Individuals looking to enter business schools overwhelmingly say they want to learn how to think strategically and problem solve, according to the latest annual survey of global prospective students to business school released today by the Graduate Management Admission Council (GMAC). And with nearly half of prospective students reporting artificial intelligence (AI) as part of their ideal curriculum, candidates are expecting hands-on experience utilizing AI for strategy and decision-making.

As more business schools launch new and increasingly specialized master's programs, candidates have taken notice. Compared to the previous year, there has been a significant jump in the share of candidates who prefer business master's degrees. Even though preference for the MBA dipped slightly, roughly half of global business candidates still consider it their top choice. A deeper dive into the shift reveals that pre-experience candidates as well as those aged 30 and over are more inclined to apply for business master's programs than before.

"For the more seasoned professionals seeking to pivot their career or college students contemplating becoming an accountant or marketeer, a relatively shorter and specialized business program could be an ideal educational path," says Martin Boehm, executive vice president and global dean of undergraduate programs at Hult International Business School and a GMAC board director.

The survey also showed that more people are expressing preference for in-person business education programs—either full-time or part-time in format—reversing a multi-year trend of growing popularity of hybrid and flexible programs since the inception of the pandemic.

Labor market uncertainty impacts ROI considerations, desired industries.

Cost remains a top barrier for candidates to get graduate business degrees no matter where they are located or how advanced they are in their career. Today's economic and employment outlook has heightened people's awareness around opportunity cost and return of their investment. In fact, ROI remains prospective students' most considered factor when researching GME, with a noticeable increase in how many survey respondents say this is among their most important aspects of choosing a business school.

The uncertainty also reflects in the industry they are looking to enter upon graduation. While consulting, financial services, and technology still top the list, there has been a small but statistically significant dip in candidate interest in the tech sector. This is likely related to a challenging year for major tech companies, where recent layoffs hit hard not just the technical engineer positions but also more business-oriented roles in marketing and talent recruitment.

Global economy and geopolitical intricacies influence study destinations.

Study destination preferences of global candidates have remained steady over the past five years, with the United States and Western Europe continuing to occupy the top spots for students intending to study abroad. At the same time, affordability and being closer to home are deciding factors among candidates who want to study in regions like Asia, the Middle East, and Africa—where rising inflation and fluctuating currency exchange rates have dominated recent headlines.

"As the global economy becomes increasingly uncertain, we're seeing candidates from around the world seeking out the value for money, unique perspectives, and hands-on experience with complex problems they can gain by studying in regions with young populations and fast-growing, dynamic markets," says Catherine Duggan, director (dean) of the University of Cape Town Graduate School of Business and chair-elect of the GMAC Board.