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Elite MBA Programs Report Steep Drop in Applications

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Re: Elite MBA Programs Report Steep Drop in Applications

#51

Post by refurb »

close04 wrote: post #48
luc4sdreyer wrote: post #10

Applications are still growing, the highest was Canada with 9.4% growth between 2018 and 2019: > Applications to U.S. business schools, including M.B.A. programs, fell sharply, while rising in Canada, Europe and China. just not in the US: > “There’s perception, which we absolutely pick up in our data, that the U.S. is not a welcoming environment,” said Sangeet Chowfla, GMAC’s chief executive.

After working with so many MBAs from prestigious schools I find it very hard to take this kind of title at face value, before seeing the person in action. Most had an MBA at 23 years old, basically jumping straight from university classes to MBA classes with nothing in between. At best the MBA did not bring anything. At worst it made some feel so entitled that they actually performed far worse. I fail to see the adde…

Most of the top ranked MBA programs require 3-5 years of work experience to get in. I think it’s Harvard that allows a very small subset to go directly from undergrad.

Re: Elite MBA Programs Report Steep Drop in Applications

#52

Post by bitL »

aoveri wrote: post #50

Having started my own company and done everything from doing coffee runs for my team to writing investment briefs, I'm not sure what an MBA would teach me? Not being snarky, genuinely curious as to what benefit I could derive as I've always seen as something that I'd eventually pursue.

It'd would give you an overview of instruments already existing you can plug into your business and skip some "research" phases without reinventing the wheel multiple times. It's basically time-compressor if you use it right; you can spend 2-5 years in inventing already invented stuff or just take what is out there and customize for your needs. You could probably get something similar if you have access to good advisors, but those are difficult to find.

Re: Elite MBA Programs Report Steep Drop in Applications

#55

Post by gringoDan »

This is a good thing. People are realizing that a $500,000+ upfront cost (tuition + 2 years' lost income) had better have an an astronomical ROI. In many cases, it doesn't.

Anecdotally, I went to undergrad at a school with an elite MBA program. It seemed to me that the only hard part of the MBA program was getting in; the MBA students were essentially paying to have a 2 year networking party. Their experience was like being in college, except they had money to spend and grades didn't matter (due to a grade non-disclosure policy for MBAs).

Because of this grade non-disclosure, the MBA was significantly easier than the undergraduate degree. Many classes had an undergraduate section and a MBA section - the same material taught by the same professor. After the midterm and final, the professor would post the median test score and standard distribution in order to establish the grading curve. The median score for the MBA section was consistently 1.5-2 standard deviations below the undergrad median.

Sometimes a class would be offered to mainly MBAs, but a few undergrads were able to enroll...this was always great for your GPA.

Re: Elite MBA Programs Report Steep Drop in Applications

#56

Post by refurb »

breitling wrote: post #13

Hasn't there always been an inverse correlation to people going back to school and the economy? Currently, the economy is doing very well, so people are less inclined to go back to school. Once the economy turns and unemployment rises, then I'm sure the MBA applications will rise.

This is exactly what happened in 2008. When job prospects suck, it’s a great time to go back to school.

When the economy is hot, it’s not a good time. It’s not that unusual for people to not finish their MBA during these times. Connect with the right company over the summer and just stay. Most MBA schools make it super easy to come and finish up your degree.

Re: Elite MBA Programs Report Steep Drop in Applications

#57

Post by mensetmanusman »

A good MBA program will essentially teach people about the anthropology of complex human organizations.

For example: how do you create or (even harder) change a culture that is secretive towards one where people share more to improve rates of innovation?

How do you organize people to optimally interact?

How do you determine the potential value of expensive research projects (to see if it is worth doing)?

Then you go over case studies over the last century and ‘hope’ to learn something.

Re: Elite MBA Programs Report Steep Drop in Applications

#58

Post by zerkten »

aoveri wrote: post #50

Having started my own company and done everything from doing coffee runs for my team to writing investment briefs, I'm not sure what an MBA would teach me? Not being snarky, genuinely curious as to what benefit I could derive as I've always seen as something that I'd eventually pursue.

> Not being snarky, genuinely curious as to what benefit I could derive as I've always seen as something that I'd eventually pursue.

Very little unless your company grew to a huge scale. MBA courses don't help that much with smaller organizations because historically there was little research involving small companies. This has possibly improved, but the focus is probably more on fast-growth startups since this is a much more comfortable and sustainable area for MBA-types.

That said, there are things that you can learn from an MBA education that can stand you in good stead. It can give you a broader worldview on topics like finance and economics, if you haven't had time or previous exposure. Strategy and case studies of other orgs successes and failures can be helpful for the analysis skills versus the exact things you learn.

Whether it's worth it is going to be up to you. There are some rules people seem to follow like doing it more cheaply if you can't get into a top school. The things you need are accessible in other places. I grew up outside the US and my enterprising business and economics teachers covered things when I was 16-18, that just got repeated later on. Perhaps find a Coursera course for topics you are interested in to see if you want to go further?

Re: Elite MBA Programs Report Steep Drop in Applications

#59

Post by thrav »

helpPeople wrote: post #53

I'm not sure what an "elite" college teaches that a "regular" college doesn't. Maybe quality of student is better, but the content seems negligible. Heck I find the personalities of young "elite" grads need additional shaping in the real world.

The right network is worth its weight in gold. Stanford or Cal MBA gives you access to all the right people. A huge contingent of other Bay Area high achievers to mix and mingle and start companies with and take investments from.

MBA from the University of Alabama would probably not do much for you in the Bay, but could be 10x as valuable as Cal in Atlanta or Birmingham.

Re: Elite MBA Programs Report Steep Drop in Applications

#60

Post by cfontes »

bitL wrote: post #52
aoveri wrote: post #50

Having started my own company and done everything from doing coffee runs for my team to writing investment briefs, I'm not sure what an MBA would teach me? Not being snarky, genuinely curious as to what benefit I could derive as I've always seen as something that I'd eventually pursue.

It'd would give you an overview of instruments already existing you can plug into your business and skip some "research" phases without reinventing the wheel multiple times. It's basically time-compressor if you use it right; you can spend 2-5 years in inventing already invented stuff or just take what is out there and customize for your needs. You could probably get something similar if you have access to good advis…

Or you can read some good books and learn from your peers through networking with other "business" people.
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