Both BusinessWeek and Financial Times pointed out this past week that the faltering dollar has created a spike in international MBA applicants. The MBA Tour, a group that organizes top business programs and provides events such as panel discussions and information sessions to applicants, recently reported that the rising currency values in Europe, India, and China is creating more interest in U.S. business schools on the part of foreigners.
“An American 2-year MBA is very attractive to European students now because it’s not all that more expensive than many one-year programs there,” says Craig Hubbell, Associate Director of MBA Admissions, UCLA Anderson School of Management. UCLA Anderson reports a 50% increase in MBA applications from Europe this year, and currency exchange rate is one of the top factors, Hubbell tells MSNBC.
Meanwhile, The Graduate Management Admissions Council, which administers the GMAT, this year saw a 21% increase in registration volume from students outside the US. Many schools have reported significant growth in applications from overseas students.
It seems the competition between MBA programs around the world is starting to really heat up. Back in April, we reported on the growing cache of European business schools. However, the now not-so-mighty dollar may pull some of those applicants back stateside.
What do you think? Has the economic crunch swayed you away from your dream B-school in the Old World?