November 10, 2020 The Global Demand For Graduate Management Education

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November 10, 2020The Global Demandfor GraduateManagementEducationApplication Trends Survey 2020Access report, webinar, blog, and infographic

Contents1. 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 Statisticsc)Contributors and Contact Information 2020 Graduate Management Admission Council (GMAC). All rights reserved.2

About the StudyAbout the ReportThe Graduate Management Admission Council (GMAC)conducts the annual Application Trends Survey (ATS) ofbusiness school admissions offices around the world to offertimely insights into the demand for graduate managementeducation (GME). This survey benefits admissions, recruitment,and marketing professionals in understanding the candidatepipeline and informing their future strategies.The 2020 report was delayed by a few weeks to gauge theimpact of COVID-19 on application trends. Since many bschools responded to the pandemic-induced uncertainty byadopting a range of flexible admissions approaches, includingextended deadlines, this report focuses on global demand forGME and analyzes differences by programs and regions. Thissurvey data was collected between July 30 and September 14,2020, and garnered responses from 1,085 programs at325 business schools worldwide. More details areavailable under the methodology section, along with therespondent profile and program statistics. The report uses two approaches to assesschanges in the volume of applications forgraduate management programs: Absolute change analysis is based on731 programs that responded to both the2019 and 2020 surveys. It analyzes theapplication volume to provide a pair-wisecomparison. Weighted absolute changeadjusts for the regional distribution ofselective GME programs. Relative change analysis is based on1,085 programs that responded to the2020 survey. It summarizes the percentchange in the application volume, asreported by the participating programs in2020.3

Reconfiguration of the enrollment funnelThe 2020 application season for graduate business schoolswas unlike any other. The pandemic-induced uncertaintyimpacted the decisions of b-schools and candidates andreconfigured the enrollment funnel.Many b-schools responded by adopting flexible admissionsapproaches, including extended deadlines and deferralpolicies. As a result, the number of applications increased. Bschools also hedged enrollment risks by increasingacceptance rates.For candidates, GME offers a pathway to emerge from theeconomic downturn with better career prospects. While morecandidates applied to b-schools, deferral rates also went updue to concerns about online learning, travel, and visas. Thisshift in choice pattern ultimately resulted in a lower yield formany b-schools.Increase in applicationsIncrease in acceptance ratesIncrease in deferral ratesDecrease in yield ratesAcceptance 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 RegionPercentage ofprogramsPrograms Reporting Increase in Application Volume, 2018-2019 and 2019-202041%67%Overall49%57%55%Asia Pacific79%53%Canada2018-2019*72%67%37%EuropeUnited StatesPercentage of programs reporting growth inapplications for 2020 as compared to lastyear has increased across all regions.2019-2020Deferral rateAcceptance rateAcceptance Rates (Median)65%201970%41%Overall42%202040%Asia Pacific41%71%42%Canada75%44%EuropeUnited StatesDeferral Rates (Median)201920206%2%Overall1%2%Asia Pacific9%4%Canada6%5%EuropeOverall, the median acceptance rate wasslightly higher at 70 percent in 2020 ascompared to 65 percent in 2019.2%6%United StatesOverall, the deferral rates (median) increasedfrom 2 percent in 2019 to 6 percent in 2020with American and Canadian programsreporting a higher jump.Yield Rates (Median)Yield rate201962%60%Overall62%51%Asia Pacific66%202061%Canada62%57%Europe61%60%United StatesThe median yield rates for 2020 decreasedacross the regions with the programs in AsiaPacific, Canada, and Europe reporting asharper decline.*Percentage of programs reporting increased application volume between 2018-2019 is from the GMAC 2019 Application Trends Survey Report.5

Enrollment Funnel by Program TypePrograms Reporting Increase in Application Volume, 2018-2019 and 2019-2020Acceptance ratePercentage 1970%Business %5%60%Overall68%64%MBAOverall, the median deferral rates for MBAprograms were higher than business master’s.Business Master'sYield Rates (Median)2019202062%The median acceptance rate was higheras compared to the previous year.Business Master'sDeferral Rates (Median)OverallYield rateOverall, 2 in 3 MBA and business master’sprograms reported an increased in applications.Acceptance Rates (Median)OverallDeferral rate2019-202056%53%Business master’s programs reported loweryield rates (median) than MBA programs.Business Master's*Percentage of programs reporting increased application volume between 2018-2019 is from the GMAC 2019 Application Trends Survey Report.6

