More students are enrolling into business schools, with the majority of United States schools reporting an increase in applications for the first time since 2009, a new report has found.
The Graduate Management Admission Council’s 2013 Applications Trends Survey, released this week, shows that worldwide, many MBA programs saw gains in applications for the 2013-2014 school year over the previous year.
The survey also found that top global recruiting areas for all types of university programs were located in Asia and Latin America.
“A majority of Master in Management programs reported receiving more applications this year than last,” the report stated. “Yet, a greater share of accounting and finance master’s programs reported receiving fewer applications than they have over the last five years.
“Finance master’s programs remain the most competitive based on acceptance rates, however.”
The numbers seem to indicate that in many parts of the world, including the United States, the number of people who think pursuing a business degree is a wise move is on the rise.
The information from the report was gathered in June and July. The study focuses on the coming academic year – the size change of the incoming class, the changes the university’s plan to make in the program size and any information they can gather about the applicants themselves.
The schools participating represent 42 countries and 44 states, as well as the District of Columbia, in the United States. Two-thirds of the programs are located in the U.S. By program type, the respondents included 482 Master’s of Business Administration programs, 187 master’s programs, 13 business doctoral programs and one program that is a joint degree in business and management.
The programs – a total of 683 – collectively receive about 334,000 applications. The survey has been conducted annually since 2000.
Overall, the report found that interest in getting a business degree has increased around the world as well as in the U.S. About 52% of the respondents in the U.S. saw an increase in business school applicants for the 2013-2014 school year, while the overall number of those applying went up 20%.
Foreign students continue to flock to the U.S. for a business education, the report found. About 56% of MBA program applicants came from outside the U.S.
In a press release, Lawrence Rudner, vice president of research and development for the graduate management admission council, said, “Early in the Great Recession, there was impressive growth in the proportion of full-time MBA programs showing application increases. In 2010 and 2011, there was a subsequent decline, but full-time programs began to rebound in 2012 and look even sturdier today.”
The report found that in Europe, there was a small – about 1% – increase over 2012 in the number of applicants for full-time, one-year MBA programs. Overall, 73% of the business-related programs in Europe saw an increase in applicants as compared to 2012.
In Asia, 53% of the MBA programs saw an increase in applications.
