The tech industry never used to be the main target for MBAs and most graduates flocked towards the consulting and finance industries.
But for some time now, and especially following the pandemic, tech companies have been securing their place among the top MBA recruiters. Not to mention that they are ranked as some of the best employers worldwide.
Here is why tech companies are starting to take more interest in MBA graduates.
The pandemic gave technology a push
The tech industry has been steadily progressing for a while now, but the coronavirus pandemic really accelerated the sector’s development. In March 2020 much of our daily life moved online and tech companies saw this as an opportunity.
According to a McKinsey survey in North America, the services and products that were partially or fully digitised jumped from 41% in 2019 to 60% in 2020. The profits of tech giants Meta, Amazon, Alphabet, Apple and Microsoft exploded.
Are tech companies hiring more MBAs?
In Bloomberg’s 2021-22 Best B-Schools ranking of full-time MBA programs, the technology sector accounted for 21.2% of all hires among MBA graduates in their first jobs after they got their degree. That is among 119 business schools around the world and is the second-highest of any other industry.
Furthermore, according to a Graduate Management Admission Council (GMAC) 2021 Corporate Recruiters survey, 89% of tech companies hired MBA graduates in 2020, which was higher than consulting (76%) and finance (75%). With all this in mind, it is safe to say that the tech industry sees great potential in MBAs and they plan to hire even more business school graduates in the future.
What is making MBAs so appealing to tech companies?
Technical skills, like coding, surely are in demand at tech companies, but it is always good to focus on developing people managing skills. As it turns out the tech industry holds skills developed in business school in high value.
Among the top five most wanted skills for MBA graduates by the technology industry, listed in the GMAC Corporate Recruiters survey, are learning, motivation and leadership, strategy and innovation, interpersonal skills and decision-making processes. The top three reasons for the confidence in business schools and MBA programmes are strong communications skills, strategic thinking and a versatile skill set.
The tech industry recognises that MBAs have a wide array of skills by the time they graduate. With training in marketing, data analysis and finance, it makes them a good fit for any tech firm, with the potential to push new boundaries as future leaders.
“Companies need talents who can market their products, manage teams, and have the potential to lead the company to new heights,” said Anna Woo, head of MBA career and alumni development at the Hong Kong University of Science and Technology (HKUST) for Business Because.
We are undoubtedly in the middle of a technological revolution and it might be safe to say that we can expect big things from many tech companies if they put their efforts into strong leadership.
