Given the nation’s fragile economy, the job picture looks bleak for Black MBA students and others completing those programs. But the good news is there are actions to take to improve the scenario.
A whopping 68%, or two-thirds, of graduating full-time MBA students reported they don’t have a full-time job lined up, based on a new survey by higher education website Intelligent.com. Moreover, the 28% of MBA students who have found a full-time job reported they won’t start until 2024.
The findings are from Intelligent’s survey this month of 1,000 full-time MBA students who are now graduating. The analysis, performed to determine how students are faring in today’s economy, revealed that most students will be completing their MBA programs without full-time employment awaiting them.
The survey comes amid reports that consulting firms are getting closer to tentatively hiring MBA students this year, with some holding back start dates due to fears over where the economy is headed. Consulting firms are supposedly among the biggest recruiters of MBA talent and typically offer higher average starting salaries than businesses in other industries.
Diane Gayeski, professor of strategic communication at Ithaca College and principal at Gayeski Analytics, shared with BLACK ENTERPRISE via email that the job situation for Black recent MBA grads is mixed.
According to Gayeski, who is also a consultant for Intelligent, while most companies are doubling down on their diversity hiring efforts, many of them, especially technology and consulting firms, have postponed making offers. That means students, many of whom are shouldering significant college loans, may have a rough few months of unemployment.
“More than ever, these grads need to network,” said Gayeski. “They may have been taking classes during COVID, when the opportunities to go to conferences, get internships, or interact with guest speakers was very limited.”
She provided some immediate actions that Black students might take to help their job prospects:
- “Polish your LinkedIn profile and find groups in industry areas you are targeting. Take part in free webinars, comment on others’ posts, and offer some of your own insights to begin creating a profile that highlights your expertise and your unique voice and lived experience.”
- “Join events or volunteer opportunities with local business incubators and chambers of commerce.”
- “Ask your university to connect you with alumni in companies or cities that you are targeting.”
- “Use any free time to earn badges and certificates in various software applications such as Salesforce, Microsoft Office, and Adobe Suite,” among others.
The Intelligent survey also revealed that MBA students with ChatGPT experience were more likely to have secured a full-time job, and 81% of MBA students said they applied to jobs that preferred ChatGPT experience.
Gayeski stated in the survey report: “It’s always been true that companies prefer to hire candidates who show the initiative to develop expertise in new technologies and practices. Students who have developed skills in using ChatGPT and other AI tools most likely have done that learning on top of their regular coursework, since these are not yet infused into most university curricula.”
Further, the National Black MBA Association also might be helpful. It has a jobs link here.
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