After a pandemic-era dip in interest, demand for full-time MBA programs is back on the upswing. Applications to business masters programs overall have grown by 12 percent from 2023 to 2024, according to the Graduate Management Admission Council (GMAC)’s newly released figures.
Historically, MBA applications have followed a countercyclical trend, often surging during periods of economic uncertainty as professionals look to upskill, pivot careers or gain a competitive edge.
When job markets become volatile or growth slows, the appeal of a graduate business degree as a career safety net increases. That is the situation today in parts of the world.
Offering Increased Flexibility
However, business schools are also reshaping the MBA to meet evolving workforce demands. Admissions consultant Stacy Blackman highlights the strategic use of technology and flexibility to pull in applications.
“MBA programs are investing in virtual classroom experiences and hybrid formats, which allow students, regardless of where they live, to interact synchronously as though they’re in the same room,” she says.
“This flexibility appeals to a broader pool of applicants who want the prestige of an MBA but need options to balance their professional lives.”
At the University of Michigan Ross School of Business, applications are up by more than 35 percent year-on-year. The growth in MBA applications is met with renewed strategies to accommodate larger, more diverse applicant pools.
“The traditional full-time, in-person MBA is still the gold standard for building networks and gaining comprehensive business knowledge,” says Matt Ganderson, managing director of full-time and global MBA programs at Michigan Ross.
He adds: “We’re also seeing more students apply to multiple schools, which we’ve adapted to by improving our virtual engagement. This year, we received a record number of applications, largely due to a new level of comfort with digital engagement among prospective students.”
Business schools have responded to changing demands with hybrid and flexible formats that combine online learning with in-person intensives.
Paula Amorim, MBA admissions director at IESE Business School in Spain, explains that these shifts are transforming the MBA experience itself, with IESE enrolling 445 full-time MBA students this year, an all-time record.
But the school is also investing more in part-time and online program delivery.
“We’re using advanced digital tools for interactive learning, ensuring that our graduates are well-prepared for a tech-driven economy,” Amorim notes.
“Our Global Executive MBA, for example, blends online and on-campus modules so students can continue their careers while studying. These hybrid models are making the MBA accessible to a wider range of students who value flexibility, without compromising quality.”
Boosting Support for Women
In the current admissions cycle, gender diversity is a priority. As the US Supreme Court’s ruling on affirmative action led some schools to remove ethnicity-related questions, US business schools have now increased their focus on gender diversity questions on application forms, according to Blackman.
“We’ve seen schools like Harvard and Stanford place gender prominently on their applications,” she says, noting that “schools want to send a strong message about inclusivity and support for women”.
This targeted approach comes alongside increased scholarships and networking opportunities for women. “We launched our Future Female Leadership Award and host events through our Women in Business Club to foster a supportive community,” IESE’s Amorim explains. “This isn’t about recruiting women — it’s about empowering them to advance and lead in business.”
According to GMAC, while female application numbers have been stable over the years, the quality of engagement and support has grown, with more merit-based scholarships and female-focused initiatives in place.
In the top 15 US MBA programs, the proportion of women has grown by 2.5 percent in recent years, signaling an increase in appeal to women who are seeking leadership roles.
International demand has also shifted, with growing interest in Asian programs and declining enthusiasm for the UK as a study destination.
The reasons for this are varied: the impact of Brexit, tighter immigration restrictions, and currency fluctuations have all dampened the UK’s appeal for international MBA students.
By contrast, Asia is experiencing a surge in demand, driven by regional economic growth and an increasing number of high-quality local MBA programs.
“More students are opting to stay closer to home, which can be more affordable and logistically feasible,” says IESE’s Amorim.
Recognizing these changes, the Spanish business school has been increasing outreach efforts in Asia, with local representatives in key markets.
Meanwhile, in the US, Michigan Ross’s Ganderson notes that international applications are recovering to pre-pandemic levels, with students more willing to consider US schools despite political and economic uncertainties.
However, some early signs suggest that the re-election of Donald Trump as US president has driven some US students to consider studying abroad in larger numbers.
Still, MBA programs are not just bouncing back from the post-pandemic slump, they’re evolving, with flexible learning models and a renewed focus on diversity.
