In tough economic times, the common wisdom is that the last one in the room, is the first one out the door. As a result, many female MBAs were concerned that the current recession would have a greater impact on their ranks, rather than their male counterparts. However, a recent study published in the Harvard Business Review reveals that the economy is gender-blind, and women and men MBAs are equally affected.

Over-all in the job market, men have been hit harder than women. Traditionally male-dominated fields like manufacturing and construction are flat-lined, while fields that have a large female population like health care and education are stable and even growing during the recession.

More women with MBAs take leaves of absence from the job market than their male counterparts, often to start families. However, although five times more women than men return to their professional lives after a self-imposed absence, it comes at a price. Says one Harvard economist; “The MBA labor market seems to be one that puts very large penalties on career interruptions.”

The study shows that executive suites and boardrooms are still male-dominated environments. Three times as many women at the top echelons of corporation have lost jobs than their male colleagues. “Our research has shown for a long time that women hold their own in the middle levels, it’s the senior levels where there’s a drop-off,” says one expert. Gender-based stereotypes about men having superior leadership skills – especially in times of crisis – are possible contributing factors. And because women are relative newcomers to the highest corporate levels, the lack of female mentors from these ranks may also be a contributing factor.

One of the many myths that abound in the workplace is that women executives are reluctant to make geographic moves to further their careers. The study shows that both women and men embrace relocation – both national and international – in equal numbers. Says one woman banker who has accepted two relocation offers, forcing her banker husband to move with her without firm job offers, “I think it’s up to women to raise their hands if they’re willing to move and say they’re interested in the best opportunity for their careers.”

The field is not nearly as level for women in European business circles, where women are promoted in far fewer numbers than men. This trend does not seem to be related to the current recession, but rather to culturally based policies regarding the recruitment, career development and retention of women executives. But for American women on the MBA track, the news is overwhelmingly positive. If you are considering applying to an MBA program, use an on-line resource like Top-Collegesto gather information about female graduation rates, post-graduation job placement statistics and if mentorship programs are available. With the number of women MBAs on the rise, the opportunities are endless.