KUALA LUMPUR, April 11 — People thinking about going back to business schools are more interested in enriching their lives than increasing their incomes, according to a survey of prospective students of graduate management education (GME) released by the Graduate Management Admission Council (GMAC).
The survey revealed that 79 per cent of prospective students worldwide are motivated to pursue GME to better their lives and develop their potential, 15 percentage points more than the next-best motivator, increasing income.
Furthermore, women, millennials, underrepresented United States (US) candidates, and first-generation prospective students are all statistically more likely to indicate post-GME career preference for the government or non-profit sector, which tends to be more stable and socially engaged though less lucrative than the private sector.
Gen Z, on the other hand, are most interested in entering the finance and accounting industry, and about 10 percentage points more likely to cite increasing their incomes and expanding their networks as top motivators for pursuing GME than their older counterparts.
In a statement, GMAC chief executive officer Joy Jones said understanding candidates from Gen Z, now the largest generation applying to business schools, is critical as programmes plan for expanding the pipeline down the road.
“We want to take a closer look at the trends among women, first-generation and US underrepresented candidates to equip schools with the knowledge that ensures every talented person can benefit from the best business education for them,” she said.
Gen Z is most interested in the two-year MBA and millennials are most interested in the one-year MBA. Despite growing up as digital natives, Gen Z also has a strong preference for in-person study, with 80 per cent reporting a preference for this modality compared to 69 per cent of millennials.
It is true overall global preference remains for in-person learning. However, online, and especially hybrid programmes have made inroads with groups most likely to benefit from the flexibility they offer, specifically women, first-generation and millennial candidates.
Meanwhile, the trends driving candidates to study in the US and Western Europe have not changed since last year. After losing the top spot for a year in 2020, the US remains the most preferred study destination, driven by reputation and perceived career preparation, with 42 per cent of respondents indicating interest, followed by Europe (37 per cent) and Canada (nine per cent).
While candidates perceive the US GME programmes as more expensive than others in Europe, Canada or Australia, candidates also believe there is more financial aid available in the US.
The GMAC Prospective Students Survey has provided the world’s graduate business schools with critical insights into the decision-making processes of people currently considering applying to a GME programme. This year’s summary report considers data collected in 2022 from 2,710 respondents in 131 countries worldwide.
— Bernama
