The Wall Street Journal (WSJ) reported on the 4th (local time) that the number of applicants to prestigious MBA programs in the United States has dropped sharply.
This is happening as a job market is being created that is completely favorable to job seekers, and there is a growing awareness that a higher education degree is no longer necessary, says the WSJ.
According to the WSJ, Harvard MBA applicants dropped more than 15% this year, and applicants to the University of Pennsylvania’s Wharton School dropped 13%.
Famous MBAs in the United States, such as Yale University, University of Chicago, and New York University, also saw more than a 10% drop in the number of applicants.
Yale University associate dean of admissions Laurel Grodman said:
His explanation is that as a job market favorable to job seekers is formed, companies trying to prevent job turnover raise their wages and shake the hearts of office workers who were considering applying for an MBA to move companies on better terms.
Currently, the two-year tuition for the famous MBA in the United States amounts to $200,000 (280 million won). From the point of view of an office worker, he has to give up his working life for two years and pay the costs of learning and living.
According to a survey conducted by Clear Admit, an American MBA admissions information company, of 1,500 people who recently abandoned their MBA applications, more than half (52.6%) said that cost was the problem.
However, it is known that the interest of foreigners in the US MBA is still high.
For example, the University of North Carolina is one of the few top 20 MBA schools in the US with an increase in applicants compared to the previous year.
In the case of this school’s MBA this year, the proportion of foreign freshmen last year increased from 26% to 35% this year.
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