Business schools are competing to lure the most talented candidates with more funding and new programs, as MBA applicants apply to several programs at once.
Business Schools are competing to attract the most talented candidates by expanding class sizes, launching new programs and offering more scholarships, as an increasing number of applicants prompt the use of new recruiting tactics.The MBA application process, known as a rigorous contest among prospective students, is now being likened to a competition as the top-ranking schools seek to lure away applicants who are applying to up to five institutions at a time.
Deans have gradually begun rolling out new, shorter and more sector-focused courses and online programs, while many schools have expanded the sizes of their MBA classes, which allows them to recruit a greater number of graduates. Last year’s incoming class at Harvard Business School increased in number from 913 to 932, while Stanford enrolled its largest ever class, and Chicago Booth also expanded its cohort.
This has prompted concerns that schools are sacrificing quality of education. Many students prefer smaller, more intimate class sizes, which offer a better professor-to-student ratio.
Managers preparing to send off business school applications next month are being tempted with a range of incentives, including more cash to help fund tuition and other fees.
Stacy Blackman, an MBA admissions expert who runs a leading consultancy, described new scholarships as a “very powerful” incentive. “Price is steep and a big barrier for many,” she said.
Nurit Altura, a former admissions officer at Stanford who is now an admissions expert at InGenius Prep, said top-20 schools launching new programs could be a “play to entice applicants who are qualified and likely to attend top-ten schools”. “This is a merit play – trying to get the best people,” she added.
At the same time, tuition fee rises at a number of top US schools this year, building on a 37% rise in the MBA’s sticker price over the past six years, will likely make candidates more receptive to financial enticements.
There are numerous tuition fee scholarships now available for international students. Manchester Business School offers directly funded money to 25 of its MBA students. It recently launched a full £38,800 scholarship for EU or EEA residents. London Business School offers full-year scholarships for its MBA program – which costs about £64,000 – for specific citizens of countries including Australia and New Zealand, while the US’s Berkeley: Hass funds a $50,000 “diversity scholarship” for its MBA students.
At Surrey Business School in the UK, a new EMBA scholarship dished out £45,000 to one candidate, while two other candidates were each awarded 50% of that total, and the University of Sydney Business School recently advertised a $60,000 scholarship.
Meanwhile, leading Asian business schools, which have seen an increase in applications, say they are prepared to fund the brightest candidates. “If some people are really outstanding, we definitely give them full tuition scholarships,” said Sarah Feng, senior manager of CKGSB’s MBA program.
“We offer need-based scholarships, internship opportunities and loan programs to promising students,” said Dr. Wu Liansheng, MBA program director at the Guanghua School of Management.
Beyond financial incentives, the increasing competition between business schools is intensifying because candidates now apply to more schools at a time. Jeremy Shinewald, president of admissions consultancy mbaMission, said he tells most applicants that applying to six schools is very conservative.
“They are applying to more and a broader range than in prior years,” said Stacy.
The pool of candidates is also becoming more competitive. “The number of qualified applicants is on the rise, as women, who have historically been much less represented at business school, and international applicants, specifically Chinese and Korean, are entering the applicant pool at full speed,” said Nurit.
Several highly-ranked European business schools have said that they face more competition now that the application boom experienced during the financial crisis has waned.
“It’s a more competitive process – we have the same candidates applying to several schools,” says Pilar Vicente, senior associate director of admissions at Spain’s IE Business School.
Eric Lucrezia, Global MBA recruitment manager at ESSEC Business School, said: “Suddenly there are more choices in the rest of the world. It’s more competition for us.”
Promising students are not only a prize to be fought over by MBA admissions directors: they may be tempted away by other schools offering fast-track master programs, which have risen in popularity. Options now include online and distance learning, which threaten to revolutionize traditional business education.
Anna Bacigalupi, an admissions manager at Italy's MIP Politecnico di Milano, said: “We saw a big increase in interest towards specialist master’s [programs] after the crisis… Which do not require work experience.”
Carol Tunstall, former associate director of admissions at Wharton and InGenius Prep MBA admissions expert, thinks that an influx of programs to choose from has intensified competition.
Jeremy from mbaMission said: "The competition is intense. MBA programs are very competitive with each other – they are now competing to build out entrepreneurial ecosystems. One school announces a shared office space and the next announces seed funding or a new business plan competition. Top programs are always upping the ante to attract the best."
There has also been a trend of schools overhauling their MBA curriculums, which may be in response to a changing customer base.
“Business schools are constantly innovating to stay relevant, to remain competitive, and to climb the rankings,” said Carol. “I saw this first-hand at Wharton, which recently changed its curriculum in a big effort to attract more students.”
Jon Fuller, a senior admissions consultant at Clear Admit, predicts that the impact will be more pronounced with schools farther down the line (lower-ranked schools).
