As with law schools, MBA programs conducted at the top tier such as Harvard and Columbia are still thriving. There are more well-qualified applicants than seats available. But the rest are fighting for their lives. Some, such at Virginia Tech and Wake Forest, have already given up and shut down.
The reasons are many why the MBA lost its status as the degree the ambitious must have.
At the top of the list is the cost. Like law school, the MBA program is expensive. The blind faith in advanced degrees is over.
Then, in this volatile global economy driven by technology its worth in a long-term career is uncertain.
Also, employers no longer put value on the degree itself. They ask the job applicant, "So, what can you do for me?" In 2016, there had been a drop of 42% in companies coming to campus to recruit at MBA programs not in the top 20.
Trump's immigration policies have discouraged foreign students from applying to U.S. MBA programs. After all, graduates usually begin working where they had studied and built their networks. Meanwhile, applications for European and Canadian MBA programs have increased.
Also, the economy is obviously better. Picking up an advanced degree is a holding-pattern tactic used during recessions.
The decline of the MBA is really no surprise. Ever since the social network, billionaire techies who started businesses in their college dorm rooms and might never have even graduated college have been the new role models for success. Venture capitalists reward hands-on skills and accomplishments, not degrees.
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