2015topmba.com_jobs_salary_trends_report_0

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2014/15
QS TopMBA.com
Jobs & Salary Trends
Nunzio Quacquarelli (MA Cambridge, MBA Wharton)
Susan Gatuguta Gitau (BSc USIU - Africa, MSc Nottingham University Business School)

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Contents
Introduction 2
Who will be interested in the survey? 2
Methodology and Scope 3
Summary of Key MBA Hiring Trends in 2014 4
Demographics & Sample of MBA Employer Respondents 10
Long-term trends in MBA Jobs 1990-2014 13
Demand for MBAs Around the World in 2014/15 16
5.1.1.MBA Jobs Trends in USA & Canada 18
5.1.2.MBA Jobs Trends in Latin America 19
5.1.3.MBA Jobs Trends in Western Europe 19
5.1.4.MBA Jobs Trends in Eastern Europe 20
5.1.5.MBA Jobs Trends in Asia-Pacific 21
5.1.6.MBA Jobs Trends in Middle East & Africa 22
MBA Jobs by Sector in 2014 and Forecast for 2015 22
5.2.1.MBA Jobs in Consulting 23
5.2.2.MBA Jobs in Financial Services 25
5.2.3.MBA Jobs in Technology & Telecoms 26
5.2.4.MBA Jobs in General Industry 27
5.2.5.MBA Jobs in Pharmaceuticals & Healthcare 28
Functional Roles on Offer to MBAs 30
Preferred MBA Experience Levels 31
Key MBA Skills 32
MBA Salaries and Compensation 36
Overview of Regional MBA Compensation in 2014 36
Comparing MBA Salaries in North America and Western Europe
38
1999-2014
MBA Salaries and Bonuses by Industry Sector in 2014 39
Regional Review of MBA Salaries & Bonuses in 2014 41
6.4.1.USA & Canada 41

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6.4.2.Latin America 43
6.4.3.Western Europe 44
6.4.4.Central Europe 45
6.4.5.Asia-Pacific 46

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Introduction
The MBA (Master of Business Administration) is a graduate management degree that 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
a crucial step in an individual’s career.
Since 1990, the QS Intelligence Unit, in collaboration with TopMBA.com, has conducted an
annual survey of MBA employers worldwide to determine trends in international salaries and
recruitment. QS is proud to produce the longest established, geographically broadest and
most comprehensive global review of MBA jobs and salary trends.
The 2014 International Employer Survey is as extensive as ever and presents an unrivalled
overview of the world MBA recruitment market. For the purpose of this report, responses
were received from 5,669 (4,318*) respondents from companies in 54 (39) countries, actively
recruiting MBAs** over a three-year period, with 1,632 brand new respondents in 2014. This
represents approximately four times the response of the GMAC MBA Employer Survey and
approximately ten times the response level of the Bloomberg Businessweek MBA Employer
Survey.
The 2014 QS International Employer Survey was conducted between March and July 2014.
** Comparative figures for 2013 are shown in brackets throughout the report
** QS Global Employer Survey also collects responses from companies seeking to hire
masters and undergraduate level students. In total 28,759 employer respondents
contributed to our reports in 2014.
Who will be interested in the survey?
This research will be of interest to all who follow the international MBA recruitment market.
It will help three groups in particular to make informed strategic decisions:
~~Companies and agencies that recruit MBAs
• National and international recruiters will find the survey useful in managing
human resource policies, such as whether to determine salaries globally or locally,
and whether to benchmark their salaries against peer institutions.
~~Business school administrators and career services offices worldwide
• MBA program administrators and career services professionals will find the
survey valuable for providing guidance to students and managing relationships
with recruiters.
~~Current and future MBA graduates
• MBAs can use the research to determine which industries and geographies to
pursue in their MBA job search, and to help negotiate an optimum compensation
package.
**

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About the Contributors
~~Editor - Nunzio Quacquarelli is founder and managing director of QS Quacquarelli
Symonds Ltd, publishers of TopMBA.com and organizers of QS World MBA Tour.
Nunzio has an MA from the University of Cambridge as well as an MBA from the
Wharton School and has been responsible for publication of the QS TopMBA.com
Jobs & Salary Trends Report since 1990.
~~Analyst – Susan Gatuguta Gitau is a research analyst and member of the QS
Intelligence Unit. Susan has an MA in Corporate Strategy and Governance from the
University of Nottingham.

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Methodology and Scope
The QS TopMBA.com International Employer Survey, from the QS Intelligence Unit, collects
primary data on the state of the recruitment market and predictions of future trends from
recruiters in general industry, consulting, financial services and technology.
QS obtains information directly from the employers who hire MBA graduates, offering unique
up-to-date insights into salary and MBA job trends around the world. Each respondent is
designated as being responsible for MBA recruiting within his or her company, whether as a
whole or in a division. They are asked to identify their geographical responsibilities, confirming
whether they recruit locally, regionally or globally. The data includes specific analyses by sector,
geography and year. Time trend analysis as well as sector and regional variations have been
incorporated into this final report.
As the demand for MBAs grows around the world, it is increasingly important to differentiate
between local MBA employers who seek MBAs purely from local institutions, versus
employers with an international recruitment mandate seeking MBAs from a top-tier of up
to 200 global business schools. In particular, throughout the report, we seek to distinguish
salaries offered by local employers versus offers made by international employers.
QS produces a separate report – World Business Schools Rankings – Full-time MBA – that
identifies the institutions most sought after by international MBA employers.
QS TopMBA.com also collects data directly from business schools which report average
salaries achieved by graduating students; this data is included in section six for comparison
with the data reported by employers.
QS further differentiates its research by the objectivity of its position as a third party, operating
between recruiters and business schools. Our long established contacts with recruiters who
share their information with QS, and the bank of data on MBA recruitment and remuneration
built up by QS over the last 20 years, allow meaningful trends to 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 100 business schools and
1,000 employers subscribe to QS Global-Workplace.

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1. Summary of Key MBA Hiring Trends in 2014
Each year, QS continues to conduct the largest survey of employers worldwide, with 5,669
(4,318) MBA employer respondents contributing to this year’s report, including 1,631
brand new respondents, from a total of 35,000 (27,000) respondents globally to our Global
Employer Surveys.
The QS TopMBA.com Jobs Index shows an overall 8% increase in MBA job opportunities in
2014, a drop from the 14% growth experienced in 2013, but still very favourable compared
to OECD GDP growth.
With employers forecasting 12% growth in MBA demand in 2015, we are perhaps seeing the
emergence of a mature qualification with a long-term growth rate likely to swing between
6-12%, rather than the phenomenal 15% average growth reported by QS TopMBA since 1990.
Since 1990, the MBA qualification has played a central role in the globalisation of business, with
export oriented companies in Western and emerging markets fuelling worldwide demand
growth for MBAs.
MBAs = Mobile, Bright, Ambitious
15% = Average Growth in MBA Demand Worldwide 1990 – 2012
10% = Average Growth in MBA Demand Worldwide 2013-15e
1.1. Summary of Key MBA Recruiting Trends
By Region:
~~NORTH AMERICA - The QS TopMBA.com report highlights that across
North America MBA demand has jumped 10% in 2014, in line with our
forecast from last year’s report. It seems that as confidence in economic
recovery arrives in North America, we are seeing renewed demand for MBA
graduates from globally oriented and local employers.
~~WESTERN EUROPE - The story in Western Europe is one of a lag in
recovery of MBA demand, with 0% reported net growth in MBA demand in
2014. Growth in demand in Switzerland (15%), Germany (9%), Belgium (9%), France
(6%) and the UK (5%) has buoyed the region. Northern European MBA demand has
been offset by continued declines in Southern Europe, especially in Italy (-27%) and
Spain (-1%). However there is some good news for Europe’s MBAs. Growth across
Europe is forecast to accelerate in 2015, with Italian and Spanish employers leading
the way with a projected 15% and 7% growth in demand in 2015 respectively.
~~CENTRAL EUROPE - Central European employers reported growth of
10% in 2014, not quite the dramatic increase we forecast in last year’s report, but
but still a respectable figure. The growth figures are boosted by global companies
expanding operations in Central Europe, with Russia and Kazakhstan reporting 19%
and 18% growth in MBA demand respectively. There is a growing appetite for Western
educated MBAs to return home after their MBA to local/regional employers.

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~~ASIA – After several boom years, demand for MBAs in Asia is settling at
a sustainable rate of 11% per year. In recent years, the MBA qualification has
been embraced by Asian employers, particularly in India and China, where demand is
growing in consulting and professional services, manufacturing, IT/computer services,
finance and micro-finance. Since 2011, India has been vying with the USA to be the
largest MBA job market and there is no sign of this trend reversing with forecast
growth of 8% in 2015.
~~MIDDLE EAST - From a small base, MBA demand has grown rapidly in
recent years and it is not surprising that growth rates have settled down to
just 2% in 2014. Growth has centered on the recovery in the United Arab Emirates
and Saudi Arabia. Parts of Africa are reporting optimism for 2015 MBA demand in
sectors like energy, mining, consulting and finance. Demand is forecast to jump by 12%
in 2015.
~~LATIN AMERICA - MBA demand in Latin America has become much
more plentiful in recent years amongst local employers and this trend is continuing,
albeit at a more sustainable growth rate of 7% in 2014 after a year of 10% growth in
2013. Employers in the region are utilising MBAs as a key talent pool as companies
battle to internationalize across the region. Brazil, Argentina and Mexico continue to
be the engines of MBA growth in the region.
By Sector:
~~ENERGY – Although relatively small by volume, but very attractive to MBAs,
the large energy companies have reported 18% growth in MBA demand in 2014,
supplemented by many smaller companies operating in renewable energy fields.
~~TECHNOLOGY –The big story in 2014 is the spread of demand amongst global
technology companies, which are now recruiting in almost every region of the world.
Top technology firms such as Amazon and Apple feature prominently in rankings of
popular MBA employers as multinationals spread their reach to recruit MBAs from
a growing number of business schools all around the world, in large numbers. Miriam
Park, who heads up Amazon’s MBA recruiting team, says, “We love MBAs because
they’re strong analytical thinkers and problem solvers. They are a strong pipeline of
leadership talent for the long-term.” Other technology companies are responding
in kind with several expanding (or establishing for the first time) large global MBA
recruitment programs. High tech/electronics companies report 11% growth in
demand in 2014. IT/computer services report 8% growth whilst telecoms report 7%
growth.
~~CONSULTING – Since 1990 there has been a six-fold increase in the number
of MBAs recruited annually by the consulting sector. The global expansion of
this industry and the demand for MBAs have gone hand in hand. Consulting and
professional services report a 9% demand growth in 2014 continuing this long-standing
pattern, albeit at a slower rate than previous years. Consulting is a bellwether
of the health of the MBA and the sector is forecasting 8% growth in 2015.

