The 2024-2025 MBA Admissions Cycle: Insights from the 2024 AIGAC Conference
In MBA admissions, knowledge is power. The learning curve can be steep, and reapplying is no fun.
As a former Dean of MBA Admissions, I’ve closely tracked trends in the MBA admissions space for over a decade. I’ve observed the ebb and flow of application volumes and the evolving profiles of applicants to top MBA programs.
When I launched My MBA Path, I quickly joined AIGAC, the Association of International Graduate Admissions Consultants. AIGAC works with leading MBA programs to provide transparency in the admissions process and uphold ethical standards.
Last week, I attended the AIGAC annual conference, hosted at the beautiful campuses of IESE, HEC, and INSEAD. The event featured admissions directors from top MBA programs like HBS, Stanford, MIT Sloan, Columbia, Booth, Kellogg, LBS, Duke, Tuck, INSEAD, and more. In formal panels and workshops and many informal chats, I had the opportunity to discuss the latest trends, challenges, and strategies for MBA candidates.
AIGAC Conference 2024 - MBA Admissions Directors and fellow MBA Admissions Consultants at the IESE Campus in Barcelona
Key Takeaways:
Increase in MBA Applications and Candidate Quality
The previous admissions cycle (2022-2023) saw a decline in applications, with top schools experiencing drops ranging from 1% at Harvard Business School and Wharton to over 10% elsewhere. However, the 2023-2024 cycle saw a rebound, with increased applications from both international and domestic candidates. The quality of candidates has also improved, making the admissions process highly competitive. The MBA is alive and well and staying informed on how to be a competitive candidate is crucial.
MBA Application Spotlight: Who will be a competitive MBA candidate this year?
The Role of AI in MBA Applications
AI tools like ChatGPT were a hot topic this year. The consensus? Relying too much on AI for writing can be detrimental. Admissions directors talked about how easy it is to spot the bland, generic writing that happens when you skip genuine self-reflection and let ChatGPT do the essay creation for you. Instead of leveling the playing field, AI has tripped up many candidates who failed to convey their unique stories and voices authentically.
Changes to MBA Essays
HBS recently announced you should expect changes to their MBA essays, with other schools likely to follow. As an MBA candidate, you should expect that many top MBA programs are revisiting their MBA essays and applications, potentially incorporating more video questions in order to ensure they receive an authentic representation of the MBA candidates they are considering for admission.
To GMAT Focus or Not?
With the introduction of the GMAT Focus, many applicants wondered if they should opt for this new format. Insights from the conference suggest that schools continue to accept both the “old” and “new” GMAT format. And of course, they all confirmed once again that taking the GRE is a viable option with no negative consequences for admission or scholarships.
While the updated test was initially introduced as GMAT Focus Edition, now that it is the only available format, the name will revert to simply GMAT Exam. If you are worried about whether or not schools will compare the two exams, you can find out all you need to know about that here: “Will your 730 GMAT fall to a mere 675?”
Importance of Strong and Clear Goals
With the job market for graduating MBAs presenting many challenges, you should expect that your MBA career goals will be more closely examined than ever.
Why are MBA career goals so important? At the core of pursuing an MBA is a blend of professional and personal objectives. These objectives drive your decision to invest one or two years in business school, committing significant time and financial resources.
The MBA program you choose is responsible for helping you achieve these goals. Placement success is a critical factor in MBA rankings. For instance, in the USNWR rankings methodology, placement success accounts for 50% of a school's overall score. To break it down, three key indicators are considered: employment rates at graduation, employment rates three months post-graduation, and average starting salary and bonus.
Thus, your primary motivation for pursuing an MBA needs to be both compelling, clear, and feasible. You can learn more about how to do this in your MBA career essays in this article: “How to build a strong MBA career goals essay?”
I know these updates raise many questions. Join me for the latest MBA Application Spotlight this month to discuss these trends and more, including the most important question: “What does all this mean for YOUR candidacy?”
Onwards and upwards,
Petia