Dive Brief:
- Applications to graduate business programs in the U.S. increased 8.1% for the 2024-25 academic year compared with the year before, according to a new survey from the Graduate Management Admission Council.
- In the U.S., master's in business administration programs offering full-time, in-person instruction experienced the biggest jump in interest. Among institutions offering two-year MBA degrees, 72% reported an increase in applications from the previous year.
- Other program modalities also reported renewed attention but at lower rates. Among surveyed U.S. universities, 64% saw an increase in applications for one-year, full-time MBAs. Another 64% said the same for online MBAs , and 59% saw an application increase for part-time programs.
Dive Insight:
The application spike for in-person programs didn’t stymie growth among online options, according to the survey. “There is room for the success of distinct paths" for graduate management education — both in-person and distance offerings, the report said.
Applicants especially signaled interest in what GMAC described as traditional programs: those "with longer legacies at business schools," such as master’s degrees in accounting, management and business administration.
Full-time MBAs saw decade-high application increases, with rates "outpacing pandemic-related application boosts," the report said. It found that women and first-generation applicants helped drive that growth.
The gains in applications also correlated to an increase in financial assistance. Graduate business programs offered aid to more students in 2024-25 than in the recent past, with merit-based awards driving the increase, the survey found. Nearly half of U.S. business graduate students, 47%, received a merit scholarship or fellowship in 2024-25, compared to 37% five years prior.
The data creates a sunny outlook for the sector, according to the report.
"In a strong year for application growth, business schools should feel optimistic that the [graduate management education] offerings they provide are meeting market demands — while continuing to invest in the longevity of their domestic and international pipeline of applicants," it said.
Almost 300 business schools from 40 different countries completed GMAC's 2024 survey, providing data from applications for the 2024-25 academic year. The respondent institutions offer over 1,000 different graduate-level business programs, including 490 MBAs.
Business schools also reported significant interest in making artificial intelligence part of their graduate offerings, the survey found.
Among respondents, 44% said their programs explore the ethics and societal role of AI, and 43% indicated they were developing classes that focus on incorporating AI into business decision-making.
Almost a quarter, 23%, said their programs trained students to use AI for day-to-day tasks, while 9% said they use AI to allow students to progress academically at their own rate.
Just 22% of respondents said they do not use AI in their graduate business curriculum at all.
But this pivot to AI hasn’t carried over to the admissions process, GMAC found. Just 13% of respondents reported having a formal policy on prospective students using AI in their applications — 8% outright prohibit its use in applications, while 5% tell students they embrace it.
In contrast, almost two-thirds, 63%, said they do not have an admissions policy on AI in place. Some told GMAC researchers that policies were under development, while others said they intended to rely on the institutional AI policies relating to academic integrity.
