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Index of Figures

Figure 1: Regional Distribution of Responding Recruiters 2008 5Figure 2: Recruiter Response by Industry 2008 6Figure 3: Examples of Responding Employers by Region 7Figure 4: Index of MBA Recruitment 1990-2009 9Figure 5: Percentage changes in MBA opportunities by sector worldwide 11Figure 6: Trend in Employment Opportunities by Region 2007-2009 17Figure 7: North American and European Recruiter Responsibility by Region 2008 18Figure 8: Functional Roles Offered to MBAs in 2008 24Figure 9: Preferred Levels of Experience for MBAs 25Figure 10: Key MBA Skills 26Figure 11: Average Salaries in US & Europe 1996-2008 27Figure 12: MBA Salaries in US and Europe by Industry 1996-2008 28Figure 13: Average MBA Earnings by Sector 2008 29Figure 14: MBA Salaries by Region 2008 31Figure 15: MBA Salaries by Region - Local Employers vs. Average 32

Figure 16: MBA Salaries across Regions 1996-2008 33Figure 17: MBA Salaries in North America by Sector 35Figure 18: MBA Salaries in North America by Country 35Figure 19: MBA Salaries in Europe by Country 36Figure 20: MBA Salaries Asia 37Figure 21: MBA Salaries in Asia by Country 37Figure 22: Comparing Average Salaries in Asia 38Figure 23: Comparing Average Salaries in Latin America 39Figure 24: MBA Salaries in Latin America by Country 39

QS Quacquarelli Symonds Ltd1 Tranley MewsFleet RoadLondon NW3 2DGUnited Kingdom

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Reproduction: Tables and charts may not be reworked or presented in any other formwithout written permission from the publishers.

Any excerpts must be sourced: QS TopMBA.com International Recruiter Survey 2008.All charts must be sourced: QS TopMBA.com International Recruiter Survey 2008.

The world's leading network for top careers and education Copyright © QS Research 2008



Copyright © QS Research 2008 The world's leading network for top careers and education 1

Contents

1. Introduction 2

Who will be interested in the survey? 2

2. Summary of Findings 3

3. Methodology and Credentials 44. Companies Surveyed 5

5. Long Term MBA Recruitment Trends 8

6. Short Term MBA Recruitment Trends 2008 11

6.1 Demand for MBAs 11

6.2 Demand for MBAs by Region 13

6.2.1 North America 13

6.2.2 Europe 14

6.2.3 Asia 15

6.2.4 Latin America 16

6.2.5 Global versus Local Employers 176.3 Demand for MBAs by Sector 19

6.3.1 Consulting 19

6.3.2 Financial Services 20

6.3.3 Technology 21

6.3.4 General Industry 21

6.3.5 Pharmaceuticals and Healthcare 23

6.3.6 Small Enterprises and Entrepreneurship 23

6.4 Functional Roles 24

6.5 Experience Levels 24

6.6 Skills 26

7. MBA Salaries and Compensation 27

7.1 Global trends in 2008 27

7.2 Salary & Bonus Combined 29

7.3 Bonuses 30

7.4 Trends by Region 30

7.5 Strategies for MBA Salary Analysis 33

7.6 Regional Focus 35

7.6.1 North America 35

7.6.2 Europe 35

7.6.3 Asia 36

7.6.4 Latin America 38

8. Appendix – Some participating companies 40



2 The world's leading network for education and career development Copyright © QS Research 2008

1. Introduction

Since 1990, QS Research, in collaboration with TopMBA.com, has conducted an annual survey ofMBA employers worldwide to determine trends in international salaries and recruitment. The2008 survey is as extensive as ever and presents an unrivalled overview of the world MBA

recruitment market. Complete responses were received from 619 companies (489) in 32 (35)different countries. This represents approximately twice the response level of the Business WeekEmployer MBA survey and includes five times the number of non-US respondents than any otherMBA recruitment survey. (Comparative figures for 2007 are shown in brackets throughout thereport and in some instances double brackets are used to denote results from 2006).

Who will be interested in the survey?

This research will be of interest to all who follow the international MBA and recruitment market.It will help three groups in particular to make informed strategic decisions:

1. Companies and agencies that recruit MBAs

National and international recruiters will find the survey useful in managing humanresource policies, such as whether to determine salaries globally or locally, and tobenchmark their salaries against peer institutions.

2. Business school administrators and career services worldwide

MBA program administrators and career services will find the survey invaluable forproviding guidance to students and managing relationships with recruiters.

3. Current and future MBA graduates

MBAs can use the research to determine which industries and geographies to pursue intheir job search, and to help negotiate an optimum compensation package.



Copyright © QS Research 2008 The world's leading network for education and career development 3

2. Summary of Findings

Despite fears of a global recession and the enormous impact of the credit crunch on the world’sfinancial markets, the MBA market remains buoyant in 2008 and recruiters, in general, remainquietly confident that 2009 hiring will proceed with only small adjustments to current levels.

In recent years, several MBA commentators believed that MBA education would never return tothe glory years of the late 20th Century. Yet in 2008, MBA recruiter demand exceeds the level atthe height of the dot-com boom.

MBA recruiters around the world are in the midst of a battle for talent, but the battle ground isshifting away from developed economies towards emerging markets, particularly Asia. As worldgrowth continues, demand for MBAs is spiralling, with the greatest demand occurring in theconsulting service sector. The QS TopMBA.com International MBA Recruitment and Salary Report2008 highlights the trends in recruitment and salaries earned in the primary internationalmarkets today.

Hiring predictions from MBA recruiters suggest that MBA demand worldwide will set a new recordin 2008, but will fall back slightly in 2009. The QS TopMBA.com Index of MBA recruiting shows anoverall 11% (24%) increase in demand for MBAs in 2008, with the consulting sector reporting an18% (29%) increase in MBA demand. Financial services demand grew at 7% (23%), general industryat 14% (24%), and technology at 5% (29%).

The forecasts for 2009 are not quite so optimistic with recruiters anticipating a fall in overallMBA demand by 2% from the 2008 levels. In particular, financial services expects a -9% fall inMBA demand next year. Technology expects a -1% fall and HR/recruitment services expect theirMBA placement levels to fall by -15%. These figures are offset by an expected 5% growth indemand within consulting and a 5% growth in demand within general industry.

The outlook for MBA salaries seems to be stabilising overall, after several years of strong growth.In 2008, average MBA salaries in Asia-Pacific (excluding China, India and Thailand) remainedstable at $71,500 (all dollar figures in US currency) – but MBA salaries in China and India havegrown an extraordinary 50% - demonstrating where the real battle for talent now lies. Bycomparison, US-EU average MBA salaries have risen just 2% to $95,200, still well in excess of thepre-downturn levels of 2001. These small increases reflect competing forces such as theincreased competition for top talent, especially across borders, the slow-down in demand in thehigh-paying financial services sector, and the expansion in the list of business school employers.

The average reported bonus is a sizeable $26,875 ($24,100), with banks/financial servicescompanies still leading the bonus field, with an average bonus of $38,500 ($46,400).

MBA recruiters around the world have a strong preference for candidates with three to five yearsof professional experience. They seek strong communication and interpersonal skills, strategicthinking and leadership skills, as well as the harder skills taught by business schools. In general,whilst they are very happy with the harder skills ingrained in MBA graduates, there is still roomfor improvement in softer skills.

Regionally there is a catch up occurring in the demand for and salaries received by MBAs inemerging markets, compared to the more established markets of North America and WesternEurope. Though there is still a 30% salary gap between the highest and lowest paid regions, thisgap is narrowing each year.




3. Methodology and Credentials

The QS TopMBA.com International Recruiter Survey collects primary data on the state of therecruitment market and predictions of future trends from recruiters in industry, consulting,financial services, and technology. The data includes specific analyses by sector, geography, andyear. Time-trend analysis and sector/regional variations have been incorporated into this final

report. Unlike many surveys, QS research does not rely on MBA graduates to report theirearnings, but obtains the information from the employers who pay them. Each respondent isdesignated as responsible for MBA recruiting within his/her company as a whole or division. Theyare asked to identify their geographical responsibilities, confirming whether they recruit locallyin their domestic market, regionally, or globally.

QS further differentiates its research by the objectivity of its position as a third party operatingbetween recruiters and business schools, by virtue of the long established contacts withrecruiters who are willing to share information with QS, and by the bank of data on MBArecruitment and remuneration built up over the last 18 years. This allows for meaningful trendsto be identified over time. QS operates the website, www.global-workplace.com which provides

career opportunities and networking facilities exclusively for member business schools. Over 100business schools and 800 employers subscribe to QS Global Workplace (and QS TopMBA Careers).




4. Companies Surveyed

Responses were received from across the globe: 40% (44%) of respondents were based in NorthAmerica, 30% (27%) in Western Europe, 17% (16%) in Asia-Pacific, 8% in Eastern Europe (6%), 5%(5%) in Latin America and <1% (1%) in the Middle East & Africa. This provides detailed insights

across regions.

Regional Distribution of Responding Recruiters 2008

Source: QS TopMBA.com International Recruiter Survey 2008

Figure 1: Regional Distribution of Responding Recruiters 2008

The spread of recruiters spans a wide spectrum of industries, reflecting the global range ofcompanies that hire MBAs. Financial services and consulting make up the largest source ofrespondents followed by technology, industry, banking and consumer goods. Respondents fromthe recruitment consulting industry are kept separate although they have a bias towardsfinancial services and consulting recruitment.




