From Business Analytics to Real Estate, An Explosion In Specialized Degrees by: Ethan Baron on December 04, 2015 | | 15,059 Views December 4, 2015 Copy Link Share on Facebook Share on Twitter Email Share on LinkedIn Share on WhatsApp Share on Reddit Philip Powell, faculty chair of Direct MS programs at the Kelley School Some specialized master’s programs, such as the computational finance degree at Carnegie Mellon, and the MS in Information Assurance at Iowa State College of Business, are interdisciplinary, drawing faculty and resources from multiple schools or departments in a university. STUDENTS WANT BOOST, EMPLOYERS WANT BOOSTED EMPLOYEES Specialty programs have been multiplying and growing in class size as a result of a confluence of factors. On the student side, there’s growing demand among college graduates who want a quick boost that will differentiate them from others with undergraduate degrees. On the employer side, technological advancement has ratcheted up competition in every sector, and companies want to hire employeesĀ who can start producing right away, with little or no training. But would-be specialtyĀ master’s students beware: among the many useful programs are a few that were ill-conceived, and are less likely to give graduates the outcomes they want, warnsĀ Tim Westerbeck,Ā founder of the business school consulting firm Eduvantis. “It is not an uncommon situation to go into a school that says, ‘Gosh, we thought this was a really good area to offer a program in . . . Ā but it turns out weāre having trouble competing,” Westerbeck says. Almost always, school administrators have not paid enough heed to local market conditions: both the job market for students, and the competitive environment with other schools, Westerbeck says.Ā Indiana University Kelley School of Business’s Philip Powell is even warier of the specialized master’s degree at many institutions. “Itās an act of desperation by some business schools,” says Powell,Ā faculty chairĀ of the “Kelley Direct” online MS programs. “Theyāre in it for the fast cash. They want to make a quick buck.Ā Given the way business schools act, the marketās going to be really scarce with really well-designed MSĀ programs.Ā Even the quality schools are going to launch bad MS programs.” A RESPONSE TO DROP IN VALUE OF THE MBA DEGREE? Powell attributes the explosion of specialized master’s programs in large part to declining demand for MBA degrees. “The cost of the MBA has risen faster in real terms than the benefits, and anytime that happens in a market thatās going to open up demand for alternatives that give a better value proposition. OpportunityĀ cost of the residential MBA, itās just gotten too high. Youāre going to see the market driftingĀ to other places. This is classic product substitution that we teach in MBA classrooms,” Powell says. “If you’reĀ going to be successful with an MS program you have to start with the question of career placement. You begin with the end in mind – you just donāt slap courses together and hope students show up. Think of barriers to entry – if you run an MBA program, how difficult is it to launch an MS program? If weāre not saturated weāre quickly going to be saturated. But I donāt think weāre going to be saturated with the smartly designed MSĀ programs Iām talking about.” At the University of Michigan Ross School of Business, the master’s program in supply chain management was created with an eye firmly onĀ the job market, says program manager Eric Olson. “Almost every element of our program was developed alongside our industry partners,” Olson says. “That was done to really fill the need that they identified when we went to them and said, ‘What should we be doing to assist you in achieving your talent needs?'” The approach appears to have worked: among the last class, 92% had accepted or received job offers by graduation, 100% by four months, and average starting salary was $107,000, Olson says.Ā Previous Page Continue ReadingPage 3 of 7 1 2 3 4 5 6 7 Questions about this article? Email us or leave a comment below. Please enable JavaScript to view the comments powered by Disqus.