New data from the Graduate Management Admission Council (GMAC), an association of leading graduate business schools, shows strong growth in applications to Master of Accounting programs.
GMAC’s 2024 Application Trends Survey showed that 72% of Master of Accounting programs in the U.S. reported increased levels of applications in 2024, up from 43% of programs seeing application growth in 2023. The share of growth in applications hit a five-year high.
Two percent of U.S. Master of Accounting programs reported that application levels were flat, and 26% reported application declines.
“The resurgence in applicant interest in master of accounting programs is another encouraging sign for the accounting profession’s workforce development efforts,” said Susan Coffey, CPA, CGMA, the CEO of public accounting for the Association of International Certified Professional Accountants. “In today’s competitive talent landscape, efforts to attract new entrants to accounting remain a top priority.”
The 2024 Application Trends Survey report noted that GMAC’s studies of Gen Z prospective Graduate Management Education (GME) students (published in 2023) showed Gen Z held more affinity than millennials for careers perceived as stable and showed less interest in careers perceived as volatile.
“Stable degrees like the Master of Accounting and Master in Management had banner years while avoiding the more lackluster application trends seen among other business master’s programs,” the Application Trends Survey report states.
While 72% of Master of Accounting programs for the 2024-2025 academic year reported an increase in applications, only 55% of U.S. Master of Finance programs reported increases.
Various data sources provide insights into unique segments of the student population, from applicants to enrolled students to declared majors and, finally, degree holders. The periods for each snapshot are not always comparable.
Undergraduate accounting enrollment increased 12% in fall 2024 compared to fall 2023. The increase amounted to an additional 28,672 students, National Student Clearinghouse Research Center data shows. The data showed a slight decline in accounting graduate student enrollment in fall 2024 of 2.81% (roughly 740 students).
The GMAC 2024 Application Trends Survey collected data on applications received by Graduate Management Education programs for the 2024-2025 academic year. Some 297 business schools worldwide provided responses representing 1,090 programs. Programs were located in 40 countries, including 37 U.S. states and the District of Columbia.
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Tags: Accounting
