Applications to graduate business school programs globally rose by 12 percent from 2023 to 2024, reversing a two-year declining trend, according to the latest annual survey from the Graduate Management Admission Council (GMAC). Economic uncertainty was cited as one of several factors behind the renewed interest.
“This year’s record growth in applications hints at a pendulum swing toward graduate business education, especially staple programs like full-time MBAs and accounting and management master’s degrees,” Joy Jones, CEO of GMAC, said in a press release.
The rise in applications was largely driven by a renewed interest in full-time, in-person offerings. Schools ranked one to 50 by the Financial Times or those on the U.S. News & World Report list of top business schools were the most likely to report an increase in their applications, according to GMAC. However, even as structured programs are regaining popularity, flexible learning options continue to remain important.
“While the phenomenon could give proof to the countercyclical 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,” GMAC’s Jones said.
Between June and August 2024, GMAC gathered application data for the 2024-2025 academic year from 1,090 graduate management programs at nearly 300 business schools in 40 countries worldwide.
Eighty percent of two-year full-time MBA programs and 64% of one-year MBA programs experienced application growth, the highest percentage of schools reporting such expansion in the last ten years. Roughly 75% of accounting and management master’s programs reported an increase in applications.
In addition, 55% of programs reported an increase in applications from women, a 10% rise from last year
While the total cost of a two-year MBA program at some top-ranked private universities in the U.S. is estimated to be over $200,000, the GMAC study notes the rise in application volume occurred as business programs offer more financial assistance to incoming students in 2024.
At Harvard Business School, 9,856 applied for the Class of 2026, compared with 8,264 applications for the Class of 2024. Similarly, the Wharton School of the University of Pennsylvania received 7,322 applications for the Class of 2026, compared with an estimated 6,319 for the Class of 2024.
In addition, students from key recruitment countries such as India, China and Nigeria appeared to consider program options that were closer to home, according to the GMAC research. Historically, international applicants have helped shore up enrollments in graduate business programs.
“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,” François Ortalo-Magné, Professor of Management Practice and Executive Dean at London Business School, said in the press release.
While the U.S. is among the most-desired study destinations for international applicants, GMAC also found that domestic applications supported demand for graduate business education in other host countries in Asia and Europe. The exception was the United Kingdom, which experienced a 45% decrease in domestic applications and a 12-point fall in international applications.
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