Saint Louis Job News & Opportunities St. Louis Front Page is a weekly news publication, with daily updates, spotlighting attractions, events, business and hospitality in St. Louis, Missouri and Southwest Illinois. St. Louis News Community Info St. Louis Job News St. Louis CitySide Business News St. Charles News Southwest, IL News Fairview Heights,IL Art Gallery News Hotel News Restaurant News Style St. Louis Not Just For Kids   Downtown Map America's Center Busch Stadium Gateway Arch Scottrade Center Laclede's Landing Old Courthouse Union Station Washington Avenue   Metropolitan Map Casinos Clayton, MO Grand Center Grant's Farm Forest Park Kimmswick, MO MO Botanical Garden Soulard St. Charles, MO West Port Plaza Transportation Lambert Airport How To Reach Us: St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Hiring Outlook for MBAs Remains Healthy Despite Downturn in Economy ST. LOUIS (PRNewswire), May 18, 2008 - Even as employers scale back their overall hiring plans amid weakness in the global economy, their interest in bringing MBAs on board remains steady and is likely to remain so during the coming months, according to a survey by the Graduate Management Admission Council(R) (GMAC(R)), sponsor of the GMAT(R) exam, along with partners, the MBA Career Services Council and the European Foundation for Management Development. The proportion of respondents to the annual GMAC Corporate Recruiters Survey who are preparing to hire new MBAs is higher this year than it was in 2007. Seventy percent of recruiters in the survey are in the market for people with MBAs, compared with 64 percent last year. Additionally, the expected projected number of new hires per employer is slightly up, from an average of 12 new MBA hires to 13 new MBA hires. "Through economic slow downs, as well as expansions, organizations see value in the skills that MBAs bring to the table," said David A. Wilson, president and CEO of the Graduate Management Admission Council. "Even as there is serious retrenchment going on at investment houses, more companies in the finance and accounting industry plan to hire MBAs than did last year. About 18% more health-care companies plan to hire MBAs than did last year." Most employers expect salaries to rise at the rate of inflation or better despite a rough economic climate that is seeing many firms retrench. The projected starting annual salary for new MBA hires in 2008 averages $83,541, up from $80,452 last year. In the U.S., projected average starting annual salaries is $85,581, up from $81,483. "The preliminary salary projections are encouraging and do speak to the value of the skill and experience MBAs bring, said Tom Kozicki, President of the MBA Career Services Council and Executive Director of MBA Career Services at the Paul Merage School of Business. Although MBA schools generally experienced a similar level of on-campus recruiting activity this year as compared to last, schools are noticing a decline in offers in areas including the financial sector as well as a reduction in the number of smaller firms recruiting late in the school year. International students may face the toughest challenge in this market due to the limitations on work authorization visas." The stable employment outlook for business school graduates reflects widespread respect among employers for people with MBAs, recruiters told GMAC researchers. Employers especially value business school graduates for their management knowledge and communications skills--traits that are as prominent among MBAs in a weak economy as they are when times are flush. The technical and quantitative skills typically emphasized by MBA programs also are selling points for recruiters. Recruiters can point to their experience with earlier MBA hires to back up their sense that the MBA is a valuable credential worth paying for. The vast majority--83 percent--said they were very or extremely satisfied with their employees who have MBAs. And, employers ensure they retain their new MBA hires by providing challenging and interesting assignments (79%). CPA Financial Executives Foresee Continuing Decline In the U.S. Economy ST. LOUIS (PRNewswire), May 18, 2008 - Expectations for the U.S. economy remain negative among senior-level executive CPAs according to the second quarter 2008 Business and Industry Economic Outlook Survey of the American Institute of Certified Public Accountants and the University of North Carolina's Kenan-Flagler Business School. "The latest survey shows a clear majority of CPA financial executives serving in business and industry believe the U.S. economy will be weak over the coming year," said Chris McKittrick, director of business, industry and government for the AICPA. "While our members are more optimistic about the prospects of their own organizations, they are also showing increased concern about rising costs without the ability to raise prices. This not only puts pressure on profits, but also raises some level of concern about inflation," McKittrick said. A 57 percent majority of CPA respondents said they were pessimistic or very pessimistic about the economic outlook for the U.S. over the next 12 months, relatively unchanged from 59 percent who held negative expectations in the first quarter. The survey found just under 12 percent of CPAs in executive positions expressed optimism about the economy, virtually unchanged from 11 percent in the first quarter. "The encouraging news is that, despite continued pessimism about the economy as a whole, most companies seem cautiously optimistic about the prospects for their companies over the next 12 months, with particular strength in health care, technology and services," said Mark Lang, PhD, a professor of accounting at UNC Kenan-Flagler. "However, the downturn continues to negatively affect plans for capital expenditures, research and development and employee training, which may have longer-term effects on economic growth." Forty-five percent of executive CPAs said they were optimistic or very optimistic about their organization's economic prospects over the next 12 months, while 22 percent said they were pessimistic or very pessimistic. Fifty-one percent said they still expect some growth in revenue, profits and employment within their own organizations Credit Crisis Asked about the impact of the credit crisis on their organizations, 45 percent said their organization was not experiencing any changes while 20 percent cited problems with customer collections. Eighteen percent indicated that they were experiencing higher credit costs and 14 percent said that previous sources of financing were no longer available. In comments a number of respondents said they were experiencing an indirect impact as their customers were reducing spending due to tightening credit. For those firms that are facing challenges, common strategies for coping with current economic conditions were capital spending cuts, hiring freezes and travel restrictions. Archived Stories: More Women Than Men Lack Confidence in Preparing for Retirement Foreign Workers Continue to Move into the US Job Market U.S. Unemployment Having Dramatic Impact on Kids' Health Care Coverage $1.7 Million Grant to Assist Missouri Workers Affected by Automotive Industry Layoffs How to Effectively Rebound from Being Let Go AT&T Launches $100 Million Philanthropic Education Program, Job Shadowing for 100,000 Students Obesity Costs U.S. Companies as Much as $45 Billion a Year Workers Show Record Drop in Retirement Confidence, Health Care and Economy Are Major Concerns Demand for Occupational Therapy Services Is On the Rise U.S. High-Tech Industry Adds Jobs for Third Year in a Row Cell Phones May Play a Much Bigger Role in Helping Americans Get Work Job Opportunities You Can Count on Right Now Include Accounting State and Local Public Health Departments Facing Serious Shortage of Skilled Professionals Most Baby Boomers Underestimate Disability Risk 10 Steps to Keeping the Workplace Healthy in the Height of Flu Season Global Survey Shows U.S. Employees Give Highest Marks to Their Managers     The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2009 Moore Design Group.