Harvard Business School, the Kellogg School of Management of Northwestern University, the Wharton School of (University of Pennsylvania), and the Booth School of Business (University of Chicago).
Effects of recession still linger
However, the effects of recession can still be seen in the dramatically altered MBA career landscape. These effects include fewer or lower signing bonuses for MBA graduates, not-so-good compensation packages compared to previous years, and internships that have resulted to fewer or even zero job offers. Because of these lingering effects, some business school administrators are advising their students to adjust job expectations based on the current trends.
Still, some MBA graduates have expressed their optimism and persistence in landing a job with good perks and compensation packages. According to Olin Business School’s Weston Career Center director and associate dean Mark Brostoff, the marketplace for MBA graduates has improved, but it still needs a lot of boost.
Photo Credits: OpenSourceway
A few weeks back, there were reports of the decrease in MBA enrollment nationwide. Because of this negative trend, supposedly top business schools have relaxed their admissions standards. Now, there are reports of a significant rise in job opportunities for MBA graduates. This could actually turn things around for MBA enrollment and may also tighten business school standards again. Managing director of London-based Quacquarelli Symonds, Nunzio Quacquarelli, says that the downward turn for MBA graduate hiring is short-lived. Now, the MBA job market is pretty robust again.
A general positive turn?
The trend on MBA job market increase is worldwide. However, there are some areas that best experience the positive turn. For example, Russia is experiencing a 22 percent rise in the MBA job market. That is pretty good compared to the United States’ 9 percent rise this year after a hard fall in 2009. What is important though is that both countries are experiencing a good turn for MBA graduates. As for salaries, European companies offer the best ones, accompanying the positive rise in the MBA job market.
Effect on the MBA graduate enrollment and admissions
The rise in the MBA job market should help in encouraging more enrollees to the top business school list. They will want to take advantage of the current trend while it lasts.
Photo Credits: gadgetdude
Top business schools are making changes with their admission decision timelines. It seems that they are taking cues from each other. After Harvard Business School has changed its round 1 timeline, Wharton announces that it will do the same. Wharton is giving its applicants a cutoff date in which they can expect interview requests. Round 1 of the admission timeline includes submission of requirements, including personal statements, transcripts, and recommendation letters.
Wharton’s admission decision timeline
The Wharton admissions committee is releasing interview invitations starting October 29, 2010. To candidates who do not get their invitations that early, it would be a relief to know that invitations are to be sent out up to November 5. Unfortunately, November 5 is a crucial date. Students who will no longer be considered for admissions will be informed that they are no longer moving on to round 2, which is the interview.
About the interview
For the lucky recipients of the interview invitations, the deadline for the interview is December 3. So, applicants who are also working may have to make arrangements for a day that they could take the interview even before December 3, just to be on the safe side. Wharton is already giving them a great opportunity to be part of a highly reputable business school.
Final admissions result
By December 17, those who have been interviewed will know if they have been accepted or not. This may be an early Christmas for those who do get accepted into Wharton. Harvard University Business School has just about the same schedule. So by mid-December, the admission decision waiting game will finally be over for many aspiring Harvard and Wharton business students.
Just as more and more applicants are competing for positions in a reputable business school and highly regarded MBA program, top business schools are also competing for the applications of highly qualified students.
Photo Credits: Teofilo