MBA admissions: current trends you should be aware of
Education is as vibrant a market as any, and its dynamics closely reflect worldwide economic trends. To understand how MBA admissions processes evolve, you must be aware of how institutions and schools, on the one hand, and applicants, on the other, respond to an ever-changing economic landscape. This blogpost discusses some of the current trends in MBA admissions that will help you put together a winning application.
FinTech and Business Analytics: the new darlings among MBA courses
Over the past three years, it seems that schools have woken up to the immense potential there is in applying technological advances to finance or business in general, especially when it comes to analyzing data. Almost every MBA now includes courses on FinTech and Business Analytics. Naturally, applicants who come from these fields or can demonstrate technological proficiency are favored over others during admission processes.
Recommended: 10 Tips on MBA Admissions Interviews and Essays
Competition for a place in top schools is fiercer
Whenever the US economy is growing, the number of MBA applicants decreases. The explanation is obvious: people are working, so they postpone going back to school. The same thing happens in most countries. On the other hand, when the economic situation is truly dire – as it is right now in Europe, affecting young people in a particularly hard way – the number of applications also decreases. Again, this is a common occurrence around the world.
In times of crisis, applicants flock towards the certainty of a top school. What this means is that although there are fewer applicants, those who do apply are very good; they’re the ones that are undeterred by external circumstances and that have probably been preparing for their MBA moment for a long time. Obviously, they’re set on getting a place in a top school (think of those people you know whose dream is to study at Harvard). If you’re preparing your MBA application, diversify your options to better your chances!
Recommended: MBA admissions process: how does it work?
Early applications are becoming the norm
Basically, and as we’ve explained above, MBA applicants in 2017 and 2018 had been expecting their moment and were ready to go for it, so many applied almost as soon as processes began. They’d done their GMATs, collected their references, updated their CVs, etc. – all that was left was to click the “submit” button.
Depending on each school’s selection process, this may mean that applications close before the predicted deadline (because the pool of applications received already ensures a quality cohort). Early applications don’t merely increase your odds of getting in; they also increase your odds of getting scholarships or additional sources of funding. So, stop wasting time and start working on your application as soon as you start thinking about your MBA!
Recommended: 10 tips for a successful MBA admissions process.
Business schools want more female students
If you’re a young professional woman thinking of applying for an MBA, rejoice: business schools want you! This ambition for more parity is a couple of decades’ old, yet the number of women who apply for MBAs remains stubbornly low when we take into consideration the academic results of female students in undergraduate degrees. Some studies suggest important benefits resulting from the inclusion of women in academic cohorts and corporate boardrooms, and movements such as #metoo have brought matters of equality to the forefront of social and media discussions. Summing up, business schools want to attract more female students. Naturally, this doesn’t mean that if you’re a woman, you’re in; you’ll still have to submit a flawless application and impress admissions managers in your personal interview.
We hope that this blogpost has given you food for thought and helped you develop a strategic application for your chosen MBA. Good luck!
If you’re thinking of choosing Portugal to take your MBA, feel free to download our ebook below.