Recruiter Response by Industry 2008


Figure 2: Recruiter Response by Industry 2008




The 619 national and international companies that responded to the survey are guaranteedconfidentiality for the components of their individual responses, except for any open-endedfeedback they have chosen to provide on the value of an MBA or concerns with MBA hires. Thefollowing Figure 3 gives a snapshot of some of the organizations that took part in the surveyacross the world. A more comprehensive list can be found in the Appendix at the end of thisdocument.

Examples of Responding Employers by Region

ConsultingFinancialServices

Industry Technology

AsiaAccenture

BCG

PwC

OCBC Bank

ANZ

StandardChartered

LG Electronics

Akzo Nobel

Rio Tinto

Avaya

Dell

Bloomberg

EuropeA.T. Kearney

PricewaterhouseCoopers

Roland Berger

Credit Suisse

Merrill Lynch

Goldman Sachs

Exxon Mobil

Astra Zenica

Nike

Oracle

SAP

Amadeus

LatinAmerica Bain & Co.

Deloitte Consulting

Ernst & Young

BancoSantander

Scotiabank

BBVA

Bradesco

Johnson &Johnson

Asturer

INBio

Compuserman

Pfizer

NorthAmerica

Booz Allen Hamilton

IBM Consulting

McKinsey

Liberty Mutual

Bank ofAmerica

JP MorganChase

DuPont

3M

GE

Google

Motorola

Intel


Figure 3: Examples of Responding Employers by Region




5. Long-Term MBA Recruitment Trends

MBA demand tied to the strength of the global economy

The MBA (Master of Business Administration) is a graduate management degree, which prepares

professionals for management responsibility. It is one of the best-known degrees in the world,with more people taking it than any other postgraduate course. Deciding to take an MBA is acrucial step in an individual's career.

MBA demand amongst employers is cyclical and is tied to the strength of the global economy. Inrecent years, a growing number of companies around the world have seen a top MBA as anessential management entry-level qualification. Without an MBA, it is almost impossible tobecome an analyst at a leading investment bank, or a senior consultant at a top consultancy. Onrecent trends, it is also becoming common for business development and technology managers totake an MBA to help reach the next step in their career.

As a consequence more and more highly motivated young people are looking to an MBA toachieve rapid career progression, or the geographic and functional flexibility offered by an MBAqualification, further fuelling the demand amongst employers.

Figure 4 shows the long-term trend in MBA hiring worldwide, by sector. Consulting and financialservices will account for 50% of MBA hires at many schools. Additionally, the absolute number ofMBAs hired into the consulting sector has more than doubled since 2003 and will have trebled if2009 forecasts are achieved. There is a projected fall in demand within financial services in2009, but this will still represent twice the number of MBA opportunities in this sector comparedto 2002.

For the purpose of simplification, this survey groups together as ‘general industry’;

manufacturing, logistics, chemicals, automotive, FMCG etc. This sector does not achieve thesame publicity as consulting and financial services, but it is steadily increasing the number ofMBAs it absorbs each year. As more and more companies are competing globally, this trend isexpected to continue.

In recent history, MBA demand has moved in line with global economic growth. From 1994-2001,worldwide demand for MBAs grew at an average of 15% CAGR. This growth was spread across allthe major continents and benefited graduates from all of the world’s top 100 business schools.Recession in the USA, however, and slow growth in major economies as far apart as Germanyand Japan, took their toll from 2002-2004 and demand for MBAs fell by around 20% from 2000-2003. In this period, on-campus company visits fell significantly and many MBA students had toresort to off-campus job searches and networking amongst alumni. From 2005-2008 we have

witnessed resurgence in MBA employer demand, far exceeding previous levels. Only time will tellif we are at a watershed.




Index of MBA Recruitment 1990-2009


Figure 4: Index of MBA Recruitment 1990-2009

Sara Crawford, MBA Recruitment Manager at Goldman Sachs (London) believes the outlook forMBA hiring in 2009 is pretty good. “GS recruits MBAs for long-term leadership roles and we haveseen a steady increase in the numbers hired over the previous five years across all areas of thebusiness. We recruit MBAs to develop future leaders and directors, add value and strategicthinking, diversity, international experience and networks. We particularly value the diversity ofpeople we can attract from business schools. We are not just looking for previous bankers or

consultants.”

Crawford accepts that the future has a degree of uncertainty. “GS has performed extremely wellin recent years, but we are not complacent and recognise this may not continue indefinitely. Ifwe enter a downturn, then we realise that not all areas of the business will perform equally welland recruitment numbers by division will vary overtime.”

Diane Morgan, Careers Director at London Business School believes the long term outlook for MBAhiring is very good. She argues that many companies, and especially banks “are taking a longer-term view of their MBA hiring. Several of them made the mistake of cutting back in 2002 andwere left with a big gap in talent when the markets picked up.”

Jacinta Low of OCBC Bank, Singapore says: “We view MBAs as our pipeline of future leaders. AsMBA graduates, they are expected to accelerate their learning and contribute to theorganization quickly. Their work experience makes them a more stable and mature workforce,compared with fresh undergraduates.”

For the consulting sector, MBAs are a source of “smart people who can think strategically and ina structured manner” according to Mithran Doraisamy, Ernst & Young. John Fraser, Principal atFraser Dawson Management Consultancy adds: “A good MBA will enhance the student's businessawareness (particularly of areas in which they don't have direct experience) and, thus, shouldimprove their contribution to a subsequent employer.”

More and more industrial companies are also recruiting MBAs, from a broader number of businessschools than ever before. Some are looking for a skills match. Daniela Grienwald of Hilti




Corporation, an industrial holding group in Europe says: “The combination of a technical studybackground, relevant work experience and an MBA makes a good fit for companies like Hilti.”Others, like William Grant Johnston at GE, are looking for raw talent with: “Experience andeducational pedigree, backed up with exposure to a wide variety of life and businessexperiences.”

New developments in the manner in which companies are recruiting MBAs are also taking place.

Tom Harrison at QS Global-workplace.com in London observes: “An ongoing trend in recent yearsis for MBA alumni, who are now in a position of hiring responsibility, to return to their school topick up new talent.”

In particular, there is also a move towards using internships as a method of improving thechances of a good fit between candidates and employers. Dan Beaudry, who manages employerrelations for QS TopMBA and Global-Workplace in the US, says: “Companies are investing moreheavily in their summer internship programs. MBA recruiters often treat the internship like athree-month interview, and look to their interns as the first source of full time hires.” This viewis backed up by many of the big recruiters. Crawford says: “GS places a great emphasis onrecruiting graduates and MBAs for summer internships, providing a mutual opportunity toconfirm the fit. Interns have a chance to experience working within GS and we have anopportunity to take a look at them in action. We expect a very high proportion of our interns tothen convert into full time hires so we undertake very little additional full time hiring.”

Beaudry also identifies rotational programs as a popular technique for companies to acceleratethe development of new MBA hires. “Rotational programs are particularly hot on campus.Students value the training and variety that come along with them; but companies withprograms continue to wrestle with the ROI – particularly if there is a retention issue.”




6. Short-Term MBA Recruitment Trends 2008

6.1 Demand for MBAs

In 2008, the situation for MBA hiring remains very positive, but only time will tell if we are at a

watershed. Surveys by the MBA Career Service Council and GMAC have confirmed a relativelybenevolent environment, as business school career services report another strong year for MBAhiring.

A continued boom in emerging markets could well sustain MBA demand long into the future. Mostdeveloping economies are drastically short of internationally trained managers and we arealready seeing many North American and European nationals accepting job offers in Asia, Dubaiand Russia. MBA recruiters around the world are in the midst of a battle for talent, but thebattle ground is shifting away from developed economies towards emerging markets, particularlyin Asia.

Hiring predictions from MBA recruiters suggest that MBA demand worldwide will set a new recordin 2008. The QS TopMBA.com Index of MBA Recruiting shows an overall 11% (24%) increase indemand for MBAs in 2008, with the consulting sector continuing its rapid growth reporting an 18%(29%) increase. By contrast, financial services demand grew at 7% (23%), general industry at 14%(24%), and technology at 5% (29%).

The forecast for 2009 is not quite so optimistic with recruiters anticipating a fall in overall MBAdemand by 2% from the 2008 levels. In particular, financial services expects a -9% fall in MBAdemand next year. Technology expects a -1% fall and recruitment/HR services expect MBArecruitment levels to fall by -15%. These figures are offset by an expected 5% growth in demandwithin consulting and a 5% growth in demand within general industry.

Percentage Changes in MBA Opportunities by Industry Sector Worldwide in 2008


Figure 5: Percentage changes in MBA opportunities by sector worldwide




QS Global-Workplace (www.global-workplace.com), a jobs and careers site operated by QS onbehalf of many of the world's top business schools, saw 10,277 new MBA jobs added to the site inthe 12 months from August 2007 to July 2008. Of these, the most popular sectors were: financialservices 26%, IT 19%, consulting 18% and high-tech 10%.

