US Remains Top Study Destination For International Students Amid Election, Economic Uncertainty

The US has always been the topmost choice for Indian students looking to study abroad. The latest survey by GMAC has revealed that the popularity of the country is only increasing as the demand growth is five times greater than the boom that came during the pandemic.

Study in US: The Graduate Management Admission Council (GMAC) has released an annual survey today which revealed that total applications to graduate business school programs across the globe have increased by an impressive 12% in 2024 as against the previous year. As per the survey, the United States remains a top study destination for international students and despite the upcoming presidential election, the prospective students remain unaffected.

In the previous two consecutive years, the number of applications decreased followed by the little boost seen during the pandemic 2020-21. Hence, this time it is a sharp reversal of the trend.

GMAC’s survey of prospective business school students cited cost as the main barrier to an advanced management degree. Also, the current year’s upward-trending application volume has been reported at a time when the business schools are offering financial assistance to the new students joining in 2024.

Joy Jones, CEO of GMAC said, “This year’s record growth in applications hints at a pendulum swing toward graduate business education, especially staple programs like full-time MBAs and accounting and management master’s degrees."

"While the phenomenon could give proof to the countercyclical trend long observed between interest in graduate business school and the strength of the economy, I would give much credit to global business schools and their tremendous efforts to continue innovating with new technologies, new delivery tactics, and new ways of operating that satisfy the latest interests and needs of students and their future employers," added Joy Jones.

“There is no doubt that high-quality educational offerings are increasing in major markets in Asia, Africa and Latin America, giving candidates historically inclined to studying abroad more options and opportunities at home.” said François Ortalo-Magné, Professor of Management Practice and Executive Dean (External Relations) at London Business School and a GMAC board member.

“In this context it is critical for business schools to encourage regional and international mobility and build diverse, multicultural cohorts on campus, knowing that it brings tremendous educational benefits in our classroom, future boardroom, and beyond," added François Ortalo-Magné.

Business Education Across Globe Sees Renewed Interest In Full-Time Offerings

The report has shown that there is renewed interest in the in-person and full-time offerings which was reflected by the notable uptick in applications, and six out of 10 full-time programs saw application growth. In the past decade, full-time two-year MBA programs witnessed an 80% application growth, whereas one-year MBA programs reported 64% application growth.

Another application growth was reported in approximately three-quarters of accounting and management master’s programs. Moreover, there is an increased interest in flexible courses. Around 52% of hybrid programs and 58% of online programs have reported application growth and two-thirds of the flexible and online MBA programs have also seen growth.

Domestic Applications Increase In Various Countries Except UK

Domestic applications have also shown a notable uptick in countries including the US, Europe, and Asia but the United Kingdom has seen a drop of 45% in domestic applications and international applications also declined by 12 points.

Most of the MBA programs saw increased applications from domestic students as compared to international students. All surveyed business master’s programs saw a 30% increase in domestic applications but a decrease in international applications to programs which are more dependent on international students such as - business analytics.

Survey Reports Rising Applications From Women

In the last decade, women’s applications to graduate business programs saw a consistent increase which hovered around 40%. 55% of programs reported increased applications from women, it was a 10% point jump as compared to the previous year. MBA programs witnessed the most surge in women applications.

Elissa Sangster, CEO of Forté, a long-time GMAC partner organization commented on this trend, “I’m excited to see this kind of growth in applications from women. I believe in the value of business education and the doors it opens for people, particularly women. As more women invest in themselves through business education, the healthier the pipeline becomes for business leadership, and the more likely we are to close the gender gap.”

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