The economic downturn has produced many losers, but at least two winners: business school and law school. Both are doing a roaring trade – benefiting from the interest shown by young graduates that is always evident in a downturn.

Oxford University's Sa?d Business School saw a “15 to 20 per cent increase” in applications for its MBA class starting this autumn, says Christopher McKenna, programme director. More than 1,000 students applied for 225 places this year, and he expects yet more interest in 2009.

Kate Hayes, director of marketing at The College of Law, predicts this year's industry-wide figures will show a 5-9 per cent rise in enrolments for the law conversion course. Such courses bring those without a law degree up to a similar standard in just a year, allowing them to undertake the additional year's training needed to qualify as a lawyer.