Tom Harrison says: “...the big demand for MBAs last year came from the service sector – banksand consultancies – not just the big name firms, but also many smaller organizations. In 2008, we

are seeing more technology companies competing to hire the best MBAs and a shift in thepercentage of jobs to Asia with a reduction from the US.”

The Top 10 countries as a source of jobs on QS Global-Workplace in 2008 are as follows:

United States 1538 United Kingdom 1317

China 1080 Singapore 597 Canada 504

India 475 Germany 355 Russia 328

Australia 325 Hong Kong 325

Source: www.global-workplace.com 2008

At the same time, it is always worth expressing words of caution. A recession, as seen between2001 and 2004, is not on the cards but with falling house prices, a growing deficit in the US, andrising energy costs, a fall in MBA demand in some regions in 2009 is possible. Chris Higgins,Associate Director of Career Services at Wharton cautions: “MBA candidates need to remainflexible about their career aspirations. I started working at Wharton in April 2001, just in time to

experience the dot.com and consulting crash. Demand for MBAs has been great in recent times,but it is cyclical and you never know what is around the corner.”

The short-term outlook for MBA applications is undoubtedly positive, which is good news forschools and employers. In times of impending recession, an MBA is seen as a route to diversifyrisk away from the country, industry or function – resulting in an uplift in MBA applications.Graham Hastie, Strategy Manager at London Business Schools observes that: “With an MBA, itbecomes easier for someone to make up to two out of the three big career changes, either ingeography, function or industry, but rarely can someone change all three.”

2008 MBA applications are nearing record levels and competition for places is intense. RoseMartinelli of Chicago Graduate School of Business says: “US applications have increased by over

100% over the last three years, whilst international applications are also well up.”

Historically MBA applications tend to fall back towards the end of a recession and the onset ofthe upturn. Between 2003 and 2005 there was a 20% decline in MBA applications worldwide. Insome countries, young professionals seeking career progression within their function or industrywere reluctant to take a risk and leave to embark on an MBA in case they missed out during theirtime away. This trend was evident in the US, and especially in China, where MBA applicationsfell by 50% during these years – a period of Chinese economic boom.

Some young professionals try to time their MBA so they can benefit from the next boom ongraduation. Experience suggests that such forecasting is difficult and the best time to take anMBA is when you feel ready personally, irrespective of economic conditions. An MBA should be

viewed with a long-term career perspective.




6.2 Demand for MBAs by Region

6.2.1 North America

In the US, the largest MBA employment market, recruitment is looking vulnerable according tothe QS TopMBA.com Recruiter Survey. Dan Beaudry, who manages employer relations for QS

TopMBA and Global-Workplace in the US, says: “Although demand for MBAs remains strong in theUS, many MBA employers are re-assessing their MBA hiring needs. This does not mean that theyare going to make drastic cuts, but they are having to re-assess their plans (especially tocompensation levels) and make modifications in light of changing market conditions.”

Demand is still growing among mainstream, high volume recruiters in the consulting andindustrial sectors. Debbie Sehulster of Ingersoll Rand USA says: “We have been able to improveour leadership strength over the years by bringing on a handful of MBAs each year. We have arigorous hiring process and have been successful in recruiting and retaining high calibre talentthat in the long term become high performing and/or high potential leaders in our organization.MBAs bring us greater business acumen than undergraduate students and through ourrelationship with selected schools.”

However, many industrial companies are having to look outside the top-tier schools in order tofind the MBAs which match their skill requirements at a competitive salary. Mesha Mott of MeadWestvaco USA observes: “Depending on the universities and skills sets required, salaryrequirements may be misaligned with what the candidates actually bring to the table. Thisusually is a function of both school/reputation of program and skill set of hires.”

For many candidates, entry to a top-tier US business school channels them into a banking orconsulting career post-MBA in order to pay back the fees, as well as natural peer-pressure to getthe ‘best job’. A growing number of candidates are actively looking for specialist smaller schoolswhich can better match their career aspirations. This requires a more thorough self-assessment

prior to the MBA, a thorough school search and a reduced reliance on overall rankings.

It is still a challenge for foreign students to obtain H1 visas to stay and work in the US, thoughrecent evidence confirms that as the labour market tightens, recruiters are finding ways to hirethe people they really want. Chris Higgins, Associate Director of the Career Service at Whartoncomments: “Over 60% of Wharton's international students accepted full-time positions in theUnited States last year.” At UC Irvine, Tom Koziki Director of Career Services reports that 90% oftheir international students obtained work permits to stay and work in Southern California, but ahandful of students were unable to stay beyond their F1 visa which guarantees a year of workexperience in the US after an MBA.

Beaudry provides further insight: “H-1B visas are still at a premium in the US. Approximately

163,000 petitions were filed with the government for the 65,000 (and 20,000 “advanceddegree”) visas authorized by the US congress. Some initial excitement about an authorizedextension of Optional Practical Training (OPT) was disappointed as MBA degrees do not fall underthe science, technology, engineering or mathematics sectors eligible for the extension.” Thismay change in the near future as American companies push the government for an increase inthe number of available H-1B’s.




6.2.2 Europe, Middle East & Africa

MBA recruitment in Europe remains strong and is on the agenda of European-based companiesseeking to be internationally competitive. Susan Haddon of Merrill Lynch in London says: “MBAsbring a diverse skill set to the organization from their studies and previous work experience.Furthermore they provide us with languages that are required in individual business areas andteams and tend to be more business conscious. MBAs are very focused on their next career step

and are very thorough in their approach to working for the right organization.”

Most European MBA recruiters expect to maintain their MBA hiring numbers in 2009. SarahCrawford, MBA Recruitment Manager at Goldman Sachs (London), observes that: “GS sees nosignificant changes to our MBA or graduate hiring numbers in 2008. Our intern numbers insummer 2008 will also be similar to last year. We expect to hire about 50 MBA interns in theEMEA region in summer 2008.”

Several European countries are becoming hot spots for MBA recruiting. In particular Central andEastern Europe is reporting strong demand. The hottest country is Russia. With growinginternational ambitions, many Russian companies are seeking MBAs to open up new markets, inenergy, raw materials, manufacturing and financial services. There are also many consultantsand financiers gravitating towards Russia. Aleksey Elizarov of LC Community Consulting inMoscow says: “The basic motive for choosing MBAs is their readiness to answer strategicquestions for our clients.”

Good Czech or Hungarian candidates are highly sought after, but mainly outside their homecountry. Bulgaria and Romania have small domestic demand for MBAs, but increasingly EUrecruiters are hiring those nationals who hold EU citizenship.

In Western Europe, the UK remains at high employment levels, and international MBAs areparticularly advantaged by the Highly Skilled Migrant Program, the visa regime that is favourableto MBAs of almost any nationality. At recent £/US dollar exchange rates of 1.9:1, the UK is

paying the highest salaries for MBAs worldwide.

The German economy is the engine of MBA demand in Western Europe. Strong demand forGerman goods in Asia is fuelling a demand for Asian MBAs to join companies in this Europeanstronghold and likewise, many service companies are desperate to recruit German MBAs to servetheir successful German clients.

France remains sluggish, though their government seems set on revitalising the industrial sectorand major companies are active. Tamsin O’Bryen of Sodexo reflects the continuing scepticism ofsome French employers towards MBAs when she says: “While the level of learning of MBAs isgood and gives a strong insight into the organization I think MBA schools need to be more carefulin managing their students’ expectations. A lot believe that the certificate makes them a natural

leader but that is not the case all of the time. An MBA doesn't act like a magic wand!”

Spain and Italy are also sluggish, but have growing numbers of financial and technologycompanies regularly recruiting MBAs, as well as a growing consulting industry. They remainsomewhat immune to the credit crunch, though their export industries are suffering from thestrong Euro.

Dominique D’Arcy of the Career Service at Manchester Business School says: “Increasingly theMBA is becoming the main stream qualification for recruiters in many Western Europeancountries, as has been the case in the US for many years. Strategy consultants are still recruitingactively, but they have been joined by the professional service companies like KPMG, E&Y andDeloitte - all of whom are targeting MBA recruiting this year. Many industrial companies have

been enticed into the MBA market in the last three years and they have enlarged the total pool




of MBA employers compared to the pre-dot.com era. We are also seeing renewed activity amongtechnology and telecoms companies,” she says.

But the real news in the last couple of years has been Dubai. D’Arcy comments: “Companies inDubai are booming and they are seeking MBAs in large numbers, in particular, Indian MBAs whohave some links with the region. For example OC&C has acquired Middle East Strategy Associatesand is hiring actively from MBS.” Graham Hastie confirms that Dubai and the Middle East is a hot

spot, “a bit like the wild west – some banks and consultancies expect to double in size every sixmonths and are recruiting accordingly.”

By contrast, MBA demand in Africa is subdued. London Business School has turned awayemployers from Kenya and Nigeria because they do not have the right profile of candidates.Meryll Folb of Standard Bank of South Africa observes: “Salary is a big barrier for Africanemployers.”

6.2.3 Asia

MBA recruiters around the world are in the midst of a battle for talent, but the battle ground isshifting away from developed economies towards emerging markets, particularly in Asia.Without doubt, the QS TopMBA.com Recruiter Survey is reflecting the emergence of more andmore Asian companies seeking MBAs. They will naturally look to hire locally if they can find thequality, though many Asian employers are still committed to hiring from North American,European and Australian business schools. The rise of an elite cadre of Asian business schools isunderway, but will probably take another ten years to be fully established.

