The Application Trends Survey, based on responses from 1,090 programs at 297 business schools in 40 countries, revealed the total number of b-school applications rose more than 10% last year, largely driven by demand for MBA, Master of Accounting, and Master in Management degrees, as well as flexible study options.
In-person MBAs in particular experienced a growth in applications that outpaced any year in the last decade, including the pandemic years when business school applications boomed.
The study highlighted that applications from students aiming to study within their home country were particularly on the rise, while international applications were falling among certain degree types. It also revealed that more MBA programs saw an increase in applications from women in 2024 than in the previous year.
Introducing the report, GMAC CEO, Joy Jones, wrote: “This year’s record growth in applications demonstrates the potential that exists as we move beyond disruption and deeper into transformation. Across our survey research, we see that core business school skills like strategy and problem-solving learned in well-established programs like an MBA or Master in Management stand the test of time.”
More people applying to business school in 2024
Each year, the Application Trends Survey measures growth in applications using two metrics: the total number of business school applications and the proportion of b-school programs experiencing application growth. Both measurements revealed a growth in applications this year, in direct contrast with 2023.
Globally, application numbers grew by 12%, marking the first time since 2021 that business school applicants have increased in number. A further 56% of the more than 1,000 participating programs also reported growing numbers of applications, breaking a three year cycle where the majority of programs have reported declines.
Each year, the survey segments applications to find the share of women applying to business school. While in 2024 the proportion of female applicants remained consistent with previous years (42%), the report highlighted that the share of programs reporting increasing applications from women rose from 45% to 55%.
Year-on-year change in total business school applications
Renewed demand for in-person MBAs
When examined by program type, the survey revealed that applications to MBA programs increased by 13% in 2024. This was significant when compared with the previous year, when applications fell by around 5%. In line with the overall application trend, 62% of global MBA programs also reported their application numbers were rising.
The Full-Time, Two-Year MBA was the most popular delivery type among global MBA applicants, with 80% of programs reporting a growth in applications in 2024. When compared with 2023, when 55% of these programs saw declines, this suggests renewed demand for the traditional MBA experience.
The Full-Time, One-Year MBA also saw applications rise by 64% after the majority (56%) reported declines last year. GMAC confirmed these in-person figures meant 2024 had the largest share of full-time (one and two-year) MBA programs reporting application growth over the last decade.
Alternative formats were also popular among applicants in 2024. Applications to Flexible MBAs grew by 67% and Online MBA applications by 65%, both outpacing the one-year, in-person degree type.
Favor for the flexible format was more pronounced among female applicants, with a 70% increase in applications from women for Flexible MBAs. Taking an overall view, all forms of MBA reported an increase in applications from women in 2024.
Year-on-year application change by MBA type
Favor for “traditional” master's degrees increases
Like the MBA degree, applications to the similarly-generalist Master in Management degree also grew at a significant rate of 69%. This was despite the total number of applications to business master's degrees remaining flat in 2024.
The Master of Accounting proved to be the most popular master's degree type in 2024: 71% of programs reported growth in applications, up from 47% in 2023. Applications from women also grew by 66%, making it the only business master's to see an upward trend in female applications.
The report indicated that popularity growth in Master of Accounting degrees was likely a reflection of the increased interest in accounting and finance careers among Gen Z candidates. Further examination also revealed that accountancy master’s applications have been growing since 2021.
These master’s degree types—referred to as more “traditional” by GMAC—were substantially more popular than others. While globally Master of Finance degrees experienced modest growth, applications to marketing and business analytics master's degrees fell in 2024, with 65% of Master of Business Analytics programs reporting declines.
Year-on-year application change by business master's type
Domestic applications driving growth of MBAs
The survey revealed some variation in application trends among domestic and international applicants across the different types of business school programs.
All forms of MBA (including executive and part-time degrees) experienced growth among both domestic and international applicants. Executive MBAs (EMBAs) stood out particularly after experiencing a 25% increase in international applications—10% higher than Full-Time, Two-Year MBAs.
Along with the Online MBA (15%), the Full-Time, Two-Year MBA (17%) saw the largest application increase among domestic candidates.
Revealing the impact of domestic applications in driving the global upward trend, domestic applications outgrew international applications across all but one MBA type: the Full-Time, One-Year MBA. Among Flexible MBAs, Part-time MBAs, and Online MBAs, domestic applications outpaced international applications by 10% or more.
Applications to master’s programs told a different story, however. While all business master’s degrees saw domestic applications increase, both Master of Finance and Master of Business Analytics programs experienced declines in international applications, falling by 2% and 6% respectively.
Only the Master of Accounting experienced a rise in both domestic and international applications, with the latter increasing significantly by 18%.
READ: Why Study Abroad? International Master's Students Give 5 Key Reasons
Regional variation in application growth
While the total number of MBA and business master’s applications increased across the globe, application trends varied between different regions.
Total applications increased by 8% across the US-based programs participating in the survey. This was driven by significant increases in domestic applications, which rose by 19%, compared with just a 1% rise in international applications.
In Europe (excluding the UK), the total application increase was higher at 20%, with significant jumps in both domestic (39%) and international (35%) applications. While indicative of positive signs for the region, GMAC clarified that, unlike in the US, international applications in Europe can come from another country within the region.
Among programs based in the Asia-Pacific, domestic applications outpaced any other region, increasing by 40%. By contrast, international applications increased by just 6%, while the total number of applications within the region grew by 26% overall.
The report also examined application trends in the UK and Canada, where recent international changes have been prominent. In the UK, total applications dropped by 14%, driven by a 45% drop in domestic applications and a 12% decline among international candidates. Similarly, in Canada applications dropped by 21%, largely due to a 29% drop in international applications. Domestic applications, on the other hand, grew by 5%.
