(Source: University of Virginia)The Graduate Management Admissions Council recently released a study showing that, for the third consecutive year, applications to MBA programs have declined. The good news for B-schools? The decrease was the smallest over that three-year span. Some credit the economic rebound, slight as it may be, for keeping potential students in the job market and out of school.



The study also revealed that students are flocking to part-time and online programs, while interest in executive MBA programs remains the same. What's more, increasing numbers of American and foreign students are seeking options overseas. Here's what Business Week concludes about all this:

An optimist might view the latest gmac numbers as a sign that students are getting smarter about when to get their degrees, where to apply, and how best to juggle the demands of work, family, and school.

But it might just be that the market for management education is sending B-schools a message: Even the world's seemingly insatiable demand for newly minted MBAs has its limits.