There might be a downturn in the economy, but there is no downturn in graduate school applicants.
Studies predict an increase in graduate student applicants as the current economic crisis causes students to worry about job security.
Balint Szoke, a fourth-year history student, said the current economic crisis has caused him to worry about his ability to finance any future education.
While students such as Szoke may be concerned about covering the costs of their education, these same students might actually be staying in school longer in today’s uncertain economic times.
Test preparatory giant Kaplan reported as much as a 45 percent rise in interest in law, business and graduate school programs since Sept. 1.
Many predict corresponding increases in the competitiveness for admission to graduate schools.
In fact, 75 percent of business schools said the admissions process is more competitive than three years ago, according to a recent Kaplan survey of 245 business schools.
“We have seen in recent years that the quality of applicants has increased across the board,” said Mae Jennifer Shores, assistant dean and director of MBA admissions at the UCLA Anderson School of Management.
For those contemplating applying to business school, however, it might be reassuring to know that more than half of all business schools surveyed are also considering accommodating this surge in applicants by increasing capacity, some by as much as 25 percent.
The UCLA School of Law also saw a 37 percent increase in applicants from 5,834 in 2006 to 8,007 in 2008, said Robert Schwartz, associate dean of admission at the law school.
Although both the UCLA School of Law and Anderson do not have any plans to increase capacity, they have made other changes to their admissions process.
The law school added an early decision option and Anderson is allowing applicants to submit their personal statements on tape in order to demonstrate their communication skills.
However, the size of an applicant pool does not necessarily dictate the level of competition.
Contrary to the overall graduate applicant trend, a decrease was reported in law school applicants nationwide in 2007.
A Kaplan survey reported at the time that 79 percent of law schools said the shrinking applicant pool had no effect upon the competitiveness of their admissions process, according to Daily Bruin archives.
“Even though the applicant pool might shrink, it doesn’t mean that the quality of applicants will shrink,” said Priya Dasgupta, director of graduate programs at Kaplan.
Similarly, Shores said she does not think the increased quality of business school applicants is due to an increase in the number of applicants.
“Our applicant numbers are sufficiently large enough that it would only have a very marginal effect on someone’s chances of getting into our program,” Shores said.
Some applicants, fearful of the economic situation and concerned about job prospects, might be applying last-minute without the usual preparation, experts said.
However, not all applicants contributing to this upward trend are a result of spontaneous decision-making.
Dasgupta said that many students have told her they were already considering graduate school, but being hammered with news of the current economic crisis was the final push to apply.
In fact, the Bureau of Labor Statistics shows a direct correlation between education level and ability to whether an economic storm, Dasgupta said.
“An MBA gives students extra flexibility that will allow them to shift from one job sector to another during unstable times,” Shores said.
Szoke, like many students, worries about accruing more debt in an economic downturn.
But he said he still plans on attending graduate school because he is even more concerned about getting a job that will actually let him pay off his student loans.
Historically, graduate schools have always risen in popularity during an economic downturn, Dasgupta said, and law school applicant pools have been especially cyclical.
According to data compiled by the Law School Admission Council, the number of law school applicants tends to rise during recessions and decrease during economic improvements.
However, some graduate schools, such as medical schools are not as directly affected by the economy, Dasgupta said.
Consequently, they are less susceptible to this type of constant cyclical change than business and law schools.
Law and business schools don’t require an undergraduate preparation like medical schools do, so students can delay their decision to apply until senior year or even until after graduation.
“This is a time for students to explore all their options,” Dasgupta said. “The economic downturn is going to allow students to reconsider their career path.”
While not applying directly from college does not necessarily put an applicant at a disadvantage, Dasgupta said she encourages students who are not applying immediately to still take the admissions exam as soon as possible.
Statistically, applicants perform better on the exams when taken during their college career or immediately after, Dasgupta said.
While some students are biting their nails at the prospect of an even more competitive graduate applications process, some experts tell students not to be discouraged by news of an increase in graduate applicants.
“It’s never a bad idea to go to a graduate school,” Dasgupta said.
Encouraging students to apply, she offered reassuring advice for the nervous applicant.
“Do your research. There are a lot of schools out there. Make sure you find one that fits you,” Dasgupta said. “Given the competitive nature, you have to keep your options open.”