In times of economic hardship, many Americans are forced to make difficult decisions, especially when it comes to career choices and higher education. These choices are having an effect, according to a recent study.

The Graduate Management Admission Council released the findings of its survey, announcing that applications to full-time MBA, or master of business administration, programs have declined for the third straight year both in the United States and abroad.

The survey, published Sept. 13, featured 649 programs from 331 business schools and found that more than two-thirds of applications to participating two-year, full-time MBA programs reported declines between 2010 and 2011, while more than half of schools that replied to the survey reported applications to part-time MBA programs increased or remained the same, said Bob Ludwig, director of media and public affairs for the GMAC.

‘People are a little hesitant about leaving the workforce,’ said Ludwig, ‘so a part-time or executive program is an attractive option.’

Ludwig said that the main reason for these changes is the economy. In this time of economic hardship, people are asking themselves: Do I stay in the workforce and not give up the job that I have, or do I try to advance my career and further my education with a master’s degree?

‘In this economy, people are having to make that decision,’ he said.

The study focused on graduate applications to business schools and did not examine any other type of graduate degrees other than business.

But the study did find that applications to specialized master’s programs were more popular, such as Master of Finance degrees, which are up 83 percent.

These degrees are typically one-year degrees and don’t require three to four years of experience like an MBA does. Someone that can’t get a job after graduating can apply to a specialized program, Ludwig said.

While making this decision is difficult, it’s important to weigh the opportunity cost when deciding whether or not to pursue a graduate degree, Ludwig said.

‘Companies value the MBA,’ Ludwig said, adding that they demonstrate this through higher salaries.

Many people expect a return on their investment when getting a master’s degree in business, Ludwig said.

‘The MBA is one of the few degrees you make after an economic analysis,’ he added.

As application deadlines approach, schools are attempting to recruit more prospective students. Syracuse University’s deadline for MBA applications to the Martin J. Whitman School of Management is Nov. 30

SU offers numerous MBA programs. Some are conventional, while others appeal to those looking for more dynamic approaches, especially in today’s economic world, according to the Whitman website.

These programs include a full-time program; an iMBA program, which is a mixture of on-site and web-based courses; a 3+2 BS/MBA, in which students earn a bachelorís degree through the L.C. Smith College of Engineering and Computer Science and an MBA through Whitman; and a Defense of Comptrollership Program, which is a joint degree with Whitman and the Maxwell School of Citizenship and Public Affairs.

But Ludwig said the most important thing is for people to weigh the options and to make sure that whatever they choose is right for them. The choice is both financial and personal.

Said Ludwig: ‘You really have to understand where you are in your career.’

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Published on September 26, 2011 at 12:00 pm