Last fall, for the first time, more than 6,000 women — 42% of all students — were enrolled in the Full-time MBA programs of the 61 member business schools of Forté Foundation, including The University of Texas at Dallas’ Naveen Jindal School of Management. Member universities saw nearly 15,000 MBA enrollments that semester. In addition, a record eight Full-time MBA programs, including the Jindal School’s, achieved gender parity, meaning 50% or more women were enrolled.

This milestone is significant for several reasons. For one, companies increasingly recognize how important having a diverse workforce is for their bottom lines. According to a 2023 report by McKinsey & Company, companies in the top 25% of gender diversity on their executive teams outperform those in the bottom 25% by 39% in terms of profitability.

Not only that, but MBA programs serve as a direct pipeline to the C-suite and corporate governance boards. A graduate base that equally represents men and women provides corporations with a wider talent pool.

Finally, companies that prioritize gender diversity tend to have higher employee satisfaction and retention rates. A 2018 McKinsey study revealed that companies with the highest levels of gender diversity had a 15% lower turnover rate for female employees and a 25% lower turnover rate for male employees.

Rupal Pernankil, who graduated from the Jindal School with an MBA-MS in Business Analytics (STEM) [now MS Business Analytics and Artificial Intelligence (STEM)] double degree in 2021, understood these corporate dynamics when she was applying to programs. The product manager in Southwest Airlines’ Artificial Intelligence and Data Transformation department said she chose UT Dallas because of its commitment to innovation and focus on fostering a supportive and collaborative learning environment.

“As a woman of color in a male-dominated industry, I wanted a program that would empower me to challenge norms and advocate for representation in leadership roles,” she said. “UT Dallas provided a platform where diversity of thought and innovation were celebrated. The program encouraged open dialogue and gave me the confidence to push boundaries.”

While a graduate student, Pernankil founded the UT Dallas chapter of the National Association of Women MBAs (NAWMBA). The experience was pivotal, she said, as it allowed her to take concrete steps in advocating for gender equity and empowering women to lead in business.

“This initiative gave me the skills and network to challenge traditional norms and drive change in the workplace,” she said.

Lisa Shatz, assistant dean and director of MBA programs at the Jindal School, said female representation has steadily increased over the past decade, driven primarily by strong career outcomes for Jindal School MBA graduates.

“Women tend to be more risk-averse when making educational and career decisions,” she said. “However, our high post-graduation placement rate, low tuition costs and generous scholarships significantly reduce the financial uncertainty of leaving the workforce to pursue an MBA at UT Dallas.”

At the same time, Shatz said, the Jindal School aligns its MBA programs with employer needs.

“Today, companies actively seek more female talent,” she said. “Strong communication skills, an area where women naturally excel, remain the top priority for businesses; however, in recent years, technical expertise has become just as essential, and UT Dallas excels in developing these skills. This powerful combination makes our female graduates especially competitive in the job market.”

Traditional norms in business leadership remain a barrier for women. Women account for fewer than 30% of C-suite positions in S&P 500 companies and barely 8% of CEOs are women. When Michelle Gomez was accepted at UT Dallas to pursue an MBA-MS in Healthcare Leadership and Management double degree, the societal barriers she soon encountered were real. The pride, success and optimism she felt when she was accepted were soon replaced by feelings of doubt and inadequacy.

“When I shared my good news, one of the first questions I received was, ‘Did the university have a quota it needed to fill?” she said. “My silence led to a hasty and familiar follow-up, ‘it was just a joke.’ But it wasn’t. It was an assumption that, as a woman, I wasn’t smart or capable enough to earn my spot. For many women, it’s a familiar refrain in professional spaces. Those words echoed in my head for several weeks. If I struggled with a concept or didn’t do well on a quiz, I second-guessed myself. Maybe I didn’t belong. Maybe I was taking a spot from someone else more deserving.

Undeterred, she pressed on with her education and soon met program staff, faculty and student peers who quickly pulled her out of that negative headspace.

“Their encouragement helped me get ahead,” said Gomez, strategy manager at Keurig Dr Pepper. “They challenged me to take on case study competitions, interviews, clubs and more. The program wasn’t easy, but my confidence grew. It’s not my responsibility to change someone’s opinions and I learned that their biased perspectives didn’t need to negatively affect me.”

The gender-parity trail that Pernankil, Gomez and other female MBA students have blazed for current female MBA students has contributed, according to current Full-time MBA student Rachel Griffith, to a richer, more dynamic learning environment where diverse perspectives offer more well-rounded solutions.

“These diverse perspectives have helped me consider broader insights relevant outside of my field and have given me richer problem-solving skills,” she said.

By being in a program that has achieved gender parity, Griffith and her classmates have begun to influence the future of business leadership.

“Our class’s journey has been shaped by the alumni who have volunteered their time to give back to UT Dallas in a variety of ways,” she said. “Whether through mentorship, attending networking events, or offering career guidance, these alumni are visible role models to us as aspiring business leaders, helping us envision ourselves in similar advanced roles and inspiring us to pursue opportunities we might not have considered before. Gender parity and representation is important today because someday we will be these alumni inspiring future classes of MBAs.”

What excites Pernankil most about seeing future cohorts of MBA students graduate with gender parity and a shared mission to create change is the ripple effect this milestone will have on industries and organizations around the world.

“These graduates will carry forward the values of inclusion and equality, challenging outdated practices and inspiring others to do the same,” she said. “It’s a powerful step toward a future where leadership truly reflects the diverse world in which we live.”