“In a recession, going to business school—it’s the perfect timing,” says Rachel Beck, managing director of mbaMission, an MBA admissions consulting firm. “Because you’re kind-of in hiding for a defined amount of time, and you’re often out of the recession by the time you graduate from an MBA program.”

Beck suspects a fair number of those recently laid-off tech workers will pursue MBAs, and business schools are already making accommodations—such as extending deadlines and waiving test requirements—aimed at courting people from that sector. But what should these and other prospective MBA students consider as they think about heading back to school full-time with a potential recession looming? 

For starters, if potential MBA students are worried about an uptick of applications leading to fiercer competition for coveted spots at top schools, Beck has some good news—at least for now. Applications have actually been down over the last year, following an “absolute surge” during the pandemic. “That’s a good thing for the people who are applying in this current admission cycle,” she says. “It gives them a little bit more of a chance.”

Here are some other things MBA applicants should be mindful of in the event of an imminent recession.

Applicants: Stay true to why you want to pursue an MBA

Those people who successfully navigate the application process and commit to earning MBAs might be tempted to let economic fears influence their area of study. But according to Linda Vo, senior associate director of coaching on the career and leadership team at the University of North Carolina-Chappel Hill’s Kenan-Flagler Business School, students shouldn’t choose supposedly “recession-proof” focuses over those areas they’re passionate about.

“Students definitely should be true to what they want to do and pursue the MBA that they would like to to achieve their long-term goal,” says Vo. “Just because the economy may be going down, and the opportunities may be changing, it doesn’t mean you should change who you are and what you want. It just might take a little bit longer to get to where you want to be.”

What Vo does suggest is that students accumulate the types of skills that companies are likely to value during economic downturns. “Employers are looking for people who have the ability to navigate change and navigate ambiguity, people who can communicate well and lead teams through a time of turmoil and change.”  

Beck from mbaMission agrees, and says the key to being a strong business school student is knowing how to pivot.

“What’s most important for somebody in business school—or thinking about business school—is to have a very good plan B,” Beck says. “For instance, if you’re interested in private equity, and suddenly there’s a downturn in dealmaking, it’s not like you’re going to go work in pharmaceutical marketing. But you might say, ‘I really wanted private equity, but that doesn’t look like it’s going to be happening…maybe I’ll go work in-house at a corporation doing corporate development,’ which is almost like an in-house banker job.”

How a recession could affect potential job opportunities

Before MBA students enter (or re-enter) the workforce, many will complete internships. According to Beck, a recession might create an environment where interns are able to gain more experience than they would during a normal economy.

“There’s an opportunity to do a lot more than what you thought you were hired to do,” Beck says. “When staff is lean [following layoffs], who better to do the work than an intern from an MBA program? These companies are still looking for really good talent. They’re looking for leadership and people with great drive and a really strong knowledge base. Even in a recession, even if you’re seeing your business decline, you still need your pipeline.”

In terms of the actual job-search process, graduating MBA students can expect their schools to go “above and beyond” in helping to secure placements in a bad economy, Beck says. It’s in their best interest, as schools want the data to show that their grads are finding jobs.

At UNC Kenan-Flagler Business School, the career team aims to be “proactive” during a recession, according to Noemi Morillo-Vasquez, director of employer engagement and recruiting for MBA programs.

“What we’re doing is taking a really holistic approach to be able to support our students,” says Morillo-Vasquez. “That includes tapping into our networks, tapping into our alumni networks, and being able to proactively follow any opportunities and optimize any opportunities that are in the market to be able to bring those opportunities to our students.”

Likewise, Vo encourages students to think about their job searches slightly differently during economic downturns.

“They can still be going after that dream job, understanding that maybe it takes a little bit longer to get there,” Vo says. “[The recession period] doesn’t last a long time. It’s transient. So how do we navigate through that? Helping them to figure out what other opportunities they can get to help them grow and move towards their long-term goal is something that, as coaches, we would help them to do.”

Vo emphasizes the importance of students tapping into their own networks. “Employers are less likely to take risks in who they’re hiring [during a recession], so they want to hire people that they know will be successful,” she says. “In a time like this—and all the time, right?—it’s the connections that you have, the people and relationships that you build, that help you get the job that you really want and are really really great fit for.”

Part-time MBA programs may offer flexibility during a recession

Of course, not all MBA students take the full-time two-year route and graduate looking for jobs. Many people opt to attend school part-time while holding down jobs. During a recession, the number of part-time MBA applicants could theoretically drop, as companies tighten their purse strings and offer less in the way of tuition benefits to employees. But Beck downplays this effect.

“At any point of an economic cycle, people want to improve themselves, and they see an MBA as a way to rise through the ranks,” Beck says. “Sometimes you need an MBA to get to the next level. So whether you’re in a boom economy or in a recession, getting that degree might put you in a better spot. I actually think that during a recession, staying the course is important, because when you’re on the other side, and business is picking up, you have that credential to showcase, which might help you.”

And if the worst case happens, and part-time MBA students get laid off while pursuing their degrees, all is not lost. As Beck explains, part-time programs are flexible by nature. For example, students who work full-time as auditors will probably opt for lighter course schedules in the springtime, during tax season, and then ramp up in the summer and fall. So those who lose their jobs can likely step away from school until it’s more feasible to return.

UNC Kenan-Flagler Business School is “very flexible” by design, Vo notes. “If something were to happen, and a student needed some accommodations or time to pause and reflect or change course, they can absolutely work with the program office here to do what they need to make it work for them,” says Vo. “There is a lot of flexibility that we have built in to make sure that our students get the MBA experience that they need and that caters to their life situation.”