Seventy-eight percent of traditional Master of Business Administration programs have fewer applicants this year than in 2003, according to a survey released earlier this year.
The Graduate Management Admission Council conducted the annual study, called "The Application Trends Survey."
At AU, the trend is similar. From 2003 to 2004, MBA applicants were down 15 percent overall, and international MBA applicants dropped 30 percent.
"Our big drop was in international applicants, but we only dropped 4 percent in domestic applicants," said Sandra Smith, director of graduate admissions and financial aid for the Kogod School of Business.
The shifting economy and job market, combined with more informed undergraduates with more demanding lifestyles are all contributing to the change in MBA trends, Smith said.
Graduate Management Admission Council spokesman Bob Ludwig said that while there has been a decline in applications to the traditional full-time, two-year MBA program, alternative MBA studies are gaining popularity.
"It's not a one-size-fits-all situation," Ludwig said. "We are certainly seeing a decline in traditional two-year MBA programs, but in other programs, like part-time and executive MBA programs, it's a different story."
Ludwig said that 53 percent of programs report an increase in executive MBA applicants --- a sign that the nature of the MBA degree is changing.
The University of Chicago, which The Financial Times ranked fourth worldwide in MBA rankings this year, offers part-time, evening, weekend and executive MBA programs. Top business schools, such as Kellogg School of Management at Northwestern University, offer accelerated one-year programs as an alternative to a traditional MBA degree. Harvard offers a 16-month MBA program.
The Kogod School of Business offers part-time programs, and evening and weekend classes, according to its Web site.
While traditional MBA applicants may be fewer, students still see the importance of attaining an advanced degree in the business world, said Grace Boone, a senior in Kogod.
"You can get starting jobs, but it is really hard to advance without an MBA," Boone said.
Enrollment has also dropped in AU's MBA programs, but not as sharply the number of applicants.
"Although the applicant rate is dropping, admissions standards and the quality of students enrolled has stayed the same," Smith said.
The drop in applicants can also be attributed to other factors, such as the changing economy, consumer behavior, population trends and the job market.
"One of the main factors is that graduate education is cyclical in nature," Ludwig said. "There are, at times, a great interest, and at times the benefits of entering the job market outweigh the benefits of grad school."
Another reason for the drop in MBA applicants is that students looking to attain an advanced degree are more educated, Ludwig said. Instead of applying to numerous MBA programs, students may be applying to fewer schools in the admissions process.
"If you have done your research, you are more likely to apply to two or three schools rather than to four or more," he said.