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~~MEDIA – Media & Entertainment has traditionally been a small sector in terms of
MBA demand but 2014 has been the best year for MBA hiring since the dotcom
boom, with 11% growth reported. The spread of broadband is fuelling the demand
amongst traditional media companies looking to digitise their products and also
amongst many smaller companies seeking to become new media giants. Facebook and
LinkedIn are the biggest brands embracing MBAs, but the list of hiring companies is
extensive.
~~MANUFACTURING & FAST MOVING CONSUMER GOODS – Though
not seen as typical MBA recruiters, there are a growing number of local and national
players who seek MBAs (salaries tend to be below average). Consumer goods is
reporting 12% growth in 2014, whilst manufacturing is reporting 10% growth and the
numbers being hired are significant, especially in emerging markets.
~~PHARMACEUTICALS & HEALTHCARE – This industry is dominated by global
players, many of which have run global MBA hiring schemes for many years. After a bit
of a lull, their appetite for MBAs seems to be resuming with 9% growth in demand in
2014.
~~FINANCIAL SERVICES – Traditionally the financial services industry has
accounted for about one third of MBA demand. Since the financial crisis this sector
has undergone significant regulatory and structural change, which has slowed hiring
patterns, especially in the USA and Western Europe. In 2014 we are seeing some
recovery in demand growth for MBAs in financial services, especially in Latin America,
but also in North America and parts of Europe. However, this has been offset by
a slowdown in demand for MBAs in this sector in parts of the Middle East and
Southern Europe. The result is an overall growth of just 7%, which perhaps hides
an underlying recovery story. The forecast for 2015 is 5% growth but if the North
American recovery carries on apace, there could be rapid re-evaluation of hiring
needs.
By Employer Requirements:
The MBA recruitment market is probably the most globally flexible recruitment market of
any profession, with employers willing to embrace career changers and targeting an incredible
breadth of nationalities and skill sets. Our 2014 research reveals that employers continue to
seek more experienced MBA candidates, preferably with international experience, combined
with strong interpersonal and ‘soft’ skills. Employers also are increasingly willing to look
internationally to find the right talent.
~~ In 2014, we identify that more MBA employers are recruiting on a pan-regional
or global basis, rather than on a purely domestic basis.
• Despite only 19% of respondents focusing on global recruiting compared to 32%
last year, it is not that North American employers have withdrawn from global
MBA hiring. Rather, we have seen a big increase in the numbers of domestic-only
recruiters returning to MBA hiring in 2014, reflecting the growing strength
and confidence in the US economy. Amongst North American recruiters 63%
focus purely on national recruiting whilst 13% are localised in their search. Not
surprisingly, Asia is the next biggest source region for these employers as the

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technology industry witnesses a revival.
• European recruiters are more globally minded than their North American
counterparts with 36% recruiting globally, up 14% from 2013, and 20% recruiting
across Europe, down from 29% last year. Nonetheless, close to 50% are recruiting
Central Europeans in particular. Between 24% and 34% of European employers
are also very actively looking for North Americans, Asians and Latin Americans.
• Amongst Middle Eastern employers, 95% are targeting local or domestic MBAs,
while 41% are targeting European MBAs. Demand for MBAs across all regions
has increased in comparison to last year.
• Fewer Asia-Pacific employers are targeting local or domestic MBAs down 7%
from 2013. In spite of this decline, 83% of their recruitment activities are based
in Asia-Pacific while 36% are targeting MBAs in North America and 28% are
targeting MBAs in Western Europe. However, a greater proportion is targeting
Central & Eastern European candidates (34%).
• Latin American employers are locally focused with 97% targeting their domestic
and local MBAs. In 2014, 15% of Latin American recruiters expressed an interest
in Western European MBAs, up from 10% last year.
~~Business school graduates are still not meeting expectations in terms
of their soft skills including communication, interpersonal and strategic
thinking skills, which are highly sought after. Soft skills are far and away
the most important skills employers are looking for from new MBA recruits.
Communications, interpersonal, strategic thinking and leadership skills make up four
of the five most important skills for new hires to possess. Relevant work experience
is the fifth criteria.
~~Employers are broadly satisfied with the technical skills acquired by MBA
students, and this result seems to be independent of which business
schools employers target. This refers to academic achievement, computer skills,
languages and skills acquired in finance, marketing, e-business, and risk management.
~~ International study experience is sought by 67% of MBA employers.
Recruiters strongly agree that screening for language skills and inter-cultural
communication skills is an important part of the hiring process for international
MBAs. The type and duration of study experience is also important. They most
significantly agree that candidates with international experience outperform those
without.
~~There was a big increase in demand for MBAs with more than five years of
work experience in 2014, with 29% of employers preferring this group compared
to just 24% in 2013.

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~~ In recent years there has been a steady drop in employer demand for
MBAs with less than three years of experience and especially for MBAs
with less than one year of work experience. This trend has continued in
2014 – 33.6 % in 2014 compared to 35% in 2013. Demand for young and pre-experienced
MBAs is low in Western Europe and Latin America – in both these
regions there is an above-average demand for MBAs with 5 to 8 years of work
experience. By contrast, Asia-Pacific employers are much more willing to recruit
younger MBAs with 0 to 3 years’ experience.
~~ Some significant changes have appeared in the functions offered to MBAs in 2014.
Business development and marketing are the two most popular functions on
offer, overtaking general management, finance (other) and consulting.
~~The favorite MBA majors/study specializations amongst employers are strategy and
leadership, whilst business innovation has been growing in popularity in
recent years and has caught up with finance.

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2. Summary of Key MBA Salary Trends in 2014
Overall MBA salaries have increased 4% on average in the mature North American and
Western European markets for the first time in several years, with an average salary of
$94,200, whilst average MBA compensation in North America (including bonuses) is up a
whopping 15% to $128,600. With evidence of MBA demand picking up steadily in North
America as well as in several European markets, we continue to predict that MBA salaries are
likely to increase again in 2015 in these regions. At the elite end of the MBA hiring market
we see salaries between $110,000 and $150,000 as the norm in North America and Europe.
The QS TopMBA.com Jobs & Salary Trends Report provides the first view of MBA
compensation trends in 2014 based on our survey of 5,669 actively hiring MBA recruiters,
including 1,632 new respondents.
~~Average total compensation offered by MBA employers in North America increased
by 15% to $128,600 ($112,200), with salaries of $97,700 and bonus of $30,900.
~~Total compensation offered by MBA employers in Western Europe grew by 3% to
$112,600 ($109,100). By contrast, total compensation for MBAs in Central & Eastern
Europe is $72,700, up 6%.
~~Total compensation offered by MBA employers in Asia-Pacific actually fell by 2% to
$86,000 after several years of strong growth. MBA salaries in the region remained
roughly flat at $68,000 with bonuses being cut back.
~~Total MBA compensation in Latin America, at $71,400, and Middle East, at $70,300,
were both slightly down in 2014, compared to 2013. This can be explained by
increases in the numbers of local employers in sectors like consumer goods and
manufacturing, which typically offer below- average salaries. Salaries offered by
international employers in these regions were flat.
When comparing salaries and compensation by country, QS looks only at responses from
domestic employers: The top ten countries in terms of average domestic MBA compensation
in 2014 are: Switzerland ($122,000), Australia ($115,600), Denmark ($112,000), UK ($98,000),
USA ($93,200), France ($89,800), Germany ($89,800), Spain ($83,100), Japan ($83,000), and
Canada ($87,500).
Ten years ago an MBA was effectively a passport into a career in strategy consulting and
investment banking with salaries as much as 50% higher than those in other sectors. These
sectors still pay well, but they are no longer the top-paying sectors as they were in the past.
~~Metals & Mining Among all employers in Europe and North America, the highest
paying sector in 2014 remains metals & mining, offering an average MBA salary of
$134,250 ($139,000).
~~Energy – This sector has seen a surge in employment demand in 2014, jumping into
the No. 2 spot for average salaries on offer, at $107,000.

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~~Pharmaceuticals – Dominated by multinationals, pharmaceuticals have dropped
from the top spot in 2012 to No. 3 in 2014, with an average MBA salary of $99,200
($100,300).
~~Construction/ Property – Coming in at No. 4 is the construction/property sector,
with average salaries of $98,350 ($97,200).
~~Financial Services – With an average salary of $95,050, financial services ranked
No. 5 overall, although bonuses in this sector can often be quite large, with total
compensation often exceeding $200,000.
~~High Tech/Electronics – The boom in demand in high tech and electronics
companies raised the average salary to $94,950, with the sector placing sixth overall
~~Consulting – Global strategy consulting firms offer salaries between US$110,000
and $160,000 in Europe and the USA, but there are a large and growing number of
small and niche consulting firms recruiting locally, resulting in an average reported
salary of just $88,250 ($89,150) across the sector.
~~The lowest average MBA salaries are offered in retail, utilities, law,
transportation, travel & hospitality and the public sector all below $80,000
per year.
As more employers compete in the global market for top MBA talent, we observe a longer-term
trend toward equalization of MBA salaries across regions (this trend has been on-going
for over a decade). Western European and North American salaries remain very similar overall
and across most industries. The gap between the highest-paying region (North America) and
the lowest (Latin America) narrowed to only 30% in 2013, compared to 50% a decade ago.
However, with upward pressure on US salaries in 2014 this gap has widened once again to
almost 40%.

