This marks the second year of decline, according to Mr. Byrne. The top 10 business schools reported a nearly 6 percent drop in candidates last year, with University of Michigan reporting the largest decline, at 8.5 percent.
The University of Chicago Booth School of Business was a close second, recording an 8.2 percent drop in MBA applicants. The dean of Rochester University’s Simon School of Business, Andrew Ainslie, told Mr. Byrne he believes 10-20 percent of the top MBA programs will soon close.
Reasons cited for the decline include a strong economy and the rising cost of the degree, among others.
In June, The Wall Street Journal reported that many universities are beginning to offer online MBA programs in lieu of in-person programs. The virtual offerings are more popular because they are shorter and often more affordable.
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