Women and the MBA

Kathryn Blanchflower on how the MBA is evolving to fit the needs of women

Business may no longer be a 'boys only' club, but there remains a lingering, ubiquitous sense of the 'no girls allowed' mentality that once pervaded the corporate environment. In undergraduate campuses across America, women outnumber men by over two million; yet, this trend does not carry over to women's business school attendance. Though women pursue law and medicine at nearly the same rate as men, enrollment at top 25 full-time MBA programs has remained fairly stagnant over the last fifteen years. What hinders women from attending business school and pursuing a corporate career remains a salient question and one that is fast revolutionizing the MBA. The disparity between the number of women and men acquiring MBAs is being actively acknowledged by both business schools and companies alike - most of whom are eager to foster an environment conducive to the success of women and to ensure that no glass ceiling will impede their progress to top levels of management.

Though a 2008 GMAC report revealed that 65% of full-time MBA programs saw a rise in applications among women this year, they still constitute less than a third of the applicant pool to traditional full time MBA programs. This sustained plateau was addressed in 2001 by Catalyst, a nonprofit organization dedicated to promoting professional women. In its study "Women and the MBA: Gateway to Opportunity", it found women were put off pursuing an MBA due to lack of role models, incompatible work/life balance, lack of confidence in math abilities, and the perception of an overly aggressive work environment in the business world.

In 2006 GMAC continued to explore the under-representation of women in business schools in its study "Motivations and Barriers for Women in the Pursuit of an MBA degree". They found that both men and women are driven by the same motivations to attend business school: career enhancement, career switching, and personal development for job success. The study also found that prospective students perceive three distinct challenges when contemplating an MBA: preparedness, financial investment, and commitment. Both sexes are aware of these potential difficulties, though women are more likely to be hindered by the prospect of them.

In terms of preparedness for an MBA, women generally have lower quantitative scores on the GMAT and less work experience than their male counterparts - though they tend to have higher GPAs. Women also tend to be more concerned by the financial investment required for business school. Men are more likely to indicate that earnings or savings would finance their degree, whereas women are more likely to take out loans. Finally, women are more likely to be single and younger than their male counterparts, and they are generally more concerned about the familial sacrifices that would have to be made by choosing an MBA and the career that follows.

Researchers have also found that women graduates leave their business careers more often than they leave medical or law careers in order to be stay at home mothers. And yet the requirements of the workplace - networking, collaboration, multitasking - are all skills women have in plenty. Business schools are well aware of the need to recruit talented women (more than half make female-specific recruiting efforts), but the approaches to bringing them in differ vastly.

One of the most encouraging statistics in the recent report by GMAC was a sizable rise (13%) in women's application to part time or self paced programs. This appears to offer a solution to the issue of an irreconcilable work/life balance that concerns many contemplating business education. Schools offering both part-time and full-time MBA programs  are attracting women candidates from all around the world.

Some business schools are taking steps to reduce or eliminate the number of years of work experience required for entrance into an MBA program and accept candidates with "limited or no experience who exhibit strong managerial and professional potential." In 2006 a few schools - Wharton, Harvard, and Stanford among them - chose to lower the work experience requirements, and in turn lower the average age of students, in the hopes that women would be more inclined to pursue an MBA.

Not all schools believe that a shift to part time programs or reducing the work experience requirement is the best way to recruit exceptional female talent. When it comes to return on investment, both work experience and the sacrifice a two year program requires will likely aid students in gaining the greatest financial benefits from their degree.

Full-time Russian/Israeli student Darya Krasilnikov remarked, "It is a rigorous, rewarding experience that requires 100% of your efforts. You have to break down all the pieces of what you know and who you are, and then build them back together. I think this kind of intense intellectual and social engagement is only possible in a full-time MBA program." In partnership with the Forté Foundation, 14 top schools offer scholarship opportunities to women who are pursuing their full time MBA. The majority of business schools also have active Women in Business clubs, many of which host an annual "Women in Business" Conference.

Companies, like business schools, are stepping up their game to make the corporate environment a woman friendly zone. In her book Why Women Mean Business Avivah Wittenberg-Cox suggests that workplaces are becoming increasingly dedicated to the recruitment, retention, and promotion of women. She says companies have figured out that, "Once they have recruited them, they still need to work out how to keep them and promote them to power." It is a reality that, generally speaking, a woman's career trajectory is different from that of a man. Women tend to peak 10 years later in their working life, and close to half take time out for family. It is in the best interest of businesses to accommodate women's needs, ensure that the corporate environment is a welcoming one, and strive to place women in positions of power and leadership.

Nancy Stern, CEO of Womens Media, has advised business women to, "Honor your talents and act like a woman - a smart woman - who knows how to jump over business obstacles, even in heels." In doing so she speaks to the dichotomies that divide us. Women have uniquely different skill sets from their male counterparts and must be acknowledged as such. Addressing the enrollment disparity between the sexes requires the acknowledgement of a paradox: There is a clear need to offer equal opportunities to both genders, while also recognizing essential differences. With a Fortune 500 study revealing that a company's profitability increases with better gender balance at top levels, it is clear that melding a variety of skills precipitates success. Men and women must be acknowledged as equally capable, and yet appreciated for their distinct strengths. Such is the beauty of our differences.

Kathryn Blanchflower is PR Assistant at Tuck School of Business, Dartmouth