Listen to this articleLast year saw a decline in applications to Master's of Business Administration programs not seen since the pre-pandemic years, but interest in the path remains high.
That's a good thing, because employers are still looking for qualified candidates, according to findings from the Graduate Management Admissions Council's January 2024 Master's in Business Insights Report. In fact, the report predicts a slight increase in hiring for master's in business graduates.
Gen Z candidates are more interested in business master's programs than their millennial counterparts, according to the report. This reflects a generational shift in prospective student preferences, which the report said is important to keep in mind in recruiting, marketing and programming.
GMAC found that across the globe, a Master's in Finance is consistently the most desired business master's degree. Additionally, interest in a Master's in Data Analytics has increased from 7% in 2013 to 20% in 2022, while most other programs have remained relatively stable. However, the report found that interest in a Master's in Accounting has dropped to 7% in 2022.
To better understand the decline in applications, GMAC also looked at course delivery methods and found that flexible programs saw an increase in applications in 2023.
Interestingly, online-only delivery options, which are considered to offer the most flexibility, saw a decline in applications, while 61% of hybrid programs and 57% of evening programs saw an increase in applications, the report said.
In terms of what students gain from the experience, respondents said the main attributes they sought to develop in a business master's were communication, interpersonal skills, and data analysis and interpretation. Employers also indicated that the first two qualities fit their growing needs.
As work environments become more hybrid and cross-cultural, the GMAC report suggests there is an opportunity to adapt programming in a responsive way that meets the technical and technological needs of the workplace of the future, without losing sight of core communication competencies.
GMAC concluded that continued interest from prospective students and employers means business masters programs should be confident in their value proposition for future candidates.
Entering a niche field
There are a number of ways to evaluate the value that business degree programs offer. To determine its 2024 Best Colleges rankings, Niche combined data from the U.S. Department of Education with user input, such as reviews and ratings from current and past students and parents. The collection, released last August, includes information on more than 4,000 schools across the country.
Niche has ranked and rated the top 13 best colleges for business in New Jersey for 2024.
1 through 13 are as follows:
- Rutgers University New Brunswick: a
- Rutgers University – Newark: A-
- Stevens Institute of Technology: A-
- Seton Hall University: B+
- Monmouth University: B
- Rutgers University-Camden: B+
- Stockton University: B
- Rider University: B
- Ramapo College of New Jersey: B
- New Jersey Institute of Technology: B+
- Montclair State University: B
- Berkeley College Woodland Park: B-
- The College of New Jersey: A-
Niche listed 12 more Garden State schools but did not rank them. These schools received letter grades ranging from a low of C to a high of B+. According to Niche, the grades are based on how each school performed compared to all the other schools included in the rankings.
First Strike
Rutgers University-Newark-New Brunswick also received high praise on U.S. News & World Report's 2023-2024 Best Business Schools list, ranking 45th nationally.
Like the Niche list, Rutgers University's programs were ranked the best not only in New Jersey, but across the state of New Jersey.
The state's only two other schools ranked by U.S. News were Stephens University at No. 53 and NJIT's Martin Tuchman School of Business at No. 112.
In the virtual space, Stephens is the best in the Garden State, coming in at No. 60 overall, according to U.S. News' Best Online MBA Programs survey, followed by Montclair State University and Rutgers Business School at Rutgers University-Camden, which tied for No. 74.
Other programs that made the list include Rowan University (112th), NJIT Martin Tuchman School of Business (126th) and Rider University's Noam Brodsky School of Business (193rd).
Berkeley College Woodland Park, Caldwell University and Fairleigh Dickinson University (Silverman) all ranked between 260th and 345th.
U.S. News said it considered key indicators such as university engagement, expert opinion, faculty qualifications and training, services and technology, and student excellence in determining the rankings.
Rutgers University’s New Brunswick and Newark programs also topped the NJBIZ Leads & Data Center’s (see page 12) 2024 MBA program list, repeating their No. 1 ranking from last year.
Stephens University cracked the top five on this year's list, climbing three spots to fourth place with 161 degrees awarded, a 43% increase from last year's numbers, the largest increase among the top-ranked universities. WPU increased its degrees by 33%, while Rutgers University, Montclair University and Seton Hall University all saw single-digit declines.
The biggest climber is Centenary University, based in Hackettstown, which saw a 48% increase in the number of degrees awarded, rising eight places to 14th in 2024. Other big climbers in the rankings include Stockton University, which rose from 14th to 9th, and Saint Peter's University, which rose four places to 12th.
Beyond work:
Here's a comprehensive look at how U.S. News & World Report ranks all online programs in New Jersey, including bachelor's degree programs.
