Day: March 26, 2024

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Tony Elumelu Foundation Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded Across Africa

10th Cohort of the Tony Elumelu Foundation Entrepreneurship Programme Announced; Over 50 business sectors from farming to technology represented; 20,000 entrepreneurs from 54 countries across Africa funded in 10 years – doubling original target.

LAGOS, NIGERIA – EQS Newswire – 26 March 2024 – The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme.

This new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation, double the initial commitment. The Tony Elumelu Foundation has disbursed US$100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. 45% of these beneficiaries are women, reiterating the Foundation’s commitment to gender inclusion and equity.

Past entrepreneurs selected across Africa include:

  • Stella Sigana, founder of Alternative Waste Technologies from Kenya, produces fuel briquettes by converting organic and charcoal waste from slum settlements, and dedicates a portion of the revenues to providing education, skills training, and job placement for adolescent girls and young women aged 18-24. Since her selection, Stella has created 12 jobs, generated over $79,000 in revenue, and recycled over 500 tons of waste into fuel briquettes for cooking. Her business model has also empowered hundreds of women entrepreneurs in slum settlements in Kenya, enabling them to build businesses by selling her products directly to their communities, thus significantly increasing household income and wellbeing.
  • Vital Sounouvou from Benin is the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders. Through Exportunity, Sounouvou has engaged over 750 clients, and built a database of 85,000 companies trading with Africa. He has employed 32 people.
  • Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a socio-educational initiative aimed at bridging the knowledge gap and guiding students toward the right career path, helps young Moroccans develop technical and interpersonal skills beyond school curriculum requirements. Through Shine Space, Nora has upskilled and capacitised over 2,500 young Moroccans.

Since inception in 2010, the Tony Elumelu Foundation has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Founder Tony Elumelu’s entrepreneurial journey, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is driven by our Founder’s philosophy of Africapitalism, which advocates that the private sector, particularly entrepreneurs, must play the pivotal role in Africa’s development.

The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City Development Agency, and Google, with bespoke programmes including targeting female empowerment and growth in fragile states. Building on its existing partnership with Sèmè City Development Agency, the Tony Elumelu Foundation will fund an additional 100 young entrepreneurs from Benin Republic in 2024.

Tony O. Elumelu shared: “As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on. Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts.”

As part of the Tony Elumelu Foundation’s commitment to support young Africans, the following ongoing opportunities are currently open for applications from young entrepreneurs across Africa on TEFConnect (https://TEFConnect.com/):

  • Women Entrepreneurship For Africa (WE4A), a partnership between the European Union, GIZ and TEF
  • Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda

African entrepreneurs are encouraged to apply to these initiatives to receive training, mentorship, access to networks, and funding.

To learn more about the Tony Elumelu Foundation Entrepreneurship Programme “Decade of Impact” please see here (https://apo-opa.co/3IULYeS). The success stories of these beneficiaries can be found here (https://apo-opa.co/3VzIx4X), and a full breakdown of the Foundation’s beneficiaries across Africa can be found here (https://apo-opa.co/3TOQCkS). For more insights into our impactful initiatives, milestones, and the transformative stories of entrepreneurs across Africa, delve into our annual reports here (https://apo-opa.co/43xk2r6).

Download image: https://apo-opa.co/4awNH5N (Tony Elumelu Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded Across Africa)

About the Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided access to over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have collectively created over 400,000 direct and indirect jobs.

 

Posted on

Tony Elumelu Foundation Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded Across Africa

10th Cohort of the Tony Elumelu Foundation Entrepreneurship Programme Announced; Over 50 business sectors from farming to technology represented; 20,000 entrepreneurs from 54 countries across Africa funded in 10 years – doubling original target.

LAGOS, NIGERIA – EQS Newswire – 26 March 2024 – The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme.

This new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation, double the initial commitment. The Tony Elumelu Foundation has disbursed US$100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. 45% of these beneficiaries are women, reiterating the Foundation’s commitment to gender inclusion and equity.

