Improving Job Market for MBAs

by Kathryn Oakley, Director, Graduate Business Career Services

It's a good time to think about earning an MBA if career change or career advancement is your goal. According to the most recent (November 2006) survey from the National Association of Colleges and Employers, companies are predicting a 22% growth rate nationally in post-graduation opportunities for new MBAs. Rates are even higher for the Midwest region, with employers expecting to up their MBA hires by about 51%, according to the NACE survey. These rates are symptomatic of the steady improvement in MBA job opportunities since 2001.

At St. Thomas, 62% of the Full-time MBA Class of 2006 was employed at relevant jobs by graduation, 86% by three months after graduation, and 100% by six months after graduation.

Based on our experience in the Graduate Business Career Services office, the most promising sector right now is financial services, in particular accounting. Passage of the Sarbanes-Oxley Act in the wake of the Enron, WorldCom and Arthur Andersen scandals created a hot market for MBAs with the advanced accounting and financial skills to track complex corporate financial dealings. Recruiters are constantly searching our St. Thomas "GradBizRecruiting" résumé database for students and alumni with those credentials. There is also good potential for financial analysts at beginning, intermediate and advanced levels with a variety of companies, especially in the healthcare sector.

More challenging to find are non-sales opportunities in the marketing field. Consider getting at least two to three years of post-baccalaureate experience with ad agencies or corporate marketing divisions in businesses of any size before beginning an MBA with a marketing focus. The combination of experience and education will be irresistible to recruiters.

The same goes for investment banking, a frequent field of MBA interest. Try for two to three years of solid banking or financial services experience before the MBA. A great deal of hiring in these fields comes through personal connections. Work hard at developing your network of contacts within the field during those initial years. Join professional associations such as the CFA (Chartered Financial Analysts) of Minnesota to make contacts, or visit websites such as theirs for information on current job opportunities.

In summary, the MBA job market is improving and you can take advantage of that by combining work experience with advanced business education to achieve leadership roles in your career.

Fall 2007 Admissions Deadlines
April 15, 2007
June 1, 2007

The next application deadline is drawing near for students interested in applying to the Full-time UST MBA program. We encourage interested applicants to apply soon.

Visit Us
Thinking about visiting campus? Sign up for an Information Session!

MBA Tips
A new regular feature providing tips on how to choose the right MBA, navigating the admissions process, and other timely topics for future MBAs.
Get the tips!

First Friday Luncheon, May 4
Dale Bachman, president, Bachman's Inc.
Register for this event.

Helpful Links
» Admissions
» Upcoming Events
» Request Information
» Download Viewbook
» All UST MBA Programs