White-Collar Jobs Freeze Triggers MBA Applications Boom

Applications to MBA programs jumped 12% in 2024, with full-time programs surging 32% to decade-high levels, WSJ is reporting, citing the Graduate Management Admission Council's latest survey. Top-tier U.S. schools reported significant gains, with Columbia Business School seeing a 27% rise and Harvard Business School applications climbing 21%. So what's behind the surge? The story adds: Today, the U.S. job market is strong, and unemployment remains low. But lower wage positions in retail and dining, as well as healthcare and government, have fueled much of the labor market's growth over the past two years. A white-collar job market downturn that began with tech workers in 2022 has spread to other sectors. Major employers including Goldman Sachs, Lyft, Microsoft and PricewaterhouseCoopers have laid off a combined tens of thousands of workers this year. Hiring for roles that usually require a bachelor's degree dropped below 2019 levels in recent months, according to payroll provider ADP. That slump has been steeper for 20-somethings, who are running into a bottleneck on the lower rungs of the corporate ladder as more established professionals stay put.

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