Registrations for the CAT, XAT, and Other Entrance Exams Have Surged In 2023. Here’s Why?
The surge in registration for management entrance examinations this year can be attributed to various factors, including the post-pandemic landscape, concerns about job security, and the rising popularity of online courses. Notably, renowned entrance exams such as CAT, XAT, MAT, and SNAP have all witnessed a remarkable upswing in the number of applications. Whether influenced by the aftermath of the pandemic or the shift towards virtual learning, the trend reflects a significant increase in candidates seeking to pursue management education.
CAT 2023, whose results have been disclosed, experienced an unprecedented surge with a record-breaking 3.3 lakh applications, marking the highest in the history of the Common Admission Test. The Xavier Aptitude Test (XAT) 2023, scheduled for January, observed a notable 20 percent rise in applications compared to the previous year. Similarly, the Symbiosis National Aptitude Test (SNAP 2023) witnessed a substantial 25 percent increase in the number of test-takers compared to the previous year, boasting over 1 lakh registrations.
According to the most recent report from TeamLease Digital, it is projected that the IT/Tech sector will likely hire 1.55 lakh freshers in FY24, a decrease from the 2.3 lakh hired in FY23. The report delves into the hiring outlook statistics for fresh IT/engineering graduates in the fiscal year 2023-24.
What are the reasons for the increase in MBA Students?
- Post-Pandemic Job Market: The surge in CAT, XAT, and other entrance test applications can be primarily attributed to the job market. Graduates who entered the workforce during the pandemic chose employment to financially support their families, leading to a delay in their aspirations for higher education. Now, after gaining a few years of work experience, there is a prevalent desire among these individuals to pursue an MBA for professional growth.
- Career Advancement: The heightened interest in pursuing an MBA during periods of layoffs can be linked to individuals aiming for career advancement, diversification of skills, and enhanced marketability in a fiercely competitive job market. This trend has been consistently observed across various economic downturns in recent years.
- Online Courses: The growing prevalence of online courses and corporate emphasis on lifelong learning has led to a heightened awareness of the advantages associated with obtaining an MBA degree.
- Oversaturated Engineering Jobs: The relatively sluggish job market in engineering colleges might prompt individuals to pursue higher studies for career enhancement. Colleges, recognizing the significance of diversity, have implemented measures to foster inclusivity, making their programs more appealing to a broader spectrum of candidates.
The swift integration of new technologies is transforming the job market, necessitating the acquisition of fresh management skills tailored to novel job roles. This shift is anticipated to result in a rise in the enrollment of MBA students in the years to come.