MBA Salary and Recruitment 2006

Copyright Ç QS Research 2006

TopMBA.com International MBA Recruitment and Salary Report 2006

QS Research 1990-2006

Nunzio Quacquarelli MA Cambridge, MBA WhartonBen Sowter Limei Liang

The world's leading network for top careers and education

The world's leading network for top careers and education Copyright Ç QS Research 2006

Index of Figures Figure 1: Regional Distribution of Responding Recruiters 2006 4 Figure 2: Recruiter Response by Industry 2006 4 Figure 3: Examples of Responding Employers by Region 5 Figure 4: Index of MBA Recruitment 1990-2007 6 Figure 5: Percentage changes in MBA opportunities by sector worldwide 8 Figure 6: Trend in Employment Opportunities by Region 2005-2007 12 Figure 7: North American and European Recruiter Responsibility by Region 2006 13 Figure 8: Functional Roles Offered to MBAs in 2006 18 Figure 9: Preferred Levels of Experience for MBAs 18 Figure 10: Key MBA Skills 19 Figure 11: Average Salaries in US & Europe 1996-2006 20 Figure 12: MBA Salaries in US and Europe by Industry 1996-2006 21 Figure 13: Average MBA Earnings by Sector 2006 22 Figure 14: MBA Salaries by Region 2006 23 Figure 15: MBA Salaries by Region - Local Employers vs. Average 24 Figure 16: MBA Salaries across Regions 1996-2006 25 Figure 17: MBA Salaries in North America by Sector in 2006 27 Figure 18: MBA Salaries in North America by Country 27 Figure 19: MBA Salaries in Europe by Country 28 Figure 20: MBA Salaries Asia 29 Figure 21: MBA Salaries in Asia by Country 29 Figure 22: Comparing Average Salaries in Asia 30 Figure 23: Comparing Average Salaries in Latin America 31 Figure 24: MBA Salaries in Latin America by Country 31

QS Quacquarelli Symonds Ltd 1 Tranley Mews Fleet Road London NW3 2DG United Kingdom

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Any excerpts must be sourced: QS TopMBA.com International Recruiter Survey 2006. All charts must be sourced: QS TopMBA.com International Recruiter Survey 2006.

Copyright Ç QS Research 2006 The world's leading network for top careers and education 1

Contents

1. Introduction 2 Who will be interested in the survey? 2

2. Summary of Findings 3

3. Methodology and Credentials 3

4. Companies Surveyed 4

5. Long Term MBA Recruitment Trends 6 Reaching a new peak 6

6. Short Term MBA Recruitment Trends 2006 8 6.1 Demand for MBAs 8 6.2 Demand for MBAs by Region 10

6.2.1 North America 10 6.2.2 Europe 10 6.2.3 Asia 11 6.2.4 Latin America & Africa 11 6.2.5 Global verses Local Employers 12

6.3 Demand for MBAs by Sector 14 6.3.1 Consulting 14 6.3.2 Financial Services 15 6.3.3 Technology 15 6.3.4 General Industry 16 6.3.5 Pharmaceuticals and Healthcare 17 6.3.6 Small Enterprises and Entrepreneurship 17

6.4 Functional Roles 17 6.5 Experience Levels 18 6.6 Skills 19

7. MBA Salaries and Compensation 20 7.1 Global trends in 2006 20 7.2 Salary & Bonus Combined 22 7.3 Bonuses 23 7.4 Trends by Region 23 7.5 Strategies for MBA Salary Analysis 26 7.6 Regional Focus 27

7.6.1 North America 27 7.6.2 Europe 28 7.6.3 Asia 29 7.6.4 Latin America 30

8. Appendix – Some participating companies 32

2 The world's leading network for top careers and education Copyright Ç QS Research 2006

1. Introduction

Since 1990, QS Research, in collaboration with TopMBA.com, has conducted an annual survey of MBA employers worldwide to determine trends in international salaries and recruitment. The 2006 survey is the most extensive ever and presents an unrivalled overview of the world MBA recruitment market. Complete responses were received from 445 companies (505) (comparative figures for 2005 are shown in brackets throughout the report and in some instances double brackets are used to denote results from 2004) in 33 (30) different countries. This represents approximately twice the response level of the Business Week Employer MBA survey and includes five times the number of non-US respondents than any other MBA recruitment survey.

Who will be interested in the survey?

This research will be of interest to all who follow the international MBA and recruitment market. It will help three groups in particular to make informed strategic decisions:

1. Companies and Agencies that recruit MBAs

National and international recruiters will find the survey useful in managing human resource policies, such as whether to determine salaries globally or locally, and to benchmark their salaries against peer institutions.

2. Business school administrators and career services worldwide

MBA program administrators and career services will find the survey invaluable for providing guidance to students and managing the relationships with recruiters.

3. Current and future MBA graduates

MBAs can use the research to determine which industries and geographies to pursue in their job search, and to help negotiate an optimum compensation package.


2. Summary of Findings

MBA recruiters around the world are in the midst of a battle for talent. As world growth continues, demand for MBAs is spiralling, particularly in the service sectors of consulting and banking. The TopMBA.com International MBA Recruitment and Salary Report 2006 reports on the trends in recruitment and salaries earned in the primary international markets today.

Hiring predictions from MBA recruiters suggest that MBA demand worldwide will set a new record in 2006. The TopMBA.com Index of MBA Recruiting shows an overall 24% (20%) increase in demand for MBAs in 2006, with the consulting sector reporting a massive 38% (35%) increase, financial services 24% (20%), general industry 18% (17%), and technology 17% (18%).

In 2006, average MBA salaries have increased by a massive 7.5% (a full 5% ahead of the average OECD inflation rate), compared to a total increase in MBA salaries of 39% in the previous ten years. MBA salaries are now well in excess of the pre-downturn levels of 2001 with a North American/European average of US$90,500 (US$84,500). This increase reflects a high level of optimism amongst MBA recruiters and increased competition for the top talent. The average reported bonus is a sizeable US$23,100, with investment banks leading the bonus field, with an average bonus of $37,500.

MBA recruiters around the world have a strong preference for candidates with one to eight years of professional experience. They seek strong interpersonal skills, strategic thinking and leadership skills, as well as the harder skills taught by business schools. In general, whilst they are very happy with the harder skills ingrained in MBA graduates, there is still room for improvement in terms of the softer skills.

Regionally there is a catch up occurring in terms of demand for and salaries received by MBAs in emerging markets, compared to North America and Western Europe. Though there is still a 30% salary gap between the highest and lowest paid regions, this gap is narrowing each year.

3. Methodology and Credentials

The TopMBA.com International Recruiter Survey collects primary data on the state of the recruitment market and predictions of future trends from recruiters in industry, consulting, financial services, and technology. The data includes specific analyses by sector, geography, and year. Time-trend analysis and sector/regional variations have been incorporated into this final report. Unlike many surveys, the QS research does not rely on MBA graduates to report their earnings, but obtains the information from the employers who pay them. Each respondent is designated as responsible for MBA recruiting within his/her company as a whole or division. They are asked to identify their geographical responsibilities, confirming whether they recruit locally in their domestic market, regionally, or globally.

