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- Many banks and consultancies that held off on hiring business school graduates this year say they’ll resume pre-pandemic recruiting efforts next year.
- As reported by the Financial Times, a September survey from the Graduate Management Admission Council, commonly called the GMAC, surveyed 712 consultancies, banks, and tech companies between February and March 2020, and 232 companies in June to July 2020 on their hiring plans for business school grads next year.
- Before late March, 92% of recruiters said they plan to hire MBA graduates in 2020. But as of July, 77% of recruiters said they planned to hire MBA graduates this year, representing a slight dip in 2020 hiring.
- Despite the decline this year, projected hiring in 2021 was closer to normal: 89% of surveyed firms said they were planning on hiring applicants in 2021, slightly more than the 86% of companies that hired MBA graduates in 2019.
- Starting salaries may decrease slightly, recruiters say, and 36% of large firms delayed start dates for 2020 hires.
- The rebound in demand for business school grads suggests hiring might be picking back up in high-paying employment sectors after declining in March.
- Jobs site Indeed recently found that job openings in high-paying industries like finance and software development are down 34.5% and 32%, respectively, in 2020. But some economists say these high-wage sectors will likely get back to pre-pandemic employment, while low-wage sectors will face longer term repercussions of the pandemic
- The trend may lead to a “K-shaped” recession recovery, where high-income Americans recover faster than the middle- and working-classes.
Read the original article on Business Insider