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Is Business School Worth It? How MBA Programs Are Revamping in 2019 | WSJ - YouTube
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(bright music)
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- I'm mostly looking for a flexibility,
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since I am a working professional.
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- I think the network is a huge factor.
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- I feel like an MBA for
me is a second chance.
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- [Narrator] Is an MBA worth it?
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It's a question that many
prospective students,
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like these, are asking themselves.
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Until recently, getting
an MBA was considered
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a relatively safe bet, one likely to yield
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a big bump in salary.
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But in recent years,
applications to programs
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across the country are down.
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Why, that's not entirely clear.
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Some point to the strong
economy, others to rising costs.
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But what is certain is
that schools are beginning
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to change as a result.
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(slow bass music)
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The Questrom School of
Business at Boston University,
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ranked 36th last year among
two year MBA programs,
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recently made headlines when it announced
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an alternative to its, roughly,
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$55,000 a year Residential Program.
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A new online MBA had a ticket price
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far lower than its competitors.
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- We plan to launch in the Fall of 2020
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an MBA degree priced at 24,000
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and available only online
on the edX platform.
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It's an MBA degree, but the
product is completely different
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than what you would get in
the full time MBA, on campus.
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It's a completely
different product designed
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for a different audience
that has different lives,
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different needs, so they don't
have six years experience,
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they have beyond 10 years experience.
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They're much more seasoned,
and the MBA allows them
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to advance in the career they're in.
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- One of the challenges your facing,
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and many business schools
are facing nation wide,
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decline in applicants.
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- Yes, nation wide the
applications for MBA are down.
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They've been down at different
levels in different schools
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for almost five years now.
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- What about your school?
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- We were down as well, but
not as significantly as others.
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- How much were you down?
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- In the MBA we were down, this year, 18%.
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(bright music)
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- [Narrator] The school's
dean, Susan Fournier,
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says, "Her MBA program was
able to fill its incoming class
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"with qualified students."
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But, she also saw a
need for something new.
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I was curious was Questrom's
current full-time students
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thought about this declining
interest in their degrees.
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- How many of you are confident
that five years from now
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it'll have been worth it?
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- [Narrator] Meet Nari, Airian, Michael,
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Carolyn, Saeid and Danesh.
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Each of these full-time Questrom students
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has a different background
and a different career goal,
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but they're all confident
that their MBA degree
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will help them take their
careers to the next level.
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- Do you ever have moments
when you ask yourself,
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is it worth it?
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- Yes I do.
- Saeid, you do?
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- Yeah, it's because the
opportunity cost for me
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is really high.
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- You're a doctor.
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- Yeah, I had those moments,
but when I sit in a class
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and I hear some new
concepts, some new lessons,
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and it's like eye opening
to me, wow, this is what
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this happen to us, or this
what, this is happening.
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I just say, this is the
right time to be here,
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this is the right place for you.
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- Carolyn, you've never questioned
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whether it's worth it or not?
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- When I hear conversations like this,
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I think a lot of it depends
on where you were before,
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and it sounds like some
people were really in a job
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that they really saw themselves in
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and felt deeply entrenched.
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For me I really wanted a big change,
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and I didn't know what
that change would be,
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so I feel like I was the
perfect person to leave
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and be excited about being
here to reset and relearn.
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- [Narrator] Today, Questrom also offers
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a variety of specialized MBAs.
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There's the Social Impact MBA,
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the MBA plus MS in Digital Technology,
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and the Health Sector MBA.
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- Half way through my undergraduate
degree in biochemistry
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I realized I didn't wanna
do the academic thing,
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but I did wanna make an impact
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in the health sector in life sciences,
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and so I thought, the
best way of doing that
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was to kind of, follow the money.
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- As an engineer, you're
limited in your career choices.
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As an engineer MBA, the door opens.
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And so now I have the technical expertise
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and I know how it translates
into the dollar math.
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- Have you all heard
about the online program
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that BU just announced?
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You know it's not gonna cost quite as much
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as what you're paying for here
at the residential program?
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Do you feel like, if
that was offered to you
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as an alternative, would you have said,
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I'm gonna stay at home, save some money.
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- I was considering going
to an online program
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when I was applying,
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but decided against it for a few reasons.
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One is, definitely the experience.
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You get to actually meet people. (laughs)
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It's a huge part of the value
that I saw in the degree.
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- When they start offering MBAs to people
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through an online program,
does that dilute the value
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of your degree?
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- It's something I'm concerned about,
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but having a more specialized degree,
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having it specifically in health sector,
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I think it helps me a little bit more.
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- You're here because you wanna get more
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than just the education out of it,
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and that's the biggest thing
that sets the regular MBA
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from the online MBA part.
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- Really ask yourself, what
would enable me to pick--
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- In terms of academic
knowledge that one gains
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through a residential
program, the two year program,
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can you get all that in an online program?
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- You won't get the ability
to go deep and to specialize.
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- Can you learn leadership
in an online course?
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- Yes.
- You can?
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- Yes, but you can't
go as deep as you might
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if you took a whole other year
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and took nothing but leadership courses.
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- Is this a good time to be
a dean of a business school?
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- It's really a test for
how to manage a business.
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- This is a business.
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- It is a business, and you
know, we provide products
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that meet people's needs
and the market is very,
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it's very dynamic.
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- By dynamic you mean there's
less demand for it now?
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- No, dynamic meaning it's evolving a lot.
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It's challenged in some ways.
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There are some cultural trends
that challenge business,
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overall, challenge higher ed,
so you really have to know
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the astute business analysis of your case.
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I'd say 50 years ago, you
know, you had two products,
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an undergrad, an MBA, you were good to go.
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Some schools today have one product.
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We have 10 products, because
the market is very complex.
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