Past entrepreneurs selected across Africa include:

  • Stella Sigana, founder of Alternative Waste Technologies from Kenya, produces fuel briquettes by converting organic and charcoal waste from slum settlements, and dedicates a portion of the revenues to providing education, skills training, and job placement for adolescent girls and young women aged 18-24. Since her selection, Stella has created 12 jobs, generated over $79,000 in revenue, and recycled over 500 tons of waste into fuel briquettes for cooking. Her business model has also empowered hundreds of women entrepreneurs in slum settlements in Kenya, enabling them to build businesses by selling her products directly to their communities, thus significantly increasing household income and wellbeing.
  • Vital Sounouvou from Benin is the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders. Through Exportunity, Sounouvou has engaged over 750 clients, and built a database of 85,000 companies trading with Africa. He has employed 32 people.
  • Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a socio-educational initiative aimed at bridging the knowledge gap and guiding students toward the right career path, helps young Moroccans develop technical and interpersonal skills beyond school curriculum requirements. Through Shine Space, Nora has upskilled and capacitised over 2,500 young Moroccans.

Since inception in 2010, the Tony Elumelu Foundation has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Founder Tony Elumelu’s entrepreneurial journey, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is driven by our Founder’s philosophy of Africapitalism, which advocates that the private sector, particularly entrepreneurs, must play the pivotal role in Africa’s development.

The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City Development Agency, and Google, with bespoke programmes including targeting female empowerment and growth in fragile states. Building on its existing partnership with Sèmè City Development Agency, the Tony Elumelu Foundation will fund an additional 100 young entrepreneurs from Benin Republic in 2024.

Tony O. Elumelu shared: “As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on. Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts.”

As part of the Tony Elumelu Foundation’s commitment to support young Africans, the following ongoing opportunities are currently open for applications from young entrepreneurs across Africa on TEFConnect (https://TEFConnect.com/):

  • Women Entrepreneurship For Africa (WE4A), a partnership between the European Union, GIZ and TEF
  • Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda

African entrepreneurs are encouraged to apply to these initiatives to receive training, mentorship, access to networks, and funding.

To learn more about the Tony Elumelu Foundation Entrepreneurship Programme “Decade of Impact” please see here (https://apo-opa.co/3IULYeS). The success stories of these beneficiaries can be found here (https://apo-opa.co/3VzIx4X), and a full breakdown of the Foundation’s beneficiaries across Africa can be found here (https://apo-opa.co/3TOQCkS). For more insights into our impactful initiatives, milestones, and the transformative stories of entrepreneurs across Africa, delve into our annual reports here (https://apo-opa.co/43xk2r6).

Download image: https://apo-opa.co/4awNH5N (Tony Elumelu Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded Across Africa)

About the Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided access to over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have collectively created over 400,000 direct and indirect jobs.

 

Posted on

AI, Inclusion, and Sustainability: Must-Haves for Business School Aspirants

GMAC’s annual survey finds evolving motivations for advanced business education

RESTON, Va., March 26, 2024 (GLOBE NEWSWIRE) — As the world emerged from a turbulent year that witnessed greater geopolitical conflicts, economic uncertainty, volatile job markets and disruptive technology, individuals are turning to graduate management education with a new-found focus. They aim to upgrade their skills while approaching their study, work—and life—with a purpose, according to an annual survey of global prospective students of business school released today by the Graduate Management Admission Council (GMAC). The research shows more than two-thirds of potential students agreed that equity and inclusion, as well as sustainability, are important or very important to their academic experience. In addition, three-quarters of candidates say efforts around well-being — defined by the United Nations Sustainable Development Goals of no poverty, zero hunger, clean water and sanitation, and decent work and economic growth —are important to them when pursing higher education, to the point that many of them would eliminate schools from their consideration if these themes were not incorporated in the curriculum.

What’s also driving the interest in advanced business education of would-be students is the transformative technology of generative artificial intelligence (AI). Candidate demand for it grew 38 percent year-over-year, with two-fifths now saying it is essential to their curricula. Interest was the highest among those from the Middle East and Latin America as well as among millennials and men. Global interest in STEM-certified business programs also grew 38 percent in five years—and to new heights in Asia, driven by demand in India and Greater China.

