Students seek 10-year MBA to keep skills relevant for their careers

A two-year campus-based MBA degree has long been the most popular choice for business education students - but a new report reveals that a growing number now want a different MBA experience. 

The 2022 Tomorrow’s MBA report from CarringtonCrisp, and their research partner EFMD, asked 1,129 prospective students from 25 countries what they want from their MBA and how they decide where to study. Their answers reveal a marked shift in what and how business students want to learn since the pandemic started.

It found that just under three-quarters (70%) of respondents are interested in an MBA they could study in modules over several years, and when it suits them. 70% are also interested in an MBA which offers

opportunities to do further study at a low cost over the next 10 years to top up their skills. 

While 58% still prefer a full-time campus-based MBA, many more are open to considering different options. 73% want to study at their own pace rather than attending lectures at fixed times and collaborating virtually on projects with other students. 71% are interested in an MBA that allows them to switch between campus and online study as needed. 

Andrew Crisp, author of the study, comments: “MBA degrees were changing before the pandemic arrived, but COVID has put rocket fuel into the business education marketplace. Today’s students want flexibility, blended study and teaching that is highly topical to current challenges for business. Traditional providers offering new approaches to study and alternative providers are likely to be the biggest beneficiaries.”

Artificial Intelligence (AI) has emerged as a hot topic for prospective MBA students. So much so that when respondents were asked to rank the most valuable subjects to study in an MBA, 31% highlighted AI – putting it second behind a generic course in Business and Financial Environment.

And while students value finance, business law and economics in their MBA, they want something more. Seeing how the world is changing around them, 7 out of 10 prospective MBAs want a degree that includes

content on global challenges (72%), responsible management (71%), diversity, equality and inclusion (70%) and ethical leadership (69%).

Improving their salary prospects remains the key motivation to study among prospective students (29%). But there has been an increase in those wanting to study to start a business (22%), some because of redundancy, no doubt driven by COVID leading people to reconsider their career paths.

More than a third (39%) would consider alternative providers such as The Power MBA, Coursera and Quantic. Over half of respondents (57%) agree that they are now considering study options other than an MBA to support their career.

Andrew continues: “Business schools need to rethink their MBA offer. Our research shows that people now want a life-long learning journey. Having an MBA that doesn’t evolve, even at a leading global business school, is not a recipe for sustainable success.”