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.”
