MBA Predictions For 2024

As we enter the new year, we look ahead to what 2024 will bring for the world of MBA programs. Economic and geopolitical factors, combined with technological advances, will impact business schools as well as the admissions landscape and job prospects for graduating MBAs.

I recently peered into the crystal ball in a recent Business Casual podcast conversation with Poets&Quants’ John A. Byrne and Maria Wich-Vila, as we took a close scan of the MBA horizon to see what the coming year will hold. Here are some of our predictions for what we’ll see in 2024.

AI’s Influence will expand

Artificial intelligence will continue to revolutionize higher education, including admissions, in the coming years. How exactly this will play out in the long term is uncertain.

Business school applicants and their recommenders were quick to seize on the speed and power of ChatGPT and other generative AI tools for drafting essays and writing recommendation writing.  While there are many things these tools do well, writing such personal, detailed, example-rich content is not their strength. Too often it’s obvious that the results are machine-written, and that does not impress admissions committees.

We foresee that required video essays or interview components will continue to become more prevalent, as videos are harder to manipulate with AI assistance than written content.

One area where we might see B-schools using AI is to automate the task of reading applications and sorting them based on specific criteria. 

 In response to the concerns AI raises, there may be a greater focus on ethics in MBA curriculum. Classes may adapt to cover the ethical, intellectual property, and privacy concerns involved in the use of AI — all issues that MBA students will face in their roles as managers and leaders.

Increased Applications and Strong Recruitment

Top MBA programs may see a slight increase in applications in the current 2023–24 cycle.  We expect admissions volume to remain stable for the 2024–25 season. However, if Donald Trump is re-elected in November, there may be a decline in international applicants, as seen during his previous presidency. If international students opt to avoid US MBA programs, it would be a loss for business schools and their campus communities, as it would result in a less diverse and global class.

Potential Changes in Class Profiles

The impact of the recent Supreme Court ruling against affirmative action is not yet clear. Many will be watching closely to see how it changes in the class profile at top schools. Potentially, we’ll see a  decrease in the representation of certain minority groups.

 The experience of underrepresented MBA students may also be impacted, as financial aid and support programs based on race or identity may come under attack.

Formats and focus will continue to evolve

In 2024, MBA programs may see continued changes in format. Traditional two-year MBA formats may become less popular, as schools shift towards more flexible options, similar to those offered in Europe. This trend may not impact the elite, top-ranked programs, but rather the lower-ranked ones. The number of dual and joint business degree programs is also expected to increase, but this may pose a challenge in terms of brand recognition. 

We’re also likely to see changes in the focus of curriculum. Sustainability will continue to be integrated into the curriculum, with schools like INSEAD leading the way. This is in response to the growing concern and awareness of the climate crisis in Europe. In addition, business schools will need to prepare students to tackle complex global challenges, such as geopolitical conflicts, humanitarian crises, and inequality.

Read on for more MBA trends we expect to see in 2024. Whatever happens, it promises to be an interesting year ahead. We hope it will be a healthy, happy, and prosperous one for all Poets&Quants readers.

One thing is for sure: in 2024, as always, business school campuses will be full of dynamic, capable, and ambitious individuals. So, if you are ready to embrace the challenges of the future and surround yourself with like-minded people, now is the perfect time to apply to business school.

 Caroline Diarte Edwards is a director at MBA admissions coaching firm Fortuna Admissions and former INSEAD director of admissions, marketing and financial aid. For a candid assessment of your chances of admission success at a top MBA program, sign up for a free consultation.