US MBA applicants are increasingly choosing alternatives to a domestic full-time MBA programme, according to a recent QS survey. 

Assistant Professor James Berry, Director of UCL's Online MBA, explains the changes he’s seen in the applicant pool, with 12 percent of their online MBA cohort now studying remotely from the US. 

He said: “We only launched our online MBA in October 2019 and it has grown from two North American students in the first cohort to eight studying the programme currently, out of a total of 65 students.  

“Studying in Europe compared to the US is certainly less expensive. Being able to gain a European qualification online also means that there’s no need to quit your job and invest in travel, living costs and accommodation alongside your tuition fees. 

Pull factors: Why an online MBA? 

Dr Berry recognises that the pandemic has been an influencing factor on changing attitudes towards online learning in general: “The pandemic has allowed us to work and interact differently so our expectations of what is possible remotely have changed. There has been a proliferation of online educational opportunities, some of high quality and some of more dubious quality.  

“What remains unique about an MBA from a leading business school is the interactive learning aspect. What I’ve not seen from micro-credentials is a recreation of this learning environment, where you learn both from faculty and from each other. The depth and value of the MBA is the interactive classroom experience.” 

Push factors: Why are domestic MBA applications in North America falling? 

Over half of business school admissions officers in North America expect a fall in domestic MBA applications over the next 12 months. In our most recent survey of admissions officers working in graduate management education programmes, 52 percent of North American respondents forecast that domestic applications will be slightly lower (30 percent) or much lower (22 percent) in 2022.  

The downturn is also reflected in the fall in GMAT tests taken domestically in the US. A total of 79,746 GMAT exams were taken by citizens of the USA in 2017, compared to 38,509 in 2021. 

Nunzio Quacquarelli, founder and CEO of QS Quacquarelli Symonds, said: “There has been a lot of discussion about the ‘great resignation’ in the US. It’s likely that what we’re seeing here is that the buoyancy in job vacancies is presenting sufficient opportunities for career mobility for aspiring managers, so there is less of an incentive to invest in an MBA to develop their skills and accelerate their career progression.  

“What we’re likely to be seeing here is that potential MBA candidates in North America are currently thinking ‘job-first’ and not considering taking time out of their careers to study.

"In my experience, MBA demand is counter cyclical. With interest rates rising and market volatility, this situation could change quickly and MBA demand for full-time MBA studies in 2023 could see a significant uplift."

With domestic applications falling, US business schools can at least take comfort from the fact international applications are on the rise. 91 percent of North American admissions officers expect international applications to be the same or slightly higher.  

It is possible that this represents a lag in applications which were delayed or deferred as a result of restrictions and health concerns during the pandemic, rather than a huge upsurge. However, it shows that an MBA from a leading business school remains a gold standard in global graduate management education. 

Photo by Annie Spratt on Unsplash

Sponsored by Bocconi University

Do you dream of working at a well-known social media company after graduation?

Meet Bocconi University alumnus Zhenyu Rong. Since graduating from university, Zhenyu has been working at Tencent’s WeChat, a messenger and social media app used by more than one billion users around the world.

In his role, Zhenyu helps enterprises achieve digital transformation through WeChat’s capabilities to better serve their customers.

QSChina caught up with Zhenyu to find out more about his career journey and how studying a master's degree at Bocconi University in Italy helped secure his job with WeChat in Mainland China.

Deciding to study abroad in Italy

After studying a bachelor's degree in finance at a university in mainland China, Zhenyu was looking expand his knowledge in accounting and management.

For his master’s degree, Zhenyu was keen to study abroad and experience a diverse learning environment. The idea of studying and potentially working in Europe greatly appealed to him.

“As an international student, the reason for choosing a country to study abroad depends to a certain extent on the culture and job opportunities available after graduation,” said Zhenyu.

Zhenyu was initially attracted by Bocconi University's excellent reputation and its prime location in the Italian city of Milan - a city that attracts many international companies.

“Italy is a fantastic country with tremendous culture, cuisine, and architecture. I am a person who is keen to learn about history and architecture,” he said.

