2020 App Trends Survey Report Final

November 10, 2020
The Global Demand

for Graduate
Management
Education
Application Trends Survey 2020
Access report, webinar, blog, and infographic

Contents
1. Executive Summary (3-17)
2. Summary of Relative Analysis (18-33)
3. MBA Programs: Relative Analysis (34-58)
4. Business Master’s Programs: Relative Analysis (59-74)
5. Impact of COVID-19 (75-84)
6. About (85-93)
a) Graduate Management Admission Council (GMAC)
b) Methodology, Respondent Profile and Program Statistics
c) Contributors and Contact Information
©2020 Graduate Management Admission Council (GMAC). All rights reserved.

2
About the Study
About the Report
The Graduate Management Admission Council (GMAC) • The report uses two approaches to assess
conducts the annual Application Trends Survey (ATS) of changes in the volume of applications for
business school admissions offices around the world to offer graduate management programs:
timely insights into the demand for graduate management
education (GME). This survey benefits admissions, recruitment,
and marketing professionals in understanding the candidate • Absolute change analysis is based on
pipeline and informing their future strategies.
731 programs that responded to both the
2019 and 2020 surveys. It analyzes the
The 2020 report was delayed by a few weeks to gauge the application volume to provide a pair-wise
comparison. Weighted absolute change
impact of COVID-19 on application trends. Since many b-
adjusts for the regional distribution of
schools responded to the pandemic-induced uncertainty by
selective GME programs.
adopting a range of flexible admissions approaches, including
extended deadlines, this report focuses on global demand for
GME and analyzes differences by programs and regions. This • Relative change analysis is based on
survey data was collected between July 30 and September 14, 1,085 programs that responded to the
2020, and garnered responses from 1,085 programs at 2020 survey. It summarizes the percent
325 business schools worldwide. More details are change in the application volume, as
available under the methodology section, along with the reported by the participating programs in
respondent profile and program statistics. 2020.
3
Reconfiguration of the enrollment funnel
The 2020 application season for graduate business schools

was unlike any other. The pandemic-induced uncertainty
impacted the decisions of b-schools and candidates and Increase in applications
reconfigured the enrollment funnel.
Many b-schools responded by adopting flexible admissions

approaches, including extended deadlines and deferral Increase in acceptance rates
policies. As a result, the number of applications increased. B-
schools also hedged enrollment risks by increasing
acceptance rates. Increase in deferral rates
For candidates, GME offers a pathway to emerge from the
economic downturn with better career prospects. While more
candidates applied to b-schools, deferral rates also went up
Decrease in yield rates
due to concerns about online learning, travel, and visas. This
shift in choice pattern ultimately resulted in a lower yield for
many b-schools.
Acceptance Rate is the percentage of total candidates (including deferrals) accepted into the program divided by the total number of completed applications.
Yield Rate is the percentage of candidates that will enroll divided by the number of accepted candidates.
Deferral Rate equals the percentage of candidates that will defer divided by the number of accepted candidates.
4
Enrollment Funnel by Region
Programs Reporting Increase in Application Volume, 2018-2019 and 2019-2020
79%
67% 72% 67% Percentage of programs reporting growth in
Percentage of
49% 57% 55% 53%

programs
41% 37%
applications for 2020 as compared to last
year has increased across all regions.
Overall Asia Pacific Canada Europe United States
2018-2019* 2019-2020
Acceptance Rates (Median)

2019 2020 75%
70% 71%
Overall, the median acceptance rate was
Acceptance rate
65%
41% 42% 40% 41% 42% 44%
slightly higher at 70 percent in 2020 as
compared to 65 percent in 2019.
Deferral Rates (Median) Overall, the deferral rates (median) increased

Deferral rate
2019 2020
from 2 percent in 2019 to 6 percent in 2020
9%
2% 6% 1% 2% 4% 5% 6% 2% 6%
with American and Canadian programs
Overall Asia Pacific Canada Europe United States reporting a higher jump.
Yield Rates (Median)

2019 2020
The median yield rates for 2020 decreased
62% 62% 66% 62%
60% 61% 61% 60%
across the regions with the programs in Asia
Yield rate
51% 57%
Pacific, Canada, and Europe reporting a

sharper decline.
5
*Percentage of programs reporting increased application volume between 2018-2019 is from the GMAC 2019 Application Trends Survey Report.
Enrollment Funnel by Program Type
2018-2019* 2019-2020
Percentage of
Overall, 2 in 3 MBA and business master’s

programs
67% 66% 67%

41% 40% 42%
programs reported an increased in applications.
Overall MBA Business Master's

Acceptance rate
2019 2020
65% 70% 69% 70% 64% 70%
The median acceptance rate was higher
as compared to the previous year.
Deferral Rates (Median)

Deferral rate
2019 2020 Overall, the median deferral rates for MBA

6% 7% 5%
programs were higher than business master’s.
2% 3% 1%

2019 2020
62% 60% 68% 64% Business master’s programs reported lower
Yield rate
56% 53%
yield rates (median) than MBA programs.
6
Enrollment Funnel by Program Type and Region
MBA Business Master’s

2018-2019 2019-2020
81% 2018-2019 2019-2020
70% 80% 78%
53% 55% 56% 62% 63% 64%
45%
65% Percentage of programs reporting growth in
33% 41% 41%
applications for 2020 varies by region and program.
*Data unavailable for 2018-2019 Canadian Business Master’s program due to insufficient responses (N<10)
Asia Pacific Canada Europe United States Asia Pacific Canada* Europe United States

2019 2020 2019 2020
74% 76% 69% 74%
62% 62%
41% 45%
55% 53%
43% 40% 37% 34%
The median acceptance rate was higher for MBA
26% 32%
and business master’s programs in the US.
Asia Pacific Canada Europe United States Asia Pacific Canada Europe United States
Deferral Rates (Median)

2019 2020 2019 2020
Deferral rates for MBA programs in Canada
3% 5% 4% 11% 6% 11% 3% 6% 6% 7% and Europe were in double-digits.
0% 0% 5% 5% 0% 6%

2019 2020 2019 2020
67%
58%
68% 63%
58% 55%
68% 66%
54%
68%
52%
66% 59%
50% 52%
Median yield rates for MBA programs in the
43%
US were higher than other regions
7
International candidates were less likely to commit to
enrollment and more likely to ask for deferrals
Domestic International
Yield and deferral rates

59%
38%
15%
5%
Yield Rate Deferral Rate
GMAC Yield Pulse Survey was embedded in the 2020 Application Trends Survey and made visible to a select group of
schools. The data was collected between July 30 and September 14, 2020 and received responses from 39 business schools.
“International” refers to an applicant who is not a citizen or resident of the country where the program is located.
8
Global demand for graduate management education reversed
its course from the last year
Weighted Absolute Year-on-Year Change

Total Applications Total MBA Applications Total Business Master's
2017-2020 2017-2020 Applications, 2017-2020
14.3%
9.1% 9.5%
Year-on-Year Change in Applications


5.4%
3.7% 5.6% 5.4%
2.4%
-0.2%
-3.1%
-6.9%
-7.5%
2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020
Total applications for GME increase by 2.4 percent based on the weighted absolute* change analysis of 731 programs that
responded to 2019 and 2020 surveys. This is a reversal of trends from a decline of 3.1 percent in applications last year.
*A weighting methodology was applied to the absolute year-on-year change sample to adjust for the regional distribution of selective GME programs globally- using
data from AASCB, EFMD, and AMBA. The absolute year-on-year change for specific countries or regions shown in rest of the report is not weighted.
9
Domestic and international candidates adapted differently to
global economic uncertainty and disruptions

Total Domestic Applications Total International Applications
Total Applications
47.4%

14.3%
13.2% 12.0% 10.2%

2.4%
-0.2% -2.9% -3.9%

Overall MBA (n=364) Master's
Overall MBA (n=364) Master's Overall MBA (n=364) Master's
(n=731) (n=360)
(n=731) (n=360) (n=731) (n=360)
*A weighting methodology was applied to the absolute year-on-year change sample to adjust for the regional distribution of selective GME programs globally-- using
10
Growth in global demand differed for various MBA and
business master’s program types
MBA Program Type

Business Master’s Program Type
53.0%
Year-on-year Change in Applications
48.6% 34.2%

