As unemployment rates get high, survey from the Graduate Management Admission Council (GMAC) reports that the number of companies which plan to hire MBA graduates has significantly stayed on a high rate. The survey said many employers still regard the MBA as a high-value degree hence, they are eager to hire MBAs,
According to the survey, the January poll of global employers which projected a healthy demand for recent graduates of master’s level in business management programmes – especially MBAs, confirmed the increase by saying that they chose these category of graduates because they are helpful to their companies.
The survey came to this conclusion after using 179 recruiters across 159 companies of varying sizes and industry sectors in 31 regions worldwide.
This change has also led to a tremendous increase in the number of students returning to their various universities to acquire the certificate.
Speaking on this, the director of Open Programmes at the UCT Graduate School of Business (GSB) Segran Nair said that though going for MBAs are expensive, students still go for it because they expect to be hugely paid afterwards.
The UCT GSB is one of the few schools in the country that still insists on GMAT as part of its entrance criteria, partly because it helps them identify the best students in a competitive application process and to Nair, the test helps MBA students prepare for what lies ahead.
While GMAC conducts the Graduate Management Admissions Test, GMAT is a pre-MBA exam that assesses analytical writing and problem-solving abilities and is used by most leading business schools across the world as an essential element of the admissions process.
However, Dr Ailsa Stewart Smith, who runs a short prep course to help students prepare for the GMAT pointed out that the reason most MBA applicants have spent longer years in the work field was because many are yet to be fully prepared for the intellectual and personal demands that come with a return to university
“Preparing for and writing the GMAT is in itself a preparation for a return to academic study”she reiterated adding that investing time and money in preparing for the GMAT is also a worthwhile investment and can pay off in terms of better scores, which will assist with getting applicants into the school of their choice.
Money and time remains the major factor in wiring a GMAT hence Smith urged prospective students to be better prepared in practice as it will be of great value to them when obtained.
“The cost in money and time to write the GMAT is not inconsiderable, so the better the preparation and practice, the more likely that this investment will be of value.
A prep course is arguably a worthwhile part of this pre-test work and speaks to an applicant’s commitment to the process and if you want a good MBA then it is worth investing in your application process,” she said.