Africa & Middle East
Asia Pacific
Eastern Europe
Latin America
US & Canada
Western Europe
19%
13%
30%
6%
18%
14%
2012
Less than 50 staff Between 50 and 250 staff Over 250 staff
2013
2014
22.1% 21.9% 56.0%
22.4% 23.1% 54.5%
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17.6% 16.4% 66.0%
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3. Demographics & Sample of MBA Employer Respondents
The 28,759 employers responding to the QS Global Employer Surveys between 2012 and
2014 include 5,669 who were actively recruiting MBAs, whilst the remainder were recruiting
only undergraduates or Masters students. All employers that responded to the survey are
guaranteed confidentiality for the components of their individual responses, except for any
open-ended feedback they have chosen to provide, on the value of an MBA or concerns with
MBA hires.
Chart: Regional Breakdown of MBA Employer Respondents
Responses were received from employers across the globe, with 19% of employer respondents
based in Western Europe, 14% in North America, 30% in Asia-Pacific, 6% in Eastern Europe,
13% in Middle East and Africa, 18% (of which the majority were hiring locally) in Latin America.
Among respondents in Asia-Pacific, 12% were employers in Australia and New Zealand. This
breadth of response provides detailed insights into MBA recruiting patterns across the globe.
Chart: Employer Response by Size 2014

200 400 600 800 1000
Aerospace / Defence
Construction / Property
Consulting / Professional Services
Electronics / High Technology
Energy
Consumer Goods
Financial Services / Banking
IT / Computer Services
Law
Manufacturing / Engineering
Media / Entertainment & Arts
Metals / Minig
Pharmaceuticals / Biotech & Healthcare
Public Sector / Govt. / Non-profit
Recruitment / HR service
Retail
Telecoms
Transprtation / Distribution
Travel / Leisure / Hospitality
Utilities
Other
Eduction
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In 2014, a higher proportion of respondents worldwide was made up of large companies with
over 250 employees. This points towards a potential shift in the MBA recruitment market
from small consulting and financial services firms to larger industry players.
Chart: Employer Response by Industry 2014

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Consulting and professional services was the largest responding sector in 2013 and once
again in 2014. Banking and financial services was the second largest responding sector,
followed by manufacturing and engineering, which displaced HR/recruitment services from
third place. IT, consumer goods and pharmaceuticals were also extremely well represented in
the sample. Companies select their own industry definition and the other category is made
up of respondents across all sectors who felt their companies did not quite fit the narrow
industry definitions provided.
Table: Sample of Responding Employers by Region 2014
The following table gives a snapshot of some of the organizations that took part in the survey
across the world all of which are recruiting 25 or more MBAs in 2014. A more comprehensive
list can be found in the appendix at the end of this document.
Asia Europe US & Canada Latin America
Consulting Beijing Consulting Group AT Kearney Booz Allen Hamiliton Accenture
Grant Thornton LLP Bain & Company Deloitte Deloitte
Ernst & Young BCG Ernst & Young KPMG
IBM PwC Towers Watson PwC
Finance Commonwealth Bank AXA American Express Banco Santander
Citibank Bloomberg BlackRock Bancolombia
Nomura BNP Paribas Citibank BBVA Continental
OCBC Bank Deutsche Bank ING HSBC
Industry Air Liquide Abbott 3M Colgate Palmolive
Alstom Alstom Best Buy Daimler
Baxter Bayer ConAgra Foods Exxon
Bombardier Boehringer DHL Merk
Technology Hitachi Alcatel-Lucent Brightstar Corporation Hewlett-Packard
Microsoft Google Apple Atos
LG Electronics Avaya Oracle BlackBerry
Tata Microsoft Microsoft MercadoLibre

4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.00
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4. Long-term trends in MBA Jobs 1990-2014
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0.50
Industry Consulting Finance Technology
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Since 1990, QS has conducted the largest survey of MBA employers worldwide – the only
available long-term study of global MBA employment demand.
MBAs = Mobile, Bright, Ambitious
Average 15% Growth in Demand Worldwide 1990 – 2011 (see chart)
Average 10% Growth in Demand Worldwide 2012– 2015e (see chart)
The MBA qualification has proven to be probably the most recession-proof postgraduate
degree since the financial crisis in 2008. Despite all the shocks to the financial system and
despite contraction in financial services, MBA graduates have been successfully finding well-paid
jobs in diverse sectors all around the world.
Since the financial crisis, MBA employer demand contracted only slightly in 2009 and 2010
but had a stellar year of over 25% growth in 2011, fuelled by a boom in demand in emerging
markets. Since 2012, we have seen steadier growth, slightly below the long-term growth rate
of 15%.
With the on-going economic recovery, North America and Europe will see renewed demand
for MBA graduates. This, combined with steady demand growth in emerging markets, suggests
that we are perhaps seeing the emergence of a mature qualification where the long-term
growth rate is likely to swing between 6 and 12% per year, rather than the phenomenal 15%
average growth reported by QS TopMBA since 1990, as shown in the chart below.
Chart: Index of MBA Recruitment 1990-2015e (Year 2000 = 1)
Source: QS TopMBA.com Jobs & Salary Trends (www.topmba.com)

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From 1990 to 2012 worldwide demand for MBAs grew at an average compound annual
growth rate of 15%. This growth was spread across all the major continents and focused on
graduates from the world’s top 200 business schools, in particular.
There have been dips in demand. The period 1990 to 1992 saw a brief global contraction that
impacted MBA demand. Between 2001 and 2004 following the dotcom crash, slow growth
in major economies as far apart as the US and Japan, took its toll and demand for MBAs fell
sharply. By contrast the post-Lehman financial crisis of 2008-10 proved to be relatively benign
for MBAs. Although there was retrenchment within financial services overall demand was flat
and then recovered quickly.
So why has the MBA experienced this long-term growth of 15% annually? The answer lies,
firstly, in its flexibility, allowing early career professionals to bring about significant career
changes in either industry or function, and perhaps most importantly to relocate to a new
part of the world.
Isabella Pinucci, career service coordinator at Italy’s SDA Bocconi School of Management, says
changing one or more aspects of their careers motivates many MBAs. “Whether it’s sector,
industry or function or country or region, [switching careers] seems to be driving a greater
proportion of candidates.”
Secondly, an MBA is increasingly a recognized route for accelerated career progression for
aspiring business leaders. For example, it has become common for engineers and technology
managers to take an MBA to help progress from a technical to a managerial position, or if
already managing a team, then to reach the next step in their career.
Thirdly, the MBA qualification fosters entrepreneurs who start businesses and then come
back and recruit MBAs into their small, fast-growing companies. There will always be the
Bill Gates and Michael Dells of this world who drop out of college only to become wildly
successful. Yet ask a venture capitalist or an angel investor what they look for in aspiring
entrepreneurs, and beyond the requisite experience in the chosen field, an MBA is usually
mentioned.
Demand for MBAs in consulting has been growing consistently. The chart above reveals that the
absolute number of MBAs hired into the consulting sector has more than tripled since 2000,
and increased six-fold since 1990. As business becomes ever more global and complex, the
demand for specialised consultancy skills is growing exponentially, and the MBA qualification
is a key selection criteria for a sector that values generalist skills and deep intellect above all
else. This enormous expansion in MBA demand in the consulting sector simply reflects the
enormous growth in this industry since 1990 – consulting services generated over US$100
billion by 2007, up from US$10 billion in 1990.
The chart reveals that MBA demand in financial services has also increased, albeit less rapidly
than consulting – doubling between 2000 and 2007 and, following a period of retrenchment,
seemingly entering a new growth phase since 2012. Despite the drama of financial crises,
MBA demand has remained remarkably resilient in this sector over the long term. However,
demand in financial services is not recovering at the same pace as consulting within developed
markets.

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Since the turn of the millennium, MBA demand in general industry (consumer goods,
construction, energy, manufacturing, mining, retail, etc.) has really taken off as demand in
emerging markets has accelerated. In 2014, there have been more MBA jobs reported in
general industry than in financial services.
Demand for MBAs in the technology sectors has experienced an era of unprecedented
growth, especially in Asia. As reported last year, more and more high technology and
computer services companies are looking to MBAs to commercialise their products. Most of
this growth is taking place in Asia with big US employers actively hiring in the region. In 2014,
overall demand grew by 11% in high technology and by 7% in telecoms.
Paul Danos, dean of the Tuck School of Business at Dartmouth College, explains the enduring
appeal of top international MBA programs. “Demand for graduates of top MBA programs by
the great businesses of the world continues to be strong. As businesses grow in complexity
and scope, companies need more and more skilled and well-educated leaders,” says Danos,
who is stepping down as dean in 2015. Danos says he foresees “no end to the insatiable
demand of top businesses to employ high-quality MBA talent.”

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5. Demand for MBAs around the World in 2014/15
It’s beginning to look as if 2014/15 will be the year in which employers in Western economies
will gradually expand their hiring programs, rather than taking a wait-and-see attitude. The
QS Survey suggests many HR managers, especially in North America, believe their companies
were too cautious in 2013. They’ve increased MBA hiring in 2014 and are predicting a further
increase in MBA demand in 2015.
By contrast MBA demand growth in emerging markets, which has outstripped Western
markets in recent years, is beginning to settle down to more sustainable rates. All in all the
qualification seems to be entering a more mature phase in terms of employer patterns of
hiring.
The table below shows the year-over-year change in numbers of MBA job opportunities
reported by employers in 2014, by region and their expectation for 2015. The business
cycle plays a major part in the short-term trends in MBA hiring, with local demand patterns
fluctuating quite rapidly.
Table: Percentage Increase in MBA Jobs by Region
World Region
Projected Change
2014/13
Projected Change
2015/14
Africa & Middle East 2% 12%
Asia-Pacific 11% 8%
Eastern Europe 10% 5%
Latin America 7% 8%
US & Canada 10% 9%
Western Europe 0% 3%
Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com)
Employers in the US & Canada have ramped up MBA hiring by 10% this year and are looking
to grow demand by a similar amount again next year – really impressive figures for such a
large and mature MBA market.
European employers are also becoming more optimistic for 2015. Northern European
economies are already back on track with strong demand in the UK, Germany and Scandinavia.
Southern European countries are also showing signs of recovery in 2015.
Whereas Asia-Pacific reports the highest growth in 2014, employers in Africa and the Middle
East project a 12% increase in MBA recruitment in 2015, by far the most impressive growth
across all the regions.
The surge in employer demand in emerging markets has inevitably brought about a change
in behaviour of international MBA students. A few years ago, an international MBA was a
route to a new life in the USA, Canada or Western Europe. In 2013, an international MBA is
as much about learning international business practices and creating a network - a powerful
career advantage for MBAs seeking to exploit the rapid growth of China, Southeast Asia, Latin
America, the Middle East and other emerging economies.