43.5%
21.2%
17.8%
14.3%
11.6%
0.6% 1.4% 1.8%
-0.2% -1.8%
MBA (n=364) Full-time two- Full-time one- Part-time Part-time self- Flexible MBA Online MBA Executive MBA
year MBA year MBA lockstep MBA paced MBA (n=24) (n=23) (n=37) Business Master in Master of Master of Master of Data
(n=110) (n=77) (n=36) (n=45) master's Management Accounting Finance (n=70) Analytics
(n=360) (n=28) (n=58) (n=53)
[US ONLY]
*A weighting methodology was applied to the absolute year-on-year change sample to adjust for the regional distribution of selective GME programs globally-- using
11
Variations in program location and candidate citizenship
tempered global growth in applications
Absolute Year-on-Year Change by Program Location
Total Applications Total International Applications

Total Domestic Applications
20.8%

24.0% 50.1%

20.6% 14.7%
13.3%
30.8% 29.9% 6.5%
-5.9%
-7.1%
-7.2%
Asia-Pacific Canada Europe United States
Asia Pacific Canada Europe United States Asia-Pacific Canada Europe United States (n=58) (n=26) (n=94) (n=525)
(n=58) (n=26) (n=94) (n=553) (n=58) (n=26) (n=94) (n=525)
Program Region Program Region
Program Region
Among the programs that responded to the 2020 and 2019 surveys, the total number of domestic applications increased more than
international applications. While overall applications for US programs were up, higher-ranked schools were more likely to report growth in
applications (related data). The proportion of higher-ranked schools reporting growth in international applications was also robust; however,
higher deferrals for international candidates could limit the increase in enrollment (related data).
Twenty-eight US programs are included in the total application volume analysis and are not included in the domestic and international application volume analysis
because their programs are not reporting their domestic and international volumes - only their total volume. 12
Demand for GME among domestic and international candidates
increased across all major regions except Asia Pacific
Absolute Year-on-Year Change by Program Location
Applications for Programs in Applications for Programs in Applications for Programs in Applications for Programs in
Asia Pacific Canada Europe the United States
(n=58) (n=26) (n=94) (n=525)
50.1%

30.8% 29.9%
24.0% 20.6%
13.3% 20.8% 14.7%
6.5%
-7.1% -7.2% -5.9%
Overall Domestic International Overall Domestic International Overall Domestic International Overall Domestic International
Among the programs that responded to the 2020 and 2019 surveys, the total number of applications increased for Canada (13%), Europe
(24%) and the US (21%). Given the diversity of the Asia Pacific, there were higher country-level differences for this region. For example, Q4
protests in Hong Kong, followed by the start of the pandemic in mainland China dampened the application volume. Likewise, application
volume for India is likely to be affected by the economic downturn. Given the scale of Greater China and India, the growth in applications for
the Rest of Asia could not avoid the overall decline in application volume for the region (-7%).
Twenty-eight US programs are included in the total application volume analysis and are not included in the domestic and international application volume analysis because their
programs are not reporting their domestic and international volumes - only their total volume. 13
As the economy slows, demand for graduate management
education surges…
2010, July 20 2020, June 21
“Demand for MBA courses is soaring “Demand for MBA courses tends to be
as potential students aim to fend off countercyclical….When recession
the recession by boosting their looms, as is now the case, the
credentials and improving their opportunity cost of taking a career
career prospects.” break to update skills and build a
professional network at business
school reduces greatly.”
14
… …the effect COVID-19 and related travel bans which
stimulated students to look for domestic programs.
- Admissions officer from a B-school in Europe
Reasons
applications People are forced to change career directions due to
…
are up from COVID 19 and upgrading their current education status.
- Admissions officer from a B-school in Australia & Pacific Islands
admissions
officers’
… …a more hands on approach to recruiting and focusing
perspectives… on more each individual inquiry and applicant.
- Admissions officer from a B-school in the US
Q: What are the reasons your overall

application volume is (up/flat/down)
compared to year?
15
… The social movement in Hong Kong followed by COVID-19
disruptions impacted MBA student recruitment.
- Admissions officer from a B-school in East & Southeast Asia
Reasons
applications … Highly volatile economic situation - candidates are not
are down from willing to make new financial commitments.
- Admissions officer from a B-school in Middle East
admissions
officers’
… Increasing competition from more schools entering the
perspectives… online space; drop in organic search ranking.
- Admissions officer from a B-school in the US
Q: What are the reasons your overall

application volume is (up/flat/down)
compared to year?
16
B-schools adapted to the
new reality with flexibility In mid-September, as the data collection
for 2020 Application Trends Survey was
Respondents described how COVID-19 impacted various areas wrapping up, the economic uncertainty
of their programs. Here are the top two responses for each area. triggered by the pandemic persisted. On
September 11, Bloomberg noted “The
Recruitment global economy is getting back on the road
to growth, though returning to pre-
• 64% reduced travel budget
• 49% sought to recruit more domestic candidates pandemic levels of activity will be a longer
journey.”
Admissions
This uncertainty compelled b-schools to
• 57% extended application deadlines adopt a more flexible approach in their
• 57% allowed students to defer entry
recruitment, admission, and programs for
the 2020 incoming class. For example,
Program extended application deadlines allowed a
• 57% offered online start with transition to in-person new pool of applicants who were impacted
• 25% offered online start in the fall semester the economic downturn to apply to
How has COVID-19 (coronavirus) impacted the following areas of your program. graduate business school.
Select all that apply for each area [Marketing/Recruitment, Program, Admissions].
17
Summary of Relative Analysis
• This section includes a summary of

relative analysis based on the percent
change in application volume as
compared to the last year. Some of the
key dimensions of analysis include:
• Candidate Citizenship
• Program Types
• Regions
Back to Table of Contents
18
Overall, a higher proportion of programs report growth in
applications as compared to previous years
Relative Year-on-Year Change in Total Overall Applications, 2016-2020
11% 10%
16% 18% 19%
6%
11%
13% 12%
13%
16%
6%
21%
Percentage of programs
Significant decline (-21% or more)

18%
21% 14%
18% Moderate decline (-11-20%)
8%
8%
Slight decline (-1-10%)
13%
8% 7% Stable (No change)
20%
18% Slight growth (1-10%)
16% 16%
Moderate growth (11-20%)
13% Significant growth (21% or more)

10% 9% 39%
11%
16% 16% 13% 16%
2016 2017 2018 2019 2020
19
Nearly half of all graduate management programs report a
growth of over 10 percent in applications
Relative Change in Application Volumes, Overall, 2020
10%
27% 6%
12%
6% 6%
Moderate decline (-11-20%)
14% Slight decline (-1-10%)

Decline
Stable Stable (No change)
13%
Growth Slight growth (1-10%)
67% Moderate growth (11-20%)
Significant growth (21% or more)

39%
Relative change analysis is based on responses from 1,042 programs reporting percent change in application volume compared to last year.
Left-hand chart collapses three categories of growth and decline. Right-hand chart provides granular details.
20
Overall, most of the programs report growth in applications
from both domestic and international candidates
Relative Change in Domestic and International Application Volumes, Overall
8%
14%
24% 5%
32%
6% 12%
12%
12% 12%
18% 18% Moderate decline (-11-20%)
15%
Decline
10% Stable (No change)
Stable 13%
Slight growth (1-10%)
Growth
64% 8% Moderate growth (11-20%)
50%
40%
29%
International Domestic International Domestic
Citizenship of applicants Citizenship of applicants
• Left-hand chart collapses three categories of growth and decline. Right-hand chart provides granular details.
• “International” refers to an applicant who is not a citizen or resident of the country where the program is located.
• Relative change analysis is based on responses from 997 (domestic) and 982 (international) programs reporting percent change in application volume compared to last year.
21
Overall, 2 out of 3 programs report growth in applications
Relative Change in Total Application Volumes, by Program Location

100%
21%
27% 26% 27%
32%
0%
75% 2%
6% 6%
11%
50%
Decline
79% Stable
72%
67% 67%
57% Growth
25%
0%
Overall (N=1,042) Asia Pacific Canada Europe United States
(N =91) (N =39) (N = 133) (N =742)
Program location
22
Overall, 3 out of 4 full-time two-year MBA programs report
growth in applications
Relative Change in Application Volumes, by Program Type
22% 14%
24%
27% 30% 28% 26% 2%

42%
4% 7% 3%
7% 6% 11%
10%
Decline
84%
66% 72% 70% 69%
64% 64% Stable
48%
Growth
All MBA programs Full-time two-year Full-time one-year Part-time lockstep Part-time self-paced Flexible MBA (N=47) Online MBA (N=49) Executive MBA
(N=525) MBA (N=140) MBA (N=99) MBA (N=54) MBA (N=58) (N=62)
Program Type
18% 17% 23%

