A new study by the Graduate Management Admissions Council released this week reported a marked decrease in applications to programs offering full-time degrees in Masters of Business Administration nationwide.
The study, conducted via an annual survey, found that more than two-thirds of two-year, full-time MBA programs experienced a "decline in application volume." One-hundred ninety-nine full-time MBA programs were surveyed.
GMAC spokesperson Bob Ludwig attributed the decline to the sustained economic downturn and its effect on the job market. He said while recessions normally increase the number of graduate school applications, the sustained nature of this downturn has made it different from previous years.
"The economy certainly factors in," Ludwig said. People may not be eager to enter a full-time program because "you have to make the economic decision to leave your job," he said.
Sara Neher, assistant dean of MBA admissions at the Darden School, said in an email that Darden also experienced a decline in applicants to the residential program.
"Applications to MBA programs are counter-cyclical to the economy," she explained. As the economy goes into recession, more people apply to business school, she said. As the economy recovers, however, the business school has fewer applicants because students are getting "better and better opportunities at work," Neher said.
Despite receiving fewer applications, Neher said the decline at Darden is not significant because "the diversity and quality of applicant pool continues to improve."
Assoc. Darden Prof. Robert Carraway said in an email that there are still "8 to 9 applicants per seat in the MBA program" despite the decline in applications.
Neher added that the University fared about the same as the GMAC data indicated and that the decline of applicants at Darden was "similar to other top schools."
Despite the decline in applicants to full-time MBA programs, the study found the number of applicants to specialized programs actually increased last year.
"Typically, part-time programs and executive programs are not as volatile," Ludwig said. He added that many people who want to further their education but do not want to give up their jobs seek out these programs.
Neher also said Darden's MBA for Executives program, which allows practicing managers to work full-time while pursuing an MBA, did not experience the decline in applicants felt by the school's other programs.
"MBA for Executive type programs are less sensitive to the general economy" and are thus more popular during a recession, Carroway said.
Neher added that Darden is still recruiting top applicants across the country and around the world. The school is also in the midst of a capital campaign to raise funds for scholarships so the "very best people can afford to attend Darden," Neher said.
Carroway said Darden is still viewed to be among the elite two-year programs in the United States.
"By continuing to innovate and improve we will continue to attract the best and brightest among those seeking MBA education," he said.
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