GMAC Report Summary: A new way of recruiting postgraduate students

Earlier this year, GMAC (Graduate Management Admission Council) partnered with research and analytics company Hanover Research to get a better understanding of prospective students' motivations, barriers, attitudes and aspirations towards both their education and careers.

They conducted an online survey of 10,000 prospective GME students between ages 17-35 across 21 countries, in 16 different languages. The goal was to identify eight unique GME (graduate management education) candidate segments.

These segments can then help higher education marketers and recruiters stop relying on basic demographic and geographic trends, and instead carry out more sophisticated and advanced targeting.

Here are a few ways these segments can help you:

1. Understand prospective student needs and motivations: You’re able to tailor your programs based on the specific needs and preferences of the different student segments. This includes targeted marketing campaigns designed to resonate with each different segment.
2. Optimise program offerings: These segments make it possible to identify gaps where specific areas are underserved or in high demand. You can also expand your offering by introducing new or specialised programs to meet emerging student needs.
3. Improve student recruitment and enrollment: You can develop recruitment strategies that appeal directly to the different segments preferences. You can also increase the likelihood of converting prospective students by aligning your offerings with their expectations.
4. Enhance Student Satisfaction and Retention: By understanding the different segments goals and motivations, you can provide them with a more fulfilling experience. You can also offer programs that more closely align with their aspirations.
5. Measure Program Effectiveness: You can identify areas for improvement by comparing your program performance with industry benchmarks. You can then use this information to make informed decisions to improve the quality and diversity of your programs.

But before you can start making these improvements, you first need to understand the 8 different candidate segments…

Career Advancers

Making up 19% of the candidate pipeline, Career Advancers are the largest segment from this report by a good margin. As the name suggests, these candidates are primarily driven by their own career advancement, prioritising expanding their career options and gaining technical skills.

This group also has the most favourable views of how GME can help them achieve these goals, but are also protective of status and are conscious of how they’re perceived. This is in contrast to financial motivation, where they’re often less motivated in making more money because they’re likely to have already acquired wealth.

Other key info:

• 85% of Career Advancers believe ongoing education is crucial to success in business
• Most prominent in China, Australia, and Egypt
• 41 percent said they have specific career aspirations in mind

Wealth Builders

The next biggest segment is Wealth Builders, which make up 13% of the candidate pipeline. This group's motivation is primarily driven by earning more money, and a big onus on financial success and wealth.

This group is likely to be younger and with less experience, which the study suggests could be a factor for why their focus is more on money than other things like status. They are also looking for mentorship, which could be because they see stress as a barrier to business education.

Unsurprisingly for a younger group, Wealth Builders often seek information about GME digitally, and prefer studying within a close distance to their home or in a hybrid arrangement. They’re also more likely to pursue careers in technology and healthcare, compared to industries like financial services.

Other key info:

• 37% of Wealth Builders believe access to a professional network is the most impactful part of GME
• 70% of Wealth Builders prefer researching GME on YouTube 
• Most prominent in United States, South Korea, and the UK

Social Impact Champions

The first of four groups with 12% of the candidate pipeline, Social Impact Champions are mostly driven by their desire to make a positive social or environmental impact. This tends to be alongside their drive for career advancement and a decent work-life balance.

This group is more likely to consist of mid-experienced women, married, and living with children. Which is likely the reason they share a concern about the time commitment of GME, as well as being able to maintain their work-life balance. They are also very interested in pursuing business education, and likely have a clear idea of what they want to study.

Other key info:

• This group places a high value on safety and security in their program choice
• 58% of Social Impact Champions are women
• Most prominent in Indonesia, Nigeria, and Italy

Aspiring Entrepreneurs

Another 12% segment, Aspiring Entrepreneurs are driven by their desire to learn the skills and gain the tools to start their own business. This group has less money compared to other segments, but remains optimistic that investing in their education will set them up in the future.

They’re very interested in pursuing further business education, and prefer individual business courses, hybrid formats, and staying within commuting distance. This group is also the second most-likely to study in another country, which shows they’re willing to get out of their comfort zone to get a wider lens.

Other key info:

• 88% of Aspiring Entrepreneurs are considering GME because of their desire to start a business
• This segment researched GME on Instagram and Facebook nearly as much as on YouTube
• Most prominent in South Africa, Philippines, and Peru

Related: The benefits of segmentation in higher education

Career Agnostics

In direct contrast with the passion of the previous two segments, Career Agnostics are defined based on their lack of passion. Instead of being driven by a meaningful purpose like starting a business or having a positive impact, they only have a vague idea of what their career looks like.

This lack of interest could be connected to their age and social standing — 35% are between 17 and 22, and of all segments they are most likely to be first generation. This lack of experience or generational role model is potentially the reason for their apathy.

Other key info:

• 43% of Career Agnostics have only a general idea of their career
• 35% of this segment prefer online, self-paced learning
• Most prominent in France and Italy

Global Careerists

The fourth and final segment with 12% of the candidate pipeline, Global Careerists are motivated by their desire to establish themselves an international career. Their number one priority is to be able to work abroad, so they also have to consider things like visas and work permits when evaluating their potential GME.

This segment is most interested in a masters program that’s business-related, with their most common choice of GME being a full-time MBA or masters degree. Nearly half are interested in hybrid learning, and 59% are seeking full-time programs. 

Other key info:

• 73% of Global Careerists say being able to work abroad is important in their career
• This is the only segment where LinkedIn is one of their top platforms for researching GME
• Most prominent ins Egypt, South Africa, Peru, and Turkey 

Family-Focused Achievers

Making up 11% of the candidate pipeline, Family-Focused Achievers top priority is supporting their family while making them proud. Because of their family-first approach, they’re less interested in global careers, and far more likely to want to take over the family business or pursue careers in education.

This group is highly interested in pursuing business education, and prefer studying within commuting distance. They’re also highly influenced by their friends and family while researching GME, as well as relying on professions, instructors, and digital platforms.

Other key info:

• 56%of Family-Focused Achievers are deterred from pursuing GME due to family commitments
• 52% of Family-Focused Achievers are men
• Most prominent in India, Philippines, and Egypt

Lifelong Learners

The final and smallest segment is Lifelong Learners, with 10% of the candidate pipeline. This group is motivated by their drive for personal growth, development, and gaining business knowledge. This group is evenly split between men and women, and tend to have a digital frame of mind.

Nearly two thirds are interested in pursuing GME, and they’re mostly interested in credentials and certificates. Likely due to their desire for personal growth, Lifelong Learners are open to different types of learning.

Unlike other segments, GME providers have the best chance of reaching this group via influencers and social media.

Other key info:

• 65% of Lifelong Learners research GME through YouTube or similar video channels
• 60% of this segment find information about GME through influencers
• Most prominent in Nigeria, Brazil, and South Africa

Looking for ways to grow your enrollments and recruit better fit students? Schedule a free demo to see how Full Fabric can help you.