Enrollment Funnel by Program Type and RegionPrograms Reporting Increase in Application Volume, 2018-2019 and 2019-2020MBA2018-20192019-202081%70%62% 63%56%53% 55%33%41%Asia PacificAsia PacificCanadaEurope41% 45%Asia Pacific202062%Canada64%43% 40%United StatesAsia PacificDeferral Rates (Median)20204% 11%6% 11%3% 6%Asia PacificCanadaEuropeUnited States201967%58%Asia Pacific68% 63%Canada26% 32%37% 34%CanadaEurope20193% 5%Europe41%65%United States69% 74%Percentage of programs reporting growth inapplications for 2020 varies by region and program.*Data unavailable for 2018-2019 Canadian Business Master’s program due to insufficient responses (N 10)The median acceptance rate was higher for MBAand business master’s programs in the US.United StatesBusiness Master’sMBAMBACanada*Business Master’s2019202074% 76%53%Europe201945%Acceptance Rates (Median)MBA201962%55%United StatesBusiness Master’s2018-20192019-202080%78%20200% 0%6% 7%5% 5%0% 6%Asia PacificCanadaEuropeUnited StatesDeferral rates for MBA programs in Canadaand Europe were in double-digits.Yield Rates (Median)202058% 55%Europe68% 66%United States54%43%Asia PacificBusiness Master’s2019202068%66% 59%52%CanadaEurope50% 52%Median yield rates for MBA programs in theUS were higher than other regionsUnited States*Percentage of programs reporting increased application volume between 2018-2019 is from the GMAC 2019 Application Trends Survey Report.7

International candidates were less likely to commit toenrollment and more likely to ask for deferralsYield and deferral ratesDomesticInternational59%38%15%5%Yield RateDeferral RateGMAC Yield Pulse Survey was embedded in the 2020 Application Trends Survey and made visible to a select group ofschools. 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 reversedits course from the last yearWeighted Absolute Year-on-Year ChangeTotal Applications2017-2020Total Business Master'sApplications, 2017-2020Total MBA 9.5%3.7%-0.2%-6.9%2017201820192020Year-on-Year Change in Applications9.1%Year-on-Year Change in ApplicationsYear-on-Year Change in l applications for GME increase by 2.4 percent based on the weighted absolute* change analysis of 731 programs thatresponded 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- usingdata 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 toglobal economic uncertainty and disruptionsWeighted Absolute Year-on-Year Change2.4%-0.2%Overall(n 731)MBA (n 364)Master's(n 360)47.4%-2.9%-3.9%Overall(n 731)MBA (n 364)Master's(n 360)Year-on-Year Change in Applications14.3%Total International ApplicationsTotal Domestic ApplicationsYear-on-Year Change in ApplicationsYear-on-Year Change in ApplicationsTotal Applications13.2%12.0%10.2%Overall(n 731)MBA (n 364)Master's(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-- usingdata 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.10

Growth in global demand differed for various MBA andbusiness master’s program typesWeighted Absolute Year-on-Year Change53.0%Business Master’s Program Type48.6%43.5%11.6%0.6%1.4%-0.2%MBA (n 364) Full-time two- Full-time one- Part-time Part-time self- Flexible MBAyear MBAyear MBAlockstep MBA paced MBA(n 24)(n 110)(n 77)(n 36)(n 45)-1.8%Online MBA Executive MBA(n 23)(n 37)Year-on-year Change in ApplicationsYear-on-year Change in ApplicationsMBA Program Type34.2%14.3%21.2%17.8%1.8%Businessmaster's(n 360)Master inManagement(n 28)Master ofMaster of Master of DataAccounting Finance (n 70) Analytics(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-- usingdata 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.11

Variations in program location and candidate citizenshiptempered global growth in applicationsAbsolute Year-on-Year Change by Program Location20.6%13.3%-7.1%Asia Pacific(n 58)Canada(n 26)Europe(n 94)Program RegionUnited States(n 553)50.1%30.8%29.9%-7.2%Asia-Pacific(n 58)Canada(n 26)Europe(n 94)Program RegionUnited States(n 525)Year-on-year Change in Applications24.0%Total International ApplicationsTotal Domestic ApplicationsYear-on-year Change in ApplicationsYear-on-year Change in ApplicationsTotal Applications20.8%14.7%6.5%-5.9%Asia-Pacific(n 58)Canada(n 26)Europe(n 94)United States(n 525)Program RegionAmong the programs that responded to the 2020 and 2019 surveys, the total number of domestic applications increased more thaninternational applications. While overall applications for US programs were up, higher-ranked schools were more likely to report growth inapplications (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 analysisbecause their programs are not reporting their domestic and international volumes - only their total volume.12

