The State of Graduate Business Programs in 2021
When the 2021 application period opened on October 1, 2020, Graduate Programs in Business was not sure what to expect. The 2020-21 application cycle saw a substantial increase in applications, but we wondered if those numbers could be sustained. We are pleased to announce that this trend did continue – overall a 10% increase across all 8 graduate business programs over last year. Compared to pre-pandemic numbers, there were significant increases in the Online MBA, Accelerated MBA, Saturday MBA, MS Accountancy, MS Marketing Analytics and MS Information Systems. The Online MBA, MS Marketing Analytics and MS Information Systems have done particularly well for 2021-22 admission year.
Yahoo Finance and Bloomberg Businessweek concur, the increase in MBA admissions is here to stay. Yahoo Finance explains that when campuses closed in March, business schools had to innovate and find new ways to attract prospective students. The way that we adjusted to these changes included extending our application deadlines, offering deferred admissions as an option, and waiving GMAT and GRE requirements. All strategies which helped make our MBA programs more attractive options during an economic recession. The economic slowdown that came with COVID was the perfect opportunity for many millennials to invest in their future with a graduate degree. The unique challenges that many companies faced also highlighted the importance of leadership in difficult times.
This year the GMAC Corporate Recruiters Survey showed that corporate recruiters do not value online and in person programs equally. This is seen across regions and industry. The same survey also shows candidates are skeptical about career opportunities gained through online degrees. However, there is growth in Online MBA program offerings. Our 3rd year of recruiting for our Online MBA degree has yielded a quadrupling of applications compared to its launch in 2019. This growth is consistent with programs around the country. GMAC data shows that 84% of Online MBA programs reported growth in applications, compared to only 66% of in person programs. Prospective students seem to be making a trade- off here, convenience for a slightly less favorable degree modality. Additionally, the online modality is especially attractive to MBA students given the issue of traffic in southern California! We do anticipate that any differences between online and face-to-face programs will change as more and more Online MBA graduates go on to succeed in the workplace.
Due to COVID travel restrictions and the VISA policies of the previous administration, international student recruitment fell dramatically for the fall 2020 application period. Enrollment numbers were up for this period despite having almost no incoming international students. Fall 2021 saw a significant increase of applicants to our STEM designated programs, MS Marketing Analytics and MS Information Systems. The STEM designation offers international students up to an additional 18 months of optional practical training upon graduation compared with the standard 12 months. This perk seems to be the driving force behind the significant increase in applications to these programs.
Overall, Graduate Business Programs at CSULB is faring well with a 10% increase over the fall 2020 applications cycle. We are preparing students for a healthy job market. A recent GMAC survey shows that business school graduate hiring is set to return to pre-pandemic levels with robust increases projected over the next 5 years. This is welcome news for our recent and upcoming graduates.
