MBA Students Show Revived Interest in Consulting and Finance: MBA News

The economic recovery is leading to renewed interest in consulting and financial services, according to a survey of 2,500 US MBA students by Universum.

“We see this as a sign that recruiting from these sectors has really picked up - students are seeing more employers come to campus, and more positions posted, and that's piquing the interest of candidates,” said Melissa Murray Bailey, president at Universum Americas

Shortlisted firms indicate career goals

The survey asks MBA students to shortlist companies they feel might help them fulfill their career goals from a list of 230 renowned employers. Another sector showing increased interest was energy (oil and gas), but media, fashion and retail, and hospitality companies included in the survey all attracted less interest from respondents – as did big technology firms, somewhat surprising given the industry’s continuing growth and the ubiquity of their products. MBA students were then called to highlight their five favorite companies, from which Universum compiles a ranking of preferred employers among MBA students in the US. 

Preferred employers among US MBA students

Rank   Company                             % picking company in their top five

1          Google                                    27.13%

2          McKinsey & Co.                      17.11%

3          Amazon                                  13.65%

4          Bain & Company                    13.33%

5          Apple                                       13.24%

6          Boston Consulting Group       12.41%

7          Deloitte                                    10.77%

8          Goldman Sachs                        10.41%

9          J.P. Morgan                             8.99%

10        Nike                                         8.65%

Professional development cited as key requisite

Universum’s research also looks at what MBA students are looking for in their next position, and how they feel their career goals can be met. Here, opportunities for professional development stood out among respondents.

Asked to select their key criteria when thinking about their next job, MBA students pinpointed professional development, leaving factors such as a company’s prestige and market success languishing outside the top 10 choices.  

“We see this shift as a sign that MBAs are less concerned about extrinsic aspects of jobs – i.e. how they will look on a résumé – and more concerned with how they will grow and develop their potential,” Bailey said, before adding that a desire for professional development can be linked to increasing interest in finance and consulting: “These sectors are well-known for providing the types of mentorship, training, and development MBAs are looking for.”

What MBA students are looking for in a new role: Top 5 factors

1.         Leaders who will support my development

2.         Leadership opportunities

3.         Professional training and development

4.         Competitive base salary

5.         A creative and dynamic work environment

Universum also collects data from undergraduate business majors. From this, it reports that MBAs are 20% more likely to be seeking a challenge in their next role than bachelor’s students, highlighting the advanced role the MBA plays in professional development.

However, MBAs placed less emphasis than their undergraduate counterparts on the need for ethical standards, respect for people and a friendly work environment in their next role suggesting that an average MBA’s career goals are, first and foremost, rather inward-looking.

QS’ annual report into the aims and ambitions of future business leaders, the TopMBA Applicant Survey, can be found here.

MBA students are looking for chances of professional development from their employers. Professional development is a key concern for MBA students when considering preferred employers.