NEW DELHI: There are more Indian management students unemployed this year than in the US and other parts of the world with the unemployment rate for Indians at 13% compared to an average 10% globally for the class of 2013. The Indian unemployment rate marks a sharp jump from last year's global average of 8%. Indians also on an average earned one-third less than their American counterparts this year, according to Global Management Education Graduate survey — conducted by the Graduate Management Academic Council (GMAC) for management students in their final year of business.
The poll for Indian students showed that 13% graduates are not working. The top three reasons for not having found a job include lack of industry or functional experience (47%), not being able to find a job that paid well enough (29%), while 29% felt overqualified for jobs on offer. "Economic conditions vary around the world, and the employment rates among business school graduates vary as well. The poll itself did not ask alumni about the economy per se, but some mentioned tight job markets when asked for open-ended comments," said Gregg Schoenfeld, director, Management Education Research, GMAC.
The median starting annual salary offered to US citizens who graduated from a full-time two-year MBA in 2013 is $90,000, with a bonus and additional compensation of $10,000. US citizens, who graduated from a part-time MBA programmes, report a median annual salary of $85,000. In comparison, Indian students, who graduated from full-time two-year MBA programmes report a starting salary of $34,988, while their European counterparts with full-time one-year MBA programmes reported starting salaries of $101,093.
In the class of 2013, 90% alumni were employed as of September, which includes 5% identified as entrepreneurs or self-employed. This is an improvement upon the 60% of jobseekers, also from the class of 2013, who reported they received a job offer a few months prior to their graduation. Moreover, class of 2013 alumni reported improved employment status compared with the majority of global alumni in the past five years.
Employment rates vary by country and region, with 95% of US respondents employed, Latin Americans (92%), Indians (87%), Europeans (82%) and 85% for Asia-Pacific countries.
Findings represent responses from 915 students from the class of 2013 — a 19% response rate— from 129 business schools around the world. A profile of respondents by citizenship shows that 433 alumni come from the United States, India (129), Latin America (109), Asia and Australia/Pacific Islands region (96), Europe (89), Canada (25), and West Asia/Africa (20).
[Reported in TOI dated 20.11.2013]
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