Employers in Asia employed more MBA graduates than anticipated in 2022
Employers from Central and South Asia outperformed the rest of the world in hiring graduate management education (GME) candidates as they widened their talent pools to individuals from overseas, according to a new report.
A global survey by Graduate Management Admission Council (GMAC) found that the region surpassed the global average in terms of hiring candidates with the following degrees:
- Master of Business Administration (92%)
- Master in Management (90%)
- Master of Accounting (92%)
- Master of Finance (94%)
- Master of Data Analytics (98%)
- Master of Business Analytics (92%)
- Bachelor's (88%)
"Nearly a quarter of employers in Central and South Asia hired more MBA graduates than they expected in 2022," the report said. "Total hiring increased for accounting, finance, data analytics graduates from 2021 to 2022, but decreased among MBAs and master's in management and business analytics graduates."
Employers in East and Southeast Asia also reported hiring figures higher than the global average:
- Master of Business Administration (92%)
- Master in Management (88%)
- Master of Accounting (83%)
- Master of Finance (84%)
- Master of Data Analytics (81%)
- Master of Business Analytics (83%)
- Bachelor's (88%)
In East and Southeast Asia, nearly a fifth of employers there hired more MBA graduates than they expected in 2022, according to the report.
"Total hiring increased for MBA, Master of Accounting, and Master of Business Analytics graduates from 2021 to 2022," it added.
For both regions, majority of respondents there also believe that hiring for GME graduates will increase in the next five years.
Tapping into international talent
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The GMAC report, which surveyed 1,028 respondents worldwide, found that the high hiring rates in Central and South Asia as well as East and Southeast Asia were due to their move to look beyond borders.
"The high levels of hiring across GME degree types in Central and South Asia as well as East and Southeast Asia are evident as these employers continue to hire international candidates as well," the report said.
In fact, 88% of the respondents from Central and South Asia extended legal documentation to candidates who come from outside their countries, the highest across the world. They are followed by employers from East and Southeast Asia (73%).
"Regionally, demand for any GME talent was high in Asia, including for candidates with citizenship from outside an organisation's operating country," the report said.
Inflation's impact on salary
To attract more candidates this year, employers from the regions estimated that median starting salary will be $35,000 or more in Central and South Asia, and $45,000 in East and Southeast Asia.
More than half (63%) of employers in Central and in Southeast Asia said inflation will have a major or moderate influence on their salary decisions, while 57% in East and Southeast Asia said it will only have a "somewhat or minor influence."
"Employers from across industries and around the globe report the influence of recession risk and inflation not just on their estimated salary decisions, but on their 2023 hiring projections as well," the report said.
They are, however, remaining optimistic on hiring trends this year.
"Most employers across several industries report wanting to increase their headcount, and nearly all organisations are looking to increase or stabilise their size," the report said. "Employers are likely to place graduates of specialised master's into corresponding roles, and business master's talent is anticipated to get a small bump in hiring in 2023."