app survey 2014-updates

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QS TopMBA.com
Applicant Survey
Mansoor Iqbal (BA University of Leicester, MA University College London)
Susan Gatuguta Gitau (BSc USIU - Africa, MSc Nottingham University Business School)
2014
The aims and aspirations of future business leaders

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The QS TopMBA.com Applicant Survey 2014 is one the largest surveys of the mindset and
aspirations of MBA applicants ever conducted. It has been compiled by QS, the world’s leading
higher and business education specialists, since 1990.
The results provide detailed insight into the status, attitudes, goals and ambitions of MBA
applicants worldwide, and how they, and the employment and education markets for young
professionals, are changing.
Authors and contributors
Mansoor Iqbal (BA University of Leicester, MA University College London)
Author of the report and lead writer for TopMBA.com, Mansoor is a business and higher
education specialist, whose articles have been published in various media outlets around the
world. He studied English literature at BA and MA level and has a background in consumer
journalism.
Susan Gatuguta Gitau, (BSc USIU – Africa, MSc Nottingham University Business School)
Susan is a senior research analyst and member of the QS Intelligence Unit. Prior to joining
QS in 2009 she worked as a project manager at a leading consulting firm and as an account
manager at a leading pharmaceutical company. She holds a BSc in information systems and
technology and an MSc in corporate strategy and governance.
Louis Lavelle (BA Montclair State University, MA New York University)
Editor of the report, Louis is the editor-in-chief of TopMBA.com. A journalist specializing in
business education, Louis has nearly 35 years’ experience in print and online publications.
Before joining TopMBA.com, he was the business schools editor at Bloomberg Businessweek.
Survey sample
A total of 5,604 MBA applicants who registered for the QS World MBA Tour between February
2013 and April 2014 responded to the survey on which this report is based (this survey only
represents respondents to the QS TopMBA.com Applicant Survey, unless otherwise stated. The
figures here are not suggestive of overall figures for attendees at the QS World MBA Tour).
The entire content of this publication is protected by international copyright. All rights
reserved. No part of this publication may be copied or reproduced in any form without
the prior written permission of the publisher. Tables and charts may not be reworked or
presented in any other form without written permission from the publishers and excerpts,
tables or charts must be sourced: QS TopMBA.com Applicant Survey 2014.

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Contents
QS TopMBA.com Applicant Survey 2014
Introduction
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Section 1: Career objectives
What industries, positions and working hours are MBA applicants targeting?
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Section 2a: Where do applicants want to study and why?
In which countries do applicants want to study and why and on what basis do they
chose their target schools?
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Section 2b: What information sources do applicants use?
Where do applicants find out the information on which their study decisions are
based?
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Section 3: What sort of courses do applicants want to study?
What specializations, delivery formats and course lengths do applicants favor?
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Section 4: Who are MBA applicants?
How old are applicants, how much work experience do they have, and where do they
currently work?
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Section 5: Salary – before and after
How much do applicants in each region and country earn and how much do they
expect this to rise?
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Section 6: How do applicants intend to pay for their MBAs?
How do applicants in different regions intend to pay for their MBAs and how has this
changed?
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Section 7: Gender differences
How do male and female applicants’ goals differ and what are the gender compositions
of applicant pools in different regions around the world.
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To many, the words ‘MBA applicant’ can conjure up a fairly established set of associations;
a strategy consultant looking to move into private equity, a hedge fund manager targeting a
new career in management consulting, usually male, targeting a stratospheric six figure salary.
Of course, such candidates will make up a certain percentage of any MBA cohort – indeed,
one might feel rather cheated if they did not. However, QS applicant research reveals a more
nuanced picture, reflecting a changing business education landscape, informed by macro and
micro trends at a national, regional and international level.
So, what have learned this year? A couple of findings stand out. In the US & Canada, for the
first time, female MBA applicants outnumber male (see section 7). In a world where the MBA
classroom, as well as the boardroom, is still dominated by men (unlike higher education as a
whole), could this potentially represent a turning point, tellingly, in the birthplace of the MBA?
We also see, for a second consecutive year, lowered salary expectations among MBA applicants
coupled with what are often higher pre-MBA salaries (see section 5). A generation who
spent their formative professional years in the wake of the financial crisis of 2007 onwards
is coming to the fore; might they be doing so with an understanding of the potential risks
associated with untrammeled greed?
Elsewhere in the report less seismic, but still eye-catching trends can be observed. Core
syllabus areas are slowly giving way to areas like marketing and technology (section 3), coupled
with a rising proportion of applicants from the technology sector (section 4), both suggestive
of a changing theatre of business.
The pragmatism hinted at in previous editions of this report seems to have become
entrenched; we see this in the proportion of prospective candidates who are thinking about
staying in their current industry (section 1), and what they consider to be import in choosing
where to study – resulting in greater flexibility in terms of study destinations (section 2). An
increasing reliance on scholarships, coupled with a reluctance to use loans (section 6) plays a
significant part in this.
However, to return to the original point, these shifts might be seen as a consequence of the
widening appeal of the MBA to broadening range of applicants – a diversification we can
expect to continue in years to come as programs adapt to meet the changing needs of global
business.
QS TopMBA.com Applicant Survey 2014

