To summarize, despite the decrease in total applications, the competition in the application process to top B-Schools is expected to at least not go down. This is due to the increase in the quality of applications, the increase in international applicants, and recent mass lay-offs
Therefore, the best bet is to focus on improving application quality. Emphasizing the strong leadership potential and commitment remains crucial, as diversity, equity, and inclusion may not significantly compensate for these qualities.
Additionally, the importance of the AWA section of GMAT and Video Essays may increase in response to the potential increased use of AI, such as ChatGPT, in MBA applications.
Finally, it's important to remember, "It's hard to make predictions, especially about the future".