The recent economic downturn has left many professionals contemplating their future and searching for ways to enhance their competitiveness in the uncertain job market. Historically, MBA programs have thrived during periods of economic uncertainty, as individuals seek to acquire the expertise and credentials that can set them apart from their peers.
The allure of an MBA lies not only in the promise of higher salaries and better job opportunities but also in the opportunity to gain a broader understanding of business strategies and leadership, which are vital in times of volatility and disruption, like today.
Amid this economic slowdown, business schools across the globe are expecting an influx of MBA applications. However, as the number of MBA applications rises, so does the competition for a coveted place on a top MBA program, with admission committees facing the task of selecting the most promising candidates from a wide pool.
MBA application process becoming more inclusive
As such, they are shaking up the MBA admissions process to identify and nurture the next generation of business leaders. Gone are the days when MBA applications were solely evaluated based on standardized test scores and academic achievements. Today, business schools recognize the importance of a candidate's unique experiences, diverse perspectives, and potential for leadership.
As a result, the MBA application process is becoming more comprehensive, taking into account a wider range of factors that contribute to an applicant's suitability for a rigorous business education. Those who wish to successfully find a seat on an MBA program need to bear these recent changes in mind.
“In the US, one major change is how MBA programs will report their class profiles to reflect percentage of students that did not submit test scores, as well as broader language on the class profile with respect to gender, sexual orientation, race and ethnicity, first-generation and military students, in addition to citizenship geography. The signs point toward increasing efforts to expand diversity in MBA programs in the US,” says Adam Nguyen, the Founder and CEO of Ivy Link, an admissions consultancy.
Stacy Blackman, an admissions consultant based in the US, says that new essay questions from top business schools reflect an additional explicit focus this admissions season on diversity. “We expect some programs to ask about inclusivity and diversity in their essay prompts,” says Blackman.
In addition, business schools are placing greater emphasis on candidates' work history, achievements, and the tangible impact they have made in their respective industries. By evaluating real-world accomplishments, schools gain a deeper understanding of an applicant's leadership potential, problem-solving abilities, and capacity to drive meaningful change.
Cutting-edge evaluation techniques
Another significant change lies in the adoption of innovative assessment methods. Some business schools have started incorporating video interviews, group exercises, case simulations, and even gamified assessments into their application processes. These interactive assessments provide a more nuanced understanding of an applicant’s communication skills, teamwork, critical thinking, and adaptability.
These changes come as business schools expect a surge in demand for MBA problems because of the economic situation. As individuals grapple with the uncertainty presented by an uncertain job market, the pursuit of an MBA has traditionally been an attractive strategy to acquire the knowledge, skill, and networks necessary for career advancement.
“We expect lower application volumes from countries with strong economies and job markets, whereas applicants from countries with bleak economic outlooks over the next few months might decide to hit pause and decide to pursue an MBA program next year. Currency fluctuations and interest rates that would impact an applicant’s savings, while borrowing capacity might also limit applicants’ ability to enrol in a program,” says Imran Kanga, director of recruitment and admissions for the full-time MBA at Rotman School of Management in Toronto, Canada.
Competition rises for MBA places
Liam Kilby, the associate director of MBA recruitment and admissions at Saïd Business School, University of Oxford, says that graduate education always does well when there are economic uncertainties. “There are more people thinking about their next career step, looking to invest in themselves and their own development, and rebounding from a round of redundancies that might be considering going back to school.”
All of this points to a more competitive field when being selected for your target schools and so the need to stand out is more paramount than ever, he adds. “The best way to do this is to not be afraid to let your personality shine through and have the courage to be an individual in your essay answers and the tone you set in your application materials,” Kilby says.
“The admissions departments of your target schools will have seen cookie-cutter applications come through year after year. Authenticity is absolutely key in your MBA application. If they can see what values you can bring to that group through the honesty in your application materials, they are more likely to want to bring you through an interview to uncover and learn more about you.”