Around the globe, women are increasingly turning to an MBA as a means to accelerate their careers, according to a new report from QS TopMBA.com (Topmba.com). Based on a survey of more than 37Â 000 young professionals who attended the QS World MBA Tour last year, 39% were female in comparison to 31% in 2005. The figures are mirrored by the experience of major international schools, such as the Yale School of Management, where 38% of the entering class are women.
The trend is part of a concerted effort on the part of business schools to redress the historic bias in favour of men on campus. “There are fewer than 30% women at most business schools around the world compared to around 50% in other professional schools such as law or medicine,” says Kim Keating of the Tuck School in Hanover. “We’ve been working very hard to reach out to women through creative activities.”
Bentley College in Massachusetts, United States, is an exception in the marketplace, enjoying a strong male to female student ratio, approximately 50/50 for the graduate school overall. For Sharon Hill, director of graduate admissions at McCallum Graduate School of Business, Bentley College, this is a result of the efforts of the school. “We continue to advance the cause of women in business by partnering with organisations such as the Society of Women Engineers, and recently two faculty members were published on the topic of women aspiring for boardroom positions. In addition, we have just launched the new Institute for Women in Leadership on campus. The centre relies on the intellect, experience and expertise of women faculty members and current executives, and takes on a principal role in educating a new generation of women business leaders.”
“Traditionally, less than 30% of MBA applicants have been women,” says Nunzio Quacquarelli, editor of the TopMBA Career Guide. “The fact that the proportion of female applicants is growing is a sign that the MBA is increasingly being recognised by women as a way to demonstrate their commitment and capacity for senior management.”
This has long held true at Simmons College in the US, whose MBA programme at the School of ManageÂment is considered to be a model programme for women who have busy lives. Dr Deborah Kolb, the school’s Deloitte Ellen Gabriel Professor for Women and Leadership, is clear about its impact on business. “The school has firmly established itself as the centre for women, leadership and management.”
Kolb also co-founded the school’s Centre for Gender in Organisations. She says: “Industry leaders that are committed to moving women ahead in their organisations partner with us to assist them in achieving their goals through leadership.”
For the students themselves, the benefits of their MBA studies remain with them throughout their career. Mary Finlay is from the Simmons Class of 1990 and is now deputy chief information officer at Partners Healthcare System, the largest non-profit employer in Massachusetts. She says: “The MBA programme at the school changes you, intellectually and emotionally. And when you leave, you have confidence you never dreamed of — and that does wonders for your career.”
What are the other reasons for women to consider an MBA? QS TopMBA’s applicant survey confirms that the majority of women get an MBA for vocational reasons. The survey shows that 27% of women do it to improve their career prospects, while 20% study to learn new skills. Building a professional network and changing careers are also common reasons.
Rose Martinelli, associate dean for admissions at GSB Chicago, says: “An MBA helps establish credibility in the early stages of a woman’s career when she might otherwise be blocked or overlooked by more aggressive male colleagues.” She adds that “women tend to benefit from their MBAs in different ways. It helps build their confidence and communication skills, both of which are vital to progress to senior management.”
Yet, women still seem to have concerns about their long-term career prospects. “Worries about work-life balance, a shortage of female role models and a lack of encouragement from employers are all contributing factors,” says Quacquarelli. “Despite their MBAs, many women still fear that their chances of being put into leadership positions are limited.”
This perception is critical, if paradoxical. According to the applicant survey, more female applicants (27%) are seeking to improve their career prospects through an MBA than men (24%). Women also have lower salary targets on completing an MBA — about 30% lower than men.
So how is the current disparity between male and female salary expectations and career objectives best addressed? Part of it may be down to negotiation, which Kolb sees as a critical skill for women. “In the workplace today, it’s up to you to create the conditions for your own success. At Simmons, we teach women to negotiate for the resources, the buy-in and the backing they need to be successful in whatever they choose.”
Source: www.topmba.com