Despite many commentators comparing this financial crisis with the Great Depression, people graduating with an MBA have fared remarkably well in the job market. In particular, salaries at this level seem to be holding firm, suggesting quite strong residual demand.

Hiring of MBA graduates in Europe has certainly been affected by the recession. William Dávila, of IE Business School, says: “Weakness in demand in financial services is affecting placement figures. But non-financial recruiting is strong and many companies are taking advantage of the banking cutbacks to hire top talent.”

Phillipa Hain, of London Business School, agrees: “MBA graduates are having to look beyond finance. Our career services team is redirecting them towards other career opportunities. Coca-Cola, Rolls-Royce and the Clinton Foundation are among the companies attending our Industry Career Fair for MBA graduates.”

In America MBA graduates struggling to find work have been those with little or no work experience, those looking for a major career change, or international students who cannot find a corporate sponsor. Boston University feared that only 50 per cent of graduates would be in employment three months after graduation this year but, in the event, more than 85 per cent have found jobs, says Hayden Estrada, assistant dean of graduate admissions.

In parts of Asia the picture is positively rosy. Demand for MBA graduates in China and India is at record levels. The Shanghai local authority has even funded the launch of its own business school, Shanghai Advanced Institute of Finance, after employers in China could not find enough graduates returning from America and European business schools.

It is not just China where demand is strong. Edward Hyun, business development director for American Express’s global network services in Asia, says MBA graduates are being hired to meet leadership needs throughout the region. “Even during difficult economic conditions we remain committed to our MBA hiring programme, not just in Asia but around the world.”

As a result of this demand, salary figures remain remarkably robust. Yasuko Furuichi, of IMD, reveals that the current class has achieved a £78,000 average salary, compared with £76,000 last year, plus an average sign-on bonus of £17,000.

Luke Li, of Duke University’s Fuqua School, estimates that its graduates earn an average salary of $100,000 (£62,000), the same as the previous year, with bonuses of about £14,000. At the top end of the MBA salary range, Amy Armstrong, marketing manager at Ashridge Business School, reports an average salary of £135,000 this year, compared with £115,000 last year, for MBAs who average 12 years of work experience.

Both Sony Europe and the consulting firm BCG in London confirm that their MBA salary offers are certainly no lower than they were last year.

Why are MBA graduates doing better than expected in the recession? Allwin Agnel, managing director of the Indian MBA website PaGalGuy, says: “The friends and network formed during an MBA can be a key success factor in a world where networks play an increasing vital role in global business.”

James Platt, a partner at the consultancy BCG in London, adds: “We have to maintain the quality standards of the people we hire and to do that we need to pay competitive packages. We have not seen any reduction in competition for top talent.”

Nunzio Quacquarelli is a director of the QS World MBA Tour