McLean, Va.—Business school application levels surged in 2006, according to a survey by the Graduate Management Admission Council® (GMAC®). Results show a broad majority of full-time, part-time and executive MBA programs recorded increased application volume compared with the levels they posted a year earlier.
Majority of Full-time, Part-time and Executive MBA Programs See
Strong Increases in Applications, GMAC Research Shows
McLean, Va.—Business school application levels surged in 2006, according to a survey by the Graduate Management Admission Council® (GMAC®). Results show a broad majority of full-time, part-time and executive MBA programs recorded increased application volume compared with the levels they posted a year earlier.
Two-thirds of full-time MBA programs participating in the 2006 GMAC Application Trends Survey saw application levels rise in 2006, up from only 21 percent from the year before. Part-time programs reported a similar increase in volume: 62 percent in 2006, compared with 46 percent last year. Among executive MBA programs, 69 percent saw applications increase, up from 38 percent in 2005.
"There is a brilliant bloom on the MBA rose," said David A. Wilson, president and CEO of GMAC. "The demand for seats in all types of MBA programs in countries around the world is rebounding."
Beyond showing significantly higher application volume, MBA programs of all types are seeing female applications increase. About 64 percent of full-time MBA programs saw applications from women rise in 2006; the figure is 47 percent for part-time-programs and 50 percent for executive programs. Minority applications are also on the upswing across the MBA continuum.
The survey revealed that more prospective MBAs are thinking globally when considering where to go to school. Three-quarters of U.S. MBA programs said applications from abroad rose in 2006, higher than the 28 percent that reported such an increase in 2005. Among schools located outside the United States, 62 percent saw international applications increase, up from 37 percent in 2005.
The 2006 GMAC Application Trends Survey reflects responses from 230 MBA programs at 147 graduate business schools around the world.
The rebound in MBA application volume reflects steadily improving prospects for MBAs. Other GMAC surveys conducted in 2006 show that average salaries for new MBAs are continuing to rise and a majority of business school graduates are again able to secure a job before graduation. Corporate recruiters, meanwhile, report that they feel better about the economy—and are visiting more business school campuses to hire newly-minted MBAs.
"Our earlier research showed a significant increase in the recruiters coming to MBA programs and in the number of offers each recruiter was making," said Wilson. "The increase in applications only reinforces the conclusion that the market for MBAs is hot and getting hotter."
The Graduate Management Admission Council (www.gmac.com), based in McLean, Va., is a nonprofit education organization of leading graduate business schools worldwide dedicated to creating access to and disseminating information about graduate management education. GMAC annually surveys thousands of corporate recruiters, MBA students, and business school staff and alumni to gauge their feelings about the job market and collect other data. The organization also owns the Graduate Management Admission Test® (GMAT®), used by business schools around the world to assess applicants. The GMAT was created in 1954 and remains the first and only standardized test specifically designed for graduate business and management programs.