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In the summer of 2022, as she began her work recruiting the class of 2025 at Georgetown University’s McDonough School of Business, Shelly Heinrich was optimistic. The previous cycle had been disappointing—applications had been down. “It was the first full summer where I felt we are past the Covid restrictions and started to think things were going to kind of get back to normal,” recalls Heinrich, an associate dean overseeing the school’s MBA admissions.
They didn’t. McDonough and many other competitive schools admit students in rounds, and the conventional wisdom is to apply early. But in the first round that fall, applications from Americans were way down. At the same time, “we started to see early indications of very strong international demand,” Heinrich says. By Round Three that winter, tech sector layoffs were mounting and domestic applications rebounded. Still, when Round Four closed in May, Georgetown had received 7% fewer applications than in the previous cycle, which itself was down 5% from the cycle before that.
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