Why business schools are shutting down their MBA programs:
The University of Illinois’ Gies College of Business has become the latest school to announce that it is getting out of the full-time, on-campus MBA market. Instead, Gies will focus more aggressively on its online MBA option, the $22,000 iMBA, which has seen big growth since being launched in 2015 .
. Applications to Gies’ full-time program fell to 290 this year from 386 in 2016. The school actually enrolled fewer than 50 full-time students in each of the past three years. Even when apps were nearly 100 higher in 2016, Gies was only able to enroll a class of 47 students. You can blame four things for the fact that there are fewer MBA applicants in the full-time pipeline:2. The rising cost of MBA programs and the unwillingness of many Millennials to go into substantial debt to get the degree.
4. A greater number of shorter, cheaper alternatives to a two-year, full-time MBA program, from one-year and online options to specialty master’s degrees in such subjects as data analytics and entrepreneurship.
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