Posted by: Phil Mintz on September 25, 2008
Business school admissions consultant Stacy Blackman e-mailed us the following thoughts on the financial crisis and its impact on business school:
* This is similar to the dot com bust several years ago. People lose jobs and they want to go back to school. Many people feel that in two years, the dust will have settled and then they will graduate into a better economy. Business school appplications have been going up and will continue. We have gotten tons of calls from people who just got laid off or are about to and are planning ahead.
* Trends in careers: Finance has been hot for a while, now it will probably cool down. Even if people are interested in finance the jobs just are not there. Bear, =Lehman, Merrill, some of the biggest recruiters at b-schools - gone. Those companies do not even exist anymore. There will always be options for people to go into the career paths they are really passionate about - but they may have to be more patient, more creative, conduct their own searches. And they may decide that it’s not the dream career it once appeared to be and look into something different.
* Tip for business school applicants who are recently laid off - if you are applying to school - it’s important to show that you have a passion and a reason for b-school - it’s not just about filling time because you got laid off. The people who don’t really have a reason for going back to school will be easily picked out.