In what has become a common theme in the media, The Economist recently wrote a piece showing further evidence of an upwsing in MBA applications in the face of a slowing economy. The piece takes a look at business school applications as a predictor of future economic performance, saying, “Worryingly for those betting on a swift economic recovery, business schools reckon that next year could yield an even bigger crop of applicants.”
According to a chart cited in the article, three-quarters of MBA programs are expected to reprt an increase in applications this year — approaching the record levels seen in 2001-2002, right after the dot-com bubble. Adding on to the effect of a slowing economy is the continuing surge in applicants from India and other developing markets.
As far as the GMAT is concerned, the Graduate Management Admission Council expects at least a couple more years of strong growth for the exam. Registrations are expected to rise to 249,000 this year, yet another record.
If you’re already planning on applying, don’t depair. Stay the course, do your best to ace the GMAT, and then focus all your energy on perfecting your mba application. Don’t worry about timing the market… Just focus on making your application as strong as it can be.