QS further differentiates its research by the objectivity of its position as a third party operating between recruiters and business schools, by virtue of the long established contacts with recruiters who are willing to share information with QS, and by the bank of data on MBA recruitment and remuneration built up over the last 16 years which allows meaningful trends to be identified over time.


4. Companies Surveyed

Responses were received from across the globe. 28 % of respondents were based in Europe (43%), 38% in the North America (41%), 13% in Latin America (4%), 11% in Asia Pacific (10%) 6% in Eastern Europe (2%) and 4% in the Middle East & Africa (0%). This provides detailed insights across regions.

Regional Distribution of Responding Recruiters 2006

38%

28%

11%

13%

6%4%

US & Canada

Western Europe

Asia Pacific

Latin America

Eastern Europe

Middle East & Africa

Source: QS TopMBA.com International Recruiter Survey 2006

Figure 1: Regional Distribution of Responding Recruiters 2006

The spread of recruiters spans a wide spectrum of industries, reflecting the global range of companies that hire MBAs. Financial services and consulting make up the largest source or respondents followed by technology, industry, banking and consumer goods. Respondents from the recruitment consulting industry are kept separate although they have a bias towards financial services and consulting recruitment.

Recruiter Response by Industry 2006

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Auto

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Figure 2: Recruiter Response by Industry 2006


The 445 national and international companies that responded to the survey are guaranteed confidentiality for the components of their individual responses. The following Figure 3 gives a snapshot of some of the organisations that took part in the survey across the world. A more comprehensive list can be found in the Appendix at the end of this document.

Examples of Responding Employers by Region

Consulting Financial

Services Industry Technology

Asia Accenture

POD Consultants

PRTM

OCBC Bank

Citibank

HSBC

BP Asia

Chevron Hong Kong

Toshiba

Microsoft HK Ltd

National Semiconductor

Singtel

Europe AT Kearney

McKinsey

Roland Berger

Credit Suisse

Merrill Lynch

SociÁtÁ GÁnerale

Amazon

BT Retail

Deutsche post

Sun Microsystems

Intel

Wind Communications

Latin America Bain & Co.

NCG Network Consulting

Paradigma

BankBoston

Scotiabank

BBVA

Grupo Nestle

Johnson & Johnson

Merk Sharpe Dohme

Fisconsejo

Pfizer

Huawei Tech de Venezuela

USA Booz Allen Hamilton

Mercer Mgmt Cons.

PriceWaterhouse Coopers

GoldmanSachs

JP Morgan Chase

Lehman Brothers

American Airlines

Ford

GE

AOL

Avaya

Hewlett-Packard


Figure 3: Examples of Responding Employers by Region


5. Long Term MBA Recruitment Trends

Reaching a new peak

The MBA (Master of Business Administration) is a graduate management degree, which prepares professionals for management responsibility. It is one of the best-known degrees in the world, and more people take it than any other postgraduate course. Deciding to take an MBA is a crucial step in an individual's career.

A growing number of companies all over the world now see a top MBA as an essential management entry-level qualification. Without an MBA, it is almost impossible to become an analyst at a leading investment bank, or a senior consultant at a top consulting firm. In recent years, it has become more common for business development managers and technology managers also to take an MBA to help them make the next step in their career.

Janet Raiffa, MBA Recruitment Manager at Goldman Sachs says, "We recruit MBAs for their maturity, client readiness and skill sets." Jason Yeldham of Deutsche Bank in Hong Kong adds "MBAs help diversify the company's population by bringing top talent at Associate level who have different experiences from those that join on the undergraduate program."

John Fraser, Principal at Fraser Dawson Management Consultancy says "A good MBA will enhance the student's business awareness (particularly of areas in which they don't have direct experience) and, thus, should improve their contribution to a subsequent employer."

Daniela Grienwald of Hilti Corporation, an industrial holding group in Europe says "The combination of a technical study background, relevant work experience and an MBA makes a good fit for companies like Hilti."

Index of MBA Recruitment 1990-2007

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Financial Services

Technology


Figure 4: Index of MBA Recruitment 1990-2007


Figure 4 shows the trend in MBA hiring worldwide, by sector. Consulting and financial services, especially investment banking have rebounded particularly sharply. These two sectors will account for 50% of MBA hires at most schools. Additionally, the absolute number of MBAs hired into the consulting sector has almost doubled since 2003.

For the purpose of simplification, this survey groups together as ‘general industry’ manufacturing, logistics, chemicals, automotive, FMCG etc.

From 1994-2001, worldwide demand for MBAs grew at an average of 15% CAGR. This growth was spread across all the major continents and benefited graduates from all of the world’s top 100 business schools. Recession in the USA, however, and slow growth in major economies as far apart as Germany and Japan, took their toll from 2002-2004 and demand for MBAs fell by around 20% from 2000-2003. In this period, on-campus company visits fell significantly and many MBA students had to resort to off-campus job searches and networking amongst alumni.

In 2006, the situation could not be more different. Business school career services are delightedly reporting their best year on record. In the 2006 Career Service Council survey, 95% of responding business schools reported an increase in employer activity on campus, with 68% of schools reporting an increase in employer activity of 10% or more. Kim Keating of Tuck Business School, US, sees the MBA job market heating up to levels not seen since 2001. "By April 2006, over 90% of our class had at least one full time offer. We expect all the class to have offers by graduation." At London Business School, the Careers Director, Graham Hastie, reports that 96% of the MBA class had accepted permanent positions within 3 months of graduation in 2005, and 99% of the class of 2006 had paid summer internships – both records for the school. Lindsey McQuade, Careers Director at Cass Business School, reported a 100% increase in on-campus recruiting in 2005 with continued growth this year, "benefiting from the booming job market in consulting and the City."

QS Global-Workplace (www.global-workplace.com), a jobs site operated by QS on behalf of many of the world's top business schools saw over 15,000 (14,000) ((7,800)) new MBA jobs added to the site during 2005. Mike Holmes of Global-Workplace says, "...the big demand for MBAs this year is coming from the service sector – banks and consultancies – not just the big name firms, but also many smaller organisations. An ongoing trend in recent years is for MBA alumni, who are now in a position of hiring responsibility, to return to their school to pick up new talent."


6. Short Term MBA Recruitment Trends 2006

6.1 Demand for MBAs

Recruiters are currently optimistic. In 2006, 35% (50%) of employers expect to increase MBA hiring in the next twelve months, 62%(43%) expect MBA hiring to be at the same level as in 2005, and a mere 3% (7%) expect a decrease in MBA hiring in 2006.

Hiring predictions from MBA recruiters suggest that MBA demand worldwide will set a new record in 2006. The TopMBA.com Index of MBA Recruiting shows an overall 24% (20%) increase in demand for MBAs in 2006, with the consulting sector reporting a massive 38% (35%) increase and financial services 24% (20%). MBA recruiters around the world are in the midst of a battle for talent. As world growth continues, demand for MBAs is spiralling, particularly in the service sectors of consulting and banking. General industry and technology also reported double figure growth in demand (18% and 20% respectively).