Demand for GME among domestic and international candidatesincreased across all major regions except Asia PacificAbsolute Year-on-Year Change by Program Location-7.2%-5.9%OverallDomesticInternational(n 26)30.8%13.3%Overall6.5%DomesticInternational(n ications for Programs inthe United States(n 525)Year-on-year Change in Applications-7.1%Applications for Programs inEuropeYear-on-year Change in ApplicationsYear-on-year Change in Applications(n 58)Applications for Programs inCanadaYear-on-year Change in ApplicationsApplications for Programs inAsia 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, Q4protests in Hong Kong, followed by the start of the pandemic in mainland China dampened the application volume. Likewise, applicationvolume for India is likely to be affected by the economic downturn. Given the scale of Greater China and India, the growth in applications forthe 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 theirprograms are not reporting their domestic and international volumes - only their total volume.13

As the economy slows, demand for graduate managementeducation surges 2010, July 20“Demand for MBA courses is soaringas potential students aim to fend offthe recession by boosting theircredentials and improving theircareer prospects.”2020, June 21“Demand for MBA courses tends to becountercyclical .When recessionlooms, as is now the case, theopportunity cost of taking a careerbreak to update skills and build aprofessional network at businessschool reduces greatly.”14

Reasonsapplicationsare up fromadmissionsofficers’perspectives the effect COVID-19 and related travel bans whichstimulated students to look for domestic programs.- Admissions officer from a B-school in Europe People are forced to change career directions due toCOVID 19 and upgrading their current education status.- Admissions officer from a B-school in Australia & Pacific Islands a more hands on approach to recruiting and focusingon more each individual inquiry and applicant.- Admissions officer from a B-school in the USQ: What are the reasons your overallapplication volume is (up/flat/down)compared to year?15

Reasonsapplicationsare down fromadmissionsofficers’perspectives The social movement in Hong Kong followed by COVID-19disruptions impacted MBA student recruitment.- Admissions officer from a B-school in East & Southeast Asia Highly volatile economic situation - candidates are notwilling to make new financial commitments.- Admissions officer from a B-school in Middle East Increasing competition from more schools entering theonline space; drop in organic search ranking.- Admissions officer from a B-school in the USQ: What are the reasons your overallapplication volume is (up/flat/down)compared to year?16

B-schools adapted to thenew reality with flexibilityRespondents described how COVID-19 impacted various areasof their programs. Here are the top two responses for each area.Recruitment 64% reduced travel budget 49% sought to recruit more domestic candidatesAdmissions 57% extended application deadlines 57% allowed students to defer entryProgram 57% offered online start with transition to in-person 25% offered online start in the fall semesterHow has COVID-19 (coronavirus) impacted the following areas of your program.Select all that apply for each area [Marketing/Recruitment, Program, Admissions].In mid-September, as the data collectionfor 2020 Application Trends Survey waswrapping up, the economic uncertaintytriggered by the pandemic persisted. OnSeptember 11, Bloomberg noted “Theglobal economy is getting back on the roadto growth, though returning to prepandemic levels of activity will be a longerjourney.”This uncertainty compelled b-schools toadopt a more flexible approach in theirrecruitment, admission, and programs forthe 2020 incoming class. For example,extended application deadlines allowed anew pool of applicants who were impactedthe economic downturn to apply tograduate business school.17

Summary of Relative Analysis This section includes a summary ofrelative analysis based on the percentchange in application volume ascompared to the last year. Some of thekey dimensions of analysis include: Candidate Citizenship Program Types RegionsBack to Table of Contents18

Overall, a higher proportion of programs report growth inapplications as compared to previous yearsRelative Year-on-Year Change in Total Overall Applications, 2016-202011%16%18%19%11%Percentage of %13%Significant decline (-21% or more)Moderate decline (-11-20%)Slight decline (-1-10%)Stable (No change)Slight growth (1-10%)Moderate growth (11-20%)39%Significant growth (21% or more)202019

Nearly half of all graduate management programs report agrowth of over 10 percent in applicationsRelative Change in Application Volumes, Overall, 202010%6%27%12%6%DeclineStableGrowth67%Percentage of programsPercentage of programs6%14%13%Significant decline (-21% or more)Moderate decline (-11-20%)Slight decline (-1-10%)Stable (No change)Slight growth (1-10%)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 applicationsfrom both domestic and international candidatesRelative Change in Domestic and International Application Volumes, age of programs32%14%Citizenship of applicants 12%12%15%13%10%InternationalSignificant decline (-21% or more)Moderate decline (-11-20%)Slight decline (-1-10%)Stable (No change)Slight growth (1-10%)Moderate growth icant growth (21% or more)40%DomesticCitizenship 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 applicationsRelative Change in Total Application Volumes, by Program Location100%Percentage of 25%0%Overall (N 1,042)79%72%57%Asia Pacific(N 91)Canada(N 39)Europe(N 133)67%StableGrowthUnited States(N 742)Program location22

