| Job prospects
have never looked better for business school graduates. According
to new research from the Graduate Management Admission Council
(GMAC), corporate recruiters plan to hire 18 percent more
MBAs this year than in 2005. Moreover, the survey found that
the average new MBA’s starting base salary is over $92,000
up 4.2 percent from the $88,626 average in 2005. The average
total compensation package for newly minted MBAs has risen
to $99,737.
Numbers for the
top b-schools look even more promising. Last year, Harvard
Business School graduates reported an average total compensation
package worth over $174,000, up 11 per cent from 2004. MBAs
from Dartmouth College’s Tuck School reported a substantial
increase of more than 15 percent, receiving an average of
$150,000 and Stanford Business Graduates averaging almost
$149,913, up 9.5 percent.
“Everyway
you look at it, the market for MBA talent has come back strong,”
said David A. Wilson, president and CEO of GMAC. Recruiters
have a positive outlook of the economy, and feel it is stronger
now than at any other point since the GMAC Corporate Recruiters
Survey was launched in 2002. Furthermore, two thirds of students
surveyed rated their MBA degree as an outstanding or excellent
value, proving that most MBA students feel that their investment
in business school was worthwhile.
More and more
students are applying to business schools to take advantage
of these encouraging trends. GMAT registrations beginning
in March for 2006 began to outpace registrations for the same
period in 2005. Registration volume for the GMAT through the
first five months of 2006 was 96,714 worldwide, 3.9% more
than the number of registrations during the same period in
2005. Registration volume increased 2.8% within the U.S. and
6.3% outside the U.S.
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