GMAC Survey Reveals Aspirations of Prospective Students: MBA News

By QS Contributor Updated Sep 01, 2014

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Introduction
MBA program preferences
Specialized master’s degrees and ‘the bank of mom and dad’
Entrepreneurship a strong consideration among prospective students

GMAC Survey Reveals Aspirations of Prospective Students: MBA News main image

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The proportion of prospective students targeting specialized master’s degrees is now 20%, according to a new GMAC survey of more than 12,000 people looking at postgraduate business education options around the world.

Preferences among prospective masters students for these non-MBA master’s degrees have risen steadily from 13% to 20% since 2009. Currently, the most popular specializations are in accounting and finance although emerging disciplines, such as data analytics, are also beginning to appear on the radar.

GMAC’s results, which stem from the opinions of those registering on its site with a view to taking the GMAT exam and sourcing information about business education, do still highlight a majority interest in the MBA. However, the number specifically targeting the traditional program has fallen from 55% to 53% over the past five years. Today’s prospective masters students also have more distinct aims as just 26% now consider both the MBA and specialized master’s degrees, compared to 33% in 2009.

MBA program preferences

In terms of preferred MBA program type, GMAC‘s figures show that 40% lean towards the full-time MBA, be it a one or two-year program. 11% are keen on doing a part-time MBA, but just 4% of those surveyed are hoping to join the more experienced cohorts on an executive MBA program. Meanwhile, the growing abundance of reputable online MBA programs is now reflected by preferences in this area of 5%.

Specialized master’s degrees and ‘the bank of mom and dad’

Financing an MBA program, or related master’s degree, is often a central consideration for prospective students, and here parental support or ‘the bank of mom and dad’ is on the up. While 15% of those seeking to pursue an MBA plan to use parental support towards their funding, as many as 29% plan to do the same with regards to specialized master’s degrees – a notable surge on the 18% figure reported by GMAC in 2009. Indeed, there is now less intended reliance on grants, scholarships and loans across both degree-types.

Entrepreneurship a strong consideration among prospective students

Industry aspirations are also included in GMAC’s survey. Grouping its pool of 12,000 prospective masters students by age, banking and investment banking are an overwhelming favorite for those under the age of 24, accounting for almost half of those polled as their industry of choice. Those over 24 displayed a stronger interest in consultancy services, although those over 31 years of age also indicated just as much interest in IT.

In addition, just over a quarter of respondents said they would consider careers as entrepreneurs. This figure was slightly higher among men (31%) than women (21%) and considerably higher among students from emerging nations, with the figures from Latin American and Middle Eastern students surpassing 40%. These figures should serve to reinforce the attempts made by many leading international business schools to offer a more entrepreneurially-minded tilt on business education in recent years.