Overall, 3 out of 4 full-time two-year MBA programs reportgrowth in applicationsPercentage of programsRelative Change in Application Volumes, by Program Type27%7%66%All MBA programs(N 525)24%4%72%Full-time two-yearMBA (N 140)22%30%7%6%70%64%Full-time one-yearMBA (N 99)28%26%3%11%69%Part-time lockstepMBA (N 54)64%14%2%84%42%10%48%Part-time self-paced Flexible MBA (N 47) Online MBA (N 49)MBA (N 58)DeclineStableGrowthExecutive MBA(N 62)Percentage of programsProgram eStableGrowthAll business master'sprograms (N 496)Master inManagement(N 49)Master ofAccounting(N 83)Master of Finance(N 95)Nearly 80 percent of masterof finance and master inmanagement programsreport growth in applicationsMaster of DataAnalytics(N 71)Program Type23

Overall, a higher proportion of European and Canadianprograms report growth in applicationsRelative Year-on-Year Change in TotalApplications, by Region, %0%Relative Year-on-Year Change in Total Applications, by Region, 1%41%10%39%45%USCanadaAsia PacificDomesticUS11%11%CanadaSignificant decline (-21% or more)Moderate decline (-11-20%)27%Slight decline (-1-10%)Stable (No change)Slight growth (1-10%)14%Moderate growth (11-20%)Significant growth (21% or a Pacific13%8%13%44%7%11%16%15%15%Asia PacificEuropeInternationalUS24%Canada24

Asia Pacific: 53 percent of programs report growth inapplications from womenRelative Year-on-Year Change in TotalApplications, 2016-2020Asia Pacific, All Program TypesRelative Year-on-Year Change in Total Applications,2019-2020Asia Pacific, All Program 020GrowthPercentage of ProgramsPercentage of owth47%MaleDemographics25

Canada: Most programs (84%) report growth in applicationsfrom domestic candidatesRelative Year-on-Year Change in TotalApplications, 2016-2020All Canadian Business ProgramsRelative Year-on-Year Change in Total Applications,2019-2020All Canadian Business 2020Percentage of ProgramsPercentage of le57%GrowthMaleDemographics26

Europe: 3 out of 4 programs report growth in applications in 2020Relative Year-on-Year Change in TotalApplications, 2016-2020All European Business ProgramsRelative Year-on-Year Change in Total Applications,2019-2020All European Business eGrowthPercentage of ProgramsPercentage of GrowthMaleDemographics27

US: Overall, the proportion of programs reporting growthsharply increased in 2020Relative Year-on-Year Change in TotalApplications, 2016-2020All US Business ProgramsRelative Year-on-Year Change in Total Applications,2019-2020All US Business eGrowthPercentage of ProgramsPercentage of 63%FemaleMale56%GrowthURPDemographics28

Eighty percent of applications to European schools were frominternational candidatesLocation Distribution of Applications, by Program LocationPercentage of %OverallAsia Pacific37%80%63%20%CanadaEuropeUnited StatesProgram locationApplication Volume by Candidate 7%70%Europe8%8%84%35%27%37%CanadaProgram locationRelative Change in International ApplicationVolumes, by Program LocationAsia PacificDeclineStableGrowthPercentage of programsPercentage of programsRelative Change in Domestic ApplicationVolumes, by Program 4%11%69%65%EuropeCanada26%28%45%Asia PacificDeclineStableGrowthProgram 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 candidatespursuing graduate management educationPercentage of applicantsGender Distribution of Applications, by Program 55%OverallAsia PacificCanadaEuropeUnited StatesProgram LocationApplication Volume by GenderRelative Change in Application Volumes FromWomen, by Program aProgram locationAsia PacificPercentage of programsPercentage of programsRelative Change in Application Volumes FromMen, by Program aAsia PacificProgram location30

Overall, the proportion of programs reporting growth inapplications from women is the highest in the recent yearsRelative Year-on-Year Change in Total Applications from Women, 201620172018201927%11%61%202032% 34% 33% 34%27%41%60%42%41%29%18%53%20162017201859% 64%16%50%14%65%2016 2017 2018 2019 %59%Asia Pacific37%15%48%32%8%2017201820198%24%10%16%66%35% 33%12% 14%59%58%20202016 2017 2018 2019 20202020201634% 42%Bookmark GMAC Advisor Blog for latest insights.42%53% 53%31

