Other schools are reporting similar figures for full-time MBA programs. At Babson College's F.W. Olin Graduate School of Business, applications for the one-year full-time MBA program were up 36% for the cycle recently ended, the school said. Applications for Pepperdine University's Graziadio School of Business and Management's full-time programs were up 30%, about 18% of which are full-time MBA applicants, said Mark Mallinger, Pepperdine's associate dean for full-time programs. "Some may have lost jobs or they feel that the timing is right for taking two years out," Mallinger said. "If they're not likely to get promoted and, hence could get laid, off, they're thinking, 'Why not take two years off and take advantage of the situation?'"
Carlson Sees A 'Pop'
At the University of Minnesota's Carlson School of Management, applications are up 26%, said Jeff Bieganek, director of admissions at Carlson. "The economy is playing a large role," he said. "We're seeing a real pop."
Even top-ranked business schools, like MIT's Sloan School of Management, are seeing sharp increases in application volume. Applications were up 28% in 2008, up from about a 10% increase in the previous year. At NYU's Stern School of Business, the school received its second-highest number of applications on record this year, with a 20% increase in application volume.
While the largest spike in applications is in full-time MBA programs, applications are also on the rise in the part-time and executive MBA programs. GMAC's Wilson predicts that the part-time and executive MBA programs will be the next to see a significant jump in application volume because they largely cater to applicants who want to stay in their current jobs. "As the slowdown in the economy continues, we're going to see a shift to the part-time programs because people aren't going to want to leave work if they have a good job," Wilson said.
Waiting for Another Avalanche
Meanwhile, admissions officers at the full-time MBA programs are bracing themselves for another avalanche of applications. "I anticipate that it will be competitive, but I wouldn't put a number on it," said Julie Strong, MIT's senior associate director of MBA admissions. "At this point, we're telling people to apply early."
"It is awfully high. We knew we were gong to be getting more, but I think that number is a lot higher than we had anticipated," said Marcinkevage, who attributes the spike to the downturn in the economy and strong interest from international candidates. The GMAC said that last year, 54% of students applying to full-time MBA programs were students from outside the school's home country. GMAC surveyed 521 graduate management programs at 273 schools in U.S., Europe, and other parts of the world. About two-thirds of the schools are U.S.-based.
Other schools are reporting similar figures for full-time MBA programs. At Babson College's F.W. Olin Graduate School of Business, applications for the one-year full-time MBA program were up 36% for the cycle recently ended, the school said. Applications for Pepperdine University's Graziadio School of Business and Management's full-time programs were up 30%, about 18% of which are full-time MBA applicants, said Mark Mallinger, Pepperdine's associate dean for full-time programs. "Some may have lost jobs or they feel that the timing is right for taking two years out," Mallinger said. "If they're not likely to get promoted and, hence could get laid, off, they're thinking, 'Why not take two years off and take advantage of the situation?'"
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