February 14, 2001
Business School applications rise as economy falters
Recent layoffs and talk of a continued downturn in the nation’s economy appear to be sending many people to school for an advanced business degree.
The University of Washington Business School is getting five times the usual number of calls for MBA applications, officials say.
And a month before the fall admission deadline, applications were up by one-quarter over the previous year, said Dan Poston, executive director of MBA programs.
Aspiring businesspeople seek to acquire skills to make themselves indispensable, even during lean times, Poston said. And a lull in the business cycle offers some a chance to take time for education without sacrificing hefty salaries and stock options.
“We have people calling us,” Poston said, “who weren’t interested in the MBA program during the last few years, when there were too many good opportunities out there.”
This fall’s application deadline was March 1, but has been postponed by two months in response to the surge in interest.
UW also is increasing its full-time program’s enrollment cap from 130 to 150 — back to what it was three years ago when the economy was beginning to boom with new e-business ventures.
Poston says several applicants have told school officials that their interest coincides with what is going on in the economy. In fact, many students admitted into the program during that same time period decided to stay in the job market rather than earn their degree. “They decided not to come to school because of the tremendous pay increases and perks offered by their bosses,” Poston said.
Tom Lee, UW Business School human resource professor and organizational behavior professor, said that when there is an increase in layoffs and the economy slows down young people are often the ones who return to higher education.
“They do so because they don’t see good alternative opportunities, or they perceive the time is right to go back to school,” said Lee, who has conducted research on employee turnover.
Vandra Huber, Business School human resource management professor, added, “with a tighter market it is essential that prospective employees differentiate themselves. Given the fast pace of technology change, many employees and their skills are obsolete in as little as six months to a year,” Huber said. “Thus, continuous learning, maintenance learning and lifelong learning are no longer an option but an essential for survival.”
The UW Business School began offering MBA degrees in 1922. Tuition for full-time MBA students is $1,953 for Washington residents and $4,860 for non-residents. The two-year program currently has 268 students.
The UW Business School offers four additional MBA degrees. Working professionals can earn a three-year Evening MBA, a two-year Executive MBA or an accelerated Technology Management MBA. The school also offers a Global Executive MBA, a joint-degree program between UW and Yonsei University in Seoul, Korea.
Those interested in UW Business School MBA applications should contact the UW Business School master’s degrees programs office at 206-543-4661 or send an email to mba@u.washington.edu.
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For more information contact Business School Dean Yash Gupta, (206) 221-5749, Poston, (206) 685-8395, dposton@u.washington.edu, Gary Sundem, associate dean of master’s degree programs, at (206) 543-9390, glsundem@u.washington.edu, Lee, (206) 543-4389, orcas@u.washington.edu, Huber, (206) 543-5365, vandra@u.washington.edu. Visit http://depts.washington.edu/bschool/mba/
