Graduate business school applications rose by 12% in this application cycle, reversing a two year drop in applications. The trend was evident across business schools, including top-tier institutions: MIT Sloan saw a 16% increase in applications, Wharton and Stanford Graduate School of Business both saw an 18% increase, and Harvard Business School saw a 21% increase, and Northwestern Kellogg School of Management saw a 23% increase. NYU Stern led the trend with a 48% increase.
There is also evidence that some students in key recruitment countries like China and India may be considering options closer to home, reflected in increasing application rates internationally, and pointing to the significance of the increase in US business school applications even without the full typical boost of international applicants.
But what drives the increase in applications and what does it mean for current and prospective applicants?
What’s Driving the Rise?
While there may be many reasons for the increase in business school applications, economic uncertainty may help explain the trend, as business school applications have historically risen during times of economic uncertainty. When perceiving a challenged economic environment, students may consider investing in their future and broadening their options through further education instead of facing the job market.
Other factors include increasing applications from women, who are increasingly entering business fields, and increasing innovations from business schools, which provide students more options, such as online courses.
What Does It Mean For Applicants?
While the increase in business school education is in part attributable to applicants with high hopes of graduating into an improved economic environment, timing the economy is notoriously challenging. For that reason, students should be conscious of trends and consider the macroeconomic environment when making significant professional decisions, but much more important are their personal goals, aspirations and readiness. The truth is, an MBA education has proven valuable across economic conditions.
Standing out in a Competitive Admissions Cycle
That being said, for students who do decide to pursue business school during a competitive admissions cycle, it’s more important than ever to stand out. That can mean extra focus on telling a compelling personal narrative, tailoring applications to each school to ensure strong alignment with programs, developing strong relationships with recommenders to ensure strong letters, and engaging with extracurricular activities to show leadership and community involvement.
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