Will Fall 2021 MBA Cycle Be the Most Competitive to Date?
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12 Aug 2020, 08:29
Since 2015, in a context of booming economy, MBA applications have been steadily declining. The 2020-2021 cycle, however, is shaping up to be very different and might dramatically reverse this trend. So, if you are planning to apply for Fall 2021 intake what should you expect?
Historically, MBA applications have always been trending down when the economy is doing well. Last year, this time, Forbes declared the MBA degree “in crisis”. In an article published in August 2019, the magazine claimed:
“The top ten business schools combined saw a drop of about 3,400 M.B.A. applicants, a 5.9% falloff to 53,907 candidates versus 57,311 a year earlier The University of Michigan Ross School of Business experienced the worst drop, an 8.5% decline from 3,485 to 3,188 apps. Harvard fell 4.5%, UC-Berkeley Haas 7.5%, Wharton 6.7%, Stanford 4.6%, and Booth 8.2%.”
The current pandemic, combined with a declining economy already started to reverse this trend. Two factors are at play here: first, a large number of international admits who were unable to travel to the US due to travel restrictions have deferred their admissions, which will contribute to an increase in enrollment next fall. Second, many young professionals who have been let go from their job or furloughed are now considering an MBA to weather these turbulent times, in hopes to come out 2 years from now, with newly acquired skills and a stronger job market.
So, what should you expect as a prospective applicant for Fall 2021?
The 2020-2021 is going to be extremely competitive in comparison to previous years. The number and caliber of applicants is likely going to increase significantly, particularly for top MBA programs. You will likely be competing against a much more diverse pool with significant industry and leadership experience and solid career aspirations.
What’s the best plan of action in this case?
1. Apply early, we always recommend for our candidates to apply early to increase their odds for admissions and receiving a scholarship. This is particularly important this year. If you feel you have a solid application aim for round-1. However, if you feel there is room for improvement, don't cut corner, you will be better off applying to round-2 with a well-crafted application package.
2. Consider retaking your GMAT or GRE if your scores as average or slightly below average for your school of choice.
3. Last but not least, make sure your personal narrative is airtight. Your essay(s), letters of rec. and resume should tie together and tell the same story, and finally…don’t rush through the short-answer questions in your application. This is where AdComs catch the most inconsistencies!
Need help with your application? The Admissions Concierge is a boutique sized consulting service specialized in top 10 MBA programs admissions. We offer one-on-one coaching services from strategic planning, essay crafting to interview prep.