The total number of applications to graduate business schools saw a drop this year, according to a survey report released today by the Graduate Management Admissions Council (GMAC).
This drop is surprising as the number of applications had increased by 2.4% year-on-year in 2020, despite the covid pandemic and had also maintained the same level of demand in 2021.
There was an increase in specialized programs in the US, such as master’s in supply chain management (93%), marketing (76%) and master’s in data analytics (61%).
However, international applications saw an uptick due to people applying to programs in the United States. The report states that most US programs reported an increase in international application, particularly full-time two-year MBA programs (80 percent) and STEM-designated programs (61 percent). Similarly, in Europe, most MBA programs had stable or increased applications from international candidates this year.
Business schools in the Asia region were able to attract candidates who were not mobile during the pandemic and were also able to retain more talent in the region. Canada, however, experienced significant declines in both domestic and international applications.
Interestingly, the majority of programs in Europe (58%) and Asia (57%) increased or maintained the representation of women in their applicant pools.