Full-time MBA programs across the world, and specifically in the U.S. have seen a rapid decline in the last five years. As the economy has been crashing due to the pandemic, MBA applications are supposed to be on the rise.
An increase in the number of students who are looking forward to apply for the course has already been reported by admission consultants, even when the only two business schools that have announced their deadlines for application are Harvard Business School and Wharton School. Websites that feature news about B-schools have also seen a sudden increase in traffic.
The coronavirus pandemic will also be affecting the mindset of the students who will be doubting their applications, based on travel restrictions, the availability of student visas and the prospect of online classes. However, most MBA aspirants believe that graduating from a business school will provide them better opportunities three years later than the present job market.
The increase in the number of applications will also directly result in a more competitive environment during the admission season. Experts believe that the variety of students who are going to applying will massively affect both the quality and the quantity of education being provided in business schools.
It has been predicted that Harvard and Stanford among other colleges will be receiving a huge number of applications, which will force them to increase their intake. After the 10.8% decline in the recent two years, there are supposed to be more than 1500 extra applications in 2020. This would mean that B-schools will witness a 12.5% increase in applications this year.
Harvard Business School is also supposed to increase and open up other departments and branches to help them absorb more students during this admission season. It has been predicted that the top business schools will be making sure that a higher number of students will be granted admission this year.
It has already been recorded how a economic downfall triggers a huge increase in MBA candidates, but this year this number can reach record figures.
Most of the students who are willing to apply have been enjoying the strong job market but due to the postponed job opportunities, they are planning to come back to education. An accurate number has not been decided yet, but the top 20 business schools of U.S. have predicted that they will be seeing a 50% growth in their applications.
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Source – The Poets & Quants