For some, recruiting tactics have been labelled as aggressive. For-profit Minnesota School of Business and its affiliate, Globe University, were sued last month by the Minnesota Attorney General.
The law suit alleged that the school had a “sales-oriented culture that places a premium on the enrolment of students” and that “representatives pressured some students to enrol during the sales meeting. The schools train representatives not to take ‘no’ for an answer”. Globe University and the Minnesota School of Business strongly denied the allegations in a press statement.
Nurit, however, insists that the competition among schools is just as much as a result of better candidates flocking to MBA programs. “With this rise in applications comes an increase in competition among the business school candidates,” she said. “Regardless of the number of applications, we are seeing a rise in the competitiveness of applicants around the world.”
Student Reviews
The best intercultural university
There are more than 50 nationality in the grade, so there are opportunities to interact with people from all around the world. In terms of academics, the BBA course offers diverse courses for the 1st
Creativity, adaptability and entrepreneurship
The Master in Management program at the ESSEC Business School allows the students to choose their courses accordingly to their preferences and their professional targets. We can also go through international exchange and take part in internships with companies that are also partners with the school. The school is also next to the city of Paris.
Top business school in France
Doing PhD in essec took some time, to be precise about five years. But the experience was very good and cost effective too. There are opportunities for the student for teaching assistantship and that helps both financially and in career. In the final year I could manage to teach marketing to M1 students and this helped shape my career
Great college
The program is well suited for early professionals with an engineering degree preferably or a degree in economics. I would suggest taking the ceasure irrespective of the experience level as it helps you take your time to adjust to the job market.
Good school in France
I am currently enrolled in M2 in Essec business school. I am specialising in marketing management. The Grande Ecole programme is valued in France and my school ranks very high up. There are a lot of opportunities for internships and CDD.
The program curriculum
BBA program. The program is really practical and useful, provide us many international opportunities. Like internship and humanitarian experience, and the flexibility is also really cool, we can choose different campus and tracks as we want.
International Course
This school is very international and business oriented. Highly recognized by the companies The campus has been renovated and is very functional and modern from now on. Excellent atmosphere. Reputation of essec is a plus
Friends, Career opportunities.
The program I did gave me the opportunity to start in Singapore. I got the chance to know all the students that started there and we bonded and made some friends for life. The career opportunities that ESSEC also gave me were unbelievable.
Practical and useful
I think the best thing about Essec is that it's not focusing on academics rather it emphasizes on future job mindset and professional experiences..
The classes are interesting and we have plenty of workshops attributing to different sectors..
The campus is very nice with a good cafe and wonderful library.
The only problem is the location of the campus. It's quite far from Paris.
Amazing experience! Must try
I think its a very amazing school with great and experienced faculty. Also the alumni network is very solid and useful. The school has a great balance of studies and work experience which is really essential for a student.
GBBA: Diverse, Enriching, and Career-Boosting
My experience at ESSEC Business School has been outstanding. The Global BBA program offers a rich academic curriculum and diverse learning opportunities. I appreciated the chance to study on different campuses, including an international exchange, which broadened my perspective. The social environment is culturally diverse and vibrant, enhancing both my personal and professional growth. The administration is attentive, constantly offering new academic and student life opportunities. The campus facilities and classrooms are excellent. I highly recommend ESSEC for its excellence, global exposure, and career opportunities.
ESSEC BS BBA REVIEW
The English track BBA program at ESSEC is simply exceptional. Courses are taught by internationally renowned professors who are experts in their field. The subjects taught cover a wide range of disciplines from marketing to finance, strategy and entrepreneurship. The English track is a major asset because it allows you to develop perfect mastery of professional English, essential in today's globalized business world. Some students love student life at Essec, which is one of the best in France, but it all depends on taste.
Great program, incredible school
I love almost everything about this school, from the student life to the academic program and the opportunities it provides.
I'm currently at the Paris campus, in Cergy, and I'm really enjoying it.
The BBA program is very rich and diversified, you can start with geopolitics and then finance, what I mean is that there's a great balance between the subjects in this program.
I was also lucky enough to spend a semester at the Singapore campus, and I loved that experience on the other side of the world.
ESSEC is also known for its dynamic and rich student life, with access to several parties a week and the various associations within the school.
If I could recommend just one school, it would be this one - I'm 100% satisfied.
Great experience
First of all, what I appreciate the most is the academic environment. The courses are extremely stimulating and are taught by high-level professors, often experts in their field. The diversity of subjects offered, ranging from marketing to finance, including entrepreneurship, allows you to acquire a complete and versatile education. The group projects, although sometimes stressful, are also an opportunity to learn to work in a team, which is essential in the professional world. One area that I feel could be improved is the management of student events. Although many activities are organized, I have noticed that some events can lack organization or communication, which can frustrate those who want to get involved. Better coordination between the different student associations and the administration could really improve the overall experience.
