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Tuesday, November 7, 2017
Are Full-Time MBA Programs Worth It?
For the third year in a row, full-time MBA programs in the U.S. have seen a steady decline. Experts are nonplussed; in a robust economy, fewer professionals are willing to forgo actual income to pursue a graduate degree. The problem, however, may be more complicated than that.
Like many law schools nationwide, most MBA programs come with a steep price tag of over $50,000 a year. That kind of investment is unlikely to lure the ranks of the gainfully employed back to the classroom. Attendance may also be derailed by the abundance of shorter, more affordable specialized degrees in areas like data analytics and accounting. Over the past decade, enrollment in those programs has nearly doubled.
Many business students rely on employers to fund MBA educations, but those are most often part-time or executive MBA programs. Taking two full years out of the work force and dropping six figures in tuition simply isn't prudent.
Another possibility likely to gather steam in the months ahead is socio-political in nature. Foreign students have long made up more than half of students in American MBA programs. The visa restrictions imposed and promised by the Trump administration, as well as the anti-immigration rhetoric, have served as a stark deterrent. This year, more than 75% of programs surveyed by the Graduate Management Admission Council reported enrollment declines for the 2017-2018 academic year.
Whether this is a precipitous trend or a shorter hiccup remains to be seen.
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