Along with the deterioration of the economy came a huge boom in b-school applications. According to a Businessweek article yesterday, "Business School Applications Sputter," that two-year boom now appears to be softening.
Top MBA programs in the U.S., including Wharton and UC Berkeley Haas, have reported that they received either an equal or lower number of applications in 2010 than in 2009.
The BW article cites GMAC data and reports that "in past recessions, application volume increased as applicants sought refuge from the troubled economy in business school, only to drop again during the recovery."
Bloomberg Businessweek surveyed 30 top full-time MBA programs. Here are some of their findings:
- 10 of the 30 b-schools reported an average decline in application volume of 6.1%. 11 schools reported an average increase of 10.2%. Nine programs did not offer any information.
- Wharton's applications fell 9%, to 6,819.
- Haas' application volume went down 11%, to 3,626.
- Cornell Johnson reported a 12% decrease in applications to 2,002.
- Applications are up 16% at MIT Sloan to 4,782, up 26% to 1,531 at Washington Olin, up 21% to 3,506 at Duke Fuqua, and up 5% to 9,524 at Harvard Business School.
School's explain that certain factors other than the recession or recovery contribute to its application status. For example, Olin experienced a jump up in U.S. News rankings, from No. 22 in 2009 to No. 19 in 2010. Duke Fuqua lowered its information session prices from $200 to $50. The Foster School at the University of Washington attributes its 16% application increase to new buildings and grounds, a new website, and the "growing appeal of the Seattle area."
Also, when schools improve their global strategies, as did Fuqua and MIT in the last year, they're bound to experience an application increase due to more international exposure and recruiting.
According to MIT Sloan's MBA Admissions Director Rod Garcia, "Asia is where the increase is happening."
NOTE: A drop in application volume can make this a great year to apply to business school. Fewer applications means less competition for spots. But don't celebrate too much and don't be unrealistic: If schools go from accepting one in twelve applicants to one in ten (which they can now do because of the decrease in application volume), then nine out of ten students will still get rejected.
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