With applications for online, part-time and executive MBA programs on the decline, the number of students enrolling in full-time courses are being kept high by international students.
The latest results from the GMAC annual survey suggest that business schools in the US are benefiting from an influx of foreign students, particularly from emerging markets such as India and China whereas applications to schools in the Asia Pacific regions are in decline.
Executive MBAs seem to have been hit the worst with less employees looking to further their career through business education. This could be more of a reflection on the employers themselves with less companies willing to fund courses and everybody expected to work longer hours.
So what does this mean for the future of business schools and are they doing enough to attract the ambitious students and employees? Some business schools can appear to lag behind the times when it comes to advances in technology and perhaps this is putting potential students off? Can these large, and often set in their ways, establishments survive in a world where the ways of doing business change almost daily?
Another problem for b-schools is the rise in young entrepreneurs fuelled by the huge leaps made in digital technology in recent years. High profile figures such as Mark Zuckerberg and Elon Musk famously both dropped out of higher education and yet still went on to be incredibly successful and make vast sums of money! Spending 10 years working your way up the corporate ladder suddenly doesn’t seem attractive any more when you can access venture capital money and start something up with your friends and have a ball while getting rich!
It will be interesting to see whether this website evens exists in 5 years, will I have anything to write about?