I was talking to a friend of mine who working in IM and was asking him if it is possible for me to get a job in his group (if I get dinged across the board)- he asked me to wait for 2-3 months as a lot of people are going to be moving out after collecting their bonuses.
If you read Rose Martinelli's chat, she said that there is usually a lag of a year before seeing a rise in apps- so maybe we will se a huge spike next yr.
The difference though from 02- this year the impact is felt in only one industry (by and large) - finance. And a significant number of guys in finance already have an MBA. In 02, it was spread over a broader area (tech mainly but still) and most of the guys then did not have an MBA.
Anyways, not many desis applied then but now the international apps are through the rough. So it is that much more difficult for an Indian as schools can pick non-Indians as more seem to apply and increase their international students %.
riverripper
Much the same as this year they are saying it is going to be a big year for people to bail out and head back. I have met more than a few people during school visits who are heading back because of what the economy is like. IB bonuses might be up but it still seems like its a good time to take a two years out of the industry to get that ticket punched.