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It’s Official: The MBA Degree Is In Crisis

Graduating MBA students this year have had no trouble landing very good jobs. In most cases, starting pay has hit record levels and placement rates for schools are at or near records as well.

Yet, for the second consecutive year, even the highest ranked business schools in the U.S. are beginning to report significant declines in MBA applications and the worse is yet to come, with many MBA programs experiencing double-digit declines. Last year, the top ten business schools combined saw a drop of about 3,400 MBA applicants, a 5.9% falloff to 53,907 candidates versus 57,311 a year earlier (see Acceptance Rates At The Top 50 Business Schools). The University of Michigan Ross School of Business experienced the worst drop, an 8.5% decline from 3,485 to 3,188 apps. Harvard fell 4.5%, UC-Berkeley Haas 7.5%, Wharton 6.7%, Stanford 4.6%, and Booth 8.2%.

“For the second consecutive year, the top ten schools all saw significant declines in applications,” says William Boulding, dean of Duke University’s Fuqua School of Business. “I have been hearing that some schools in the top ten are in double-digit territory so I think it is going to be worse than last year when all is said and done.”

The University of Pennsylvania’s Wharton School just announced that applicants for its fall 2019 intake numbered 5,905, down 5.4% from 2018 and 11.8% from the school’s all-time high of 6,692 in 2017. It was the first time in at least eight years that apps dipped below 6,000 at Wharton, and it corresponded with the lowest international student intake — 30% — in at least that span.

NYU’s Stern School of Business applications for its latest incoming class declined by more than 5% to 3,518 from 3,718 the prior year (see Average GMATs Up Five Points At Stern). Along with the previous year’s 3.7% drop in apps, the fall pushed the school’s acceptance rate to 26%, a three percentage point increase from 23% a year earlier. It also had an impact on the school’s entering class size of 359, down slightly from the 370 enrolled the previous year.

“The MBA market is in dire straits right now,” concedes Andrew Ainslie, dean of Rochester University’s Simon School of Business. “The joke among deans is that ‘flat is the new up.’ If we can just hold our numbers, that is an incredible achievement.” Ainslie says that when he meets with fellow deans, “half of our discussion is, ‘What are you doing about your MBA program?'”

Ainslie recently participated in an accreditation review at a leading business school and was shocked to find that its full-time MBA program now gets only three applicants for every enrolled student. “Most of us feel we need to make three offers to get one student” says Ainslie. “So once you get there that means you are making offers to just about everyone. And this is at a school that is an internationally known brand.”

Ainslie predicts that 10% to 20% of the top 100 MBA programs in the U.S. will likely close in the next few years, with even greater fallout among second- and third-tier schools. Just three months ago, University of Illinois’ Gies College of Business became the latest school to announce that it is getting out of the full-time, on-campus MBA market.

Simon saw its application volume remain stable this past year, largely because last year it become the first U.S. business school to gain full STEM designation for its full-time MBA program.  The change allows international students to apply for an additional 24 months optional practical training (OPT), which helps to bridge the gap between a student visa and a work visa. “We thought we would be in an incredible position with STEM. Given the news I’m hearing from everyone else, I am very happy being flat,” sighs Ainslie.

Deans attribute the decline to a confluence of factors that include a strong U.S. economy, which is keeping more people in their jobs, as well as uncertainly over work visas by international students who also have been scared off of coming to the U.S. due to anti-immigration rhetoric. Also playing a role is the rising cost of the degree and cannibalization of the full-time MBA market by the success of undergraduate business degrees, online MBA programs, and specialized master’s programs in such business disciplines as finance, accounting, analytics, marketing, and supply chain management.

MBA application volume, of course, goes up and down in different economic cycles. Typically, recessions bring a rebound as career opportunities diminish and more professionals seek to ride out a downturn in graduate school. In fact, says Ainslie, he hears fellow deans also joke that ‘All we need is a nice little recession.’ We are about the only people in the world who like a recession,” he says. “We think it will still be good enough for us.”

But when the next recession comes, he expects only a temporary and more mild bounce back in applications than history would suggest. Ted Snyder, who just left the deanship of Yale University’s School of Management, agrees with him, citing the high cost of the MBA degree as a reason why a recession won’t lead to double-digit jumps in application volume.

“Having followed along with annual increases in tuition rates at two percent above inflation for more than 25 years,” adds Snyder, “many schools have found themselves in a tuition trap in which they cannot find a market for their programs. I think the number one thing (holding back a rebound) is the high price so I don’t see how a recession is going to have a great effect. Schools have to stop raising the price.”

It’s not all bad news, of course. “The positive side of the news is that this is causing us to do some really interesting new product development,” adds Ainslie. “The online market is really maturing and there are some excellent offerings out there. Master’s programs in business are slowly moving from a product solely for international students to domestic students. We are seeing the demise of the MBA but we are still getting a lot of students in different degree programs.”

Follow me on Twitter or LinkedIn. Check out my website.

