8 NOVEMBER2024The Graduate Management Admission Council (GMAC) released a report titled 'Application Trends Survey 2024 - 2024 Business School Applications Skyrocket Amidst Economic Uncertainty'. The report shows that the US remains the top destination for international students pursuing business programs, with a 2 per cent increase in female applicants, reaching 42 per cent, a significant shift from the 40 per cent increase over the past decade. It also highlights a significant shift, with 55 per cent of programs experiencing growth in this demographic.The report mentions "55 per cent of the programmes have observed growth in applications from women, a 10-percentage point jump from 2023 and the second-largest share of programmes reporting increasing applications from women over the past decade - next only to the pandemic boom in 2020." It states that around 70 per cent of flex MBA and two-thirds of full-time MBA programmes will witness a surge of female applicants.Global graduate business school applications increased by 12 per cent in 2024, a significant increase from 2023-2024. This is due to cost being a key barrier to advanced management degrees, and business programs offering financial assistance. Full-time, in-person offerings, including MBA and master disciplines in accounting and management, also saw growth with 6 out of 10 such programmes reporting application growth.The report added that online and hybrid programs are experiencing increased demand for graduate business education, with 58 per cent of online and 52 per cent of hybrid programs reporting growth. However, the UK experienced a 45 per cent drop in domestic applications. The report titled "From Aspiration to Action: Building India's 400 Million Women Workforce" was launched by the Magic Bus India Foundation in collaboration with Bain & Company and outlines a roadmap to double India's female labor force participation rate (FLFPR). The report aims to boost FLFPR from 35-40 per cent to 70 per cent by 2047 to create a formidable 400-million-strong women workforce.The report aims to increase women's contribution to India's GDP by 45 per cent by 2047, addressing challenges like limited job opportunities, higher dropout rates, wage disparities, and job-skill mismatches. It categorizes Indian women into seven archetypes and proposes tailored solutions, such as an entrepreneurial ecosystem for rural women and job readiness initiatives for urban women. The report further highlights the E4 Model for rural women, focusing on entrepreneurship and skill development, and the PROGRES Model for urban women, emphasizing job readiness and resilience. It emphasizes the need to empower women to unlock economic value and drive gender equality in India, despite projected workforce growth of 110 million by 2047.The report categorizes Indian women into seven archetypes, with the key OLF categories being Aspirational Homemakers, Settled Homemakers, and High-Potential Youth. It calls for immediate action to close the participation gap in these key segments, advocating for government, private sector, nonprofits, and investors to create infrastructure, policies, and funding. IN FOCUSGMAC REPORTS RISE IN FEMALE APPLICANTS PURSUING BUSINESS PROGRAMS IN USINDIA MUST ADDRESS GENDER GAP TO BECOME $30 TRILLION ECONOMY BY 2047, FINDS REPORT
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