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A recent post from Businessweek‘s daily “Getting In” blog asked, “MBA Applications: Is the Party Over?” Based on the Graduate Management Admissions Council‘s GMAT registration numbers from first four months of 2009, the volume of B-school applications may be leveling off after an all-time high in 2007-08.
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Reporter Ann Vander Mey points out the precedent for a boom, then bust in B-school applications during recessions: “During the 2001 dot-com bust, there was a spike in applications as people fled the job market. The spike was followed by falling GMAT test volume for the next three years.” Mey makes a persuasive argument for a similar pattern occuring today: “The financial industry, once B-schools grads’ bread and butter, is in crisis ; many news outlets, including this one, have published articles about MBAs graduating without jobs; and the MBA brand itself has taken a beating.”

Leveling out of MBA applications may be a paradoxical bright spot in the dismal 2009 economy. This past cycle was “not a pretty picture” for many applicants! My clientele fared well, but geographic flexibility was essential: a willingness to consider elite graduate business programs beyond the Northeast Corridor.

According to US News & World Report‘s 2009 rankings of the top 15 B-schools, acceptance rates for Northeast Corridor MBA programs were: HBS 11.5%, MIT Sloan 15.0%, Yale 14.4%, Columbia 15.1%, NYU Stern 13.6% (11th rank but ground zero for financial services!) and Wharton 16.3%. With the exception of Stanford and Berkeley, top schools outside the Corridor had higher acceptance rates: Third-ranked Northwestern Kellogg 19.4%, U.of Chicago 21.9%, Dartmouth Tuck 16.0%, U.of Michigan 20.1%, UCLA 19.5%, UVA Darden 24.6%, Carnegie-Mellon 28.3%, and Duke Fuqua 30.4%.

Recommended reading: The Best Business Schools’ Admissions Secrets: A Former Harvard Business School Admissions Board Member Reveals the Insider Keys to Getting In by Chioma Isiadinso. Related posts: Does Your College GPA Matter? Take the GMAT While You’re Still Smart, Getting a Job with a Lackluster GPA.

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