It was for these reasons that Zhenyu decided to study the Master of Science in Accounting, Financial Management and Control at Bocconi University.

Gaining work experience and building up his resume

Zhenyu’s career greatly benefited from the extensive careers services available at Bocconi University. The university boasts a high graduate employment rate, with 94 percent of the school’s 2019 graduates in work within one year after graduating.

Bocconi University’s career services include mock interviews, CV and cover letter help, careers workshops and one-to-one personalised careers advice to help students better understand the career paths available to them.

Students can also benefit from frequent in-company training programmes and other job-focused events, which help them learn about specific sectors and industries.

“I participated in an in-company training programme in London which was very helpful for my knowledge of the job market in London,” said Zhenyu. “I also attended several job events, such as the investment banking and consulting week. It’s surprising to see the power of the Bocconi community in commercial areas.”

JobGate is Bocconi University’s online job platform, updated daily by employers and showing internship and placement opportunities in Italy and abroad. This platform helps bridge the gap between employers and students, allowing students to easily connect with top employers.

While studying his master’s degree, Zhenyu used JobGate to find his internship at international banking firm Unicredit. In this internship he was responsible for managing some of the leverage buy out (LBO) projects at Unicredit’s headquarters in Milan.

“This internship offered me an environment that is challenging and amazing. I worked with colleagues from different countries and regions all over the world. It felt so special and I still remember a lot about that summer,” he said.

Launching an international career

After graduation, however, Zhenyu decided that he wanted to move away from finance and work in the technology industry.

“I prefer the innovative technology industry, as I believe it can make a greater difference to society,” he said.

Zhenyu’s hard work in his degree and internships paid off and he was rewarded with a number of job offers in companies across Europe.

However, Zhengyu decided to return to mainland China.

“Through my experience of living and traveling in different countries, I know there was a huge innovation wave in China in the tech sector,” said Zhenyu. It was here that Zhenyu was offered his job at Tencent’s WeChat.

“I enjoy the environment: working with smart and open-minded colleagues and helping our partners to achieve success,” said Zhenyu.

Zhenyu is not the only Bocconi graduate with a successful international career, with many of Zhenyu’s classmates getting jobs around the world. Of the 2019 graduates, 33 percent found work outside Italy.

For Zhenyu, it is the friendships at Bocconi that stood out to him

“I feel that the most rewarding part of my master's is not the knowledge in the classroom or the grade I got. The most epic part is the people of Bocconi - the Bocconi community. I have met a lot of outstanding people there,” he said.

Sponsored by Bocconi University

Putting together your master’s degree application takes time and planning, particularly if you’re looking to study at a top business school.  

Ensuring you have all the relevant information about the application process and the programme is the best way to boost your chances of success when applying to study a master’s degree.

Bocconi University in Italy, ranked among the best five business schools in Europe by the Financial Times, offers a variety of MSc degrees in both English and Italian. It hosts networking events throughout the year for students looking to learn more about the Graduate programmes offered by Bocconi University.

We spoke to Bocconi University’s Students Division Director, Paolo Cancelli, to find out what international applicants need to know about applying for a master’s degree a top business school such as Bocconi.

What does the application process at Bocconi University look like for master’s degrees? 

Bocconi University has three main stages when screening international candidates’ applications.

Stage one: GMAT or GRE scores

Bocconi looks at this quantitative test to compare candidates in the most objective way. Applicants submit their overall score (in the verbal and quantitative sections) and there is no minimum requested result.

Stage two: Academic background

Applicants will need to submit their grade point average (GPA) earned in their undergraduate degree. 

Stage three: CV and personal statement

The third part of the application is the CV and personal statement. Programme directors will consider this qualitative section to evaluate the candidate’s suitability for the programmes.  

Possible stage four: Video interview

A video interview may be required for some programmes. The interview will give candidates the opportunity to talk more about their motivation and interest for Bocconi and the programmes.

How important is it to have previous work experience when applying to business school? 

Work experience is not a mandatory requirement for applicants interested in joining Bocconi for their master’s degree.

