MBA Prospects Survey 2013 Findings - AIGACaigac.org › wp-content › uploads › 2013 › 06 › AIGAC-2013... · Prospect profile in brief . 4 . Information sources in the business

MBA Prospects Survey 2013 Findings June 10, 2013

© 2013 Huron Consulting Group. All Rights Reserved. Proprietary & Confidential.

Table of Contents

1

Background 2

Prospect profile in brief 4

Information sources in the business school search 8

The application process 12

MBA-program decision factors and expectations 19

Discussion questions 26

Appendices

Prospect profile 28

Full distribution of application-process time estimates 36

Recommendation-letter findings 42

Background

© 2013 Huron Consulting Group. All Rights Reserved. Proprietary & Confidential. 2

Why did we conduct this research? • Provide a profile of prospective MBA students • Better understand the sources of information prospects use in determining where to apply • Gain insight into prospects’ experience of the admissions process and particularly their experiences

with admissions consultants’ services • Examine the priorities and motivations that influence prospects’ decisions • Track all of the above over time

How was it done? • Online survey of prospective MBA students conducted April-May 2013 • Sponsored by AIGAC • Included involvement of many companies and individual consultants • 377 respondents (compared to 1,451 respondents in 2011; 1,962 in 2010; and 752 in 2009) • There were fewer responses this year because the survey was fielded later in the application season

than in prior years, but key characteristics of the respondent pool remain the same, as can be seen in the Prospect profile appendix and Prospect profile in brief

Prospect profile in brief

Prospect profile: Half of respondents scored 700 or higher on the GMAT


2013 n=263

0%

10%

20%

30%

40%

50%

2013 11% 12% 27% 39% 11%2011 13% 15% 26% 34% 12%2010 16% 14% 22% 34% 14%2009 9% 11% 22% 40% 19%

Under 600 600-640 650-690 700-740 750-800

What was your highest score on the GMAT exam within the past 5 years?

Prospect profile: Respondents most commonly applied to HBS, Wharton, MIT, and Kellogg


2013 n (applied)=278 2013 n (accepted)=169

SCHOOL Applied Accepted

Harvard (HBS) 25% 13%

Univ. of Pennsylvania (Wharton) 22% 14%

MIT (Sloan) 21% 10%

Northwestern (Kellogg) 21% 9%

Stanford (GSB) 18% 4%

Columbia (CBS) 17% 7%

Univ. of Chicago (Booth) 17% 12%

Duke (Fuqua) 16% 12%

Dartmouth (Tuck) 16% 12%

UC Berkeley (Haas) 13% 8%

SCHOOL (cont.) Applied Accepted

New York University (Stern) 12% 4%

Univ. of Virginia (Darden) 10% 10%

Univ. of Michigan (Ross) 9% 7%

UCLA (Anderson) 8% 4%

Cornell (Johnson) 6% 4%

Univ. of Texas - Austin (McCombs) 6% 5%

London Business School 5% 5%

INSEAD 5% 4%

ISB 5% 2%

Carnegie Mellon (Tepper) 5% 2%

Which graduate business schools have you applied to this year? At which graduate business schools were you accepted?

Prospect profile: More than half of respondents worked with an admissions consultant


Respondents Residence 55% international Age (means) 28 years old Gender 72% male Work experience (means) 5.6 years Income (means) $72,000

30%

18%

22%

0%

10%

20%

30%

40%

"One-on-one interactions withadmissions consultants" -

2013 AIGAC survey

"Admissions consultants" -2012 survey of top business

school prospects

"Admissions consultants" -2012 survey of top business

school FT prospects

Admissions consultant use (Source of information used in MBA search)

2013 AIGAC n=355 2012 Top prospects n=642 2012 Top FT prospects n=1376

Used admissions consultant,

57%

Did not use admissions consultant,

43%

Information sources

Information sources: Consultants are a valued source of information for many, and those who work with them are more likely to engage with current students and alumni


n=355

74%

72%

27%

38%

40%

44%

44%

68%37%

9%

19%

27%

30%

31%

30%

41%

16%

61%

69%

4%

60%

0% 25% 50% 75% 100%

Professor/advisor

Social networking

Work colleagues

Admissions consulting school guides/materials

Admissions consulting websites or blogs

One-on-ones with admissions consultants*

Family or friends

Alumni of schools I am considering

Current students of schools I am considering

MBA resource websites or blogs

Rankings/news articles

Used admissionsconsultantDid not use admissionsconsultant

Among the following sources of information that do not come directly from the schools, which did you use regularly in your MBA search?