In Asia, the MBA is becoming more in vogue. Asian candidates are among the highest GMATscorers in the world and are focused on developing excellent technical skills, often at the

expense of integrating fully in the social aspects of the MBA. But Asian recruiters are looking forambitious, well rounded MBAs. Amy Low of Visa International in Singapore says: “MBAs bring anintellect, fresh approach and strong determination to excel in their delivery.”

China is the hottest market in Asia. “More and more MBAs are joining Chinese companies frominternational MBA programs and Asian MBA programs,” says Michael Yang, General MarketingManager of Motorola (China). “I think the attraction for these MBAs is not the starting salary, butthe growing opportunity.” Amy Chong of EQT Partners in Hong Kong says: “MBAs bringcommercial acumen and international experience” to the China-based employers.

Korea and Japan are well developed MBA markets. Jay Kang of Maekyung Business Newspaper inKorea observes: “The large companies in Korea, like LG, Samsung and Hyundi, have recruited

MBAs for many years. However there is a large unmet demand among mid-sized Koreancompanies who wish to employ MBAs but do not know how to go about this.” Sei-Woong Yoon,an MBA alumnus from IMD and CEO of Overture Korea, says: “A top MBA is a gateway to aninternational career for a young Asian. Before I took my MBA, I worked in advertising in Koreaand had a totally domestic focus. Since my MBA, I worked with Saatchi & Saatchi in London,became a COO of Yahoo in Asia and now run Overture. My whole international managerialperspective was shaped by my MBA. Today I think such a global perspective is even moreimportant.” T. Takenouchi of Copernicus Associates in Japan agrees: “We favour the many MBAholders who have an international perspective, strong interpersonal skills, as well as a goodunderstanding of marketing, finance, or strategic planning.”




6.2.4 Latin America

Latin America has been a relatively inactive region for MBA recruitment, with most LatinAmerican MBAs choosing to study and work abroad in Europe or North America, but this ischanging. Brazil, in particular is a vibrant economy offering many opportunities for MBAs inbanking, energy, natural resources and consulting.

Latin American companies are now reaching out to US, Spanish and other European schools topick up the talented nationals choosing to study overseas because of the need for internationallyminded leaders. Vanessa Matemoros of INBio in Costa Rica says: “For specific positions likemanagers of some process we prefer MBAs. Interpersonal skills count a lot, and not just the MBAqualification.” Alejandra Herrera of Asturer, Mexico looks for MBAs who: “have great potentialto grow in to leaders within the organization.”

“There is definite movement in the market,” confirms the Director at Instituto de Empresa'scareer management centre. Many European banks now own the major Latin American Banks andthey actively recruit MBAs, as do consultancies and major industrial companies. The biggest suchrecruiters are BBVA and Banco Santander, which have emerged as regional banking leaders inLatin America, though HSBC is not far behind. The Mexican market is very strong, but we areseeing a region-wide improvement.

Salary remains a big issue. Yogesh Chavda of Procter & Gamble Venezuela sees MBA recruitingas: “an opportunity to gain people with the right level of maturity”, but is often thwartedbecause “expectations are too high.” At present there remains a big differential between MBAsalaries paid by international companies and those offered by local employers.




6.2.5 Global versus Local Employers

More and more companies are global in their operations without ties to any one region. Many ofthese companies have recruiters with global responsibility for hiring MBAs. In total, 142 (58)recruiters responding to our survey had global responsibility for MBA hiring, more than doublethe previous year. These global recruiters include strategy consulting firms, investment banks,

pharmaceuticals, supplemented by a small number of companies in most other sectors.

In addition, many recruiters headquartered in one location will have responsibility for a regionelsewhere. These regional and global recruiters tend to pay higher salaries and recruit largernumbers of MBAs rather than local employers.

Figure 6 shows the growth in the number of MBA opportunities. Regional and global MBAemployers headquartered in the US and Europe is fuelling the growth in demand worldwide.Local companies in Asia and Latin America still account for relatively few MBA opportunities andrecruiters in such organizations have reported only limited plans for an increase in MBA hiring.

Trend in Employment Opportunities by Region 2007-2009


Figure 6: Trend in Employment Opportunities by Region 2007-2009




However, this data potentially underestimates the actual number of opportunities in certainregions. For example, many MBAs in Asia, Latin America and Eastern Europe are hired throughhead offices in the US or Western Europe. Although 40% of responding recruiters are based inNorth America, Figure 7 reveals that 33% of these recruiters have some responsibility forrecruiting globally or in Europe, Asia or Latin America (67% are purely domestic focused).

Similarly, European recruiters make up 30% of our sample, but a massive 80% of these recruiters

also have some responsibility for recruiting globally or in North America, Asia or Latin America(only 20% are purely domestic focused).

North American and European Recruiter Responsibility by Region 2008


Figure 7: North American and European Recruiter Responsibility by Region 2008

The dominance of MBA recruiter headquarters in the US and Western Europe sheds light on thecontinued popularity of US and European business schools. International MBAs at these schoolsbenefit from proximity to these headquarters and being able to meet such recruiters on campusbefore graduation.




6.3 Demand for MBAs by Sector

6.3.1 Consulting

Top 10 Consulting Recruiters of MBAs in 2008:

Accenture, A.T. Kearney, Bain & Co, BCG, Booz Allen Hamilton, Deloitte Consulting, Ernst &

Young Business Consultancy, IBM Consulting, McKinsey & Co, ZS Associates (Oliver Wyman replaced f rom 2007)

The consulting industry has been growing at phenomenal rates for the last 20 years, becoming a$100 billion industry. After a temporary slowdown at the start of the new millennium, the sectorcontinues to hit new highs in 2008. The consulting market remains in the middle of a boomphase, though the geographic focus is shifting away from developed economies to Asian, LatinAmerican, Middle Eastern and Eastern European markets.

Responses to the QS Topmba.com International Recruiter Survey 2008 suggest that largerstrategy consulting recruiters are actively seeking many new people in these 12 months. Inaddition, the professional services, technology and outsourcing firms are re-staffing theirstrategy departments – many of which were decimated in the downturn. KPMG, Ernst & Youngand Cap Gemini are all actively expanding their business advisory/business consultancy division.

Overcapacity in 2001 saw an MBA hiring cut back. An 18% (22%) increase in demand for MBAs in2008 places demand well ahead of 2001 levels and, based on current forecasts, demand willcontinue to grow.

QS Global-Workplace (www.global-workplace.com), has seen the number of jobs listed on its sitegrow throughout the past three years. Tom Harrison says: “In 2007/08, over 2,000 consultingjobs were listed on the site. Consulting job listings feature all the major consulting firms as wellas many smaller firms.”

All the leading firms have returned to aggressive MBA hiring. In particular, the big strategyplayers like McKinsey, BCG, Accenture, Bain, Booz Allen, and Roland Berger are recruitingactively. Accenture historically hires between 10,000 and 17,000 people globally each year.Outsourcing remains the fastest growing segment of consulting services, accounting for 65% ofAccenture's new business. IBM Consulting is also a large player in outsourcing consulting projectsand is benefiting from this trend. For this type of consulting, Sej Butler of IBM UK looks for“specific pre-MBA skills - either deep industry and process knowledge or knowledge of solutionareas.” There is evidence that these consulting firms are struggling to source sufficient MBAs fortheir developing economy practices, in particular in China.

Corporate consultancies are experiencing strong growth in MBA hiring. For example, Siemens

Management Consulting specialises in technology and business outsourcing. Dell has changed itsname from Dell Computers, reflecting the intention to build up its business consulting divisionhelping Dell hardware customers to plan their IT requirements. Such strategies follow in thefootsteps of IBM, which today is the world's largest provider of consultancy services, by revenueand employment numbers.

There is also a growing number of small specialist consultancies looking to hire MBAs. Chris Lavinof Sierra Systems, Canada finds MBAs the perfect talent pool: “They have a strong managementtoolkit that is the basis for good management consulting. And maturity and analytical skills tointeract with senior clients.” Many such firms are using search agencies, or web services such aswww.global-workplace.com, rather than visiting schools. There is also a growth in specialistconsultancies, for example ZS Associates, with a focus on sales and marketing.




6.3.2 Financial Services

Top 10 Financial Services Recruiters of MBAs in 2008:

Bank of America, Barclays, Citibank, Deutsche Bank, KPMG, Goldman Sachs, JP Morgan,Merrill Lynch, Morgan Stanley, OCBC Bank (GE Commercial Finance, Ernst & Young, UBS replaced f rom 2007).

Almost all investment banks actively recruit MBAs. The credit crunch has created fears of hugecut backs in MBA hiring in the financial services, but despite redundancies among experiencedbankers, entry level recruitment has remained robust in 2008.

Diane Morgan, Careers Director at London Business School sees: “a pretty good outlook. All thebanks are coming on campus and hiring similar numbers to last year.” Claire Hudson of theCareer Service at Manchester Business School agrees: “Banking intern opportunities forsummer’08 are as strong as ever.” Dr Simon Taylor, Professor of Finance at Cambridge’s JudgeBusiness School says: “Much of the bad news is out there. The banks are still robust and havebeen able to refinance to strengthen their balance sheets.” However, he cautions that: “the

situation could take a turn for the worse if the US economy slips into recession.”