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Few candidates are changing industries
As in 2013, candidates are showing conservatism in terms of their target industries. In 12 of
the 13 industries covered by the survey, the most popular target sector is the one in which
the applicant is currently working, the exception being ‘other’. The figure stands at over 50%
in 9 of these. In the case of finance and consulting over 80% are open to staying put while the
figure for the energy sector stands at 75%. Like in 2013, this can perhaps be taken as a sign of
continuing conservatism in the ranks of prospective MBAs.
In all, 60% of applicants indicated they would be open to a career change (respondents could
pick more than one target sector).
Section 1: Career objectives
Decline in those who want to become self-employed consultants and partners
in professional services
In terms of where applicants see themselves in 10 years, there has been little change compared
to 2013. The greatest number (28%) see themselves running their own company, while 24%
believe they will be the directors of large companies, and 20.2% believe they will be the CEOs
of these companies. Clearly, the applicant pool is very ambitious, as no other option attracts
more than 5.2% of applicants.
Indeed, said option – self-employed consultant – has fallen in popularity from 6% last year. The
proportion of candidates who see themselves as partners in professional services firms has also
fallen, from 5.3% to 4.3%, while senior technologists now account for 1.2%; a small increase from
last year’s 0.7%, but one that hints at the increasing credence of the MBA in the technology
sector.
Intended industry post-MBA
Intended Industry
Consulting
Consumer Goods
Education
Energy/Env/Utilities
Engineering
Finance
Govt/Public Sector
Manu/Production
Media/Advertising
Other - Industry
Retail/Wholesale
Technology
Telecoms
Consulting 82% 15% 9% 17% 5% 35% 11% 7% 8% 3% 4% 27% 4%
ConsumerGoods 43% 65% 6% 6% 3% 22% 8% 20% 11% 2% 10% 13% 3%
Education 31% 9% 35% 10% 9% 32% 21% 13% 13% 5% 5% 15% 2%
Energy/Env/Utilities 55% 6% 6% 75% 21% 27% 8% 20% 2% 1% 2% 18% 1%
Engineering 38% 4% 11% 21% 60% 21% 11% 21% 3% 1% 1% 32% 4%
Finance 52% 10% 8% 8% 3% 83% 11% 7% 6% 4% 3% 15% 4%
Govt/PublicSector 36% 10% 12% 15% 6% 35% 46% 10% 12% 5% 4% 16% 7%
Manuf/Production 37% 15% 3% 16% 19% 27% 11% 59% 7% 1% 4% 16% 4%
Media/Advertising 33% 23% 8% 5% 1% 17% 3% 5% 66% 7% 2% 23% 6%
Other indsutries 33% 12% 10% 8% 8% 30% 17% 11% 12% 6% 4% 17% 4%
Retail/Wholesale 41% 28% 4% 5% 5% 27% 9% 8% 21% 2% 47% 13% 3%
Technology 52% 12% 7% 10% 11% 27% 6% 11% 10% 1% 5% 71% 11%
Telecoms 39% 12% 7% 10% 16% 19% 5% 10% 10% 1% 4% 45% 62%

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Applicants foresee shorter work hours…or much longer ones
As in previous years, the largest proportion of applicants (39.8%) see themselves working a
healthy 40-50 hour week. However, the proportion of candidates who think they will work
for 50-60 or 60-70 hours has fallen compared to 2013 (34.2% to 31.1% and 12.6% to 11.4%).
Notably these drops have led to a greater number of candidates at the two extremes of
working week length; 11.6% think they’ll work fewer than 40 hours, as compared to 8.9% last
year, while 6.1% anticipate a 70 hour plus week. So, it seems that while some prospective MBA
candidates have their sites set firmly on a healthy work life balance, others are ready to forgo
weekends and/or sleep in order to succeed.
As one might expect, the younger an applicant is, the more hours they foresee themselves
working as they prove themselves in post-MBA roles.
2012 2013 2014 13 vs 12 14 vs 13
Running own business 28.3% 26.8% 28.0% -1.5% 1.2% -0.3%
Director in large/public company 23.4% 23.5% 24.0% 0.1% 0.5% 0.6%
CEO of large company 19.3% 19.7% 20.2% 0.3% 0.5% 0.8%
Self-employed consultant 5.9% 6.0% 5.2% 0.1% -0.8% -0.7%
Director in small company 4.2% 5.0% 4.8% 0.9% -0.2% 0.7%
Partner in professional services 5.5% 5.3% 4.3% -0.2% -1.0% -1.3%
Middle manager 4.7% 4.9% 4.3% 0.2% -0.6% -0.4%
Senior manager in public sector 3.8% 4.2% 4.1% 0.4% -0.1% 0.3%
Other 1.8% 1.0% 1.7% -0.8% 0.7% -0.2%
Senior academic 1.5% 1.3% 1.4% -0.2% 0.2% 0.0%
Senior technologist 0.9% 0.7% 1.2% -0.2% 0.5% 0.3%
Down-shifting for work-life balance 0.6% 0.8% 0.7% 0.1% 0.0% 0.1%
Where candidates see themselves in 10 years
2012 2013 2014
Up to 40 hours 10.5% 8.9% 11.6% 2.6%
40-50 hours 42.0% 39.6% 39.8% 0.2%
50-60 hours 31.1% 34.2% 31.1% -3.1%
60-70 hours 10.9% 12.6% 11.4% -1.2%
Over 70 hours 5.5% 4.6% 6.1% 1.5%
Hours per week
Up to 40 40-50 50-60 60-70 Over 70
25-29 10.0% 38.9% 31.8% 12.6% 6.6%
30-34 10.5% 41.7% 32.1% 10.1% 5.6%
35-39 14.0% 42.4% 31.5% 9.0% 3.1%
40+ 24.0% 39.9% 27.3% 4.9% 3.8%
Expected working hours per week