Factors in green were significantly different for those who reported on the survey that they had used an admissions consultant compared to those who had not.

*Note that some respondents who reported that they had not used an admissions consultant nevertheless reported that they had used them as an information source; those inconsistent responses are excluded here.

Information sources: Prospects most commonly consult BusinessWeek and Financial Times rankings


Which business school rankings did you refer to when researching and learning about business school programs?

2013 n=304

0%

25%

50%

75%

100%

2013 69% 61% 54% 41% 40% 31% 22% 2%2011 61% 58% 46% - 40% 25% 24% 5%

Business Week

Financial Times

US News & World Report

Poets and Quants

The Economist Forbes Wall Street

JournalNone of the

above

Information sources: Prospects are increasingly likely to follow schools on Twitter and to watch videos as part of their search


68%

25%

24%

23%

31%

44%

61%

67%

24%

32%

16%

26%

36%

65%

20%

26%

27%

31%

51%

61%

75%

0% 25% 50% 75% 100%

Podcasts

Share info on blogs

Follow school's Twitter feed

Follow school on socialnetwork site

Videos

Read info on peers' blogs

Read info on experts' blogs

2010 2011 2013

How did you or do you use social media in your MBA search?

2013 n=254

The application process

Application process: Prospects perceived that Fuqua, Tuck, and Booth’s admissions offices got to know them best


n=34-69

3.12.9

2.7 2.7 2.6 2.62.5

2.3

2.82.8

1.0

2.0

3.0

4.0

Duke(Fuqua)

Dartmouth(Tuck)

UChicago(Booth)

Stanford(GSB)

UC Berkeley(Haas)

Northwestern(Kellogg)

Wharton HBS MIT (Sloan) Columbia

How well did each of the schools get to know you through the admissions process? Means (weighted to equalize admissions rates) on a scale from 1 “Not at all” to 4 “Extremely well”

Note: To correct for the distortion of prospects giving lower marks to schools that rejected them, responses were weighted to make the acceptance rate at each school the same: 38%, which was the mean acceptance rate across these schools among those who answered the question on where they were accepted and how well the schools got to know them.

Application process: On average, prospects spend most time on GMAT, essay, and interview prep and on selecting schools


1-5

1-5

6-10

6-10

6-10

6-10

6-10

11-15

11-15

16-20

21-30

0 10 20 30

Waitlist assistance

Financial aid planning

Strategies for soliciting letters of recommendation

Career counseling

Evaluation of candidacy prospects

Resume evaluation

Admissions strategies

Interview preparation

Selecting school(s) to apply to

Assistance with essays

GMAT counseling and/or preparation

1

How much time did you spend on each of the following aspects of the application process? Mean time ranges (hours)

n=287-300 Note: The full distribution of responses to this question is shown in the Application process appendix.

Application process: Consultants are most commonly engaged for help with essays, resume evaluation, and interview prep


1-5

1-5

6-10

6-10

6-10

6-10

6-10

11-15

11-15

16-20

21-30

0 10 20 30

Waitlist assistance


Strategies for soliciting letters ofrecommendation

Career counseling


Resume evaluation






1

How much time did you spend on each of the following aspects of the application process?

Mean time ranges (hours)

n=287-300; n (services used) = 198

2%

3%

13%

17%

23%

29%

33%

34%

55%

58%

60%

78%

0% 25% 50% 75% 100%

Other


Waitlist assistance

Career counseling


Strategies for soliciting letters ofrecommendation





Resume evaluation


Which of the following admissions consultant services did you use?