Canada and Europe receive nearly 40 percent of their applicationsfrom Central & South Asia and East & Southeast AsiaRegional Distribution of Applications, by Program LocationAustralia & Pacific IslandsCanadaCentral & South AsiaEast & Southeast AsiaEuropeLatin AmericaMiddle EastUnited States44%Percentage of applications50%66%AfricaAsia 7%0%3%2%19%20%1%0%6%0%1%1%0%3%7%2%20%36%47%United StatesProgram location32

Overall, 2 out of 3 programs say that the academic profile ofcandidates is about the same as compared with last yearAcademic Profile of Candidate Pool Compared With Last YearPercentage of programsMore academically qualifiedAbout the same11%12%14%63%61%61%26%27%25%OverallAsia PacificCanadaLess academically qualified4%77%18%Europe12%61%27%United StatesProgram location33

MBA Programs: Relative Analysis This section includes relative analysisbased on the percent change in applicationvolume for 525 MBA programs comparedto 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 MBABack to Table of Contents34

Full-time MBA programs experience a surge in demand;reversing historical trends'20'18'19'17'15'13'11Online t-Time Lockstep MBAExecutive '11'12'13'14'15'16'17'18'19'203210-1-2-3Flexible MBA3210-1-2-3Full-Time One-Year MBAPart-Time Self-Paced MBAPart-Time MBA (Combined)3210-1-2-3'073210-1-2-3'05Full-Time Two-Year '17'18'19'20Full-Time MBA (Combined)Scale: Relative change in application volume over time, where -3 indicates significant decline in volume compared to the previous year, 0indicates 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 2020Relative Year-on-Year Change in Total MBA Applications10%14%15%17%10%Percentage of 16%20162017Moderate decline (-11-20%)13%Stable (No change)Slight growth (1-10%)18%12%16%17%Significant decline (-21% or more)Slight decline (-1-10%)16%13%16%8%9%10%13%20182019Moderate growth (11-20%)37%Significant growth (21% or more)2020Year36

Nearly 3 out of 4 full-time two-year MBA programs reportgrowth in applicationsRelative Change in Application Volumes, by Program TypePercentage of 66%72%64%70%Stable84%69%DeclineGrowth64%48%All MBA programs Full-time two-year Full-time one-year Part-time lockstep Part-time self(n 525)MBA (n 140)MBA (n 99)MBA (n 54)paced MBA (n 58)Flexible MBA(n 47)Online MBA(n 49)Executive MBA(n 62)37

Proportion of MBA programs reporting growth is higher inCanada and the US as compared to Asia Pacific and EuropeRelative Year-on-Year Change in TotalMBA Applications, by Region, 8%38%16%36%13%United StatesCanadaAsia PacificUnitedStatesDomesticCanada29%Slight growth (1-10%)Moderate growth (11-20%)6%Significant growth (21% or more)13%10%27%26%13%11%EuropeModerate decline (-11-20%)Stable (No change)12%10%Significant decline (-21% or more)Slight decline Europe8%10%15%28%15%0%4%13%12%27%29%Asia Pacific3%3%19%14%17%Relative Year-on-Year Change in Total MBA Applications, by Region, 2019-2020Asia PacificEuropeInternationalUnitedStatesCanada38

Full-time MBA: A vast majority of globally ranked programsreport growth in applicationsRelative Year-on-Year Change in Total Application VolumeFull-Time MBA programs, by FT Report %1-50(n 46)51-100(n 42)1-50(n 42)51-100(n 0(n 41)51-100(n 41)1-50(n 41)29%15%10%12%DeclineStableGrowth76%51-100(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 fromdomestic candidates as compared to international candidatesRelative Year-on-Year Change in Total Applications,2019-2020All MBA Programs100%Percentage of omesticInt'lDemographics40

Asia Pacific: A higher proportion of two-year full-time MBAprograms report growth than one-yearPercentage of ProgramsRelative Change in Application Volumes, by ProgramType, Asia clineStableGrowthFull-time one-year Full-time two-yearMBA (N 15)MBA (N 23)PGP (N 14)Program TypeRelative Change in International ApplicationVolumes, by Program Type, Asia Pacific40%30%21%20%35%43%40%35%36%Full-time two-yearMBAP

Acceptance Rate. is the percentage of total candidates (including deferrals) accepted into the program divided by the total number of completed applications. . Full-time one-year MBA (n 77) Part-time lockstep MBA (n 36) Part-time self-paced MBA (n 45) Flexible MBA (n 24) Online MBA (n 23) Executive MBA (n 37) Year-on-

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