28%
2% 45% 5%
5%
4%
Nearly 80 percent of master
80%
5%
Decline
of finance and master in
78% 73%
67%
51% Stable management programs
Growth
report growth in applications
All business master's Master in Master of Master of Finance Master of Data
programs (N=496) Management Accounting (N = 95) Analytics
(N = 49) (N = 83) (N = 71)
Program Type
23
Overall, a higher proportion of European and Canadian
programs report growth in applications
Relative Year-on-Year Change in Total

Applications, by Region, 2019-2020 Relative Year-on-Year Change in Total Applications, by Region, 2019-2020
3% 0%
9% 5% 8% 5% 8%
11% 14% 9% 9%
3% 14% 13% 15%
6% 3% 4% 5% 5%
4% 13% 8%
6% 3% 3%
10% 10% 7% 11%
11% 0% 9%
16% 7% 9%
23%
2% 7%
6% 11% 5% 13%
23% 29% 11%
14% Significant decline (-21% or more)
11%
14% 13% 28% 16%
21% Moderate decline (-11-20%)
19%
14% 27% 27% Slight decline (-1-10%)
19% 15% 9%
13% 16% 11%
9%
Stable (No change)
11%
16%
15% 8% 14%
13%
7% Significant growth (21% or more)
44% 45%
41% 41% 41%
10% 39% 39%
23% 28%
23% 24%
14%
Asia Pacific Europe US Canada Asia Pacific Europe US Canada Asia Pacific Europe US Canada
24
Asia Pacific: 53 percent of programs report growth in
applications from women

Relative Year-on-Year Change in Total Applications,
Applications, 2016-2020
2019-2020
Asia Pacific, All Program Types
Asia Pacific, All Program Types
100%
100%
22%
29% 32% 26%
41% 32% 35% 33%
75% 6% 45% 38%
Percentage of Programs
75%
8%
11%
11%
28% 14%
12% 6% Decline 15%
50%
50% 27% Decline
Stable
72% Stable
63% Growth
57% Growth
25% 47% 49% 57% 53%
25% 45% 47%
37%
0%
0%
2016 2017 2018 2019 2020
Total Domestic Int'l Female Male
Year
Demographics
25
Canada: Most programs (84%) report growth in applications
from domestic candidates

2019-2020
All Canadian Business Programs
All Canadian Business Programs
100%
100%
8%
23% 21%
26% 21% 8% 22%
35% 24% 27%
0%
75% 3% 0%
55% 75%
11% 14%
2% 18%
16%
50% Decline
50% Decline
5% Stable
79% 84% Stable
75% 79%
63% Growth
55% 65% 65% Growth
25% 57%
41% 25%
0%
0%
2016 2017 2018 2019 2020
Year
Demographics
26
Europe: 3 out of 4 programs report growth in applications in 2020

2019-2020
All European Business Programs
All European Business Programs
100%
100%
27% 23% 26%
30% 26% 23% 26% 22%
42% 32%
75%
12% 2% 75% 8%
8% 2% 7% 5%
9%
8%
5%
50% Decline
50% Decline
Stable
72% Stable
65% 65% 61% Growth 72% 70% 69% 70%
25% 53% 59% Growth
25%
0%
0%
2016 2017 2018 2019 2020
Year
Demographics
27
US: Overall, the proportion of programs reporting growth
sharply increased in 2020

2019-2020
All US Business Programs
All US Business Programs
100%
100%
27% 23% 23%
27% 27% 26%
47% 34%
75%
54% 56% 75%

6%
60% 11%
6% 11%
11% 22%
50% Decline 19%

8% Decline
50%
8% 7% Stable
8% Stable
67% Growth 67% 67% 63% Growth
25% 61%
46% 56%
25% 47%
38% 37%
32%
0%
0%
2016 2017 2018 2019 2020
Total Domestic Int'l Female Male URP
Year
Demographics
28
Eighty percent of applications to European schools were from
international candidates
Location Distribution of Applications, by Program Location
44% 37%
Percentage of applications
49% 56%
80%
56% 51% 63%

44%
20%

Program location
Application Volume by Candidate Citizenship
Relative Change in Domestic Application Relative Change in International Application

Volumes, by Program Location Volumes, by Program Location
100% 8% 100%
23% 23% 8% 24%
35% 34% 26% 26%
75% 11% 7% 75% 5% 11%
19% 28%
50% 27% 50%
84% Decline Decline
67% 70% 69% 65%
25% Stable 25% 47% 45% Stable
37%
0% Growth 0% Growth
United Europe Canada Asia Pacific United Europe Canada Asia Pacific
States States
Program location Program location
“International” refers to an applicant who is not a citizen or resident of the country where the program is located. 29
Robust growth in applications from female candidates
pursuing graduate management education
Gender Distribution of Applications, by Program Location

Male Female Other
Percentage of applicants
44% 43% 41% 42% 45%
56% 57% 58% 57% 55%

Program Location
Application Volume by Gender
Relative Change in Application Volumes From Relative Change in Application Volumes From
Men, by Program Location Women, by Program Location
100% 100%
22%
26% 22% 27% 27% 32% 33%

38% 75%
75% 8% 14%
11% 16% 11% 8% 14%
50% 15% 50%
Decline Decline
63% 70% 61% 59% 65%
25% 57% 47% Stable 25% 53% Stable
0% Growth 0% Growth
United Europe Canada Asia Pacific United Europe Canada Asia Pacific
States States
Program location Program location
30
Overall, the proportion of programs reporting growth in
applications from women is the highest in the recent years
Relative Year-on-Year Change in Total Applications from Women, 2016-2020
US Canada
Overall
22%
27% 32% 34% 33% 34%
39% 48% 53% 51% 14%
11% 6% 3%
29% 16%
27%
37% 15%
42% 45% 14% 13%
46% 13%
59% 64% 65%
61% 50%
45% 41%
38% 34% 36%
11%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Decline 16%
16%
Stable 13% 13%
Growth
Europe Asia Pacific
60%
29% 22% 26% 24%
47% 37% 32%
42% 42% 41%
34% 42% 35% 33%
12% 10%
18% 15% 8%
15% 8% 12% 14%
16%
65% 59% 59% 66%
53% 48% 58% 53% 53%
42%
2016 2017 2018 2019 2020
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Bookmark GMAC Advisor Blog for latest insights.

31
Canada and Europe receive nearly 40 percent of their applications
from Central & South Asia and East & Southeast Asia
Regional Distribution of Applications, by Program Location
Africa Australia & Pacific Islands Canada Central & South Asia East & Southeast Asia Europe Latin America Middle East United States
66%
50%
44%
47%
36%
20%
20%
20%
19%
16%
11%
7%
7%
6%
4%
4%
3%
3%
3%
2%
2%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0% 0% 0%
Asia Pacific Canada Europe United States

Program location
32
Overall, 2 out of 3 programs say that the academic profile of
candidates is about the same as compared with last year
Academic Profile of Candidate Pool Compared With Last Year
More academically qualified About the same Less academically qualified
4%
11% 12% 14% 12%
63% 61% 61% 77% 61%
26% 27% 25% 27%

18%

Program location
33
MBA Programs: Relative Analysis
• This section includes relative analysis

based on the percent change in application
volume for 525 MBA programs compared
to the last year. Program types include:
• Full-time two-year MBA
• Full-time one-year MBA
• Part-time lockstep MBA
• Part-time self-paced MBA
• Flexible MBA
• Online MBA
• Executive MBA
34
Full-time MBA programs experience a surge in demand;
reversing historical trends
Full-Time MBA (Combined) Full-Time Two-Year MBA Full-Time One-Year MBA

3 3 3
2 2 2
1 1 1
0 0 0
-1 -1 -1
-2 -2 -2
-3 -3 -3
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'05
'07
'09
'11
'13
'15
'17
'19
'05
'07
'09
'11
'13
'15
'17
'19
Part-Time MBA (Combined) Part-Time Self-Paced MBA Part-Time Lockstep MBA
3 3 3
2 2 2
1 1 1
0 0 0
-1 -1 -1
-2 -2 -2
-3 -3 -3
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
Flexible MBA Executive MBA Online MBA

3 3 3
2 2 2
1 1 1
0 0 0
-1 -1 -1
-2 -2 -2
-3 -3 -3
'04
'06
'08
'10
'12
'14
'16
'18
'20
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
Scale: Relative change in application volume over time, where -3 indicates significant decline in volume compared to the previous year, 0
indicates no change from the previous year, and +3 indicates significant increase compared to the previous year.
35
Overall, 1 out of 3 MBA programs report “significant growth”
(20% or more) in applications in 2020
Relative Year-on-Year Change in Total MBA Applications
10% 8%
14% 15% 17%
6%
10%
13% 13%
16%
16%
22% 7%
25%
8% 8%
20% 8%
20%
18%
16% Moderate growth (11-20%)
13% 12% Significant growth (21% or more)
9% 37%
10%
16% 16% 13%

