Given growing COVID-19 social, health, emotional, and economic impacts, we have received some questions on how MBA applications may trend this upcoming application year. For those still considering an MBA this year, we expect the level of competition to rise (likely significantly) due a lower number of spots vs. prior years. Many schools, including HBS, are reserving spots in next year's class for those who cannot start in the fall. More important is the impact of a slowing job market. With COVID-19 and the resulting economic ripple effects already changing applicants’ job prospects in 2020 and beyond, we expect a growing number of people to look at the uncertainty ahead as a good opportunity to return to school for two years.

Being older has its advantages. I can remember being on trading floors and talking with worried clients during the crash of the Dotcom bubble and 9/11, and the financial crisis of 2008. Regardless of whether the Dow falls (or rises) 5, 500, or 5000 points, it is always helpful to plan for uncertain times. Doing so will enhance your peace of mind, lower your stress, and give you more flexibility to take advantage of opportunities that always emerge from tough times. Here are a few tips that have worked well for us over the years:

Every conversation that our team has with recent MBA graduates often comes back to the same topic: when is it the right time is to make a change? Some were exploring an entirely new role after school and realized it’s not the right fit. Others chose a familiar path with the intent of moving on after fulfilling a commitment. Recruiters have reached out to other candidates with compelling offers. Still others are re-evaluating their priorities given changing life circumstances. With this in mind, we wanted to share some insights from these conversations and provide some resources as you navigate your own career choices over the coming months.

Sloan has released its application prompts for the 2019-20 cycle, keeping its unique cover letter format as well as the video statement.

Haas has released its 2019/20 essays and is introducing two new essay prompts!