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Motivations to pursue an MBA remain largely unchanged
Looking at a three year sample of applicants, one can see that not too much has changed
in terms of applicants’ motivations to study an MBA. Perhaps a slight drop in those aiming
at general management positions reflects a changing applicant pool, while there has been an
increase in those with entrepreneurial ambitions, as taking one’s future into one’s own hands
seems an increasingly appealing prospect to a generation whose young adulthood took place
the wake of the Great Recession. A rise in the proportion of those who are undertaking an
MBA primarily for education might also hint at a somewhat shifted notion of fulfillment.
2012 2013 2014
To improve career prospects 65.4% 66.0% 64.0%
To learn new skills 60.5% 60.5% 61.3%
To take up a leadership / general management position 57.7% 56.5% 55.0%
To build a professional network 50.5% 50.4% 49.8%
To enable a career change 43.6% 42.8% 41.2%
To boost salary 34.8% 33.0% 33.0%
To start own business 30.6% 31.1% 32.4%
Primarily for education 28.4% 28.2% 30.1%
Reasons for pursuing an MBA

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Section 2a: Where do applicants want to study and why?
A wider range of destinations on the radar
In terms of the top 20 study destinations, it is no surprise that the US and the UK lead the
way considerably, being on the radar of 67.4% and 46.3% of applicants respectively. Indeed,
both percentages are up compared to last year. Lower down the table, there has been some
movement – Singapore has dropped two places, Denmark and Norway have both climbed
four.
However, the most noteworthy trend here is that the proportion of respondents interested
in each country has increased (again, candidates can choose multiple options) – even where
countries have lost their placing in the table. For example, France has been overtaken by
Australia for fourth place, but is now identified by 25% of candidates as a potential destination
as compared to 23% last year, and Singapore, despite the loss in position, has gained a
percentage point (up from 16% to 17%). Thus we can conclude that many candidates are open
to a wider range of destinations, perhaps partially due to renewed confidence in European
economic recovery, helping the region’s nations to regain their standing against their Asian
counterparts, even while the latter continue to grow in popularity.
Preferred destination 2014 rank 2014 2013 rank Change
United States of America 1 67% 1
United Kingdom 2 46% 2
Canada 3 29% 3
Australia 4 25% 5 1
France 5 25% 4 -1
Germany 6 21% 6
Spain 7 20% 8 1
Switzerland 8 17% 9 1
Singapore 9 17% 7 -2
Netherlands 10 12% 10
Italy 11 11% 11
New Zealand 12 10% 13 1
India 13 10% 12 -1
Sweden 14 10% 14
Denmark 15 9% 19 4
China 16 7% 15 -1
Norway 17 7% 21 4
United Arab Emirates 18 7% 16 -2
Belgium 19 7% 17 -2
Japan 20 6% 18 -2

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Pragmatism plays greater role in choice of study destination
But any renewed confidence must also be considered in light of what looks like increasingly
hard-nosed pragmatism. The number of applicants who are choosing a destination based
on where they would like to work afterwards has risen from 41% in 2011 to 51% today
– an indication of alertness to practical considerations, mirrored in a decline in those for
whom cultural interests are important (53% in 2012, compared to 50% in 2014). Likely to be
related to this, visa concerns are now considered to be very important by 11% of applicants,
compared to 8% in 2012.
The top factor remains the international recognitions of the qualification; however, the 60% of
prospective MBA candidates who consider this very important marks a significant decrease
from 67% in 2012. On the other hand, the availability of scholarships and financial aid has gone
up from 44% to 52% in the same period. The conclusions we can draw from this hardly need
spelling out…
2012 2013 2014
International recognition of qualifications 67% 64% 60%
Scholarship / financial aid availability 44% 50% 52%
Would like to work there afterwards 49% 51% 51%
Cultural interest and lifestyle 53% 52% 50%
Target school 48% 46% 42%
Create network 36% 36% 34%
Improve language skills 34% 33% 34%
It is (or is near to) the country i currently work in 18% 18% 19%
Family connection 14% 14% 15%
Visa situation 8% 10% 11%
Reasons