10%
2016 2017 2018 2019 2020

Year
36
Nearly 3 out of 4 full-time two-year MBA programs report
14%
27% 24% 22% 26%
30% 28% 2%
42%
4% 7%
7% 3% 11%
6%
10% Decline
84% Stable
72% 70% 69% Growth
66% 64% 64%
48%
All MBA programs Full-time two-year Full-time one-year Part-time lockstep Part-time self- Flexible MBA Online MBA Executive MBA
(n=525) MBA (n=140) MBA (n=99) MBA (n=54) paced MBA (n=58) (n=47) (n=49) (n=62)
37
Proportion of MBA programs reporting growth is higher in
Canada and the US as compared to Asia Pacific and Europe
Relative Year-on-Year Change in Total Relative Year-on-Year Change in Total MBA Applications, by Region, 2019-2020
MBA Applications, by Region, 2019-2020
0% 3% 0%
5% 6% 7% 4%
8% 3% 8%
14% 12% 13%
6% 6% 5% 8% 16%
5% 19% 5%
0%
4%
8% 10% 13% 10%
0% 27% 7% 17%
20% 20%
18%
14% 7%
12% 13%
27% 40%
2% 15% 6% 17%
14%
20% 28% 22% Slight decline (-1-10%)
13% 27% 22%
15% Stable (No change)
22% 12%
12%
14% 10%
14% 10% Moderate growth (11-20%)
8% 18% 6%
17%
42%
38% 13% 38% 36% 13%
10%
29% 27% 27% 26%
16% 13% 13%
11%
Asia Pacific Europe United States Canada Asia Pacific Europe United Canada Asia Pacific Europe United Canada
States States
38
Full-time MBA: A vast majority of globally ranked programs
Relative Year-on-Year Change in Total Application Volume

Full-Time MBA programs, by FT Report Rankings
Overall Domestic International Women
17% 21% 17% 15%

26% 24% 22% 29%
9% 12% 10%
5%
5% 10% 12%
12%
Decline
Stable
74% 74% 69% 71% 76%
Growth 66% 66% 59%
1-50 51-100 1-50 51-100 1-50 51-100 1-50 51-100

(n=46) (n=42) (n=42) (n=41) (n=41) (n=41) (n=41) (n=41)
Categories based on rankings from the 2020 FT Global MBA Rankings for full-time programs. For schools that reported multiple full-time MBA programs, the flagship program was used.
39
More MBA programs reported growth in applications from
domestic candidates as compared to international candidates

2019-2020
All MBA Programs
100%
27% 26% 29% 27%

34%
75%
Percentage of Programs 7% 13% 13%
13%
22%
50% Decline
Stable
Growth
66%
61% 58% 60%
25%
44%
0%
Overall Domestic Int'l Male Female
Demographics
40
Asia Pacific: A higher proportion of two-year full-time MBA
programs report growth than one-year
Relative Change in Application Volumes, by Program

Type, Asia Pacific
100%
30% 29%
75% 47%
9%
29%
50% 13% Decline
25% 61%
40% 43% Stable
0% Growth
Full-time one-year Full-time two-year PGP (N=14)
MBA (N=15) MBA (N=23)
Program Type
Relative Change in Domestic Application Volumes, by Relative Change in International Application

Program Type, Asia Pacific Volumes, by Program Type, Asia Pacific
9%
21%
30% 29% 33%
40%
39%
35% 43%
20% Decline 43% Decline
58%
Stable 52% Stable
40% 35% 36% 29%
Growth 8% Growth
Full-time one-year Full-time two-year PGP Full-time one-year Full-time two-year PGP
MBA MBA MBA MBA
Program Type Program type
PGP: Post Graduate Programs is a characteristic of Indian higher education policy where PGPs are awarded by colleges affiliated to universities and MBAs
are directly awarded by universities. In general, admissions criteria, curriculum and outcomes of PGPs and MBAs are similar. ISB and IIMs offer PGPs.
In this report, analysis based on total MBA applications includes PGP counts. PGP are not included in the one-year or two-year break-up of data. 41
Asia Pacific: More full-time two-year MBA programs report
growth in applications from female candidates

2019-2020
Asia Pacific Full-Time Two-Year MBA
Asia Pacific Full-Time Two-Year MBA
100%
100%
16% 9%
29% 25% 28% 19%
30%
4% 30% 30%
75% 0% 38%
75% 10%
9% 39%
9%
9%
24%
50% Decline 35% 19%
50% Decline
80% Stable
75% Stable
63% 61% Growth 71%
25% 61% Growth
47% 25% 52%
43%
35%
0%
0%
2016 2017 2018 2019 2020
Year
Demographics
Does not include PGP.

42
Asia Pacific: More full-time one-year MBA programs report
growth in applications from domestic candidates
Relative Year-on-Year Change in Total Applications, Relative Year-on-Year Change in Total Applications,
2016-2020 2019-2020
Asia Pacific Full-Time One-Year MBA Asia Pacific Full-Time One-Year MBA
100% 100%
26% 26% 29% 29%

36%
40%
75% 48% 47% 75% 47%
63%
11% 11%
29% 14%
50% Decline 50% 20% 43% Decline
10% 13% 13%
Stable Stable
6% Growth Growth
63% 63%
25% 25% 50%
43% 40% 40% 40% 43%
31% 29%
0% 0%
2016 2017 2018 2019 2020 Total Domestic Int'l Female Male
Year Demographics

43
Canada: A vast majority of full-time MBA programs (90%)
report growth in applications from domestic candidates
Relative Change in Domestic Application Volumes,

Full-Time MBA Programs, Canada
100% 0%
7%
13%
20%
0%
Percentage of programs 75% 13%
Decline
50%
93% Stable
87%
Growth
67%
25%
0%
Overall Domestic International
Demographics
44
Canada: MBA programs report growth in applications, fueled
by domestic candidates
2016-2020 2019-2020
Canada All MBA Programs Canada All MBA Programs
100% 100%
4%
19% 19% 8% 20%
22% 24%
30% 29%
0% 0%
75% 4% 47% 75%
53%
20%
15% 17% 24%
50% 3% Decline 50% Decline

5% Stable 88% Stable
81% 81%
74% Growth Growth
60%
56% 54% 52%
25% 50% 25%
42%
0% 0%
Year Demographics
45
Europe: 2 out of 3 full-time one-year MBA programs report
Relative Change in Application Volumes, by Program

Type, Europe
100%
31%
75% 50%
0%
50% Decline
10%
69% Stable
25%
40%
Growth
0%
Professional MBA Full-time one-year MBA
Program Type
Relative Change in Domestic Application Volumes, by Relative Change in International Application

Program Type, Europe Volumes, by Program Type, Europe
100% 100%
25% 31% 31%
38%
75% 0% 75%
10% 0% 7%
75% Stable Stable
59% 63% 62%
25% 25%
Growth Growth
0% 0%
Professional MBA Full-time one-year MBA Professional MBA Full-time one-year MBA
Program Type Program Type
46
Europe: Proportion of full-time one-year MBA programs
reporting growth increased in 2020
2016-2020 2019-2020
Full-time One-Year MBA Programs, Europe Full-time One-year MBA Programs, Europe
100% 100%
7%
26% 24%
17% 34% 31% 31% 31% 31%
42% 38%
75% 0% 75%
7%
0% 0%
3% 10% 7%
3%

Stable Stable
74% 76%
69% Growth 69% 69% Growth
63% 59% 62% 59%
25% 25%
45%
0% 0%
Year Demographics
47
US: Nearly 4 out of 5 full-time two-year MBA programs report
growth in domestic candidates
Relative Change in Application Volumes, by Program Type, United States

100%
12% 18%
2% 26% 26% 21% 21%
75% 46% 8% 9% 4%
4%
12%
Decline
50% 10%
86% Stable
70% 74% 70% 75%
62%
25% 44% Growth
0%
Executive MBA Online MBA Flexible MBA Part-time self- Part-time Full-time one- Full-time two-
paced MBA lockstep MBA year MBA year MBA
Relative Change in Domestic Application Volumes, by Relative Change in International Application Volumes, by
Program Type, United States Program Type, United States
Growth Stable Decline Growth Stable Decline
13% 12% 18% 20% 24%