This demand for MBAs collapsed during 2001-2003. Goldman Sachs, Morgan Stanley and otherscut MBA hiring by up to 80% in some offices. 2008 shows a completely different environmentwith demand stable +7% (23%).

Sarah Thomas, Head of MBA Recruitment at Standard Chartered says: “MBA hires are critical tobuilding our leadership”. Those banks most exposed to Asia, Russia and Brazil are continuing toperform well. Those banks most exposed to losses from the credit crunch are making cut-backsand do expect some reductions in MBA hiring in 2009. Overall, a -9% cut back is expected inbanking hiring numbers next year.

Belinda Regan of Fidelity International prioritises MBA hiring because of: “intensive training frombusiness schools and the fact that candidates are usually very motivated to commence a newcareer.”

So what turns a bright new business school graduate into a successful banker? According toAngela Cassidy, a recruiter at Deutsche Bank, her firm looks for: “High achievers who are bothfocused and motivated and who can demonstrate a good understanding of our industry. We alsowant people who are bright and energetic and not afraid of working hard. We don’t just look atwhat an individual has achieved in the workplace, but also take into account what they havebeen doing outside their academic activities.” According to Anshu Jain, Head of Global Marketsat Deutsche Bank, they will hire over 150 MBAs in the next 12 months making them Germany’slargest MBA employer according to Handelsblatt, the business newspaper.

Many people associate investment banking with mergers and acquisitions, but most of the topbanks look to recruit MBAs into global markets (sales and trading securities, fixed income andderivatives), managing assets, structured finance, corporate finance and increasingly on-and-offbalance sheet hedge funds.) There are also many back office positions in risk, financial controland technology. According to Dr Taylor, the areas likely to see a short-term cut back in MBAhiring, include credit derivatives, M&A, private equity, and asset management. Opportunities incredit derivatives, which are the source of current credit problems, are likely to see bigcutbacks. Market risk & compliance departments may see increased MBA hiring as banks seekgreater security and control of risky investment classes.

It is not just banks which recruit MBAs into financial services. GE Capital is now one of thebiggest recruiters of MBAs worldwide. American Express is also emerging as a major player.




Insurance companies steadily hire MBAs, a trend that picked up noticeably in 2006 and hascontinued in 2008. In the US there are a number of insurance companies that recruit ten or moreMBAs each year such as AIG, Travelers, CIGNA, and Liberty Mutual.

A new feature in recent years has been the entrance of hedge funds, private equity and venturecapital houses into MBA recruiting in significant numbers. In the past they have focused on moreexperienced MBA alumni, recruited through a network. Today, they are recognising the need to

recruit younger MBA graduates to meet the growing market opportunities.

Dr Taylor believes: “The opportunities for MBAs in the banking sector could still cool slightly in2008/09, but the prospect is for strong long-term growth.”

6.3.3 Technology

Top 10 Technology MBA Recruiters in 2008:

Amazon, Avaya Communications, BT, Dell, Google, IBM, Intel, Microsoft, SAP, Vodafone.(Compusermann, PTC, Yahoo replaced from 2007 )

Recruitment of MBAs into technology companies bounced back between 2005 and 2008 followinga post-millennium bloodbath, especially on the US west coast. The technology sector reports amodest 5% increase in growth this year, after a robust 29% growth last year. AvayaCommunications is one of the largest recruiters of MBAs in the technology field, riding the waveof mobile phone growth in Asia. Telecommunications companies such as British Telecom andVodafone are very active. Some software companies, like Microsoft and Oracle for example,have increased their intake. Chloe Chometon of Oracle Ireland looks for MBAs with:“International exposure [and] structured thinking.” Tom Koziki says: “The high-tech corridor on

the West Coast remains vibrant.”

Asian technology recruiters are hiring actively in China, Taiwan and Korea. Though we still lackmany Chinese recruiter respondents in the research, Korea is an example of the dynamism oftechnology in Asia. According to Jay Kang of Maekyung business newspaper, the big technologycompanies expect significant growth in MBA hiring in the long-term.

However, the short-term outlook for the technology sector is less certain. US recruiters inparticular are “re-assessing their MBA needs in light of the high compensation packages beingcommanded by MBAs in North America,” says Dan Beaudry. Hence demand is forecast to stallnext year as these recruiters shift their focus to engineering and technology graduates. Thesecompanies may well be waiting for some downward pressure in MBA compensation levels before

they re-enter the market aggressively.

6.3.4 General Industry

Top 10 Industrial MBA Recruiters in 2008:

BP, Eastman Chemical, Exxon Mobil, General Electric, General Motors, Hilti, Ingersoll Rand,Johnson & Johnson, Procter & Gamble, Whirlpool (Ford, LG, Phil ip Morr is, Unil ever replaced f rom 2007)

This broad grouping of industries covers, aerospace, automotives, chemicals, logistics,

manufacturing, steel and, for the purpose of this report, consumer goods and retail. Each




industry reveals individual trends, but a common theme has been a steady increase in MBA hiringfor the last three years with the 2008 survey reporting an increase in hiring of 14% (24%). Theincreasing globalisation of international trade, growing inter-dependence of common marketsand increased international competition has fuelled the interest in MBAs across the sector.

More and more industrial companies are fully embracing globalisation and understand that MBAsrepresent an essential pool of international managers who are capable of working in diverse

cultures and business situations. In particular, multi-national supply chains and procurementrequire internationally-minded, multi-lingual managers, making MBAs a natural talent pool. As aresult, the industrial sector is steadily increasing its share of MBA hiring and will actuallyovertake the financial services sector in 2009, based on current trends around the world.

A sizeable number of MBAs who do find roles in the industrial sector will do so with companiessuch as General Electric, Ford and General Motors where specific MBA induction programs havebeen the norm for more than 20 years. Internationally-minded European companies, likeSiemens and Daimler, have established MBA entry programs. However, the automotive industryhas cut back MBA recruiting considerably in 2008.

Sangeeta LaForges of General Motors North America looks for: “More strategic, globally mindedMBAs, but finds many are shopping the market for the best deal. Finding the right candidatethat truly wants to work for your company is a challenge at times.”

“For our purchasing function, the MBA is the prime hire, if they have relevant experience. Fromthe start, an MBA employee is responsible for purchasing hundreds of millions of dollars inparts/products,” says Alberto Piccone of Ford. But Piccone cautions that: “The years ofexperience between their undergrads and MBAs have been shrinking. This limits the hiringevaluation to just a couple of jobs,” he says.

The energy sector has reported the largest increase in MBA recruiting within industrials. Thereseems to be two drivers of this trend. First of all, the search for alternative energy sources is

attracting many MBAs into smaller, entrepreneurial organizations. Secondly, as Graham Hastie ofLondon Business School reports: “Many of the big oil companies will need to replace their seniormanagement over the next ten years as they come up for retirement. These companies haveidentified that they need new MBAs for their leadership programs and are offering exceptionalpackages to get the best people.” Exxon Mobil and BP are among the largest MBA employers inthe energy sector.

Consumer goods companies have been committed to MBA hiring in the US for many years. LeverBrothers traditionally hires 50+ MBAs in the US and many fewer in Europe. This situation ischanging. As more and more people graduate with MBAs, they are penetrating consumer goodscompanies around the world in ever increasing numbers. It is now common for both localoperations and head offices of such companies as Diageo, P&G, BAT and Coca Cola to hire MBAs.

For local industrial companies, the high level of multinational salaries remains a barrier and candiscourage MBAs from pursuing local opportunities that may bring them rewards in the longerterm. Manel Gasca of Rittal Disprel, a consumer products/retail company based in Spain, has thefollowing advice for MBAs: “Too much relevance is placed on salary straight after an MBA. Since Igraduated I had to learn that the true value of my MBA was the knowledge I acquired and notthe job I got straight after graduation. MBA recruitment is very sensitive to economic conditionsand we should not value studying an MBA by the salary we obtain after graduation.”

But there is a downside to such a "hot" MBA job market. First of all, many MBA employers will bedisappointed and not attract the talent they are seeking. Neil Currie of Johnson & Johnson says:“I recruit international MBAs - candidates are often reluctant to share vital information about

their personal and career objectives and we waste their time and ours going through several




interviews on campus and on site, making offers only to discover that they want to work inconsulting.”

Secondly, there is a danger that we return to the bad old days, when MBAs had a reputation forarrogance, which tarnished their potential contribution. A consistent message from recruiters inindustry is that they are having to look outside the top-tier business schools to find the talentthey need. However, they are almost all reporting success in their search.

6.3.5 Pharmaceuticals and Healthcare

Top 10 Healthcare MBA Recruiters in 2008:

Astra Zeneca, Cigna Healthcare, Cytyc Corporation, Eli Lilly, Genentech, Glaxo Smithkline,Johnson & Johnson, Novartis, Pfizer, Schering Plough. (Merck replaced from 2007)

Pharmaceutical companies have always been very active MBA recruiters and pay the best salariesafter consulting and investment banking. They also offer attractive benefits and internationalmobility. They have remained committed to MBAs throughout the last decade and growth inrecruitment numbers is steady rather than spectacular. Cytyc Corporation has joined this groupof active MBA recruiters within the healthcare sector, seeking over 30 MBAs in 2008. Merck hashad a fairly traumatic year in terms of patent losses and has significantly cut back MBA hiring.

