Conducted by the Association to Advance Collegiate Schools of Business (AACSB), the study found that applications to AACSB-accredited institutions increased by 48% between 2018 and 2024, with specialist programs being the driving force behind this surge. During the 2023–24 cycle alone, applications to specialist master's programs made up a record 64% of all applications—a figure that has been steadily increasing from 57% in 2018.
As the world’s largest business school accreditation body, AACSB measures an institution’s ability to deliver high quality business programs. Top schools like Harvard, Stanford, and Wharton are all accredited by the association.
Some of the most popular specialist master’s programs include the Master of Finance, Master of Data Analytics, and Master of Marketing.
The surge in applications for these master’s specialist programs stands in stark contrast to that of MBAs and generalist master’s programs.
For example, while MBAs are often the flagship degrees offered by business schools—particularly in the US—their share of applications has decreased from 30% of all applications in 2018–19 to 24 percent in 2023–24.
Similarly, the percentage of students applying to study generalist master's programs (such as the Master in Management) in 2023-24 has remained relatively low since 2018 at just 12%.
The comparatively high number of applications to specialist programs highlights a broader shift in student priorities, as prospective students seek targeted expertise to gain a competitive edge in the workforce.
This is also reflected by increasing demand for specialized master’s graduates across industries, with companies interested in recruits with tailored skillsets. According to a recent GMAC survey, 30% of tech companies planned to increase their hiring of Master of Data Analytics grads in 2024, while 35% planned to recruit a larger number of Master of Business Analytics grads. This compared with just 16% who said they planned to increase their Master in Management hires.
