[photopress:gaduatingMBAstudents.jpg,full,alignright]As China’s economy continues to grow even faster than predicted, so too does applicant demand for business education, and recruiter demand for a new wave of freshly minted MBA graduates.
International Graduate Management Admission Test volume reported by the Graduate Management Admissions Council shows an increase of 11%, with Chinese registrations showing among the strongest growth.
A recent report by independent economics think tank the McKinsey Global Institute (MGI) identifies what it calls China’s ‘looming talent shortage’, and insists that effective managers are in very short supply. The report estimates that over the next 10 years the country will need 75,000 leaders who can work effectively in global environments. Today, the report estimates, there are only 3,000 to 5,000 such managers.
The MGI estimates that, over the next five years, around 60 per cent of the capable graduates will be snapped up by multinationals alone, long before local firms get a chance to make them offers. Hence predictions of a war for talent, and the pressure for business schools to produce the next generation of managers with the English language skills and leadership training the market requires.
Local Chinese business schools are set to respond. A little over a decade ago there were nine Chinese universities delivering an MBA degree, producing a total of 86 graduates. In 2005, there were 95, producing over 12,000 graduates. However it is the continued strength of MBA salaries for Chinese students graduating from North American and European business schools that is now pushing demand for international business school study higher.
Source: Daily Telegraph