“The 2024 survey of prospective students reveals that candidates expect graduate business education to help equip them to advance social impact as a component of their professional and personal goals. Their strong desire to build evergreen skills like leadership in an uncertain world, data-driven problem-solving, and effective technology and human capital management persists, even though their preferences for delivery formats and study destinations may shift,” said Joy Jones, CEO of GMAC. “I am encouraged by how today’s candidate is aspiring and adapting to meet new global challenges in the forever-evolving business environment and really owning their career trajectory. It is creating enormous opportunities for business schools to satisfy the ever-changing demands of candidates and industry with a wide variety of degree offerings and course flexibility.”

Demand for flexibility reaches new high.

Over the past five years, interest in hybrid learning has grown around the globe at the expense of in-person learning. Most hybrid candidates want to spend half or more of their class time in-person and the rest online. This growth is seen across regions, except for Central and South Asia, with preference for hybrid study being the highest in Africa and North America. Not surprisingly – and consistent with previous years’ findings – women are more likely to prefer hybrid programs compared to men, with 20 percent of female prospective students with this preference compared to 15 percent of men.

“This year’s prospective student survey adds to a growing slate of evidence that candidates’ appetite for flexibility is increasing,” said Andrew Walker, director of research analysis and communications at GMAC and the report author. “Interest in hybrid learning has grown across regions and demographic types as hybrid workplaces have also increasingly become available and expected by prospective employees. While in-person learning remains the most preferred delivery format among most candidates, its dominance among candidates is diminishing.”

Affordability and growth of quality in-region institutions reshape global student mobility.

While the United States remains the top study destination for most business school candidates globally, multi-year survey data shows that more candidates than ever before plan to apply to study within their country of citizenship instead of internationally, particularly in Asia, Latin America, and Eastern Europe. For example, most Indian candidates now plan to apply domestically, growing from 41 percent in 2022 to 53 percent in 2023. Among them, most cited affordability as their top reason, followed by the reputation of India’s educational system. At the same time, candidates of Greater China showed less interest in studying in the U.S. with a nine-point drop since 2019, reaching a five-year low. While Chinese candidates still associate the U.S. with better preparation for their careers, a reputable educational system, and an attractive location, their interest in studying in Western Europe has largely remained strong, with a majority associating Western European programs, which tend to be shorter in duration, with affordability.

“As high-quality educational institutions and economic opportunities continue to rise in Asia, it is no surprise that many candidates would choose to stay closer to home instead of traveling afar,” said Curtis Alan Ferguson, managing partner of Ventech China and a board member of GMAC. “That said, graduate business programs in the U.S. and Western Europe still enjoy quite an advantage because of their established reputations of the educational systems and well-rounded preparation for candidate careers.”

About the Prospective Student Survey

With more than 15 years of survey responses representing all world regions, the GMAC Prospective Students Survey has provided the world’s graduate business schools with critical insights into the decision-making processes of people currently considering applying to a graduate management education program. This year’s summary report considers data collected in the 2023 calendar year from 4,105 respondents in 132 countries around the world. Among them, 42 percent are female, 61 percent are Gen Z, and 29 percent of the U.S. sample are from underrepresented populations. The survey continues to explore trends in the candidate pipeline, program preferences, and career goals, with new questions added to this year’s survey about candidate demand for equity and inclusion, sustainability, and health and well-being in their academic experiences. The report also considers surging interest in AI; evolutions in candidate expectations for flexibility; motivations behind candidate mobility from key markets; trends in certifications and micro-credentials; and the ongoing patterns in candidate career preparation and upskilling.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

More than 12 million prospective students a year trust GMAC’s platforms, including mba.com, GMAC Tours, and BusinessBecause, to learn about MBA and business master’s programs, connect with schools around the world, prepare and register for exams, and get advice on how to successfully achieve their business education and career goals. GMAC is a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com

