NEW YORK, Aug. 9, 2017 /PRNewswire/ -- New hiring trends are emerging for MBA graduates as job candidates increasingly look for diverse career opportunities and job offers become less abundant, according to the eighth annual Training The Street MBA Employment Survey. The survey found that while bulge bracket banks remain a top employment choice for 19% of respondents, that number reflects a 7% drop from 2016 and an all-time low in the history of the survey. Other employment options were preferred at record levels, including consulting firms (20% of respondents and up 3% from last year), corporate development at a Fortune 2000 company (13% overall, up 5%), and boutique banks (12%, up 5% from last year). Positions at startups were only the top preference for 5% of MBAs, a 2% drop from a year ago.
Large banks also decreased their recruiting efforts this year. When asked which firms have been actively recruiting, 43% responded they were approached by banks, a 6% drop from 2016.
"Banks are still a dominant hiring force for MBAs and continue to attract top talent, but working for larger, established companies off of Wall Street is becoming more attractive to MBAs as they offer a different type of lifestyle," said Scott Rostan, Founder and CEO of Training The Street (TTS). "MBAs are afforded these diverse opportunities as the skills they learn can be successfully used across a range of employment positions in the current economy."
Another new trend identified in the survey is MBAs are increasingly looking for a longer term fit. Over half of MBAs polled (58%) intend to stay at their next job for three to five years, representing a 4% increase from last year for those hoping to stay with their employer for that same timespan. Only 12% want to stay for one to two years (a 5% drop from 2016), while 17% want a long term role of more than five years (up 7%), and 12% are unsure (down 16%).
"MBAs want to make sure the job they accept is going to be a good, long term fit. That's a new dynamic for the competitive recruiting environment we traditionally see for MBAs. This also correlates with the finding that more are looking for that first job outside of Wall Street, a place known for sudden job moves, especially during the early stages of one's career," added Rostan.
The survey also found that more MBA graduates are satisfied with their job offers and the compensation levels ticked a bit higher. While less than half (48%) said they are "very satisfied" with their employment offer, an almost equal amount (45%) are satisfied and only 7% are dissatisfied. Last year, fewer responded they were satisfied (38%) and more were dissatisfied (11%).
Forty-one percent of those polled received starting annualized base salaries of $125,000 or more, and 38% will earn between $100,000-$125,000, a 3% increase for both categories combined.
Rostan added, "Overall, newer trends are emerging in MBAs' salary expectations and career goals that contrasts with what we've seen in recent history. The increased level of satisfaction with job offers and the drop in those blown away or disappointed in their salaries indicates that expectations are being tempered. Along with the increase in those looking for longer term job opportunities, we are seeing a different job market for MBAs that is now more conservative yet strong."
Other Survey Results:
- 92% of respondents they prefer to work in the United States, up 7% from 2016.
- New York is the top choice for 39% of MBAs, down 9% from last year.
- 54% said they found their job through on campus interviews, and 25% found jobs through an independent job search. Personal references helped 10% secure a job.
- Interpersonal skills/teamwork was the most important skill needed to receive an employment offer, according to 42% of respondents, followed by industry expertise (15%), and communication (13%).
About Training The Street
Training The Street (TTS) is the world's leading provider of instructor-led courses in accounting, asset management, capital markets, financial modeling and corporate valuation training to Wall Street investment banks, federal government agencies, law firms, business schools, and top colleges. With offices in the financial hubs across the U.S., as well as an office in London and India, TTS boasts a deep field of expert instructors and extensive practical experience. Currently, TTS is offering live training programs to interns, analysts and associates at nearly 200 banks and corporate businesses, including Wall Street's 10 largest banks, as well as the 20 highest ranked MBA programs in the nation. For more information, please visit www.trainingthestreet.com.
Dukas Linden PR
SOURCE Training The Street