According to this Wall Street Journal article, the financial crisis has already caused a bump in the number of applications to MBA programs this year. Some of those laid off from Lehman Brothers, Goldman Sachs and Merrill Lynch will want to wait out the bear market improving their earnings potential by gaining an MBA.  Job-seekers will have a tougher time finding positions and are likely to think of going to Business School.

The message for applicants is that this is likely to be one of the toughest admissions seasons of recent times.  To a lesser extent, doctoral programs are also likely to see an increase in applications for the same reasons.