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News

Master of Accounting Programs Saw an Enrollment Spike

By:
Karen Sibayan
Published Date:
Nov 7, 2024

GettyImages-905483980 Student Business Woman Girl Reporting

The Graduate Management Admission Council (GMAC)'s 2024 Application Trends Survey provides global data and insights on the current trends in applications sent to graduate management education (GME) programs. 

According to the report, across the industry, applications rose at record levels. The results of the yearly survey demonstrated applicants’ renewed appreciation for “traditional” GMEs, which are programs that have longer legacies at business schools, such as full-time MBAs, Master of Accounting and Master in Management programs.

This year, more full-time MBA programs reported application growth compared to any time in the last ten years—rates outpacing even COVID-related application jumps seen in most GME programs. Degrees considered as staples such as the Master of Accounting and Master in Management had banner years while avoiding the more lackluster application trends witnessed in other business master’s programs.  

Close to three-quarters of accounting and management master’s programs showed application growth. In contrast, over half of business analytics and marketing master’s programs reported application drops.

The total applications to accounting programs rose 19%, attracting similar growth in applications from domestic and international candidates. On the other hand, decreases in international applications to finance and business analytics programs seem to have driven down their total applications. 

The report said that given that the Master of Accounting has seen dropping interest among potential students, the notable growth in applications to accounting programs needed to be further examined. The applications decreased to 8% in 2023 from 16% in 2014 of global candidates thinking of applying for the degree.

Since 2016, most accounting programs have reported dips with the exception of a pandemic-related uptick in 2020 and 2023’s application cycle, when more accounting programs reported growth than dips. This is the third straight year that the share of accounting programs reporting application growth rose. 

It also might not be a coincidence that Master of Accounting programs reported application increases as Master of Business Analytics programs reported greater dips. This is because the kinds of candidates applying to these programs tend to overlap and elect to apply to one program over another. In the U.S.—where CPAs are required to complete 150 credit hours prior to the CPA Exam—graduation rates for bachelor’s and master’s accounting programs have been coming down. But, enrollment predictions stayed optimistic, and seem to be based on this year's application trends. 

Aside from this, the report said that "this increased interest in accounting could be in part attributed to Gen Z’s outsized interest in finance and accounting careers compared to their millennial counterparts. GMAC’s qualitative study on Gen Z prospective GME students affirmed that they are more likely to seek stability in their careers, and an accounting degree for recent graduates or those looking for a 4+1 option (bachelor’s degree directly followed by a one-year master’s) could be a first step toward realizing that more stable future."