Specialized Business Master’s Programs Show Strong Enrollment Growth
Credit: Pgiam / iStock Unreleased / Getty Images- A new AACSB report found a rapid rise in applications to business master’s programs since the 2018-2019 school year.
- That rise was largely driven by specialized master’s programs.
- Enrollment rose as well but not at the same pace as applications.
- Undergraduate enrollment also saw an increase over that period.
Business schools are booming worldwide, thanks largely to high interest in specialized master’s programs.
A new report from the influential business school accrediting body Association to Advance Collegiate Schools of Business (AACSB) found that applications for business master’s programs rose 48% from the 2018-2019 school year to the 2023-2024 school year, averaging 7% growth per year.
Enrollment in master’s programs grew by 13% over the past six years, with more than half of AACSB schools reporting gains.
Acceptance rates were largely stable — but fewer admitted students are enrolling now than in the past.
“The gap between acceptance rates and admissions yield is closing for schools in the Americas, while the Europe, Middle East, and Africa region has the lowest yield, and Asia Pacific schools show more selective admissions,” the report reads.
Specialized master’s programs are key to the robust enrollment figures. These programs account for more than half of total graduate enrollment, according to the report.
Master of business administration (MBA) enrollment numbers have remained largely consistent over the past six years, and specialized master’s degrees have accounted for most of the growth in business master’s programs.
A growing number of business schools are rolling out specialized business master’s degrees alongside their long-standing MBA programs. Those master’s degrees tend to enroll younger students and focus on a specific field, like business analytics or information technology.
A number of business schools have debuted business master’s degrees with a focus on artificial intelligence (AI) amid surging demand from prospective students and employers alike.
“Since the pandemic, demand for business graduate education has undergone significant fluctuations,” the report reads.
“Lockdowns, mass layoffs, hiring surges for remote work, widespread resignations, and the need for new skills have all impacted the business world — and, by extension, graduate business education.”
Specialized master’s programs were just one of several areas driving growth in business schools: Undergraduate enrollment has grown by roughly 11% globally over the past decade.
The report comes on the heels of a Graduate Management Admission Council (GMAC) report that found a 12% increase in applications to business schools from 2023 to 2024 following two consecutive years of decline.
That report found rapidly growing demand for in-person, full-time master’s programs, although hybrid and online programs also largely reported application growth.
“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,” GMAC CEO Joy Jones said in the release.
GMAC also found that the U.S. is still a top study destination for international talent and that an “overwhelming majority” of prospective students said that the upcoming election wouldn’t affect their plans to study in the country.
And while international application growth helped drive overall increases, GMAC reported that domestic applications are largely up across the board.
Both GMAC and AACSB found increasing gender parity at business schools.
“Although female enrollment still lags in many areas, slow but steady progress is taking shape, with small increases in female representation indicating gradual efforts to close the gender gap,” the AACSB report reads.
Master’s specialized programs tend to be much closer to gender parity than MBA programs, while executive MBA programs tend to lag far behind other degree types.
GMAC found that applications from women to graduate business programs increased to 42% after largely staying at roughly 40% for a decade. More than half of programs reported application growth from women, compared to roughly 45% in 2023.
A number of top MBA programs have reported reaching gender parity this year, including the Kellogg School of Management at Northwestern University and Olin Business School at Washington University in St. Louis.