Editorial
applications
MBA applications
rise in recession
By Nunzio Quacquarelli
Jay Barratt was working as a trader in
credit markets at JP Morgan, when his
team was made redundant: "in the last six
months it has been difficult to get back
into banking, so on the recommendation
of several Hr managers at investment
banks i have chosen to take an MBA at
Manchester Business School. i can extend
my financial knowledge in areas like
accountancy and corporate finance, whilst
broadening my knowledge of other
industries; a kind of insurance policy."
B
arratt is one of many young professionals from the banking sector Marketing Manager for INSEADs Executive MBA. He observes that “in a
and related industries who are looking to an MBA to escape the difficult economy, people with strong qualifications are much better off than
credit crunch, resulting in record levels of demand for MBA places those without. They have more transferable skills and therefore have more
in cities like New York and London. The QS World MBA Tour reported a options open to them, which is why MBA application numbers rise strongly
10 per cent annual increase in attendance at its London fair in October in a recession.” He expects EMBA application numbers to remain strong
2008 and expects a similar increase when the Tour returns to London in throughout 2009.
March 2009. According to the QS TopMBA.com Applicant Survey 2008 of over
“It is normal to witness an uplift in MBA applications at the onset of a 3,000 would-be MBAs, when asked why they were considering taking an
recession,” confirms Rose Martinelli, associate dean of admissions and MBA, six of the top seven factors are career related; improving career
marketing at Chicago Graduate School of Business, which also has an prospects (70% of respondents) and learning new skills (58%) are consistently
Executive MBA in London. She reports excellent growth in applications the two primary reasons for taking an MBA amongst applicants. Increasing
which she “confidently expects to continue in 2009.” salary (32%) is rarely the prime motivator for someone to take an MBA.
One indicator of this surge in demand for places is the number of Facilitating a career change (43% up from 34% in 2007) and building
candidates taking the GMAT test, required by many business schools for a professional network (45% up from 34%) have risen sharply in popularity,
entry. According to Betsy MacIntyre of the Graduate Management perhaps reflecting increasing awareness of the value of networks amongst
Admissions Council, “GMAT testing volume in 2008 finished at a record the new generation and the potential for career change brought about by an
high of more than 260,000, which represented an 11 per cent increase from MBA. For many MBA candidates an MBA qualification is seen as a route to
2007 (5% US growth, 22% non-US growth).” Ed Buckingham is an INSEAD diversify risk away from their country, industry or function in times of
MBA who previously worked for BCG and Schlumberger and now is recession, partly through the alumni network of the school. Graham Hastie,
8 TopMBA CAreer Guide www.topmba.com

TopMBA CAreer Guide www.topmba.com 9
MBA_SPR09_pp_001-051.indd 8 17/2/09 15:54:09
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