To learn more about what GenZ business school students are looking for in a master’s program, we spoke to a current SIM student at the University of St.Gallen.
As Generation Z begins to make its mark on the workforce, they are also significantly influencing graduate schools. Their unique preferences and priorities are reshaping the landscape of business education. Gen Z master’s program preferences are a crucial factor for institutions to understand in order to stay relevant and competitive.
If we define the start of Gen Z as around 1997, the oldest Gen-Zers will celebrate their 26th birthday in 2023. That is in the typical age range for starting grad school and their influence is already evident in master’s programs. Gen Z brings a new set of expectations to business education than older generations based on new values. One such value that has become increasingly important is diversity.
Diversity might have once been a buzzword lacking real substance, but in 2023, diversity is a key tenet of any business master’s program.
Borders are eroding, and nowadays it’s standard practice to work with companies and individuals from all over the world. So for students class diversity is the perfect preparation to enter the globalized workforce.
Johanne Lyngsø Jensen studied the top-ranked Master in Strategy and International Management (SIM) at the University of St.Gallen. With an international student ratio of 93%, it’s among the most diverse management master’s degrees in the world. She explains why diversity is so important for a business master’s program.
“I feel it’s really valuable in the society that we live in today that you get to learn from different cultures,” she tells MASTERGRADSCHOOLS. (00:33)
“So when you – through all the group work that we are gonna do at the SIM – collaborate with different people from [various] environments, then you are more likely to understand where they come from. You understand their worldviews and in that sense, you get better at solving some of the bigger problems in the world.” (00:40)
Alongside diversity, Gen Z students also place a strong emphasis on sustainability. They are seeking programs that actively work towards a greener and more responsible future.
Sustainability is becoming a key part of the decision-making process for those looking for a business master’s program. Generation Z students deem it an especially important factor.
To cater to this heightened interest in sustainability, business schools are incorporating new electives and courses within their master’s programs. This aligns with the UN’s Sustainable Development Goals, and gives students the chance to make a tangible impact in combating climate change. For example, SIM students at the University of St.Gallen take part in the compulsory course The SIMagination Challenge.
Johanne says that the challenge is about “being reflective about the future”, and teaches students how they might solve global challenges “in a sustainable manner.” (01:05)
It’s clear that business schools must demonstrate their commitment to sustainability through actions and initiatives, and not empty pledges. Today’s students expect concrete actions and initiatives prioritizing environmental responsibility and social impact. In fact, a business school’s ability to attract and cultivate the next generation of business leaders may depend on it.
The importance of sustainability is part of a greater trend among Gen Z students to make a meaningful impact through their education and future careers.
The desire to make an impact in the world is another key motivator for Generation Z business school students. Johanne describes her fellow SIM students as “very purpose-driven”, with a clear idea in their mind of what they want to get out of the program.
“They want to create a lasting impact in the world,” she explains. “And that means they don’t just want to go into a job where they clock in hours and not really caring about whatever impact they’re creating. They want a job that is meaningful or where they leave a sustainable lasting impact in the world.” (01:26)
Gen Z may have just started grad school, but in the coming years, they will become managers, founders, and executives. Their impact-driven mindset is a reflection of how they expect their generation of business leaders to behave.
“We want the leaders of the future to be purpose-driven,” says Johanne. “We want them to focus on the sustainable change. We want them to focus on the things that matter to society – not just to themselves.” (02:00)
Recognizing the importance of adapting to changing times, business schools are now faced with the challenge of evolving their programs to meet these new expectations.
The impact of this generational shift in attitudes is already becoming evident in the business education sector.
The Financial Times Masters in Management Ranking 2023, where St.Gallen took second place, incorporated some significant changes to its methodology. The British newspaper’s MiM ranking now includes a school’s carbon footprint as an indicator, highlighting the growing importance of sustainability.
Business schools must adapt to these changes or risk losing students and dropping in the rankings. The changes in the FT ranking align with the desires of Generation Z business school students. They’re increasingly judging faculties and institutions on what matters to them: sustainability, diversity, impact, and purpose.
Generation Z’s demands drive a transformation across the entire business education industry, compelling schools to take notice and action. Failure to adapt to these changes will leave institutions behind in a rapidly-evolving educational landscape.
If you’d like to learn more about studying a master’s, feel free to reach out to one of our master’s ambassadors.
