How we look at global education is drastically changing. While universities are launching new programs, test providers are on an innovation spree. A macro-view of what has been changing in the global education space:
Global Education trends:
A trend that started in Europe – rise of Masters in Management programs targeted for recent graduates with 0 to 2 years of work experience – is now catching up in other geographies such as US. Apart from top European schools like HEC Paris, London Business School, ESSEC, IE, US B-Schools like Kellogg, Duke and Babson now offer management programs for recent graduates. No longer do you need to wait to add years of experience before you pursue a management program abroad. The average age of students on many MiM courses is around 23 years.
While MiM is seeing a surge in demand, 70% of MiM programs have witnessed an increase in applications.
A decade back, test takers used to classify GMAT as a test to get into an MBA program and GRE as a test for MS programs. The clear line of difference has now diminished to a great extent. GRE is aggressively entering GMAT’s space and is now being accepted by a large number of Business Schools that previously accepted only GMAT.
Today, 1200+ Business schools accept GRE today including 83 of Financial Time’s Top 100 global MBA programs (based on FT 2015 ranking).
Far away from US & Europe, there is an interesting tale that international tests have to say about India. GMAT is now accepted by a large number of Indian B-schools as a part of their admission process. While both GMAT & GRE are accepted by ISB for all programs and IIM B for EPGP, other top B-School programs like IIMA PGPX, IIM C PGPEX, MICA PGDM-C, XLRI GMP, IIML IPXM, Great Lakes PGPM, TAPMI PGDM, IIMI EPGP, SP Jain PGPM now accept GMAT.
In India, the GMAT exam is accepted for admissions at more than 200 programs offered at over 100 business schools.
One of the many things that have been keeping the World’s top universities busy is their penchant to launch newer programs – universities realise that various research as well as job opportunities involve multiple disciplinary expertise and this has led to many new interdisciplinary program.
Approximately 25% of Stanford’s students pursue interdisciplinary programs. Stanford also launched Knight-Hennessy Scholars program offer a diverse, multidisciplinary and interdisciplinary education across its 7 schools.
Niche and specialist masters programs are finding acceptance today. While tradition Masters Programs are still deemed attractive, various programs such as MS in Data Science, sustainability, financial engineering are becoming increasingly popular amongst the global audience. Driven by great research opportunities and career growth in areas like big data, the niche programs have been witnessing a surge in demand.
88% of big data professionals have advanced degrees. McKinsey Global Institute predicts by 2018 there will be about 1.5 million more jobs than skilled data scientists to fill those jobs.
GRE & GMAT have been making aggressive moves to improve the testing experience in a bid to woo more takers. While GMAT has introduced features like allowing students to retake the test in 16 days, Enhanced Score Report and score cancellation & reinstatement, GRE has introduced features such as Score Select that allows students to choose and send only those scores that they wish universities to see.
GMAT Retake period reduced from 31-days to 16-days while score reinstating period increased from 60 days to 4 years and 11 months
Financing global education is no longer a problem even without a scholarship! The last few years have seen emergence of new, alternative sources of funding – beyond nationalized banks. A case in point is Prodigy Finance, a crowdfunding platform that offers non-collateral loans to students. Other options like Credila
USD 140 M disbursed as loans through crowfunding by ProdigyFinance.
For the first time in the history of Financial Times Global MBA rankings did a one year MBA program top the charts – INSEAD rose to the coveted pole position in 2016 edition. One year MBA programs and deferred MBA programs such as HBS 2+2, IESE YTP is seeing a surge in demand.
INSEAD 1-year MBA ranked 1 for the 1st time in the history of Financial Times
The pay-off period for one-year MBA is only 2.4 years as compared to 3.4-4 years for two-year MBA programs.