Applications to business schools are down—but women are making modest gains

One key driver of the gender pay gap among MBAs is differences in how often men and women are promoted after graduating from business school.

"The promotion piece," she said, "is a part of this uncontrolled pay gap story. If you look at all men working in our economy versus all women working, men are over-represented in leadership positions, whether that's C-level, VP and even the senior director level." "I would say sometimes it's a choice and sometimes it's not," said Frank. "Sometimes that's just where they're getting hired, even if they have been attempting to be hired elsewhere."

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