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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

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

Working in a group might be the best way to help kids meet individual goals, study says via JILL BARSHAY | iGeneration – 21st Century Education (Pedagogy & Digital Innovation)

by JILL BARSHAY

Source: Working in a group might be the best way to help kids meet individual goals, study says via JILL BARSHAY | iGeneration – 21st Century Education (Pedagogy & Digital Innovation)

Top 5 TED-Ed Lessons On Creativity – Ellen Ullman

“Do schools kill creativity?” asks Sir Ken Robinson in the most-viewed TED Talk of all time (more than 51 million!). In the video, Robinson challenges schools to promote and inspire creativity, but it’s difficult to know where to start, and some teachers aren’t sure if it’s possible.

“I don’t think creativity can be taught,” says Rayna Freedman, a fifth-grade teacher at Jordan/Jackson Elementary School in Mansfield, Massachusetts. “It’s an experience that inspires students to think beyond their potential and see things differently. It’s about giving them tools and choice to complete tasks and let them fly.”

Other educators disagree.

“Everyone is creative in their own way,” says Nicholas Provenzano, makerspace director at University Liggett School in Grosse Pointe Woods, Michigan and blogger at The Nerdy Teacher. “Too many people view creativity as a connection to the arts. The idea that creative students are the ones that can draw or effectively use glitter glue is nuts. Some students are super creative when it comes to solving problems or creating games during recess. Some are amazing storytellers.”

Doug Johnson, a former classroom teacher who now serves as technology director for Burnsville-Eagan-Savage Schools in Minnesota, agrees: “One of the biggest myths is that creativity only belongs in the arts. We may think of creativity as a nice extra, but a lot of us have to be creative on a daily basis.”

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Johnson asks: “Do I want a creative dentist? I’d rather have someone who follows best practices and isn’t experimenting on my mouth, but I do want a creative problem solver who will use nontraditional methods when the traditional ones don’t work.”

How to inspire creativity

Johnson recommends several things teachers can do to encourage creativity, such as asking for multiple possible answers to questions or giving points for “design” on assignments, in his blog post “Myths of creativity” and in his book Teaching Outside the Lines: Developing Creativity in Every Learner.

For Provenzano, creativity is about giving students a time and place to be creative. “I am always an advocate of teachers modeling what they want to see from their students,” he says. “Teachers cannot give students multiple-choice tests and worksheets all year and then wonder why their students are not more creative.”

If you’re looking for more ideas and resources, here are the 5 most popular TED-Ed Lessons on teaching and assessing creativity.

1. The power of creative constraints
Imagine you were asked to invent something new. It could be whatever you want, made from anything you choose, in any shape or size. That kind of creative freedom sounds so liberating, doesn’t it? Or … does it? if you’re like most people you’d probably be paralyzed by this task. Why? Brandon Rodriguez explains how creative constraints actually help drive discovery and innovation.

2. Why should you listen to Vivaldi’s “Four Seasons?”
Light, bright, and cheerful, “The Four Seasons” by Antonio Vivaldi is some of the most familiar of all early 18th-century music, featured in numerous films and television commercials. But what is its significance, and why does it sound that way? Betsy Schwarm uncovers the underlying narrative of this musical masterpiece.

3. Music and math: The genius of Beethoven
How is it that Beethoven, who is celebrated as one of the most significant composers of all time, wrote many of his most beloved songs while going deaf? The answer lies in the math behind his music. Natalya St. Clair employs the “Moonlight Sonata” to illustrate the way Beethoven was able to convey emotion and creativity using the certainty of mathematics.

4. How playing an instrument benefits your brain
When you listen to music, multiple areas of your brain become engaged and active. But when you actually play an instrument, that activity becomes more like a full-body brain workout. What’s going on? Anita Collins explains the fireworks that go off in musicians’ brains when they play, and examines some of the long-term positive effects of this mental workout.

5. Can robots be creative?
People have been grappling with the question of artificial creativity— alongside the question of artificial intelligence—for over 170 years. For instance, could we program machines to create high-quality original music? And if we do, is it the machine or the programmer that exhibits creativity? Gil Weinberg investigates this creative conundrum

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