6.3.6 Small Enterprises and Entrepreneurship

The internet revolution has given many MBAs the confidence to start their own business ongraduation or to join smaller entrepreneurial organizations. Some schools are reporting that 10%or more have chosen to do so.

Colleen Clark of Eastern Mountain Sports says: “MBAs bring business acumen, creative thinkingand new knowledge (technology, people, branding and product development) to a business. Theycut down on lag time between start up and ROI.”

Karena Zornow of Drive thru Designs in the US reports that MBAs: “have proven to be smart,ambitious, driven, quick learners, adaptable leaders. These qualities enable them to progressquickly throughout the organization in cross-functional roles to make a real impact.”

Technology has reduced the cost of starting a business, even for risk-averse MBAs. At US schools,the percentage of class starting their own business is consistently less than 5%, whereas manyEuropean schools exceed this level. Schools reporting particularly high levels of students startingtheir own businesses include: The Judge Institute, Cambridge University, EM Lyon, Instituto de

Empresa, Manchester Business School, and Tanaka School Imperial College London.

A growing number of MBAs are interested in working for small medium enterprises, start-ups orboutique consultancies. Many such firms are owned or managed by MBAs who want to hiredynamic business developers, marketing specialists, salesmen, financial "wizards" and analysts:all classic MBA roles.




6.4 Functional Roles

Figure 8 reveals that over 14% of responding employers offer roles in consulting which has

jumped four places to become the most popular job function on offer to MBAs in 2008. Finance(other) and finance (advisory) have dropped from their top spots of the last few years.Opportunities in e-commerce have also rebounded strongly in 2008, to levels not seen since thedot-com boom of 1999, with 13% of employers offering opportunities to MBAs in this field. Salesand business development also records the highest level of response ever in our survey, with 11%of employers seeking MBAs for this role. General management and marketing follow at 10% each.

Functional Roles Offered to MBAs in 2008


Figure 8: Functional Roles Offered to MBAs in 2008

6.5 Experience Levels

MBA recruiters consistently show a strong bias towards candidates with three to five yearsexperience, targeted by 52% (60%) of employers, but there is a trend towards recruiting youngerpeople. Graduates taking an MBA with less than one year of experience are targeted by only 5%(5%) of employers. These inexperienced candidates typically accept lower paid graduate levelpositions. MBAs with one to three years of experience are targeted by 29% (28%) of employers.MBAs with five to eight years of experience are targeted by 25% (29%) of employers. MBAs withover eight years of experience are targeted by only 5% (4%) of employers (Figure 9 ). This impliesthat this experienced group fall outside the needs of mainstream international MBA recruiters asexperienced professionals are more likely to use a search company to identify suitableopportunities.




Preferred Levels of Experience for MBAs


Figure 9: Preferred Levels of Experience for MBAs




6.6 Skills

Wise MBAs will seek opportunities to develop skills that are important to recruiters. Figure 10 demonstrates how "soft skills" such as interpersonal, strategic thinking, and leadership are moreimportant than finance abilities, academic success, and knowledge of IT.

According to recruiters around the world, business school graduates are still not meeting

expectations in terms of their soft skills. MBAs have for many years met or exceededexpectations in terms of hard skills like; finance, accounting or academic ability. There has beena long-standing short fall in terms of leadership skills and interpersonal skills, which is apparentyear after year, in this research. Choosing opportunities to demonstrate mastery of these skills –perhaps through club or project leadership, for example – will help MBAs to differentiatethemselves in the recruitment process. The chart below is based on 2007 research as thisquestion was not updated in 2008.

Key MBA Skills: Importance versus Satisfaction (as ranked by recruiters)


Figure 10: Key MBA Skills




7. MBA Salaries and Compensation

7.1 Global trends in 2008

The outlook for MBA salaries seems to be stabilising overall after several years of strong growth.In 2008, average MBA salaries in China and India jumped by 50%. By comparison, US-EU average

MBA salaries have risen just 2% to $95,200 ($93,400), still well in excess of the pre-downturnlevels of 2001. The average reported bonus is a sizeable $26,875 ($24,100), with banks/financialservices companies still leading the bonus field with an average of $38,500 ($46,400).

Since 2002, MBA salaries have jumped 30% exceeding the levels reached before the dot.comcrash of 2001. Chris Higgins, Associate Director of Career Services at Wharton confirms: “Wecontinue to see salary increases across industries.” This increase reflects increased competitionfor the top talent, especially across borders, offset by the slow-down in demand in the high-paying financial services sector.

The low overall increase in salaries of just 2% this year reflects a recent trend amongstemployers to expand the pool of target business schools, seeking MBAs from less well knownschools to keep down starting salaries. Recruiting from a larger number of business schools thanin the past – looking beyond the traditional top-tier business schools - has been a commonapproach adopted by employers around the world in recent years. Tom Koziki observes:“Companies have learnt from the dot.com era and are showing restraint in what they are willingto pay for new MBA hires, preferring to offer strong performance related incentives.”

By contrast, Asian MBA recruiters have less local choice of business schools and many arerepatriating candidates from US and European business schools, helping to explain the big jumpin the average of Chinese and Indian MBA salaries this year.

Average Salaries in US & Europe 1996-2008 ($)


Figure 11: Average Salaries in US & Europe 1996-2008

The levels of global MBA salaries tend to be cyclical reflecting economic trends. The 1990s was adecade of uninterrupted economic growth resulting in ever-increasing salary and bonus




packages. A growing pool of MBA graduates was eagerly recruited by businesses worldwide.Despite the dot.com disruptions in the US market in 2000, the momentum behind this trendfuelled increasing salaries until 2001. This trend reversed in 2002, however, and salaries fell toalmost the 1998 pre-dot.com boom level (Figure 11).

In 2008, average consulting base salaries in North America and Europe at $101,500 far exceedthe levels of 2000/2001. Consulting offers the highest MBA salaries, slightly ahead of the

technology sector and well ahead of banking and general industry.

Banking salaries for fresh MBAs revealed a wide range, reaching as high as $155,000 among thisyear's respondents and as low as $20,000 in some emerging markets. However the mainstreaminvestment banks all reported very similar salaries in the ranges of $95-105,000. Consultingsalaries for fresh MBA hires reached a high of $155,000 and a low of $25,000 in emergingmarkets. These salaries may slacken off, given the forecast reduction in demand in banking overthe next few years.

There seems to be a relationship between MBA salaries in all sectors, including general industryand technology sectors. As firms compete for talent, they adjust salaries. As the chart shows,during the dot.com boom of the late ’90s, technology salaries were consistently 10% aboveindustry salaries. In the subsequent technology crash, industrial salaries jumped ahead, but havenow slipped again as technology firms around the world start hunting for talent. As mentionedearlier in this report, many technology companies are currently reassessing the packages theyare offering to MBAs and some reductions look inevitable in 2009.

MBA Salaries in US and Europe by Industry 1996-2008 ($)


Figure 12: MBA Salaries in US and Europe by Industry 1996-2008

Figure 12 tracks MBA salaries in the US and Europe from 1999 to 2008 by key MBA recruitingsectors. This chart reveals the long-term global increase in salaries in consulting, finance,technology and general industry, since 1993.




7.2 Salary and Bonus Combined

When comparing compensation levels, it is important to consider not just the base salary, butalso the likely total earned in one year, including bonuses. This section looks at average totalcompensation offered by sector across North America and Western Europe.

In recent years, overall MBA earnings (salaries and bonuses) have been on the increase in almost

every country in the world. As demand for MBAs has surged, recruiters have competed on totalearnings to secure their preferred candidates. In 2008, the average reported bonus is a sizeable$26,875, with investment banks leading the bonus field at an average bonus of $38,500($46,500). But telecoms/high-tech and consulting have overtaken financial services in offeringthe biggest starting packages in 2008. Technology companies reported the highest startingsalaries for new MBAs in this year’s survey. They also reported large bonuses. The compensationoffered by consulting firms has an average of $129,000, whilst telecoms/high-tech report anaverage of $136,000. Salaries in metals and mining were also much higher this year than in anyprevious year, reflecting the boom which this sector is experiencing. All sectors have averagetotal compensation ranging between $100-140,000.

Recruitment/HR agencies have posted the highest average compensation at $139,000 with manyof these companies working for the banking or technology sectors. We have already noted thatthe volume of placements agencies expect to make in 2009 will drop significantly and this mayalso see total compensation figures drop as they switch attention towards lower paying clients.

Tom Harrison observes: “Some companies have seen an opportunity to grab the best talentwhilst the banks are undergoing a period of uncertainty. With many companies still hiring MBAsaggressively, there remains some upward pressure on total compensation in many markets,though to a lesser extent than in recent years. It remains possible that we may see somedeflation in MBA salaries in 2009.”

Average MBA Earnings by Sector 2008 - Salaries & Bonuses in W. Europe & US ($)


Figure 13: Average MBA Earnings by Sector 2008

Figure 13 presents average salaries and bonuses reported by employers, with each industry

sector disaggregated to provide greater insight. Different industries have their own methods of




providing compensation. Some industries offer a higher base salary, while others offer a highyear-end bonus. When deciding between jobs, candidates are recommended to assess their ownrisk profile and level of financial flexibility.

