Recently, the New York Times published an article about the “The Falling Down Professions,” citing medicine and law, as two well-paid professions that are now falling out of favor. What was interesting about this article is that it did not appear in the Business section, but in the Style section, which clearly suggests that this not just a matter of dollars, but a matter of changing tastes in society.
The times writes of significant drops in law school (83,500 in 2006 from 98,700 in 2004) and med school applications (42,000 in 2007 from 46,000 in 1997) and suggests that the reason for this is that a previous societal respect for the “prfoessional” has now transitioned to entrepreneurs. So, why are we, at MBA Mission, writing about this? Well, with a drop in interest in these areas, this shift has likely led to an increase in MBA applicants, amid an already crowded fielded. Further, it is quite possible that this trend will continue….