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2011 Application Trends Survey survey report ApplicAtion trends survey • 2011 © 2011 Graduate Management Admission Council®. All rights reserved. c the GMAc ® survey series About this study AccoMp AnyinG dA tA The Application trends survey is a product of the GMAC offers an interactive online data report to accompany Graduate Management Admission Council® (GMAC®), the findings presented in this 2011 Application Trends Survey a global nonprofit education organization of leading Report. The Interactive Application Trends Comprehensive Data graduate business schools and the owner of the Graduate Report is available exclusively to participating business schools Management Admission Test® (GMAT®). The GMAT exam and allows them to view the survey responses by multiple is an important part of the admissions process for more demographic levels such as gender, age, program type, than 5,100 graduate management programs around citizenship, school location, and more. Participating schools can the world. GMAC is dedicated to creating access to and also access our new interactive benchmark report, which allows disseminating information about graduate management them to select up to five different peer groups against which to education; these schools and others rely on the Council as benchmark their programs. Information on how schools can the premier provider of reliable data about the graduate participate in this study can be found at the end of this report. management education industry. ccoonntteennttss 2 introduction 3 Key Findings 4 trends For MbA proGrAMs 6 Full-Time MBA Programs 13 Part-Time MBA Programs 15 Executive MBA Programs 16 Flexible MBA Programs 18 Online and Distance MBA Programs 19 trends For speciAliZed MAster’s And phd/dbA proGrAMs 20 Specialized Master’s Programs 22 Doctoral Programs in Business 22 International Applicants 23 Women 24 recruitMent , MArKetinG And tuition Assist Ance 28 ApplicAnt proFile 30 concludinG note 30 About the Survey 31 Survey Participation 31 reGionAl locA tion oF survey respondents 32 cont Act inForMA tion 32 Authorship 32 Acknowledgements 32 reFerences ApplicAtion trends survey • 2011 © 2011 Graduate Management Admission Council®. All rights reserved. 1 tinretnrodsd uFocrti ospneciAliZed MAster’s And phd/dbA proGrAMs The 2011 Application Trends Survey conducted by the Graduate Management Admission Council (GMAC) is the industry source for comprehensive statistics and timely and reliable insights into the demand for graduate management education around the world. A total of 649 programs from 331 business schools and faculties worldwide representing 45 countries and 42 states, plus the District of Columbia within the United States participated in this study. By program type, survey respondents represent 467 MBA programs, 158 specialized master’s programs, and 24 doctoral programs in business.1 Since 2000, this survey of admissions professionals has provided information on application volume trends, applicant pool composition, recruitment strategies and marketing channels, acceptance and enrollment rates, enrollment structure, and incoming class size. Responses to the 2011 study were collected from For the purposes of this report, two approaches early June to mid-July 2011. All application are used to assess changes in the application numbers and trends discussed in this report volume to graduate management programs. The refer to complete applications only—those that relative approach involves monitoring the number contain all documents necessary for making an of programs that report either an increase or admissions decision—received as of June 30, decrease in applications compared with last year. 2011 for the 2011–2012 incoming class. The absolute approach involves monitoring the This summary report features major trends number of applications received by programs. observed in the “who, what, and where” of Schools participating in the survey have access applications for MBA and other graduate to all of the comprehensive data from which management programs. Anecdotal evidence these findings are based in an interactive format from open-ended comments of respondents is that allows them to explore the information of referenced in some instances to help explain greatest interest to their program. Participants some of the “why” for this year’s trends. Data also have the opportunity to create instant profiles of the program formats and degree types and dynamic benchmark reports comparing analyzed are also included in this summary, with a their program responses against those of their discussion of key measurements, including: peer group at no cost. To ensure both privacy • Number of programs that participated in and security, a customized link is sent directly this year’s survey to participants for access to their program’s • Overall application volume and shifts interactive benchmark report file. For questions or over time more information about the Application Trends • Average number of applications (mean Survey benchmarking report service and school and median) survey participation opportunities, send an email • Acceptance rates to [email protected]. • Quality/qualifications of applicants • World region and/or US subregion analysis • Program size analysis 1 See the About the Survey section of this report for a detailed breakdown of respondents by program type. 2 © 2011 Graduate Management Admission Council®. All rights reserved. ApplicAtion trends survey • 2011 introduction Key Findings • Two-Year Full-Time MBA Programs. More than • Academic Quality