According to GMAC’s annual Application Trends Survey, applications to graduate management education (GME) programs around the globe increased 12 percent from last year, with more than half (56 percent) of programs reporting application growth.
Based on a sample of almost 1,100 programs at nearly 300 business schools in 40 countries, the survey report and a recent webinar of findings detailed how trends in applicant mobility—as well as renewed interest in staple business school programs like the MBA, Master of Accounting, and Master in Management—fueled a record year of industry growth.
Find out how else business school applications improved compared to 2023, including programs’ new approaches toward modern offerings in artificial intelligence (AI), non-degree credentials, and financial assistance.
1. Domestic applications—those from candidates with citizenship in the country where the business school operates—drove up applications in most world regions.
Overall, most programs in the United States, Europe (excluding the United Kingdom), and Asia (excluding India and China) experienced application growth, while programs in Canada and the United Kingdom saw declines in applications.
However, with the exception of the United Kingdom, all of these markets experienced strong increases in domestic applications, with more modest growth (or declines) in applications from international students. Within the United States, more than half of all of the programs included in the report experienced growth in domestic applications. Within the Asia-Pacific region, a staggering 83 percent of Indian programs reported domestic application growth—evidence of a broader trend identified in our 2024 GMAC Prospective Students Survey report that Indian candidates are increasingly interested in studying closer to home.+
As such, the drops in international students applying to programs in Canada and United Kingdom were likely related to fewer Indian students applying. Last year, 42 percent of Canadian programs said most of their international students came from India, but just 15 percent reported the same in 2024. In the United Kingdom, the share of programs reporting that India was their top source of international talent dropped from 45 percent to 26 percent.
2. Domestic applications also rose across degree type, buoying MBA programs but failing to offset international application declines for some business master’s programs.
2024 was a particularly strong year of domestic application growth among most MBA programs, though international applications to these programs were likely to increase, too. In fact, total domestic and international applications increased for all MBA programs, with particularly strong growth for the full-time two-year MBA.
Some business master’s programs with longer legacies in business schools, such as the Master of Accounting and Master in Management, also experienced significant application growth in 2024.
The number of domestic applications to other business master’s programs like the Master of Finance and the Master of Business Analytics increased as well. However, even a small shift in the number of international applications to these programs offset the strong domestic growth due to the much larger number of international applications sent to finance and business analytics programs compared to domestic applications.
3. More programs reported application growth from women and first-generation candidates in 2024.
The latest application cycle saw some increases in applications from women to GME programs this year, with 55 percent of programs reporting growth—the second largest share since the pandemic-related boom in applications in 2020. That said, the median share of female applications did not move much year-to-year—or really over the past decade, with the median share of applications from women hovering just above 40 percent since 2015.
In addition to this year’s growth in applications from women, the share of first-generation students applying to all reported programs increased compared to last year. In our 2023 report, we noted a gap between the share of first-generation candidates interested in GME and the share who actually submitted applications, and this year’s results indicate that gap may be closing.
4. Business schools are responding to candidate interest in AI, lifelong learning, and assistance in financing their degrees.
According to the GMAC Prospective Students Survey, 40 percent of candidates say that AI is essential to what they learn in business school—up from 29 percent just the year before. Meanwhile, only about a quarter of employers say AI is currently important for GME graduates—but it ranks much higher when respondents were asked to consider which three skills will be most important for GME graduates in five years.
Given these market demands, business school programs are beginning to respond—78 percent of programs around the globe have integrated AI into their curricula around topics like business ethics, decision-making, practical applications or simulations, or business strategy—though few have formal admissions policies or practices with AI.
This year’s survey also asked business schools about the non-degree opportunities they offer. We found that 62 percent of GME programs offer some type of micro-credentials, non-degree credits, executive education, stackable certificates, or seasonal programs. These non-degree offerings are most common in Canada and Europe, as well as among public institutions over private, nonprofit business schools.
Finally, 38 percent of candidates say cost may prevent them from pursuing GME, and the average candidate plans to fund nearly one-third of their degree with financial aid. Business schools are thus keeping up with candidates’ concern with steadily increasing shares of their incoming classes receiving some form of financial aid, particular with growing merit-based aid and fellowships.
Want to learn more? The Application Trends Survey Deans Summary provides highlights from the report tailored for a leadership audience, and our latest infographic highlights the banner year of growth for MBA programs. Regional profiles highlight program trends in each region and share details on changing interests in GME across different applicant categories. Survey participants also receive access to our newly upgraded interactive summary dashboard and individualized benchmark reports, which enable programs to compare their results directly to their peers.
