GMAC 2013 Application Trends Survey
Despite the volatile rupee and the overall economic uncertainty, India accounted for the second highest number of foreign applications at global B-schools, coming in right after China, said the GMAC 2013 Application Trends Survey released on Tuesday.
India was the second most mentioned country for greatest increase of applications by foreign citizens for 2012 and 2013.
"There was a noticeable increase in programmes that said India was their greatest increase in source of talent (24% of programmes) compared with last year's survey results (14%)," said Michelle Sparkman Renz, director, Research Communications at GMAC in a statement.
The survey said that the increase in applications from India is a combination of several factors that include ongoing recruitment efforts in the country; a general increase in GMAT takers from India and increased demand from new markets within the country.
However, there were reservations as well. Among prospective Indian students surveyed, more than 20% said their top reservations are that B-schools may require more money than available; may require large debts and that economy/job prospects were too uncertain.
On a positive note, over 20% said they had no reservations and their demand for B-school remains a focus.
In terms of the anticipated mode of financing their B-school education, 39% of Indian residents would opt for loans, 22% for grants/fellowships/scholarships, 17% for parental support, 10% for personal savings and 13% for other avenues.
Globally, for the 2013-14 academic year, 50% of full-time two-year MBA programmes reported increased application volumes compared with 2012 (43% of programmes), representing the second consecutive year in which more programmes reported rising application volumes over the previous year.
The GMAC 2013 Application Trends Survey is based on responses from 683 programmes at 328 B-schools worldwide across 42 countries. It provides programme-level data on the demand for business schools worldwide as compared with the year before; trends by programme type and who's applying. Some 3664 Indian residents were surveyed.