There is yet another sign that MBA applications are on the rise globally.
A recent report from the Association of MBAs (AMBA) found that, since 2015, average applications per program have increased by 10%, with average enrollments per program rising by 24%.
That’s a jump from reports in 2009 and 2014, where the average number of applications per program decreased by 44% and the average number of enrollments decreased by 8%.
The report is based on a study of 223 business schools across the world by the AMBA.
More Applying And Enrolling In MBA Programs
The study also found that the global proportion of applicants and enrollments from women to AMBA-accredited programs has increased in recent years. According to 2017’s report, applicants to MBA programs from women have increased by 4% since 2013, when 33% of applicants were women. Globally, 35% of applicants who in enroll in AMBA-accredited programs are women.
“This implies that the chances of women submitting a successful application is broadly similar to men,” the report reads.
Yet, in some regions, the gender balance is still weighted towards men. In India, for instance, 90% of applicants who apply to MBA programs are men. The report also found that gender balance is weighted towards men in regions like Latin America, Europe, Africa, the UK, and Oceania.
Regions like Asia and the Middle East reported 33% and 40% of women applicants, respectively. According to the report, North America and the Caribbean, China, and Hong Kong had the most balanced gender breakdowns with 44% of applicants being female students and 42% of women enrolling into AMBA-accredited business schools.
Larger Schools See Larger Increases In Applications
Where is this growth coming from? In general, larger MBA programs are driving the growth. The Graduate Management Admission Council’s (GMAC) 2017 Application Trends Survey Report found that large schools saw the largest increases in applications.
Almost 73% of graduate business programs with 201 or more class seats reported increased application volumes in 2017. For smaller business schools of less than 50 seats, only 39% saw an increase in application volume.
Changing Economies And Evolving Programs
In periods of economic uncertainty, a number of b-schools have chosen to innovate their programs to attract more applicants, which may be a reason why applications are seeing increases.
In an interview with Times Higher Education, Will Dawes, AMBA research and insight manager and author of the study, says that business schools had previously suffered from the “period of considerable global economic uncertainty,” but the recent growth reflected their “ability to innovate” and “adapt to the market.”
A number of MBA programs now offer flexible options such as modular programs that allow students to earn an MBA while still working a full-time career.
AMBA’s report found that in Asia and the Middle East, modular programs made up 47% of all programs delivered in the region.
US B-schools See Less International Demand
Another trend with global implications was recently reported by GMAC, which found that only 32% of US b-schools reported growing international application volumes in 2017, compared to 49% in 2016. Programs in Europe and Canada were twice as likely to report growth in international applicants when compared to the US. In Canada, 77% of b-school programs reported increases in international applications. And despite major political upheaval, like the Brexit vote, a whopping two-thirds (65%) of programs in the United Kingdom have seen increased international demand.
A number of US b-schools cite Trump’s election as a main concern for decreased international applications. In a phone poll of 138 gatekeepers at leading US b-schools by Kaplan Test Prep, 68% reported they were either “very concerned” or “somewhat concerned” that President Trump’s anti-immigration rhetoric will impact international student enrollment in the years to come.
The drop in international applicants is concerning to many b-schools.
“Many business schools pride themselves on their robust international student presence and a culture that’s welcoming to aspiring MBAs from outside the U.S.,” Noah Teitelbaum, executive director of pre-business programs for Kaplan Test Prep, says. “In fact, it’s often a recruitment platform for attracting future international students, in addition to American applicants who also appreciate a globally diverse learning environment. With many U.S. business schools relying on international students to make up upwards of 30 percent of their total student population, it’s likely that they are adjusting their recruitment strategies accordingly.”
Yet, Teitelbaum says that US b-schools shouldn’t be quick to conclude that a reduction in international applicants is a long-term trend.
