More women than ever are considering pursuing an MBA, which has led to some unexpected pipeline trends revealed by the Graduate Management Admission Council (GMAC) in this month’s Graduate Management News.

GMAC has reported that the number of GMAT tests taken by women surpassed 100,000 for the first time ever last year. Exams taken by women in the testing year ending June 30, 2009 represented 39.5% of all exams taken, a figure that has changed only one percentage point in 10 years.

However, Lamia Walker, GMAC regional director for Europe, Middle East and Asia,  points out some major shifts by region, age, and career intent. “When we break down gender distribution by regional citizenship, we find a wide range – from 56.1 percent of exams in Eastern Europe to just 24.6 percent in Central Asia,” she says.

(source: Graduate Management Admission Council)

Key findings from the 2010 mba.com Registrants Survey Report indicate that:

Schools need to recruit women sooner. The average woman first considers business school less than two years after finishing her undergraduate degree, almost nine months earlier than the average man. Women also sit for the GMAT exam sooner than men and submit their first business school application more rapidly than male counterparts.

Women typically submit fewer applications. Female applicants considering full-time MBA programs submitted an average of 2.4 applications, compared with 3.0 for men. Women in Central Asia and in Asia Pacific submitted the greatest number of applications on average, 3.7 and 3.3 respectively.

Don’t write off the female quants. Female prospective students are more likely than men to consider MA/MS in Accounting programs, and the average number of submitted applications reported by women to any graduate management education program type is highest among those applying to MA/MS Finance programs (3.2 applications on average in 2009).

The survey report found numerous differences between men and women when it comes to preferred study location, financing plans, information sources, business school preferences and employment outcome, as well as significant differences by gender in the skills that prospective students hope to improve in business school.

Armed with this information, MBA programs should be able to more effectively outreach to talented female applicants.

The number of European citizens taking the GMAT is on the rise, and these individuals are sending their scores to management education programs in Europe–not America–according to an analysis of GMAT testing trends released Wednesday by the Graduate Management Admission Council (GMAC).

In fact, non-U.S. citizens accounted for more than half of all exams taken worldwide during testing year 2009–the first time this has happened since the GMAT’s creation more than 50 years ago.

“Earning a business school degree provides a critical edge in today’s complex and challenging economy, and more and more Europeans are recognizing that high-quality management education is available in their own back yard,” says Julia Tyler, executive vice president of member services and school marketing for GMAC.

Researchers attribute the surge in popularity to an increasing interest in such schools by Europeans themselves, who are sending a significantly smaller share of their GMAT scores to the United States and more score reports to programs in Europe.

So, to which programs are Europeans applying? The most popular MBA programs for testing year 2009 were at INSEAD, London Business School and IESE Business School.

This data reflects the fast-rising interest in MBA and other graduate management education programs around the world in recent years. More details about GMAT testing and score-sending trends among European citizens are in GMAC’s latest European Geographic Trend Report for GMAT Examinees, available online at www.gmac.com/geographictrends.

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Earlier this week, a piece in the New York Times reported that the job market seems to be stabilizing for business school students. “There’s reason for students to be optimistic,” says Tracy Handler, a spokeswoman for the MBA Career Services Council, an association of business school career advisers.

“Any signs of recovery are modest. But business schools are looking ahead and seeing a light at the end of what is now a pretty short tunnel.”

Business students everywhere are finding banking jobs and internships; the number of banks interviewing at Darden School of Business this year increased 20%, and the number of job offers so far has risen 33%, the school tells the Times. At the Duke Fuqua School of Business, meanwhile, the career office reported last month that the number of students with investment banking internships had doubled compared with last year.

“Ironically, this can be a superb time to enter banking,” Jeff Fischer, the director of career management at UNC Kenan-Flagler Business School, tells the Times. “The MBA population is like the end of a whip. When cycles swing up and down, students are the ones who swing up and down the most in terms of employment.”

It may be premature to predict hiring results, since job offers continue throughout the spring, but the general mood about banking jobs is quite optimistic. Wall Street’s bad rap is slowly fading away, becoming a dream destination for B-school students once more.

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Today is the 100th anniversary of International Women’s Day, so it’s only fitting to check in on the state of women and the MBA. Ben Lopel’s recent piece in the UK digital media site, Exec Digital, takes a look at two prominent surveys which show that more women than ever see business school and corporate careers as a viable option.

Both the 2009 QS TopMBA.com Applicant Survey and the GMAC Alumni Perspectives Survey 2010 show a marked increase in the number of women applying to and graduating from B-school.

Lopel quotes Ross Geraghty, co-author of the QS TopMBA.com Applicant Report, who said: “The proportion of women attending the QS World MBA Tour annually has increased year on year since records began. These figures are supported by the fact that, for the first time, more than 100,000 GMAT takers in 2009 were women. This proves two things, firstly that business school is more popular than ever before, in general, and that women have become motivated and inspired by their female peers to achieve the same business success.”

MBA.com, the official GMAT website, indicates that 40% of GMAT test takers are women. But despite the numbers, some lingering trends remain. According to MBA.com, admissions officers say there are still many myths which keep women from applying to B-school.

The notion that an MBA is only for those who want to work for a big corporation, or the perception that the business school culture is not supportive of women, are just two mental hurdles today’s women need to overcome.

Zoya Zaitseva, Regional Marketing Director at QS, points out a more serious problem. “Unfortunately, women still continue to believe that they will receive lower salaries than their male colleagues: only 32 percent of women, compared with 43 percent of men, expect to earn more than $100,000 per year after graduation.”

But changes in the educational landscape are afoot. Last month, BusinessWeek’s Alison Damast reported on the growing interest in business programs at women’s colleges. Currently 44 such schools offer a business management curriculum, according to the Association to Advance Collegiate Schools of Business (AACSB)–viewed by many in the management education world as the gold standard for B-school approval, Damast writes.

“I think women’s colleges, like all other colleges and universities, are looking very closely at a number of market-driven variables and making sure that their programs are reflecting the needs of what today’s students are looking for,” says Susan E. Lennon, executive director of the Women’s College Coalition.

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If you are feeling stumped by your application essays and need some additional guidance, check out our NEW series of essay guides for MBA applications. Columbia, Harvard, Kellogg, Stanford and Wharton available now. They are seriously terrific and we are proud to say that almost every person who has ordered one has come back for more!

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