Women’s Enrollment in MBA Programs Continues to Climb

MBA matriculation is inching closer to gender parity. According to new data released by the Forte Foundation and reported by the Wall Street Journal, women make up 42 percent of 2023 MBA enrollees. This is up slightly from last year’s 41 percent and up significantly from 34 percent in 2013.

Five MBA programs did achieve gender parity: George Washington University’s School of Business, Oxford Said, Johns Hopkins Carey, U Penn Wharton, and Penn State Smeal. An additional 15 programs came close with women making up at least 44 percent of total enrollees. Among this group are some of the world’s most prestigious MBA programs. They include Northwestern Kellogg (48 percent), Stanford GSB (46 percent), MIT Sloan (46 percent), and Harvard Business School (45 percent).

Notably, two of the five programs that achieved gender parity, Oxford Said and Penn State Smeal, are one-year programs. Administrators from both schools told the WSJ that this shorter time commitment appeals to women, particularly those who carry family responsibilities.

Programs with the Highest Percentage of Female Matriculants (Fall 2023):

• George Washington University (65 percent)

• Oxford University-Saïd (51 percent)

• Johns Hopkins University-Carey (51 percent)

• University of Pennsylvania-Wharton (50 percent)

• Penn State University-Smeal (50 percent)

• University of Rochester-Simon (49 percent)

• University of Toronto-Rotman (49 percent)

• Northwestern University-Kellogg (48 percent)

• University of Washington-Foster (47 percent)

• Stanford Graduate School of Business (46 percent)

• Queen's University-Smith (46 percent)

• MIT-Sloan (46 percent)

• Duke University-Fuqua (45 percent)

• Harvard Business School (45 percent)

• Alliance Manchester School of Business (45 percent)

• Arizona State University-W. P. Carey (44 percent)

• Columbia Business School (44 percent)

• Dartmouth-Tuck (44 percent)

• ESADE (44 percent)

• Michigan State University-Broad (44 percent)

The Number of Women in Full-time MBA Programs Continues to Grow

According to a Forté Foundation analysis, the number of women matriculating to full-time MBA programs continues to grow. In 2022, among the 56 members of the Forte Foundation coalition, women’s enrollment averaged 41.4 percent, up slightly from 41.2 percent in 2021. This is an increase of almost ten percentage points from 2011. Two full-time MBA programs achieved gender parity: Johns Hopkins’ Carey and University of Pennsylvania’s Wharton. And, an increasing number of programs came close; in 2022, 17 programs enrolled at least 45 percent women (see list below), up from 10 the year before. There were zero in 2012. 

“It’s exciting and gratifying to see the impact of our efforts over the last two decades to close the gender parity gap in MBA programs,” Elissa Sangster, Forté’s CEO, told Bizwomen, an online business journal. “More women today understand the opportunities an MBA offers and our work has helped build the pipeline of young women interested in business careers and advancing to leadership,” she said.

Full-time MBA programs where women’s enrollment reached at least 45 percent in 2022: 

Johns Hopkins University (Carey): 52 percent

University of Pennsylvania (Wharton): 50 percent

Southern Methodist University (Cox): 48 percent

Duke University (Fuqua): 48 percent

Northwestern University (Kellogg): 48 percent

Oxford University (Saïd): 48 percent

Washington University in St. Louis (Olin): 47 percent

University of Cambridge (Judge): 47 percent

George Washington University: 47 percent

University of California-Berkeley (Haas): 46 percent

Harvard Business School: 46 percent

University of Southern California (Marshall): 46 percent

MIT (Sloan): 46 percent

New York University (Stern): 45 percent

Alliance Manchester School of Business: 45 percent

Dartmouth College (Tuck): 45 percent

Columbia University: 45 percent

Prospective MBAs, Particularly Women, Show More Interest in Flexible and Online MBA Programs

After a period of stagnation, MBA applications are on the rise. Not only do MBA programs tend to be counter-cyclical to economic growth, but, as The Economist notes, pivots made by MBA programs amidst the global pandemic have boosted their relevance. In addition to increased flexibility in the admissions process, schools have improved their online and flexible MBA offerings. Vijay Govindarajan of Dartmouth College’s Tuck School of Business, is quoted in The Economist article, explaining that rather than being “giant killers,” digital technology has allowed prestigious schools to “ensure their gold-plated MBA programmes shine even brighter.”

