Record Surge in MBA Entrance Exam Registrations: CAT, XAT, and SNAP Witness Unprecedented Increase
In the wake of the post-pandemic scenario, the job market’s slow pace, and the growing popularity of online courses, there has been a remarkable spike in registrations for management entrance examinations. Notable tests like CAT, XAT, MAT, and SNAP have experienced a surge in applications, marking a significant trend this year.
CAT 2023, with its results already declared, recorded a historic high of 3.3 lakh applications, according to Prof Sanjeet Singh, the exam convener. XAT 2023, scheduled for January, witnessed a 20% increase in applications compared to the previous year. Similarly, SNAP 2023 observed a substantial 25% uptick in test takers, surpassing 1 lakh registrations.
IIM Indore’s director, Himanshu Rai, attributes this surge to various factors, including the increased availability of online courses and companies promoting lifelong learning. The awareness of the advantages offered by an MBA degree has risen, especially as the job market in engineering colleges has faced a slowdown, prompting many to opt for higher studies. Colleges are now emphasizing diversity and inclusivity, which appeals to a broader pool of candidates.
Prof Leena Chatterjee from BITSoM suggests that applicants may have waited for the pandemic to subside. The job market uncertainties, coupled with graduates entering the workforce during the pandemic, taking up jobs to support their families, have led to a delayed pursuit of higher education. The wave of layoffs since 2021 has also contributed to candidates seeking to upskill and stay relevant in the current job market.
Jaideep Kewalramani, COO & head of employability at TeamLease Edtech, notes that the increased interest in MBA during layoffs is driven by individuals seeking career advancement, skill diversification, and enhanced marketability in a competitive job market. This trend aligns with historical patterns seen during economic downturns.
In contrast to the previous financial year’s hiring of 2.3 lakh freshers, the IT/Tech sector is projected to hire 1.55 lakh freshers this fiscal, according to a report by TeamLease Digital. Kewalramani emphasizes that MBA degree holders generally experience favorable job prospects, with sectors such as BFSI and retail witnessing a significant uptake of MBA graduates despite challenges in the tech sector.
Overall, the surge in MBA entrance exam registrations underscores the growing recognition of the value of an MBA degree in navigating career uncertainties and achieving professional growth.
