Despite many MBA schools limiting the marketing dollars devoted to their part-time programs, applications for part-time MBAs surged this year as professionals opted not to abandon their day jobs given the wobbly economy.
While executive education programs also saw increased interest, applications for full-time MBA programs appeared to decline nationally, according to a recent survey by the Graduate Management Admission Council of Reston, Va.
Business school application trends have long run counter cyclical to the economy, the council says, with recessions often spurring individuals to pursue their education full time. As a recession progresses and household incomes diminish, however, applicants tend to err on the side of keeping income flowing, and applications to full-time programs subsequently decrease.
Of U.S. business schools responding to the council”™s survey, just 41 percent saw an increase in full-time MBA applications this year compared to 2009, while applications were flat at 6 percent of responding schools and down at the remaining 53 percent. Across all full-time MBA programs, applications were off 1 percent compared to 2009.
Just a third of full-time MBA programs in the U.S. reported a decline in 2009 compared to 2008.
Applications for full-time MBA programs peaked in 2008, just as the collapse of Lehman Brothers Holdings yanked the rug out from under the economy, sparking large-scale layoffs on Wall Street and Main Street.
Other programs faring better
If the recession appears to be having a negative impact on full-time MBA applications, it is having a positive impact on other programs. The biggest volume increases among all MBA programs nationally came from executive MBA programs, with 59 percent receiving more applications this year than last, reversing a three-year decline. In 2009, just 37 percent of executive MBA programs reported increases from 2008.
And while just 39 percent of part-time programs in the U.S. reported gains, in the Northeast an astounding 67 percent of them did so.
Alexis Haakonsen, dean of graduate admissions at Sacred Heart University in Fairfield, said MBA applications are up “significantly” this year. “I don”™t know that it”™s the result of any larger trends, but I do believe our streamlined Welch MBA curriculum is highly attractive to working adults, and the integrated core (curriculum) helps develop real-world skills that are benefitting our students in their work.”
Interest in accounting, finance
As past recessions have turned the corner, the council has noted increased tendencies by companies to invest in their employees by sending them to part-time or executive MBA programs. While executive MBA enrollment is up, however, the council stated the number of company sponsorships remains below their pre-recession levels.
The council measures MBA program demand both by the percentage change in applications received, as well as by the percentage of programs reporting increases vs. declines, with figures reflecting applications for the class that matriculated this fall.
Perhaps more telling are trends for the Graduate Management Admissions Test, which are off slightly from a year ago, possibly signifying where trends are headed for the application season for next fall.
Norm Solomon, dean of the Dolan School of Business at Fairfield University, said it is too early to tell at this time where applications will ultimately trend in the current admissions cycle.
The Dolan School has had a lot of interest in its master of science in accounting program the last couple of years, according to university spokeswoman Meg McCaffrey. According to the council, that is the case nationally, with master”™s programs in accounting and finance seeing applications surge by more than a quarter for this fall.
