Everything You Need to Know About the Summer 2020 MBA Job Market

From cancelled job opportunities to a fully digital recruitment process, the Covid-19 pandemic has posed serious challenges to the careers of thousands of b-school students and graduates around the world.

The International Monetary Fund (IMF) has predicted 2020 could become the worst hiring season for new graduates since the latest financial crisis, with the global economy projected to contract by 3 percent, much worse than after the 2008 financial crash.

However, recent data on recruitment offers a silver lining. As an ongoing survey by the National Association of College and Employers (NACE) shows, the number of employers revoking job offers has decreased over the past month.

Similarly, after an increase in mid-June, as of July 1 2020 64.6 percent of surveyed firms have decided not to delay the start dates of internships and full-time jobs. The majority have reported that they feel confident in the company-wide safety procedures for bringing employees back on board and trusting local and national regulations for opening the economy back up.

This is positive news for MBA students and graduates who were perhaps reconsidering the value of higher education.

But we’re still in a global recession after all, and you may be wondering what to expect from the upcoming recruitment season.

Here’s everything you need to know about the summer 2020 MBA job market.

Has every industry stopped hiring?

While the current recession has often been compared to that 2008-2009 following the financial crash, there are significant differences between the two. The biggest? Which industries that have been hit the hardest.

In fact, it seems that the 2008 crisis affected the sectors that have been thriving during the coronavirus pandemic, such as banking, consultancy, healthcare, pharmaceutical and technology. On the other hand, those that have plummeted the most include transportation, hospitality and retail.

This is more good news for MBA students and grads, as all the industries that are flourishing during the pandemic are known to recruit business school talent.

Companies in fintech, tech and consulting in particular have continued to hire robustly in recent months. Most big names, including Amazon, Microsoft, Netflix, Google, McKinsey & Company, Boston Consulting Group (BCG) and Bain & Company, have honored previous offers and moved summer and fall recruitment online to help prospective candidates navigate the ‘new normal’ job market.

Maria Tsianti, Head of Careers and Student Services at ESCP Business School’s London campus, told Forbes: “It is a good sign that, not long after the lockdown and the initial rescission or postponement of job or internship offers, a great number of companies have continued with their recruitment activities or initiated new ones, based on the new circumstances.

“A small number of employers have felt that there are still a number of challenges to be addressed but, overall, most have adapted promptly to the new reality.”

What skills should I develop to impress recruiters?

The coronavirus pandemic has shown companies and workers across the globe how essential technology is to business continuity.

For this reason, it’s likely that recruiters will be looking for candidates with tech-oriented business acumen and the ability to form a network remotely. Candidates who can demonstrate IT knowledge and big data and digital communication skills such as video conferencing and social media correspondence are sure to do well.

Other crucial skills candidates will have to possess are adaptability and emotional intelligence. The world as we know it has changed drastically and rapidly, and companies now more than ever need employees capable of interacting with businesses from across the globe and adapting to challenges both in and outside of the workplace.

Lastly, b-school students and graduates will likely have to show off their leadership skills. Working remotely has shown not only the importance of collaboration, but also how important it is to be able to inspire others, especially in difficult times for business.

Has the hiring process changed?

The hiring process has changed significantly since March 2020. Most companies hiring b-school grads, including BGC, McKinsey and Bain & Company, have hired new employees remotely, a trend that shows no signs of slowing down.

Many recruiters are also setting up digital events to scout for new talent. Here are our top tips on how to get hired from home.