In the Italian education system, students often graduate from their bachelor’s degree and immediately start their master’s. MSc programmes at Bocconi are designed to give students an in-depth overview on a specific sector, industry or function into a company.

If you do have work experience - preferably up to two years - don’t forget to include it in your CV. This is valuable information to evaluate your background.

How should students prepare for applying to an MSc programme at a top business school, such as Bocconi? 

Prospective students interested in Bocconi should consider the timing of their application.

Bocconi University offers five application rounds for international applicants, starting from mid-September until the end of May. Each round is considered separately, on a rolling basis, meaning that applications are reviewed as they come in.

Generally, the sooner an applicant applies the better, as there are more places and scholarships available. On the other hand, these will be assigned up until the fifth round, so take your time when preparing your application. Set aside enough time to prepare for your GMAT or GRE test.

Prospective students can apply for multiple programmes at once. Bocconi University offers several programmes in the fields of the social sciences area and prospective students can apply to up to five programmes in order of preference.

Non-admitted students can apply again for the same academic year. At least one element of the online application will need to be changed when the application is submitted for the second time.

For special programmes, students need to pay more attention to the specific requirements and deadlines.

What do you look for in a successful application?  

Bocconi University is looking for brilliant young talents to join the MSc programmes.

We organise plenty of activities each year, so attend one and find out more about Bocconi. This background information will help when writing your personal statement as it’ll show you researched the university and programmes.

The next upcoming virtual events are:

·       Bocconi Meets China event on 18 November 2021. Bocconi Meets events provide a unique opportunity for prospective students, parents, teachers and the business and educational community to get to know our university through the words of Bocconi representatives living in your country.

·       Virtual Open Day on 11 December 2021. The open day is a fantastic chance to interact with current students and course directors to have a clear understanding of what to expect from Bocconi, clarify your doubts and ask your questions.

·       Masterclasses on 24 January, 24 February, 30 March 2022. Broaden your knowledge and delve into current issues, attending our free interactive classes. Take advantage of exclusive content brought to you from our top-notch international faculty.

What common mistakes should applicants avoid? 

If you are interested in applying to Bocconi master’s degrees you should be aware of some common mistakes to avoid:

Never underestimate the personal statement

The personal statement will give programme directors an idea of your suitability for the degree programme. In the personal statement, try not to repeat the exact same information that’s included in your CV.

Instead, focus on your motivation for studying in Italy, at Bocconi and in the specific programmes of your interest.

IELTS is not essential for all postgraduate programmes

A prior knowledge of Italian is not required if you’re applying to an English-taught programme, but all international students will have a chance to attend an Italian course at the introductory level.

English will only be required in case of admission at the enrollment stage. 

You can apply in the last year of your undergraduate degree

This is a perfect time to apply. The admissions team will consider the grades from your bachelor’s degree when you submit your application.

Be different and highlight your uniqueness

Bocconi is looking for talented individuals who have the courage to challenge themselves and take on responsibility.

Diversity in backgrounds is an advantage. Your personal, unique perspective may be exactly what we are looking for.

Whether you have an economics/business background or not, Bocconi offers the possibility to attend free of charge pre-courses before the start of the official classes, to make sure everyone starts on the same level.

What would you like to see more of in business school applications? 

There are five things I would like to see more of in business school applications:

·       A drive to succeed

·       Long-term vision

·       Willingness to achieve high standards

·       Passion to work hard to reach your goals

·       An inclusive mindset that is open to diversity

What five tips would you offer to Chinese students applying to a top business school? 

Figure out your interests and motivation before sending out your application

Sometimes Chinese students pay too much attention on the rankings of the school and the programme and ignore their real interests. If your motivation is not clearly presented, it’s easy to fail the application because the school can't see your passion in the subject.

Go through the course structure of each programme

Looking through the modules you’ll be taking as well as the course structure is a good way to see if it’s the programme you’re looking for.

Location matters

A good school location can give you a better student experience and more job opportunities, giving you the option to take on internships and travel.

To learn about the school’s location, you could either visit the school in-person or make use of online resources, such as the school’s WeChat account. Once you know more about the city, the school and the programme, you will be able to prepare a more persuasive personal statement.

