During the pandemic, the whole education sphere has been suffering from immense loss and GMAT was no exception. But the recent news about GMAT applications reaching a height of 21% even during the COVID for the 2020 cycle has made a highlight. This positive news throws light on the fact that candidates still are interested in taking standardized tests for studying abroad.
News about the Graduate Management Aptitude Test state that the global management exam - GMAT applications have hiked in the US with a record of 21%. This is not the end, the 731 global management schools not only got registered growth but also withstood the 2019 negative trend.
Furthermore, the influx of new Indian students in the US education system has been predicted due to the recent changes made in the education system by the new administration.
GMAT experiences positivity from other sources as well, since GMAC has stated that around 88% of corporates are planning to hire more MBAs. This has already resulted in growth by 2.4% in 2020 as compared to - 3.2% in 2019.
In this context, the president and CEO of GMAC, Sangeet Chowfla has stated that during the second phase of 2020 the candidates faced difficulties in academics, visa availability, and also traveling. To everyone’s surprise,e the year 2020 saw a record of applications that resulted in a 21% hike in applications to the US business schools as compared to the domestic growth that reached 29%. Though the percentage of international candidates applying for the US business schools was low by 14% still there was hope since a considerable percentage applied. A similar pattern of growth was also noticed in the European and Asian business schools.
COVID-19 turned the hiring strategies of the business schools upside down where the colleges of Canada (63%), Europe (51%), and the US (49%) have increased their hiring of domestic candidates more than international ones. On the other hand, the Asia Pacific region has hiked its budget to arrange for online programs thereby cutting down costs on the traveling part.
Chowfla has further stated that there has been a downfall in the yield rate since the total number of people who applied for the program and the ones who actually joined. Though most of the international candidates deferred their joining dates to a year later because of the pandemic. Also in places like India and China, the application count is comparatively lesser maybe because the candidates are putting their decisions on hold.
Chowfla added that companies are making decisions about growth post-pandemic. According to IMF or International Monetary Fund, it forecasted that India will have its growth in double digits in the upcoming financial year. Chowfla has made his statement that when companies are contemplating growth and the decisions revolve around it, they need to accelerate their hiring of MBA graduates since they are more versed with knowledge, energy, and facts. Nee market, a new segment, and a new product all require new minds to work on. The May to June 2020 data noticed a drop to mid 70% from 80% in the corporate’s hiring plan. But when they again reviewed it in their wave two survey, the hiring count again rose to 88%.
One thing that has pumped up the whole procedure is the new changes placed by the new administration of the US. It acts as a reassurance for many of the candidates who are planning to further their academic career in the US.
A very significant fact that has come to the surface as a result of the change in the US administration is how education has developed. Under the previous US administration, the education system suffered from myriad bottlenecks that resulted in a restrictive education system. But since President Biden’s arrival, the most required thing is witnessed - student mobility. In his first week of work, Biden sent a new immigration bill to Congress. If we see from a student’s viewpoint, there are three particular things or an amalgamation of these that matter - availability of student visas, Optional Practical Training that enables the candidates to reside in the US for 12 to 18 months and learn practical skills about the works they are aiming to do and eventually get a job and earn to be capable enough to pay back their education and/or H1B visa loans that they took to let them reside in the US for an extended period. Biden has announced his compatibility with the influx of foreigners as well as immigration as stated by Chowfla.