6 ] September 13-14, 2014 The Weekend Australian

THE BUSINESS OF EDUCATION

Climbs across Asia Pacific

A focus on economic growth is driving demand for business qualifications.

A GLOBAL survey of employers paints a promising picture for those considering postgraduate qualifications in business and management. Employers in the Asia Pacific region, including Australia, are increasingly looking to hire skilled business and management postgraduates, according to the latest research by the Graduate Management Admission Council (GMAC).

As part of its annual Corporate Recruiters Survey, GMAC – which administers the Graduate Management Admissions Test (GMAT) worldwide – analysed responses from 565 employers in 44 countries including 32 of the top 100 Financial Times companies and 36 of the Fortune 500.

The optimistic hiring outlook globally for MBAs and other masters-level business graduates comes as more companies are focusing on overcoming economic challenges.

Michelle Sparkman Renz, the director of research communications at GMAC, says the Asia Pacific region’s strong focus on growth is driving increased MBA and other business masters hiring by companies in our region.

“In a tight labour market such as Australia, employers tend to be more particular and selective about the talent they hire. They are looking at growth and efficiency goals to help them reduce costs and boost productivity, and they know business postgraduates can achieve these,” Sparkman Renz says.

“Despite considerable economic fluctuation, we’re seeing Asia Pacific companies feeling pretty positive. Many want to expand geographically and 45 per cent are planning to launch new products.”

Employers in the Asia Pacific reported they are seeking particular skills that business graduates bring to help them expand their companies.

“Given most of Australia’s top trading partners are located in the Asia Pacific c, the fact that demand for MBAs and specialised business hires in the region has picked up is good news.”

The survey cemented the popularity of MBAs to employers, but also revealed many are looking for qualifications such as masters of accounting, management and finance.

“The hiring mix does fluctuate depending on industry. The MBA will always be valued, especially by consulting firms and for business development roles, but other masters programs have really grown fast at business schools internationally.

“A good example is the master of accounting. It’s a very solid and marketable credential. Among the fast growing Asia Pacific c economies there is a huge boom in the number of accounting and finance firms, so there are lots of job opportunities.”

Out of the so-called soft skills, employers say communication is the most important in new hires. It rates well above managerial skills, team work, leadership qualities and technical skills.

Sparkman Renz says this finding should light the way for Australian business postgraduates looking to present themselves favourably to employers.

“Communication skills are more highly valued today than ever before. While they have always cared about these, employers are focusing on them more, particularly oral communication skills.

“Understanding what employers are looking for can help graduates gauge and calibrate their value. They can then effectively market the skills and strengths they bring through having completed an advanced business qualification.”

SALARIES COMPETITIVE IN ASIA

The latest GMAC data reveals just how well business postgraduates are paid in Australia, relative to those in other Asia Pacific nations. Business school alumni in a mid-level position reported earnings of $110,000 in Australia compared to $80,000 in Japan and Singapore and $40,000 in China.

Source: GMAC Alumni Perspectives Survey 2014.

FAST FACTS

• 57 per cent of the nation’s 1,070,000 students are women.
• In 1970, 3 out of every 100 people had a university degree. In 2011, it was 25 out of every 100.
• Women have outnumbered men at university since 1987.
• Executive MBA students can expect a 14% salary increase from program start to program end.

For more information
Find out more about what business postgraduates earn around the world
www.theaustralian.com.au/pg