Application process: Assistance with essays is by far the most valued service; GMAT and career counseling also rank high


Which of the following admissions consultant services did you use? Which of the following services did you find most valuable? (Please select up to 3 services.)

n=112

12%

36%

53%

30%

21%

22%

44%

39%

36%

91%

13%

17%

23%

29%

33%

34%

55%

58%

60%

78%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Waitlist assistance

Career counseling


Strategies for soliciting letters of recommendation





Resume evaluation


% who used

Most valued, as % ofthose who used

Application process: Aside from essay help, prospects highly value the perspective and structure consultants offer


n=113

Crafting the essays and one’s story • “The most valuable aspect of working with an admissions consultant was having someone to tell my story to, who

could then help me articulate my story while linking my past and future goals in a coherent, meaningful way for admissions committees.”

• Clarifying career goals → “Being able to discuss my career goals and my ‘story’ with a consultant really brought my application

together.” → “Most importantly, the admission counselor helped me realize what could be my most desirable future

career objectives.”

Neutrality, “reality check,” perspective on the long view of MBA admissions • “Getting unbiased opinions. Benchmarking prospects against previous applicants.” • “I appreciate the fact that admission consultants understand the historical trends of B-school admission processes,

which candidates cannot easily access, and give advice based on those qualitative and quantitative data.”

Time management, accountability • “It's good for Schedule Management, especially for a busy person.” • “Each session I was held accountable for the work I should have been doing.”

Also building confidence in those who need it, being available to answer any and all questions, helping prospects navigate cultural differences

What (if any) was the most valuable aspect of working with an admissions consultant?

Application process: The majority would strongly recommend using an admissions consultant


1% 2%5% 6%

12%

19%

15%

37%

1%3%

0%

10%

20%

30%

40%

0 Would not

recommend

1 2 3 4 5 6 7 8 9 10 Would

absolutelyrecommend

How likely is it that you would recommend using an admissions consultant to a friend or colleague?

n=178

Net Promoter Score: 34 % of Promoters (9 or 10) minus % of Detractors (0 through 6)

Decision factors and expectations

Decision factors: Prospects most value faculty quality and course curriculum among academic factors


n=296-298

3.6

3.7

3.9

4.2

4.4

1.0 2.0 3.0 4.0 5.0

Flexibility of the program

Accessibility of faculty

Academic rigor

Course curriculum/focus

Quality of faculty

How important to you is each of the following faculty and curriculum factors in selecting which business schools to apply to?

Rating scale of 1 “Not at all important” to 5 “Very important.”

Factors in green were among the top ten most commonly selected as the most important in a forced ranking.

Decision factors: The quality of the student experience ranks high for many prospects, and location is crucial for some


n=286-288

3.7

3.8

3.9

3.9

4

4.1

4.4

1.0 2.0 3.0 4.0 5.0

Diversity of the student body

City/geographic location

Program facilities

Global program

Campus community

Team-oriented environment

Quality of student experience

How important to you is each of the following student life and campus factors in selecting which business schools to apply to?


Factors in green were among the top ten most commonly selected as the most important in a forced ranking

Decision factors: Of all factors, impact on career and school reputation are most important


n=296-298

2.7

3

3.6

3.9

4.1

4.2

4.5

4.7

1.0 2.0 3.0 4.0 5.0

Cost of program

Availability ofscholarships/fellowships/loans

Media rankings

Career services

Leadership development

Alumni network

Reputation

Impact on Career

How important to you is each of the following factors in selecting which business schools to apply to?


Factors in green were among the top ten most commonly selected as the most important in a forced ranking

Expectations: Prospects are most likely, by far, to desire future employment in the consulting industry


0%

20%

40%

60%

Desired 56% 33% 31% 24% 14% 13% 11% 10% 10%Current 14% 20% 20% 8% 7% 5% 6% 4% 18%

Consulting Tech Finance / Accting

Products / Services

Gov't / Non-profits

Energy / Utilities

Manu-facturing Healthcare Other

Which industry do you currently work in?

After finishing your MBA, in which of the following industries do you hope to work?

