Empowering women in business education at MBA level and beyond

The landscape of women's representation in business education has evolved significantly over the past few decades, as schools and initiatives have sought to address gender disparities in MBA enrolment and foster a community of successful women.

Progress in women's representation

At the start of the 21^st century, groundbreaking research from Catalyst revealed that while law and medical schools enrolled nearly equal numbers of men and women, MBA programmes averaged less than 28 per cent female students. Today, Forté research highlights the progress made since that time, with women's enrolment in full-time MBA programmes reaching a record 42 per cent across its 58 international member schools in 2023.

Five business schools within this number reached gender parity, with three schools close behind. In addition, our member schools based outside the US are aligned with US schools for the first time since Forté started reporting in 2011, with an average of almost 42 per cent women enrolled in 2023, up from almost 39 per cent in 2022. Given economic and other headwinds, including diversity, equity and inclusion challenges, it is thrilling to see that women’s MBA enrolment continues its slow but steady climb across the world.

One non-US Forté partner school is Imperial College Business School. It joined in 2016 and hosted a 20th-anniversary alumni event for the non-profit organisation at the end of last year. In attendance were two Imperial MBA graduates – Alberta Asafo-Asamoah and Aoife Considine – who earned the Edie Hunt Inspiration Award in 2021 at the 2021 edition of the annual Forté MBA Women’s Leadership Conference for their drive, passion for advocacy and innovative spirits as leaders of student and alumni group, Imperial MBA Women.

The achievement of gender parity, or near parity, by several business schools in our network is a testament to the success of initiatives promoting women's participation in MBA programmes. These initiatives include Forté MBALaunch, a boot camp for aspiring MBA applicants and the Forté Fellows Scholarship through which partner schools awarded approximately $400 million in scholarships last year. Events, such as the aforementioned conference, meanwhile, address specific challenges faced by women and create platforms for networking and mentorship.

Challenges and changes over time

While progress has been made, challenges persist for women in business education. The enduring lack of pay parity, as evidenced by Forté's research on MBA alumni, remains a concern. While women see a significant pay jump of 65 per cent in their first post-MBA job, they still make less than their male counterparts and this continues throughout their careers. Typically, women also have fewer promotions and direct reports.

Changes in curricula, teaching methods and technologies have influenced women's participation and success in business education. In curricula, it’s particularly important, for example, that business schools feature case studies with women protagonists to better support current female MBA students. Technological advancements, meanwhile, facilitate remote and hybrid learning, providing more flexibility and accessibility for women to pursue business education.

Success stories and strategies for inclusion

Getting to gender parity in MBA programmes is an uphill climb but it’s critical to drive change and help more women lead in the c-suite, on boards and as business owners – all areas that remain in need of improvement.

However, the increasing number of women pursuing MBAs are making an impact. Our 2023 research revealed that among the eight per cent of S&P 500 CEOs who are women, 45 per cent have an MBA or equivalent qualification.

The positive correlation between having an MBA and holding leadership positions in the business world highlights the impact of business education on breaking down gender barriers in leadership. In addition, a myriad of research over many years has shown that companies with diverse leadership achieve better financial performance.

Promoting diversity effectively at business schools is a multi-faceted endeavour. Successful strategies include hosting conferences, diversity days and recruitment events that help build a support network of women who are in the same place in their MBA journey and address specific needs.

The recent event at Imperial College Business School, for example, formed part of Forté’s European outreach in 2023, encompassing visits to six partner schools (LBS, Imperial, Cambridge, Oxford, HEC Paris and INSEAD) and a roundtable attended by partner schools and companies. Working with innovative business schools, such as Imperial, and connecting them with talented women is integral to creating real change and ultimately, achieving female representation across the corporate spectrum. During the trip, I also had the honour of meeting the European Commission President, Ursula von der Leyen, in advance of November 2023’s Forté and Phoenix Executive’s Global Board Ready Women conference in Brussels. The event allowed attendees to share their insights, perceptions and personal experiences with regards to leadership development for women across Europe and beyond.

If the objective is to enhance diversity at business schools, an emphasis on featuring women protagonists in class material and highlighting successful women MBA alumni as speakers and panellists at various events have not only proven to be successful but also reflect a commitment to promoting diverse role models. We must take these thoughtful and proactive measures to ensure a more inclusive environment.

The future of women in business education

The future of women in business education looks promising but requires continued effort. An MBA degree is often the stepping stone to increased earning potential, business leadership and influence.

After a long stretch of not participating in the workforce during the pandemic due to factors that include school closures and lack of childcare, women’s employment is bouncing back to pre-pandemic levels. Indeed, women’s participation has been aided by the availability of greater flexibility with employers that introduced remote or hybrid work options after the pandemic’s initial fallout. Women, particularly women of colour, express a preference for flexible work arrangements and, therefore, the impact of rigid return-to-office policies on career advancement pose a potential setback.

Even so, the stories of women who have benefited from efforts to transform women's participation in business education over the last two decades underscore the importance of maintaining a commitment to diversity and inclusion in business education as we continue to seek meaningful progress.