“What American business school leaders can take heart in is that a volatile political climate doesn’t necessarily lead to a long-term cratering of students from abroad, as British business schools continue to see robust growth in international applicants, despite initial Brexit worries,” he says. “The next few admissions cycles will tell us if what we are seeing in the United States right now is a blip on the radar screen or part of a more consequential multiyear trend.”
Sources: AMBA, Times Higher Education, GMAC, Poets & Quants
This MBA Professor Breaks Down How You’ll Get Your Next Job
Nowadays, career switching is the common thing.
It’s so common that by the time you’re 32, you’ll have switched jobs four times, according to a CNN Money report.
But how exactly do you make the switch? And how do you best prepare yourself now so that the transition can be easier later?
Kimberly A. Whitler, a contributor at Forbes and assistant professor at the University of Virginia’s Darden School of Business, recently offered three steps students should take now to prepare for their next job.
Build Relationships With Recruiters
Whitler says creating relationships with executive recruiters is the gateway to jobs.
“Once you graduate, the way in which you will look for a job changes,” she writes. “At some level of management, you find jobs through executive recruiting (ER) agencies.”
And the best way to get your foot in the door is to start building a network of executive recruiters.
“To be prepared to look for a job, you need to have cultivated a number (target 5+) of relationships with different ERs from different firms,” Whitler writes. “When you want to start looking for a job, you will need to call these ERs up and they will ideally know you, and will have watched you progress in your career.”
How do you build a network with executive recruiters? For one, it takes time. Getting ahead of the game and building your network early can make strides once you start looking for another job.
Whitler suggests reaching out to your own network of friends and professionals from graduate school.
“A recruiter from Company Y will call your friend and say that they are looking to hire a Brand Manager for Coke (for example),” Whitler writes. “They will then ask your friend if they are interested. Your friend will say yes or no and then the recruiter will ask for a reference: ‘Do you know of anybody who might be a good fit for this job?’”
This is when your friend will put the recruiter in touch with you.
Another important note is to remember that it takes time to build a relationship with a recruiter. And that means, offering to help a recruiter when they reach out to you, even if you aren’t interested.
“If a recruiter contacts you about a position you aren’t interested in, suggest other professionals you know who might,” a guide by the Wall Street Journal states. “Chances are you’ll curry favor with both parties as a result.
Make Sure Your Resume Is Ready
Whitler’s next piece of advice is to ensure that your resume is ready and in “executive-style format.”
“Ask alumni who have been out for 3-5 years (and ideally have switched jobs) for an example of their resumes (or of a good resume),” she writes. “Convert your ‘school’ resume into one like theirs so you like more like an executive and less like an MBA candidate. Do this ASAP – don’t contact a recruiter until you have this done. It becomes your calling card.”
Continue Building Your Personal and Executive Recruiting Networks
Lastly, Whitler suggests students to continuously build both their personal and executive recruiting networks.
Ideally, she says, students should identify at least 10 people they’d like to stay in contact with in the long-run.
“Come up with a plan to make this happen,” Whitler writes. “If you don’t, years will go by and you will have lost your network. Be purposeful. Keep in contact with a variety of different people – you never know where life will lead.”
Sources: Forbes, CNN Money, Wall Street Journal
3 Steps To Streamline Your MBA Application Process
You know that you want to get an MBA. You’ve come that far. But you’re a bit stuck on what to do next.
Experts say understanding your goals before applying to MBA programs can help to maximize your chances of success in the MBA admissions process.
Ilana Kowarski, a reporter at U.S. News & World Report, spoke to recent MBA alumni and admissions directors on what advice they have for MBA applicants.
Know What You Want To Study
Business school goes by fast and you don’t want your two years to go to waste.
Lilian Ngobi, an MBA student at Carnegie Mellon University’s Tepper School of Business, says knowing what you want to study can help to maximize your time in business school.
“Do diligent research, whether that’s informational interviews or getting to know an industry with people that are in the fields that you’re interested in being in and find those programs that are really going to help to put you in that place,” Ngobi tells U.S. News.
