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An increasing number of professionals are applying to business schools, The Wall Street Journal reports.
Applications for MBA programs have increased 12% in 2024, according to a global survey by the Graduate Management Admission Council. After two years of declines, applications for full-time in-person degrees rose 32%, the highest level in a decade. Applicants for the U.S. programs were largely Americans.
Potential factors driving the renewed interest to pursue an MBA include artificial intelligence abolishing certain jobs, a decrease in job-hopping and limited white-collar job openings for recent college graduates.
Accredited American business schools, including Stanford Graduate School of Business, the Yale School of Management and the University of Pennsylvania’s Wharton School, have seen double-digit increases in program applicants.
According to payroll provider ADP, hiring for positions typically requiring a bachelor’s degree has declined in recent months, falling below 2019 levels. The decrease has especially impacted professionals in their 20s who are early in their careers, as more experienced workers are staying in their positions longer.
