WHAT IT MEANS FOR YOU IF THE NUMBER OF MBA APPLICATIONS CONTINUES TO FALL - SHOULD YOU APPLY NOW?
If you're considering applying for an MBA this season, you may have heard about the recent MBA application slump. Due to schools reporting fewer MBA applicants, they are adding more application rounds and selectively waiving test criteria. Duke, Tuck, and Kellogg are among these institutions. So your question might be, is this the appropriate time for you to apply?
yes - If you have a lower GPA or other possible shortcomings, it may be worth applying now.
When the economy is bad, business school applications tend to increase. More candidates are generally hesitant to leave rewarding, stable employment, but they believe they have less to lose when their employment options aren't as appealing. It's hard to predict what will happen in the future, but if layoffs persist and the economy continues to deteriorate, the fall in MBA applications might reverse. In this situation, especially if you have a lower GPA or other possible weaknesses in your profile, it may be worthwhile to apply immediately.
no - If you can't put together a great MBA application, you might want to wait.
Do you have enough time to compose outstanding MBA application essays? Are your recommenders available to support you? Do you need to take additional courses, or the GMAT/ GRE, even if they aren't necessary, to present the best possible application? If that's not the case, you might want to hold off. Despite the fact that several business schools still have spaces left for the class of 2025, the last rounds are traditionally the most competitive. If you are refused and wish to reapply, it is critical that you present a quality application that will reflect well on you in the future.
MAYBE - You might want to apply if you're a laid-off IT worker or something similar.
If you were recently laid off from Microsoft, Google, Amazon, or Twitter and were considering applying to business school anyway, you should take advantage of this opportunity. Make sure, however, that you truly want to spend the next two years in an MBA classroom. Also, think about your desired professional outcome and what you truly want in your future. Is an MBA required to get there? Is business school financially worthwhile? Is quitting your job a positive opportunity cost for you? If so, go ahead and do it!