Prospective business school students are applying to a
narrower range of masters course specialisations,
suggesting an increased focus on specific career paths, according
to new figures from the global admissions body.
A worldwide survey by the Graduate Management Admission
Council found that 23 per cent of those seeking a place
on masters courses last year applied only to those specialising
in subjects, such as finance or accountancy. This compared with 15 per cent in 2009.
Seventy one per cent of respondents cited a single industry of
interest for postgraduate employment compared with 58 per cent
a year earlier, and 61 per cent said they were focused on a specific job
function after graduation compared with 46 per cent a year earlier.
Half of the 10,017 prospective students interviewed for the latest poll
said they were considering only applying to MBA courses, barely different
to the 52 per cent who said they would do this in 2009.
Students considering a full-time MBA place were the least likely in the
GMAC survey to consider studying for other masters qualifications.
The increased focus on specialist masters courses was most
dramatic in western Europe, where 45 per cent of those surveyed
had applied only for specialised masters courses in 2015, compared
with 22 per cent in 2009.
This was driven by the rise in the number of pre-experience masters
courses offered by European business schools, whose criteria make
them available to a greater pool of potential students.
Candidates for pre-experience courses are typically younger and
do not meet admissions requirements for most MBA programmes.
Their growth meant that for the first time the proportion of
European students applying for specialist masters courses in
2015 was greater than the 36 per cent that only sought a place on an MBA course.
The research also highlighted a squeeze on employer support
for those hoping to attend business school in addition to
holding down a full-time job, with 45 per cent of this group
expecting to receive assistance with paying fees in 2015, down from 54 per cent in 2009.
The cost of obtaining a business education is more difficult
for younger people to finance, the survey also found.
Students aged 24 and under, defined as millennials and Generation Z,
were more likely to rely on parental support than their older peers.
A gender divide was evident with men in this age group more likely
to use loans and personal savings than women.