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Mauro Guillen, director of the Lauder Institute at Wharton, emphasizes that since 2008 “a
higher percentage, perhaps as many as two out of every three international students, are
returning to work in their home countries, or in emerging markets, rather than staying in the
USA. This trend, however, could lose steam if emerging-market growth falters, as it has already
in Brazil.”
The table below shows the top ten countries by volume of MBA hiring.
Table: Top 10 Countries for MBA Demand
MBA Job Market Rank 2014 Rank 2013
United States 1 2
India 2 1
China 3 3
Mexico 4 6
United Kingdom 5 4
South Korea 6 5
Argentina 7 7
Canada 8 12
Brazil 9 8
Singapore 10 11
The United States regains the lead as the largest market for MBA candidates, vying with India,
which moves to second place.
China remains in third place, while Mexico has displaced the UK and South Korea from
fourth and fifth place respectively. Singapore enters the top 10 by volume of MBA jobs,
for the first time. The growing demand in both Mexico (a non-BRIC emerging economy)
and Singapore (a member of the ASEAN network) signals a shift in global perceptions of
MBAs. Research by Bank of America Merrill Lynch reveals that Mexico’s rising population and
lower labour costs in comparison to China have made it a strategic market for the US. This
has resulted in increased foreign direct investment in the manufacturing sector. A growing
labour force goes hand-in-hand with demand for qualified managers, creating a ripe market
for MBA recruitment. Singapore has experienced vibrant economic growth in recent years
and employers in the region seem to be embracing the MBA qualification.
The UK leads the European contingent of MBA employers. Germany, France and Spain follow
but do not make the top-10 list. The UK shows a continued commitment to MBA hiring,
which reflects the dominance of the service sector in the UK economy and the sensitivity
of MBA hiring to the performance of the service sector, with the banking and finance sector
being a major employer. Germany is quite different from the UK in terms of the profile
of companies hiring MBAs, with technology, engineering and software companies sitting
alongside consulting firms as the major MBA employers. MBA opportunities in France and
Spain are also more common in general industrial companies and consulting firms.

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Table: Top 10 Countries for Projected Growth in MBA Demand
Growth Rank 2014 Country Expected 2014 Growth
1 Russia 19%
2 Kazakhstan 18%
3 China 17%
4 Switzerland 15%
5 Mexico 14%
6 Colombia 13%
7 South Korea 13%
8 United Arab Emirates 12%
9 Saudi Arabia 12%
10 Canada 12%
Russia and Kazakhstan lead the table in terms of growth in demand for MBAs in 2014.
Traditionally the volume of MBAs hired locally in each country has been relatively small, so in
a sense this represents a catchup with other emerging MBA markets that have experienced
rapid growth in recent years.
Saudi Arabia and UAE are also demonstrating very high growth levels. UAE is recovering from
a severe recession and would seem to be back on track. Saudi Arabia is just entering the MBA
hiring market and is in an early phase of development.
Latin American companies are now reaching out to American, Spanish and other European
schools to pick up the talented nationals choosing to study overseas. Mexico and Colombia
back this trend; both nations are well placed within the top-10 projected growth markets.
5.1.1. MBA Jobs Trends in USA & Canada
The QS TopMBA.com report highlights that across North America MBA demand has
jumped 10% in 2014, very much in line with our forecast from last year’s report.
It seems that as confidence in economic recovery arrives in North America, we are seeing
renewed demand for MBA graduates from globally oriented and local employers.
Table: Projected Increases in MBA Recruitment Levels - US & Canada
The recovery of the US economy has previously been shaky and seem2e0d1 4t/o13 ha2v0e1 5/h1e4ld
US & Canada 10% 9%
The recovery of the US economy has previously been shaky and seemed to have held
back confidence in increasing MBA hiring numbers, but this changed in the past year. The
stabilization of the financial services, the recovery of some manufacturing industries and the
return of new MBA employers, all look set to create strong demand in 2014.
Technology companies are underpinning the growth in demand in the USA, with the big
brands like Google, Amazon and IBM at the forefront. Miriam Park, who heads up Amazon’s
MBA recruiting team, says, “We love MBAs because they’re strong analytical thinkers and
problem solvers. They are a strong pipeline of leadership talent for the long-term.” Endeca
(Oracle) is very active as are international companies like Samsung.

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Internship programs – still the favourite screening mechanism of MBA recruiters – have been
a popular first step for companies testing the MBA recruitment market, and this year saw the
birth of several. Look for a steady increase in the number of internship opportunities as firms
continue the trend towards the ‘try before you buy’ approach.
The US job search continues to be a challenge for international students seeking the coveted
H-1B visa. The HR manager at KIMC in the US told TopMBA.com “Visa issues can cause
problems. However, in our case, the STEM (Science, Technology, Engineering and Mathematics)
visa extension has helped.”
5.1.2. MBA Jobs Trends in Latin America
MBA demand in Latin America has become much more plentiful in recent years
amongst local employers and this trend is continuing, albeit at more sustainable growth rate
of 7% in 2014 after a year of 10% growth in 2013. Employers in the region are utilising MBAs
as a key talent pool as companies battle to internationalise across the region. Brazil, Argentina
and Mexico continue to be the engines of MBA growth in the region.
Table: Projected Increases in MBA Recruitment Levels – Latin America
2014/13 2015/14
Latin America +8% +7%
The QS TopMBA.com Employer Survey reveals a 14% increase in MBA demand in Mexico, 9%
uplift in MBA jobs in Brazil, and a 13% increase in MBA jobs in Colombia.
Professional service companies like Ernst & Young, Deloitte, KPMG, Accenture and IBM all
report big jumps in MBA hiring throughout Latin America, with the biggest increases in
Argentina. The attractions of Buenos Aires seem to be a factor for these professional service
companies.
Mining and industrial companies are adding to the demand for MBAs. Companies like Senac
Mines in Brazil and Grupo Elektra in Mexico are very active.
Many European banks now own the major Latin American banks and they actively recruit
MBAs, as do consultancies and major industrial companies. The biggest such recruiters are
BBVA and Banco Santander, which have emerged as regional banking leaders in Latin America,
though HSBC is not far behind.
5.1.3. MBA Jobs Trends in Western Europe
The story in Western Europe is one of a lag in recovery in MBA demand, with 0% reported
net growth in MBA demand in 2014. Growth in demand in Switzerland (15%), Germany (9%),
Belgium (9%), France (6%) and the UK (5%) has buoyed the region. Northern European MBA
demand has been offset by continued declines in Southern Europe, especially in Greece, Italy
and Spain. However there is some good news for Europe’s MBAs. Growth across Europe is
forecast to accelerate in 2015, with Italian and Spanish employers leading the way with 15%
and 7% projected growth in demand in 2015. The vibrancy of the consulting sector within the
region underpins this better growth forecast for 2015.

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Table: Projected Increases in MBA Recruitment Levels – Western Europe
2014/13 2015/14
Western Europe +0% +3%
MBA hiring in financial services has seen some improvement in 2014. The financial centres
of London and Frankfurt are recovering and bank profits have begun to pick up once again,
but MBA hiring is still restrained. Many European banks have strengthened their capital/asset
ratios and are now highly liquid and looking for talented traders to make good use of all the
cheap government money available in the system. BNL in Italy, Paribas and Santander are
amongst the European banks with optimistic projections for 2015 MBA recruitment.
The German economy is usually the engine of MBA demand in Western Europe. Siemens,
BMW and Daimler Benz are examples of German companies with longstanding MBA
recruitment programs. Strong demand for German goods in Asia in particular, has fuelled a
demand for Asian MBAs to join German companies. Likewise, many service companies are
desperate to recruit German MBAs to serve their successful German clients.
Another source of growth in Europe is bi-lingual Chinese-European language speakers.
Europe gradually has to acclimatize to Chinese investment in European business and China is
also becoming a major market for European exports. As a result, future business leaders with
experience of both China and Europe are rapidly increasing in demand amongst recruiters.
“We do see increased interest in hiring Chinese MBAs and international MBAs who speak the
major Chinese languages,” reports Vinika D. Rao, executive director of the Emerging Markets
Institute at INSEAD, which has campuses in France and Singapore where MBA students study.
“Currently, the focus continues to be primarily on China, Hong Kong and other Asia-based
positions. However, as Chinese investment in Europe grows, we anticipate increased interest
in hiring bilingual MBAs who can communicate effectively and adapt comfortably to both the
site office in Europe and the HQ in China.”
5.1.4. MBA Jobs Trends in Eastern Europe
Eastern and Central European employers reported growth of 10% in 2014, not quite the
dramatic increase we forecast in last year’s report, but still significant either. The growth
figures are boosted by global companies expanding operations in Central Europe, with Russia
and Kazakhstan reporting 19% and 18% growth in MBA demand respectively. There is a
growing appetite for Western-educated MBAs to return home after their MBA to local/
regional employers.
Table: Projected Increases in MBA Recruitment Levels – Eastern and Central
Europe
2014/13 2015/14
Eastern and Central Europe 10% 5%
Russia has sustained strong growth in MBA demand throughout the recent world financial
crisis and is projected to have a further surge in MBA hiring in 2014, fuelled by the energy
boom and expansion of the financial services sector. PricewaterhouseCoopers is typical of
Western consultancies hiring significant numbers of MBAs within Russia.

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Elizaveta Komolova, an HR consultant with Morgan Hunt in Moscow, told TopMBA.com that
Russian companies “are looking to hire more and more MBAs compared to recent years. An
MBA is becoming a default attribute of a successful manager.”
Komolova adds “MBAs in Russia are expected to be more practice-oriented, have more
structured knowledge and a broad business network. MBAs are known for their ability to
think long-term and use their business contacts for the best.”
Kazakhstan and Azerbaijan are oil economies that are encouraging their local young
professionals to study for an MBA. Strong demand in energy and finance has resulted in a
strong uplift in MBA demand in both ecomomies since 2010. Central governments are also
encouraging state-backed companies to recruit more MBAs, both locally and internationally.
Good Czech or Hungarian candidates are highly sought after, but mainly outside their home
countries. Romania has a growing domestic demand for MBAs, and increasingly EU recruiters
are hiring these nationals who now hold EU citizenship.
5.1.5. MBA Jobs Trends in Asia-Pacific
After several boom years, demand for MBAs in Asia is settling at a sustainable
rate of 11% per year. In recent years, the MBA qualification has been embraced by Asian
employers, particularly in India and China, and especially in consulting and professional
services, manufacturing, IT/computer services, finance and micro-finance. Since 2011, India
has been vying with the USA to be the largest MBA job market and there is little sign of this
trend reversing with 8% growth forecast in 2015.
The QS TopMBA.com report highlights that across Asia employers are continuing to embrace
MBAs as they pursue global expansion. The MBA is becoming more in vogue. Asian candidates
are amongst the highest GMAT scorers 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.
Projected Increases in MBA Recruitment Levels - Asia Pacific
2014/13 2015/14
Asia-Pacific 11% 8%
Without a doubt, the TopMBA.com International Employer Survey is reflecting the emergence
of more and more Asian companies seeking MBAs – they represent over a quarter of total
respondents. Some employers are willing to hire from local business schools at relatively low
salary levels, whilst other Asian employers remain fully committed to hiring from top North
American, European and Australian business schools and are often willing to pay the higher
salaries expected by graduates of those schools, with a slight ‘cost of living’ adjustment. The
rise of an elite cadre of Asian business schools is underway, but will probably take another ten
years to be fully established.

