The number of specialist postgraduate master’s students at business schools around the world has grown by 19 percent over the past six years, outstripping the growth of MBA programs, according to a new report from AACSB International (AACSB).
The new report – Master’s Enrolment at AACSB Schools: A Shifting Landscape – analyses graduate enrolment at more than 100 AACB accredited institutions.
The report highlights the resilience of business programs in recent years, demonstrating that not only are business schools adapting to a fast-changing landscape, but current and future leaders continue to see graduate business education as a key pathway for workplace preparation and advancement.
AACSB CEO and President Lily Bi enrolments in graduate business programs had not been immune to the complex changes in market forces in recent years.
“While our latest report reveals some of those fluctuations, the overall picture of master’s programs at AACSB schools is one of strength and adaptability,” she said.
Findings from the report reveal how business schools and potential students have responded to several major shifts in global society around the pandemic, including the accelerated need for remote learning, new demands for employee upskilling, changes to international mobility, and an increasingly competitive educational landscape.
The report’s key findings were:
- Total master’s program enrolments have grown 13 percent over the past six years, with more than half of the schools reporting gains. Specialist programs account for about 50 percent of total enrolment, while MBA programs represent around 30 percent. Regional and program-specific factors shape these trends.
- Specialised master’s programs have shown the strongest growth among all master’s program types, with 61 percent of schools globally reporting increased enrolments.
- Executive MBA programs have seen relatively stable enrolment, with a notable surge in 2021–22. This spike may be due to post-pandemic factors or the “Great Resignation,” as executives sought opportunities for upskilling. Since that period, enrolment has levelled off, returning to pre-pandemic levels.
- MBA programs experienced modest growth starting in 2018–19 and peaking in 2021–22. However, by 2023–24, enrolment had returned to pre-pandemic levels, resulting in a slight overall decline of 1 percent over the six-year period.
- Specialised master’s enrollment has grown by 19 percent over the past six years, with steady annual increases of around 3 percent, highlighting the strong and sustained demand for these programs.
- Despite decreased international student enrolment in 2020-21, enrolment levels have now surpassed pre-pandemic levels and are the highest in the Asia Pacific region, followed by EMEA and then the Americas.
“When we compare application trends across master’s specialist, MBA, and master’s generalist programs, which often attract similar candidates, it’s clear that master’s specialist programs are in the highest demand,” the report said.
“This program type has accounted, on average, for around 60 percent of all applications over the last six years, peaking at 64 percent in the 2023–24 cycle. In contrast, MBA programs have seen a steady decline in their share of applications, falling from 30 percent in 2018–19 to just 24 percent in 2023–24.”
Gender balance
The report showed that female representation in business graduate education varies by program. While some have reached near gender parity, others remain male-dominated, showing that certain programs are better at attracting female students.
Although female enrollment still lags in many areas, slow but steady progress is taking shape, with small increases in female representation indicating gradual efforts to close the gender gap.
- Executive MBA programs consistently show the widest gender disparity across all program types. In 2018–19, women made up only 31 percent of total EMBA enrollment, but by 2023–24, this number had grown slightly to 34 percent. However, this gender gap persists across all regions, indicating that EMBA programs globally face challenges with gender inclusivity.While the total number of women enrolled in these programs has increased, overall enrolment in the Americas has declined, suggesting that broader factors, such as declining demand for executive programs, may be at play.
EMBAs inherently target senior business executives and managers, as these programs are designed to meet the needs of leaders at that level. Consequently, the gender imbalance in EMBA enrollment may reflect the broader gender imbalance among executives in companies. Additionally, the ongoing gender gap in EMBA programs hints at possible barriers for women in executive education, which could include work-life balance, institutional biases, or limited outreach efforts.
- MBA programs are closer to achieving gender balance but remain male-dominated. Female enrollment has held steady at around 40 percent over the past six years, a trend that is consistent across all regions. This persistent gender imbalance highlights the need for more targeted efforts to boost female participation, such as mentorship programs, scholarships, and leadership development opportunities.
- Master’s specialist and master’s generalist (non-MBA) programs are approaching gender parity, with female enrollment nearing 50 percent in many regions. In some cases, particularly in the Asia Pacific region, women have slightly outnumbered men, demonstrating a more balanced gender representation.These programs may be more attractive to women due to features like shorter time frames, less reliance on prior work experience, in-demand skill development, and the direct career pathways they tend to offer.
