After a big decline during and following the global economic crisis, applications have increased sharply to a number of top business schools in the United States. The Wall Street Journal recently reported that many elite schools saw double digit growth in applications submitted to their MBA programs.
The biggest mover was Washington Foster School of Business, where applications increased by an incredible 74% from 2013 to 2014. Foster’s more tailored marketing approach and strong connections with the thriving technology companies in the Pacific Northwest Region can likely account for this increase. Another big winner was UNC Kenan-Flagler, where applications went from 1,493 in 2013 to 1,912 in 2014, a sizable 28% increase. Georgetown McDonough School of Business credits its strategy to attract underrepresented minorities and international students by joining the Consortium for Graduate Study in Management, and holding monthly on-campus information sessions for its significant 23% increase in applications in 2014. Applications to Georgetown MBA from U.S. students rose 27%, and international applications grew by 20% in 2014.
Most admissions committee members cite the improving economy and job market, as well as the streamlined admissions process at many schools (i.e. fewer required essays) for such application increases. However, those of us in the MBA admissions consulting industry can also recognize that these top business schools have been recruiting international applicants more aggressively, especially here in Asia, where admissions committee members typically travel around the region several times each year to connect with potential applicants. Such marketing and recruiting efforts have definitely had an impact on application totals from the Asia Pacific Region.
Other MBA programs which had large upticks in applications from 2013 to 2014 include Indiana Kelley (20.3%), Arizona State Carey (44%), Duke Fuqua (9.6%), Rice Jones (19.4%), UCLA Anderson (32%), USC Marshall (10%), UT Austin McCombs (10.2%) and Washington Olin (19%). Not every school fared this well, however, as MBA applications declined at some high profile schools such as Michigan Ross (-7.7%), Yale SOM (-2.3%) and Boston University (-4.3%).
As many business schools continue to “streamline” their applications and market more aggressively, we expect that MBA applications will continue to increase in the short-term. With this in mind, the 2014-2015 application cycle will no doubt be a particularly competitive one. Although the total number of required essays and word limits has decreased at some MBA programs, we do not feel that this makes the MBA application process less onerous. If anything, it makes it even more difficult for applicants to provide meaningful information that can allow the admissions committee to clearly see their core value, uniqueness and future potential. And with fewer essays to write, it will be more important than ever for applicants to construct a powerful resume that clearly reflects their responsibilities, achievements and impact. Finally, the interview process will likely become more critical and competitive than ever, as applicants must seize this one precious opportunity to convince the interviewer that they are a perfect fit for the program and truly need an MBA education.
We hope this information was helpful for all of you aspiring MBA applicants out there. And of course, if you have any questions about the application process, or how to create a winning application strategy, feel free to reach out to us with your questions at info@transcendadmissions.com