The percentage of overseas students making Britain their first choice for business school has increased since the EU referendum, suggesting that fears about Brexit damaging the sector were overblown.
The share of scores from the standardised MBA entrance exam sent to UK institutions also increased slightly since the poll, according to figures compiled by the Graduate Management Admission Council (GMAC), the exam’s administrator.
The resilience of the British market is attributed to declines in the value of the pound after the vote to leave the EU, which has made tuition fees in Britain relatively cheap for international students, particularly for people who would otherwise apply to US business schools.
Some 54 per cent of test takers surveyed by GMAC last December said Brexit had made no impact on the attractiveness of Britain as a place to study, up from 46 per cent in December 2016.
Moreover, 71 per cent of UK business schools included in the study reported a year-on-year increase in applications.
The British education system also continues to be well respected among overseas applicants, and Britain has maintained its reputation among MBA students as a great place to launch an international career.
However, 51 per cent of non-British Europeans questioned in the GMAC survey said that Brexit had made them less likely to choose the UK as a study destination.
Their main concern was that when Britain leaves the EU, it could restrict or complicate the student visa process and have a negative effect on the postgraduate job prospects of international candidates.
The business school market in Britain contrasts with that of the US. For the past five years most MBA providers have suffered declines in the number of applications, which fell by 6.6 per cent in 2018.
Schools in Britain and the US have closed full-time MBA courses in the past year owing to falling demand.
However, some British schools have countered the decline by rebadging their part-time MBA courses as workplace training schemes, which can be funded through the government’s apprenticeship levy.
Growth in MBA markets in Europe and Asia have so far offset US declines. Global business school applications fell just 0.02 per cent in 2018, according to GMAC’s research.
“The level of interest we’re seeing from international candidates in UK business schools is a major factor in the overall global stability,” said Sangeet Chowfla, GMAC president and chief executive.
Recommended business book
THE REMIX: HOW TO LEAD AND SUCCEED IN THE MULTIGENERATIONAL WORKPLACE,
BY LINDSEY POLLAK
A music remix takes the best elements of an old classic and adds something that appeals to a younger generation. It is this sort of combination, writes Pollak, that allows a multigenerational team to work together more effectively. Businesses face the task of appealing to baby boomers and millennials, and all those in-between, which can be a complicated balancing act. To think about how an organisation can adapt its multigenerational workforce, Pollack suggests asking three key questions: What are we doing because “it’s always been done that way” that we need to stop because it no longer works? What are we doing because “it’s always been done that way” that we should continue and add to because it still works? What do we need to start doing in entirely new ways to succeed in the future? In addition she sets eight essential rules to “build multigenerational muscle” — whether you are a small team, a large global organisation or just yourself. These include putting a stop to generation shaming, assuming the best intentions and being more transparent. The one certainty is that no one will survive an ever-changing business landscape if they are inflexible.
