(Image: BusinessWeek)
The upcoming 25th anniversary of the National Conference for College Women Student Leaders has gotten us looking at the status of women “then and now.” We want to focus on how we can move forward and ensure that we are preparing today’s young women to close the long-standing leadership gap between men and women.
Historically, business schools have struggled with attracting and retaining female students. According to the Business Exchange, female enrollment at some of the nation’s top MBA programs is sadly around 31 percent. Female enrollment in Harvard’s MBA program was at a low of 25 percent in 1985 and is projected to be at 36 percent for fall 2011. An increase of 11 percent is significant, but the fact that the percentage is still so low demonstrates that women are not reaching equitable levels.
A study conducted at the University of Michigan, Ann Arbor, suggests the following reasons for why large numbers of women are not applying to business school:
- There aren’t many female role models.
- It’s difficult to see how business jobs can be compatible with family responsibilities.
- Women may worry about mathematical and quantitative requirements.
- Women may receive little encouragement from their employers.
In order to address the lack of women obtaining an MBA, The Forte Foundation tells prospective students about all the benefits that business school can provide. The support that the Foundation provides is particularly compelling for female students who have not had the chance to network in the corporate world and to develop substantial mentoring relationships.
Female entrepreneurship has been growing at twice the national average since 1997, but the numbers of women business owners have not translated into closing the leadership gap. According to the White House Project report, women have reached the CEO level in only four of the 14 industries covered by the Fortune 500 companies—and in these four industries, more than 95 percent of the CEOs are male. Women of color are especially scarce at the top levels of management at Fortune 500 companies; they make up only 1.7 percent of corporate officers.
I am currently reading In the Company of Educated Women for one of my graduate courses, and I am consistently reminded of the struggles women had to face when trying to obtain not just a quality education but an education at all. I feel so lucky to have had access to both quality undergraduate and graduate experiences. Pursuing an MBA can open up the door for leadership, to invaluable contacts, and to networking opportunities that can pave the way to success. It is essential that we formalize ways for powerful women business leaders to lend a hand to the young women who follow in their footsteps.
NCCWSL provides attendees with an opportunity for amazing networking prospects and mentoring relationships and gives them the chance to explore and hone their leadership style. We can hope that many of our 2010 NCCWSL participants see their future in business and in becoming one of the next Fortune 500 CEOs.
Why do you think women aren’t applying to business school? What are your solutions to encouraging more women to do so?
As the Asst Dean of Admissions at the UCLA Anderson MBA program and a board member of the Forte Foundation, I frequently talk with women about their interest (or lack of it in an MBA). In addition to the reasons you mention above, particularly in the area of mentoring, I hear 2 others:
1) timing – the avg age of MBAs is around 27-28, the age at which many women are raising families. This is unlike law school and med school, where individuals tend to enroll directly after undergrad.
2) There is a misconception that the MBA degree is primarily about business careers (e.g., banking an consulting). Over time the degree has broadened to include careers in the non-profit, government, international agencies, etc. It is one of the more flexible graduate degrees in the options it affords a graduate.
Business schools are beginning to see more women in the applicant pool and we welcome them!
There’s another reason: prohibitive cost. I suspect that many women who would consider business school are not working for companies that could support their candidacy. And costs for MBA programs have skyrocketed — typically over $100K for the degree.
Add to this that women, as a group, earn less than men and that they are more likely to need time off to take care of children and elders, compromising their ability to pay back exorbitant loans.
It’s true that role modeling and work/life discussions are important to this issue, but I fear that basic economics will be a challenge in getting more women into business school classrooms, and ultimately into boardrooms.