of Applicants. Though the majority two-thirds (67%) of participating two-year full-time of MBA programs saw a decline in applications versus MBA programs reported a decline in application increased applications for most specialized master’s volume in 2011 compared with 2010, continuing a programs, both program types report that the quality trend that began in 2009. of applicants and their academic credentials are higher in 2011 than for applicants in 2010. • One-Year Full-Time MBA Programs. More than half (57%) of one-year full-time MBA programs received • Internationalization of the Applicant Mix. Across all fewer applications than last year. The decline was degree types, 46 percent of programs in 2011 most prevalent among non-US programs, where 62 reported growth in applications from foreign percent reported a decline compared with 49 percent students. Applicants from Asia-Pacific (APAC) of US programs. countries (mainly China and India) were the largest source of foreign applications for full-time program • Specialized Master’s Degrees. Specialized master’s types around the world. programs reported increases in application volume over last year. Master of Finance programs led the • Program Class Size. Smaller MBA programs reported trend with 83 percent reporting an increase, followed more stable application volumes in 2011 compared by Master in Management programs at 69 percent, with larger programs. For example, half of the smaller and Master of Accounting programs at 51 percent. full-time MBA programs (50 students or fewer) saw increased applications, whereas only 20 percent of larger programs saw an increase. ApplicAtion trends survey • 2011 © 2011 Graduate Management Admission Council®. All rights reserved. 3 trends For Mb A p roGr AMs Trends for MBA Programs full-time MBA programs bottoming out in (58%) of executive MBA programs reported 2004 and 2005. Part-time and executive steady (16%) or increased volume (42%). MBA application volume MBA programs fared better, as students Overall, executive MBA programs historically trends counter- were able to continue to work while they maintained their net-growth in 2011 cyclical to economic conditions. completed their course work. When the (Figure 2). Many full-time MBA programs As one respondent explained, “there appears most recent global recession began in late noted that as economic conditions begin to to be a reverse cyclical effect. In other words 2007, application volume once again rose, improve, potential applicants are less likely as the economy improves the number of growing in 2008 before peaking in 2009. to leave their jobs to attend a full-time applications goes down. We also had a very In the years since, programs have reported program. Part-time MBA programs strong application year in 2010, so it may comparatively slower growth. meanwhile maintained their application just be a balancing of our applications to a Full-time MBA program application volume for the second year in a row with more typical number.” This is demonstrated volume tapered off for the third consecutive 13 percent of programs reporting no change in Figure 1, which shows the relative change year, while part-time application growth and 41 percent noting an increase compared in business school application volume since leveled off in 2011. In 2010, with 2010. Although some change in the 2000. In 2001–2002, when the global 59 percent of executive MBA programs average number of applications is noted economy slowed, applications to MBA experienced an increase in application between 2010 and 2011 (Figure 3), there programs increased. As the global economy volume, and 17 percent reported flat (or are no significant differences within any of recovered, programs reported a decrease in steady) growth. This year, more than half the program types. the number of applications received, with Figure 1. Change in Application Volume Over Time Trends for Full-Time, Part-Time, and Executive MBA Programs, 2000–2011 Executive MBA Full-time MBA Part-time MBA Up significantly e m u ol v n o ati c pli p a n No change e i g n a h c e v ati el R Down significantly 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 4 © 2011 Graduate Management Admission Council®. All rights reserved. ApplicAtion trends survey • 2011 trends For Mb A p roGr AMs Figure 2. Programs Reporting Change in Application Volume in 2011 Up Flat Down 100% 80% 46% 42% 57% 50% 50% s m a r 67% g o 60% r p e of 13% 16% 5% g a 13% nt 40% 10% e c r Pe 5% 42% 45% 20% 41% 37% 33% 28% 0% Full-time Full-time Part-time Flexible Executive Online two-year one-year MBA MBA MBA MBA MBA MBA Figure 3. Mean Number of Applications, 2010 and 2011 2010 2011 1,000 951 800 s n o ati c 600 pli p a of r 354 be 400 m u N 185 192 174 200 97 857 397 158 181 81 163 0 Full-time Full-time Part-time Flexible Executive Online two-year one-year MBA MBA MBA MBA MBA MBA ApplicAtion trends survey • 2011 © 2011 Graduate Management Admission Council®. All rights reserved. 