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Global divide in reasons for school choice
Between 2012 and 2014 the number of candidates who consider a target school a very
important factor in choosing a destination has declined by 6 percentage points, from 48% to
42%. However when it comes to reasons for choosing a particular school, as has traditionally
been the case, applicants in Western Europe and the US & Canada still consider school
reputation to be the most important factor, and are more interested in rankings than any
other region. Return on investment is very important for applicants from these regions,
ranking second for those from the US & Canada and third for Western Europeans, suggesting
an entrenched belief in the long-term gains to be made after an MBA at a prestigious school.
Applicants in the US & Canada are by far the least interested in financial aid – to be expected,
given the culture of taking on personal debt in order to fund higher education – though it is
the fifth most important criterion. It ranks second, on the other hand for Western Europeans,
and first for every other region. As has long been the case, applicants from the Asia Pacific
and Africa & Middle East regions are the most concerned with affordability, while career
placement is a major concern in the US & Canada and the Asia Pacific regions.
Rank
Africa &
Middle East Asia Pacific
Eastern
Europe
Western
Europe
Latin
America
US &
Canada
Scholarships / financial aid 1 1 1 1 2 1 5
School reputation 2 4 4 2 1 2 1
Return on investment 3 8 5 4 3 5 2
Quality of research /
academic staff
4 3 6 3 5 3 6
Career placement record 5 6 2 7 4 9 3
Accreditation status 6 5 9 5 6 4 4
Affordability 7 2 3 8 9 6 9
School specializations 8 8 8 6 10 7 8
Teaching style 9 7 7 9 8 8 13
Recent school ranking 10 10 10 10 7 10 7
Top 10 criteria

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Section 2b: What information sources do applicants use?
Information sources used
Preferred online sources
2014
University / school websites 65%
Fairs/face-to-face meetings 57%
Discussions with school admissions officer 50%
Search engines 48%
Independent rankings / assessments 43%
Contact with alumni 42%
Specialist program / discipline websites 40%
Printed university / school brochures 29%
Independent consultants / counselors 25%
Printed directory / publication 21%
Video 21%
Interactive CD-ROMs 10%
2014 Rank Rank movement
Google 80% 1 0
TopMBA.com 45% 2 0
GMAT 34% 3 0
LinkedIn 32% 4 3
Businessweek 29% 5 -1
Facebook 28% 6 2
Economist.com 27% 7 -2
FT.com 24% 8 -2
Studyabroad.com 17% 9 0
Yahoo 12% 10 1
Twitter 9% 11 1
WSJ.com 9% 12 -2
Studylink.com 6% 13 1
Timesonline.com 5% 14 -1
MSN 4% 15 -1
Chasedream 2% 16 1
Myspace 1% 17 1
Bait.com 1% 18 0
AMEInfo.com 1% 19 -1
Bebo 0% 20 -6

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Financial Times remains most popular ranking
The Financial Times remains the most popular ranking of business schools. However, compared
to 2012’s figure of 60%, it seems that it has lost some credence with candidates. More notable
that this is the decline seen in the case of Businessweek, which has dropped 14% as compared
to 2013.
Preferred events
2014
QS World MBA Tour 51%
The MBA Tour 26%
Online fairs 22%
QS World Grad School Tour 17%
British Council 14%
Other - education fairs / events 13%
Access MBA 12%
QS World Exec MBA Tour 9%
GMAC 9%
IDP Education Australia 5%
AMBA 2%
EHEF 1%
2014 Rank
Financial Times 53% 1
QS TopMBA Career Guide / topmba.com 48% 2
QS World University Rankings 46% 3
The Economist 42% 4
Businessweek 31% 5
US News & World Reports 26% 6
Academic Ranking of World Universities 22% 7
Wall Street Journal 21% 8
National rankings in chosen destination country 15% 9
Webometrics 5% 10
America Economia 4% 11
CHE / DAAD 3% 12
Far Eastern Economic Review 2% 13

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Section 3: What sort of courses do applicants want to study?
Core syllabus areas losing popularity
The past few years have seen a decline in interest from applicants in core areas such as
finance and strategy, which have dropped in popularity by 5.2% and 7.2% respectively since
2012, and to a lesser extent, general management (2%). These more general topics still remain
the most popular, so it would not be quite fair to proclaim their downfall just yet. Although
perhaps in the business paradigm of the 21st century, in which the MBA applicant pool is
increasingly diverse, it is unsurprising to see this trend.
On the other hand, marketing has become more popular (despite a slight drop this year, it is
still up 2.3% compared to 2012), reflecting a shift of the business battleground in the digital
economy. Operations management is also on an upward curve with an increase of 2.1%
over the past two years – perhaps partially due to an increasing focus on the supply chain in
business education. Technology management (a 1.7% increase since 2012) is another climber,
as business and technology become more and more intertwined.
2012 2013 2014
General Mgt 49.6% 49.4% 46.7%
International Mgt 45.1% 45.6% 45.0%
Strategy 51.1% 47.7% 43.9%
Leadership 37.3% 39.4% 37.5%
Finance 42.4% 41.7% 37.2%
Entrepreneurship 33.6% 33.2% 33.6%
Marketing 29.7% 33.2% 32.0%
Operations Mgt 21.7% 23.2% 23.8%
Technology Mgt 19.8% 21.7% 21.5%
CSR 11.9% 12.0% 12.5%
E-commerce 12.0% 13.0% 11.4%
MBA Specializations

