Several years have passed since the Great Recession began in December 2007. While many people, companies and sectors are still recovering from this economic downturn, business schools are on their way to making a full recovery, based on data from a new Graduate Management Admission Council report.
GMAC's "2013 Applications Trends Survey" reveals that in 2013, 52 percent of full-time, two-year MBA programs in the U.S. experienced an increase in applications compared to 2012. This is significant for American business schools, as this is the first time since 2009 there has been year-to-year growth among the majority of these schools.
"In 2008 and 2009, early in the Great Recession, there was impressive growth in the proportion of full-time MBA programs showing application increases," said Lawrence Rudner, GMAC's vice president of research and development, in a press release. "In 2010 and 2011, there was a subsequent decline, but full-time programs began to rebound in 2012 and look even sturdier today."
American students are not the only individuals who have an interest in advancing their business education. The report states that 56 percent of MBA programs saw the number of applications from other countries rise since 2012.
As business schools appear to be on the rebound, now may be an ideal time for individuals who have been putting off their business studies to apply to the MBA program of their choosing.
By Monique Smith
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