Percentage changes in MBA opportunities by Industry Sector Worldwide in 2006

2006/5 2007/6

Agency 156% 128%

Industry 118% 105%

Financial Services 124% 107%

Consulting 139% 119%

Technology 120% 103%

Total 124% 109%


Figure 5: Percentage changes in MBA opportunities by sector worldwide

Looking ahead, it seems that most recruiters do expect the increase in demand to slow down in 2007. Although agencies remain bullish, only a 3% increase in demand is anticipated in the technology sector, only 5% in industry, only 7% in financial services but a robust 19% in consulting. From the point of view of MBA recruiters around the world, there are no indicators of a possible reduction in demand. Rather, there is a feeling that the huge growth in demand over the last two years cannot be sustained, not least because the supply of MBAs is not growing as rapidly and companies may not be willing to push salaries much higher.

At the same time, it is always worth expressing words of caution. A recession as seen between 2001 and 2004 is not on the cards, but with rising oil prices, a growing deficit in the USA, and rising interest rates, a fall in MBA demand in 2007 is possible.


The new demand by employers is now also being reflected in applications to do an MBA. Between 2003 and 2005 there was a 20% decline in MBA applications worldwide. In some countries, young professionals seeking career progression within their function or industry were reluctant to take a risk and leave to take an MBA, in case they missed out during their time away. This trend was evident in the US, and especially in China, where MBA applications fell by 50% during these years – a period of Chinese economic boom. Visa restrictions for entry into the USA also resulted in less competition to gain entry to the best schools than in the years before 2002.

The good news for business schools is that MBA applications are again on the rise and competition for places is intensifying once again. Nevertheless, the number of applicants is still less than the 2002 peak. In most countries around the world, we see a rise in demand for

MBA places amongst people who seek a career change or who wish to start their own business. These young professionals are trying to time their MBA so that they graduate into a "hot" job market, making 2007 start dates look very attractive.


6.2 Demand for MBAs by Region

6.2.1 North America

In the USA, the largest MBA employment market, recruitment is booming again. "There has been a significant increase in recruiting activity at Fuqua this year," says Erin Gasch, Associate Director of Marketing and Employer Services at Fuqua School of Business, Duke University, North Carolina. "Compared to last year at this time the total number of companies recruiting on our campus is up 28 per cent." Sheila Williams, MBA Recruitment Manager for Accenture, reported earlier this year "our MBA recruiting is very much back on track."

Companies large and small are jumping back in to MBA hiring. Anthony Van der Hoek of Coca Cola says the company is looking to hire more MBAs because it has found "they can introduce new concepts of thinking from a broad range of industries and perspectives." Colleen Clark of Eastern Mountain Sports says "MBAs bring business acumen, creative thinking and new knowledge (technology, people, branding and product development) to a business. They cut down on lag time between start up and ROI."

GMAC has also conducted a major survey of recruiters, predominantly in the US, and President, David Wilson reports "our research shows continued positive trends in MBA demand in 2006." He adds, "Our latest data is very encouraging. Across the board, we are seeing recruiters report increasing hiring numbers." Wilson cautions however, that "there is still the need for MBAs to adopt a creative off-campus job search."

It is still a challenge for foreign students to obtain H1 visas to stay and work in the US, though recent evidence confirms that as the labour market tightens, recruiters are finding ways to hire the people they really want. As Chris Morris, Director of the Career Service at Wharton comments, "Over 60% of Wharton's international students accepted full-time positions in the United States last year."

6.2.2 Europe

Several European countries are becoming hot spots for MBA recruiting. The UK is at full employment, particularly due to the implementation of the Highly Skilled Migrant Programme, the visa regime that is favourable to MBAs of almost any nationality. Spain and Italy have growing numbers of financial and technology companies regularly recruiting MBAs, as well as a growing consulting industry. The economies of Germany and France remain sluggish, though major companies are active.

Graham Hastie of London Business School observes: "The MBA job market in Europe has transformed since 2004. We expect most students to have at least one offer, and in many cases, several offers at graduation. The prospects are outstanding for next year's class." At the current £/US dollar exchange rate, the UK is now paying the highest salaries for MBAs worldwide. Alison Edmunds of Manchester Business School says "the banks and consultants are recruiting actively. But many industrial companies have been enticed into the MBA market in the last three years and they have enlarged the total pool of MBA employers compared to the pre-dotcom era. We are also seeing renewed activity amongst technology and telecoms companies."


6.2.3 Asia

In Asia, the MBA is becoming more in vogue. "More and more MBAs are joining Chinese companies from international MBA programs and Asian MBA business schools," says Michael Yang, General Marketing Manager, Motorola (China). "I think the attraction for these MBAs is not the starting salary, but the growing opportunity. For example, the average MBA salary growth rate is higher than 15% per year here in China."

Yue Zhang is an Oxford MBA who works for TopMBA Careers in China. He reports that "(they) are generating over 100 MBA jobs per month for TopMBA Careers and this is only likely to increase further. With visa restrictions in the US we may even see a shortage of MBAs in China in the near future." Hidet Yamanaka of Global Taskforce in Japan (the local partner of TopMBA Careers) also sees positive signs amongst Japanese companies looking to recruit MBAs within Japan.

Sei-Woong Yoon, an MBA alumnus from IMD and CEO of Overture Korea, says "a top MBA is a gateway to an international career for a young Asian. Before I took my MBA, I worked in advertising in Korea and had a totally domestic focus. Since my MBA, I worked with Saatchi & Saatchi in London, became a COO of Yahoo in Asia and now run Overture. My whole international managerial perspective was shaped by my MBA. Today I think such a global perspective is even more important." He observes the increasing importance of the MBA amongst Asian companies. "In Korea, our largest companies, like Samsung and LG, have well established MBA recruitment programs. Now we are seeing many more companies seeking experienced MBA managers. I think this trend will continue."

6.2.4 Latin America & Africa

Though MBA demand in these two regions is much smaller than in other parts of the world, the relevance of the MBA is increasing. Graham Hastie comments that he is having to turn away employers from Kenya, Nigeria and even South Africa, because he does not have the right profile of candidates. These employers are looking at smaller schools whose MBAs are likely to accept lower salaries.

Latin American companies are also reaching out to US, Spanish and other European schools to pick up the talented nationals choosing to study overseas. "There is definite movement in the market" says Guillaume Delacour, Director at Instituto de Empresa's career management centre. Many European banks now own the major Latin American Banks and they actively recruit MBAs, as do consultancies and major industrial companies. The biggest such recruiters are BBVA and Banco Santander, which have emerged as regional banking leaders in Latin America, though HSBC is not far behind. The Mexican market is very strong, but we are seeing a region-wide improvement.


6.2.5 Global verses Local Employers

More and more companies are global in their operations without ties to any one region. Many of these companies have recruiters with global responsibility for hiring MBAs. In total, 56 recruiters responding to our survey had global responsibility for MBA hiring.