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Part-time and distance programs continue to grow in popularity
In terms of program format, there are few revelations. Full-time programs are the most
popular, with the decline in the years previous to the three-year sample below leveling out. A
marginal increase in interest in part-time programs is complemented by an increase of 1% in
executive MBAs. What we might take from this is that a widening and diversifying candidate
pool are looking for flexible study options. We might also read the same conclusion into
the rise of the distance online MBA program (motivating QS to publish an annual ranking
of such programs), which is reflected in an increased number of offerings in this space from
prestigious schools.
Regionally, we can see that applicants from both halves of Europe tend to significantly favor
one year programs, unsurprising given the prevalence of this program-length in the region,
in which MBA study in traditionally the preserve of the more-experienced candidate. On
the other hand, in the US & Canada and the Asia Pacific, where candidates are traditionally
younger, applicants prefer the two-year format. Latin Americans and African/Middle Eastern
applicants are split, but marginally favor the lower opportunity cost of a single year of study.
US & Canada
2 29 58 12
Western Europe
Asia Pacific
Latin America
Eastern Europe
Africa & Middle East
Study duration by region (%)
6 46 38 11
5 60 29 7
5 40 38 17
8 52 37 3
7 36 44 13
Less than
10 months
10-18
months
19-24
months
More than
24 months
2012 2013 2014
Full-time 82.9% 82.2% 82.6%
Part-time 26.7% 27.8% 28.4%
Executive MBA 15.2% 13.7% 14.7%
Distance learning 8.5% 8.0% 8.7%
Online learning 17.7% 16.2% 18.3%
Study mode

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Section 4: Who are MBA applicants
Applicant pool is older than it was five years ago
In every global region bar except Asia Pacific, the average age of MBA study has increased
since 2009 – most notably in the US & Canada where it now stands at close to 30, as
compared to just over 27 in 2009, and Eastern Europe, in which it has moved from just under
27 to 29, including a jump of 1.3 years since 2013.
This can be ascribed to increased provision of part-time programs, allowing later career
professionals to remain in work while they study. The Great Recession might also be held
responsible for making furthering one’s qualifications in order to both ride out the storm and
to up skill an increasingly attractive proposition for those at all career stages. There have been
slight drops in some regions this year, but these have done little to offset the longer-term
trend.
However, short-term trend for applicants with fewer years of work experience
Mean age by region
Reversing the trend of 2013, a majority of applicants in the US & Canada now fall into the 0-4
years’ work experience bracket. A rise in candidates with fewer years of work experience is
also notable in Latin America, in which close to 60% of applicants now fall into this bracket,
suggesting a growing enthusiasm for the MBA in the region, with candidates thinking earlier
about giving themselves an edge in the business world.
In Europe, however, we see trends for older candidates. Eastern Europe has the highest figure
in the 10+ years bracket, and the lowest in the 0-4, despite growth in the latter. In Western
Europe there has been a slight reversal of 2013’s massive leap in applicants in the 0-4 years’
bracket, though 2014’s figure is still well up on 2012’s. With youth unemployment looking to
be the curse of a generation in some European nations, even while others recover, this is to
be expected, with education an obvious way to escape the plight many young Europeans have
suffered in recent years.
2009 2013 2014
US & Canada
Western Europe
Asia Pacific
Latin America
Eastern Europe
Africa & Middle East
30
29
28
27
26

Years of Work experience (%)
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Asia Pacific Eastern Europe Western Europe Latin America US & Canada
Africa &
Middle East
2014
2014
2014
2014
2014
2014
2013
2013
2013
2013
2013
2013
2012
2012
2012
2012
2012
2012
51.1 35.1 13.8
51.3 37.7 10.9
69.8 23.3 6.9
58.4 32.5 9.2
42.3 41.7 16.1
56.0 30.5 13.5
45.3 39.8 14.9
53.9 35.9 10.1
65.8 26.9 7.3
54.0 30.7 15.3
46.2 39.8 14.0
55.7 30.7 13.6
52.3 46.0 13.0
43.0 38.6 18.3
56.9 32.9 10.2
41.0 33.2 14.6
33.4 47.2 19.4
43.3 37.7 19.0
0-4 years 5-9 years 10+ years