7.3 Bonuses

Figure 13 also reveals the average reported bonus, which range between $0 and $40,000 with a

sizeable average $26,875 across North America/Western Europe. Banks are still reporting thelargest average bonus at $38,500. While other sectors will find it hard to compete with thesefigures, energy, manufacturing and telecoms/high-tech are offering bonuses in excess of $30,000probably caused by their need to compete with banks and consultants to attract the top talent.The consulting sector is offering slightly lower bonuses of $28,000 on average. Banking bonuseshave tended to be volatile in the past and it may be that if this sector reduces bonuses in 2009,the averages in other sectors will also fall in 2009, even if salaries remain fairly stable.

It is important for candidates to understand the fiscal status of their bonus. Maximizing after-taxbonus value should be prioritised: in some US States, they are taxed at nearly 50%. In the UK,relocation expenses and tuition reimbursements can be claimed tax-free. In such cases the costis the same for the recruiter, but the benefit is far greater for the candidate.

Furthermore, an up-front start bonus carries greater value than a year-end or performancebonus. Candidates can compare their offers with their peers to ensure they are getting acompetitive offer and communicate this benchmarking to the recruiter. In at least one case, atop-tier consulting firm has increased its offer for the entire entering MBA class in order tomatch competitors. No MBA graduate can count on the promise of a performance bonus, makingfinancial planning, including meeting minimum loan repayments, more difficult. Performancebonuses, whether tied to individual, team or company performance, are a means for anemployer to introduce variable compensation and to ensure they do not make financial promisesthey may not be able to keep.

7.4 Trends by RegionNorth American recruiters reported an average of $91,283 ($89,500), Western Europeanrecruiters reported an average of $99,156 ($97,500) (this is the third year European MBA salarieshave significantly exceeded North American salaries, though the figure has been boosted indollar terms by the weakening dollar exchange rate). Eastern European recruiters reported thelowest average of $63,675 (this figures excludes low paying countries such as Turkey and Greecewhich were included in the 2007 report). Latin American recruiters reported a significant jumpin average salaries at $70,465 ($69,700), though there are wide variations by country withinLatin America. Asia-Pacific recruiters (excluding India and China) reported an average of $71,500($71,200), but this belies a 50% increase in average salaries reported by recruiters in China andIndia. These regional averages are shown in Figure 14 .




MBA Salaries by Region 2008 ($)


Figure 14: MBA Salaries by Region 2008

Average salaries have risen across the board globally, and some level of convergence isapparent. The average salary reported by North American and Western European recruiters was

$95,200.

Multinational companies co-ordinate recruitment on a global level, and do not want to drive topcandidates away from key geographies because of a salary differential. As internationalcompanies set up operations in emerging markets, they are increasingly willing to pay more forMBAs, who they see as critical for building a foothold in each region. Over time, it is likely thatdifferentials with local companies will disappear as they respond by trying to attract talent forequivalent positions with more competitive salaries.

Global recruiters very much kept in line with this benchmark figure, with very few deviating bymore than 15% above or below this figure. One exception was a global consultancy which isoffering MBA salaries of $155,000 in all regions of the world in an apparent attempt to outbid allcompetition for top talent. Other consultancy firms have not followed suit and it seems unlikelythese sorts of offers will be sustained.

There is a significant differential in salaries across regions between offers made by local andinternational employers. In fact, in every region of the world, including North America,international recruiters are paying higher salaries on average, than their domestic counterparts.In Asia, both European and North American employers pay more than their Asian counterparts. InEurope, it is the North Americans who pay the most. In North America, by contrast, it is theEuropean companies who pay the most.




MBA Salaries by Region Comparing Local Employers against the Average ($)


Figure 15: MBA Salaries by Region - Local Employers vs. Average

The trend towards MBA salary convergence continues around the world. The gap between Asianand North American salaries remains roughly 20% (19%) (though bonus figures in Asia are muchlower than in North America). Latin American salaries are 21% (20%) lower than those in the US.As these economies grow more rapidly than their Western counterparts, salaries around theworld are likely to continue to equalise. The time trend information in Figure 16 demonstratesthat there is an overall long-term trend towards convergence in salaries.




MBA Salaries across Regions 1996-2008 ($)


Figure 16: MBA Salaries across Regions 1996-2007

Note: Asian salaries exclude China, India &Thailand companies that offer much lower MBAsalaries when converted to dollars.

7.5 Strategies for MBA Salary Analysis

The downside to such high salaries is that some employers become disaffected with MBAs, orhave excessive performance expectations relative to non-MBA staff on lower salaries.

Patrick Smith of Bank of America believes many MBAs “have unrealistic expectations aboutstarting salary and speed of advancement.” Mitch O’Brian of Emissary Pharma in Australia makesa hard hitting assessment: “MBAs often come with an arrogance that jobs will fall in their lapand false expectations. I would like to see more emotional intelligence taught and realisticcareer counselling provided.”

In 2008, as in 2007, more and more employers are looking to recruit MBAs from non top-tierbusiness schools having found salaries and candidates to be unapproachable at the eliteinstitutions when an ever-increasing number join strategy consultancies or investment banks.

Mesha Mott of Mead Westvaco USA confirms: “depending upon the universities/reputation andthe skills sets required, salary requirements may be misaligned with what the candidatesactually bring to the table.” Such recruiters have reported greater success looking beyond thetraditional pool of schools.

The message for newly graduating MBAs is not always to chase the highest short-term salaryoffer, but to look for an organization which will lay the foundations for a successful long-termcareer – otherwise campus recruiters will start looking elsewhere.

MBA graduates are known for their analytical ability. In negotiating salary offers or deciding ontarget geographies for a job search, it is important to take a step back from the numbers andthink of the bigger picture. Job applicants should consider the cost of living when comparing




salary packages across regions – the real, versus the nominal wage a company and countryoffers.

The Organization for Economic Co-operation and Development (OECD) publishes annual researchcomparing purchasing power between countries (a good proxy for the cost of living). Accordingto the OECD, the purchasing power in Mexico is 24% more than in the US. So, even though thesurvey reveals that MBA graduates are paid 34% less in Latin America than in the US, graduates

working in Mexico will enjoy a standard of living comparative with that of their US counterparts.By contrast, purchasing power in Japan is 36% lower than in the US, so, the higher cost of livingwill result in a lower standard of living if the same salary is paid as elsewhere. Another exampleis Hungary's where the purchasing power is 55% higher than that of the US. This means that anMBA earning 44% less in Hungary will still enjoy a higher standard of living than a US graduate.




7.6 Regional Focus

7.6.1 North America

Within regions, there are substantial differences in salaries offered across industries. Figure 17 shows the salaries offered in different industries within the US and Canada. Salaries in the US

are consistently slightly higher than those in Canada. Consulting offers the highest salaries in theregion, but in other regions manufacturing, energy, banking and telecoms follow closely. InNorth America, it is IT/computer services and the public sector which offer the next highestsalaries.

MBA Salaries in North America by Sector in 2008 ($)


Figure 17: MBA Salaries in North America by Sector in 2008

MBA Salaries in North America by Country

Regional Headquarters of Recruiter Average Salary 2008 ($)

USA 90,972


Figure 18: MBA Salaries in North America by Country

7.6.2 Europe

Western European salaries have been relatively stable in 2008, after a 7% jump in 2007, drivenby a strong employment market, but also by the weakness of the US dollar to the Euro and UKPound. In reality an MBA graduate today will face similar prospects on either side of theAtlantic. Salary levels in financial services and consulting are very similar in both regions as are

technology salaries and those in general industry.




Figure 19 compares MBA salaries in companies recruiting in Western Europe and Central, Easternand Southern Europe, segmented by the location of the recruiters' headquarters. There is greatvariation in salaries. German, Italian and UK recruiters paid more than their Greek, Hungarianand Romanian counterparts surveyed. (The French data may contain a bias due to a highproportion of local consulting firms in the sample).

MBA Salaries in Europe by Country


United Kingdom

Ireland

Belgium

France

Italy

119,567

110,715

102,917

98,173

91,783

Germany 88,438

Netherlands 89,462

Spain 86,536

Russia

Romania

66,305

36,905


Figure 19: MBA Salaries in Europe by Country

7.6.3 Asia-Pacific

Asia-Pacific salaries have jumped by a massive 50% this year in India and China. However, theother higher paying advanced economic regions of Asia-Pacific - Singapore, Japan, Korea, Taiwanand Australia – have seen MBA salaries remain stable (Singapore shows a slight drop to $82,360from $84,950). From 1996 to 2008, average salaries for MBA graduates have risen an impressive70% in US dollar terms. The MBA battle for talent seems to have shifted to this region andupward pressure on salaries is expected to continue in 2009, especially in the lower payingmarkets like China and India which are also experiencing high growth and inflation.




MBA Salaries Asia: Excluding India & China ($)


Figure 20: MBA Salaries Asia

Figure 21 shows average salaries reported by companies based in each country, providing adirect comparison of average MBA salaries in the lower cost countries of China and India withthose in the higher cost regions of Singapore, Japan, and Hong Kong.

