3 Ways to Grow Your MBA Enrollments: A Preview of the Graduate Business Market Study
The business degree category has become highly diversified and competitive, especially online. In its latest report, GMAC noted that since 2010, prospective student interest in specialized master’s degrees has increased, while interest in the MBA alone has decreased.1
Another significant trend is the decline in the number of individuals taking the GMAT. Since 2011, the number of test takers in the U.S. has declined by 21 percent. In 2015, just 108,740 tests were taken, which limits the eligible pool of prospective students for those programs that require the GMAT.
The Master of Management degree is an alternative to the MBA that appeals to a slightly different demographic. According to GMAC, 17 percent of Master of Management candidates are millennials, the majority of whom have no work experience and first consider graduate management education eight months after earning their first degree.2 This degree would appeal to those who may not qualify for entry into an MBA or to career enhancers who desire a program focused more on soft skills than hard skills.
Based on the findings in the Graduate Business Market Study, here are three recommendations for growing your graduate business enrollments.
- Increase conversion rates by being competitive on price or admissions requirements.
- Increase your potential prospective student pool by adding in-demand concentrations alongside your MBA.
- Appeal to diverse audiences and generations by offering both an MBA and a Master of Management.
Stay tuned for future vertical market studies, including nursing and undergraduate business.
1. Graduate Management Admissions Council, 2015 Prospective Students Survey Report.
2. GMAC, Prospective Students Survey 2015 and Application Trends Survey 2015.