I've seen a lot of topics posted here, and on other forums, related to the impact of recent events / Covid19 pandemic for incoming students at top business schools, but I'm curious what people's thoughts are on those who might apply in the next year. Is this a great time to apply, given people's uncertainty about the economy (people sticking to jobs if they have some security), or will there be an influx of applicants with higher unemployment? T15 seems like the right group of schools to think about for this discussion since I know a lot of people believe M7 admissions will always be hyper competitive.
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It's funny, Tuck is like a darkhorse M7 equivalent school in my mind. I sometimes think I'd go Tuck over a Kellogg or Booth just based on what I hear about the great culture and alumni community.
To answer your question, geography and enjoying my job have become higher priorities for me than long-term financial upside and focusing exclusively on PE/VC/Consulting/insert conventional high income potential career. In my opinion, that's where you get the most mileage from M7 and probably actually need the pedigree to have a reasonable shot. The simple reality is post-MBA / partner track buyside roles are few and far between; I know myself well enough to know even if I went to Wharton or Harvard it's unlikely I'm motivated enough to compete with the top 10% of candidates gunning for the most coveted jobs - so do I really need the extra pedigree? Maybe, maybe not. After working at a BB in NYC I've also realized I'd much rather live in a place like Dallas or Charlotte, even if I get paid slightly less. The cost of living is so much better and I've found people seem to enjoy their jobs more outside of SF or NYC (I knew a lot of Houston O&G guys in banking who had much better work life balance, worked for happier MDs, etc.).
Edit: Obviously people from M7's have no issues getting jobs anywhere in the country, I've just found some parts of the country have stronger alumni communities from places like Duke or McCombs.
It's not entirely clear to me if you're asking regarding the class entering in 2020 or 2021. Here's my thoughts on both:
2020: A fantastic time to apply. School are very worried that internationals will not be able to get visas and a significant portion of their admitted class will not be able to show up. Another segment has not been able to take tests, although that issue is easing. I believe that people are getting into programs that they would not have gotten into before corona and will not be able to get into next year. My $.02 after following this very closely and talking to admissions directors.
2021: The outlook is cloudier. However I think there will be a lot more people thinking that b-school is a great place to ride out a recession while improving their skills and preparing for the next economic expansion. That's been the pattern whenever there has been an economic downturn. Whether this phenomenon will hit R1 or R2 or wait until the following cycle is hard to tell, but I think it's going to be R1 or R2 of the 2020-21 application cycle.
For more on COVID and MBA admissions, please see:
https://blog.accepted.com/how-will-covid-19-impact-your-admissions-jour…</a">How Will COVID-19 Impact Your Admissions Journey: 5 MBA Admissions Experts Speak
https://reports.accepted.com/mba/how-will-covid-19-impact-your-mba-admi…</a">How Will COVID-19 Impact Your Admissions Journey, A Recorded Q&A
https://blog.accepted.com/how-will-covid-19-affect-the-mba-admissions-p…</a">MBA Deadline Updates: How Will COVID-19 Affect the MBA Application Process?