We recently posted a blog on the most common motivations among business school applicants. Data in a related GMAC article shows that applicants view high b-school tuition as a worthy investment into their futures. The point of the article is that, contrary to what one may believe, the rocky economy has had little effect on GMAT and b-school application volumes.
A BusinessWeek article, "For MBA Applicants, Economy Doesn't Matter," elaborates on the GMAC survey findings. It explains that for the first time ever the survey asked participants about the impact the economy had on their decision to either attend or not attend business school.
51% said that the economic climate didn't affect their decision to pursue an MBA; 36% reported that it was actually the poor economy which motivated them to pursue an MBA; and 13% said that the economy dissuaded them from considering attending business school.
However, just because applicants choose to attend an MBA program doesn't mean that they're not concerned about the costs. In fact, 50% of survey respondents said they were worried about the cost of their MBA, while 48% feared the financial debt and loans would be too much. Another 22% showed enormous concern over the job outlook post-MBA. Only 14% claimed that they had no reservations about pursuing an MBA in the current economic climate.
View the mba.com Prospective Students Survey for more information.
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