MBA enrollments bounce back amidst tight labour market

Singapore continued to have more job vacancies than jobless people.

Increased interest in technology, finance, and entrepreneurship, as well as leadership and career progression, fueled a 15% rise in Master of Business Administration (MBA) enrollments in Singapore last year, amidst economic uncertainty and a tight labour market.

MBA enrollments in 2024 bounced back from a decline a year earlier, with local MBA providers offering new courses to graduate students who want to gain an edge, according to Singapore Business Review’s latest MBA survey.

Enrollment at the 10 MBA providers that participated in the survey rose by 15% to 3,690 from a year earlier.

Singapore's economy grew 4.4% last year, exceeding expectations and outpacing the 1.8% expansion in 2023, though some economists remain cautious due to global uncertainties and trade frictions.

The city-state’s labour market remained tight last quarter, with more job vacancies than jobless people, the Ministry of Manpower reported last week, as companies struggled to find qualified workers.

In the MBA survey, INSEAD topped the list again, accepting 868 students in its sole MBA programme, followed by Amity Global Institute with 507 graduate students and the National University of Singapore (NUS) with 421 students across four MBA programmes. 

PSB Academy had 370 enrollments across four MBA programmes, followed closely by James Cook University with 326 students in its single programme, tying with SP Jain School of Global Management, which has two MBA programmes.

Kaplan Higher Education Academy had 331 enrollments across three programmes, whilst Nanyang Technological University (NTU) accepted 215 students in its four MBA programmes. Singapore Management University (SMU) had 196 students, and Aventis Graduate School had 130.

At INSEAD, 97% of 843 MBA graduates  from December 2023 and July 2024 reported having received at least one job offer within three months of graduation. 

At SP Jain School of Global Management, 71% of graduates from its Global MBA programme got international roles at top employers like The Coca-Cola Company, Deloitte, Emirates NBD Bank, GEP, KPMG, and LVMH Moët Hennessy Louis Vuitton, according to the SP Jain Global MBA Placements 2025 report by India-based online education platform Shiksha.

MBA applications in the Asia-Pacific region rose 26% last year, spurred by a 40% surge in domestic applications, according to the US-based Graduate Management Admission Council (GMAC). International applications rose only 6%.

‘More depth’

Meanwhile, Aventis Graduate School cited growing interest in MBA programmes amongst professionals under 30.

“Many young professionals are pursuing the degree to develop leadership capabilities, gain strategic insights, and fast-track their career progression,” Malick Sy, academic director at Aventis, told Singapore Business Review. “This shift highlights the importance of continuous learning and professional development at an earlier stage in one’s career.”

Sy also cited more female enrollees. “This increasing female representation in MBA programs is crucial for fostering diversity in senior management and executive roles across industries” he added.

At Kaplan Higher Education Academy, more international students are seeing the benefits of higher education.

“At the same time, career-driven professionals are prioritising flexible learning pathways to future-proof their skills and remain agile in a rapidly evolving job market,” Kaplan's Non-Executive Chair Susie Khoo said.

Similarly, students at SP Jain, despite coming from diverse backgrounds such as engineering, technology, finance, and entrepreneurship, share a common goal: to strengthen their leadership and management capabilities, said Rashmi Udaykumar, CEO and head of the Singapore campus.

“We observed students’ preferences for more depth in certain subject areas,” Dr Ang Ser Keng, Academic Director, MBA, at Singapore Management University (SMU) told Singapore Business Review. “We introduced several tracks — communications, entrepreneurship, finance and human capital.”

Aventis launched the MBA in Healthcare Management given Singapore’s ageing population and continued investment in healthcare, Sy said.

PSB Academy also introduced a semi- and fully virtual MBA offered by the University of Hertfordshire. 

“These programmes were designed to meet the diverse preferences of modern learners, particularly those seeking greater flexibility to balance their professional and personal commitments with their academic pursuits,” Dr Charles Ong, dean at PSB Academy said.

Some universities like NUS Business School now offer electives in artificial intelligence (AI), technology, and environmental, social, and responsible (ESR) business practices, “ensuring that our curriculum remains at the forefront of industry trends and evolving business needs,” said Wedad Sunny, deputy director and head of marketing and admissions.

SMU offers optional overseas exchange programs with partner universities, including Imperial College in the UK, IE Business School in Spain, Keio University in Japan, Seoul National University, and Peking University in China, “to deepen their global perspectives and networks,” said Ang Ser Keng, academic director for MBA at SMU.