13% 33% 34% 41% 34% 32% 32% 35%
41% 24% 2% 48%
21% 5%
10% 5% 38% 24% 19%
20% 31% 37%
75% 78% 29%
64% 57% 61% 61% 49% 59%
39% 38% 42% 32%
28% 24%
Executive Online MBA Flexible MBA Part-time Part-time Full-time Full-time Executive Online MBA Flexible MBA Part-time Part-time Full-time Full-time
MBA self-paced lockstep one-year two-year MBA self-paced lockstep one-year two-year
MBA MBA MBA MBA MBA MBA MBA MBA
48
US: A sharp reversal in the proportion of full-time two-year
MBA programs reporting growth in applications
Relative Year-on-Year Change in Total Applications, Relative Year-on-Year Change in Total Applications, 2019-
2016-2020 2020
US Full-time Two-Year MBA US Full-time Two-Year MBA
100% 100%
21% 20% 21% 18%

21%
28%
35%
4% 2%
4% 75% 8% 14%
75% 53%
7%
64%
70% 73% 5%

7% Stable Stable
75% 78%
75% 71% Growth
4% Growth 68%
65%
59%
25% 6% 5% 25%
40%
32%
24% 23%
0% 0%
2016 2017 2018 2019 2020 Total Domestic Int'l Female Male URPs
Year Demographics
49
US Full-time MBA: Growth in applications varies by the
ranking of the programs
Relative Year-on-Year Change in Total Application Volume

US Full-Time MBA programs, by US New s and W orld R eport Rankings
Overall International Women

Domestic
13% 18% 16% 17% 23% 23% 28% 22%

26% 25%
6% 2% 2% 43% 47% 5%
6% 2% 9% 13%
4% 13%
Decline
11%
Stable
13%
81% 76% 82% 74% 75% 73%
70% 73% 59% 64%
Growth
47% 40%
1-50 51-100* Unranked 1-50 51-100* Unranked 1-50 51-100* Unranked 1-50 51-100* Unranked
(n=48) (n=50) (n=50) (n=44) (n=48) (n=46) (n=44) (n=47) (n=48) (n=44) (n=46) (n=45)
Categories based on rankings from the 2021 US News and World Report Rankings for full-time MBA. For schools that reported multiple full-time MBA programs, the flagship program was used.
*Category of 51-100 includes 33 schools tied for 100th place
50
US: Nearly 70 percent of full-time one-year MBA programs
2016-2020 2020
US Full-time One-Year MBA US Full-time One-Year MBA
100% 100%
21% 21%
25% 25%
34% 32% 31%
75% 50% 51% 53% 9% 75% 9%

58% 11%
14%
5%
19% 22%

7% 6% 5% Stable Stable
12% 70% Growth 70% Growth
61% 64% 61%
25% 25% 49% 47%
43% 43% 42%
30%
0% 0%
2016 2017 2018 2019 2020 Total Domestic Int'l Women Male URPs
Year Demographics
51
US: A higher proportion of professional MBA programs* report
growth in applications from female candidates
Relative Year-on-Year Change in Total Relative Year-on-Year Change in Total Applications, 2019-
Applications, 2016-2020 2020
Professional MBA Programs, US Professional MBA Programs, US
100% 100%
12%
18% 15%
26% 26% 2% 21% 20% 22%
28%
35%
8%
75% 13%
4% 75% 6%
12% 16%
17%
12%
50%
Decline 50% Decline
31%
86%
Stable Stable
74% 70%
62% Growth 73% 72% Growth
25% 64% 60% 61%
25%
34%
0%
Flexible MBA Part-time Part-time Online MBA 0%
Lockstep Self-Paced Total Domestic Int'l Women Male URPs
Year Demographics
*Professional MBA programs include flexible, part-time lockstep, part-time self-paced and online MBA programs.
52
US: Nearly 3 out of 4 part-time MBA programs report growth
in applications
2016-2020 2020
US Part-Time MBA US Part-Time MBA
100% 100%
18% 21%
23% 23%
27%
33% 33%
75% 49% 48% 5% 75% 5% 13%

58% 54%
17%
15%
12%
Decline 30% Decline

50% 50%
7% 10%
8% Stable Stable
13% 72% Growth 72% 69% Growth
58% 62%
56%
25% 25%
42% 43%
38% 38%
29%
0% 0%
Year Demographics
53
US: A higher proportion of EMBA programs report growth in
applications as compared to last couple of years
2016-2020 2020
US EMBA US EMBA
100% 100%
33%
44% 41% 41% 43% 45%
75% 50% 50% 46% 75% 46%
62%
7% 28%
50% 10% Decline 50% 10% 20% Decline
7% 25% 18%
Growth Growth
10%
25% 49% 25%

43% 44% 44%
39% 38% 38%
33% 33%
29% 28%
0% 0%
Year Demographics
54
US: Online MBA programs report growth in applications from
female candidates and underrepresented populations
2016-2020 2020
US Online MBA US Online MBA
100% 100%
8%
12% 12% 13%
18% 20%
2% 2% 24% 8%
30%
40% 13%
47% 8%
75% 75% 13%
58%
15%
38%
10%
86% Stable 86% 85% Stable
6% 75%
Growth 74% Growth
67%
56%
25% 47% 50% 25%
36% 38%
0% 0%
2016 2017 2018 2019 2020 Total Domestic Int'l Women Male URPs
Year Demographics

55
Full-time MBA programs in Europe report a higher proportion of
international applicants (92%) as compared to the US (35%)
Full-Time MBA, Overall
Domestic International Full-Time MBA, Asia Pacific

52% 51% 46% 47% 44%
35% 35% 40% 34% 32%
48% 49% 54% 53% 56% 65% 65% 60% 66% 68%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Full-Time MBA, United States

Full-Time MBA, Europe
45% 37% 40% 35%

50%
88% 92% 91% 85% 92%

55% 63% 60% 65%
50%
12% 8% 9% 15% 8%
2016 2017 2018 2019 2020
2016 2017 2018 2019 2020
56
Over half of applicants for full-time MBA programs have work
experiences of six years or more
Work Experience of Applicants, by Program Type

None Less than 3 years 3-6 years 6 to less than 10 year 10 years or more
Full-Time Two-Year MBA 13% 24% 7% 32% 19%

Program type
Full-Time One-Year MBA 11% 26% 9% 31% 23%
Professional MBA 4% 40% 10% 27% 19%

Percentage of applicant pool
*Professional MBA programs include flexible, part-time lockstep, part-time self-paced and online MBA programs. Does not include PGP.
57
Proportion of candidates with six years or more has increased
as compared to previous years
Candidate Work Experience, Full-time two-year MBA Candidate Work Experience, Full-time one-year MBA
6% 7% 7% 10% 10%
12% 12% 12%
19% 23%
None 17% 18% 17%
20% 25% 21% 22% 22%

Less than 3 years
3-6 years 32%

32% 31%
38% 35%
6 to less than 10 year 7% 32%
35% 7% 33%
12% 9%
10 years or more
27%
24%
27% 24% 26% 26%
23% 16% 21% 21%
16% 18% 14%

12% 13% 13% 11% 13% 12% 11%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Year Year

58
Business Master’s Programs:
Relative Analysis
• The analysis presented in this section
is based on the survey responses of
523 business master’s programs,
including the following:
• Master in Management
• Master of Accounting
• Master of Finance
• Master of Data Analytics
59
A significant growth in applications as compared to the
previous year
Master of Accounting
Master in Management
3
3
2
2
1
1
0
0
-1
-1
-2
-2
-3
-3
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Master of Finance Master of Data Analytics

3 3
2 2
1 1
0 0
-1 -1
-2 -2
-3 -3
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '15 '16 '17 '18 '19 '20
Scale: Relative change in application volume over time, where -3 indicates significant decline in volume compared to the previous year, 0
indicates no change from the previous year, and +3 indicates significant increase compared to the previous year.
60
Overall, nearly 3 out of 5 business master’s programs report
growth of over 10 percent in applications
Relative Year-on-Year Change in Total Business Master’s Applications
11% 11%
20% 20% 21%
6%
12%
10%
10%
14%
15%
5%
19% 16%
9% Slight decline (-1-10%)
8% 13%
6%
Stable (No change)
9%
16%
14%
15%
12% 10%
12%
43%
6%
19% 17% 17% 19%
2016 2017 2018 2019 2020
61
Overall, 2 in 3 business master’s programs report growth in
applications
18% 17%
28% 23%
2% 5%
45%
4%
5%
5%
80% 78%
67% 73% Decline
51% Stable
Growth
All business master's Master in Management Master of Accounting Master of Finance Master of Data Analytics
programs (n=496) (n = 49) (n = 83) (n = 95) (n = 71)
Program Type
62
Proportion of business master’s programs reporting growth is
higher in Canada and Europe as compared to Asia Pacific and the US

