The Dean's Talk Blog reports increased salaries for the Class of '06. The article states the average base salaries are up 4.2 percent from the average of $88,626 last year. Signing bonuses are also up slightly.

I have happily reported the good recruiting and hiring news for MBAs over the last several months. However, what is good news for graduates, may not be such good news for those applying next year. If you are in the latter group, you want less competition when you apply and high salaries when you graduate. What you have is current hiring news causing a surge in application volume, which I believe will contribute to even more competition among applicants next year. The economy in three years, of course, is an unknown.

 In any case, 2007 MBA applicants should be preparing to apply. If you have not done so, you should as soon as possible:

• Prepare for and take the GMAT.
  
• Research your most likely and desired career path.
• Research the schools that you want to attend to determine which ones will help you achieve your career goals.
• Consider your recommender choices.
• Prepare your resume. (Accepted.com is offering 25% off all MBA resume services through May 31, 2006.)
• Start a file or journal where you can jot down possible MBA essay topics.
  
• If you can, assume a leadership role at work or in a non-professional setting.
• Visit the schools. The ideal time to visit is when they are in session, but if you can only go during the summer, then visit during the summer.