In addition, many recruiters headquartered in one location will have responsibility for a region elsewhere. These regional and global recruiters tend to pay higher salaries and recruit larger numbers of MBAs than local employers, but there are fewer in numbers – there are far more local employers in the market for MBAs.

Figure 6 shows the growth in number of MBA opportunities. Regional and global MBA employers headquartered in the US and Europe are fuelling the growth in demand worldwide. Local companies in Asia and Latin America still account for relatively few MBA opportunities and recruiters in such organisations have reported only limited plans for an increase in MBA hiring.

Trend in Employment Opportunities by Region 2005-2007

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Figure 6: Trend in Employment Opportunities by Region 2005-2007


However, this data potentially underestimates the actual number of opportunities in certain regions. For example, many MBAs in Asia, Latin America and Eastern Europe are hired through head offices in the US or Western Europe. Although 38% of responding recruiters are based in North America, Figure 7 reveals that 40% of these recruiters have some responsibility for recruiting globally or in Europe, Asia or Latin America.

Similarly, European recruiters make up 28% of our sample, but 36% of these recruiters also have some responsibility for recruiting globally or in North America, Asia or Latin America.

North American and European Recruiter Responsibility by Region 2006

0%

10%

20%

30%

40%

50%

60%

National Europe LatinAmerica

Asia Pacific US &Canada

Global

Geographic Responsibility

North American Recruiters European Recruiters


Figure 7: North American and European Recruiter Responsibility by Region 2006

The predominance of MBA recruiter headquarters in the US and Western Europe sheds light on the continued popularity of US and European business schools. International MBAs at these schools benefit from proximity to these headquarters and being able to meet such recruiters on campus before graduation.


6.3 Demand for MBAs by Sector

6.3.1 Consulting

Top 10 Consulting recruiters of MBAs in 2006: Accenture, AT Kearney, Bain & Co, BCG, Booz Allen Hamilton, Ernst & Young Business Consultancy, IBM Consulting, McKinsey & Co, Mercer Management Consulting, Roland Berger & Partners (Ernst & Young replaces Diamond Cluster in 2006)

The consulting industry had been growing at phenomenal rates for the last 20 years, becoming a $100 billion industry. After a temporary slowdown at the start of the new millennium, the sector is hitting new highs in 2006; the consulting market is re-entering a boom phase.

Responses to the Topmba.com International Recruiter Survey suggest that larger strategy consulting recruiters are actively seeking many new people in 2006. In addition, the professional services, technology and outsourcing firms are re-staffing their strategy departments – many of which were decimated in the downturn. Ernst & Young has announced the re-launch of its Business Advisory/Business Consultancy division with targets to grow revenues to $2bn in three years.

Overcapacity in 2001 saw an MBA hiring cut back. A 38% (35%) increase in demand for MBAs in 2006 places demand ahead of 2001 levels and, based on current forecasts, demand will continue to grow.

Global-Workplace (www.global-workplace.com), the career platform for global professionals, including the community for 50 top business schools around the world, has seen the number of jobs listed on its site grow throughout the past three years. Mike Holmes from Global Workplace says, "In 2005, over 5000 consulting jobs were listed on the site, an increase of over 25% on the previous year. Consulting job listings are running well ahead of 2005, with all the major consulting firms actively hiring."

All the leading firms have returned to aggressive MBA hiring. In particular, the big strategy players like McKinsey, BCG, Accenture, Bain, Booz Allen, and Roland Berger are recruiting heavily. Accenture historically hires between 10,000 and 17,000 people, globally, each year. William Ziegler, Global Head of Recruiting at Accenture says, "Accenture has a strong commitment to balancing our resources, and will continue to identify MBAs in the marketplace who possess the skills needed to serve our clients. We continue to anticipate hiring more people in the next calendar year. Outsourcing remains the fastest growing segment of consulting services, accounting for 65% of Accenture's new business."

The growing number of corporate consultancies is experiencing strong growth in MBA hiring. For example, Siemens Management Consulting specialises in technology and business outsourcing. Dell has recently changed its name from Dell Computers, reflecting the intention to build up its business consulting division helping Dell hardware customers to plan their IT requirements. Such strategies follow in the footsteps of IBM, which is, today, the world's largest provider of consultancy services, by revenue and employment numbers.

There are also a growing number of small specialist consultancies looking to hire MBAs. Many such firms are using search agencies, or web services such as www.global-workplace.com, rather than visiting schools. There is also a growth in specialist consultancies, for example ZS Associates, with a focus on sales and marketing.


6.3.2 Financial Services

Top 10 Financial Services recruiters of MBAs in 2006: Citibank, Deutsche Bank, KPMG, Ernst & Young, GE Commercial Finance & GE Capital, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, UBS (KPMG, Ernst & Young and UBS replace American Express, Fidelity and Lehman Brothers in 2006).

Almost all investment banks actively recruit MBAs. Most people associate investment banking with mergers and acquisitions, but this is just one department within the global banks – albeit a department which is booming in 2006 with most top banks reporting record transaction figures. Most of the top banks look to recruit MBAs into global markets (sales and trading securities, fixed income and derivatives), managing assets, structured finance, corporate finance and increasingly on-and-off balance sheet hedge funds. There are also many back office positions in risk, financial control and technology.

This demand for MBAs collapsed during 2001-2003. Goldman Sachs, Morgan Stanley and others cut MBA hiring by up to 80% in some offices. 2006 shows a completely different environment with demand increasing by 24% (20%). All the big banks are back on campus competing for talent, evidence of which can be found in this survey in the section relating to salaries. Mergers and Acquisitions departments are returning to strength and hiring is becoming a priority. Many banking divisions are prospering, such as derivatives, hedge funds, sales and trading of debt and equities, structured finance, public sector and private sector corporate finance, property, private equity and wealth management. Finance hiring is no longer restricted to banks. GE Capital is now one of the biggest recruiters of MBAs worldwide. American Express is also emerging as a major player.

So what turns a bright new business school graduate into a successful investment banker? According to Angela Cassidy, a recruiter at Deutsche Bank, her firm looks for, "high achievers who are both focused and motivated and who can demonstrate a good understanding of our industry. We also want people who are bright and energetic and not afraid of working hard. We don’t just look at what an individual has achieved in the workplace, but also take into account what they have been doing outside their academic activities."

Insurance steadily hires MBAs and picked up noticeably in 2005 and this trend has continued in 2006. In the US there are a number of insurance companies that recruit 10 or more MBAs each year such as AIG, Travellers (part of Citigroup), CIGNA, and Liberty Mutual.

6.3.3 Technology

Top 10 Technology MBA recruiters in 2006: Avaya Communications, British Telecom, Dell, Hewlett-Packard, IBM, Microsoft, Philips, Google, Samsung, Vodafone. (Google replaces Intel in 2006)

Recruitment of MBAs into technology companies has finally bounced back, reporting an increase of 17% (5%). Avaya Communications is one of the largest recruiters of MBAs in the technology field. Telecommunications companies such as British Telecom and Vodafone are very active. Some software companies, like Microsoft for example, have increased their intake. Hardware companies such as Hewlett-Packard and Dell are amongst the most active recruiters at present, but we expect some Chinese companies to appear strongly in the research in the future. We were unable to obtain significant data from Asian technology


recruiters in 2006, but reports suggest that hiring in China, Taiwan and Korea is extremely active. Only Samsung has confirmed hiring numbers, which exceed over 100 people. Recruiters are predicting a slow down in growth in demand in 2007.

