Is Now a Good Time for Business School?
Not surprisingly, business school applications skyrocket during a recession. Layoffs and limited job opportunities create a desire to ride out the downturn in b-school. 2008 and 2009 business school application volume increased accordingly. But will this pattern continue for 2010 applications?
The Graduate Management Admission Council (GMAC) conducts a study of application trends each year with data they obtain from over 330 business schools. The 2009 Application Trends survey confirms that business school application volume remained as strong as 2008 volume. 2009 full-time programs received the same number of applications compared with 2008, although MBA applicant growth varied by program type:
|
MBA Program Type |
% Change (2009 vs. 2008) |
|
Full-time |
0% |
|
One-year |
+21% |
|
Flexible (e.g., weekend) |
+14% |
|
Part-time (e.g., weeknight) |
+7% |
|
Executive |
-25% |
The number of MBA applications for the 2010 term could decline if historical trends hold true in the current recession. Economists suggest that as average household income and the ability to pay for graduate school decline throughout a recession, the initial upswing in application volume typically reverses. However, BusinessSchoolAdmission.com reports that GMAT growth trends indicate that 2010 applicant volume should equal 2009 numbers.
Getting accepted to business school has been extremely competitive in the past few years, and there’s no way to predict whether it’ll be easier to get into your program of choice next year. Business schools report that candidates’ academic qualifications continue to match or exceed the benchmarks set by previous candidates. This means your application needs to be as polished and compelling as possible!
There’s one more thing for you to consider. Banks are strapped for cash right now so student loans may be more difficult to secure. You might want to talk to a lender about finance options before spending hundreds of dollars in application fees to b-schools. 97% of MBA programs also offer tuition assistance in the form of scholarships, which is another avenue to explore.
Ultimately, you should apply to business school if it’s the right time for you personally. The good news is that business school graduates in 2012 will (hopefully!) have many solid career opportunities as the economy whips itself back into shape.