Business Master’s Applications, by Region, Relative Year-on-Year Change in Total Business Master’s Applications, by Region, 2019-2020
2019-2020
10% 8% 10%
13% 10% 14% 14%
20% 3% 5% 20%
24%
28% 6% 4% 10% 28% 3%
5% 8% 7%
4%
2% 8%
1% 5%
13% 10% 10%
10% 4% 9% 13%
4% 20% 4% 13%
4% 5% 18% Significant decline (-21% or more)

10% 16% 10% 8% 10%
8% 15% 15% Moderate decline (-11-20%)
12% 11%
7% 8%
10% 0% Slight decline (-1-10%)
12%
24%
8%
60% 60% 60%
54% 12% 53% 52% 51% Significant growth (21% or more)
47%
44% 0%
40%
31%
20%
Asia Pacific Europe US Canada Asia Pacific Europe US Canada Asia Pacific Europe US Canada
63
A vast majority of business master’s programs report growth in
applications from both domestic and international candidates

All Business Master’s Programs
100%
22% 25%
28% 31% 31%
75%
10%
5% 9%
13% 10%
50% Decline
Stable
Growth
67% 68% 67%
56% 59%
25%
0%
Overall Domestic International Male Female
Demographics
64
Europe: A vast majority of Master of Finance and Master in
Management programs report growth in applications
Relative Change in Application Volumes
Master in Management, Europe Master of Finance, Europe
16% 15% 10%

0%
21% 21%
32% 0% 34% 10%
0%
13% 52% 57% 53%
11% 11%
Decline Decline
12% 84% 5% 90%
79% 75%
58% 55%
36% Growth 42% Growth
21%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Year Year
Master of Finance, Europe, 2020

Master in Management, Europe, 2020
100%
100% 6% 10% 15%
16% 6% 5%
5% 10%
75% 75%

89% 85%
79% 75% Stable
Stable
25% 25%
Growth Growth
0% 0%
International Domestic International Domestic
Citizenship Citizenship
“International” refers to an applicant who is not a citizen or resident of the country where the program is located. 65
Europe: Proportion of Master of Finance programs reporting
growth is highest in the recent five years

2016-2020
2019-2020
Master of Finance, Europe
Master of Finance, Europe
100%
100%
10%
15% 10% 10%
0% 15% 17% 17%
0%
34% 5%
10%
75% 10%
53% 11%
57% 75% 17%
11%
50% Decline
50% Decline
5% 90%
Stable 90%
85% Stable
75%
Growth 75%
21% 72% Growth
67%
55%
25%
42% 25%
21%
0%
0%
2016 2017 2018 2019 2020
Year
Demographics
66
Europe: Proportion of Master in Management programs
reporting growth is highest in the recent years

2016-2020
2019-2020
Master in Management, Europe
Master in Management, Europe
100%
100%
6% 6%
16% 0%
21% 21% 16% 6% 16% 19%
32% 0%
0%
0% 5% 0%
75% 52%
13% 75%
11%
50% Decline
50% Decline
84% Stable 94%
12% 89% Stable
79% 84% 81%
Growth 79%
66% Growth
58%
25%
25%
36%
0%
0%
2016 2017 2018 2019 2020
Year
Demographics
67
US: 9 out of 10 Master in Management programs report growth in
applications from underrepresented minorities
Master in Management, US Relative Year-on-Year Change in Total Applications, 2019-2020

100% Master in Management, US
24% 100%
36%
75% 50% 49% 0%
15% 12%
71% 20% 20%
14% 24% 0%
50% 6% Decline 0%
12% 35%
76% Stable
75% 0% 10% 10%
25% 50% 5% 46%
38% Growth
24%
0%
2016 2017 2018 2019 2020 15%
Year 50% Decline
Master in Management, US, 2020 85% 88% Stable
100% 76% Growth
15% 70% 70%
0%
35%
75% 25% 50%
5%
50% Decline
85%
Stable
25% 50%
Growth 0%
Total Domestic Int'l Female Male URPs
0%
International Domestic Demographics
Citizenship
68
US: Nearly 3 in 4 Master of Finance programs report increase in
applications, reversing trend of previous three years
Master of Finance, US
100%
18%
34%
Relative Year-on-Year Change in Total Applications, 2019-2020
75% 8% Master of Finance, US
64% 57% 57%
11% 100%
50% Decline
8% 6% 73% 18% 19% 19% 20%
6% Stable
25% 55% 28%
35% 37% Growth 33%
30% 3%
8% 4%
0% 75%
2016 2017 2018 2019 2020 2%
2% 29%
Year
Master of Finance, US, 2020 50% Decline

100% Stable
19% 78% 77%
33% 73% 70% Growth

75% 3% 66%
2%
25% 51%
50% Decline
78% Stable
66%
25%
Growth
0% 0%
International Domestic Total Domestic Int'l Female Male URPs
Citizenship Demographics
69
US: 3 out of 4 Master of Data Analytics programs report
Master of Data Analytics, US

100% Relative Year-on-Year Change in Total Applications, 2019-2020
6%
0% 19% Master in Data Analytics, US
28% 24%
75% 7% 42%
5% 100%
8%
5% 18%
50% 94% Decline 24% 23% 21% 24%
25%
74% 71% Stable
64%
25% 53% 11%
Growth 75% 5%
5% 11% 5%
0%
2016 2017 2018 2019 2020 27%
Year
50% Decline
Master of Data Analytics, US, 2020 Stable
100% 72% 74% Growth
71% 70%
18% 67%
23%
75% 11%
11% 25% 49%
50% Decline
67% 72% Stable

25%
Growth 0%
0% Total Domestic Int'l Female Male URPs
Citizenship
70
US: Proportion of Master of Accounting programs reporting
growth in applications is highest in the last five years
Master of Accounting, US
Relative Year-on-Year Change in Total Applications, 2019-2020
100%
Master of Accounting, US
75% 51% 46% 100%

60% 68% 60%
50% 4% Decline
5% 28% 32% 31%
10% 8% Stable
5% 41%
25% 44% 51% 46% 47%
Growth 75%
30% 27% 31%
0%
16% 10%
2016 2017 2018 2019 2020
Year 26%
4%
50% Decline
22% 10%
Master of Accounting, US, 2020 Stable
100% Growth
28% 58%
75% 41% 55%
25% 51%
16% 43% 43%
37%
50% 22% Decline
Stable
25% 55%
37% Growth 0%
Total Domestic Int'l Female Male URPs
0%
Citizenship
71
Other Master Degrees in the US: 2 out of 3 programs report growth
in applications from underrepresented populations
Relative Year-on-Year Change in Total Relative Year-on-Year Change in Total Relative Year-on-Year Change in Total
Applications, 2019-2020 Applications, 2019-2020 Applications, 2019-2020
Master of Information Technology, US Master of Supply Chain Management, US Master of Marketing, US
100% 100% 100%
10% 11%
21% 18% 17% 15%
24% 26% 24%
32% 29% 5% 25%
36% 33% 30%
39% 6% 41% 41% 10%
75% 75% 17% 75% 28%
11% 5%
18%
0%
10%
16%
2% 6%
18% 15%
0%
16%
50% 50% 18% 50%
85%
76% 75%
66% 71% 67% 71%
62% 58% 61% 61% 65% 61%
59%
25% 50% 25% 55%
45% 25%
41%
0% 0% 0%
Total Domestic Int'l Women Male URPs Total Domestic Int'l Women Male URPs Total Domestic Int'l Female Male URPs
Demographics Demographics Demographics
Growth Stable Decline Growth Stable Decline Growth Stable Decline

72
International candidates form a majority of applications for
Master of Finance programs in Europe (83%) and the US (75%)
Master in Management, US Master in Management, Europe
Domestic International Domestic International
Percentage of Applicant Pool

35% 46% 46% 39%
49% 61%
78% 75% 81% 74%
65% 54% 54% 61%

51%
39% 25% 26%
22% 19%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Master of Finance, US Master of Finance, Europe
Domestic International Domestic International


