UPDATE: This article was originally posted on May 7, 2019. It has been updated with new information and tips below.
Helping women meet business goals through education is a great passion of ours here at Ellin Lolis Consulting, especially because so many industries in the business world face gender inequality.
To help support female leaders in business and beyond, we stay up-to-date on gender-related developments in the MBA world. This ensures that we can help women make the best choices for their MBA experience and future.
In this post, we discuss why women should pursue an MBA, as well as the best MBAs depending on what your needs and objectives as a woman in business may be.
Women and MBAs
In a traditionally male-dominated environment such as business school, many women are discouraged from applying for MBAs.
An article by the Financial Times reports that the most common reasons for this are that:
- Women face more financial difficulties than men
- Women fear they will not be welcomed by the male-dominated population, and
- There are not enough women business leaders who can be role models
However, most female MBA graduates have great things to say about their experiences. Notably, their post-MBA salaries confirm that business school was indeed lucrative. MBA graduates, including women, are often the highest-paid employees in the US.
Despite the struggles business schools have to reach equal gender representation within their student bodies, times are changing. With all the publicity in the past few years about low female MBA enrollment, schools are racing to reach gender parity. They are making programs more appealing to women through scholarships, women-focused clubs, and creating more inclusive school cultures.
Why women should pursue MBAs
If you’re a female, business schools want you! The question is, do you want them?
We think an MBA is a great move for women because of the way it will impact your career. More opportunities, a greater network, and increased problem-solving and leadership skills make for a bright future in business.
Professional Woman’s Magazine writes that an estimated 70% of MBA graduates worldwide are senior managers or board directors. In other words, you have a good chance of having a high-level management position if that’s what you choose. Not only is this good for you, but it’s also good for others who will be empowered by seeing more women leaders as role models.
Business school students often make important connections with other students, professors, and even potential employers through their internship, not to mention the vast alumni network they have access to post-graduation. In fact, most schools now have women in business clubs which allow female professionals to learn from and support one another to reach their goals and expand their capacities.
Looking at it from a personal development point of view, you have even more incentive to sign up for B-School. MBAs offer two intense years of gaining new skills, being pushed out of your comfort zone, and learning about leadership and management – things that will undoubtedly make you grow and change for the better.
You definitely can’t ignore the financial benefits of an MBA: on average, graduates from top business schools can expect to earn six-figure salaries within three years. In fact, according to the Forte Foundation, women MBA graduates see pay gains of 55-65% (compared to their pre-MBA salaries) within five years of graduation.
Though women typically receive a lower return on investment than their male peers, the return is undoubtedly still high. And with increased leadership skills, what better way to challenge this! With so many business schools eager to increase female enrollment, now is a great time for women to apply for an MBA.
What makes an MBA ‘good for women’?
We will look at factors like:
- Number of women enrolled in the program,
- Highest income after graduation, and
- The best-paying jobs based on MBA majors.
These factors will weigh differently for each person; our goal is simply to make your choice an informed one.
MBAs with the highest female enrollment
MBA programs have more female representation than they ever have before. With an average of 45% of women making up US MBA programs, business schools as a whole have not reached gender parity, but things are improving.
In Europe, Oxford’s Saïd Business School is the frontrunner for having the largest percentage of female-identifying students, with about 48% of women joining this year’s MBA cohort. Cambridge Judge came in at 47%, INSEAD and IESE at 38%, and LBS rounded out the European top 5 at 37%.
In the US, George Washington University led the charge, admitting a class that was a whopping 59% women. John’s Hopkins also crossed the 50% mark, admitting 52% women in 2022.
Source: The Forté Foundation
Finally, after posting a record-breaking 52% female admitted class in 2021, Wharton remained an excellent place for female business leaders this year, admitting a class that was 50% female.
While a high number of women in a school’s MBA program doesn’t necessarily mean it’s the best business school for females, it does speak to the community experience a woman will have there.
A more even split in the numbers means that you won’t be learning in male-dominated classes, getting involved in clubs dominated by male perspectives, or feeling like the lone female voice at the school. With more women to collaborate with as you grow your skills and knowledge, you might discover new things about yourself that can help you challenge the status quo in the future!
MBAs with the highest-paying salaries
A useful stat to take into consideration is how lucrative your MBA will be after graduation. The average cost of an MBA is around $200,000, plus an opportunity cost (the income lost from not working) of $100,000. This is no small amount of money to invest in your education, so it’s worth knowing what your return will be before you choose a school.
Though all MBAs generally result in financially advantageous careers, not all are equal, especially when it comes to women’s post-MBA salaries.