GlobeNewswire Distribution ID 9078315

Posted on

AI, Inclusion, and Sustainability: Must-Haves for Business School Aspirants

GMAC’s annual survey finds evolving motivations for advanced business education

RESTON, Va., March 26, 2024 (GLOBE NEWSWIRE) — As the world emerged from a turbulent year that witnessed greater geopolitical conflicts, economic uncertainty, volatile job markets and disruptive technology, individuals are turning to graduate management education with a new-found focus. They aim to upgrade their skills while approaching their study, work—and life—with a purpose, according to an annual survey of global prospective students of business school released today by the Graduate Management Admission Council (GMAC). The research shows more than two-thirds of potential students agreed that equity and inclusion, as well as sustainability, are important or very important to their academic experience. In addition, three-quarters of candidates say efforts around well-being — defined by the United Nations Sustainable Development Goals of no poverty, zero hunger, clean water and sanitation, and decent work and economic growth —are important to them when pursing higher education, to the point that many of them would eliminate schools from their consideration if these themes were not incorporated in the curriculum.

What’s also driving the interest in advanced business education of would-be students is the transformative technology of generative artificial intelligence (AI). Candidate demand for it grew 38 percent year-over-year, with two-fifths now saying it is essential to their curricula. Interest was the highest among those from the Middle East and Latin America as well as among millennials and men. Global interest in STEM-certified business programs also grew 38 percent in five years—and to new heights in Asia, driven by demand in India and Greater China.

“The 2024 survey of prospective students reveals that candidates expect graduate business education to help equip them to advance social impact as a component of their professional and personal goals. Their strong desire to build evergreen skills like leadership in an uncertain world, data-driven problem-solving, and effective technology and human capital management persists, even though their preferences for delivery formats and study destinations may shift,” said Joy Jones, CEO of GMAC. “I am encouraged by how today’s candidate is aspiring and adapting to meet new global challenges in the forever-evolving business environment and really owning their career trajectory. It is creating enormous opportunities for business schools to satisfy the ever-changing demands of candidates and industry with a wide variety of degree offerings and course flexibility.”

Demand for flexibility reaches new high.

Over the past five years, interest in hybrid learning has grown around the globe at the expense of in-person learning. Most hybrid candidates want to spend half or more of their class time in-person and the rest online. This growth is seen across regions, except for Central and South Asia, with preference for hybrid study being the highest in Africa and North America. Not surprisingly – and consistent with previous years’ findings – women are more likely to prefer hybrid programs compared to men, with 20 percent of female prospective students with this preference compared to 15 percent of men.

“This year’s prospective student survey adds to a growing slate of evidence that candidates’ appetite for flexibility is increasing,” said Andrew Walker, director of research analysis and communications at GMAC and the report author. “Interest in hybrid learning has grown across regions and demographic types as hybrid workplaces have also increasingly become available and expected by prospective employees. While in-person learning remains the most preferred delivery format among most candidates, its dominance among candidates is diminishing.”

Affordability and growth of quality in-region institutions reshape global student mobility.

While the United States remains the top study destination for most business school candidates globally, multi-year survey data shows that more candidates than ever before plan to apply to study within their country of citizenship instead of internationally, particularly in Asia, Latin America, and Eastern Europe. For example, most Indian candidates now plan to apply domestically, growing from 41 percent in 2022 to 53 percent in 2023. Among them, most cited affordability as their top reason, followed by the reputation of India’s educational system. At the same time, candidates of Greater China showed less interest in studying in the U.S. with a nine-point drop since 2019, reaching a five-year low. While Chinese candidates still associate the U.S. with better preparation for their careers, a reputable educational system, and an attractive location, their interest in studying in Western Europe has largely remained strong, with a majority associating Western European programs, which tend to be shorter in duration, with affordability.

