Millennials Prefer To Study, Work Abroad

More than half of fresh graduates across the world want to leave their country of origin to study or work abroad and the numbers shoot up to 81% for India, up from 76% in 2011, according to a GMAC Survey.

The 2016 MBA.com Prospective Students Survey Report found that the students were more focused on exactly what type of course they wanted and aspired to joining the best available program. As many as 57% of prospective students seek to study outside their country of citizenship. The United States still remains the top international study destination.

The report has analysed motivations, intended career outcomes, and program choices shared by 10,017 prospective students in 2015. Their responses are compared with data collected from more than 105,000 individuals who have responded to the MBA.com registrants’ surveys since 2009. GMAC says it “explores the graduate business school pipeline from the prospective student’s point of view.”

The 2016 MBA.com Prospective Students Survey Report found that the students were more focused on exactly what type of course they wanted and aspired to joining the best available program.

It also claims that the report, with analysis of survey responses from all world regions, including 16 specific countries of citizenship and 14 countries of residence, is the largest data source of its kind.

With aspiration levels high among the millennial and Gen Z candidates, they also have more number of ‘stretch schools’ in the applications shortlist than the past generations, the survey found. Stretch schools are those where the applicants’ GMAT score falls on the lower end of the school’s 80% range and the work experience and academics are less competitive than those of other applicants applying to that particular program.

As far as Indians are concerned, almost 72% of the applicants tend to consider the reputation of the educational system (72%), improved chances of having an international career (68%), potential to develop an international network of peers/colleagues (53%), better preparation for career (52%), diversity of the student body (42%), and attractiveness of the location (37%) while choosing the School.

The report found that while interest in non-MBA business master’s degrees such as Master of Accounting or Master of Finance, was on the rise across world regions (considered by 23% of registrants), MBA remains the most considered program type (50% of registrants).

The rising tuition fees and other expenses has made it imperative for 63% of the MBA aspirants to seek grants, fellowships, or scholarships. Keen competition among B-schools to attract the best talent has led to a substantial increase in scholarship funding in recent years. More than 50% of the aspirants plan to secure loans.

Meanwhile, the survey noted a precipitable shift toward specialized (pre-experience) business master’s programs, especially during the past seven years. In 2009, 49% of applicants were considering only MBA programs while 22% wanted only specialized business master’s programs. In 2015, in a significant drop, 36% were considering MBA programs and 45% planned to go in for only specialized master’s programs.

The survey found the aspirants, on an average, begin drawing up list of schools at least an year before submitting the applications. Almost 96% of them use social media. About 67% use it for getting more information about the program, upcoming events, connecting with current students, alumni, or faculty, and researching graduate management education. Facebook and LinkedIn being the most popular with the exception of China, where the instant messaging platform Tencent QQ is on the top.

Prospective students exhibited more clarity about their career paths. Almost 71% had a single industry in mind for postgraduate employment and 61% were considering just one job function.

GMAC also found that a specific event or circumstance often triggers the decision to apply to graduate business school, most commonly the initiation of a job search that reveals a candidate lacking the knowledge, skills, or abilities to be competitive for the desired job.

The report said the applicants, regardless of the program preference, wanted classroom instruction blended with online learning. Even candidates enrolling for online programs said they expected at least 10% of classroom teaching that would provide them opportunities for networking and other types of learning opportunities. Those in full-time programs expected 86% of their coursework delivered in classroom and 14% online.