MBA Cost/Benefit Analysis

"When the market was anxious and tense,
An MBA seemed to make sense,
But a growth outlook that
Is still very flat
Makes B-school a lavish expense."

Business school applications have fallen 22% worldwide from last year's levels, apparently due to the uncertainty bred by prolonged economic weakness. The flaccid recovery makes the expense of an MBA, coupled with two years' foregone income, look like a risky bet. One exception: my alma mater, the Stanford Graduate School of Business, saw a 1.5% increase in applications. Stanford has re-emphasized the applicability of its management training to a broad range of business, public and social issues, perhaps tapping into a strain of idealism that looks beyond a weak economy. Then again, it could just be the proximity to $AAPL and $FB.