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Given the state of the economy - could you afford to wait a little bit before going to grad school?
Estimates are that this recession will last anywhere from a year to two years.
When you come out of grad school you will be competing for a very small number of spots - I expect lots of people to turn to grad school as a result of the shrinking job market. Delaying a bit longer will ensure you’ve got a stronger economy to come back to.
Which graduate programs are you looking to join? If it’s in data science or a more niche field I would recommend 2 year as learning the statistics and internal workings of ML model takes time. If it’s a business program you are planning to attend and it’s all about the network. Duration won’t matter much