Will Tech Layoffs Affect Your MBA Applications?
The technology industry has always been known for its fast-paced growth and innovation. However, it's not uncommon for even the most successful tech companies to face periods of uncertainty, which can result in layoffs. According to Crunchbase, more than 102,000 workers in U.S.-based tech companies have been laid off so far in 2023. This surge will likely cause an influx of applications to MBA programs, impacting everyone in the admissions process.
In response, many business schools have started making special accommodations. Kellogg led the way by introducing a GMAT/GRE waiver for those laid off since October 1, 2022. Other schools closely followed in the coming weeks, with MIT Sloan extending their R2 deadline and Berkeley Haas waiving application fees.
What does this mean for you?
If you were laid off, your MBA dreams are not over! In fact, MBA programs are making accommodations to try and attract talent. Before you apply, take some time to consider your career goals and whether or not you want to remain in your industry long-term. Doing so will help you narrow down which schools best fit you and draft your application essays. Also, remain proactive in networking and seek out new job opportunities to ensure you are not left behind in a rapidly changing job market.
One important thing to remember is that only some applicants who were laid off will be allowed a GMAT/GRE waiver. Most MBA programs have eligibility requirements for their exam waivers; therefore, you should begin studying as soon as possible if you don't meet the criteria.
Unfortunately, if you don’t have a background in tech, your chances of getting accepted into a top program may have decreased slightly. This doesn’t indicate that you don't belong in an MBA program or that your application is worse than the average tech worker's. Instead, the increased number of applications for limited spaces reduces your odds. Don’t let imposter syndrome stop you from applying! Remain confident in yourself and your accomplishments.
To increase your chances, strive for a high GMAT/GRE score that aligns with applicants in the STEM fields, as they generally have higher GMAT/GRE scores. Also, draft a plan for what to do if your application is waitlisted, as this will likely be more common this year. Read more tips about how to boost your MBA profile before applying here.
Jobs across industries are not as secure as they used to be due to the current economic climate; therefore, it's advised to prepare accordingly and plan for the future. A spike in layoffs often results in a spike in MBA applications, so consider applying as soon as possible to beat the crowd.
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