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Applicant Pools Stay Big in Second Pandemic Admissions Cycle
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The volume of applications to graduate business school programs grew 0.4 percent for fall 2021 intake vs 2020 intake, according to the 2021 Application Trends Survey from the Graduate Management Admission Council™ (GMAC™).
The survey, which this year collected application data from nearly 1,000 MBA and business master’s programs, shows that business schools saw sustained elevated demand beyond just the onset of a global pandemic, when business schools worldwide reported unusually high volume of applications due to the economic uncertainty.
“Candidates looked for alternative career options during the COVID induced recession and business schools introduced more flexible admissions policies, resulting in soaring application volumes last year,” said Sangeet Chowfla, president and CEO of GMAC.
“The question was whether this was a fleeting event caused by the pandemic or the start of a new uptick in applications. In this context, the 2021 application cycle indicates that the surging demand for graduate business education is not a passing fad but has staying power beyond 2020.”
International applications to top business schools jump
Beneath the net result of a modest increase in overall applications is a slightly larger increase in international applications (+4.1%) versus decline in domestic applications (-3.8%).
This comes after years of unwelcoming immigration policies in parts of the world and months of global travel restrictions due to COVID-19, demonstrating an effect of pent-up demand amongst internationally minded applicants.
“Business school learning is experiential and relies heavily on interactions, discussions and cohort and alumni networks. This is impossible without a diversity of perspectives and backgrounds,” said Katy Montgomery, Associate Dean of Degree Programmes at INSEAD and a GMAC board member.
“As student mobility gradually returns, the diversity it brings to a classroom will only benefit and enrich campus life.”
The data show this dynamic was particularly pronounced among top business school programs. The share of full-time two-year MBA programs showing growth in applications from international candidates has doubled from 28 percent in 2019 to 57 percent in 2021. Furthermore, twice as many U.S. programs ranked in the top 50 according to the US News & World Report saw an increase in applications from international candidates (73%) as domestic candidates (36%).
Application growth from women and underrepresented minorities fuel strong year for full-time MBA programs
Globally, the survey data suggests that female applicants emerged from the pandemic refocused on their career ambitions, as 60 percent of full-time two-year MBA programs reported an increase in applications from female candidates, versus 43 percent that reported increases in male applicants.
In the United States, more full-time two-year MBA programs reported growth in underrepresented minority (URM) applicants in 2021 (56%) compared to pre-pandemic 2019 (37%). Even more notably, female URM candidates demonstrated an impressive 22 percent increase between 2019 (38%) to 2021 (60%) in their share of applications for full-time two-year MBA programs.
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