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For the last few years, the most dynamic MBA market has been India, which has experienced
an explosion in employer demand for MBAs, at least those from top-tier programs. India
reports similar levels to the USA in terms of volume of reported MBA jobs for fresh graduates.
But among the many Indian companies that responded to the QS Employer Survey, there are
several distinct groupings. Whilst multinational employers still have a strong preference to
recruit MBA graduates from international business schools, local companies concentrate on
locally educated MBAs. The majority of Indian employers are actively looking to recruit from
local business schools like the IIMs, the Indian School of Business as well as many others.
Other local Indian companies that are looking for MBAs without work experience, almost
as an alternative to a fresh undergraduate, are offering salaries below US$30,000. These
employers have been excluded from the results of the survey.
Demand for MBAs in China is also strong and getting stronger. It is ranked as the third largest
MBA market in the world. Banks in China are recruiting large numbers of MBAs. China
seems to be maturing as an MBA hiring market with a good number of opportunities in the
professional services and consulting sectors, although these numbers are now growing more
slowly than some other sectors. The projected demand levels from IT / computer services
surpassed consulting for the first time in 2014.
As reported last year, demand is so strong that the Municipality of Shanghai has funded the
launch of its own local business school – Shanghai Advanced Centre for Finance - to compete
with other local schools like CEIBS and Cheung Kong Business School. Employers in China
could not find enough Chinese MBAs returning from US and European business schools,
spurring the local government into action.
South Korea is joining the MBA party in Asia. Fuelled by big multinationals like Samsung, LG
and Hyundai, South Korea is reporting 13% growth in MBA demand in 2014. South Korean
employers told TopMBA.com they valued MBAs for their “passion and attitude,” “strategic
thinking” and leadership skills.
Japan is a mature MBA market, with a long tradition of companies sponsoring students to
study at Western business schools. Yet here too we see vibrancy with 10% growth in 2014.
5.1.6. MBA Jobs Trends in Middle East & Africa
From a small base, MBA demand in this region has grown rapidly in recent years
and it is not surprising that growth rates have settled down to just 2% in 2014.
Growth has centered on the recovery in the United Arab Emirates and Saudi Arabia, but parts
of Africa have also reported increased demand, albeit from a relatively low base, in sectors
like energy, mining, consulting and finance. Demand is forecast to jump again by 12% in 2015.
Ameera Al Kaabi of UAE University in the United Arab Emirates, says the biggest constraint
on more MBAs coming to the Middle East is pay: “The salary package is not attractive to
them.”.
Projected Increases in MBA Recruitment Levels – Africa & Middle East
2014/13 2015/14
Africa & Middle East 2% 12%

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Even so, the UAE seems to be on the path to recovery, also showing a 12% increase in MBA
demand led by banking, energy and IT companies with offices in the UAE. Banks like Standard
Chartered are basing much of their back office operations globally in Dubai.
5.2. MBA Jobs by Sector in 2014 and Forecast for 2015
Two of the biggest MBA job markets by volume of job opportunities have traditionally been
financial services and consulting (with 22% and 12% of total MBA demand respectively) which
require the technical skills and high levels of motivation that MBAs are so well-suited to
provide. However, the volume of job opportunities from financial services declined by 2% in
2014 from 24% in 2013.
The second largest sector for MBA demand is IT/Computer Services at 13% of the total
share of MBA jobs, a 4% incline in comparison to its 2013 volume. Recruitment/HR is gaining
ground as a top destination for MBA graduates and accounts for the fourth highest job share.
Increasing demands on human resources departments have driven the need for skilled HR
managers.
In addition to showing these shares of the MBA job market, the table below also shows the
growth in reported jobs by sector in both 2014 and forecast for 2015.
Table: Growth in MBA Demand by Industry Worldwide - 2014 and 2015e
Sectors Worldwide
Share (%) MBA Jobs
2014
Growth 2014/13
Growth 2015/14
Aerospace / Defence 1% -12% 0%
Construction / Property 2% 12% 10%
Consulting / Professional Services 12% 9% 8%
Electronics / High Technology 7% 11% 8%
Energy 4% 18% 5%
Consumer Goods 1% 12% 5%
Financial Services / Banking 22% 7% 5%
IT / Computer Services 13% 8% 12%
Law 1% 37% 21%
Manufacturing / Engineering 5% 10% 13%
Media / Entertainment & Arts 0% 11% 2%
Metals / Mining 2% 10% 1%
Pharmaceuticals / Biotech & Healthcare 4% 9% 0%
Public Sector / Govt. / Non-profit 2% 8% 8%
Recruitment / HR services 9% 9% 9%
Retail 2% 0% 4%
Telecoms 5% 7% 11%
Transportation / Distribution 1% -2% -3%
Travel / Leisure / Hospitality 1% 8% 1%
Utilities 0% 10% 1%
Other 7% 8% 8%

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5.2.1. MBA Jobs in Consulting
Since 1990, the number of MBAs recruited annually by the consulting sector has increased
six-fold. The global expansion of this industry and the demand for MBAs has gone hand-in-hand.
Consulting and professional services reports 9% demand growth in 2014 continuing
this longstanding pattern, albeit at a slower rate than previous years. Consulting is a bellwether
for the health of the MBA and the sector is forecasting 8% growth in 2015.
The table below looks at growth in consultancy demand by region. As we enter a likely period
of economic growth, consultancies tend to acquire a different type of project compared to
recessionary environments. Big recession projects like business restructuring and process
re-engineering tend to dry up, to be replaced by M&A and strategic growth projects. This
adjustment can take a year or so to work through from pipeline to live assignments and this
particularly seems to be the case in Africa & Middle East where economies are recovering but
this has not yet been reflected in consulting growth, resulting in a decline in MBA demand in
2014. By contrast consulting firms in other regions have worked through this phase and are
experiencing something of a boom. In Latin America, Western Europe and the US and Canada
consulting firms are hiring accordingly, creating lots of opportunities for internationally
flexible MBAs.
Table: Growth in MBA Demand in Consulting
Region 2014/13
Africa & Middle East -4%
Asia-Pacific 8%
Eastern Europe 8%
Latin America 15%
US & Canada 11%
Western Europe 8%
Worldwide 9%
Almost all major investment banks actively recruit MBAs. The credit crunch caused huge
cutbacks in MBA hiring amongst some banks – especially Citigroup and Bank of America, which
received the largest US government bailouts. Despite redundancies amongst experienced
bankers however, entry-level recruitment remained steady in most other banks throughout
the credit crisis.
Demand for MBAs collapsed during 2001-2003. Goldman Sachs, Morgan Stanley and others
cut MBA hiring by up to 80% in some offices, but 2009 was completely different with many
banks hiring actively. Today, investment banking isn’t the only destination sought by many
finance-minded MBAs. “MBA students with relevant financial or strategy experience can find
more opportunities at some of the ‘boutique’ corporate advisory firms or in private equity,
but this requires more proactive networking,” says Mark Davies, employer relations manager
at Imperial College Business School. “At Imperial, we have also seen MBA graduates hired
into compliance, wealth and risk management roles, where demand for talent at all levels has
been growing recently.”

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So, what turns a bright new business school graduate into a successful banker? Nebal Fahed,
head of graduate recruitment – Americas for Deutsche Bank, says personality is a big piece
of the puzzle. “While numerical ability is certainly essential, the sheer scale of our business
means that we need MBA students from a wide range of disciplines and backgrounds,” Fahed
says. “We look for high achievers with the intellectual curiosity and the determination to
deliver innovative solutions for our global clients.”
Most people associate investment banking with mergers and acquisitions, but most of the top
banks look to recruit MBAs into global markets (sales and trading securities, fixed income
and derivatives), managing assets, structured finance, corporate finance and increasingly on-and-
off balance sheet hedge funds. There are also many back office positions in risk, financial
control and technology.
Changes in regulations are creating more MBA opportunities. Market risk and compliance
departments are seeing increased MBA hiring as banks seek greater security and control
of risky investment classes. In fact, an overall emphasis on compliance experience may be
spreading throughout the financial services industry.
Another new feature in recent years has been the entrance of hedge funds, private equity
and venture capital houses into MBA recruiting in significant numbers. In the past they
have focused on more experienced MBA alumni recruited through a network. Today, they
are recognising the need to recruit younger MBA graduates to meet the growing market
opportunities. Jairaj Singh, a recruitment consultant specializing in investment banking and
global markets at Michael Page Hong Kong, states that roles available to MBAs have shifted.
“Risk and compliance have been key areas of growth, while corporate finance and M&A teams
have become leaner due to cost cutting pressures,” he says. “There has been relatively strong
activity on the buy side, with client attention focused on China; multiple hedge funds, to which
much risk has been deleveraged, and asset management firms have made their presence felt.”
It is not just banks, hedge funds, and private equity shops that recruit MBAs into financial
services. GE Capital is now one of the biggest recruiters of MBAs worldwide. American
Express is also emerging as a major player. Insurance steadily hires MBAs. In the US there
are a number of insurance companies that recruit ten or more MBAs each year such as AIG,
Travellers, CIGNA and Liberty Mutual.
5.2.3. MBA Jobs in Technology & Telecoms
The big story in 2014 is the growing demand for MBA talent amongst global
technology companies, which are now recruiting in almost every region of the
world. Top technology firms such as Google, Amazon and Apple feature prominently in
rankings of popular MBA employers as multinationals spread their reach to recruit MBAs
from a growing number of business schools around the world, in large numbers. Other
technology companies are responding in kind with several expanding (or establishing for the
first time) large global MBA recruitment programs. High tech/electronics companies report
11% growth in demand in 2014. IT/computer services 8% growth while telecoms report 7%
growth.

