Applications to American M.B.A. programs dropped for a fourth straight year, with even elite universities starting to show signs of struggling to lure young professionals out of the strong job market.
For the first time in nearly a decade, waning interest in the traditional master of business administration degree hit business schools that draw the most applications, including Harvard and Stanford universities, according to a survey of 360 schools by the Graduate Management Admission Council, a nonprofit that administers the…