A new survey shows high levels of job satisfaction for new MBAs.
A new survey shows high levels of job satisfaction for recent graduates, the emerging space tourism industry sets its sights on MBAs with an engineering background, and soft skills become a major emphasis for many business schools. This and more in our roundup of management education news.
Job satisfaction among recent graduates
The business school Class of 2016 wants you to know they are happy—really happy—about getting an MBA and being where they are now. According to a new survey by the Graduate Management Admission Council, the organization that writes the GMAT, 90 percent of recent graduates found a job within four to six months of earning their degree. About 90 percent say they owe their current job satisfaction to the MBA, and over 90 percent say they are highly satisfied with the value of their MBA.
“A lot of the numbers in this report are basically on par with what happened in the Class of 2015. Ninety-one percent of business students are employed? Last year it was also 91%,” says Gregg Schoenfeld, GMAC research director.
Another interesting survey result on job satisfaction: 28 percent say that the current job they are in isn’t something they ever imagined doing before business schools. (Poets & Quants)
Adventures in space tourism
Very soon, outer space is going to be part of the tourism industry… and MBAs will help make this miracle of science a reality. Meet Ariane Cornell, who’s job title is “head of astronaut strategy” at Blue Origin, a company started by Amazon founder Jeff Bezos to allow some very high-paying space enthusiasts to explores galaxies far, far away. She’s part of a growing trend of business school graduates who are flocking to the space industry.
Business school graduates who can combine MBA know-how with an engineering background may be especially successful in this endeavor. “Business schools that lead in this sector, by training interested students in the specific challenges and opportunities that space will present, have a chance to shape a sector with potentially enormous impact,” says Matt Weinzierl, associate professor of business administration at Harvard Business School. (Financial Times)
Paying for business school
You can’t think about going to business school without thinking about how you’re going to pay for it all: from tuition and fees, to living expenses, to moving expenses. Financial planning is essential. Lucky for aspiring MBAs, there are plenty of sources of financial aid, including government student loans, private student loans, and scholarships. A growing number of students are now taking out specialized MBA loans, which of course, do carry some interest.
“Like a good MBA student, I made a spreadsheet of all the rates, and I found that CommonBond was much more competitive in student loans,” said one second-year student. “I think federal student loans are attractive if you need the income-repayment options or the loan forgiveness. But if you’re going into an MBA program, those student loans are less attractive.”
Our advice: Before taking out a loan, ask A LOT of questions. And make these kinds of loans your second or third route, not your first route. Plenty of business schools offer merit-based aid, which largely starts with a strong GMAT/GRE score and GPA. (U.S. News & World Report)
Killing it softly
As important as it is for MBAs to learn finance and strategy in business school, employers also say another important thing to pick up are soft skills. This can mean anything from interpersonal influence to adaptive thinking. “We’re trying to get away from the artificial world of the case study MBA, and into a world which better reflects the reality that the students will experience,” explains Roger Delves, head of people and leadership at Hult International Business School. In 2014, the school even won an award for this approach.
As you get ready for the business school admissions process and interact with alumni and admissions officers, remember to display soft skills. They’ll likely notice. (BusinessBecause)
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