Study: M.B.A. Now Most Popular Master’s Degree

The MBA has now surpassed Education as the most popular postgraduate degree in the U.S. for the first time in its long and cherished history as statistics from the U.S. Department of Education testify.

In the last year of available data 191,571 people graduated from business schools in the U.S. which amounts to about 25.4% of all the master’s degrees conferred compared with 178,062 students who successfully completed their master’s in education, or 23.6% of all the advanced degrees. Education has long been the dominant field as far as master degrees are concerned partly due to the fact that in some states like Massachusetts it is required to teach. In the 70’s education accounted for a towering 37.2% of all master’s conferred.

What is The growth story of the MBA? Ever wondered?

The growth story of the MBA is largely due to the fact that it has widespread acceptance by employers and the assurance of return on the investment, with a certainty to a considerable extent. Srilata Zaheer, dean of the Carlson School of Management at the University of Minnesota, has seen the transformative power of the degree with her own eyes. “A business degree remains one of the most predictable paths to success and financial stability and can provide the proverbial leg up from relative poverty to great accomplishment and wealth,” she maintains. “In uncertain times, such as we have had since 2008, it tends to draw more students who make this connection.  

We have any number of alumni from our MBA programs who have come from small towns, modest backgrounds, often the first generation in college, going on to become immensely successful entrepreneurs and leaders of global firms.” She gives the example of John Stumpf, chairman and CEO of Wells Fargo. “He grew up in a farm family of 11 children in Pierz, MN, sharing a bedroom with his brothers, and being the first in his family to go to college,” she remembers. Paul Danos, dean of Dartmouth College’s Tuck School of Business and the longest serving leader of a major B-school, is of the opinion that the growth has been driven by schools that have adapted to the changing needs of the companies and organizations that hire MBAs.

It's Time - Change the MBA

The MBA has in the recent past has experienced something of a overhaul with many prospective MBA candidates  voicing their requirement for more focus on entrepreneurship in the course over a curriculum that pays more attention towards finance and consulting. Growth has also been observed in programs that focus on the not for profit sector and social entrepreneurship.

According to Danos “Businesses have grown enormously in complexity and scope, and more than ever, they need ethical, skilled, well-educated, creative leaders who are global in outlook,” “Business education in general and the great MBA programs in particular have adapted as these demands have grown, perhaps better than any other form of advanced education.” As he continues “Top business schools have continuously changed in response to the ever-changing demands of business; and this can be seen in how crucial issues such as: ethics, sustainability, leadership, technology, globalization and much more have been mainstreamed into MBA programs along with the classic core topics of business management.”

Education and the Scorching Pace of Change of Technology

The way that teaching or instruction is carried out has remained more or less unchanged over the decades and centuries. However the world around us has changed, in many aspects, for the better. This change has been revolutionary in the past few decades with the advent of the internet. Many functions of modern society is changing and that too in a trailblazing pace like transfer of money, our means and methods of communication, how we purchase products. However this sea change has not affected the education scenario for the better to the fullest extent made possible by the progress of technology. This is demonstrated by the fact that in America more Americans go to college than ever before. But the return from tuition payments that can easily reach $200,000 often simply does not make the cut. According to a report by Accenture up to half are unemployed or underemployed a year after graduation. And two-thirds say they need further training and instruction to enter the workforce.

Even the U.S. Lags Behind

With rising student debt the times has come for a thorough re-assessment of the entire educational system and facilitate innovation in this field in order to help students realize their full potential. A survey by the Organization for Economic Cooperation and Development puts even the U.S. in 31^st position in math achievement, 24^th in science and 21^st in reading among developed countries.

The Need For Change

Right from curriculum to mechanism of instruction the time has come for a sea change in education encompassing all of its sub-fields. In the traditional and present setting teachers take classes like lectures and then give students homework assignments to complete outside. Among the improvisations on this model is the innovative “flipped classroom” model. In this model educational materials like lectures and other video is meant for reception outside the classroom and practical oriented exercises are conducted in school where students have access to resources and guidance.

How Technology Can Change It All

However technology has provided us with the means to totally transform the educational scenario as it stands today with the prospects of online education. The combination of high-speed internet, educational videos and social media is a potent combination indeed. And universities like Harvard and Stanford and other prominent ones and investing in it in a big way.

Time for Change

Changes in the educational system lag far behind especially in the context of technological advancements. The present primary, secondary and higher education system adapts to and embraces changes all too slowly. Though often much effort has been put in on part of charter schools, teachers unions, school boards, activists and others they have often yielded little results. Technology possesses the potential of being the game changer in this era of a tech-saturated culture with youngsters willing to embrace technological advancements with open arms. And the policy makers and educators will have to keep in mind technological advancements for a dynamic educational system that is responsive to the changes in the world around it.