Top business schools across the U.S. are experiencing a steep decline in MBA applications.
The Wharton School at the University of Pennsylvania reported a 13% drop in MBA applications for the 2024 cycle, while Harvard Business School saw applications fall by more than 15%, according to a Wall Street Journal report.
Meanwhile, applications for business schools at Yale University, New York University and the University of Chicago dropped by 10% or more. And they fell by 20% at UCLA’s Anderson School of Management, according to Crain’s Chicago Business.
A competitive job market and a waning interest in longer master’s programs have led to the decrease in applications, which rose during the Covid-19 pandemic as universities extended deadlines and waived certain requirements.