Business schools are preparing for what could be a huge wave of applications due to the economic downturn and subsequent loss of jobs. Recruiting events are standing room early and GMAT preparation companies such as Kaplan and Princeton Review are receiving dozens of phone calls a day from prospective MBA candidates.

GMAT growth for August was 24.5 percent from 2006-2008 compared to 16.5 percent from 2004-2006, and this does not even account for the latest casualties in Wall Street. This almost definitely means that competition this year will be very high. However, there will likely be less competition in executive MBA programs.

Admissions officials give advice to keep application materials and even online profiles free from desperation. They want to see that an applicant really wants an MBA and how it will affect their career, rather than it being a time delay from entering the job market again.