Based on this year’s GMAC survey results and conversations with recruiters and career service professionals, prior work experience is a basic requirement for employment. Prior work experience is especially true for MBA graduates. Depending upon specific job requirements, an employer will expect a degree earned in an appropriate discipline plus two to four years of prior work experience.
An MBA is often a requirement for an associate-level position. However, an MBA is a necessary but not sufficient condition for employment. A viable job applicant must demonstrate an integration between educational attainment and prior work experience. As one employer stated:
“Most of these candidates already have earlier professional working experience. That, matched with a higher level of education and specialization, makes that candidate more competitive than someone without previous work experience and a graduate level of education.” —US Products and Services Employer1
But not all graduates, baccalaureate or MBA, have held full-time employment. How can a graduate get a job requiring experience if they don’t have the experience? Recruiters and employers have said they understand the difficulty applicants have in meeting a two – four-year prior job experience if they have never held full-time employment. Although actual industry work experience is preferred, employers and recruiters have said an applicant can demonstrate they have the experience in other ways - particularly a combination of related activities. The Center will assist students in securing/enhancing all of these.
University officials and employers agree that involvement in an internship—or several, will set an applicant apart from his or her job competitors. “More than ever, schools across the country are pushing students of all majors toward internships, and several have even added them to their graduation requirements.”2 Patricia Cormier, president of Longwood University, says that internships give applicants an edge that they would not have otherwise. “For me it's a no-brainer. If you're going to position your students well, you've got to give them this exposure before they graduate." 3
Results from GMAC’s annual surveys of graduating students consistently show that internships are one of the most successful ways for graduate business school students to receive a job offer. Data from this year’s survey of employers support this finding. 4
67 percent of companies had MBA student interns in 2014 and the vast majority (85%) offered full-time positions to these interns.
56 percent of companies had master’s-level business student (non-MBA) interns in 2014, and 83 percent offered full-time positions to these interns.
The National Association of Colleges and Employer’s (NACE) 2015 Internship & Co-op Survey echoes the GMAC survey. NACE conducted the 2015 survey from December 3, 2014, through January 30, 2015. NACE sent surveys to 1,116 NACE employer members; 241, or 24.8 percent representing more than 20 industries participated. 5
Based on the sources cited in the footnote, highlights from the NACE survey include:
Findings from the NACE executive summary of the findings include:
Externships are for a considerably shorter length of time than internships. Externships can last one week to an entire semester or summer term depending on the needs of the alumni, member of the DCOBE Business Council or other sponsors. Students can easily complete the externship experience during Wintermester, spring break, or during a study abroad. Sponsors offer externships at companies, start-ups, and non-profits.
Externship opportunities have long-term benefits as students can gain experience, learn new skills, network, and maximize their next similar experience. Externships can lead to summer internships, full-time employment, and meaningful connections with alumni and other business professionals.