The downturn has had an ongoing impact on student numbers for MBAs

Although few business schools will admit it, there are signs that the recession and continuing uncertainty over the economy have trimmed the demand for MBAs. Last year, 8,448 students enrolled on courses run by colleges accredited by the Association of MBAs-a drop of around 1,000 on 2008.

Yet there is a conundrum here, because several academics speak of the demand for MBAs being "counter-cyclical". Michael Luger, director of Manchester Business School, says: "As the economy slows, applications are up. People's career tracks slow down giving them time for study."
But Luger admits that if the economy stays in the slow lane for too long, people's savings will be depleted, making it harder for them to afford the £20,000-plus for a year-long full-time MBA (although Manchester's course, unusually, lasts for 18 months).

Stephen Rangecroft, director of external relations and marketing at University of Bath School of Management, makes a similar point. He says there is a heavy overseas demand for Bath's full-time MBA programme although he admits there has been a fall in demand for the part-time programme, mostly used by UK students. "Time is as important as the cost for some employees and they're anxious about taking time off during a downturn," he says.

Whether there are as many MBA students around or not, more want a course tailored to the new demands of a tough economic environment.
It's a requirement which the academic team at Newcastle Business School at Northumbria University has taken on board, says Joanne James, programme director. "All organisations need to do more with less," she says. "People need to step up into more strategic roles so there's a need to upskill leaders into that situation."

And Britain's business schools are not ignoring the fact that higher education is one of the country's export success stories. Lancaster University Management School, for example, has opened hubs in India and Malaysia. Dean Sue Cox expects to see 2,000 to 3,000 students enrolled in these by 2015, across all courses.

Times may be hard, but prospective students will find it difficult to persuade institutions to discount their quoted fees. Full-time MBA students might have to find as much as £60,000 in course fees and living expenses for a year studying at one of the top institutions, such as the London Business School.

The best hope for relieving the financial pain is to pick somewhere that offers a scholarship or bursary. Examples are Saïd Business School at Oxford University, Warwick Business School, Henley Business School and Cranfield University School of Management.