“Changing MBA demand” requires market to adapt
Published 02/05/2024
Postgraduate business and MBA students are changing their preferences for further education, with AI content leading an increased demand for technology topics.
Only one in five students want to study entirely on campus, while two in five would consider short non-degree courses without academic credit instead of traditional MBAs, new research shows.
The Tomorrow’s MBA study, by CarringtonCrisp in association with EFMD, questioned 2,263 prospective students from 32 countries on what they are looking for regarding further training.
It found that 64% were considering professional qualifications ahead of MBAs, 61% thinking about masters degrees and 57% weighing up continuing professional development options.
According to author of the study, Andrew Crisp from CarringtonCrisp, while the MBA remains a popular degree, it is “not the same MBA as 20 years ago”.
Several trends that are converging – such as interest in technology and study methods – mean that “many business schools will need to review their MBA offers to continue to attract strong cohorts”, he continued.
AI has held its number one demand among prospective students, with technology management, data analytics and decision making and digital transformation other most valued topics.
Regarding ways to study, while 72% still want to study full time – 42% want a mix of campus and online study.
Some 24% of respondents said they want to be able to switch between campus and online as they wish.
Promisingly, for the international education sector, the ratio of those wanting to study outside their home country has risen marginally to 39% from 36% in the 2023 survey.
“We are in a buyer’s market in which students are spoilt for choice”
“Much of the drive to study abroad is clearly identified as being career-related – 86% indicate that the main reason for doing so is that experience provided helps them to pursue an international career,” the report noted.
Some 55% who said they wanted to study abroad said their preferred school was outside their home country, while 51% chose international study for a specialism that wasn’t available in their home country.
The biggest reasons for not studying abroad was not being able to give up a job to study internationally, personal circumstances making travel impossible, a good range of domestic business schools, in addition to cost being a barrier for 35% of those asked.
Photo: CarringtonCrisp
“We are in a buyer’s market in which students are spoilt for choice when it comes to developing professional skills,” Crisp added.
“They want learning that can be tailored to their needs and can be studied how they want. Technology is central to any learning. Those business schools that can provide MBA programs that meet these needs will be successful. Those that don’t adapt will find it hard going.”
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