MBA Salaries in Asia by Country


Singapore 82,360

Hong Kong

China

71,250

55,770

Taiwan 45,000

India 37,500

Thailand <25,000


Figure 21: MBA Salaries in Asia by Country




Comparing Average Salaries in Asia ($)


Figure 22: Comparing Average Salaries in Asia

7.6.4 Latin America

Average Latin American MBA graduate salaries have increased by 40% from 1996-2008, to $70,450($69,600). In Latin America, a series of currency devaluations negatively impacted on thereporting of MBA salaries in US dollars, holding back the figures in 2003-5. But as currenciesstrengthen, their dollar values are now catching up with other regions.

Figure 23 shows how salary levels in Latin America have risen and fallen regularly since 1996, butbased on the trend of the last three years, average MBA salaries should regularly exceed $70,000in the future, with some upward pressure expected to continue. However, volatility is a featureof the region. A little over a decade ago, it seemed that Latin America had escaped the trap ofpoverty. Foreign direct investment and trade surpluses buoyed the major nations of the regionand prospects for the future looked bright. The dot.com boom experienced by the rest of theworld had negligible impact here. Instead, a series of economic shocks and destabilisationshaunted major Latin American nations through the turn of the century.

Latin America returned in 2002 to the salary offers of 1999 only to fall again in 2003. The 2003Argentine devaluation, against a backdrop of recession and hyperinflation, was a temporary

setback. Since then, the trend is upward again and, with many business schools in the region anda growing population, Latin America looks to be set for greater salary gains in the future.

There are further encouraging signs for the region in 2008 with employment rising in Brazil andGDP per capita rising across the region. A weaker US dollar has helped lift exports and reducedebt burdens, encouraging more inward investment. MBA salary gains have reflected theseimproved conditions.




Comparing Average Salaries in Latin America ($)


Figure 23: Comparing Average Salaries in Latin America

Figure 24 shows variations in MBA salaries in Latin America according to the location of theheadquarters of the recruiter. There is less variation than in Asia and the increase in numbers ofUS and European companies recruiting MBAs in the region has also had a positive impact.

MBA Salaries in Latin America by Country


Colombia

Mexico

78,253

78,200

Brazil 70,000

Venezuela 62,500

Argentina 42,500


Figure 24: MBA Salaries in Latin America by Country




8. Appendix – Some participating companies

ArgentinaAeropuertos Argentina2000

Assist Card InternationalBaufestBayton SABumeran.comEl Rey del CartuchoParadigma Sociedad deSolucionesRadio Victoria FueguinaRousselot ArgentinaStracienta Corp.Tech Mind

TGSTiens Group InternationalAustriaEgon Zehnder InternationalAzerbaijanPedersen & PartnersBelgiumBASEEli LillyFortisGreenwich ConsultingMichael Page International

PricewaterhouseCoopersCanadaCIBC Wood GundyDeloitteDepartment of EnergyKids FuturesMercer ManagementConsultingChileAccentureCANAANEmpresas BDS - Terracorp

L'OréalTravel ClubChinaChem InternationalCommBank ManagementConsultingDellDragon EXecutivePOD ManagementConsultantsSgT

ColombiaBogofoods

FisconsejoCzech RepublicPedersen & Partners

FinlandNordea BankSamiCon & PartnersFranceEmerging ComunicationMerck & CoGermanyDeutsche Post World Net /DHLPorscheHenkel

Hypo Real Estate HoldingInterpoolLeitzTRUMPFVolkswagenGreeceDiners ClubPricewaterhouseCoopersProcter & GambleHong KongAlpha Zeta LtdAmerican International

AssuranceAmerican InternationalGroupChevronChina Optotech CompanyChina Overseas Land &InvestmentDeutsche BankDHL LogisticsDYK AssociatesGeneral MillsGlobal Fortune China

Hamon Investment GroupJada Toys CoLRT ConsultingMicrosoftNational SemiconductorPeace MarkHungaryBoydenEpicor SoftwareCorporationHudson Global Resources

Kornferry InternationalMicrosoft

Procter & GambleSatyam Computer ServicesSolvo Biotechnology

IcelandAtlantis GroupIndiaZenSar TechnologiesItalyIndesit CompanyMerck Sharp & DohmeValue PartnersWind TelecomunicazioniSpaJapan

JPMorganPRTMLiechtensteinHilto CorporationLithuaniaEuromonitor InternationalMexicoAsturerElektra y Banco AztecaEmbotelladoras ARCAGrupo American IndustriesGrupo Calidra

Grupo FinatradeGrupo NestleHome DepotIngeniumJohnson & JohnsonKelly ServicesKornferry InternationalMedica IntegralMerck Sharp & DohmeScotiabankSterigenicsNetherlands

General ElectricLimbourg & PartnersMercuri UrvalTricepsPeruEl Guanaco AzulPolandBoston Consulting GroupChronos ConsultingWarta GlassPortugal

Banco FinantiaBoston Consulting Group




Heidrick & StrugglesMcKinsey & CompanyRussiaBritish American TobaccoRussiaEli LillyNasta Insurance

PolairTroika DialogSingaporeAccentureAllianz Global InvestorsSingapore LimitedAXA Asia Regional CentreBPCisco SecurityHay Group Pte LtdOCBC Bank

Synovate Pte LtdSlovakiaCity UniversitySouth AfricaBurlington StrategyAdvisorsCalibre PeopleCape Venture PartnersCapital Outsourcing GroupDeloitteFrost & SullivanHR Solutions

ITP SA Human ResourcesHoldingsLwazi LamsNetwork RecruitmentParaconPeloentleQuigliesRand PersonnelRenault SouthStandard BankSouth KoreaDoosan Heavy Industry &ConstructionSamsung Fire & MarineInsuranceSpainSunBodegas MelgosaCirculo de ProgresoEl CortijosaErgodecorEuroPraxis ConsultingFicosa International

Grupo BBVAGrupo Intermark

Hernest ConsultingICEXIsoluxMafreMulticanalMundo EdificioNovartis

OticonSun PlanetToldos ConilSwitzerlandAdecco Finance &AccountingBBVABriggs & StrattonCredit SuisseMedtronicUBS

TaiwanHTC Corp.UkraineAESUnited KingdomA.T. KearneyAmazon.comAmerican ExpressAMXAnalysysBT RetailCentre People

CHEPCitigroupCVO InternationalDerivatives AppointmentsDevine ConsultingEuromonitor InternationalFraser Dawson & CoGEHealy HuntIBM Business ConsultingIMIIntel CorporationInzenkaJPMorganEli LillyMarakon AssociatesMayfair InternationalMerrill LynchMichael PageOdgers, Ray & BerndtsonPRTMSABMillerShell International

Société GéneraleTesco

Thomson Legal &RegulatoryUnileverUnited StatesA.T. Kearney ProcurementSolutionsAbroad China

Advisory Board CompanyAmerican AirlinesAnalysis GroupAOLApollo GroupApril InternationalAvayaBain and CompanyBalakrishnanBDO SeidmanBearingPoint

Bechtel CorporationBlack & DeckerBooz Allen HamiltonBose CorporationBoston ScientificCorporationCalifornia Franchise TaxBoardCalvertCambridge SearchCampbell Soup CompanyChemonics International

CIGNACisco SystemsConnelly BilliardManufacturingCorporate Executive BoardDeloitte ConsultingDouglas C. Lane &AssociatesDriscoll StrawberryAssociatesDuff and PhelpsDuPontE & J GalloEDSErnst & YoungEuronet WorldwideExecutive RecruitingSolutionsFannie MaeFedExFord Motor CompanyFriends of the Sea OtterFrito-Lay

Garden State PhilharmonicGartner




GEGenentechGoldman SachsGrosvenor FundManagementHarris Williams & Co.Hasbro

Hewlett PackardHiltiHitachi ConsultingHomeBanc MortgageCorporationHoneywellIBMINGIntel CorporationInternational TradeDevelopment Center

Johnson & JohnsonJPMorganKennametalKPMGKraft Foods Latin AmericaLego SystemsLehman BrothersLiberty Mutual GroupLockheed MartinL'OréalM&T Bank CorporationMerrill Lynch

Microsoft CorporationMiller Brewing CompanyMTG ManagementConsultantsNational Capital

National CityNeenah PaperNestléNew World PastaNissanNorthwest AirlinesON Semiconductor

PepsiCoPfizerPhilips Electronics NorthAmericaPricewaterhouseCoopersPulakos & AlongiRaytheon CompanySearch AmericaSelect Comfort CorporationSigmaSLM Corporation

Société GéneraleSprintState Farm InsuranceState Street Bank & TrustStax Inc.Sun MicrosystemsSunTrust BankTarget CorporationTexas InstrumentsTextron FinancialThe McGraw-HillCompanies

The Motley FoolTowerHunter ExecutiveSearchToyota Motor SalesTrammell Crow Company

U.S. Department of StateUBSUltimate PlacementsUnileverUnivisionUS AirwaysVanguard

VEGAVirtua ResearchWachovia SecuritiesWalbro Engine ManagementWal-martWellington ManagementCompanyWhirlpool CorporationWorld BankZS AssociatesVenezuela

Banco GuayanaC.A. VitaCompuserman InternationalCorporacion Clorox deVenezuelaFarmatodoGaleno QuimicaHuawei Technologies deVenezuelaInter Con-Vigilantes 24Johnson & JohnsonNetwork Consulting Group

RealnaturaSedna-techYugoslaviaNeumann International



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