I’m the editor-in-chief of Poets and Quants, the most read and most popular provider of information on business programs in the world. Our main website, PoetsandQuants.com, has been visited by nearly 100 million people and is updated daily with a wealth of admission and career statistics, school profiles, breaking news and long-form features on programs, students, faculty and alumni. Earlier in my career, I was editor-in-chief of Fast Company and executive editor of Business Week.

Source: It’s Official: The MBA Degree Is In Crisis

#Sunstone #Eduversity is an academic institution that aims at creating industry ready professionals with our unique pedagogy and technology enabled education delivery. We partner with existing colleges who have a well-equipped infrastructure to run and manage an AICTE approved, PGDM program by leveraging the use of modern – day technology and thus ensuring that the students are provided with the highest level of education quality across all our campuses. All our students are imparted with the desired skill sets that are in sync with the corporate environment and given practical training on various corporate domains that exist in an organization

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Using Text To Speech Technology To Assist Dyslexic Students

Davis Graham wanted to participate. His teachers could not understand why he was so resistant to learning. He almost completely gave up on his education. Mr. Graham, a life-long dyslexia advocate, has dyslexia and he was not alone. Eighty percent of children who have a learning disability are also impacted by dyslexia. This is a staggering number of students.

With technology we can tackle some of the challenges facing these students. Even changing how we view these differences.

I asked a friend of mine, Tony Wright, who has two children with dyslexia, what he would change in the world of education. He said we need a change in perception because, “In a perfect world, my children’s learning differences would be accepted as differences, not disabilities. Their peers would understand that they think differently. That they are not inferior. Also, they would be able to be accommodated without disruption to their day. Of course, they have a father who loves reading. I want my kids to enjoy reading. In a perfect world, my kids would be just able to be normal kids and given the chance to excel and succeed in whatever their talent is. I think that’s what most parents want as well.”

With increased early screening we could identify more children who struggle with dyslexia. Early screening could provide a pathway to learning with Text to Speech technology (TTS) and could even lead to a decrease in our total IEP costs. TTS in schools creates an excellent opportunity for a huge impact in schools with very limited budgets.

With regard to how we view reading and writing in education, Mr. Graham points out, “It’s a crossroads. [We should] say look, you can dictate it with speech to text or you can consume it by text to speech or the reading acceleration program.”

The point is the challenges caused by dyslexia in reading and writing can be alleviated. Cost savings for IEPs would be realized in both the short and long-term. Providing students access to TTS technology is the most efficient solution in solving reading challenges that dyslexic students face. In the long-run, districts will see improved comprehension and less frustrating outbursts from students. Very often we see a decrease in the need for assistance from teachers and better test scores often follow. All of these elements combined lead to a positive net impact on students, teachers and schools with limited budgets.

“In the Education delivery system, text to speech will level the hurdles of the printed word in any language, providing a level playing field for all students,” says Mr. Graham.

Despite being severely dyslexic, Mr. Graham went on to receive his Master of Science in Health and Medical Informatics from Brandeis University. When he was diagnosed with dyslexia in the late 60’s, his road to achieving educational success was a long, winding path. With support from many educators along the way, he became passionate about providing access to various content for those who also suffer with dyslexia. Mr. Graham found Bookshare, an ebook library, and began listening to volumes of books converted from a written format to an audio format. This is a life changing experience for someone willing to learn, but who lacks the ability to just sit down and read. Enter the mobile age and the explosion of access to content for those with dyslexia, and we begin to see innovative solutions in solving learning disabilities.

Along with internet access and either a mobile device or tablet, any student with dyslexia can access TTS technology. TTS is not new, but it is dramatically improved over the years.

The increase in processing speed and decrease in costs over time, has allowed for dramatic improvements to TTS technology. Now with programs like Dragon Dictate or Google’s Dictation.io, students can speak into a microphone, or use a dictation feature to “write” papers or take tests.

The problem goes beyond just improving grades

Research by Jean Cheng Gorman, Psy.D., a licensed psychologist who studied youth suicides in 1998, found a staggering 50% of students who unfortunately end their lives have a learning disability, and 40% suffer from dyslexia. There is yet to be a research study showing TTS technology having a causal impact on decreasing suicide. However, helping alleviate barriers to knowledge, while decreasing frustration with learning, will have a positive impact on all student’s lives.

Beyond cost savings, the significance in learning to each student is tremendous. As a child, I personally was slow to read, but I don’t remember when I suddenly “learned” how to read. The act of reading is so automatic for most people, that it is hard for most people to imagine what it would be like to lack the ability to read. Providing solutions to these problems can help make some students feel empowered to learn again. TTS can change the lives of those students who need help with managing dyslexia.

 

Jabez LeBret is Chief of Schools at Sisu Academy, the first tuition-free private boarding high school in California. Cofounder of two companies he is also a regular Millennial Management speaker.

Jabez is embarking on a mission to change the lives of local high school students by opening the first tuition-free boarding high school with a self-funding model in Cal…

Source: Using Text To Speech Technology To Assist Dyslexic Students

Top 18 Virtual Reality Apps That Are Changing How Kids Learn

Technology progress influences the way kids learn, and it’s constantly changing. Internet, smartphones, and apps have connected people globally without caring about the distance. Within seconds you can communicate with anybody anywhere. Virtual reality has taken it a step further. Now it’s possible to visit these faraway places or go back in time without moving an inch. Technology, like virtual reality apps, has brought the real world into the classroom and once again, changing how kids learn…….

