U.S. business schools are seeing a major drop in applications. According to a survey of 1,087 graduate business programs at 363 business schools by the Graduate Management Admission Council, 70 percent of two-year full-time MBA programs in the United States saw a decline in application volume this year.
Even the most prestigious institutions were not immune. According to The Wall Street Journal, Harvard Business School saw a 4.5 percent decline in applications, Stanford's Graduate School of Business saw a 4.6 percent decline, and Wharton saw a 6.7 percent decline.
At the same time, the number of applications to international business schools remained stable or increased. The GMAC survey finds that applications for business school programs are up 8.8 percent in Asia, 7.7 percent in Canada and 3.2 percent in Europe. The U.S., however, saw an overall 6.6 percent decline.