Published: 11 Jul 2016
Since the end of 2014 there has been a 25% decrease in jobs available in the energy industry. This has created a unique situation for universities globally. Many energy professionals have been made redundant or facing huge job insecurity, as such are looking for opportunities to develop their careers further to negate risk of redundancy or looking to move to an entirely new industry. The MBA is the perfect study option to facilitate this, with most universities reporting 95% plus employment 3 months after completion of an MBA. Many of the universities we work with have reported an increase in MBA sign ups from professionals in the Oil and Gas industry and with the market not showing any sign of recovery this is a trend which is due to accelerate in coming years.
3 in 4 of Energy Jobline’s professionals are looking to start an MBA, with as many as 24% looking to start as early as this year.
However despite the strong desire to study for an MBA, 50% of professionals feel that there isn’t enough information available about studying of an MBA. Video content is the best way to communicate, with 94% of respondents choosing selecting this as their preferred choice.
Is there enough information available on an MBA
Type of Study
Given the nature of the energy industry, professionals have a huge amount of free time to study, 60% of professionals would opt for a full time as opposed to Exec MBA. With 70% of our market based internationally the full time MBA is the perfect choice. Interestingly the main factor in choosing which country to study are the work opportunities available post study.
Reasons for studying an MBA
Preferred method of study
With such a strong international audience, its no surprise that hybrid courses or online study is most popular. However interviews with prospective MBA students tell us how important classroom based study is, the interaction with other students is invaluable and the opportunity to learn from other people on the course is an essential part of their development.
Most popular country to study
The UK is leading the way as country of choice to study, in the survey we saw strong demand from professionals in Europe, Asia and the USA. The energy market has always been incredibly transient and professionals are used to relocating abroad to work and now study.
Most popular reasons for choosing where to study
Despite Brexit the UK is still perceived as a prosperous economy with many diverse work opportunities and an influential factor in so many International students choosing the UK as a place to study. The reputation of a University is still a key factor.
Funding an MBA
MBAs are a huge financial investment and 53% of professionals would fund the MBA through personal savings. This reflects the energy industry in previous years where professionals have been paid above market average for many years and now able to pay for their study themselves.
Starting an MBA
Desire to study for an MBA is strong with 75% professionals looking to start within the next 18 months. Professionals have already experienced nearly 2 years of a depressed industry and looking to start investing in their careers in the short term.
Please contact Hannah at Energy Jobline to discuss campaign ideas for 2016/17.