In 2022, these were the MBAs earning graduates the highest salaries after graduation, not taking into account differences in salaries based on gender: Stanford, Wharton, and then Columbia.
However, when Financial Times researched the best MBAs for women, the list of schools that provide the best opportunities for females post-MBA looked slightly different. According to their 2018 analysis, the business programs providing the most lucrative careers for female students worldwide were: Stanford Graduate School of Business, University of California at Berkeley: Haas, and then Wharton.
Though it’s not completely clear what’s making the difference, you may want to consider that some schools are better than others at helping women in business land financially rewarding jobs after graduation.
MBAs with great female-oriented opportunities
Apart from simple numbers, you may be interested in the experiential aspects that are offered to women at different MBA programs. While there are certainly extracurricular activities focused on women’s participation and perspectives at every school, there are some that really stand out.
For instance, Duke Fuqua holds an annual Women’s Leadership Weekend which brings together prospective and current female students to promote inclusivity and mutual support. Harvard also holds an annual event called the Dynamic Women in Business Conference which allows students to discuss industry challenges with female professionals and how to overcome them. Stanford has an incredible network of female alumni who support women in the Women in Management Society; additionally, they have the Clayman Institute for Gender Research that innovates on ways to fight gender inequality in the workplace and beyond.
Outside the US are schools like the Australian Graduate School of Management that encourage women to apply through initiatives like the Women in Leadership Program and Scholarship. ESSEC offers an excellent network of female professionals, while INSEAD’s Gender Initiative conducts research on the experiences and impact of women in business and society while building a community of people and institutions passionate about gender equity.
While all top schools offer opportunities for women, not all are the same. We suggest that you look into the clubs and activities related to gender equity at the schools you’re interested in and contact current members or alumni to discuss their experiences.
MBAs with female leadership
Another key consideration you may be making in your MBA program decision is female leadership. The following three top MBA programs worldwide are led by female deans:
UC Berkeley: Ann Harrison
Ann Harrison took over the reins of UC Berkeley Haas in January 2019. With a bachelor’s degree from UC Berkeley and Ph.D. from Princeton, Harrison taught economics at Wharton after serving as director of development policy at the World Bank.
As the leader of the US’ second oldest business school, Harrison plans to place particular focus on hiring new faculty and improving diversity at Haas.
In Harrison’s words, “There is not enough diversity in leadership across both U.S. and non-U.S. business schools. If I have an opportunity to help change the landscape, how could I not take on this role?”
Northwestern Kellogg: Francesca Cornelli
Trained as an economist and game theorist, Francesca Cornelli was named Dean of Kellogg just after the 2018-2019 application cycle. It’s especially notable that Cornelli is actually the third straight female dean at Kellogg considering that many other business schools have yet to name a female dean.
As a former professor of finance at London Business School, Cornelli is focused on developing the minds – and careers – of Kellogg students.
In her words, “My job is not to get students the next job. They will get a job and they will shine. But ten years from now that job may not exist anymore or will be completely different. We live in an era of change and disruption. What we need is to teach people to be adaptable, to see change and to embrace opportunity. So when people ask what is the value of an MBA, I say it’s not your next job. We want to impact all your life, the entire trajectory.”
UPenn Wharton: Erika James
The newest member of this list is Wharton’s first female dean, Erika James. An award-winning scholar and teacher, James comes to Wharton after five successful years as the dean of Emory Goizueta. In her first year at Emory, James increased faculty by 25% and built an innovation and entrepreneurship lab, all while building one of the country’s most gender-diverse faculties.
“Erika has consistently and constructively drawn upon her own scholarship in the areas of leadership development, organizational behavior, gender and racial diversity, and crisis leadership,” said Wharton Provost Wendell Pritchett.
James received her bachelor’s degree from Pomona College and holds a Ph.D. from the University of Michigan.
Erika James. Source: https://technical.ly/startups/wharton-dean-erika-james-leadership-advice
Get into a top MBA for women
While these many considerations give a good idea of the business schools that stand out for women, our team at Ellin Lolis Consulting knows that choosing an MBA program is not an easy decision, especially for women. However, it’s no question that business school is a great choice, no matter where you attend.
With so many schools eager to accommodate female students and provide them with the best opportunities for their futures, now is the perfect time to take this step. And, as a female-founded, female-led team, we have just the expertise you need to make the right decision on which schools to apply to and how to write an outstanding application to get into the program of your dreams.
If you’re ready to start the process of applying for an MBA but you feel a little lost, don’t hesitate to reach out to us here at Ellin Lolis Consulting. We love to help women meet their goals, both toward their MBAs and beyond!
Real MBA Essays That Got People In
School-specific sample essays that got our clients accepted