“As high-quality educational institutions and economic opportunities continue to rise in Asia, it is no surprise that many candidates would choose to stay closer to home instead of traveling afar,” said Curtis Alan Ferguson, managing partner of Ventech China and a board member of GMAC. “That said, graduate business programs in the U.S. and Western Europe still enjoy quite an advantage because of their established reputations of the educational systems and well-rounded preparation for candidate careers.”

About the Prospective Student Survey

With more than 15 years of survey responses representing all world regions, the GMAC Prospective Students Survey has provided the world’s graduate business schools with critical insights into the decision-making processes of people currently considering applying to a graduate management education program. This year’s summary report considers data collected in the 2023 calendar year from 4,105 respondents in 132 countries around the world. Among them, 42 percent are female, 61 percent are Gen Z, and 29 percent of the U.S. sample are from underrepresented populations. The survey continues to explore trends in the candidate pipeline, program preferences, and career goals, with new questions added to this year’s survey about candidate demand for equity and inclusion, sustainability, and health and well-being in their academic experiences. The report also considers surging interest in AI; evolutions in candidate expectations for flexibility; motivations behind candidate mobility from key markets; trends in certifications and micro-credentials; and the ongoing patterns in candidate career preparation and upskilling.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

More than 12 million prospective students a year trust GMAC’s platforms, including mba.com, GMAC Tours, and BusinessBecause, to learn about MBA and business master’s programs, connect with schools around the world, prepare and register for exams, and get advice on how to successfully achieve their business education and career goals. GMAC is a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com

GlobeNewswire Distribution ID 9078315

Posted on

AI, Inclusion, and Sustainability: Must-Haves for Business School Aspirants

GMAC’s annual survey finds evolving motivations for advanced business education

RESTON, Va., March 26, 2024 (GLOBE NEWSWIRE) — As the world emerged from a turbulent year that witnessed greater geopolitical conflicts, economic uncertainty, volatile job markets and disruptive technology, individuals are turning to graduate management education with a new-found focus. They aim to upgrade their skills while approaching their study, work—and life—with a purpose, according to an annual survey of global prospective students of business school released today by the Graduate Management Admission Council (GMAC). The research shows more than two-thirds of potential students agreed that equity and inclusion, as well as sustainability, are important or very important to their academic experience. In addition, three-quarters of candidates say efforts around well-being — defined by the United Nations Sustainable Development Goals of no poverty, zero hunger, clean water and sanitation, and decent work and economic growth —are important to them when pursing higher education, to the point that many of them would eliminate schools from their consideration if these themes were not incorporated in the curriculum.

What’s also driving the interest in advanced business education of would-be students is the transformative technology of generative artificial intelligence (AI). Candidate demand for it grew 38 percent year-over-year, with two-fifths now saying it is essential to their curricula. Interest was the highest among those from the Middle East and Latin America as well as among millennials and men. Global interest in STEM-certified business programs also grew 38 percent in five years—and to new heights in Asia, driven by demand in India and Greater China.

“The 2024 survey of prospective students reveals that candidates expect graduate business education to help equip them to advance social impact as a component of their professional and personal goals. Their strong desire to build evergreen skills like leadership in an uncertain world, data-driven problem-solving, and effective technology and human capital management persists, even though their preferences for delivery formats and study destinations may shift,” said Joy Jones, CEO of GMAC. “I am encouraged by how today’s candidate is aspiring and adapting to meet new global challenges in the forever-evolving business environment and really owning their career trajectory. It is creating enormous opportunities for business schools to satisfy the ever-changing demands of candidates and industry with a wide variety of degree offerings and course flexibility.”

Demand for flexibility reaches new high.

Over the past five years, interest in hybrid learning has grown around the globe at the expense of in-person learning. Most hybrid candidates want to spend half or more of their class time in-person and the rest online. This growth is seen across regions, except for Central and South Asia, with preference for hybrid study being the highest in Africa and North America. Not surprisingly – and consistent with previous years’ findings – women are more likely to prefer hybrid programs compared to men, with 20 percent of female prospective students with this preference compared to 15 percent of men.