2013 n (desired)=272 2013 n (current)=277

Expectations: A quarter of prospects expect their salary to more than double after earning an MBA


3%6%

10% 10%8%

19%

26%

12%

7%

0%

10%

20%

30%

40%

DecreaseStay thesame

1-10%

11-20%

21-30%

31-40%

41-50%

51-100%

Morethan

double

In percentage terms, what effect do you expect completing an MBA program to have on your earnings potential within the first six months of graduating? (in U.S. dollars)

2013 n=274

Expectations: However, expectations of large percentage increases are clustered among prospects with lower incomes


0%

10%

20%

30%

40%

Current income 17% 19% 28% 16% 13% 5% 3%

Below $25,000

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$149,999

$150,000-$199,999

$200,000 or higher

In what range is your current annual professional income? (in U.S. dollars)

2013 n=272

Mean expected % increase

75% 75% 35% 35% 15% 5% 15%

Discussion questions

Discussion questions


Information sources • What are the opportunities and limitations for the use of social media in the business

school search? • How do you best advise prospects to use rankings? How do you best advise prospects to

use alumni or current students as information sources?

The application process • What are the key differences in the admissions processes at different schools that leave

students with the sense of being known by the school or not? • Are there missed opportunities for offering or highlighting some services, such as help

selecting schools or career counseling, to prospects?

Decision factors and expectations • Are prospects’ hopes for the industry they will work in post-MBA well aligned with the

market? • Do prospects have realistic expectations about future salary? How are these expectations

formed and how can they best be managed?

Appendix

Prospect profile

Prospect profile


2013 n=378

0%

10%

20%

30%

40%

50%

2013 23% 36% 23% 13% 5%2011 28% 35% 23% 11% 4%2010 26% 38% 21% 10% 4%2009 23% 40% 21% 12% 5%

Within the past year 1-2 years ago 2-3 years ago 3-5 years ago More than five

years ago

When did you first start to seriously consider getting an MBA?


2013 n=287

3%

12%

7%

8%

12%

33%

89%

7%

13%

12%

12%

16%

50%

74%

7%

12%

12%

12%

17%

50%

74%

8%

6%

9%

10%

33%

85%

4%

0% 20% 40% 60% 80% 100%

Online/Distance Learning

Joint degree programs

Flexible MBA

Executive MBA

Part-time MBA

Full time MBA, less than 2years

Full-time MBA, 2+ years

2013201120102009

What types of MBA programs have you considered?

Prospect profile


2013 n=277

0%

10%

20%

30%

2013 20% 20% 14% 8% 7% 6% 4% 5% 18%2011 20% 19% 14% 10% 8% 5% 4% 4% 16%2010 21% 19% 20% 16% 7% 4% 4% 4% 7%2009 16% 24% 21% 14% 8% 5% 4% 1% 6%

Tech Finance / Accounting Consulting Products /

ServicesGov't / Non-

profitsManu-

facturing Healthcare Energy / Utilities Other

Which industry do you currently work in?

Prospect profile


2013 n=276

0%

10%

20%

30%

2013 15% 16% 16% 10% 17% 5% 2% 20%2011 18% 16% 15% 14% 11% 8% 3% 16%2010 19% 19% 15% 15% 8% 12% - 10%2009 17% 24% 19% 4% 5% 10% - 10%

Marketing / Sales

Finance / Accounting Consulting IT / MIS General

ManagementOperations /

LogisticsHuman

Resources Other

Which function do you currently work in?

Prospect profile

Prospect profile


0%

10%

20%

30%

40%

2013 17% 19% 28% 16% 13% 5% 3%2011 36% 25% 20% 11% 6% 1% 1%2010 33% 24% 22% 12% 6% 1% 1%2009 16% 22% 26% 20% 12% 2% 3%

Below $25,000 $25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$149,999

$150,000-$199,999

$200,000 or higher

In what range is your current annual professional income? (in U.S. dollars)

2013 n=


2013 n=99

0%

20%

40%

60%

80%

2013 62% 25% 6% 8% 1% 4%2011 56% 24% 13% 9% 1% 3%2010 51% 27% 13% 8% 2% 5%2009 63% 22% 9% 5% 1% 4%

