Business schools have a very big problem: there are no longer enough people who want to get an MBA. Applications for MBA programs in all areas. The constant expansion of the U.S. job market provides little incentive for those looking to earn a master’s degree in business, spend time and money on an MBA degree. EurAsian Times offers you a report from Bloomberg Business Week.
Meanwhile, the Trump administration’s anti-immigration rhetoric and restrictive policies deter foreign students, a traditionally lucrative group that often pays full price rather than counting on scholarships.
Part of the problem is caused by itself. Despite declining applications, universities continue to raise tuition fees, making the MBA available to all but the wealthiest – or those willing to put up significant debts against high-paying jobs.
All of this means that it is truly a market for buyers when it comes to an MBA. Deans need to do more to sell their programs, and that means convincing prospective students that well-paid work will materialize. Many B-schools advertise advanced empirical learning programs that introduce students to the company. Some are working to expand the pool of applicants through online courses for students who do not wish to relocate.
Antonio Bernardo, Anderson School of Management at UCLA
Antonio Bernardo, dean of the Anderson School of Management at UCLA, argues that the MBA is more valuable today than ever, in part because businesses interact more with stakeholders, including regulators, especially in the technology sector. B-School programs teach students how to deal with a variety of ethical and legal issues caused by data privacy issues, and the appropriate role that corporations should play when it comes to other major issues such as environmental regulation and employee relations.
“The skills you gain in an MBA are probably more valuable than ever,” Bernardo says. “And yet many people talk about it as if it’s a diploma that is losing relevance.”
Anderson School of Management, № 12 this year Bloomberg Businessweek rankings, benefits from its location in Los Angeles, technology centers, healthcare and media companies, many of which participate in the MBA program. In recent years, Anderson has expanded the role of entrepreneurship in his degree program, allowing more students to create new businesses for their final project. Anderson also has a venture accelerator program in which students can spend six months setting up their own company.
Bridget Madrian, Marriott School of Business at Brigham Young University
Rising tuition costs are an obstacle for many who might otherwise seek an MBA. Bridget Madrian, dean of the Marriott School of Business at Brigham Young University, says her program offers a relatively affordable alternative. The reduction in tuition fees was made possible in part by financial support from The Church of Jesus Christ of Latter-day Saints, a school sponsor.
Tuition is $ 27,720 for the entire two-year program for church members; it costs twice as much for everyone else. By comparison, Mendoza College of Business in Notre Dame, which ranks one place below Marriott No. 27, charges an annual tuition fee of $ 56,338 for its two-year program.
“Our students are leaving with an average debt of less than $ 25,000,” says Madrian. “This relatively low debt burden allows them to think differently about their employment options after graduation, so they can focus less on starting salaries and more on professional growth and development opportunities.”
Madrian, like Bernardo, emphasizes the breadth of experiential courses offered by the school. Among them is a program in which students invest the school’s venture fund or work on a consulting project with business clients.
Matthew Slaughter, School of Business So in Dartmouth
Regardless of the current state of the economy, Tuck School of Business Dean Matthew Slaughter says there will always be a significant number of applicants for MBA programs – individuals who see the degree as the highest source of analytical skills, functional knowledge and leadership skills that businesses will always seek.
Slaughter says Tuck, who moved to slot № 2 of № 19, has adapted his curriculum to keep up with what students and employers require – a common theme for all five deans, given the prevalence of technology failures in the fields. The school recently discontinued its courses in statistics and decision science, repackaging them into a data analytics course in which students work with innovative data programs such as R and Tableau.
In 2017, Tuck introduced a set of courses that require students to travel abroad. They are usually taught by Tuck faculty and focused on a specific industry in the host country.
Manoj Malhotra, Weatherhead School of Management at Case Western University
Manoj Malhotra, dean of the Weatherhead School of Management at Case Western University, says his school is profitable from a location in Cleveland, given the significant footprint in the area of the healthcare industry.
The school, which dropped to № 76, from № 58, in the annual rankings, offers a joint executive MBA program with the Cleveland Clinic. Weatherhead is also developing a new healthcare concentration for full-time students. Last fall, the school launched the MBA STEM track, which allows students to supplement their core degree with technology-related courses. According to him, the program is especially attractive for foreign applicants because it allows you to extend your studies for three years without a work visa.
Malhotra says it is important for business schools to focus on fundamentals such as cost accounting and financial analysis. “The sky is falling? I don’t necessarily think so, ”he says about the decrease in the number of applications. Indeed, Weatherhead is tightening the recruitment process to focus more on quality than quantity, he says, which is part of the drive for better results when posting internships and employment opportunities.
Francesco Cornelli, Kellogg School of Management at Northwestern University
Francesco Cornelli says the MBA program, which focuses on teamwork and collaboration, is the best way to prepare students for a rapidly changing corporate landscape. This should come as no surprise, given that her school, the Kellogg School of Management at Northwestern University, has long focused on teaching students how to work together in new and innovative ways.
“We’re not just preparing you for the next job or the next five years,” she says of Kellogg, who finished 10th. “We are preparing you to prosper in a world of change.”
While studying at Kellogg is expensive – a one-year MBA costs $ 101,288 – Corneli says the results are worth it. About 98% of Kellogg students receive a job offer within three months of graduating, she says. The average starting salary of graduates is $ 150,000.
Originally published Bloomberg Business Week