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Increase in MBA applicants from technology sector
In terms of the industries from which MBA applicants are coming, there is general stability,
with two exceptions. The first of these is a drop in those coming from the retail sector, which
is contributing 5% fewer candidates as compared to 2013. This caps a steady decline over the
past half-decade – clearly the turbulent climate the sector is currently experiencing is not
conducive to MBA study. On the other hand, the technology sector is sending a good deal
more candidates, with an increase of nearly 5% again attesting to the fact that this exciting
sector is increasingly demanding business and management skills. An increasing prevalence of
technologically-focused MBA courses reflects and facilitates this.
Pre-MBA employment by sector (%)
Finance
Public Sector
Engineering
Media / Advertising
Consulting
Energy / Utilities
Education
Other
Retail / Wholesale
Consumer Goods
Industry
Non-profit
Telecoms
Real Estate
Technology
15.3 14.4 8.5 3.1 9.3 10.2 4.6 3.8 6.3 6.6 6.2 5.2 4.4 4.3 7.1 12 3.4 4.8 4 3.8 4.2 4 2.4 1.5 2.8 3.1 2.3 2.5 19.9 21
2013 2014

Section 5: Salary – before and after
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Drop in expected average target salary…again!
MBA applicants have always been an ambitious and confident demographic. While no one
would deny that these are positive attributes, it can lead to expectations that err on the side
of unrealistic. One classic way in which this is expressed is in terms of salary expectations.
We saw this in 2012, when the average global target salary for respondents to the QS TopMBA.
com Applicant Survey stood at no less than US$126,500. By no means is this an unheard of
figure, but it is certainly towards the upper end of what candidates might expect straight after
their MBA (see the QS TopMBA.com Jobs & Salary Trends Report for a detailed picture of what
MBAs actually earn).
This figure was a record high, so it was reassuring to see it come down in 2013 to a slightly
more realistic US$117,000, though this was tied in with a lower current salary.
This year, although the average global current salary have stayed the same, the figure has
dropped even more, to US$112,000.
This is not the case across the board, however, although the US$1,000 rise in Africa & the
Middle East is both nominal and in line with slightly increased current salaries, while Latin
America’s more considerable rise still leaves it the most realistic region by some way (indeed,
last year’s figure was actually less that the actual salaries on offer according to the QS TopMBA.
com Jobs & Salary Trends Report).
Region Avg. Current Salary ($) Avg. Target Salary ($)
Africa & Middle East 30,000 99,000
Asia Pacific 31,000 109,000
Eastern Europe 36,000 129,000
Western Europe 50,000 133,000
Latin America 35,000 75,000
US & Canada 66,000 146,000
Global average 41,000 117,000
2013
2014
Region Avg. Current Salary ($) Avg. Target Salary ($)
Africa & Middle East 31,000 100,000
Asia Pacific 27,000 105,000
Eastern Europe 40,000 120,000
Western Europe 52,000 126,000
Latin America 35,000 82,000
US & Canada 62,000 134,000
Global average 41,000 112,000

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Salary expectations by country
Country
Average
Current
Salary ($)
Average
Target
Salary ($)
%
expected
increase
Average
Current
Salary ($)
Average
Target
Salary ($)
%
expected
increase
Difference
‘13/’14
Switzerland 89,000 191,000 116% 79,000 151,000 91% -25%
Kazakhstan 28,000 90,000 226% 34,000 140,000 317% 91%
Belgium 46,000 128,000 182% 49,000 136,000 179% -3%
Russia 48,000 159,000 229% 50,000 135,000 170% -59%
US 65,000 147,000 128% 62,000 134,000 116% -12%
Ukraine 29,000 131,000 357% 36,000 134,000 267% -89%
UK 58,000 149,000 160% 52,000 133,000 153% -6%
Canada 66,000 133,000 100% 60,000 129,000 115% 15%
Japan 67,000 145,000 118% 63,000 128,000 104% -13%
Nigeria 24,000 99,000 310% 23,000 124,000 436% 126%
South Korea 50,000 116,000 132% 43,000 124,000 187% 54%
Germany 63,000 152,000 140% 60,000 124,000 105% -36%
South Africa 45,000 155,000 245% 44,000 121,000 173% -72%
Singapore 51,000 119,000 134% 58,000 121,000 107% -27%
Italy 37,000 135,000 261% 44,000 118,000 165% -95%
France 53,000 126,000 141% 52,000 112,000 113% -27%
UAE 41,000 112,000 171% 37,000 111,000 196% 25%
India 26,000 116,000 352% 23,000 110,000 389% 36%
Brazil 50,000 125,000 149% 42,000 107,000 155% 5%
Egypt 23,000 101,000 336% 24,000 104,000 327% -10%
Saudi Arabia 38,000 97,000 155% 45,000 102,000 127% -28%
China 43,000 128,000 197% 35,000 101,000 193% -4%
Turkey 38,000 102,000 168% 30,000 100,000 237% 69%
Pakistan 18,000 64,000 255% 21,000 100,000 383% 128%
Malaysia 29,000 94,000 219% 30,000 99,000 231% 12%
Ghana 20,000 77,000 279% 22,000 97,000 343% 64%
Kenya 20,000 61,000 215% 19,000 87,000 364% 149%
Philippines 17,000 74,000 329% 21,000 87,000 319% -10%
Peru 32,000 66,000 108% 34,000 84,000 148% 40%
Indonesia 22,000 106,000 375% 25,000 80,000 218% -157%
Romania 26,000 93,000 267% 24,000 79,000 226% -40%
Mexico 31,000 68,000 120% 28,000 78,000 179% 59%
Colombia 34,000 72,000 115% 27,000 65,000 139% 24%
2013 2014

