MBA demand soaring despite economic difficulties, survey shows
By Peter Walker for CNN
LONDON, England (CNN) -- Applications to business schools are booming as record numbers of people seek to weather the current global economic turmoil by arming themselves with an MBA or similar qualification, according to a new global survey.
Going down: As stoxk markets slump, business schools are booming.
A total of 77 percent of schools said they had seen an increase in application levels for full-time MBA programs in 2008, the Virginia-based Graduate Management Admission Council (GMAC), which provides information about business education and runs a leading pre-business school test, said.
This was the highest such figure for five years and the second highest overall since GMAC began the surveys in 2000. It compares with the 64 percent of schools who saw increased demand for full-time MBAs last year.
Applications for part-time and executive MBA (EMBA) programs also reported increased demand, albeit not so strongly as before. For part-time courses, 61 percent of courses saw more applicants in 2008, against 69 percent last year. The equivalent figure for EMBAs, aimed mainly at higher-level executives with more experience in business, was 60 percent, down from 63 percent in 2007.
While it might appear counter-intuitive at a time of fiscal hardship to step away from the job market, not to mention pay out fees which can easily top $40,000 a year, economic downturns are viewed by many as the ideal time to take an MBA.
Many schools saw applications stagnate during the heady days of the late 90s dot-com boom, only for demand to soar when the bubble burst and budding tycoons decided they could safely step away from the business cauldron for a while to improve their skills.
"Going to business school is one of the best ways to improve your marketability and expand your options anytime - but especially in this challenging economic climate," said Dave Wilson, president of GMAC.
"The dramatic increase in applications for slots in graduate business programs that is reflected in our survey is a sure sign that people recognize the value of investing in an MBA."
The 2008 survey, which crunches data from 521 programs based in 273 schools around the world, around two-thirds of which are U.S.-based, had additional good news for those just completing MBAs.
It founds that in the three months prior to graduation, 57 percent of the MBA students who took part in the study had received firm job offers, the highest level since 2001.
Another recent survey, however, has another message for one particular group of would-be business school entrants - women.
Fact Box
FT MBA Rankings
1. Wharton, U.S.
2. London Business School, UK
3. Columbia, U.S.
4. Stanford GSB, U.S.
5. Harvard, U.S.
6. Insead, France/Singapore
7. MIT: Sloan, U.S.
8. IE Business School, Spain
9. University of Chicago GSB, U.S.
10. University of Cambridge: Judge, UK
Source: Financial Times 2008 Many schools have in recent years introduced initiatives such as flexible study times or so-called "morning MBAs" to attract more female students, especially those with family responsibilities.
But while many women find MBAs very rewarding, the study by two academics found that a relatively high proportion of them ended up quitting the workforce, most likely due to the intensive demands of common post-MBA careers such as finance and consulting.
The survey of nearly 1,000 female former Harvard undergraduates found that of those who went on to take MBAs, 28 percent had become full-time mothers within 15 years, against 21 percent of those who went into law and just 6 percent of the women who went into medicine.
The authors surmise that while doctors might find it easier to work part-time or flexibly, big business can often involve long hours and regular travel, making it less family friendly.
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