Sue Warren at BT Retail, which was the fourth largest recruiter at London Business School last year, praises the way MBAs can "challenge the status quo by introducing dynamic new thinkers and innovative leaders to the company. These are bright people with the latest business training. They are not tied to the 'way we do things around here'."

6.3.4 General Industry

Top 10 Industrial MBA Recruiters in 2006: Compuserrman International, Ford, General Electric, General Motors, Hilti, Johnson & Johnson, Philip Morris*, Procter & Gamble, Siemens, Unilever (including Lever Bros USA). (Compuserman International and Hilti replace Coca Cola and Diageo in 2006)

This broad grouping of industries covers, aerospace, automotives, chemicals, logistics, manufacturing, steel and for the purpose of this report, consumer goods and retail. Each industry reveals individual trends, but a common theme has been a steady increase in MBA hiring for the last three years with the 2006 survey reporting an increase in hiring of 18% (17%). The increasing globalisation of international trade, growing inter-dependence of common markets and increased international competition has fuelled the interest in MBAs across the sector.

In particular, those organisations that have fully embraced globalisation understand that MBAs represent an essential pool of international managers who are capable of working in diverse cultures and business situations. A sizeable number of MBAs who do find roles in the industrial sector will do so with companies such as General Electric, Ford and General Motors where specific MBA induction programmes have been the norm for more than twenty years. Internationally-minded European companies like Siemens and DaimlerChrysler have established MBA entry programmes.

Consumer goods companies have been committed to MBA hiring in the US for many years. Lever Brothers traditionally hires 50+ MBAs in the US and many fewer in Europe. This situation is changing. As more and more people graduate with MBAs, they are penetrating consumer goods companies around the world in ever increasing numbers. It is now common for both local operations and head offices of such companies as Diageo, P&G, BAT and Coca Cola to hire MBAs.

For local industrial companies, the high level of multinational salaries remains a barrier and can discourage MBAs from pursuing local opportunities that may bring them rewards in the longer term. Manel Gasca of Rittal Disprel, a consumer products/retail company based in Spain, has the following advice for MBAs: "Too much relevance is placed on salary straight after an MBA. Since the year I graduated I had to learn that the true value of my MBA was the knowledge I acquired and not the job I got straight after graduation. MBA recruitment is very sensitive to economic conditions and we should not value studying an MBA by the salary we obtain after graduation."

But there is a downside to such a "hot" MBA job market. First of all, many MBA employers will be disappointed and not attract the talent they are seeking. Neil Currie of Johnson & Johnson says, "I recruit international MBAs - candidates often are reluctant to share vital


information about their personal and career objectives and we waste their time and ours going through several interviews on campus and on site, make offers only to discover that they want to work in consulting after all."

Secondly, there is a danger that we return to the bad old days, when MBAs had a reputation for arrogance, which tarnished their potential contribution. Tiffany Wogelwede at Whirlpool has noticed that "MBAs coming out right now are beginning to have a sense of entitlement once again. The ego is sometimes getting in the way of the hiring process."

6.3.5 Pharmaceuticals and Healthcare

Top Ten Healthcare MBA Recruiters in 2006: Astra Zeneca, Cigna Healthcare, Eli Lilly, Glaxo Smithkline, Guidant, Johnson & Johnson, Medtronic, Merk, Novartis, Pfizer, Schering Plough. (Cigna Healthcare replaces Guidant in 2006)

Pharmaceutical companies have always been very active MBA recruiters and pay the best salaries after consulting and investment banking. They also offer attractive benefits and international mobility. They have remained committed to MBAs throughout the last decade and growth in recruitment numbers is steady rather than spectacular.

6.3.6 Small Enterprises and Entrepreneurship

The Internet revolution has given many MBAs the confidence to start their own business on graduation. For the first time ever, some schools are reporting that 10% or more have chosen to do so. Technology has reduced the cost of starting a business, even for risk-averse MBAs. At US schools, the percentage of class starting their own business is consistently less than 5%, whereas many European schools exceed this level. Schools reporting particularly high levels of students starting their own businesses include: The Judge Institute, Cambridge University, EM Lyon, Instituto de Empresa, Manchester Business School, Tanaka School Imperial College London.

A growing number of MBAs are interested in working for Small Multinational Enterprises, start-ups or boutique consultancies. Many such firms are owned or managed by MBAs who want to hire dynamic business developers, marketing specialists, salesmen, financial "wizards" and analysts: all classic MBA roles.

6.4 Functional Roles

Figure 8 reveals that 60% of responding employers offer roles in finance (other), whilst 54% of employers offer roles in marketing. Almost 50% of responding employers also have roles in finance (advisory) and strategic planning. Consulting is not the most common function available to MBAs, with only 45% of responding employers offering consulting roles. Roles offered reflect a return to the basics of management – away from e-commerce and towards marketing, strategic planning, sales, and finance.


Functional Roles Offered to MBAs in 2006

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Figure 8: Functional Roles Offered to MBAs in 2006

6.5 Experience Levels

MBA recruiters consistently show a strong bias towards candidates with 1 - 8 years experience but there is a trend toward recruiting younger people. Fresh graduates taking an MBA are targeted by an increased 22% (8%), reflecting perhaps a growing scarcity of quality MBAs with sufficient experience, while MBAs with over 8 years experience are now sought by 25% of respondents (Figure 9). This does not imply that either group is not in demand, but that they fall outside the needs of mainstream international MBA recruiters. Inexperienced candidates typically accept lower paid graduate level positions and experienced professionals are more likely to use a search company to identify suitable opportunities.

Preferred Levels of Experience for MBAs

0%10%20%30%40%50%60%70%80%90%

100%

< 1 year 1-4 years 4-8 years > 8 years


Figure 9: Preferred Levels of Experience for MBAs


6.6 Skills

Wise MBAs will seek opportunities to develop skills that are important to recruiters. Figure 10 demonstrates how "soft skills" such as interpersonal, strategic thinking, and leadership are more important than finance abilities, academic success, and knowledge of IT.

According to recruiters around the world, business school graduates are still not meeting expectations in terms of their soft skills. MBAs have for many years met or exceeded expectations in terms of hard skills like; finance, accounting or academic ability. There has been a long-standing short fall in terms of leadership skills and interpersonal skills, which is apparent year after year, in this research. Choosing opportunities to demonstrate mastery of these skills – perhaps through club or project leadership, for example – will help MBAs to differentiate themselves in the recruitment process.

Key MBA Skills: Importance versus Satisfaction (as ranked by recruiters)

1.01.21.41.61.82.02.22.42.62.83.0

People

Skills

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Figure 10: Key MBA Skills


7. MBA Salaries and Compensation

7.1 Global trends in 2006 MBA salaries are on the increase in almost every country in the world. As demand for MBAs surges in consulting and financial services, recruiters must compete on salary to secure their preferred candidates.

