RE: "Why Business Schools are shutting down their MBA Programs?"
I just came across an interesting article on Forbes. The article titled "Why Business Schools are shutting down their MBA Programs?" really got me thinking.
As a Millennial that started working full time in college, I have always felt that work experience is more valuable than a graduate degree. If I took the traditional path of going directly to grad school, I probably would not be where I am today for another 5 years.
Now that I have been out in the workforce for 5+ years, I have been debating whether or not to return to school-most likely part-time or online. A full time Masters stopped making sense for me after I hit a certain threshold in which leaving the work force to be a full time student would hinder the career that I have built. For certain careers, a full time masters is a necessity but not for mine.
There are a multitude of reasons in which individuals choose to pursue a graduate degree, but specifically in the "business" world, these are the most common ones I have heard:
"My job requires that I get an MBA or I won't be promoted" - Very straight forward. You NEED it. Please go get it.
"I'm not sure what I want to do after graduation. I'll just go get my MBA to open more doors for me" - Please don't. You went into your Undergrad undecided and got a Business degree but have no idea what you want to do. Yes, an MBA can give you more exposure and help you with networking but there are also a lot cheaper options to attain the same result.
"I'm looking for more personal development and want to challenge myself further" - If you can financially afford this "challenge", then why not.
"My company pays for it and I can get a pay raise" - Why not? What do you have to lose?
With unemployment at the lowest since 1969, candidates are no longer bending over backwards to be the most decorated choices for companies. In response, companies are now lowering requirements for post graduate degrees to compete for the best and brightest talent.
Beyond the lack of need, many individuals are currently employed and unable to attend a full time program. Online or part-time blended programs have seen a rise in popularity within the educated workforce as this is the best solution for those who can't bear the economic opportunity cost of quitting their job.
The economist in me wants to believe that with every economic cycle, the market will change, causing the unemployment rate to rise and the need to be the top of the curve to return.
Would this change the demand for post graduate degrees? Would this ever bring back the traditional Masters' program?