Connect With Current Students And Alumni
David Simpson, admissions director at the London Business School, says taking the opportunity to connect with current students and alumni can make a huge difference in understanding a school.
“Wherever possible, speak to students and alumni to really understand the culture of a school – what it is, what it isn’t, and what differentiates it,” he tells U.S. News.
How do you get connected with current students? By contacting the admissions office and simply asking. Stacy Blackman, a consultant and contributor at U.S. News, says finding a current student with similar goals can help you understand how a school will help you reach your goals.
“Once you’ve made contact, these are great people to stay loosely in touch with as you make up your final list of schools,” she writes. “Sometimes, you can even name drop a bit in your essays to show you have really done personal research and gotten to know the program and its student body.”
Look Beyond Business School
Knowing what you want to do after your MBA can help you maximize your time in b-school.
Ben Preston, a 2016 MBA graduate from the University of Oxford and a co-founder of ViaHero, a travel technology company, says applicants should know their post-MBA plans before they even write their admission essay.
“Be really, really honest with yourself before you even start the writing process,” Preston tells U.S. News. “Figuring out exactly what you want to do during and after business school will make the entire application process a lot more smooth.”
Highlight These Traits In Your MBA Interview
Selling yourself on paper is one thing, but selling yourself in person is another.
The MBA interview is a critical aspect that may determine whether or not you get accepted to a B-school or rejected.
Ilana Kowarski, a reporter at U.S. News, spoke to MBA admissions officers on what qualities they say applicants should highlight in MBA interviews.
Clarity
Experts say knowing how to eloquently explain your experience is more important than the size of the accomplishment itself.
“Oftentimes, candidates think that they have to have this monumental achievement in order to impress the admissions committee, and it’s not about the size,” Soojin Kwon, admissions director with the Ross School of Business at the University of Michigan, tells U.S. News. “We’re trying to understand how you think about things and how you think about yourself.”
In a LinkedIn post, Matthew Parker, co-found of RefundNote – a financial services company, says “clarity is king” when it comes to MBA interviews. The first step? Get to the point.
“Interviewing remains a manual process for most companies, and it is quite laborious,” Parker writes. “Companies of all sizes are interviewing hundreds, if not thousands, of people. Due to the process, recruiters and hiring managers loathe an interviewee who “speaks in circles.” Give straightforward answers.”
Self-Awareness
Knowing yourself makes it a whole lot easier to sell yourself.
Experts say offering thoughtful reflection about your career goals can help you stand out among other applicants. But that doesn’t necessarily mean you need to have your career planned step-by-step.
“We don’t feel that people need to come in with a life plan already mapped out, but we do like to get a sense for how people think about the decisions that they make,” Chad Losee, managing director of MBA admissions and financial aid at Harvard Business School, tells U.S. News.
And that comes with knowing how your past experiences have helped shaped you today.
“It’s being able to have perspective about the things that you’ve done and the import of those things, because there’s value in everything that an applicant might have done in their career,” Kwon tells U.S. News. “It’s knowing how that translates into something that will be valuable in your business school experience, in life and in work.”
Humility
Even though an interview is meant for you to talk about yourself, there’s a fine line between coming off arrogant and conveying humility.
Experts say humility can go a long way in the MBA interview – especially when it comes to questions about failure.
“I don’t think you’re ever penalized for being open and honest with that question,” Patrick Mullane, executive director of HBX, Harvard Business School’s online education platform, tells U.S. News.
In an article for Poets & Quants, Malvina Miller Complainville of Fortuna Admissions, says that the key to answering a question about your weaknesses is to answer with humility.
“Present yourself in a positive light by focusing on your personal growth, lessons learned and ability to be introspective,” she adds. “Showing how you’ve stretched yourself in the past can be a compelling success story.”
Sources: U.S. News, LinkedIn, Poets & Quants
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