In 2006, average MBA salaries, at $90,500, have increased by a whopping 7.5% (a full 5% ahead of the average OECD inflation rate), compared to a total increase in MBA salaries of 39% in the previous ten years. MBA salaries are now well in excess of the pre-downturn levels of 2001. This increase reflects a high level of optimism amongst MBA recruiters and increased competition for the top talent.

The average MBA salary for the two main regions of North America and Western Europe is $90,500 in 2006. Global recruiters reported a higher average salary of $95,900, these represent an elite cadre of employers who seek MBAs worldwide and are willing to pay a premium to attract the best candidates. They are made up not just of banks and consulting firms, but also healthcare and some manufacturing, technology and service companies, which have adopted a global approach to MBA recruiting.

Regional and local North American recruiters reported an average of $89,700, Western European recruiters reported an average of US$91,400 (this is the first time European MBA salaries have significantly exceeded North American salaries, though the figure has been boosted slightly in dollar terms by the weakening dollar exchange rate). Eastern European recruiters reported an average of $63,200, Latin American recruiters reported an average of $62,500 and Asia-Pacific recruiters reported an average of $67,600. These regional averages are shown in Figure 11.

Average Salaries in US & Europe 1996 - 2006

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Figure 11: Average Salaries in US & Europe 1996-2006


The levels of global MBA salaries tend to be cyclical reflecting economic trends. The 1990s was a decade of uninterrupted economic growth resulting in ever-increasing salary and bonus packages. A growing pool of MBA graduates was eagerly recruited by businesses worldwide. Despite the dot.com disruptions in the US market in 2000, the momentum behind this trend fuelled increasing salaries until 2001. This trend reversed in 2002, however, and salaries fell almost to the 1998 pre-dotcom boom level.

Mike Holmes of www.global-workplace.com observes. "We have seen that salaries in the industrial (non-service) sector have remained robust throughout the last five years. However, with so many service companies re-entering the market and hiring more aggressively, there is now strong upward pressure on salaries in all sectors."

In 2006, average consulting base salaries in North America and Europe at US$94,000 have, once again, overtaken those in financial services at US$93,800. After many years of the base salaries in consulting surpassing those in financial services, the latter edged ahead in 2003, again in 2004, but have fallen behind again since 2005. This reinforces the view that both sectors are vying for the same talent are setting salaries relative to each other.

Banking salaries for fresh MBAs reached as high as $155,000, amongst this year's respondents and as low as $20,000 in some emerging markets. Consulting salaries for fresh MBA hires reached a high of US$145,000 and a low of $32,000 in emerging markets. These salaries look unlikely to slacken off, given the forecast increases in demand for MBAs by consultants and banks over the next few years.

There also seems to be a relationship between general industry and technology salaries. During the dotcom boom of the late nineties, technology salaries were consistently 10% above industry salaries. In the subsequent technology crash, industrial salaries jumped ahead, but have now slipped again as technology firms around the world start hunting for talent.

MBA Salaries in US and Europe by Industry 1996-2006 (US$)

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IndustryConsultingFinance Technology


Figure 12: MBA Salaries in US and Europe by Industry 1996-2006


Figure 12 tracks MBA salaries in the US and Europe from 1999 to 2006 by key MBA recruiting sectors. This chart reveals the long-term global increase in salaries in consulting, finance, technology and general industry, since 1993.

7.2 Salary & Bonus Combined

When comparing compensation levels, it is important to consider not just the base salary, but also the likely total earned in one year, including bonuses.

The larger bonuses payable by banks and investment banks in particular, ensure that they offer the greatest overall compensation for the first year out of business school, averaging US$146,500 in 2006. In comparison, all financial services averaged US$111,000.

All sectors apart from banking and Government have average compensation ranging between $105-115,000. This year, it is noticeable that consulting firms are only just ahead of other sectors in the overall pay bracket, at $113,500 per annum. This is partly because many smaller consulting firms responded to the survey, but also because the larger consulting firms rarely pay large bonuses at the end of the first year, whereas other sectors have increased their bonus payments in 2006. The government sector lags behind private industry in average total compensation, but this is based on a small sample of respondents in this sector. NGOs like the World Bank pay compensation comparable with private sector banks.

Average MBA Earnings by Sector 2006 - Salaries & Bonuses in W. Europe & US (US)

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Figure 13: Average MBA Earnings by Sector 2006

Figure 13 presents average salaries and bonuses reported by employers, with each industry sector disaggregated to provide greater insight. Different industries have their own methods of providing compensation. Some industries offer a higher base salary, while others offer a high year-end bonus. When deciding between jobs, candidates are recommended to assess their own risk profile and level of financial flexibility.


7.3 Bonuses

The average reported bonus is a sizeable US$23,200. Banks are reporting a massive average bonus of US$55,200 with investment banks, in particular, reporting bonuses of between $25,000 and US$150,000 for first year MBAs. While other sectors will find it hard to compete with these figures, banking bonuses do tend to be much more volatile than those in other sectors. Agencies report high average bonus, reflecting their role in feeding candidates into investment banks. Damir Latte of Global-Workplace Recruitment reports that banks are very actively engaging head-hunters and agencies to source MBA talent.

The service sector which includes non-consulting divisions of professional service companies, report average bonus figures of over $23,000. Of all sectors covered in the research, only government agencies reported average bones less than $10,000 per annum.

It is important for candidates to understand the fiscal status of their bonus. Maximizing after-tax bonus value should be prioritised: in some US States, they are taxed at nearly 50%. In the UK, relocation expenses and tuition reimbursements can be claimed tax-free. In such cases the cost is the same for the recruiter, but the benefit far greater for the candidate.

Furthermore, an up-front start bonus carries greater value than a year-end or performance bonus. Candidates can compare their offers with their peers to ensure they are getting a competitive offer and communicate this benchmarking to the recruiter. In at least one case, a top-tier consulting firm has increased its offer for the entire entering MBA class in order to match competitors. No MBA graduate can count on the promise of a performance bonus, making financial planning, including meeting minimum loan repayments, more difficult. Performance bonuses, whether tied to individual, team or company performance, are a means for an employer to introduce variable compensation and to ensure they do not make financial promises they may not be able to keep.

7.4 Trends by Region

MBA Salaries by Region 2006 (US$)

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Figure 14: MBA Salaries by Region 2006


North America and Western Europe have very similar average MBA salary levels, with both regions averaging approximately US$90,000 for the first time in 2006. Average salaries are lower in Latin America, Asia and Eastern Europe, reflecting weak exchange rates and the low status of those regions for business development.

Average salaries have risen across the board, globally, and some level of convergence is apparent. The average salary reported by global MBA recruiters exceeded $95,900. Multinational companies co-ordinate recruitment on a global level, and do not want to drive top candidates away from key geographies because of a salary differential. As international companies set up operations in emerging markets, they are increasingly willing to pay more for MBAs, who they see as critical for building a foothold in each region. Over time, it is likely that differentials with local companies will disappear as they respond by trying to attract talent for equivalent positions with more competitive salaries. At present, as shown in Figure 15, the differential between local and international salaries is greatest in Eastern Europe and Asia.

