Applications to graduate business schools worldwide surged by 12% in 2024, marking a sharp reversal after two years of decline, according to the Graduate Management Admission Council's (GMAC) latest survey. This increase aligns with new financial aid options introduced by many business programmes, which help address affordability concerns often cited as a key barrier to pursuing an advanced management degree.
The United States continues to be a leading choice for international students, as a significant number of prospective students indicate that the forthcoming presidential election will not negatively affect their study intentions, unlike previous election periods, according to a recent global study by GMAC. Over the past decade, the percentage of women applying to graduate business programmes has remained around 40 per cent, with this year's figures reflecting a slight increase to 42 per cent.
However, the United Kingdom saw a 45% drop in domestic applications and a 12% decline in international interest. François Ortalo-Magne, professor of management practice and executive dean (external relations) at London Business School and a GMAC board member, attributes this to growing educational opportunities in regions such as Asia and Latin America.
“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 study abroad more options and opportunities at home,” said François Ortalo-Magné.
The rise in applications largely stems from renewed interest in full-time, in-person MBA programmes. GMAC reports that nearly 60% of such programs saw growth, with 80% of full-time two-year MBAs and 64% of one-year MBAs reporting increased applications - the highest share in a decade. Growth was also notable among accounting and management master's programmes, where nearly three-quarters experienced a rise in applications. Even online and hybrid programs benefited, with 58% and 52% reporting growth, respectively, indicating continued demand for flexible options.
"This record growth suggests a renewed enthusiasm for business education, particularly traditional programmes like the full-time MBA," said GMAC CEO Joy Jones. "This trend highlights the innovative efforts by global business schools to adapt to modern student and employer needs through new technologies and programme formats."
Women's Applications Show Positive Momentum
Applications from women are also on an upward trajectory, with women now representing 42% of the applicant pool, a two per cent increase from the previous 10 years. Fifty-five per cent of programmes reported growth in applications from women, with MBA programs showing the highest gains. Seventy per cent of flexible MBA programs and nearly two-thirds of full-time MBAs saw an increase in applications from women.
Elissa Sangster, CEO of the Forte Foundation, which collaborates with GMAC to advance women's leadership in business, praised this trend: "As more women pursue business education, the pipeline for female leadership strengthens, moving us closer to closing the gender gap."
Survey Methodology and About GMAC
GMAC's Application Trends Survey, the most comprehensive of its kind, gathered responses from 1,090 programmes across 297 schools in 40 countries between June and August 2024. GMAC is a global non-profit association providing research, tools, and assessments for the graduate management industry, including administering the GMAT exam.
