We’ve been receiving many inquiries from prospective applicants about the next round-1 of applications (Class of 2023) and how the current pandemic and economic uncertainty might impact their chances. Although there is a lot of uncertainty around the topic (we don’t really know how the situation will evolve in the next 6-12 months) here are a few thoughts and feedback we’ve received from schools so far:
1. Round-1 is likely to be more competitive
Many applicants are bracing themselves for a recession and the uncertainty of the job market is leading many to reconsider their future career plans. Historically, recessions have led to an increase in MBA applications. Many applicants are looking to ride-out the next year or two while pursuing their education in hopes to become more competitive in the job market once the dust settles. According to the former head of admissions at Wharton, it is estimated that the number of applications submitted this fall will jump by 20% across the board (P&Q).
2. International students are still encouraged to apply but uncertainty remains
Although travel restrictions are still in place, schools are still strongly encouraging international students to submit an application this round-1. After all, fall 2021 is still far away at this point and things should fall into place by then (here’s hoping!). Furthermore, schools are already accommodating international students this coming fall who may not be able to travel or get their visa on time by offering online classes or deferral options. If you are set on your MBA plans, you can also consider B-schools outside the US as an alternative.
3. Schools have extended efforts to facilitate communication with prospective students
The pandemic will likely impact the ability for prospective students to come visit or attend info sessions on campus this fall. Schools will also be restricted in terms of travels and are unlikely to go meet applicants around the globe. As a result, B-Schools have launched many virtual events that will enable you to get the info you need, current students are also getting involved and asked to meet virtually with candidates. Take advantage of these virtual events to learn more about your program of choice, second year students are often eager to share their experience.
4. Standardized tests are here to stay
Although some schools have waived the GMAT/GRE requirement this year (including Kellogg at the time we are writing this article). Standardized tests are likely stay and most schools will uphold their standards in terms of scores. Make sure you allow sufficient time to study and test on time for round-1.
5. Covid-19 will be part of the conversation…for a while
One thing you can expect in the next round of interviews is inquiries about what you did during Covid-19 confinement and how you adapted to these unprecedented times. Make sure you build this into your story and use this opportunity to work on the weakest part of your application. Take advantage of this time to get involved in extra-curricular or take an online class for example. If you’ve been furloughed or lost your job it’s important that you demonstrate how you responded and spent your time.
In short, it’s safe to assume that the next application cycle will be impacted by the current situation, to what extend? Too early to say. What you can do in this time of uncertainty is shift your focus on what you have control on: Crafting a strong application that truly sets you apart from the rest!