MBA Salaries by Region Comparing Local Employers against the Average

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Figure 15: MBA Salaries by Region - Local Employers vs. Average

There is a significant differential in salaries across regions. Asian salaries are 19% (20%) lower than those in the US, while Latin America typically offers salaries are 30% (34%) lower than the US. The time trend information in Figure 16 demonstrates that there is an overall long term trend towards convergence in salaries.


MBA Salaries across Regions 1996-2006 (US$)

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North America 64349 65878 68109 75231 81125 84321 71512 76953 85348 85933 89693

Latin America 49375 51250 55250 59290 50625 52538 59750 41271 48070 57067 64826

W.Europe 65862 67477 69109 72384 75231 80177 76324 75366 81214 84000 91408

Asia 50618 52875 57300 61500 65500 68500 67500 70182 71732 73100 67624

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006


Figure 16: MBA Salaries across Regions 1996-2006

Note: Asian salaries exclude China, India, Thailand companies that offer much lower MBA salaries when converted to dollars.


7.5 Strategies for MBA Salary Analysis

The downside to such high salaries is that some employers become disaffected with MBAs, or have excessive performance expectations relative to non-MBA staff on lower salaries. Andre Sieger of Hilti has found this "highly competitive market drives compensation insane." John Sikking of Gartner Group describes the current recruitment scene as "a cattle call and it is difficult to discern who is interested in the firm and who is simply interviewing. Often times it seems as if all the firms are competing for the same 5-20 candidates." Even the big hitters like Goldman Sachs have concerns. Janet Raiffa, a Recruitment Manager at Goldman is concerned with the current "high level of expectation versus undergrads". The message for newly graduating MBAs is not always to chase the highest short-term salary offer, but to look for an organisation which will lay the foundations for a successful long-term career – otherwise recruiters will start looking elsewhere.

MBA graduates are known for their analytical ability. In negotiating salary offers or deciding on target geographies for a job search, it is important to take a step back from the numbers and think of the bigger picture. Job applicants should consider the cost of living when comparing salary packages across regions – the real, versus the nominal wage a company and country offers.

The OECD publishes annual research comparing purchasing power between countries (a good proxy for the cost of living). According to the OECD, the purchasing power in Mexico is 24% more than in the US. So, even though the survey reveals that MBA graduates are paid 34% less in Latin America than in the US, graduates working in Mexico will enjoy a standard of living comparative with that of their US counterparts. By contrast, purchasing power in Japan is 36% lower than in the US, so, the higher cost of living will result in a lower standard of living if the same salary is paid as elsewhere. Lastly, Hungary's purchasing power is 55% higher than that of the US, which means that an MBA earning 44% less in Hungary will still enjoy a higher standard of living than a US graduate.


7.6 Regional Focus

7.6.1 North America

Within regions, there are substantial differences in salaries offered across industries. Figure 17 shows the salaries offered in different industries within the US and Canada. Salaries in the US are consistently higher than those in Canada.

MBA Salaries in North America by Sector in 2006

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Figure 17: MBA Salaries in North America by Sector in 2006

MBA Salaries in North America by Country

Regional Headquarters of Recruiter Average Salary 2006 (US$)

USA 85,350

Canada 62,500


Figure 18: MBA Salaries in North America by Country


7.6.2 Europe

European salaries reflect the close association of the two economies and the integration of corporate operations: an MBA graduate will face similar prospects on either side of the Atlantic. Salary levels in financial services and consulting, in particular, are very similar in both regions. Technology salaries and those in general industry are also very similar.

Within geographic areas, there are major variations. For instance, Eastern European recruiters reported an average salary of just over US$63,000, while Western European recruiters reported salaries US$91,400. Within countries, MBAs in major cities can expect salaries 20% higher than in smaller ones.

Figure 19 compares MBA salaries in companies recruiting in Western Europe and Central, Eastern and Southern Europe, segmented by the location of the recruiters' headquarters. There is great variation in salaries. German, Italian and UK recruiters paid more than their Greek, Hungarian and Polish counterparts surveyed. (The French data may contain a bias due to a high proportion of local consulting firms in the sample).

MBA Salaries in Europe by Country


United Kingdom 101,650

Germany 99,050

Italy 97,650

Switzerland 93,870

Spain 89,270

Russia 69,970

Poland 55,650

Hungary 40,950

Greece 28,350


Figure 19: MBA Salaries in Europe by Country


7.6.3 Asia

From 1996 to 2006, average salaries for MBA graduates have risen an impressive 55% in dollar terms. Throughout all the challenges that Asia has faced in recent years (1997 Asian financial crisis and SARS etc.) MBA salaries have continued to rise in the region as a whole.

MBA Salaries Asia: Excluding India & China (US$)

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Figure 20: MBA Salaries Asia

Figure 21 shows average salaries reported by companies based in each country, providing a direct comparison of average MBA salaries in the lower cost countries of China and India with those in the higher cost regions of Singapore, Japan, and Hong Kong.

MBA Salaries in Asia by Country


Japan 112,500

Hong Kong 72,500

Singapore 55,000

India 28,000

China 26,700


Figure 21: MBA Salaries in Asia by Country


Comparing Average Salaries in Asia (US$)

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Figure 22: Comparing Average Salaries in Asia

7.6.4 Latin America

Average Latin American MBA graduate salaries have increased by 27% from 1996-2006, to US$62,600 (US$57,000). In Latin America, a series of currency devaluations negatively impacted on the reporting of MBA salaries in US dollars, holding back the figures in 2003-5, but as currencies strengthen, their dollar values are now catching up with other regions.

Figure 23 shows how salary levels in Latin America have risen and fallen regularly since 1996, but based on the trend of the last three years, average MBA salaries should exceed US$70,000 for the first time by next year. Volatility is, however, a feature of the region. A little over a decade ago, it seemed that Latin America had escaped the trap of poverty. Foreign direct investment and trade surpluses buoyed the major nations of the region and prospects for the future looked bright. The dotcom boom experienced by the rest of the world, however, had negligible impact here. Instead, a series of economic shocks and destabilisations haunted major Latin American nations through the turn of the century.

Latin America returned in 2002 to the salary offers of 1999 only to fall again in 2003. Since then, however, the trend is upward again and, with many business schools in the region and a growing population, Latin America looks to be set for greater salary gains in the future. The 2003 Argentine devaluation, against a backdrop of recession and hyperinflation, may be a temporary setback, but a much-needed correction. The settling of the strikes in Venezuela and the success of the war on drugs in Colombia were positive outcomes in 2004.

2006 shows further encouraging signs for the region with employment rising in Brazil and GDP per capita rising across the region. A weaker US dollar has helped lift exports and reduce debt burdens, encouraging more inward investment. MBA salary gains have reflected these improved conditions.


Comparing Average Salaries in Latin America (US$)

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Figure 23: Comparing Average Salaries in Latin America

Figure 24 shows variations in MBA salaries in Latin America according to the location of the headquarters of the recruiter. There is less variation than in Asia and the increase in numbers of US and European companies recruiting MBAs in the region has also had a positive impact.

