GMAC Advisor

International students comprise nearly two in three students enrolled in master’s level business programs at British business schools. As a result, Brexit uncertainties coupled with COVID-19 travel restrictions have been particularly severe for many business schools in the UK as international student mobility faced more disruption. Yet, data shows that demand for pursuing graduate business programs in the UK remains strong among international candidates.

A new GMAC research report based on the data collected through mba.com Prospective Students Survey provides insights into the diverse choices and preferences of prospective students planning to pursue graduate management education (GME) in 2021. The findings suggest that demand for GME continues to accelerate as the concerns about the impact of COVID-19 wane. The report identifies at least three notable growth drivers for GME related to employability, flexibility, and regional mobility.

Over the years, women are increasingly pursuing graduate business education and assuming management and leadership roles. Findings from the GMAC™ snapshot survey of prospective female students show variations in decision-making processes by program types (MBA vs. business master’s) and study destinations (domestic vs. international). This suggests that sustaining the momentum of enrolling women in graduate management education would require a deeper understanding of their diverse career aspirations and journeys.

Findings from the GMAC snapshot survey of prospective students who are considering business master’s programs show that the journeys of domestic and international candidates vary in the context of pandemic-induced uncertainty. This suggests that business schools need to design data-informed strategies to balance growth in applications with the quality and diversity of enrolled students.

Findings from GMAC™ snapshot survey of prospective students considering full-time MBA programs shows that candidate journeys are shifting in the context of pandemic-induced uncertainty. This suggests that a sustainable future of full-time MBA programs would require business schools to understand the nature and direction of evolving candidate journeys and engage the best-fit, diverse prospects for better enrollment yield.

GMAC’s annual Application Trends Survey of over 1,000 programs worldwide uncovered nuances in the demand for graduate management education and identified growth variations by regions, schools, and candidates. A combination of factors—including regional contexts, barriers faced by candidates, and strategies adopted by business schools— influenced the enrollment outcomes. Looking ahead, a survey snapshot of prospective students suggests business schools need to continue to innovate and adapt to the candidates’ shifting journeys.

How is the demand for MBA and business master’s programs shifting in the context of COVID-19? GMAC’s annual Application Trends Survey uncovered nuances of the global demand for graduate management education and identified growth variations by program locations and types. One of the key takeaways is that decision-making, for schools and candidates, in this pandemic-induced economic downturn is about hedging risk and managing uncertainty. The reconfiguration of the enrollment funnel in terms of a higher number of applications and a lower yield shows that the 2020 application season for business schools was unlike any other.

How are prospective international students considering MBA and business master’s programs for the 2021 application season responding to US elections' outcomes? A pre-election poll suggests that international candidates are more likely to study in the US if Biden is elected president. In addition to direct implications for the US, alternative destinations competing to attract global talent are also likely to experience the impact of this shift in preferences.

Canada has been a beneficiary of attracting global talent into its business management programs on the foundation of welcoming immigration policies and an expanding economy. According to GMAC’s Application Trends Survey, in 2017, seventy-five percent of the programs in Canada reported an increase in applications as compared to 41 percent in 2016—a clear indicator of a surge in demand for Canada after the US election. However, COVID-19 and the upcoming election in the US have the potential to reset the equation. Maintaining the momentum may require schools to double down on communicating the value of studying in Canada and delivering on the promise of positive experiences.

What is the impact of COVID-19 on skill demand, hiring projections, and salary trends for MBA and Business Master’s graduates? The GMAC™ annual report based on the survey of corporate recruiters suggests that although graduate management talent is not immune to the impact of the pandemic, employers remain confident about their skills. This confidence is noticeable in the hiring projections, which are likely to rebound in 2021 and median salaries, which are holding at $105,000 for MBA graduates.