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Table: Growth in MBA Demand in Technology & Telecommunications
Region 2014/13
Africa & Middle East -14%
Asia-Pacific 9%
Eastern Europe 14%
Latin America 0%
US & Canada 21%
Western Europe 2%
Worldwide 8%
Apple is now the most successful high tech company in the world and, along with Microsoft
and Oracle, is undertaking an MBA hiring drive, recruiting into finance, sales, marketing and
product management. Chloe Chometon of Oracle Ireland looks for MBAs with “International
exposure [and] structured thinking.” Tom Kozicki, executive director of the MBA Career
Center at UC Irvine says “the high tech corridor on the west coast has been an important
source of jobs for our MBAs and remains strong.”
The web is attracting MBAs, with household names like Google and eBay snapping up
entrepreneurially minded graduates. “MBAs at Google find plenty of opportunities to do
cool things that matter, whether in product management, sales and finance, marketing, people
operations and everything in between,” says Kyle Ewing, head of the tech giant’s global staffing
programs. “While we value all levels and types of education, we look for MBA candidates with
creativity, passion, and a healthy disregard for the impossible.”
Telecommunications companies such as Samsung, Apple, British Telecom and Vodafone are very
active. Asian technology recruiters are hiring actively in China, Taiwan and Korea. Although
we still lack many Chinese recruiter respondents in the research, Korea is an example of the
dynamism of technology in Asia.
5.2.4. MBA Jobs in general industry
MBA demand in general industry (consumer goods, construction, energy,
manufacturing, mining, retail etc.) is strong as many local employers in emerging
markets expand the overall demand for MBAs. Though not seen as typical MBA
recruiters, there are a growing number of local and national players who seek MBAs (salaries
tend to be below average). The consumer goods sector is reporting 12% growth in 2014,
whilst manufacturing is reporting 10% growth, with large numbers of MBAs being hired,
especially in emerging markets.
Media & entertainment has traditionally been a small sector in terms of MBA demand but
2014 has been the best year for MBA hiring since the dotcom boom, with 11% growth. The
spread of broadband is fuelling the demand amongst traditional media companies looking to
digitise their products and also amongst many smaller companies seeking to become new
media giants. Facebook and LinkedIn are the biggest brands and are embracing MBAs, but the
list of hiring companies is extensive.

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Table: Growth in MBA Demand in General Industry
Region 2014/13
Africa & Middle East 18%
Asia-Pacific 16%
Eastern Europe 5%
Latin America 5%
US & Canada 12%
Western Europe 11%
Worldwide 12%
Manufacturing and general industry were among the success stories of the North American
market, with many companies repatriating operations from overseas back home, creating
demand for general managers. But Asia will not give up the fight easily and still outstripped
the USA in terms of demand growth. Our “General Industry” category is a broad grouping
of industries covering aerospace, automotives, chemicals, logistics, manufacturing and steel.
Each industry reveals individual trends, but a common theme is the continued recovery in
MBA hiring.
More and more industrial companies are fully embracing globalization and understand that
MBAs represent an essential pool of international managers who are capable of working
in diverse cultures and business situations. In particular, multinational supply chains and
procurement require internationally minded, multilingual managers, making MBAs a natural
talent pool.
A sizeable number of MBAs who do find roles in the industrial sector will do so with
multinational companies such as General Electric, Samsung, Toyota and Motorola, where
specific MBA training programs have been the norm for over a decade. Internationally minded
European companies like Siemens have established MBA entry programs as well.
The energy sector continues to report strong MBA recruiting with an 18%
increase in MBA jobs in 2014. There seem to be three drivers of this trend. First of all the
search for alternative energy sources is attracting many MBAs into smaller, entrepreneurial
organizations. Secondly, many of the big oil companies will need to replace their senior
management over the next ten years as they come up for retirement. Finally, the growth of
renewable energy sources is creating demand for new talent. “Today’s ever-changing energy
landscape with increasing focus on renewables, energy security and energy efficiency creates
exciting career opportunities,” says Zeynep Flouret, assistant director of the INSEAD Career
Development Centre. “According to INSEAD’s 2013 Employment Statistics, energy giants
remain solid recruiting partners of INSEAD but career opportunities in energy come from a
wide range of sources including entrepreneurial firms.” Exxon Mobil and BP are among the
largest MBA employers in the energy sector, though the impact of the 2010 Gulf of Mexico
oil spill cast a shadow over the prospects of all big players in the oil sector as governments
increase regulations to limit drilling.

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Consumer goods companies have been committed to MBA hiring in the US for many years,
but MBA careers in this sector have grown slowly in Europe and Asia, with worldwide growth
at a very respectable 12% in 2014. Johnson & Johnson Consumer Products traditionally hires
many MBAs in the US and around the world; this program has remained unchanged in recent
years. By contrast Procter & Gamble has traditionally hired small numbers of MBAs as have
many other consumer goods companies. But the situation is changing and it is now common
for both local operations and head offices of consumer goods companies like Diageo, BAT
and Coca Cola to hire significant numbers of MBAs.
The increasing globalization of international trade, growing interdependence of common
markets and increased international competition, have fuelled interest in MBAs across the
sector, but also made it vulnerable to a global recession.
Inflated MBA salaries remain a problem for MBA recruiters in the industrial sectors. A
consistent message from recruiters in the industry is that they have to look outside the
top-tier business schools to find the talent they need. However, they are almost all reporting
success in their search.
5.2.5. MBA Jobs in Pharmaceuticals & Healthcare
This industry is dominated by global players, many of which have run global MBA hiring
schemes for many years. After a bit of a lull, their appetite for MBAs seems to be resuming
with 9% growth in demand in 2014.
Table: Growth in MBA Demand in Pharmaceuticals & Healthcare
Region 2014/13
Africa & Middle East 0%
Asia-Pacific 2%
Eastern Europe 4%
Latin America -4%
US & Canada 20%
Western Europe 8%
Worldwide 9%
The major pharmaceutical companies have always been very active MBA recruiters and pay
the best salaries after consulting and investment banking. They also offer attractive benefits
and international mobility. They have remained committed to MBAs throughout the last
decade and growth in recruitment numbers is steady rather than spectacular. There are also
many smaller pharmaceutical and healthcare companies that are aggressively pursuing MBA
hiring to help them meet their growth potential.
Healthcare employers say MBAs’ communication, multitasking and teamwork abilities make
them valuable. But a lack of international experience, high expectations for responsibility and
promotions, and unreasonable salary demands make recruiting MBA talent difficult.

2014 2013
Consultant
E-commerce
Finance - Advisory
Finance - Other
General Management
IT / Technology
Marketing
Operations/ Manufacturing
Other Roles
Sales / Business Development
Strategic Planning
Supply Chain / Logistics
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
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5.3. Functional Roles on Offer to MBAs
MBAs come from very diverse backgrounds and industries, with as many as 50% looking
to make a career change after their MBA. This is refl ected not just in the wide variety
of companies seeking to employ MBAs, but also the variety of functions they enter after
completing their course. Many companies recruit MBAs into more than one function. At 3M,
for example, MBAs are generally found in one of three functions: HR, fi nance or marketing/
strategy.
Chart: Functional Roles Offered to MBAs
The chart above shows some signifi cant changes in the functions offered to MBAs in 2014.
Sales/ business development, consulting, fi nance – other, and management continue to account
for the largest proportion of roles offered. However, IT/technology (+5%), marketing (+2%)
and E-commerce roles (+2%) surpassed their 2013 levels.
The heat map table below highlights the shifts in roles offered to MBAs over a four-year
period. The higher the proportion of roles offered, and the darker colour, means more interest
in the particular function in comparison to the previous year.

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Table: Functional Roles Offered to MBAs 2011-2014
2011 2012 2013 2014
Consultant 39% 37% 37% 34%
E-commerce 10% 8% 9% 10%
Finance - Advisory 29% 26% 28% 22%
Finance - Other 39% 33% 44% 36%
General Management 43% 41% 44% 36%
IT / Technology 26% 24% 21% 25%
Marketing 44% 41% 36% 38%
Operations / Manufacturing 23% 24% 24% 23%
Other Roles 11% 10% 34% 30%
Sales / Business Development 40% 42% 46% 44%
Strategic Planning 42% 40% 19% 17%
Supply Chain / Logistics 23% 25% 9% 7%
Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com) 5.4.
5.4. Preferred MBA Experience Levels
MBAs with three to five years’ experience remain most in demand and, together with MBAs
of five to eight years of work experience, account for 57% of MBA employer demand.
The least popular experience range is 0-1 years of experience. This contradicts the policy
of several top-tier US business schools which are actively recruiting these “pre-experience”
candidates in the pursuit of ever-higher average GMAT scores, a policy with which employers
do not agree.
As a general rule, employers seek out MBAs with both the academic knowledge an MBA
imparts and highly developed leadership and teamwork skills. Randall Lewis, executive
director of the Professional Development Center at Purdue University’s Krannert School of
Management, says “Employers want candidates that are problem solvers, great communicators
and work well with others.” Adds Susan Shald, director of talent scouting for Gallup: “We’re
looking for people that have this technical expertise that they can get down to the nuts and
bolts of what they need to deliver, but also talk to someone at a high level if they need to.”
James Prazak, operations manager at Tricon Energy in the USA, argues strongly against pre-experience
MBAs. “They lack maturity, and feel they can command more money and prestige
than undergrad counterparts when they really have a minimal advantage,” Prazak says. “Too
many simply get an MBA because they couldn’t get a job after undergrad – [they’ve spent] too
long in school so they don’t understand the real world, plus they have no business experience.”