“This year’s prospective student survey adds to a growing slate of evidence that candidates’ appetite for flexibility is increasing,” said Andrew Walker, director of research analysis and communications at GMAC and the report author. “Interest in hybrid learning has grown across regions and demographic types as hybrid workplaces have also increasingly become available and expected by prospective employees. While in-person learning remains the most preferred delivery format among most candidates, its dominance among candidates is diminishing.”

Affordability and growth of quality in-region institutions reshape global student mobility.

While the United States remains the top study destination for most business school candidates globally, multi-year survey data shows that more candidates than ever before plan to apply to study within their country of citizenship instead of internationally, particularly in Asia, Latin America, and Eastern Europe. For example, most Indian candidates now plan to apply domestically, growing from 41 percent in 2022 to 53 percent in 2023. Among them, most cited affordability as their top reason, followed by the reputation of India’s educational system. At the same time, candidates of Greater China showed less interest in studying in the U.S. with a nine-point drop since 2019, reaching a five-year low. While Chinese candidates still associate the U.S. with better preparation for their careers, a reputable educational system, and an attractive location, their interest in studying in Western Europe has largely remained strong, with a majority associating Western European programs, which tend to be shorter in duration, with affordability.

“As high-quality educational institutions and economic opportunities continue to rise in Asia, it is no surprise that many candidates would choose to stay closer to home instead of traveling afar,” said Curtis Alan Ferguson, managing partner of Ventech China and a board member of GMAC. “That said, graduate business programs in the U.S. and Western Europe still enjoy quite an advantage because of their established reputations of the educational systems and well-rounded preparation for candidate careers.”

About the Prospective Student Survey

With more than 15 years of survey responses representing all world regions, the GMAC Prospective Students Survey has provided the world’s graduate business schools with critical insights into the decision-making processes of people currently considering applying to a graduate management education program. This year’s summary report considers data collected in the 2023 calendar year from 4,105 respondents in 132 countries around the world. Among them, 42 percent are female, 61 percent are Gen Z, and 29 percent of the U.S. sample are from underrepresented populations. The survey continues to explore trends in the candidate pipeline, program preferences, and career goals, with new questions added to this year’s survey about candidate demand for equity and inclusion, sustainability, and health and well-being in their academic experiences. The report also considers surging interest in AI; evolutions in candidate expectations for flexibility; motivations behind candidate mobility from key markets; trends in certifications and micro-credentials; and the ongoing patterns in candidate career preparation and upskilling.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

More than 12 million prospective students a year trust GMAC’s platforms, including mba.com, GMAC Tours, and BusinessBecause, to learn about MBA and business master’s programs, connect with schools around the world, prepare and register for exams, and get advice on how to successfully achieve their business education and career goals. GMAC is a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com

GlobeNewswire Distribution ID 9078315

Posted on

AI, Inclusion, and Sustainability: Must-Haves for Business School Aspirants

GMAC’s annual survey finds evolving motivations for advanced business education

RESTON, Va., March 26, 2024 (GLOBE NEWSWIRE) — As the world emerged from a turbulent year that witnessed greater geopolitical conflicts, economic uncertainty, volatile job markets and disruptive technology, individuals are turning to graduate management education with a new-found focus. They aim to upgrade their skills while approaching their study, work—and life—with a purpose, according to an annual survey of global prospective students of business school released today by the Graduate Management Admission Council (GMAC). The research shows more than two-thirds of potential students agreed that equity and inclusion, as well as sustainability, are important or very important to their academic experience. In addition, three-quarters of candidates say efforts around well-being — defined by the United Nations Sustainable Development Goals of no poverty, zero hunger, clean water and sanitation, and decent work and economic growth —are important to them when pursing higher education, to the point that many of them would eliminate schools from their consideration if these themes were not incorporated in the curriculum.

What’s also driving the interest in advanced business education of would-be students is the transformative technology of generative artificial intelligence (AI). Candidate demand for it grew 38 percent year-over-year, with two-fifths now saying it is essential to their curricula. Interest was the highest among those from the Middle East and Latin America as well as among millennials and men. Global interest in STEM-certified business programs also grew 38 percent in five years—and to new heights in Asia, driven by demand in India and Greater China.

