Australia is benefiting from new careers created by disruptive technologies and its proximity to Asia, according to Tracey McClurg, MBA career services manager at UWA Business School in Perth. In an interview with BusinessBecause, she highlights the strengthening ties to fast-growing economies like China and Singapore and the hiring trends in Perth and the Asia Pacific area.
Australian students benefit from close proximity to cities like Beijing, Shanghai and Hong Kong. Australia also has favourable visa laws for international postgraduate students, provided courses are two-years in length. This has added to its appeal as an education hub.
Tracey says that management consultancy firms such as McKinsey, Bain & Co and BCG are active recruiters of MBA students. Activity in fast-moving consumer goods is also buoyant.
But it is the “emerging sectors” that are increasingly seeing the value of hiring MBA graduates with experience. Mergers and acquisitions, disruptive technologies and global competitor analysis are among the newest major business school employers.
Which sectors are currently showing the highest demand for MBAs?
In Perth the trend of hiring MBAs is on the increase. Having recently attended a number of market updates I know that recruitment firms are trying to attract candidates with the ability to take on multiple areas of a business. This is especially true in financial services.
Globally there is increasing a trend across the IT sector to hire MBA graduates with business experience within analytical roles.
The management consultancy houses like McKinsey, Bain & Co and BCG continue to be some of the biggest employers of MBA grads locally and abroad. FMG is another sector that is seeking out business school talent.
What are the top-three attributes employers are looking for in MBAs?
Communication skills – your listening, verbal and written abilities. This covers interpersonal as well. Successful communication is key in business.
Flexibility – your ability to manage multiple projects and competing priorities.
Honesty and integrity is also important, as this forms the basis of great leadership.
A need for data analytics skills has been a strong recruitment trend. Are you seeing a similar need among employers?
At present, there are many more opportunities in Melbourne and Sydney with roles such as director of customer analytics and business insight manager. This trend has slowly started to pick up in Perth and will continue to grow.
Australia has favourable visa laws for internationals. Is this a big draw for MBA candidates coming to UWA Business School?
Yes, especially given our proximity to Asia. UWA’s business school has some wonderful partnerships in place for exchange programs with some of China’s leading business schools. It’s the perfect way for international students to gain exposure to Australia, its employment market and way of life.
Australia has traditionally been a large resources sector employer, but commodity prices have fallen. Is demand for MBAs still strong? Has the commodities rout affected employment?
There is a big rebalancing act happening in Perth at the moment. Whilst unemployment in mining has risen, other sectors like healthcare, energy, NGOs and IT are increasingly looking for MBA talent.
Which industries do you anticipate will hire the most MBAs in 2015?
The management consultancy firms will still be one of the major employers for MBAs but the emerging sectors are increasingly seeing the value of hiring well educated MBA graduates who have had exposure during to the most pressing business concerns today – those being mergers and acquisitions, disruptive technologies and global competitor analysis.
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