The latest GMAC Prospective Students survey results provide a view into the shifting values and preferences of business school hopefuls. This year’s results show how Gen Z, who now make up the majority of business school applicants, and Millennials overlap and differ in their motivations, expectations, preferences, and career aspirations.
The global survey includes over 2700 respondents from more than 130 countries.
Key findings include:
Most candidates reported that they were seeking a business degree “to enrich their life and develop their potential.”
When respondents were asked to select their key motivation for attending business school, 79 percent of respondents chose “enrich life and develop potential.” GMAC’s report notes that this motivation was the top option selected across gender, generation, and region.
The next most frequently selected motivations included: Increase income (64 percent), Gain business knowledge (61 percent), and Enhance network (60 percent).
Gen Z respondents were much more likely than millennials (about 10 percentage points) to select “increase income” and “expand network” as top motivators.
Most candidates believe that businesses have a social responsibility to their communities.
Just over four in ten respondents globally, 42 percent, view Sustainability and Corporate Social Responsibility (CSR) as essential components of graduate management education. While there were no noteworthy differences between generations, female respondents were more likely (52 percent) than males (36 percent) to hold this view.
The majority of respondents agreed that corporations have a social responsibility to the countries where they operate and the people who support them. Among those who view CSR as essential to the business school curriculum, 80 percent agreed that corporations have a social responsibility.
Among U.S. respondents, differences emerged in views on corporate social responsibility between those who do and who do not identify as part of an underrepresented population. Among respondents who did not identify as an underrepresented population, 61 percent agreed that corporations have a social responsibility, whereas just 35 percent of respondents who identified with an underrepresented group agreed.
The one-year MBA emerged as the most preferred program type.
Globally, candidates expressed the greatest preference for full-time, in-person MBA programs (of either one or two-year durations) over flexible or executive MBA programs or specialized master’s programs.
Gen Z respondents (87 percent) were more likely than Millennials (72 percent) to express a preference for in-person programs.
Women, Millennials, and first-generation candidates remained the most likely groups to express a preference for online and hybrid programs.
North American respondents expressed a greater preference for longer programs (39 percent), over shorter programs that were 13-18 months (29 percent), or one-year or less (13 percent).
Gen Z candidates expressed less interest in pursuing tech careers.
Among all prospective students, consulting continues to be the most sought-after industry for post-graduate work followed by technology. Interest in tech has leveled off among women and members of underrepresented populations.
Gen Z respondents reported a greater interest in finance and accounting (41 percent) over tech careers (35 percent).
A greater proportion of Millennials remain interested in tech (47 percent) versus finance and accounting (41 percent).