Preparing for the GMAT More Important Than Ever
Job prospects have never looked better for business school graduates. According to new research from the Graduate Management Admission Council (GMAC), corporate recruiters plan to hire 18 percent more MBAs this year than in 2005. Moreover, the survey found that the average new MBA’s starting base salary is over $92,000 up 4.2 percent from the $88,626 average in 2005. The average total compensation package for newly minted MBAs has risen to $99,737.
Numbers for the top b-schools look even more promising. Last year, Harvard Business School graduates reported an average total compensation package worth over $174,000, up 11 per cent from 2004. MBAs from Dartmouth College’s Tuck School reported a substantial increase of more than 15 percent, receiving an average of $150,000 and Stanford Business Graduates averaging almost $149,913, up 9.5 percent.
“Everyway you look at it, the market for MBA talent has come back strong,” said David A. Wilson, president and CEO of GMAC. Recruiters have a positive outlook of the economy, and feel it is stronger now than at any other point since the GMAC Corporate Recruiters Survey was launched in 2002. Furthermore, two thirds of students surveyed rated their MBA degree as an outstanding or excellent value, proving that most MBA students feel that their investment in business school was worthwhile.
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