Caucasian, non-Hispanic

Asian / Pacific Islander

African American Latino / Hispanic Native American Other

Prospect profile

What do you consider to be your ethnic origin? Please select all that apply. (Asked only of U.S. citizens)

Prospect profile


2013 n=278

0%

20%

40%

60%

80%

100%

2013 72% 28%2011 63% 37%2010 66% 34%2009 70% 30%

Male Female

Appendix

Full distribution of application-process time estimates

Application process


0%

20%

40%

60%

GMAT counseling/prep 9% 9% 5% 4% 5% 5% 5% 59%Assistance with essays 5% 13% 13% 10% 15% 9% 9% 26%

0 hours

1-5 hours

6-10 hours

11-15 hours

16-20 hours

21-30 hours

31-40 hours 40+

2013 n=284-300


Application process


2013 n=284-300


0%

10%

20%

30%

40%

50%

60%

Selecting schools 3% 36% 17% 15% 9% 5% 4% 12%Interview prep 11% 27% 23% 12% 9% 7% 4% 8%

0 hours 1-5 hours

6-10 hours

11-15 hours

16-20 hours

21-30 hours

31-40 hours 40+


0%

10%

20%

30%

40%

50%

60%

Admissions strategies 7% 41% 23% 10% 7% 3% 3% 6%Resume evaluation 7% 44% 20% 12% 5% 8% 2% 2%Evaluation of candidacyprospects

17% 45% 16% 10% 5% 2% 1% 3%

0 hours

1-5 hours

6-10 hours

11-15 hours

16-20 hours

21-30 hours

31-40 hours 40+


2013 n=284-300

Application process


0%

10%

20%

30%

40%

50%

60%

Career counseling 25% 40% 15% 6% 6% 1% 2% 4%Strategies for solicitingletters of recommendation

13% 42% 16% 12% 8% 2% 3% 5%

0 hours

1-5 hours

6-10 hours

11-15 hours

16-20 hours

21-30 hours

31-40 hours 40+


2013 n=284-300

Application process


0%

10%

20%

30%

40%

50%

60%

70%

Waitlist assistance 61% 19% 10% 2% 5% 1% 1% 2%Financial aid planning 47% 23% 10% 7% 4% 3% 3% 4%

0 hours

1-5 hours

6-10 hours

11-15 hours

16-20 hours

21-30 hours

31-40 hours 40+


2013 n=284-300

Application process

Appendix

Recommendation-letter findings

Recommendation letters: Men are significantly more likely than women to be asked to draft or write their own letters


n (Men)=196 n (Women)=77

43%

27%

0%

25%

50%

75%

100%

Men Women

Did your recommenders ask that you draft/write letters for them?

Recommendation letters: Prospects abroad are about twice as likely as those in the U.S. to be asked to draft their own letters


26%

49%

0%

25%

50%

75%

100%

U.S. International


n (U.S.)=121 n (International)=151

Recommendation letters: The data suggest that the practice of drafting letters is more common in Japan than India


49%

61%

34%

0%

25%

50%

75%

100%

Internationalmean

Japan India


n (Japan)=23 n (India)=50

Recommendation letters: Prospects working in finance/accounting are most likely to be asked to draft/write their letters


38%

50%

37%28%

0%

25%

50%

75%

100%

Mean Finance/ Accounting

Consulting Technology


n (Finance/Accounting)=54 n (Consulting)=38 n (Technology)=53

Current Industry

Recommendation letters: Prospects working in finance/accounting are most likely to be asked to draft/write their letters


38%

54%46%

41%

26%

0%

25%

50%

75%

100%

Mean Finance/ Accounting

Marketing Generalmanagement

Consulting


n (Finance/Accounting)=43 n (Marketing)=41 n (General management)=46 n (Consulting)=43

Current Function

Documents

MBA Prospects Survey 2013 Findings - AIGACaigac.org › wp-content › uploads › 2013 › 06 › AIGAC-2013... · Prospect profile in brief . 4 . Information sources in the business