It took a while for prospective law school students post-Crash in the legal sector to realize the golden age of BigLaw was over. But once they did, law school deans have had to struggle to fill 1L seats. That battle continues.
Now, reports Fortune, those deans have company on campus. Deans of many MBA programs are also encountering declining enrollment. Some MBA programs, such as at Arizona State, already have been shut down. Others, such as at the University of Wisconsin, could be closed.
There are a number of reasons why this is happening. Among the top ones, explains Fortune, are:
- Growing popularity of more specialized degrees, such as in finance.
- Graduates leave college mired in student loan debt. They don't welcome adding to that by applying for another two years of education.
- Fewer international students are coming to the U.S. for the MBA degree. Part of that may be related to the iffy visa status they could encounter after they receive the degree. Might make better business sense to study where they develop their future professional networks.
- Top schools such as MIT and Harvard are sucking off the best and the most applicants.
Of course, all brick-and-mortar higher education is in turmoil. Just in the western Pennsylvania region, where I myself received my BA, there is a glut of universities. In just the relatively small town of Greensburg, PA, there are two universities:
- Seton Hill University
- University of Pittsburgh Greensburg Campus.
Down the road a piece is Latrobe College. Drive a bit west and there are all the Pittsburgh Metro universities, ranging from Carnegie Mellon to Carlow.
For years, there have been warnings about an education bubble. Likely that won't burst. There will simply be a hissing sound as it slowly but surely deflates.
The action is in online education, including for commercial purposes. A sign of the times: Assignments creating content for the online education sector pay well.
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