When people think about who traditionally employs MBAs, the list tends to include financial services firms, business consulting firms and marketers. While it is true that banks and consulting firms are among the top recruiters of MBAs, tech companies are dominating that list. Amazon is now one of the nation’s top employers of MBAs according to reports. Let’s look at the hard numbers before analyzing the broader trend that made Amazon one of the top employers of MBAs.
The Hard Numbers According to Reports
Several top MBA schools report not only the market sector where their graduates end up, but the companies they go to work for. Amazon and other tech companies have increased their MBA hiring by two thirds over the past three years. Amazon hired about as many MBA hires from the top four business schools as did notable investment banking firms. This is in contrast to name brand financial firms keeping their recruitment numbers steady or slowly declining.
The Factors Driving This Trend
The financial services sector lost its luster after they got the blame for the Great Recession and housing market crash from 2006 to 2008 with lingering effects for a decade. This led many MBA graduates to avoid the industry. Conversely, tech companies are drawing billions of consumers. They need people to handle marketing and there is financial work to be done, something MBAs are known for.
They also attract MBAs because of their entrepreneurial culture and high pay rate. Those working in finance have a median salary of $125,000 a year, while those that work in the tech sector average $130,000. Depending on the firm, the tech sector offers great benefits and good work-life balance. Others appreciate the fact that the tech industry is more likely to give new graduates meaningful roles out of the gate.
A survey of tech employers found that nearly ninety percent plan on hiring MBAs this year, up five points from last year. This means tech firms across the board are seeking MBAs. This also explains why tech companies snapped up nearly a third of the 2018 graduating class of MBAs. According to some schools, up to a third of these tech sector hires went to work in Silicon Valley.
At least a thousand went to work at Amazon in 2017, and this rate will likely continue for years to come. We know this due to the large number of MBA interns they’re hiring each summer. In fact, Amazon’s demand is so strong relative to supply that the company started hiring MBAs from overseas business schools.
How Students are Take Advantage of that Trend
While there has been a movement towards less entrepreneurs coming from the b-school pipeline and more coming from fields like engineering and IT lately, more IT entrepreneurs now understand the power of having a double formation. Getting an MBA can be a great way for IT professionals to advance their career, and having a knowledge of both computer science and administration is something only a few can boast about in Silicon Valley. Not only that, but having leadership and managerial chops is something most tech firms would like to have at any level.
Online courses make it even easier for tech professionals to get an MBA degree that will be both recognized and allow them to have the foundation needed to run an organization. Schools like Suffolk University allow you to get an MBA from a well ranked graduate school all from the comfort of your own home without leaving your current position.
Suffolk University’s online MBA program was ranked a Tier One global MBA program in 2018, and is highly respected by people in the industry. It was also ranked one of the best business schools in the country by the U.S. News and World Report and the Princeton Review in 2018, as well.
Not only will it give you access to a robust MBA program and broad network, but their one hundred percent online program was designed with working professionals in mind. The program allows you to focus on business intelligence – one of the skillsets Big Tech firms desperately need. If you want to learn more about Suffolk University and what you can expect from their program, you can learn more by clicking on the following link:https://online.suffolk.edu/programs/mba.
MBAs are far from being extinct, and are actually making a resurgence. And this trend extends far beyond Amazon, covering the whole tech sector.