Source: Top 18 Virtual Reality Apps That Are Changing How Kids Learn

How Powerful Use of Technology Can Increase Student Engagement – Digital Promise

Rather than taking a traditional multiple choice test at the end of their unit on weather, sixth grade students at Gilbert Middle School in South Carolina created their own live weather reports—complete with green screens and fake snow. Down the hall, seventh graders used digital tools to design memes based on quotes from a novel in their English/language arts class……..

Source: How Powerful Use of Technology Can Increase Student Engagement – Digital Promise

MIT Awards $1 Million To Most Innovative Future Of Work Organizations In The World – Devin Cook

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The MIT Initiative on the Digital Economy has announced the four global grand prize winners for the 2018 MIT Inclusive Innovation Challenge (IIC). The winning organizations were selected by the IIC Champion Committee from 20 Regional Winners in Latin America, Asia, Africa, Europe, and North America. All were vetted after a year-long search for the most innovative, impactful, and scalable future of work solutions on the planet. from more than 1,500 global registrants by in-region experts and chosen by Selection Panels at regional celebrations this summer…………

Read more: https://www.forbes.com/sites/gradsoflife/2018/11/15/mit-awards-1-million-to-most-innovative-future-of-work-organizations-in-the-world/#4847d4c2668a

 

 

 

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How Business Can Make An Exponential Difference In The Lives Of Students – Lisa Dughi

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We know how much of a difference one person can make in another’s life. But what if your goals are loftier than reaching just one person? What if you want to make a difference in the lives of a hundred, a thousand, or more? There are millions of young people across this country that need access to opportunity so that they can have successful futures after high school. What if you could play a pivotal role in providing that access? That’s the challenge NAF is working to solve. With over 100,000 students enrolled in NAF academies in underserved high schools across the country, reaching these students wouldn’t be possible without our business partners…………..

Read more: https://www.forbes.com/sites/gradsoflife/2018/11/13/how-business-can-make-an-exponential-difference-in-the-lives-of-students/#33d522411227

 

 

 

 

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The Best Way to Fill Your Kindle, iPad, or Tablet Without Overspending – Rick Ardman

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You’re the proud new owner of a tablet or ereader! You’ve probably already made your reading list for the new year, and now your task is to download new ebooks to your device. Before you pay full-price for those books, you should know about the new site that savvy readers are practically obsessed with: BookBub. BookBub has quickly emerged as the best way for readers to find deals on bestselling ebooks. The free daily email alerts readers to free and deeply discounted ebooks in their favorite categories, helping millions of readers find high quality books at bargain basement prices………

Read more: https://landing.bookbub.com/best_way_to_fill/?source=pocket_fftab_filltablet

 

 

 

 

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How Kara Swisher Is Holding Tech Titans Accountable – Moira Forbes

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“You don’t get a medal for not doing a good job,” says Recode’s executive editor, Kara Swisher. Known as much for her brutal honesty as she is for breaking big news, Swisher is outspoken in her ongoing scrutiny of Silicon Valley, adamant that leaders there could and should be doing better when it comes to moving the needle on diversity, on and off their platforms. “They have a quantum amount of money, a huge amount of power and impact and influence. If you want to live in those worlds, you have to take responsibility,” says Swisher……..

Read more: https://www.forbes.com/sites/moiraforbes/2018/11/08/how-kara-swisher-is-holding-tech-titans-accountable/#26cf3eb64583

 

 

 

 

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Why Doctors Hate Their Computers – Atul Gawande

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On a sunny afternoon in May, 2015, I joined a dozen other surgeons at a downtown Boston office building to begin sixteen hours of mandatory computer training. We sat in three rows, each of us parked behind a desktop computer. In one month, our daily routines would come to depend upon mastery of Epic, the new medical software system on the screens in front of us. The upgrade from our home-built software would cost the hospital system where we worked, Partners HealthCare, a staggering $1.6 billion, but it aimed to keep us technologically up to date……..

Read more: https://www.newyorker.com/magazine/2018/11/12/why-doctors-hate-their-computers

 

 

 

 

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3 Things IBM Sees In Red Hat That Others Missed – Panos Mourdoukoutas

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Red Hat was up for sale for quite some time, according to some sources. Several potential buyers passed on the opportunity, including Google. But not IBM. IBM paid big bucks for the open source software solutions company. At a price tag of $33 Billion. That makes Red Hat valued at one-third of IBM’s current market cap, and more than twice Big Blue’s cash chest. What did IBM see in Red Hat that others are missing? Simple. A strategic fit that could help the technology giant expand into emerging segments of the IT industry, and turn its fortunes around…….

Read more: https://www.forbes.com/sites/panosmourdoukoutas/2018/11/03/3-things-ibm-sees-in-red-hat-that-others-missed/#3d745c4924cf

 

 

 

 

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