Via Economic Policy Journal

If you can’t find a job, go back to school?

That is apparently the thinking of some.

With the lockdown recession at full impact, business schools are reporting big increases in applications, particularly at schools that extended their application deadlines last spring with the outbreak of COVID, reports Poets & Quants. The rebound has led a number of schools to enroll record numbers of incoming students this fall.

Many MBA programs have already seen double-digit increases in applications, reversing several years of decline. A few highly prominent schools, in fact, have already reported new records in MBA application volume, including Columbia Business School and the University of Pennsylvania’s Wharton School. At Columbia, for example, applications rose by more than 18% to nearly 7,000. The school’s MBA application total came to 6,971, up from 5,876 for the fall of 2019 — an increase of more than 1,000, or 18.6%. That blows away the school record of 6,188 set in 2016-2017.

And the increases have occurred at a wide variety of schools. Rice University’s Jones Graduate School of Business saw a massive 63% jump in applications in the 2019-2020 admissions season. The University of Virginia’s Darden School of Business experienced a 25% increase, while applications to Wharton’s MBA program soared by 21%, even though Wharton only extended its application season by two weeks. At Wharton, 7,158 candidates vied for little more than 900 classroom seats, itself an expansion of the enrolled class by 7%. That translated into an increase of more than 1,200 applicants from the year-earlier total of 5,905. At least two other prominent top 20 business schools, based on preliminary data obtained by Poets&Quants, are about to report double-digit boosts to their app totals.

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This is interesting. It is clearly those of the lockdown generation who are not playing around because of the lockdown and are attempting to find a way to use the time productively when quality new jobs are limited.

Of course, what is being taught in a lot of courses right now is a problem.

The Mises Institute’s Masters program may be an interesting alternative for some, particularly for those going into the investment or financial world. I can tell you first hand that understanding Austrian school business cycle theory and Austrian perspectives on modeling and forecasting are going to give you a powerful leg up on anyone else in the investment and financial world.

The Mises’ masters program will give you the theoretical background you will need, you will have to figure out the real-world applications for yourself but the foundation you will get at Mises will be the best possible.

RW