If you have struggled over the years about whether or not you should get an MBA, now might just be the ideal time.
Particularly if you have a profile which is challenged in some way, you will find that there’s never been a better time to apply to b-school. Why? Applications are down. Way down.
Whenever the economy is humming, applications to business schools take a nose dive.
Essentially, people are doing well and getting promoted and getting raises, and the last thing they want to do is drop all that and pay $100K or more to further their education. There’s a bid of herd mentality going on here, with everyone flush and employed thinking, “Maybe I’ll go back next year.” The problem is, everyone is thinking this simultaneously, so when the economy ultimately crashes, as it always eventually does, hoards of b-school hopefuls crash the exits. What’s happening right now is the opposite.
Compounding the diminished US application rate, applications from international students to US schools are also way down.
The political situation in the US coupled with global prosperity and a bevy of increasingly good MBA educational options overseas and online have all contributed to a dearth of international applications. When added to the drop in domestic apps, what we have here is an unprecedented opportunity to potentially get into the school of your dreams.
Scholarships and Fellowships are more easily had as well.
When the supply of students goes down, the demand for good students goes up. This creates a frenetically competitive environment for the schools, not for the applicants. Remember, to a b-school, you are the product they desperately need to buy. Yes, the school is the product you want to buy as well, but you have more supply than they do right now because you can go anywhere---the number of good b-schools is essentially fixed. Schools only have access to the current pool, and the current pool is anything but fixed. In fact, it fluctuates wildly.