Bridging the Gap between B-School and Businesses: A Case Study of US B-Schools
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Code : HRM0082
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Region : United States |
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Introduction: In 2010, the expected median salary for fresh MBA graduates in the United States rose to US $91,300 from the US $88,000 that graduates had received in 2009 -- an increase of 3.75%. The average new MBA with a job offer on hand could expect to earn US $80,508 during his/her first year of employment. In addition to that, 59% of companies were expected to give signing bonuses to new MBA graduates in 2010. However, recruiters were getting increasingly frustrated with the quality of the new MBA graduates. Expectations were high, since the cost of hiring MBA talent was roughly ten times higher than the cost of hiring talent in the open market. Corporate recruiters complained that much of what MBA programs taught ignored the complexities of the real world and they blamed the business schools for that. Many companies also complained that “MBA graduates’ excellent theoretical knowledge was not matched by sufficient interpersonal and, especially, supervisory skills which were essential in a good manager." As John Reed, former Chairman of Citicorp, said, "If you go to a business school they will say they are going to train people who are going to do business. But the intellectual disciplines there in the business school don’t really keep track of the advances in practice; they keep track of what's going on in the narrow disciplines and what is being published in various journals." |
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