Who is applying to b-school this year? The data might surprise you.
So, you want to get into a top MBA program? Well, buckle up, dear MBA hopefuls, because the MBA admissions process can seem like quite the maze (I’ve also heard it being referred to as a “black box” but I have to disagree – and let me show you why!)
There’s plenty of really illuminating data when it comes to what you can do to become a more competitive MBA candidate. You just need to know where to look. In my previous life as Dean of MBA Admissions, I used to live for the kind of data that helped me get into the minds and motivations of business school candidates. Nowadays, as a top MBA admissions consultant, I have made it my mission to generously and liberally share all my knowledge so you can walk your MBA path, equipped with knowledge and insights.
First of all, let's clear up a common misconception. You might think that your GMAT or GRE test score is the ultimate determining factor for MBA admissions. But what if I told you that the most successful MBA candidates to top business schools recognize that learning about the MBA application process increases your chances of admission to your target schools?
As a leading MBA admissions expert, this is exactly what I see the strongest MBA candidates do every year (did I mention 100% of my MBA candidates in Round 2 this year got admitted to at least two of their top schools?). They understand that learning improves performance. And now you can too.
Chief among these learnings is understanding who is applying to business school. And in the just-published 2023 GMAC Prospective Students Survey*, a number of surprises popped up. Let’s break them down.
First, why should you use and trust the GMAC Prospective Students Survey? The Graduate Management Admission Council (GMAC) is a global, mission-driven association of leading graduate business. And through its extensive, data-driven surveys, you can say GMAC is the voice of business schools and candidates.
For more than a decade, GMAC has run its GMAC Prospective Students Survey to provide critical insights into the decision-making processes of those considering applying to a graduate management education program. That’s you, dear MBA candidates! So it’s worth considering what you can learn from this survey and how you can use it to compare yourself to other candidates to top MBA programs. Think of it as a window into the minds of your competition, a.k.a. your future MBA classmates.
Let’s dig in!
What is the biggest motivation of MBA candidates when applying to top business schools?
This year’s answer might surprise you: “Globally, 79 percent of prospective students are motivated to pursue GME to enrich their lives and develop their potential—15 percentage points more than the next-best motivator, increasing income.”
The rules of the MBA game have changed. The survey highlights a major trend. Most MBA candidates are seeking personal development and growth, rather than just financial gain. They are driven by a desire to learn and develop as individuals, rather than solely to increase their earning potential. Business schools have always valued candidates who show a commitment to personal growth and development. The top MBA programs look for evidence of such motivation throughout your MBA application.
My advice for you: When crafting your MBA essays and application materials, consider highlighting not only your career aspirations but also your values and how they drive your personal motivations for pursuing an MBA. MBA Admissions Officers are looking for driven candidates who will make positive contributions to their programs, their communities, and the world. Showcasing your commitment to personal and societal growth can set you apart from other MBA applicants.
What skills are MBA candidates seeking in their ideal program?
The survey found that, “Across gender, generation, and region, strategy is the most sought-after skill in a GME curriculum, as well as business data/analytics, leadership/ change management, and international management/business.”
I’ve seen it again and again in the MBA hopefuls I work with. MBA candidates want to be part of crafting and executing strategy – and they are looking for programs that give them the skills and tools to do just that. Behind this goal is the realization that as an MBA graduate, you need to be versatile and adaptable in today's rapidly changing business landscape.
My advice for you: When researching MBA programs, consider the curriculum offerings and look for programs that offer a strong foundation in the skills that are most important to you. But don’t stop there. In your application materials, highlight any experiences or skills you have that align with these sought-after skills.
Want to talk about a big shift in the interests of MBA candidates post-graduation?
Newsflash: Tech is no longer king! The survey found that “Interest in the technology sector stagnated since last year, and consulting remains top post-GME industry.”
Blame the most recent tech layoffs perhaps but interest in the technology sector may be leveling off. MBA candidates are closely tuned into the job market and your goals reflect the most recent trends in the business world.
My advice for you: Here, I have a warning for you. Don’t get too caught up in the current job market trends and industry demand. Keep your bigger, longer-term picture in mind. By the time you graduate, the trends of today will have shifted again. To do well in the MBA application process and beyond, you need an enduring North Star.
How do career goals differ by gender and generation?
The GMAC Prospective Students Survey has the answer for you. “When describing career goals, men tend to cite their next level or position (e .g ., mid-level, executive, CEO), whereas women are more likely to cite their next step (e .g ., increase in salary, get a promotion).”
And increasing your earnings is still among the leading reason for pursuing an MBA. However, it varies across generations. The survey found that, “Age affects what candidates are seeking from GME: Gen Z want to increase their income and expand their networks, and millennials want to change their job function or industry.”
MBA candidates have always had a wide range of goals and priorities, and it’s no surprise that MBA programs tailor their offerings to meet the needs of different groups.
My advice for you: Start with genuine and serious self-reflection to identify what are your drivers and must-haves, whether or not they resemble those of others.
What curricular must-haves do MBA candidates seek in MBA and specialized business programs?
“Almost half of respondents view sustainability or corporate social responsibility (CSR) as curricular must-haves in their ideal GME program.”
This suggests that MBA candidates are increasingly interested in pursuing careers that align with their values and contribute to social and environmental causes.
My advice for you: Examine your commitment to sustainability and CSR and what role it should play in your application materials. If they are a priority for you, research the programs that have a strong focus in these areas.
What is the most preferred program type?
The GMAC Prospective Students Survey discovered that “The one-year MBA overtakes the two-year MBA as being the most preferred program type, but interest in full-time MBAs remains strong overall.”
My advice for you: Consider the different program types and their respective benefits and drawbacks and choose the one that aligns with your career goals and personal preferences. A shorter MBA program offers many benefits but might not be the best fit for someone looking to do a double or triple jump – changing roles, industries, or geography.
How can MBA candidates improve their chances of admission to top MBA programs?
The GMAC Prospective Students Survey data provides valuable insights into the preferences and motivations of MBA candidates, which can be used to inform your application strategy. It’s always beneficial to understand both your competition (other MBA candidates) and your audience (the MBA AdCom at your target schools). For more insights on how MBA AdComs make admissions decisions, check out How an MBA AdCom works.
Using actual market insights (as opposed to simply chatting with peers, which may limit your sources of information and access to diverse viewpoints) can give you an edge in the MBA admissions process. Keep these in mind as you navigate the world of MBA admission and target your top MBA programs.
For even more insights into the current MBA admissions environment, check out the MBA Admissions Predictions 2023.
Onwards and upwards,
Petia
*You can access the full GMAC Prospective Students Survey here.