81% 75% 71% 75% 83% 83%
84% 85% 90% 87%
19% 25% 29% 25% 17% 17%

16% 15% 10% 13%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
* Not displayed due to insufficient response.
73
Nearly 1 out of 3 applicants for business master’s programs
have no work experience
Work Experience of Applicants, by Program Type

None Less than three years 3 years, but less than 6 years 6 years, but less than 10 years 10 years or more
Master in Management 30% 54% 6% 6% 3%
Master of Finance 32% 51% 6% 8% 3%

Program type
Master of Accounting 30% 57% 3% 7% 3%
Master of Data Analytics 30% 57% 8% 10% 5%
74
Impact of COVID-19
The analysis presented in this

section is focuses on the impact of
COVID-19 on marketing/recruitment,
admissions, and programs.
75
COVID-19 Impact on Marketing/Recruitment - Overall
Reduced travel budget 64%
Sought to recruit more domestic candidates 49%
Increased marketing/recruitment activities 44%
Increased budget for online initiatives 33%
Decreased marketing/recruitment activities 20%
Sought to recruit more international candidates 10%
Other 6%
None of these 10%
How has COVID-19 (coronavirus) impacted the following areas of your program. Select all that apply for each area:*
76
COVID-19 Impact on Marketing/Recruitment by Region
66%
63%
60% 59%
57% 58%
55%
51%
49% 49% 47%
42%
38% 38%
35% 36%
25%
20%
16%
14% 13% 14%
8%
7%
Reduced travel budget Sought to recruit more Increased Increased budget for online Decreased Sought to recruit more
domestic candidates marketing/recruitment initiatives marketing/recruitment international candidates
activities activities
Excludes Other and None
77
COVID-19 Impact on Marketing/Recruitment – MBA vs Master’s
MBA Master's
67%
61%
53%
46% 45%
44%
36%
29%
23%
16% 15%
6%
Reduced travel budget Sought to recruit more domestic Increased marketing/recruitment Increased budget for online initiatives Decreased marketing/recruitment Sought to recruit more international
candidates activities activities candidates

78
COVID-19 Impact on Admissions - Overall
Extended the application deadline 57%
Allowed students to defer entry 57%
Waived admission tests 46%
Conducted online interviews 34%

Extended deposit deadlines 33%
Waived application fees 30%
Accepted substitute/additional admission tests 24%
Added additional admission rounds 22%
Increased the size of the waitlist 9%
Waived deposit requirements 9%
Reduced class/cohort sizes 9%
Other 7%
None of these 10%
79
COVID-19 Impact on Admissions by Region

70%
63%
61%
59%
56%
55%
53%
51%
50%
50%
43%
40%
39%
36%
35%
34%
33%
30%
30%
29%
26%
23%
23%
22%
22%
21%
20%
18%
14%
13%
11%
11%
10%
9%
8%
7%
6%
5%
3%
3%
3%
2%
2%
1%
Allowed students to Extended the Waived admission Waived application Conducted online Extended deposit Accepted Added additional Waived deposit Reduced Increased the size
defer entry application deadline tests fees interviews deadlines substitute/additional admission rounds requirements class/cohort sizes of the waitlist
admission tests
80
COVID-19 Impact on Admissions – MBA vs Master’s
MBA Master's
60% 60%
57%
55%
49% 49%
45%
33% 34%
32%
29%
26%
25%
22%
19% 20%
10% 10% 10%

8% 8% 8%
Allowed students to Extended the Conducted online Waived admission Extended deposit Waived application Added additional Accepted Increased the size of Reduced Waived deposit
defer entry application deadline interviews tests deadlines fees admission rounds substitute/additional the waitlist class/cohort sizes requirements
admission tests
81
COVID-19 Impact on Program - Overall
Offered online start with a transition to in-person 57%
Offered online start in the fall semester 25%
Eliminated pre-program activities 19%
Other 14%
Increased scholarship funds 13%
Delayed the program start date 13%
Reduced program tuition 3%
Reduced the overall program duration 2%
Canceled semester/term 0%
None of these 20%


82
COVID-19 Impact on Program by Region
75% Asia Pacific Canada Europe United States

73%
64%
53%
38% 39%
25% 26%
23% 24%
22%
20%
18% 18% 18%
17%
15% 15%
12% 11% 12%
9%
7% 6%
5%
3%
0% 0%
Offered online start with a Offered online start in the None of these Eliminated pre-program Increased scholarship funds Delayed the program start Reduced program tuition
transition to in-person fall semester activities date
Excludes Other, “Canceled semester/term”, and “Reduced the overall program duration”
83
COVID-19 Impact on Program – MBA vs Master’s
MBA Master's
60%
53%
26%
24%
21% 22%
18%
16% 16%
14%
11% 12%
4% 3%
Offered online start with Offered online start in Eliminated pre-program None of these Increased scholarship Delayed the program Reduced program tuition
transition to in-person the fall semester activities funds start date
Excludes Other, “Canceled semester/term”, and “Reduced the overall program duration”
84
About
GMAC, Methodology,
Respondent Profile & Contacts
85
GMAC™
The Graduate Management Admission Council™ (GMAC™) is a mission-driven Our flagship portal for graduate management education resources and
association of leading graduate business schools worldwide. Founded in information, www.mba.com, receives over 7 million visits a year and features
1953, we are committed to creating solutions for business schools and the Program Finder matching tool and GMASS™ search service, a data-driven
candidates to better discover, evaluate and connect with each other. We technology that helps connect candidates and business schools. These
work on behalf of the schools and the graduate management education platforms are part of GMAC Connect, a suite of services that helps schools
community, and guide candidates on their journey to higher education, attract students through recruiting solutions that marry our market
to ensure that no talent goes undiscovered. intelligence, data, reach and candidate touchpoints.
GMAC provides world-class research, professional development opportunities Subsidiaries of GMAC include UK-based online publishing company
and assessments for the graduate management education industry, designed BusinessBecause, a content-rich destination that helps students identify
to advance the art and science of admissions. Owned and administered by the right-fit business schools during the critical consideration and selection
GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the phases of their journey, and The MBA Tour, which supports business schools’
most widely used graduate business school assessment, recognized by more global recruiting efforts by organizing business education-focused events
than 7,000 programs worldwide. Other GMAC assessments include the NMAT around the world.
by GMAC™ (NMAT™) exam, for entrance into graduate management
programs in India, Nigeria, the Philippines, and South Africa, and the GMAC is a global organization with offices in China, India, Singapore,
Executive Assessment (EA), which supports the admissions needs of United Kingdom and the United States. To learn more about our work,
more than 160 programs around the world. please visit www.gmac.com.
https://www.gmac.com/about-us
86
Methodology
The Graduate Management Admission Council conducted its 20th annual Relative change analysis involves year-on-year comparison of all programs
Application Trends Survey from July 30 and September 14, 2020. that responded to the 2020 survey as compared with 2019 respondents.
The survey questionnaire contained approximately two dozen questions Absolute year-on-year change analysis involves comparing the number of
and was administered online. All survey questions might not have been applications received by programs that responded to consecutive years’ surveys,
applicable to all responding programs. allowing for an apples-to-apples comparison of the volume of applications
received in one year versus another. A weighting methodology was applied to
By the survey closing date, a total of 306 business schools and faculties the overall absolute change sample to adjust for the regional distribution of
worldwide participated in the survey and submitted data for 1,085 selective GME programs globally - using data from AACSB, EFMD, and AMBA.
graduate management programs. All application numbers and trends Absolute year-on-year change for specific countries or regions is not weighted.
discussed in this report refer to completed applications that contained all
documents needed for making an admissions decision. “International” refers to an applicant who is not a citizen or resident of the
country where the program is located.
Participating programs include 525 MBA programs, 523 business master’s
programs, 16 post-graduate programs (PGP), and 21 doctoral programs. PGP: Post Graduate Programs is a characteristic of Indian higher education
This report highlights trends for the various MBA program types, in policy where PGPs are awarded by colleges affiliated to universities and MBAs
addition to other business master’s programs offered at graduate business are directly awarded by universities. In general, admissions criteria, curriculum
schools in subjects like economics, entrepreneurship, health/public and outcomes of PGPs and MBAs are similar. ISB and IIMs offer PGPs. In this
administration, human resources, and marketing. report, analysis based on total MBA applications includes PGP counts. PGPs are
not included in the one-year or two-year break-up of data.
Reported survey findings are based on data submitted by responding
programs and are not a census of all graduate management programs. Participating graduate business schools receive access to an Interactive Data
Percentages in tables may not add to 100, due either to multiple responses Report, which allows users to filter and explore the survey data by a number of
provided by respondents or to rounding. Data are not reported if the variables, and a Benchmark Report, which allows users to benchmark their
number of responses in a table cell is less than 10. Unless otherwise programs’ responses against the aggregated responses from a minimum of five
specified, responses “don’t know,” “prefer not to say,” or “not applicable” peer programs of their choosing.
are not included.
87
Participant Profile
Asia Latin
Africa Canada Europe Middle East United States Total
Pacific America
Number of business schools 4 47 15 46 7 2 204 325
Number of Programs, by Program Type
MBA Programs
Full-time two-year MBA 1 23 9 3 2 0 103 141
Full-time one-year MBA 1 16 7 29 3 2 44 102
Part-time lockstep MBA 1 5 2 5 3 0 41 57
Part-time self-paced MBA 1 0 1 1 1 0 55 59
Flexible MBA 0 2 3 0 0 0 42 47
Executive MBA 1 5 2 10 2 2 41 63
Online MBA 0 0 2 5 1 1 46 55
Other MBA 0 0 1 0 0 0 0 1
Total 5 51 27 53 12 5 372 525
Business Master’s Programs
Master's of accounting 0 4 0 0 0 0 81 85
Master's of data analytics 0 2 2 6 0 2 69 81
Master's of finance 0 5 5 20 4 1 61 96
Master's in management 0 6 2 20 1 0 24 53
Master's of information technology 0 1 0 0 0 0 43 44
Master's in marketing 0 3 0 6 2 0 22 33
Master's of supply chain management 0 1 0 1 1 0 21 24
Other business master's 0 5 1 31 3 1 66 107
Total 0 27 10 84 11 4 387 523
Other Programs
PhD/DBA 0 2 3 0 0 1 15 21
PGP 0 15 0 0 0 0 1 16
Total 0 17 3 0 0 1 16 37
Total Responding Programs 5 95 40 137 23 10 775 1,085
88
525 MBA programs and 523 business master’s programs
participated in the 2020 Application Trends Survey
MBA and PGP Program Distribution Business Master’s and PhD Program Distribution
Full-time two-year MBA 141 Other Business Master's 107