“The 2024 survey of prospective students reveals that candidates expect graduate business education to help equip them to advance social impact as a component of their professional and personal goals. Their strong desire to build evergreen skills like leadership in an uncertain world, data-driven problem-solving, and effective technology and human capital management persists, even though their preferences for delivery formats and study destinations may shift,” said Joy Jones, CEO of GMAC. “I am encouraged by how today’s candidate is aspiring and adapting to meet new global challenges in the forever-evolving business environment and really owning their career trajectory. It is creating enormous opportunities for business schools to satisfy the ever-changing demands of candidates and industry with a wide variety of degree offerings and course flexibility.”

Demand for flexibility reaches new high.

Over the past five years, interest in hybrid learning has grown around the globe at the expense of in-person learning. Most hybrid candidates want to spend half or more of their class time in-person and the rest online. This growth is seen across regions, except for Central and South Asia, with preference for hybrid study being the highest in Africa and North America. Not surprisingly – and consistent with previous years’ findings – women are more likely to prefer hybrid programs compared to men, with 20 percent of female prospective students with this preference compared to 15 percent of men.

“This year’s prospective student survey adds to a growing slate of evidence that candidates’ appetite for flexibility is increasing,” said Andrew Walker, director of research analysis and communications at GMAC and the report author. “Interest in hybrid learning has grown across regions and demographic types as hybrid workplaces have also increasingly become available and expected by prospective employees. While in-person learning remains the most preferred delivery format among most candidates, its dominance among candidates is diminishing.”

Affordability and growth of quality in-region institutions reshape global student mobility.

While the United States remains the top study destination for most business school candidates globally, multi-year survey data shows that more candidates than ever before plan to apply to study within their country of citizenship instead of internationally, particularly in Asia, Latin America, and Eastern Europe. For example, most Indian candidates now plan to apply domestically, growing from 41 percent in 2022 to 53 percent in 2023. Among them, most cited affordability as their top reason, followed by the reputation of India’s educational system. At the same time, candidates of Greater China showed less interest in studying in the U.S. with a nine-point drop since 2019, reaching a five-year low. While Chinese candidates still associate the U.S. with better preparation for their careers, a reputable educational system, and an attractive location, their interest in studying in Western Europe has largely remained strong, with a majority associating Western European programs, which tend to be shorter in duration, with affordability.

“As high-quality educational institutions and economic opportunities continue to rise in Asia, it is no surprise that many candidates would choose to stay closer to home instead of traveling afar,” said Curtis Alan Ferguson, managing partner of Ventech China and a board member of GMAC. “That said, graduate business programs in the U.S. and Western Europe still enjoy quite an advantage because of their established reputations of the educational systems and well-rounded preparation for candidate careers.”

About the Prospective Student Survey

With more than 15 years of survey responses representing all world regions, the GMAC Prospective Students Survey has provided the world’s graduate business schools with critical insights into the decision-making processes of people currently considering applying to a graduate management education program. This year’s summary report considers data collected in the 2023 calendar year from 4,105 respondents in 132 countries around the world. Among them, 42 percent are female, 61 percent are Gen Z, and 29 percent of the U.S. sample are from underrepresented populations. The survey continues to explore trends in the candidate pipeline, program preferences, and career goals, with new questions added to this year’s survey about candidate demand for equity and inclusion, sustainability, and health and well-being in their academic experiences. The report also considers surging interest in AI; evolutions in candidate expectations for flexibility; motivations behind candidate mobility from key markets; trends in certifications and micro-credentials; and the ongoing patterns in candidate career preparation and upskilling.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

More than 12 million prospective students a year trust GMAC’s platforms, including mba.com, GMAC Tours, and BusinessBecause, to learn about MBA and business master’s programs, connect with schools around the world, prepare and register for exams, and get advice on how to successfully achieve their business education and career goals. GMAC is a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com

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