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I feel this is due to BBs, HFs, and Prop firms having lower return rates for interns across the board this year. There might be firms with still decent return rates but the overall impression is a much lower return rate than in previous years. Thus the typical high-achievers who land a job straight out of undergrad are now applying for MFEs.There may have also been a small group of juniors who were recently laid off who have applied as well. However, I don't think this is the major reason for the ramp-up in application numbers.
I feel this is due to BBs, HFs, and Prop firms having lower return rates for interns across the board this year. There might be firms with still decent return rates but the overall impression is a much lower return rate than in previous years. Thus the typical high-achievers who land a job straight out of undergrad are now applying for MFEs.
There may have also been a small group of juniors who were recently laid off who have applied as well. However, I don't think this is the major reason for the ramp-up in application numbers.