Inquiries and enrolments for top global B-schools have gone up 35%, said Vibha Kagzi, founder and CEO of ReachIvy.com. Applications for both undergraduate and master’s programmes in artificial intelligence, public policy, law, education, marketing and psychology have risen 20-25%. Higher studies are seen as a better option than looking for work right now. “Limited job opportunities, salary cuts and layoffs make it unpalatable to continue in the job market,” said Kagzi. An Ivy League education is seen as an investment that will reap rich dividends later.
Many top universities are also offering a waiver or relaxation on Graduate Record Examinations (GRE) and Graduate Management Admission Test (GMAT) test scores this year, prompting students who had been hesitant to go ahead and apply, she said. “During a crisis, students take the time out to go to school so that the economy can recover,” said Rajdeep Chimni, CEO of Admissions Gateway, which helps students get selected to top schools. When they graduate, they are in a position to make the most of an improved job market.
The schools receiving most applications include the likes of Harvard, Wharton, Kellogg and Columbia. There is now fourfold demand for applications to top B-schools such as Harvard, INSEAD, HEC Paris and Rotman School of Management, said Adarsh Khandelwal, cofounder of Collegify, an admissions advisory. Khandelwal also said that there was increased demand for undergraduate programmes in subjects such as math, seen as a pathway to jobs in finance and consulting.
Colleges, even top ones, are facing a tough time financially because Indian and Chinese international students account for most of their revenue stream, he said. “Universities are keen to revive the pipeline, especially from India,” said Gaurav Srivastava, regional director, South Asia, Graduate Management Admission Council, which administers the GMAT test. He said colleges have increased scholarships being offered to incoming students this year. Besides, “Indians might (also) gain from China-US tensions,” said Khandelwal of Collegify.
Every year, 250,000-300,000 Indian students go abroad. This year, more than 50% of them deferred their plans, according to data from foreign education consultants like Collegify and Yocket, on account of the pandemic. Fresh enquiries had dried up in the first quarter of this financial year due to the lockdown.