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The preference of an employer for either an MBA or a Masters graduate naturally depends largely on the requirements of the position they seek to fill. Some companies are impartial toward either of the two postgraduate qualifications, and are often more concerned with specialized experience and personality traits in the hiring process, others have a distinct preference for MBA candidates, as they are often perceived to bring a particular attitude and drive to the job. However, what all employers appreciate and look for in a postgraduate candidate is a specific skill set related to their business, adequate soft skills, research skills and an ability to develop new concepts, generate new ideas and be self-motivated. The MBA qualification in particular has increased in demand amongst employers
since the 1980s and studies suggest that the outlook for the next few years remains strong. As Karen Dowd, a North American MBA recruitment expert believes:
˜Whatever new industry is hot, there seems to be a key role for MBAs in shaping the industry and helping companies to compete successfully within the industry.
Salaries in all industries reflect this continued demand. The rise in MBA salaries as a global trend is indicative of the battle for the best and the brightest among the MBA graduates worldwide. While global employers offer on average higher salaries (in the region of $95,000), regional employers understand that they must meet this level to obtain the most talented MBA recruits for their business. And it is safe to say that overall, the MBA salary gap is widening new hires without an MBA qualification earn considerably less in industries like banking, consulting, manufacturing and marketing that those with an MBA in their pockets. On average, the divergence is a high as 181%.
Salaries for MBA graduates are highest in North America and Europe, followed by the Asia Pacific Region. Within Europe, the United Kingdom pays the highest wages for employees that hold an MBA qualification. But any thought of moving and working abroad must take into consideration the nominal wage a company and its location offers.
For a non-MBA Masters degree, the outlook is not as buoyant as for the coveted business degree, but recent research suggests that Masters and PhD degrees currently have a higher value to employers than in previous times. Postgraduate degrees have become key qualifications in a highly international and globally competitive labour market and employers are willing to place a monetary value on the skills, knowledge and attitude a Masters student brings to the post, particularly if the degree is paired with a solid background of relevant work experience. Masters graduates in the pharmaceutical and healthcare sector, for example, earn considerably higher salaries than employees with only a first degree.
The same is true for the energy sector, the defence industry, the telecoms sector, the transportation industry and other specific sectors. The monetary differential between a first-degree hire and a Masters degree graduate can be as high as 150%, with a Masters degree attracting higher wages than those paid to a candidate with only a Bachelor or other first-degree qualification. This trend is expected to continue. The global knowledge-focused economy will maintain, if not increase its demand for Masters graduates with a specific skill set, the determination and the drive to take an international company forward.
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