More than anything else, applicants to business school are pursuing an MBA out of a desire to positively impact the world, according to a recent survey conducted by GMAT test prep firm Veritas Prep. Bloomberg BusinessWeek reported the results of the study, entitled “Inside the Minds of MBA Applicants,” in an article last week.
Specifically, the two main motivations survey respondents gave for pursuing an MBA are “an interest in business and the way it shapes society” (66 percent) and “the desire to affect positive change in the world” (50 percent), Bloomberg BW reported.
According to Veritas Prep, none of the survey respondents answered that a prestigious, high-paying job was a motivator. “We were surprised by this one,” wrote Veritas Prep. “Really? No one cares about a high-paying job? Some of us have to take this response with at least a minor grain of salt! This may at least partly be an example of the pressure some applicants seem to feel to say what they think admissions officers want to hear.”
Bloomberg BW, too, noted that money was indeed somewhere in the calculus of aspiring MBAs. More than two-thirds of respondents are looking for a starting salary of at least $100,000 upon graduation, and nearly a quarter of those are looking for at least $145,000, according to survey results.
The study drew responses from 1,721 prospective, current and recent MBA students. Of those, 75 percent plan to apply to business school in the future and 21 percent are current students.
Concerns about finding a job upon graduation, finding a long-term career that appeals to them and maintaining a healthy work-life balance topped the list for most respondents, Bloomberg BW reported.
But though a full 50 percent of respondents said that they are worried about finding a job upon graduation, most indicated that they are not discouraged by a bad job market. According to Veritas Prep, even if a significant number of business school graduates couldn’t find a job in their chosen field, 73 percent of respondents said they would still apply, compared to just 13 percent who would postpone applying until placement rates improved and 5 percent who would not apply under these circumstances.
For more on this survey, click here.
Read the full article: Desire to Have a Social Impact a Main Motivator for MBA Aspirants, Survey Finds