Make use of the university's website

The university’s official website contains the most updated information for students. When preparing your application, please do check the website from time to time as sometimes the admission dates or the entrance requirements change.

Stay in touch with admissions officer

Schedule a meeting or call with your school’s admissions officer or local representative to get more information and answer any questions you might have.

Sponsored by Lingnan University

Social entrepreneurship has become a rising business trend over the last 10 years and many businesses are recognising social impact as a new driver for business growth. It’s therefore unsurprising that universities around the world are now offering degree programmes that aim to nurture the next generation of social entrepreneurs who are ready to champion social impact, innovation and purpose-driven careers.

Lingnan University, the only liberal arts university in Hong Kong, is rolling out its brand-new MA in Social Entrepreneurship and Innovation Management for anyone working in or aspiring to a career in social innovation and social impact. The programme combines theoretical and practical teaching, allowing students to gain invaluable hands-on experience and knowledge on entrepreneurial leadership and innovation management for a better society.

If you’re thinking of pursuing a master’s in social entrepreneurship and innovation management, here’s what you need to consider…

You want to make a difference

There are many social, economic and environmental issues in the world that need innovative solutions. Being a social entrepreneur or being part of a social impact organisation means you could be the one to find such solutions and bring about positive change.

Launching a successful social enterprise isn’t always an easy job. Most of the world’s most popular social impact businesses – think TOMS, Lush, Ben & Jerry’s and Terracycle – were the result of great solutions, innovative strategies and solid market interest.

So, although it is important to have a vision, it’s also important that you understand how to best use your skills and knowledge to proactively turn your idea into a profitable, sustainable long-term business venture.

You want to tap into your creative and innovative mindset

Social entrepreneurs like to think outside-of-the-box and tend to see opportunities which others may perceive to be as obstacles. The MA in Social Entrepreneurship and Innovation Management at Lingnan University lets students’ imaginations run free and put their creative, problem-solving skills to the test. And with the regular consultations and supports from subject-matter experts in the fields, turning visions into reality has never been more possible.

You want to develop key business skills

Connecting aspirational and creative ideas with business know-how is key to ensuring social impact organisations stay abreast of latest innovation and trends, and stay financially viable to succeed in the long-term.

Studying a master’s degree like the MA in Social Entrepreneurship and Innovation Management sees students delve into the most crucial fields of business and entrepreneurship management as well as new areas of social innovation that have evolved significantly in recent years. These skillsets are not just relevant to social impact organisations – they are 21st century skills that are relevant and crucial in a variety of industries to help drive innovation and change.

You want to build a strong network

Knowing the right people can lead to exciting collaborative projects, successful professional relationships, and even new job opportunities later down the line.

At Lingnan University, MA in Social Entrepreneurship and Innovation Management students can connect with esteemed local, regional and international partner organisations.

Through various community-based experiential learning experiences as well as exchange and internship opportunities, students can make a long-lasting impression on their peers and industry leaders alike and build their foundation of network partners, which is theirs to keep and grow in the many years to come.

You want to pursue a purpose-driven career

Whether you have plans for your own social start-up, or you want to be part of an already established social organisation where you drive social impact initiatives, a master’s degree in social entrepreneurship and innovation management will hone your skills in the space of social impact and innovation.

The MA in Social Entrepreneurship and Innovation Management at Lingnan University offers students professional consultations with various social and business experts as well as internship opportunities in different areas. This opens up opportunities for both working and recent graduates who want to broaden and better pave their career paths.

Occasionally errors are reported after the analysis is complete and after institutions have received their rank and scores. In such cases, QS first rectifies the issue and where necessary updates the institution with a corrected set of results. If a rank change occurs we place the corrected institution in its correct position but leave all other institutions unaffected. This can result in two institutions in the same rank position with slightly different scores. In the case of an institution being removed from the rankings, again no other institutions will be affected but a gap may appear in the ranks.This is the initial version of the rankings published on 23.10.2021, with no post-publication edits yet. Once any correction occurs, you can view its summary on this page.