According to the Bureau of Labor Statistics, business and financial operations occupations were projected to grow 7% from 2018 to 2028, faster than the average for all occupations. As of May 2018, the median annual wage for business and financial occupations was $68,350, with many higher-paying business occupations requiring a bachelor’s degree or higher, creating demand for higher education business programs.
Despite seasonal fluctuations, higher education business program inquiry volume maintained an upward trend, for both the online and campus-based formats, from January 2017 through September 2019. Inquiry volume peaked in Q3 (July-September) 2019 for both formats, according to the 2019 Report On The State Of Business Education Demand from Digital Media Solutions® (DMS).
Bachelor-Level Programs Drove Most Conversions For The Business Category In 2019
Across all degree levels, bachelor-level higher education business programs had the largest share of inquiry volume (41.2%) from January through September (Q1-Q3) 2019, increasing from 37.9% in 2018. Bachelor’s program inquiries had the second-highest conversion rate (CVR) of all degree levels and produced the majority of conversion volume (55.5%) during the first three quarters of 2019.
With a CVR of 31.7%, associate was the highest-converting degree level for higher education business programs during Q1-Q3 2019. Despite only representing 9.7% of business program inquiry volume, associate programs drove 20.0% of all business program conversions during the first three quarters of 2019. Download the 2019 Report On The State Of Business Education Demand for more information on degree-level distribution trends.
Business Category Inquiry Volume And Conversions Derived From Internally-Generated Media Channels Continued To Grow In 2019
The share of volume for business category inquiries generated using first-party media rose steadily throughout the past three years, starting at 47.0% in Q1 2017 and peaking at 59.1% in Q3 2019. First-party media channels also drove the vast majority of business program conversions from January 2017 through September 2019, with the first-party share of conversions (SOC) peaking at 85.0% in Q3 2019. With an average conversion rate nearly four times higher than third-party-generated inquiries, first-party-generated inquiries continued to scale for the business category in 2019 due to their efficiency and effectiveness, a trend that will likely continue for quarters to come. Download the 2019 Report On The State Of Business Education Demand for more details on media channel trends.
Download The 2019 Report On The State Of Business Education Demand Today
Featuring data on higher education business program inquiry volume, conversion rates, media channel performance and more, the 2019 Report On The State Of Business Education Demand from Digital Media Solutions® (DMS) covers trends from January 2017-September 2019, with an emphasis on 2019 data.
About the AuthorMore Content by Jennifer Chang