Job cuts and falling bonuses in the financial services industry are hurting not only Wall Street, they are also hurting Columbia Business School (CBS) and New York University (NYU) Stern’s application volumes. According to a BloombergBusinessweek article, these two schools are reliant on a robust Wall Street hiring environment to fuel applications. So, with hiring down, a ripple effect is now occurring. CBS is reporting a 19% drop in applications, and Stern is reporting a 12% decline. Other top business schools, such as Wharton and Harvard Business School, are reporting declines, but these changes are not as significant. According to a Graduate Management Admission Council survey, the number of MBAs interested in entering the finance world has been declining since 2008 (except for a brief increase in 2010). Of course, a decline in applications to business school is not all bad. If you are still interested in applying to CBS or Stern, with less competition, your chances may have just gotten a bit better!
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