Interest in working in the technology sector is dropping among prospective business school students, according to the latest survey by the Graduate Management Admission Council. In 2023, 39% of students listed tech as a preferred career. That number has now gone down to 35% in 2024. This 10% drop comes as consulting and finance continue to attract more graduates.
While technology remains in the top three most attractive industries, it has slipped behind consulting and financial services. Half of all respondents said they were interested in consulting, while 41% favoured financial services. Investment banking and consumer goods also ranked higher than in previous years.
The survey, based on responses from 4,912 people across 147 countries, shows a mix of factors pulling students away from technology. The report also looks at differences based on age and gender. So, 45% of millennial men still consider a tech career, but only 29% of Gen Z women say the same.
Why The Change In Interest?
One factor seems to be how students understand long term value. Many are looking at graduate management education with a more cautious eye. Questions about cost, job market changes, and how useful their education will be in the workplace are becoming more common. According to GMAC’s findings, students now focus less on programme rankings and more on what they think they will get out of their degree.
This matters when students compare industries. Consulting and finance are seen as more stable or better suited to the skills that business school helps them develop. Technology, once seen as a booming sector full of innovation, now appears less attractive in terms of reliability and purpose for many students.
There is also a generational factor. Younger students, particularly those under 22, have grown up with artificial intelligence already integrated into their lives. So they see AI as a basic skill and not really something that needs to be studied formally. Because of this, they might not link tech careers to the type of education they are going for.
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What Do Students Want To Learn Instead?
Candidates across age groups are more so becoming interested in learning how to apply AI, especially through practical, hands on experiences. The GMAC report shows that 46% of students now believe AI should be part of their business education. This has gone up steadily from 29% in 2022.
Older students, especially those in their 30s and 40s, are more likely to value formal training in how AI connects to business decision making. They are less familiar with AI in the workplace and see classroom learning as a way to catch up. On the other hand, younger students may not need that same level of support.
What is more interesting about this is how students and employers are thinking differently about skills. Employers now rate adaptability, emotional intelligence, and teamwork as more important than candidates do. Students tend to focus on leadership and networking, while recruiters prefer candidates who are easily trained, and grit.
How Are Values Influencing Career Choices?
One of the strongest messages from this year’s survey is that many students care about what kind of companies they work for. A full 68% said they would factor in an employer’s ethical and environmental practices when deciding whether to accept a job offer.
Millennials seem especially firm on this point. 27% of them said they would strongly consider these practices when choosing an employer. That compares to 19% of Gen Z respondents.
“The recent dip in interest toward tech careers among prospective business students may reflect growing uncertainty in the sector. With high-profile layoffs and the rapid evolution of AI disrupting traditional roles, many students are understandably cautious.
“While technology remains a dynamic and innovative field, the perceived instability is prompting future graduates to weigh their options more carefully as they seek long-term career security,” says Nalisha Patel, Regional Director for the Americas and Europe at GMAC.
