How MBA Marketing Students Should Be Prepared for the Labor Market

Every year a graduate business student is awarded with the Dean’s Excellence Scholarship to conduct a research in his/her field of study to identify the current needs of the labor market.

The study performed during the fall semester 2016 focused on marketing employers, since Touro College Graduate School of Business recently launched, in spring 2016, its MBA degree with a specialization in Marketing. The purpose of this research is to obtain and analyze information provided by 23 marketing experts, and thus being able to improve the curriculum considering the present market situation.

This research will give us a better understanding of the corporate hiring needs in the next five to ten years. Also, it will help us determine the essential technical and academic skills that should be included in the graduate business curriculum to meet the needs of the market. At last, I will be able to identify skill gaps going forward, which will allow us to close the gap by providing the appropriate training.

Methodology

The methodology employed was a qualitative research interview. The main reason to choose this methodology was to gain valuable insights from industry experts and a deeper understanding of the current hiring needs. 

23 one-on-one interviews were conducted to marketing executives within a variety of industries. The complete list of employers interviewed are in Appendix A. I used semi-structured interviews to collect focused, qualitative data, because it offers the optimal balance between the flexibility of an open-ended interview and the focus of a structured survey.

All the questions were open-ended, simple, concise and unbiased. The interviews were recorded and included in Appendix B. The questions asked were the following:

1. In general, where do you see the corporate hiring needs going in the next five to ten years?
2. What type of technical and academic skills should be included in the graduate business curriculum to make sure your hiring needs are met?
3. Where do you see skill gaps going forward?
4. Are you currently hiring? If so, what type of profiles?

Once the 23 interviews were completed, I analyzed all the responses and observational data collected to identify common patterns and insights. To analyze this data, I first had to organize the notes by a defined set of criteria, and then start making some generalizations. This research will generate rich, detailed and valid process data that will contribute to the in-depth understanding of the needs of employers in the marketing field.

Results

Corporate hiring needs in the next five to ten years

In the last decades, technology has had a substantial impact on marketing and marketers. However, as Barry Liebling declared, “the fundamentals are the same than 30 years ago, and 30 years from now.”

The crucial difference is that there is no such thing as job security anymore, as Ramon Ray acknowledged. Since the only true security is developing your skills, lifelong learning has become imperative for career growth.

Firstly, employers made a great distinction between large corporations and small businesses or startups. Nathaniel Padgett said that while big companies are able to have very specialized employees, startups need generalist marketers.

Furthermore, more than half of interviewees stated that in addition to having traditional marketing skills, it is mandatory to acquire a digital skills set, including graphic design, SEO, leveraging social media, generating engaging content such as video, and managing paid media and advertisement. According to Eric Harris, “the strong individual is the one able to wear a number of hats.”

There is a general consensus that being tech savvy is no longer optional for employees. According to Alexei Alankin, “as digital technology keeps evolving, the need for specialized developers and creative hybrid teams will keep rising.” It is vital to be updated in the latest marketing tools, trends (e.g. AR/VR) and technologies such as business intelligence, network security and cloud economy, as Sachin Narode mentioned. Half of those interviewed forecasted that the future is mobile.

Most interviewees believe that those with entrepreneurial mindsets are the ones who will dominate the workforce, because they have the passion, resilience and vision required to succeed. Moreover, Edward Dolan noted that “small businesses drive the economy.”

Technical and Academic Skills

The majority employers consider that the main skills required are marketing, communication and interpersonal skills. Strong candidates know how to identify a target audience, create a marketing strategy and engage customers, especially millennials, through content marketing.

Moreover, the greater number of employers deem important to have strong quantitative and analytical skills to understand the impact of numbers and “be able to measure very clear metrics against each other”, as Matthew Kramer said.

In regards to technical skills, employers don’t expect marketers to be experts in all new digital tools and platforms. However, as Adam Moisa pointed out, they require “a general understanding, to be able to communicate with other departments.” In addition, some employers recommended to have a basic knowledge on coding, such as HTML or CSS.

Furthermore, the interviewees mentioned other relevant skills needed for a marketing career including teamwork, sales, and creativity. Also, they value individuals who are fast learners and adaptable that can quickly contribute to the company.

At last, Steve Kesselman considers crucial to master the skills at your level before jumping to the next one. Taking the time to gain the experience and skills required will set you up for success in the next phase of your career.

Skill Gaps

As Jon Harari declared, the main skill gap in marketing is “being a well-rounded individual,” which includes all the above requirements. Additionally, being able to look at the big picture, which tends to come along with experience.

Project time management is also considered a relevant skill gap, since it is essential for companies that employees use efficiently their time by means of good organization, efficient productivity, and proper planning.

Finally, leadership and management are key skill gaps due to the job hopping trend, and most employers believe that you can only develop these skills from experience.

Tips how to find a job

On first place, some employers recommended MBA marketing students to develop self-awareness in order to identify strengths and weaknesses. This will help students as a route map for career growth.

It is also important to work on personal branding by creating an online portfolio/website, leveraging social media and networking, since LinkedIn and networking has become the principal way to recruit. Employers seek individuals who can prove to be talented, well-rounded and street-smart (rather than book smart).

To conclude, all employers consider essential to have previous work experience, and recommend to start by doing an internship or volunteer job to acquire the skills set needed in a marketing role.

Conclusion

To sum up, the insights obtained from the 23 marketing experts enable us to understand how MBA marketing students should be prepared.

On first place, I can conclude that there are no major changes in the marketing fundamentals. However, having both a traditional and digital tool set is crucial. Employers require strong marketing, communications and interpersonal skills to be able to produce engaging content for customers.

Small businesses and startups seek generalist marketers who are well-rounded individuals capable of wearing a number of hats. Moreover, being tech savvy is no longer an option for employees. Employers don’t expect marketers to be experts in all digital tools, but to have a general understanding, and some recommend to learn the basics of coding.

Also, it is very important to have quantitative and analytical skills to understand the impact of numbers and be able to measure metrics. Lastly, those with entrepreneurial mindsets are the ones who will dominate the workforce, because they have the passion, resilience and vision required to succeed.

Appendix A

List of employers interviewed in 2016

1. WindowsWear
2. Moisa Consulting LLC
3. 6IX LLC
4. Mount Sinai
5. fwd I NYC Marketing
6. Tailored Ink
7. Pypestream
8. Brand Launcher
9. Keen Home
10. Interactive TV Works
11. Scripps Networks Interactive
12. Do Feel Think
13. Interbrand
14. Liebling Associates Corp.
15. Smart Hustle Magazine
16. Ledaza Inc.
17. Ogilvy & Mather Advertising
18. Likeable Local
19. LinkNYC
20. Eventige Media Group
21. Salem Global
22. Art Takes Manhattan

23. Xeniapp