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Salary expectations by gender and age
If we break down salary expectations by gender and age, we can see that female applicants
have largely stayed stable in terms of both current and target salaries, while male applicants
– though they still have a considerably higher target salary – have much more realistic
expectations than in 2013.
There is notable rise in both current salaries and target salaries for women in the 40+ age
bracket, who for the first time in the sample analyzed below are targeting the highest salary of
any group – male or female. Men in the same age bracket are also targeting the highest salary.
This is the first time, in this period at least, we have seen current/target salaries increasing
consistently with age group in female candidates.
(see section 7 for more gender-based findings)
Average
of Current
Salary ($)
Average
of Target
Salary ($)
Average
of Current
Salary ($)
Average
of Target
Salary ($)
Average
of Current
Salary ($)
Average
of Target
Salary ($)
2012 2013 2014
Female 43,000 121,000 40,000 110,000 40,000 109,000
25-29 41,000 119,000 36,000 103,000 37,000 102,000
30-34 44,000 121,000 46,000 121,000 43,000 115,000
35-39 53,000 135,000 51,000 128,000 46,000 124,000
40+ 55,000 129,000 42,000 108,000 49,000 126,000
Male 46,000 137,000 42,000 122,000 41,000 114,000
25-29 40,000 132,000 36,000 114,000 35,000 110,000
30-34 52,000 138,000 48,000 128,000 47,000 119,000
35-39 59,000 153,000 52,000 138,000 47,000 119,000
40+ 50,000 147,000 57,000 139,000 50,000 122,000

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Section 6: How do applicants intend to pay for their MBAs?
Reliance on scholarships still on the rise, while fewer candidates willing to
take loans
While an increase of 1% in candidates planning to pay for their studies with a scholarship may
not seem revelatory, it caps a long-term trend, starting from a low of 45% in 2008 and rising to
57.7% two years ago. It seems that more and more applicants are reliant on receiving funding.
A number of reasons are likely to be behind this; the continuing reverberations of the financial
crash and the concomitant risk averseness, and a wider range of applicants looking to MBA
study certainly present themselves as viable contenders.
The risk averseness theory is certainly borne out by the proportion of applicants looking
to loans over the same period. In 2008, 27.4% considered loans, a figure which has fallen
steadily since, with 2014’s figure of 13.6% representing a low. We might also ascribe this to
risk averseness on the part of the lenders, with many providers of education loans no longer
offering the same options as they might have a decade ago.
We can look to a shorter timeframe to see a decline in those looking to use their own
savings, with a drop of over 4% in candidates intending to use this funding source since 2012,
while we have to go further back again to witness the falling off of family savings, which were
an option for 9.8% of candidates in 2007, falling to a mere 4.5% in 2012, and finally to 4% in
2014.
However, one area in which we can see considerable growth is company sponsorship. Hitting
a low of 2.9% in 2009, this has risen up steadily since, with 10.6% of applicants looking to use
company scholarships in 2014. An increase in part-time and distance programs at reputable
business schools will certainly have played a part in this regard.
2012 2013 2014
Scholarships 57.7% 61.1% 62.1%
Loan 14.5% 13.8% 13.6%
Own savings 13.8% 10.3% 9.6%
Parents/family 4.5% 4.4% 4.0%
Company sponsorship 9.5% 10.2% 10.6%

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Regional differences
There are of course regional differences in how applicants intend to fund their MBAs, and
they are largely as you might expect. The US & Canada has by far the highest proportion
of applicants intending to use loans, and is second only to Western Europe in terms of the
proportion of applicants who will use their own savings (one year courses and high salaries
make this a viable choice).
Latin American and African & Middle Eastern applicants are the most dependent on
scholarships, closely followed by the Asia Pacific and Eastern Europe. The Asia Pacific has
by far the most candidates relying on company sponsorship, unsurprising given the ever-increasing
demand for MBA talent in India and China, in combination with the traditional big
hitters like Japan, South Korea and Singapore, and of course the rising ASEAN nations, who
will no doubt play a part in years to come.
Company
Sponsorship
Loan Own
Savings
Parents /
Family
Scholarships
Africa & Middle East 16.0% 3.6% 8.1% 4.7% 67.3%
Asia Pacific 24.2% 13.9% 6.3% 4.4% 64.2%
Eastern Europe 1.6% 9.8% 14.2% 3.8% 64.5%
Western Europe 6.9% 13.5% 16.4% 3.7% 56.6%
Latin America 4.3% 8.3% 7.7% 3.3% 73.3%
US & Canada 7.4% 26.9% 13.4% 2.9% 49.1%