Chart: Preferred Years of Work Experience Amongst Employers 2011-2014
0-1 Years
2014
2013
2012
2011
1-3 Years 3-5 Years 5-8 Years 8+ Years
6% 27% 37% 20% 9%
5% 30% 40% 19% 5%
6% 28% 39% 20% 7%
7% 28% 37% 19% 8%
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Of particular note is the increased demand for graduates with more than 8 years of work
experience. However, this experienced group typically falls outside the needs of mainstream
on-campus MBA recruiters and the true demand for this group is unlikely to be reflected
fully in this research. They are more likely to find a post-graduate career through means other
than campus recruiting.
Demand for young and pre-experienced MBAs is almost zero in Western Europe and Latin
America – in both these regions there is an above-average demand for MBAs with 5 to
8 years of work experience. By contrast, Asia-Pacific employers are much more willing to
recruit younger MBAs with 0 to 3 years’ experience.
5.5. Key MBA Skills
The QS TopMBA.com Jobs & Salary Trends Report has for many years reported on the
importance and satisfaction of key skills attained by MBA students during their studies.
Employers are, broadly, satisfied with the technical skills acquired by MBA
students, and this result seems to be independent of the business schools from
which the employers recruit. Whether it’s academic achievement, computer skills,
languages or skills acquired in finance, marketing, e-business, and risk management, employers
seem to have few qualms about the quality of MBA graduates.
However, business school graduates are still not meeting expectations in terms
of their soft skills such as communication, interpersonal skills and strategic
thinking, which are at a premium. Soft skills are far and away the most important skills
employers are looking for from new MBA recruits. Communications, interpersonal, strategic
thinking and leadership skills make up four of the five most important skills for new hires to
possess. Relevant work experience is the fifth criteria.
There has been a long-standing shortfall in terms of leadership and interpersonal skills, which
is apparent year after year in this research.
Muhammad Asim of Monsanto Pakistan confirms that his firm selects MBAs based primarily
on “communication skills, leadership skills, and interpersonal skills.”

Academic Achievement
E-Businesss
Entrepreneurship
Finance Skills
International Awareness
Intepersonal Skills
IT / Computer Skills
Leadership Skills
Marketing
Multi-lingual
Relevant Experience
Strategic Thinking
Communications Skills
Risk Management
CSR
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Importance Satisfaction
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Chart: Importance and Satisfaction with MBA Skills amongst Employers in
2014
5.6. The Global MBA Recruitment Market – a profi le of employer recruiting
patterns and target nationalities (by region)
The MBA recruitment market is probably the most globally fl exible recruitment market of
any profession. The MBA qualifi cation is geographically mobile and this section looks at what
proportion of MBA employers recruit globally, regionally or locally and which nationalities
they are targeting.
It is not that North American employers have withdrawn from global MBA hiring despite
only 19% of respondents focused on global recruiting compared to 32% last year. Rather, we
have seen a big increase in the number of domestic-only recruiters returning to MBA hiring
in 2014, refl ecting the growing strength and confi dence in the US economy. Among North
American recruiters, 63% focus purely on national recruiting whilst 13% are localised in their
search. Not surprisingly, Asia is the next biggest source region for these employers as the
technology industry witnesses a revival. Stalled immigration reforms in the US have had an
impact on internationally sourced talent. Canada’s more lax visa rules have resulted in a new
wave of tech companies from Silicon Valley descending upon Vancouver. Facebook opened a
temporary offi ce in Vancouver in 2013 as a stopgap solution for international recruits waiting
for American work visas. 1
1 Vancouver, the New Tech Hub http://www.businessweek.com/articles/2014-05-22/
vancouver-welcomes-tech-companies-hampered-by-u-dot-s-dot-work-visa-caps

Western Europe 2013
Western Europe 2014
US & Canada 2013
US & Canada 2014
Global Regional Domestic
10% 20% 30% 40% 50% 60% 70% 80%
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European recruiters are more globally minded than their North American counterparts,
with 36% recruiting internationally, up from 22% in 2013, and 20% recruiting across Europe,
down from 29% last year. Nonetheless, close to 50% are recruiting Central Europeans in
particular. Between 24% and 34% of European employers are also very actively looking for
North American, Asian and Latin American candidates.
Chart: Domestic, Regional and International Recruiting, North America and
Western Europe
These international recruiting mandates are refl ected in the broad range of nationalities
targeted by MBA employers. The table below identifi es the regional nationalities targeted for
MBA hiring, by the location of the employer (in the left hand column).

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Table: Regional Nationalities Targeted for MBA Hiring by Location of
Employer
Location of Employer
US &
Canada
Latin
America
Western
&
Northern
Europe
Central &
Eastern
Europe
Middle
East &
Africa
Asia,
Australia
& New
Zealand
Africa & Middle East 39% 29% 41% 34% 95% 45%
Asia-Pacific 36% 19% 28% 34% 24% 83%
Eastern Europe 17% 13% 28% 93% 12% 12%
Latin America 20% 97% 15% 10% 8% 9%
US & Canada 99% 10% 13% 10% 7% 15%
Western Europe 32% 24% 87% 49% 26% 28%
Overall 41% 33% 36% 33% 28% 40%
Amongst Middle Eastern employers, 95% are targeting the local or domestic MBAs, whilst
41% are targeting European MBAs. Demand for MBAs across all regions has increased in
comparison to last year.
Fewer Asia-Pacific employers are targeting local or domestic MBAs; that figure is down 7%
from 2013. In spite of this decline, 83% of their recruitment activities are based in Asia-Pacific,
36% are targeting MBAs in North America and 28% are targeting MBAs in Western Europe.
However, a greater proportion is targeting Central and Eastern European candidates (34%).
Latin American employers are locally focused with 97% targeting their domestic and local
MBAs. In 2014, 15% of Latin American recruiters expressed an interest in Western European
MBAs, up from 10% in 2013.

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6. MBA Salaries and Compensation
What is happening to MBA compensation in 2014? The QS TopMBA.com Jobs & Salary
Trends Report provides the first and best review of 2014 trends in MBA salary and total
compensation (salary and bonus) based on our survey of 1,632 brand new MBA respondents
and 5,669 actively hiring MBA recruiters contributing salary data between 2011 and 2014.
We also compare our survey results with average salaries self-reported to TopMBA.com by
top schools in each major country and region around the world in 2013. (Business Schools
will not self-report their results for their graduating classes of 2014 until the end of 2014.)
In order to ease comparison, the MBA salaries listed in this section are rounded to the
nearest 100 and displayed in US dollars.
6.1. Overview of Regional MBA Compensation in 2014
Overall MBA salaries have increased 4% on average in the mature North American and
Western European markets for the first time in several years, with an average salary of
$94,100 , whilst average MBA compensation in North America (including bonuses) is up a
whopping 14% to $128,566. With evidence of MBA demand picking up steadily in North
America as well as in several European markets, we continue to predict that MBA salaries are
likely to increase again in 2015 in these regions. At the elite end of the MBA hiring market
we see salaries between $110,000 and $150,000 as the norm in North America and Europe.
From the table below, we see that total compensation offered by MBA employers for MBA
hires increased in three of the six regions listed in 2014. The largest increase was by 15%
in the US & Canada from $112,200 to $128,600. MBA compensation increased by 6% in
Central & Eastern Europe to $72,700 and by 3% in Western Europe to $112,600. Total MBA
compensation in Africa and the Middle East suffered the greatest decline of 2014, down
13% to $70,300, whilst Latin American salaries dropped 6% and Asia-Pacific experienced a
marginal loss of 2% from $87,900 to $86,000.
For the purpose of comparison, we look at MBA salaries and bonuses reported by global,
regional and national employers (excluding local employers or employers reporting figures
less than $25,000 per year).
Table: Comparison of Total MBA Compensation by Region 2012-2014
(Global, Regional and National employer respondents only – excludes local)
Region
2014
2013
2012
% Change
('14/'13)
% Change
('13/'12)
Africa & Middle East $70,300 $80,700 $71,900 -13% 12%
Asia-Pacific $86,000 $87,900 $79,300 -2% 11%
Central & Eastern Europe $72,700 $68,800 $71,600 6% -4%
Latin America $71,400 $76,200 $75,400 -6% 1%
US & Canada $128,600 $112,200 $107,500 15% 4%
Western Europe $112,600 $109,100 $103,100 3% 6%
*Excludes local employers and any employers offering salaries less than $25,000 and employers in
USA paying salaries of more than $250,000

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Within these compensation figures we include bonuses reported by employers
and in most regions the MBA bonus figures have increased in 2014 compared to
2013 (except Asia-Pacific and Latin America). A big attraction of an MBA qualification
is not just the salary uplift, but also the likely bonuses. Bonuses continue to ensure that the
MBA qualification offers superb returns on investment for almost all MBA candidates, with an
average payback period of between two and five years. Many MBAs receive a sign-on bonus,
to help repay tuition loans, as well as a performance-related end-of-year bonus. The bonuses
reported throughout this report are the year-end performance bonuses for which new MBA
hires are eligible; sign-on bonuses are not reported.
At the elite end of the MBA hiring market we continue to see slight increases in salaries
offered by mainstream global MBA employers. Among strategy consulting firms, for example,
offers between US$110,000 and $160,000 have become commonplace in Europe and the
USA. Amongst investment banks, the offers are between $90,000 and $200,000 – a larger
range than in the past.
Table: Comparison of MBA Salaries by Region 2012-2014
(Global, Regional and National employer respondents only – excludes local)
Region
2014
2013
2012
% Change
('14/'13)
% Change
('13/'12)
Africa & Middle East $57,700 $65,300 $62,600 -12% 4%
Asia-Pacific $68,000 $68,300 $63,700 0% 7%
Central & Eastern Europe $54,900 $61,700 $61,300 -11% 1%
Latin America $55,500 $59,000 $58,900 -6% 0%
US & Canada $97,700 $90,000 $89,400 9% 1%
Western Europe $90,600 $88,800 $85,200 2% 4%
*Excludes local employers and any employers offering salaries less than $25,000 and employers in
USA paying salaries of more than $250,000
In summary, as more employers compete in the global market for top MBA
talent, we observe an equalization of MBA salaries across regions – a trend that has
been on-going for over a decade.
~~Western Europe and North American salaries have risen across most industries.
~~The gap between the highest international MBA salary region, North America, and the
lowest, Central & Eastern Europe, is now only about 40%, compared to 50% a decade
ago.
~~MBA salaries in Asia-Pacific vary widely between countries. Australia offers amongst
the highest MBA salaries in the world, five times the level of MBA salaries in Thailand,
where employers offer amongst the lowest MBA salaries in the world.

