Application levels for the upcoming school year were especially strong in full-time programs. Among full-time MBA programs participating in the 2008 GMAC Application Trends Survey, 77 percent - the highest level in five years - said they saw application levels increase. This compares with 64 percent in 2007 and reflects the second-largest year-over-year surge in applications to full-time MBA programs since the survey was first conducted by GMAC in 2000.

Part-time and executive MBA programs also reported rising application levels, although not at the same pace as their full-time counterparts. Sixty-one percent of part-time programs said applications were up in 2008, compared with 69 percent in 2007 and 62 percent in 2006. For executive programs - typically aimed at people with more career experience than applicants to other types of MBA programs - the figure for 2008 was 60 percent, down from 63 percent a year ago.

"Going to business school is one of the best ways to improve your marketability and expand your options anytime - but especially in this challenging economic climate," said Dave Wilson, president and CEO of GMAC. "The dramatic increase in applications for slots in graduate business programs that is reflected in our survey is a sure sign that people recognize the value of investing in an MBA. The ROI on an MBA continues to be strong."

The 2008 Application Trends Survey includes responses from 521 graduate management programs at 273 educational institutions in the United States, Europe and other parts of the world. About two-thirds of the respondents are U.S.-based.

Application levels to MBA programs are showing strength amid a record-setting period for the Graduate Management Admission Test, which is used as part of the admissions process at thousands of MBA programs around the world. The GMAT was administered 246,957 times during the testing year that concluded June 30, 2008, representing the busiest testing year ever for the exam. The GMAT is owned by GMAC.

In addition, GMAC researchers have found that people with MBAs are having substantial success in the job market. Three months prior to graduation, 57 percent of the MBA students who participated in the 2008 GMAC Global MBA Graduate Survey said they had received an offer of employment-the highest percentage since 2001.