What are the biggest challenges applicants are facing right now? Is the MBA admissions market still super-competitive? Will the pandemic have a lasting impact on demand for top MBA programs? 

These questions are on the minds of MBA candidates and MBA admissions teams alike. Here is what I think we will see play out in the 2021-2022 MBA admissions cycle. 

What will the MBA application volume be like?

Round 1 of the 2021-2022 MBA admissions cycle is now behind us but actual application numbers will not become publicly known until many months from now. However, there are a few indicators of what we might expect. 

Almost all MBA programs I spoke with this summer and fall shared that engagement – both in their own recruiting events and in third party events they were participating in – continues to be high. Event registration and attendance are indicators of a strong candidate pipeline and continued interest in the value the MBA degree offers. 

While most of this is still anecdotal, this year’s Round 1 appears very competitive, potentially on par or even stronger than last year. Judging by how many extremely strong candidates did not make it to the interview stage, it’s not hard to see how the early indications of a robust pipeline have indeed turned into a still very strong demand for highly ranked MBA degrees. 

What could contribute to MBA application volumes remaining high? Don’t full-time MBA application volumes decrease when the economy is strong? 

While the job market is recovering fast, the nature of work and our attitudes toward it are no longer the same. Look up the hashtag “#greatresignation” on LinkedIn and you will find everyone, including major companies and news outlets, talking about the trend of people leaving their jobs during the pandemic. So many people have done a lot more soul-searching this past year and are pivoting in an astonishing number of ways. The quest for more meaningful careers or for pursuing passions, including entrepreneurship, will contribute to the demand for business education even after the economy recovers from the pandemic.

In addition, many people, particularly among early career professionals, are not interested in returning to the office when their employers demand it so we will continue to see moves driven by this. These employees will be looking for new opportunities – and some of them will consider business school as a vehicle for career change.

What else has changed about how MBA programs recruit candidates and how candidates select MBA programs? 

The fast and vast expansion of virtual recruiting, which the company I used to manage (The MBA Tour) in many ways led last year, has helped schools expand their reach in unprecedented ways. Looking at the publicly available information about schools attending and promoting their participation in MBA recruiting events, you can see that the top schools have continued to be very active both in third party events and their own events. And for candidates, virtual recruiting has become the norm. Even more importantly, unlike the times when the main MBA recruiting fairs were held in person in major cities, through the virtual events schools can now reach candidates in any part of a country and not just the large business hubs. This increase in recruiting activities and enhanced reach will continue to fuel strong pipelines. 

Even more importantly, we should acknowledge the way in which schools have continued to remove barriers. Test waivers have helped otherwise strong MBA applicants who know they struggle with standardized tests or who are still impacted by the challenges of getting access to testing due to COVID-19. 

The shift in how academic ability and preparedness are measured will continue even as test centers reopen. This will have a continued positive impact on the MBA admissions pipeline. I recently spoke with two admissions directors from schools with comprehensive test waiver policies – Dawna Clark, Executive Director of Admissions of the University of Virginia Darden School of Business, and Diana Economy, Director of Full-Time MBA Admissions at the University of Michigan, Stephen M. Ross School of Business. You can see the insights from this conversation in this article.

How have the candidates to top MBA programs changed? Are there demographic or geographic trends that are new this year? 

More than ever before, women and underrepresented candidates of all kinds feel both empowered and compelled to seek positions where they can influence real change – and the business world is one such place. It’s conceivable that some of them will decide they need the skills and credibility business school provides. 

At the same time, schools are working very hard to attract more diverse candidates. Earlier this year, Wharton made headlines by announcing their most recent enrolled class had 52% women. This is a historic achievement and a remarkable one.  Of course, this means Wharton will now have to work just as hard to maintain that leading position – all the while other schools strive to catch up to them. 

What other trends are impacting the world of MBA admissions and graduate management education overall? 

One trend that has continued to develop over the years is the interest of MBA students in entrepreneurship. More than a decade ago, when I fist entered the world of MBA admissions, just over 10% of prospective MBA students cited entrepreneurship as a post-MBA goal. Compare that to a recent study by Illuminate Ventures that discovered that more than 80% of the surveyed MBA candidates were interested in entrepreneurship. 

Nowadays, I frequently see aspiring entrepreneurs asking themselves the question if an MBA can help them be successful. Despite the persistent myth of the genius college dropout, most of them recognize the power of comprehensive business training and the network that comes with attending business school. 

Not surprisingly, there has been a steady growth of programs and resources geared towards entrepreneurs. Schools are heavily marketing these opportunities as they recognize this is a fundamental shift in student interest.

My prediction is that interest in entrepreneurship will continue to fuel interest in both traditional and non-traditional business education. 

One “non-traditional” option I am watching is Section 4– a new type of educational offering, founded by NYU Stern Prof. Scott Galloway. I’ve also previously written about Seth Godin’s altMBA and the ways it serves those in search of an entrepreneurial mindset. 

Finally, last year the surge in MBA applications led to many candidates not being admitted, especially not to their dream programs. Chances are, there may be more reapplicants this year than in previous years. I know am certainly working with a number of them, who are strengthening their applications to increase their chances of admission. This will have some impact on MBA application dynamics at the top schools this year. 

P.S. Did you know that in MBA Application Boost Camp you can work with me in a group setting at a fraction of the cost? Come join the driven community I am building to confidently walk the road to submitting your application.

Onwards and upwards,

Petia