As AI tools and careers rise, new study finds MBA applicants are prioritizing AI and technology skills over core MBA subjects
The Tomorrow’s MBA survey, undertaken by CarringtonCrisp in association with EFMD, found that AI was the most popular desired subject for MBA applicants, with subjects focused on technology skills following closely behind.
Data for this year’s survey was collected in November 2023 with a total of 2,263 participants from 32 countries. The sample size was almost evenly split between men and women, and over three-quarters of respondents were between the ages of 26 and 40 – the most common age group for MBA and EMBA applicants.
Technology skills and AI are a priority for future students
With the rise of AI careers and tools like ChatGPT and Gemini, over half (53%) of prospective students prioritize the subject as their most desired content within the MBA curriculum.
The desire for AI skills coincides with news earlier this year that the rise of generative AI will lead to job cuts of 5% in 2024 alone, as businesses increasingly see the technology as important.
Although artificial intelligence has become the most popular subject for the MBA curriculum, a strong focus on broader technology skills remains critical. All nine technology-related topics included in the survey were rated highly by between 41% and 48% of respondents, including technology management, data analytics and decision-making, and digital transformation.
“Students want learning that can be tailored to their needs and can be studied the way they want. Technology is central to all learning. Those business schools that can provide MBA programs that meet these needs will be successful. Those who don’t adapt will struggle,” said Andrew Crisp, CarringtonCrisp, author of the study.
MBA contenders are on the rise
Tomorrow’s MBA survey also found growing interest in MBA competitors, including non-credit short courses from non-business schools.
“Mini-MBAs,” especially those with a strong brand attached to their name, are popular with applicants looking for a quick career boost. In the survey, all eight listed ‘Mini-MBAs’ were recognized by over 70% of respondents, with almost four in 10 (39%) saying they would consider a non-degree short course as an alternative to an MBA.
Other popular alternatives to an MBA include professional qualifications (64%), masters degrees (61%) and continuing professional development (57%). Among respondents, nearly a quarter would skip an MBA if they felt recruiters valued it less than in the past.
“Several trends are converging, which means many business schools will need to revise their MBA offerings to continue to attract strong cohorts,” added Andrew.
Most prospective students (77%) think it is important or extremely important to have employer input in an MBA program, indicating that it is critical for students to know that employers are interested in hiring graduates from their program.
Students expect to use AI in business school applications
The impact of generative AI in business learning begins at application and continues through final grades.
A huge number of students (76%) plan to use AI tools like ChatGPT to apply to business schools, and nearly three-quarters (73%) expect to use them to complete assignments. However, the same number of students remain unconvinced that AI can fully replace the value of good instructional design.
With 73% of applicants also considering standardized exams redundant in the age of AI, business schools need to develop new forms of assessment, the survey reveals.
Growth in hybrid learning and international learning
Independent and international study is a growing attraction for prospective MBA candidates.
For the large majority (72%) who plan to study full-time, less than a quarter (22%) want to stay on campus, with the rest preferring hybrid or fully online learning. Among the latter, 39% prefer a combination of synchronous and self-paced learning, while just over a third (36%) choose to learn at their own pace.
Study abroad MBAs also saw a small increase of 3% in this year’s survey, potentially reflecting the COVID recovery. Among the 39% of respondents who expressed a desire to study abroad, 86% cited the desire for an international career as their main motivator. Other popular reasons include that their preferred school (55%) or desired major (51%) is outside their home country.
However, several respondents reported experiencing barriers to international study. Nearly 40% find that personal and/or financial circumstances make travel impossible, are unable to leave their jobs to go abroad, or find that there is a large pool of local business schools.
With changing priorities among prospective students, the report shows that adapting business school curricula and assessment methods is key to attracting applicants to top MBA programs.
