Gender parity is slowly but surely becoming a norm at business schools across the country.
Eight business schools reached gender parity in 2024 among full-time MBA students—up from just one school in 2020, according to an analysis released today from the Forté Foundation. The list includes top business schools like Northwestern University (Kellogg), Duke University (Fuqua), and Washington University in St. Louis (Olin). The schools rank No. 3, 8, and 21 on Fortune’s ranking of the best MBA programs for 2025, respectively.
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Among Forté member schools, which include most of the top business schools, about one-third now admit 45% women or higher. That includes four out of the seven prestigious “M7” schools.
The percentage of female MBA enrollment remained the same as last year—42%—but Elissa Sangster, CEO of the Forté Foundation, says the momentum is moving in the right direction with a steady growth of women attending business school and more schools reaching parity.
“You’re no longer the only woman in the room whenever you’re going to one of those schools and participating in that classroom experience,” she tells Fortune.
8 business schools that achieved gender parity in 2024
- Johns Hopkins University (Carey): 59% female
- George Washington University School of Business: 58% female
- EDHEC Business School: 58% female
- Washington University in St. Louis (Olin): 53% female
- Northeastern University (D’Amore-McKim): 53% female
- University of Texas–Dallas (Jindal): 53% female
- Duke University (Fuqua): 51% female
- Northwestern University (Kellogg): 50% female
Data according to the Forté Foundation.
While there is no “secret sauce” to increased gender representation, Sangster says there simply being more women in business builds a more accepting environment, where women can look up to women leaders.
A growing number of female Fortune 500 CEOs—and business school deans
Women lead just 55—or 11%—of Fortune 500 companies, but that number is higher than ever. Among the women CEOs, 45% hold MBAs. Some notable names include Mary Barra, CEO of General Motors, who attended the Stanford Graduate School of Business, TIAA’s Thasunda Brown Duckett, who went to Baylor University, and Phebe Novakovic, of General Dynamics, who is a Wharton alum. It is also of note that some of the women CEOs hold other advanced degrees, such as a Juris Doctor (JD).
A growing number of women are also the top leaders of the nation’s best business schools. Five of the top 10 best MBA programs have female deans, including Northwestern Kellogg’s Francesca Cornelli and Wharton’s Erika James.
This increased representation has a “huge impact” Sangster says.
“We’ve heard the phrase, if they can see it, they can be it,” Sangster adds. “And if these women can see it, they know they can be it.”
Kellogg, whose recently enrolled class of 2026 was 50% female, has a “longstanding commitment to advancing women in business,” Cornelli tells Fortune. The school embodies this in its scholarship initiatives, Center for Executive Women, and Global Women’s Summit, she adds.
“Our aim is to equip high-potential women to become impactful, inclusive leaders, who possess a combination of skills—analytical, creative and social—that positions them for the heights of business leadership. This is reflected in the amazing accomplishments of our alumnae, including those who have become CEOs,” Cornelli says.
Kellogg is the alma mater for four of the Fortune 500 women CEOs with an MBA—the most of any institution. Columbia Business School comes in second, with three alumni.
‘If these women can see it, they know they can be it.’
Reaching gender parity for one enrollment cycle does not mean the work is over. While Wharton’s incoming class reached gender parity last year, this fall saw it drop back to 47% women.
These minor fluctuations are not necessarily something to worry about, Sangster says, and may more have to do with choices women take in the recruitment process that differ than men. In the next decade, she hopes that parity will be virtually universal and the conversation will shift to the increased progress and advancement of women in business leadership roles.
Sangster points to Cathy Lewenberg, who attended Wharton with a Forté MBA Fellowship scholarship, as one example. She is now the CEO of Bevi, a multi-million dollar drink company. Since 2003, Forté has worked with partner universities to secure over $475 million in scholarships for thousands of fellows like Lewenberg to go to business school.
Frequently asked questions
Which business school enrolls the most women?
Johns Hopkins University (Carey) enrolled the greatest percentage of women in 2024, with 59% of its most recent incoming class being female, according to data from the Forté Foundation.
How many female Fortune 500 CEOs have an MBA?
About 25—or 45%—of female Fortune 500 CEOs have an MBA.
What percentage of MBA students are female?
About 42% of MBA students are female, according to data collected by the Forté Foundation from its member schools. The number is the same for both 2023 and 2024, but it is much higher than the number when the organization was founded in 2002—when just 28% of MBA students were women.
Is an MBA male-dominated?
Yes, most business schools enroll more men than women. However, over the last two decades, a growing number of women have decided to pursue an MBA, with dozens of business schools now enrolling cohorts that are 45% women.
What is the male-to-female ratio for Harvard MBA?
Harvard Business School’s class of 2026 is 45% female, meaning the gender ratio is close to 45% to 55%.
