Millennials – those born between 1981 and 1996 – make up approximately 23 percent of the global population, making them the largest adult generation worldwide according to the World Economic Forum.
They’re digital natives, fluent in tech and social media, and highly educated, with around 40 percent holding a bachelor’s degree or higher.
So, as a business school, how do you appeal to them? Paint your business school ‘millennial green’? Offer free avocado on toast? Get Molly Mae on board? All great options, of course, but the real answer might be slightly more strategic.
With work, study and life commitments to balance, online and hybrid formats are more in demand than ever. A recent AACSB study found that 28 percent of MBA students chose online courses in 2023 and 2024, compared to just 14 percent pre-pandemic.
Millennials like choice, but curated choice. They want customisation, such as electives, dual degrees, and specialisations, that align with their career goals and aspirations.
But it’s not enough just to offer these options. Business schools frequently make the mistake of having exciting, innovative programmes and not shouting about them.
There are plenty of ways you can do this. Secure OpEds for your programme director in business education media about a particular trend, or why a particular module or elective is so relevant today. You could share stories on your website about why and how students chose a particular programme. You could encourage alumni to share their inspiring experiences on LinkedIn.
The important thing to remember is that millennial applicants want to hear real stories that they can relate to and aspire to.
Millennials have often been dubbed the ‘debt-averse generation.’ They grew up during the 2008 financial crisis, and many now face high living costs. Unsurprisingly, cost remains the top barrier to graduate business education, according to a recent GMAC Prospective Students Survey which looked at the preferences, behaviours and attitudes of Gen-Z and Millennials.
The research also shows a shift away from parental support and toward financial aid. The average candidate now expects to cover 30 percent of their degree through scholarships or grants, paying for the bulk of it themselves.
With this in mind, schools should be upfront about tuition costs, while clearly highlighting scholarships, fellowships, and grants. If your school offers financial wellness resources, webinars, or other resources to help prospective students navigate tuition costs, highlight them in your PR strategy.
Again, you can do this by sharing real stories from students and alumni about how they paid for their degrees, what support made the biggest difference and offering advice to others about funding business school.
Business school is a major investment, both in terms of time and money. And with widespread economic uncertainty and rising living costs, millennials are looking at the business school investment and wondering if it’s worth it.
GMAC’s survey found that millennials are focusing less on rankings and more on the perceived quality and reputation of the school. Business schools must demonstrate their ROI, whether that’s in terms of a salary increase, a job change, or an expansive alumni network.
How to do this? Highlight real data – how much have students’ salaries changed before and after this programme? How many students have changed their career paths?
Then, humanise the data. Share success stories about alumni who have experienced a significant salary jump or career change. Perhaps they’ve launched their own company or moved abroad. Make it easy for prospective students to see the link between your programmes and real-world success.
When searching for a programme, millennials are looking for more than theory. They want hands-on, practical experiences, especially when it comes to learning about emerging technology like AI. And AI is increasingly becoming a significant draw for millennials.
In fact, according to GMAC, 46 percent of Millennials and Gen Zs say AI is essential to their ideal programme. Business schools are aware of this, and many are ahead of the trend, integrating tech and AI throughout their curriculum in interesting and diverse ways, such as CEO simulations, assessments using AI partners and virtual campuses.
Schools can boost visibility in this area by positioning their faculty as thought leaders and sharing their research. Encourage faculty to comment in publications that might be read by your target applicants and share their research widely. Share interesting advancements in your curriculum in press releases and allocate spokespeople who are passionate about the subject.
When considering a business school, millennials want flexibility, transparency and relevance. More than anything, they want to know their investment is worth it.
Business schools that speak directly to these priorities and communicate them clearly won’t only attract millennial applicants, they’ll build long-term trust and loyalty.
It’s not about trends and gimmicks. It’s about meeting millennials where they are in their life and careers, and showing them exactly what your school can offer them.
Want to find out more about how we can help your business school gain media coverage? Get in touch today.
Chloë was previously Content Editor for QS Top Universities and QS Top MBA, Chloë produced over 400 articles during her four years at the world’s largest international higher education network. With additional experience writing for trade media, she is also formally qualified with a Level 5 Diploma in Journalism from the National Council for the Training of Journalists (NCTJ).
Read Five ways that business schools can appeal to Gen Z