MBA Salaries in Latin America by Country


Mexico 59,500

Chile 58,500

Colombia 50,000

Argentina 37,900

Venezuela 33,500


Figure 24: MBA Salaries in Latin America by Country


8. Appendix – Some participating companies

Argentina Aeropuertos Argentina 2000 Assist Card International Baufest Bayton SA Bumeran.com El Rey del Cartucho Paradigma Sociedad de Soluciones Radio Victoria Fueguina Rousselot Argentina Stracienta Corp. Tech Mind TGS Tiens Group International Austria Egon Zehnder International Azerbaijan Pedersen & Partners Belgium BASE Eli Lilly Fortis Greenwich Consulting Michael Page International PricewaterhouseCoopers Canada CIBC Wood Gundy Deloitte Department of Energy Kids Futures Mercer Management Consulting Chile Accenture CANAAN Empresas BDS - Terracorp L'OrÁal Travel Club China Chem International CommBank Management Consulting Dell Dragon EXecutive POD Management Consultants SgT Colombia Bogofoods Fisconsejo Czech Republic Pedersen & Partners Finland Nordea Bank SamiCon & Partners France Emerging Comunication Merck & Co Germany Deutsche Post World Net / DHL Porsche Henkel Hypo Real Estate Holding Interpool Leitz

TRUMPF Volkswagen Greece Diners Club PricewaterhouseCoopers Procter & Gamble Hong Kong Alpha Zeta Ltd American International Assurance American International Group Chevron China Optotech Company China Overseas Land & Investment Deutsche Bank DHL Logistics DYK Associates General Mills Global Fortune China Hamon Investment Group Jada Toys Co LRT Consulting Microsoft National Semiconductor Peace Mark Hungary Boyden Epicor Software Corporation Hudson Global Resources Kornferry International Microsoft Procter & Gamble Satyam Computer Services Solvo Biotechnology Iceland Atlantis Group India ZenSar Technologies Italy Indesit Company Merck Sharp & Dohme Value Partners Wind Telecomunicazioni Spa Japan JPMorgan PRTM Liechtenstein Hilto Corporation Lithuania Euromonitor International Mexico Asturer Elektra y Banco Azteca Embotelladoras ARCA Grupo American Industries Grupo Calidra Grupo Finatrade Grupo Nestle Home Depot Ingenium Johnson & Johnson Kelly Services Kornferry International Medica Integral

Merck Sharp & Dohme Scotiabank Sterigenics Netherlands General Electric Limbourg & Partners Mercuri Urval Triceps Peru El Guanaco Azul Poland Boston Consulting Group Chronos Consulting Warta Glass Portugal Banco Finantia Boston Consulting Group Heidrick & Struggles McKinsey & Company Russia British American Tobacco Russia Eli Lilly Nasta Insurance Polair Troika Dialog Singapore Accenture Allianz Global Investors Singapore Limited AXA Asia Regional Centre BP Cisco Security Hay Group Pte Ltd OCBC Bank Synovate Pte Ltd Slovakia City University South Africa Burlington Strategy Advisors Calibre People Cape Venture Partners Capital Outsourcing Group Deloitte Frost & Sullivan HR Solutions ITP SA Human Resources Holdings Lwazi Lams Network Recruitment Paracon Peloentle Quiglies Rand Personnel Renault South Standard Bank South Korea Doosan Heavy Industry & Construction Samsung Fire & Marine Insurance Spain Sun Bodegas Melgosa Circulo de Progreso El Cortijosa


Ergodecor EuroPraxis Consulting Ficosa International Grupo BBVA Grupo Intermark Hernest Consulting ICEX Isolux Mafre Multicanal Mundo Edificio Novartis Oticon Sun Planet Toldos Conil Switzerland Adecco Finance & Accounting BBVA Briggs & Stratton Credit Suisse Medtronic UBS Taiwan HTC Corp. Ukraine AES United Kingdom A.T. Kearney Amazon.com American Express AMX Analysys BT Retail Centre People CHEP Citigroup CVO International Derivatives Appointments Devine Consulting Euromonitor International Fraser Dawson & Co GE Healy Hunt IBM Business Consulting IMI Intel Corporation Inzenka JPMorgan Eli Lilly Marakon Associates Mayfair International Merrill Lynch Michael Page Odgers, Ray & Berndtson PRTM SABMiller Shell International SociÁtÁ GÁnerale Tesco Thomson Legal & Regulatory Unilever United States A.T. Kearney Procurement Solutions Abroad China Advisory Board Company American Airlines Analysis Group

AOL Apollo Group April International Avaya Bain and Company Balakrishnan BDO Seidman BearingPoint Bechtel Corporation Black & Decker Booz Allen Hamilton Bose Corporation Boston Scientific Corporation California Franchise Tax Board Calvert Cambridge Search Campbell Soup Company Chemonics International CIGNA Cisco Systems Connelly Billiard Manufacturing Corporate Executive Board Deloitte Consulting Douglas C. Lane & Associates Driscoll Strawberry Associates Duff and Phelps DuPont E & J Gallo EDS Ernst & Young Euronet Worldwide Executive Recruiting Solutions Fannie Mae FedEx Ford Motor Company Friends of the Sea Otter Frito-Lay Garden State Philharmonic Gartner GE Genentech Goldman Sachs Grosvenor Fund Management Harris Williams & Co. Hasbro Hewlett Packard Hilti Hitachi Consulting HomeBanc Mortgage Corporation Honeywell IBM ING Intel Corporation International Trade Development Center Johnson & Johnson JPMorgan Kennametal KPMG Kraft Foods Latin America Lego Systems Lehman Brothers Liberty Mutual Group Lockheed Martin L'OrÁal M&T Bank Corporation Merrill Lynch Microsoft Corporation

Miller Brewing Company MTG Management Consultants National Capital National City Neenah Paper NestlÁ New World Pasta Nissan Northwest Airlines ON Semiconductor PepsiCo Pfizer Philips Electronics North America PricewaterhouseCoopers Pulakos & Alongi Raytheon Company Search America Select Comfort Corporation Sigma SLM corporation SociÁtÁ GÁnerale Sprint State Farm Insurance State Street Bank & Trust Stax Inc. Sun Microsystems SunTrust Bank Target Corporation Texas Instruments Textron Financial The McGraw-Hill Companies The Motley Fool TowerHunter Executive Search Toyota Motor Sales Trammell Crow Company U.S. Department of State UBS Ultimate Placements Unilever Univision US Airways Vanguard VEGA Virtua Research Wachovia Securities Walbro Engine Management Wal-mart Wellington Management Company Whirlpool Corporation World Bank ZS Associates Venezuela Banco Guayana C.A. Vita Compuserman International Corporacion Clorox de Venezuela Farmatodo Galeno Quimica Huawei Technologies de Venezuela Inter Con-Vigilantes 24 Johnson & Johnson Network Consulting Group Realnatura Sedna-tech Yugoslavia Neumann International

MBA Salary and Recruitment 2006

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