More than half of graduate business school alumni are currently employed in an industry or job function they did not have experience in prior to entering business school, according to a new report by the Graduate Management Admission Council (GMAC), the administrator of the GMAT test.
Findings from the Council’s 2017 Alumni Perspectives Survey show that 2 in 5 (39 percent) alumni currently work in an industry they hadn’t considered prior to starting business school; they learned of the opportunity while enrolled in a graduate business program, with 88 percent sharing that they are satisfied with their job and employer.
“Year after year our research has shown that a graduate management education offers significant personal, professional and financial rewards. We’re now seeing strong evidence of how valuable the degree is with regard to changing careers,” said Sangeet Chowfla, president and CEO of GMAC.
“Given the current pace of change in the economy and the workplace, candidates can be confident in the knowledge that a graduate management education can prepare them with the skills and flexibility they need to be in a better position to pivot and adapt their careers when opportunities present themselves and industries are disrupted.”
The findings of the 2017 Alumni Perspectives Survey Report detail the education and career outcomes of nearly 15,000 graduate business alumni representing 1,100 graduate business programs located around the world.
The report highlights that the value proposition of a graduate business degree is high regardless of graduation year or program type.
Nearly all (95 percent) survey respondents rate their graduate management education a good to outstanding value.
On average, the total compensation package for graduate business school alumni can range from a median of US$75,513 for an entry-level position upward to a median of US$440,122 in total compensation for a C-suite executive.
Business school alumni earn 76 percent of their total compensation in base salary, on average. As they advance up the career ladder, a greater proportion of their compensation comes from non-salary sources such as bonuses.