Now Might Be the Best Time to Pursue an MBA

If you’re thinking of applying to an MBA program, now is the time! There seems to be a downward trend in MBA applications in the past year. What does this mean for you? Well, the competition is less severe than in previous years. 

In an annual survey conducted by the Graduate Management Admissions Council (GMAC), the organization found that MBA and graduate business program applications were down approximately 3% overall, with some of the top schools reporting significant drops in applications. 

For example, let’s look at what some of the top business schools have reported for the 2021-22 year:

Harvard Business School: Applications down 15%

University of Chicago Booth: Applications down 13%

University of Pennsylvania Wharton: Applications down 14%

There are a number of factors for the decline in applications. According to the Wall Street Journal, the primary factors are a hot labor market and the cost of business school. Prospective MBA candidates are finding work in their fields, or being offered promotions, and foregoing graduate education. At the same time, the cost of education continues to rise, making the financial commitment to graduate school much less appealing. In many ways, it’s a best case scenario for prospective students while creating a perfect storm for schools. 

In response, many schools are offering perks for applying, such as making test-optional applications, application deadline extensions, and application fee waivers. These perks, combined with less competition, make this the perfect time for you to apply to some of the top MBA programs. Unless you have a job already lined up, the MBA could be what your future employers are looking for. 

Ivy Link offers tutoring for the GRE and GMAT, as well as admissions advising for Business School applications. Contact us below to learn more.