With globalization, there is an international move toward university and post-graduate education. This development is profound in the global MBA market mba degree. With this move, there are some generally shared trends that are and will be impacting the MBA student and market. This article is the first in a series about these MBA trends both on a global and a local market level.
According to a report done by the Graduate Management Admission Council (GMAC)–a global nonprofit education organization–there has been a marked increase in demand for a MBA education since 2006. This increase in demand is seen in all categories of MBA education. Whereas there was an annual average decrease of at least 10% year over year from 2003 to 2005, there has been a composite average increase of 42% in 2006 and 41% in 2007 when accounting for full-time, part-time, and executive MBA programs combined. With the increasing interest and demand for a MBA education, there has been a marked decrease in the number of applications to the PhD program for the 2007 academic year.
Following a basic tenet of any MBA program, the supply and demand must equalize. This factor was found to be a key issue regarding trends in MBA education. One prescient report in 2003 notes that, “the current higher education infrastructure cannot accommodate the growing college-aged population and enrollements (2).”
As a result, the strong growth in demand has been marked by significant growth in MBA education options internationally. For example there were more than 8 times as many new MBA or MBA-type programs introduced in the first 6 months of 2007 than there were in the entire 12-month period of 1997 (3). This explosive growth can be seen around the world.