The pandemic of 2020-22, like the financial crisis of 2007-08, brought the dynamics of the MBA market to the forefront. Unlike the rush to an MBA more than a decade ago, the travel restrictions, the online format of the class and the prohibitive cost of an MBA led many to look for value instead of falling blindly for the ‘brand.’
According to 2011 Application Trends Survey conducted by GMAC, as much as 83% of MBA candidates in European One-Year Full-time MBA programs are International students. This is especially encouraging for MBA candidates who want to be part of a multicultural class. 57% of one year Full-time MBA programs reported a decline in the number of applications received compared to 2010.
According to 2011 Application Trends Survey conducted by GMAC, more than 67% of participating two-year full-time MBA programs reported a decline in application volume. Of the 199 full-time MBA programs participating in the survey, accounting for 131,187 applications, the average number of applications received was 666, down from 695 reported in 2010.
The trend is worrying for Business Schools as normally with financial meltdown, a reverse correlation is observed between application volume and the health of the economy. As the economy grows weaker, more candidates take the B-School route to avoid the harsh job markets. Compared to the dot-com bust in 2001 when the application volume for full-time MBA programs increased considerably, 2011 has shown reverse trends. A Business School representative has countered this finding by pointing to the fact that application volume has been steadily growing for the past 5 years (even during the financial meltdown of 2008) and a slight slowdown is expected. 