Texas-Austin MBA Class Of 2024: McCombs Gets More Selective & International

The University of Texas at Austin McCombs School of Business got fewer applicants this year than last. They responded by admitting fewer than they have in years and seating a much smaller — and more international — class than usual.

All of that is pretty standard stuff in 2022, as U.S. B-schools grapple with the continuing effects of an economy that won’t loosen its grip on MBA-aged talent. But for Texas McCombs, the moves made in response to the decline in applications have had many beneficial effects: The school reports the lowest acceptance rate it has had in five cycles without deep sacrifices on the academic or diversity fronts, says Rodrigo Malta, the school’s managing director of MBA recruiting and admissions.

“At Texas McCombs, we are excited to welcome one of the strongest classes in the history of our full-time MBA program,” Malta says. “The Class of 2024 is smart, talented and diverse — filled with inspiring personal stories from changemakers unafraid to roll up their sleeves, work collaboratively, and change the world.

11% OF THE CLASS IS A 1ST-GENERATION COLLEGE GRADUATE

MBA applications for full-time MBA programs declined across the B-school landscape in 2021-2022. The Wharton School at the University of Pennsylvania saw a 14% decline, and Harvard Business School was down 15.4%. Stanford was down 16.5%. Chicago Booth saw a 13.6% decline. Yale SOM's apps were down 16.5%. At Michigan Ross the loss was 9.3%; at NYU Stern, 10%. The largest-reported app decline so far has occurred at UCLA Anderson, which lost 20% of its total year to year; declines on the milder side have occurred at Duke Fuqua (6%), Georgetown McDonough (5.4%), and Virginia Darden, where they fell just 3.5%.

Texas McCombs did not avoid the downturn, with 236 fewer apps this year than last. That's an 11.2% drop-off. Yet despite the challenges presented by a smaller pool of talent to choose from, McCombs' admission team whittled the school acceptance down to the lowest in five cycles and enrolled a class that ties all-time highs for average GPA (3.48) and GRE (319), while reporting the school's second-best average GMAT ever: 706.

McCombs' incoming class for the full-time MBA also sets a program record with 28% international representation, and, as Malta notes, is impressive in several other ways: There are 28 countries and 35 U.S. states represented, and incoming students from the U.S. military make up 13% of the class, "another historical record for the program." The class includes 29 Consortium students and 38 Forté Fellows, as well as 21 dual-degree students. Nearly 150 undergraduate institutions are represented; 11% of the class is a first-generation college graduate.

'THE PERFECT PLACE FOR STUDENTS TO DREAM BIG'

McCombs' new class outdoes many of its peers in one key way: experience. At 5.7 years, the average work experience of the new class exceeds most top B-schools, which tend to hover in the 4.8- to 5-year range. Thirteen percent of the McCombs class comes to Austin with advanced degrees already in hand.

Most of the class has a STEM (science, technology, engineering and math) undergraduate degree, 40%, while 33% have business or economics degrees. Humanities (15%) and "other" (13%) make up the rest.

In terms of pre-mba experience, "Technology continues to be our most popular pre-MBA industry," Malta tells P&Q, "but the Class of 2024 has a wide variety of professional experiences, with no pre-MBA industry making up more than 15% of the incoming class. Each incoming student brings their own strengths and views to the table, which electrifies our bonds, fosters innovation and makes the whole greater than the sum of its parts."

Having met many class members in August at an MBA orientation in Austin, Malta says he was more than impressed — he was inspired.

"Texas McCombs is a welcoming and dynamic community in a city that is unafraid to do things a little differently," he says. "This unique combination makes our MBA program the perfect place for students to dream big, blaze their own path and achieve their goals.

"As we kicked off MBA orientation this August, I listened to students as they shared personal and professional stories during cohort introductions. I left the room feeling inspired by their dreams and aspirations, impressed by their accomplishments and rejuvenated by the sense optimism of the Class of 2024.”

DON'T MISS STANFORD MBA CLASS OF 2024: APPS DOWN 16.5%, BUT PROGRAM GETS MORE DIVERSE and DUKE FUQUA'S MBA CLASS OF 2024: DOMESTIC APPS DECLINE, BUT INTERNATIONALS FILL THE GAP