Since interest in online MBA programs peaked in 2020, business schools have been fielding a declining number of applications to these programs in the past two years, according to surveys conducted by the Graduate Management Admission Council (GMAC). Similarly, there was a 12.5% year-over-year decline in enrollment among the 100 schools on Fortune’s ranking of best online MBA programs in 2023.
But some schools are bucking the trend in the overall online MBA space, and reported big enrollment gains between the 2021-2022 and 2022–2023 academic years. Schools that have experienced a recent wave of increased enrollment attribute the surge to various factors, including a relatively low cost, flexibility, and program specifics that may appeal to a broader range of students.
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The COVID-19 pandemic abruptly forced schools to create online learning platforms, requiring students to adapt. Even though in-person learning has resumed, many people still value flexibility in how they earn their advanced degree. “We have to be cognizant that the landscape of higher education has transitioned significantly, and it was already headed in that direction, before COVID-19,” Mia Hawlk, executive director of MBA programs at the University of Connecticut, tells Fortune.
Some schools may be experiencing an uptick in enrollment because the online format makes completing an MBA more attainable for people from underserved and marginalized communities. “One of the most amazing things resulting from the influx of online education is that we are able to serve student populations and demographics that historically didn’t believe that an advanced degree was within their grasp,” says Hawlk.
Fortune sat down with representatives from the three schools with the highest enrollment growth in the past year, according to the data schools provided as part of the ranking process.
1. University of Connecticut: 134% enrollment growth
The University of Connecticut’s online MBA program is relatively new, having debuted only last year, which helps explain why enrollment more-than doubled in just one year. However, the school also built the program to attract students who are seeking flexibility, autonomy, and a personalized experience.
Specifically, students can customize the pace of their online MBA program, allowing them to complete an accelerated one-year program, or finish in two to three years if they are attending part-time. This flexibility, along with the school’s specifically-designed smaller cohort sizes and an online curriculum taught exclusively by UConn professors explain the 134% one-year increase in enrollment, according to Hawlk.
The idea that students have autonomy in when and where they can complete their coursework has really become standard practice, Hawlk notes. “When you set parameters that are restrictive, whether you mean to or not, you create an environment where everyone doesn’t have full access to those courses,” she continues.
When the online MBA program began, the university created a cohort option so that students have some level of control over community building—and these cohorts are intentionally moderate in size to build “intimacy,” says Hawlk. “It’s the creation of networks that we think are very important for anyone leaving with an MBA.”
UConn’s online MBA program is priced at $1,100 per credit for the 2023-24 academic year and offers seven specialization concentrations, including: general business, business analytics, business ethics and compliance, finance, management, marketing, and supply chain management.
2. John Carroll University (Boler): 61% enrollment growth
Students who attend the online MBA program at John Carroll University can complete the required curriculum at a personalized pace and courses are taught exclusively by faculty from the on-campus community. These are two of the factors that account for the university’s 61% year-over-year enrollment growth, Tracy Patterson, director and academic advisor for Boler’s MBA program, tells Fortune.
Boler’s online MBA program allows students to fine-tune course delivery options, including 100% on- or off-campus or a blend of the two, in increments that work best for the student’s individual needs. Boler also offers a one-year accelerated program, or students can complete the advanced degree in two to three years if attending part-time.
And nearly the entire program is certified with Quality Matters, a non-profit, quality assurance organization for online curriculum, which makes Boler stand out in the region, according to Patterson.
What’s more, Boler grads help to draw in new MBA candidates—and without requiring the school to heavily promote its online program, Patterson adds. “We have a very strong alumni network, one of the best I’ve ever seen.”
“It’s those three things: the Quality Matters online curriculum certification, Boler curriculum taught by Boler’s on-campus faculty, and the alumni network,” says Patterson.
Boler’s online MBA program is priced at $1,070 per credit for the 2023-24 academic year. In addition, students pay as they go—meaning there is no up-front tuition cost for a term or year. Boler students pay only for the number of credits they take each given term.
3. Troy University: 51% enrollment growth
The online MBA program with the third-highest enrollment growth between the 2021-2022 and 2022-2023 academic years is Troy University’s Sorrell College of Business, which saw a nearly 51% increase in that time period. Driving much of that growth is an online MBA curriculum that caters to career switchers—or other people without a business background, Judson C. Edwards, dean of Troy’s Sorrell College of Business, tells Fortune.
“When MBA programs started they really focused on people who did not have a degree in business, with more preparation courses in place for students who came from a non-business background,” says Edwards. That’s why the team that crafted Troy’s online MBA curriculum went “back to the future” and added more introductory-level courses, he adds.
Meanwhile, the school added a music industry management MBA to its online offerings in the past year, which is priced at $475 per credit for the 2023-24 academic year—the same tuition cost as the general business MBA. And this price tag which is “all inclusive” of fees, Edwards notes.
GMAT or GRE: test optional
A final factor that may explain why some schools are seeing big jumps in enrollment while others are experiencing declines may boil down to the application process itself. Nearly 60% of the schools on Fortune‘s ranking of the best online MBA programs do not require applicants to submit a GMAT score versus the 24% of schools that do.
And providing a GMAT or GRE score as part of the application process is optional for the online MBA programs listed above. “It’s now becoming so rare for students to need to submit their GMAT or GRE for a flex or part-time online MBA program that I don’t think it helps,” says Hawlk. UConn does allow applicants to submit exam scores if they feel it will strengthen their application.
There are certain circumstances where submitting a standardized test score can be beneficial. For example, students enrolled in the online MBA program at Boler may qualify for graduate scholarship opportunities if their exam score meets the necessary criteria. While recognizing a GPA is an important academic indicator, when dealing with working professionals, the admissions team at Boler looks at what an applicant has accomplished, Patterson says. And that means taking into account what people have done outside of the classroom, she adds.
“If they are right out of school, what have they done in terms of community service, volunteer work, internships,” she continues. “If they’re a working professional, what’s their career trajectory?”
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
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