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MBA salary differentials across regions have been steadily narrowing over the last
ten years. This gradual equalisation in MBA salaries has been driven by several
factors:
~~There are more multinationals looking to hire MBAs on standard packages
irrespective of the country in which they work (except for perhaps small cost of
living adjustments).
~~An overall rise in job opportunities for MBAs, relative to supply. As this report
indicates, we have seen a doubling or tripling in demand for MBAs just since 2000, yet
the number of graduating MBAs has grown at a much slower rate (and the number
of MBAs graduating from the top 200 business schools most highly sought after by
employers has remained virtually the same).
~~An expansion of global trade, hence the growth in numbers of companies in each
country looking to recruit MBAs.
~~An increase in the number of MBA alumni in senior management or in roles
responsible for hiring, who are better informed of the value of MBAs compared to
traditional HR managers.
~~ Increased availability of information on average MBA salaries online and in social
networks, enabling candidates to demonstrate their true value when negotiating with
local employers.
It is inevitable that differentials between regions will remain, not least due to:
~~The big variations in cost of living between countries.
~~The tendency for MBA students to be much younger in some regions (especially Asia)
compared to others.
~~Variations in the extent to which MBAs are accepted as a generally required
qualification for senior managers in a country. The USA still remains the most MBA-centric
job market for managers, although Canada, the UK, Mexico, Australia, India,
China, Korea and Japan are following suit.
~~As mentioned previously, the growing number of local companies seeking MBAs at
salary costs benchmarked against lower local managerial salary levels, especially in
India, Southeast Asia and Latin America.
~~Availability of locally educated MBAs from less prestigious business schools willing to
accept significantly lower salaries

$73,800
$78,150
42
1999 2000
$82,250
$73,900
$75,200
$83,250
$85,000
$89,550
$93,250
$95,250
$91,500
$89,650
$92,665
$91,379
$90,930
$94,135
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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6.2. Comparing MBA Salaries in North America and Western Europe 1999-
2014
The financial crisis and subsequent recession in the West certainly had a downward impact
on MBA salaries from 2009 to 2013, but the impact was not severe and from last year there
is evidence of resumed upward pressure on MBA salaries.
Chart: Long Term Trend in MBA Salaries across North America and Western
Europe
Looking at the longer term trend in average MBA salaries across Western Europe and North
America, the QS TopMBA.com Jobs & Salary Trends Report reveals that they are roughly 10%
higher than they were a decade ago, but are still below their peak in 2008.
An average salary of US$94,100 across Western Europe and North America is roughly three
times the salary being achieved by fresh undergraduates entering the job market for the first
time – not bad for MBA candidates who on average have just three years of work experience
post first degree.
What is happening at the top end of business schools? There are a small number of business
schools that report average salaries significantly above the TopMBA.com average.
6.3. MBA Salaries and Bonuses by Industry Sector in 2014
Ten years ago an MBA was effectively a passport into a career in strategy consulting or
investment banking with salaries as much as 50% higher than other sectors. These sectors
still pay well, but they are no longer the top-paying sectors as other companies with global
ambitions seek to compete for top talent.
Amongst all employers in Europe and North America, the highest paying sector in 2014 remains
metals and mining, offering an average MBA salary of $134,250 ($139,000). Pharmaceuticals,
dominated by multinationals, dropped from the top spot in 2012 to third in 2014, with an
average MBA salary of $99,200 ($100,300). Construction/ property placed fourth this year,
with average salaries of $98,350 ($97,200). Financial services are in fifth place with an average
salary of $95,050.

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In 2014 average salaries reported by consulting and professional services came in at $88,250,
which reflects the growth in the number of smaller niche consulting firms around the world
offering salaries lower than the established strategy leaders that are still reporting annual
MBA pay in the $110,000 to $130,000 range.
The lowest average MBA salaries are offered in utilities, law, travel & hospitality, retail and the
public sector, all paying average annual salaries AT OR below ABOUT $80,000.
Table: Average Salaries and Bonuses by Sector - North America and Western
Europe 2014 (US$)
North America & Western Europe Average 2014
Industry Sector Avg. Salary Avg. Bonus Total
Industry Sector Avg. Salary Avg. Bonus Total
Aerospace / Defence $75,500 $5,000 $80,500
Construction / Property $98,350 $16,650 $115,000
Consulting / Professional Services $88,250 $18,900 $107,150
Electronics / High Technology $94,950 $17,250 $112,200
Energy $107,000 $19,950 $126,950
Fast Moving Consumer Goods $94,450 $15,600 $110,050
Financial Services / Banking $95,050 $20,550 $115,600
IT / Computer Services $89,600 $29,200 $118,800
Law $67,500 $17,500 $67,500
Manufacturing / Engineering $81,550 $20,650 $102,200
Media / Entertainment & Arts $88,350 $20,850 $109,200
Metals / Mining $134,250 $33,450 $167,700
Pharmaceuticals / Biotech & Healthcare $99,200 $27,350 $126,550
Public Sector / Govt. / Non-profit $80,150 $15,700 $95,850
Recruitment / HR services $88,700 $17,600 $106,300
Retail $74,350 $20,300 $94,650
Telecoms $92,750 $13,950 $106,700
Transportation / Distribution $85,850 $10,950 $96,800
Travel / Leisure / Hospitality $76,450 $8,450 $84,900
Utilities $79,350 $11,500 $90,850
Other $86,150 $15,650 $101,800
Education $72,050 $10,000 $82,050
Salary is not the only aspect of MBA compensation. Employers recognise the investment
MBA candidates have to make in paying for their qualification and the vast majority of MBA
employers who completed the salary section of our survey – over 70% in North America and
Western Europe - will pay a bonus in addition to base salary to their MBA hires.
The table above also shows average compensation for key industry sectors.

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~~Amongst all employers in Europe and North America, the highest paying sector
in 2014 remains metals and mining, offering an average MBA salary of $134,250
($139,000).
~~Energy, which has seen a surge in employment demand in 2014, jumps into second
place for average salaries on offer, at $107,000.
~~Pharmaceuticals, dominated by multinationals, have dropped from the top spot in
2012 to third place in 2014, with an average MBA salary of $99,200 ($100,300).
~~Construction/ property placed fourth this year, with average salaries offered of
$98,350 ($97,200). And financial services placed fifth, with an average salary of
$95,050.
~~The boom in demand for MBA talent among high tech and electronics companies has
triggered a jump in the average salary to $94,950.
~~Although financial services companies, on average, are not offering the top basic
salary the total compensation in this sector can often exceed $200,000 with bonuses
making up a much higher proportion of the package.
~~ Strategy consulting firms offer salaries between US$110,000 and $130,000 in Europe
and the USA, but there are a growing number of small and niche consulting firms in
the market for MBA talent, resulting in an average salary of just $88,250 ($89,150)
across the sector.
6.4. Regional Review of MBA Salaries & Bonuses in 2014
In the tables below we provide average MBA salaries in selected countries. These figures
are for employers based in each country and recruiting MBAs in that country only. We have
excluded international employers because of the wide variations in responses and to provide
more comparable data year-on-year. These country figures should be used as an approximate
guide only, whereas the regional figures are based on large response samples and are much
more robust.
Table: Top Ten Countries for Average 2014 MBA Salaries*
*Based on national domestic employer responses only. Excludes international and local employers.
2014 Rank
Country
Average
Salary
(US$)
1 Switzerland $122,000
2 Australia $115,600
3 Denmark $112,000
4 UK $98,000
5 USA $93,200
6 France $89,800
7 Germany $89,800
8 Spain $83,100
9 Japan $83,000
10 Canada $87,500

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6.4.1. USA & Canada
North American companies have a long tradition for MBA hiring and although MBA salaries
have fluctuated downwards slightly over the last five years, today MBA salaries are ahead of
where they were in 2007.
The USA still has the largest number of MBA employers in the world and has by far the
greatest range of MBA salaries. This report does not include any salaries above US$250,000
(prevalent in the USA among private equity and venture capital companies and within selected
departments of investment banks and only offered to candidates with highly relevant work
experience). Including such salaries would distort results year on year depending on the
number of respondents.
MBA salaries in North America grew by 9% in 2014 and overall compensation grew even
more as bonus growth outstripped salary growth. The recovery in the US market is stronger
than recruiters were anticipating last year and as a consequence MBA hiring companies are
becoming more optimistic once again, which is likely to lead to further compensation growth
in 2015.
Table: Average MBA Salaries by Country 2014
Country Average Salary (US$)
United States 93,200
Canada 87,500
Some of the best known US business schools, listed below, pay average salaries of 10 to 30%
above the average. These business schools typically have between 30 to 40% international
students in their class. There is significant variation in salaries paid in different states across
the USA, with schools close to major cities of New York, Boston, San Francisco and Chicago
yielding the highest salaries.

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Table: Best MBA Salaries Reported By US B-Schools (above $100,000)
School
State
Average
MBA Salary
2013 Class
(US$)
Stanford Graduate School of Business California 129,652
Harvard Business School Massachusetts 124,085
U. of Pennsylvania (Wharton) Pennsylvania 120,702
Northwestern U. (Kellogg) Illinois 119,394
MIT (Sloan) Massachusetts 118,406
U.C., Berkeley (Haas) California 117,738
U. of Chicago (Booth) Illinois 115,079
Dartmouth College (Tuck) New Hampshire 115,031
Duke U. (Fuqua) North Carolina 112,751
Columbia Business School New York 112,728
U. of Michigan (Ross) Michigan 111,417
U. of Virginia (Darden) Virginia 111,171
Carnegie Mellon U. (Tepper) Pennsylvania 110,405
Cornell U. (Johnson) New York 109,000
NYU (Stern) New York 107,450
U. of Texas, Austin (McCombs) Texas 106,277
U. of North Carolina (Kenan-Flagler) North Carolina 105,397
UCLA (Anderson) California 104,728
Yale School of Management Connecticut 104,147
Emory U. (Goizueta) Georgia 103,453
Georgetown U. (McDonough) Washington 102,177
Indiana U. (Kelley) Indiana 101,656
Vanderbilt U. (Owen) Tennessee 101,308
Rice U. (Jones) Texas 101,229
Source: TopMBA.com/Scorecard 2014– Data supplied by schools according to MBA Career Services
& Employer Alliance standards
Table: Best MBA Salaries Reported By Canadian B-Schools (above $80,000)
School
Average MBA Salary
2013 Class (US$)
Athabasca U. 98,000
U. of Calgary (Haskayne) 94,264
Western Ontario U. (Ivey) 88,520
York U. (Schulich) 87,000
McGill U. (Desautels) 86,550
Ryerson U. 85,327
U. of Toronto (Rotman) 84,802
U. of Ottowa 83,501
Queen's U. 81,590
Source: TopMBA.com/Scorecard 2014– Data supplied by schools according to MBA Career Services
& Employer Alliance standards

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