Per usual in a weak economy that's spurned hundreds of thousands of layoffs, business school admissions have seen the number of applicants jump visibly. Some workers strategize it's the best option for boosting their resumes and setting themselves up for a better job offer once the market picks up again.
It's not the safest of havens as many rely on student loans to pay tuition and there aren't any promises that opportunity will be knocking on the other side of their degrees. It does seem that everyone knows someone who has taken the GMAT and considered applying to B-School, but their consideration does not guarantee admission and the competition will be more fierce as applicant pools grow.
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I'm in business school right now and I can't think of a better way to weather the economic storm. A lot of people who leave work to go to school worry about interrupting their careers. But if times are tough out there, then you probably won't be sacrificing that much by dropping out of the workforce.
The economy will inevitably bounce back, so improving yourself in the mean time is really a sound economic decision, in my opinion.