Is Business School Worth It? How MBA Programs Are Revamping in 2024

The value of a Master of Business Administration (MBA) degree has been a topic of debate for years. In the past, obtaining an MBA was considered a safe bet for a significant salary increase.

However, in recent years, applications to MBA programs across the country have been declining, leaving schools to reconsider their strategies. This article explores the current state of MBA programs and how they are adapting to the changing landscape.

The Decline in MBA Applications

The decline in MBA applications is a nationwide trend, with some schools experiencing a more significant drop than others. The reasons for this decline are varied, including a strong economy and rising costs. As a result, schools are being forced to innovate and create new offerings to attract students.

The Questrom School of Business at Boston University, ranked 36th among two-year MBA programs, recently announced an alternative to its residential program.

The new online MBA, priced at $24,000, is designed for seasoned professionals with more than 10 years of experience. This new program aims to provide a more flexible and affordable option for those looking to advance their careers.

Specialized MBAs

In addition to traditional MBA programs, schools are offering specialized MBAs to attract a wider range of students. The Questrom School of Business, for example, offers a Social Impact MBA, an MBA plus MS in Digital Technology, and a Health Sector MBA.

These specialized programs cater to students with specific career goals and interests, making them more appealing than traditional MBA programs.

The Value of an MBA

The value of an MBA degree is subjective and depends on the individual’s career goals and background. For some, the opportunity cost of leaving their job to pursue an MBA is too high.

However, for others, the MBA degree provides the necessary knowledge and skills to advance their careers.

Full-time Questrom MBA students, like Nari, Airian, Michael, Carolyn, Saeid, and Danesh, all have different backgrounds and career goals, but they are confident that their MBA degree will help them take their careers to the next level. Despite the high opportunity cost, they believe that the benefits of an MBA degree outweigh the costs.

The Future of MBA Programs

The future of MBA programs is uncertain, but schools are adapting to the changing landscape. The Questrom School of Business is just one example of how schools are innovating and creating new offerings to attract students.

The dean of the Questrom School of Business, Susan Fournier, sees the current climate as a test for how to manage a business. She notes that the market is dynamic and evolving, with cultural trends challenging higher education and business overall. To stay competitive, schools must provide products that meet people’s needs and adapt to the changing market.

Conclusion

The question of whether an MBA is worth it is a complex one, and the answer depends on the individual’s career goals and background.

While the decline in MBA applications is a cause for concern, schools are adapting and creating new offerings to attract students. Whether it’s through specialized MBAs or online programs, schools are finding new ways to provide value to their students.

As the market continues to evolve, it will be interesting to see how MBA programs adapt and innovate. Will online programs become more popular? Will specialized MBAs become the norm? Only time will tell.

As the value of an MBA degree is subjective, how do you think schools should adapt to meet the changing needs of their students and the market? Should they focus on specialized MBAs or online programs, or is there another solution? Share your thoughts in the comments below.