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Section 7: Gender differences
Greater proportion of female applicants looking to start own business
In terms of the reasons why they are doing an MBA, the reasons male and female applicants
want to do MBAs have stayed relatively stable.
Female applicants remain more focused on improving their career prospects and improving
their networks in the still male-dominated boardroom, while male applicants are more
motivated by increased salaries. There has also been a considerable increase in male applicants
who are interested in an MBA primarily for education.
The most notable change in this year’s survey is that the proportion of female applicants
wanting to start their own business has overtaken the equivalent male figure for the first
time, increasing by no less than 5%.
2012 2013 2014
To improve career prospects 64% 63.6% 62.0%
To learn new skills 61% 59.5% 60.2%
To take up a leadership / general management position 58% 57.0% 54.9%
To build a professional network 51% 50.6% 49.4%
To enable a career change 44% 42.3% 42.0%
To boost salary 36% 33.7% 35.1%
Primarily for education 28% 27.3% 33.2%
To start own business 33% 33.8% 29.9%
Male
Female
2012 2013 2014
To improve career prospects 68% 70% 67%
To learn new skills 60% 62% 63%
To take up a leadership / general management position 57% 56% 55%
To build a professional network 50% 50% 53%
To enable a career change 43% 44% 41%
To boost salary 33% 32% 33%
Primarily for education 28% 30% 31%
To start own business 27% 27% 32%

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Gender disparity in MBA applicants narrowing in nearly every region
There is a trend towards parity in nearly every region, with the US & Canada joining
Eastern Europe in having a greater proportion of female applicants (the latter is the only
region where a decrease in female applicants could actually result in greater balance, as has
occurred this year). Latin America has recovered from a blip in 2013 to see the proportion
of female applicants stand only behind these two regions, while Western Europe’s slow and
steady balancing act continues. Even Africa & the Middle East, traditionally the most gender-imbalanced
region saw an increase this year. The only negative picture comes from the Asia
Pacific region, where for the second year we have seen an increase in the proportion of male
applicants, with the ratio now close to 2:1.
Strong gender disparity remains in terms of target industries
While there may not be huge differences where outcomes are concerned, it seems there are
still industries which are strongly preferred by either male or female applicants.
The split is along what one might call traditional lines, with male-dominated industries, including
finance and consulting, as well as manufacturing, defense/security/rescue and engineering
attracting a good deal more male applicants, while HR/recruiting/training, media/advertising
and the non-profit/charity sector attract more female applicants.
These of course are pre-MBA ambitions – perhaps during the course of the degree, many
applicants of both genders will change course.
Africa & Middle East Asia Pacific Eastern Europe Western Europe Latin America US & Canada
2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014
30 30 32
37 36 34
53 56 55
34 36
41 42 40
47 47 49 52
Male Female

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Agriculture / Fishing / Forestry
Consulting
Consumer Goods
Defense / Security / Rescue
Education
Energy / Environment / Utilities
Engineering
Entertainment / Leisure
Finance
Government / Public Sector
Health / Medical
Hospitality / Travel / Tourism
HR / Recruiting / Training
Legal
Logistics / Transportation
Manufacturing / Production
Media / Advertising
Non-profit / Charity
Other
Pharma / Biotech
R&D / Science
Real Estate / Property
Retail / Wholesale
Technology
Telecoms
Male Female
76.7
65.7
47.4
56.1
48.0
64.7
49.3
58.6
61.9
76.0
70.5
70.3
61.8
58.1
47.4
72.4
47.3
52.3
78.9
47.0
64.2
48.6
41.8
70.8
74.3
23.3
34.3
52.6
43.9
52.0
35.3
50.7
41.4
38.1
24.0
29.5
29.7
38.2
41.9
52.6
27.6
52.7
47.7
21.1
53.0
35.8
51.4
58.2
29.2
25.7
Potential Industry - Post-MBA (%)

26
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QS Quacquarelli Symonds Ltd
QS Quacquarelli Symonds was founded in 1990 and has established itself as the leading global
provider of specialist higher education and careers information and solutions. Education and career
decisions are too important to leave to chance, so QS ensures that candidates have access to the best
tools and the best independent expert information before making a decision.
QS organizes the largest business education event in the world, the QS World MBA Tour and boasts
an extensive product range including print and online publications. It produces a range of annual
primary research reports including the QS TopMBA.com Applicant Survey, the QS TopMBA.com
Jobs and Salary Trends Report and the QS Global 200 Business Schools Report, as well as the glob-ally
renowned QS World University Rankings®.
Website: www.TopMBA.com
All information © QS Quacquarelli Symonds Ltd 2013

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