Africa
Asia-Pacific
Master of Finance 96
Full-time one-year MBA 102 Canada
Europe
Master of Accounting 85
Executive MBA 63 Latin America
Master of Data Analytics Middle East

81
Part-time self-paced MBA 59 United States
Master in Management 53
Part-time lockstep MBA 57
Master of Information Technology 44
Online MBA 55
Master's in marketing 33
Flexible MBA 47
Master's of supply chain management 24
PGP 16 PhD 21
89
Program Statistics
Total MBA* Business Master's Full-time MBA Professional MBA Executive MBA
Global N=1,085 N=541 N=522 N=255 N=218 N=63

Median Total Applications 124 131 121 228 122 53
Percentage of Domestic Applications 56% 70% 43% 56% 84% 77%

Percentage of International Applications 44% 30% 57% 44% 16% 23%
Percentage of Male Applications 56% 60% 51% 62% 56% 66%

Percentage of Female Applications 44% 40% 49% 38% 44% 34%
Applications Per Seat (median) 2.71 2.14 3.41 3.87 1.72 1.51
Class Size (median) 45 55 36 55 68 33
Acceptance rate (2020) (median) 70% 70% 70% 52% 78% 84%
Yield rates (Enrollment) (2020) (median) 60% 64% 53% 52% 71% 72%
Deferral rate 2020) (median) 6% 7% 5% 8% 5% 7%
• PGP is included in MBA; PGP is included in full-time MBA based if a respondent self-reported the program as such
• Professional MBA programs include flexible, part-time lockstep, part-time self-paced and online MBA programs
• “International” refers to an applicant who is not a citizen or resident of the country where the program is located
90
Regional Locations of Programs
Africa: Egypt, Nigeria, South Africa United States
Australia and Pacific Islands: Australia The US South includes Alabama, Arkansas, the District of Columbia, Florida,
Georgia, Kentucky, Louisiana, Maryland, North Carolina, Oklahoma, South Carolina,
Canada Tennessee, Texas, Virginia
Central and South Asia: India The US Midwest includes Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota,
East and Southeast Asia: China, Hong Kong SAR, Japan, South Korea, Malaysia, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin
Singapore, Taiwan, Thailand The US West includes Arizona, California, Colorado, Hawaii, Nevada, Oregon,
Europe: Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Utah, Washington
Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom
Latin America: Brazil, Colombia, Costa Rica, Mexico, Venezuela
Middle East: Lebanon, Turkey, United Arab Emirates
For the purposes of this survey, US regions are based on regional classifications used by the US Census Bureau.
The US Northeast includes Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
91
Contributors and Contact Information
Contributors
Dr. Rahul Choudaha, Industry Insights and Research Communications Director, author; Rhonda Daniel, Former Senior Manager, Research, questionnaire
development, analysis and interpretation of data; Maryam Bastani, Research Senior Coordinator administrative work; Devina Caruthers, Research Associate
Manager, analysis and interpretation of data; Rebecca Estrada, Senior Consultant (Data analysis and interpretation of data); Tacoma Williams, Research
Senior Coordinator, administrative work and quality assurance.
We appreciate feedback provided by several colleagues on various drafts of this report.
Contact Information
For questions or comments regarding the findings, methodology, or data, please contact the GMAC Research Department at research@gmac.com
For speaking opportunities, please contact Dr. Rahul Choudaha, Industry Insights and Research Communications Director at rchoudaha@gmac.com
For media enquiries, please contact Geoff Basye, Director of Media Relations, at gbasye@gmac.com
92
GMAC Research
GMAT
Statistics, Geographic Trend Report,
Profiles of Test-takers
Survey Research
mba.com Prospective Students
Survey, Application Trends Survey,
Corporate Recruiters Survey, Alumni
Perspectives Survey
Engagements
• Blogs
• Infographics
• Reports
• Webinars
gmac.com/research
References and Bibliographic 93

©2020 Graduate Management Admission Council (GMAC). All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, distributed or
transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of GMAC. For permission
contact the GMAC Legal Department at legal@gmac.com. GMAC™, GMAT™, Graduate Management Admission Council™, NMAT by GMAC™ are trademarks of gmac in
the United States and other countries. NMAT™ is a trademark of Graduate Management Global Connection (India) Private Limited (GMGC), a subsidiary of GMAC.
94

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November 10, 2020

The Global Demand

Access report, webinar, blog, and infographic

1. Executive Summary (3-17)

2. Summary of Relative Analysis (18-33)

3. MBA Programs: Relative Analysis (34-58)

4. Business Master’s Programs: Relative Analysis (59-74)

5. Impact of COVID-19 (75-84)

©2020 Graduate Management Admission Council (GMAC). All rights reserved.

About the Report

The 2020 application season for graduate business schools

Many b-schools responded by adopting flexible admissions

Programs Reporting Increase in Application Volume, 2018-2019 and 2019-2020

49% 57% 55% 53%

Acceptance Rates (Median)

Deferral Rates (Median) Overall, the deferral rates (median) increased

Yield Rates (Median)

Pacific, Canada, and Europe reporting a

Programs Reporting Increase in Application Volume, 2018-2019 and 2019-2020

Overall, 2 in 3 MBA and business master’s

67% 66% 67%

Acceptance Rates (Median)

Deferral Rates (Median)

2019 2020 Overall, the median deferral rates for MBA

Overall MBA Business Master's

Yield Rates (Median)

Overall MBA Business Master's

MBA Business Master’s

Acceptance Rates (Median)

Deferral Rates (Median)

Yield Rates (Median)

Yield and deferral rates

Yield Rate Deferral Rate

Weighted Absolute Year-on-Year Change

Year-on-Year Change in Applications

Year-on-Year Change in Applications

Weighted Absolute Year-on-Year Change

Year-on-Year Change in Applications

13.2% 12.0% 10.2%

-0.2% -2.9% -3.9%

Weighted Absolute Year-on-Year Change

MBA Program Type

Year-on-year Change in Applications

0.6% 1.4% 1.8%

Absolute Year-on-Year Change by Program Location

Total Applications Total International Applications

Year-on-year Change in Applications

Year-on-year Change in Applications

Absolute Year-on-Year Change by Program Location

Year-on-year Change in Applications

Year-on-year Change in Applications

Year-on-year Change in Applications

-7.1% -7.2% -5.9%

2010, July 20 2020, June 21

Q: What are the reasons your overall

Q: What are the reasons your overall

• This section includes a summary of

Back to Table of Contents

Relative Year-on-Year Change in Total Overall Applications, 2016-2020