5 trends For Mb A p roGr AMs Table 1 displays summary data for each As a group, full-time MBA programs climate in which prospective students are of the different MBA programs types, were less likely to report growth in 2011 less willing to commit to extended time including average number of applicants, than they were in 2010. Globally, 63 away from the workforce. this year’s target and last year’s actual class percent of programs indicated a decrease Falling application volumes to full- sizes, and predicted acceptance and in the number of applications received, time MBA programs have not affected enrollment rates. compared to fewer than half (47%) of acceptance rates over time (Figure 5). the programs reporting declines last year. In fact, the majority of full-time MBA Full-Time MBA Programs Looking by program length, two-year full- programs reported an applicant base that time MBA programs had a more notable is similarly or more qualified than last year Overall, 199 full-time MBA decrease in volume than one-year programs. (Figure 6). Growth among strong candidates programs participated in the By geographic location, full-time in the applicant pool, as noted in recent survey and submitted data programs in the Asia-Pacific region reported GMAT® exam data showing higher GMAT accounting for 131,187 applications. At the the largest decrease, with more than three- Total score averages, could explain this time of the survey, many of these programs quarters (78%) of the programs reporting phenomenon of improved quality during were still accepting and processing declines in growth (Figure 4). Such declines leaner times. applications for the fall 2011–2012 class. were the reality for the majority of full-time The number of applications received per programs in each world region, however. program varied greatly, from just fewer See the Applicant Profile on page 28 These numbers could be interpreted as than 20 to more than 9,000. The average for details. the effects of a gradual economic recovery number of applications received was 666, down slightly from 704 reported in 2010 survey results. table 1. Applications Summary Data for MBA Programs in 2011 All Full-Time Full-Time All Part-Time Part-Time All MBA Full-Time 2-Yr 1-Yr Part-Time Lock Step Self-Paced Flexible Executive Online Programs Number of programs reporting (N size) 199 117 82 109 49 60 68 67 24 467 Average number of 666 857 397 158 161 156 181 81 163 366 applicants (mean) 2011–2012 124 143 95 103 91 117 88 54 110 103 target class size 2010–2011 125 148 92 100 90 109 84 47 135 102 actual class size Average predicted 47% 44% 51% 73% 71% 75% 67% 74% 76% 61% acceptance rate (mean) Average predicted 60% 58% 63% 75% 77% 74% 69% 84% 73% 69% enrollment rate (mean) 6 © 2011 Graduate Management Admission Council®. All rights reserved. ApplicAtion trends survey • 2011 trends For Mb A p roGr AMs Figure 4. Full-Time MBA Programs Reporting Change in Application Volume in 2011, by Program Type and Region Up Flat Down 100% s m 80% a gr 63% 61% 64% o 68% pr 60% 78% of e g 40% a nt 7% 7% e c 13% Per 20% 32% 36% 30% 19% 22% 0% 60% All full-time United States Canada Europe APAC MBA programs 55% Figure 5. Mean Acceptance Rates for All Full-Time MBA Programs, 2005–2011 50% ate 50% 50% r 49% e c n pta 47% 47% ce 45% 46% 46% c a e g a r e v A 40% 2005 2006 2007 2008 2009 2010 2011 Figure 6. MBA Programs Reporting Equally or Better Qualified Applicants in 2011 Full-time two-year 91% Full-time one-year 86% Part-time lockstep 94% Part-time self-paced 88% Flexible 88% Executive 95% Online 95% 0% 50% 100% ApplicAtion trends survey • 2011 © 2011 Graduate Management Admission Council®. All rights reserved. 7 trends For Mb A p roGr AMs Two-Year Full-Time MBA Programs The impact of economic uncertainty Application volume for two-year full- on admissions trends for full-time MBA time MBA programs varied by program Since 2008, the percentage of two-year programs may still be underway. Enrollment size. Smaller programs experienced fewer full-time MBA programs reporting expectations for some programs face the declines than large programs did in 2011. an increase in application volume related issue of increased student deferments In fact, half (50%) of the programs with has fallen. In 2011, 67 percent of programs for the 2011–2012 academic year. A recent 50 or fewer students reported an increase reported a decrease in applications received Bloomberg BusinessWeek article about the in overall volume, while only one-fifth of (Figures 7 and 8). The majority of these phenomenon stated, “In the countercyclical large programs (20%) reported an increase programs experienced only small fluctuations world of business school admissions, where (Figure 9). A majority of the largest in application volume, however. In fact, 34 applications rise during bad times and programs—those with more than 100 percent reported slight decreases of less than fall during good, deferrals are seen as a students—saw decreases in overall and 10 percent in volume this year compared symptom of economic uncertainty. With domestic applicant volumes. with 2010. Among those who reported the economy in turmoil and job growth declines, the shift was somewhat expected. stalled, and the experience of unemployed As one respondent noted, “We have been on recession-era MBAs still fresh, many an all-time high for the last consecutive five B-school applicants will opt for the sure years and it’s bound to go down.” thing over the risky proposition of two years of unemployment.”2 Figure 7. Full-Time Two-Year MBA Programs Reporting Change in Application Volume in 2011 Up Flat Down 100% 100% 12% 13% 8% 32% 80% 80% 49% 20% ms 67% ms Down significantly a a ogr 60% 4% ogr 60% Down moderately pr pr Down slightly of of e 10% e 34% Flat g g a a nt 40% 80% nt 40% Up slightly e e Perc 64% 5% Perc 5% Up moderately 41% Up significantly 20% 20% 17% 28% 4% 6% 0% 0% 2008 2009 2010 2011 Full-time two-year MBA programs in 2011 2 Haslett, K. L. (2011, August 24). An MBA dream deferred. Bloomberg Businessweek. Retrieved from http://www.businessweek.com/business-schools/an-mba-dream-deferred-08242011.html. 8 © 2011 Graduate Management Admission Council®. All rights reserved. ApplicAtion trends survey • 2011