NEW DELHI, Nov 3 : The total applications for graduate business school programmes in 2024 increased by 12 per cent since last year despite economic uncertainty, according to an annual report by the Graduate Management Admission Council (GMAC).
The increase is a sharp reversal from the previous two consecutive years of declines, which followed a small pandemic-related boost in 2020-2021, the survey report said.
According to the GMAC, with cost consistently cited as a key barrier to an advanced management degree in GMAC’s perennial survey of prospective business school students, it is perhaps not surprising that this year’s surge in application volume coincides with business programmes offering financial assistance to more members of their incoming classes in 2024.
A deeper dive into the data showed that the significant rise in applications was mainly driven by renewed interest in full-time, in-person offerings, with nearly six out of 10 such programmes reporting application growth.
Full-time two-year and one-year MBA programmes, for instance, saw the largest shares of schools reporting application growth in the past decade at 80 per cent and 64 per cent, respectively. Nearly three-quarters of accounting and management master’s programmes also reported an increase in the number of applications.
Despite the increased interest in studying in-person, those with more flexibility also seem to be in high demand with 58 per cent of online programmes and 52 per cent of hybrid programmes reporting growth in applications, so did roughly two-thirds of online and flexible MBA programmes.
“This year’s record growth in applications hints at a pendulum swing toward graduate business education, especially staple programmes like full-time MBAs and accounting and management master’s degrees,” said Joy Jones, CEO of GMAC.
“While the phenomenon could give proof to the counter cyclical trend long observed between interest in graduate business school and the strength of the economy, I would give much credit to global business schools and their tremendous efforts to continue innovating with new technologies, new delivery tactics, and new ways of operating that satisfy the latest interests and needs of students and their future employers,” he added.
According to the survey, the increase in total applications can also be attributed to an outsized increase in domestic applications, which are made from candidates with the same country of citizenship as the programme.
Most MBA programmes, regardless of the delivery format, benefited from rising domestic applications compared to international ones. Similarly, all surveyed business master’s programmes experienced a 30 per cent increase in domestic applications, but dips in international applications to programmes more reliant on international talent—like business analytics—seemed to have offset the growth.
The United States remains a top study destination for international talent, with an overwhelming majority of prospective students signalling the upcoming presidential election will not adversely impact their study plans as in previous election cycles, according to a recent global study published by the GMAC.
At the same time, domestic applications also drove up demand for graduate business education in the US, Asia, and Europe—except for the United Kingdom, which witnessed a 45 per cent drop in domestic applications and a 12-point dip in international applications.
“There is no doubt that high quality educational offerings are increasing in major markets in Asia, Africa and Latin America, giving candidates historically inclined to studying abroad more options and opportunities at home,” said François Ortalo-Magné, Professor of Management Practice and Executive Dean (External Relations) at the London Business School and a GMAC board member.
“In this context, it is critical for business schools to encourage regional and international mobility and build diverse, multi-cultural cohorts on campus, knowing that it brings tremendous educational benefits in classroom, future boardroom and beyond,” added Magné.
The survey revealed that rising applications from women candidates give hope to trends towards the right direction.
“Women’s applications to graduate business programmes have consistently hovered around 40 per cent over the past 10 years. This year’s data shows some bright spots with a small shift upward to 42 per cent,” the survey said.
“Also, 55 per cent of programmes reported growth in applications from women, a 10-percentage point jump from last year and the second-largest share of programmes reporting increasing applications from women over the past decade—next only to the pandemic boom in 2020,” the survey added.
Specifically, MBAs were most likely to see a surge of female applicants, with 70 per cent of flex MBA and roughly two-thirds of full-time MBA programmes experiencing such growth.
“I am excited to see this kind of growth in applications from women. I believe in the value of business education and the doors it opens for people, particularly women. As more women invest in themselves through business education, the healthier the pipeline becomes for business leadership, and the more likely we are to close the gender gap” said Elissa Sangster, CEO of Forté, a long-time GMAC partner organisation aiming to build women leadership in business. (PTI)
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