The CarringtonCrisp Consultancy confirmed these trends, finding increased interest in online and flexible MBA programs among prospective MBA applicants in their annual survey results. The results showed that 70 percent of respondents are more likely to apply to an MBA program now than they were a year ago. And, 46 percent are now seeking a form of flexible study. Over three-quarters, 78 percent, agreed that they are more likely to consider a school with flexible study options in its MBA program. Another 70 percent said that they are more likely to consider studying for all or most of their MBA online. 

When the CarringtonCrisp survey asked directly about respondents’ preferred method of study, just 15.5 percent selected “online,” falling behind the traditional two-year (28 percent), one-year (23 percent), and part-time (22 percent) programs. However, online study saw a significant year-over-year increase of 4 percentage points, while other methods held relatively steady or dropped. Additionally, a break-down by gender showed that women’s interest in online learning outpaced men’s; 19 percent of women selected online learning as their preferred method compared to 13.2 percent of men. Similarly, while over one-third of men said that they preferred the traditional two-year MBA program (34.7 percent), fewer than a quarter of women (21.5 percent) did, a smaller percentage than those who prefer full-time one-year (24.0 percent) or part-time (23.0 percent) programs.

The 2020 GMAC Application Trends Survey showed similarly large gains for flexible and online MBA programs. Globally, the survey showed large year-over-year increases in applications for the part-time self-paced MBA (53.0 percent), flexible MBA (48.6 percent), and online MBA (43.5 percent). And in the U.S., while 72 percent of full-time two-year MBA programs reported an increase in applications, 86 percent of online MBA programs reported growth in applications (up from 50 percent of programs in 2019 and 36 percent in 2018). Once again, the growth was driven by female candidates with 85 percent of online programs reporting an increase in female applicants, compared to 74 percent reporting increases in male applicants.

Record Number of Women to Matriculate to MBA Programs This Fall

New data released by the Forté Foundation and reported by the Financial Times and the Wall Street Journal this week show that a record number of women are enrolled at top MBA programs this fall. At over 50 of the top-ranked business schools in the U.S., Europe, and Canada, women average 39 percent of the class, an increase from nearly 38 percent in 2018 and 32 percent in 2011.

At the top of the list, the Olin Business School at Washington University in St. Louis has almost approached gender parity, with enrollment at 49 percent female. Following closely behind, with 45 percent or more women, are The Wharton School at the University of Pennsylvania and the Ross School of Business at the University of Michigan. There are 19 schools that have 40 percent or more women enrolled, including Harvard Business School, the Kellogg School of Management at Northwestern University, the Yale School of Management, and Duke University’s Fuqua School of Business.

While this increase in female students has been linked to declining overall applications to MBA programs in the U.S., greater female representation has long been a goal of top business schools, with many making significant marketing and outreach efforts geared towards women over the last two decades.

The Financial Times highlighted the women’s ambassador program at Olin, which urges current students and alumni to encourage other women to apply, as well as a Women in Leadership Conference for prospective MBA students at University of Michigan’s Ross. Speakers at Ross’ annual event address issues pertinent to women including creating inclusive communities, becoming a better ally for other female students, and navigating imposter syndrome. The Dean of Michigan Ross, Scott DeRue, noted that at this year’s conference, 42 percent of attendees had designated Ross as their first choice for an MBA going into the event, but afterwards that number increased to 89 percent, suggesting that the content resonated strongly with prospective students.

Elissa Sangster, Forté Foundation’s chief executive, couldn’t be more pleased with the increasing gender balance in business schools. Like most educators, she believes this will improve business education for all by increasing the diversity of opinion in the classroom. “It changes the conversation between students and their tutors, whether talking about corporate strategies or how to manage people.”