Kenan-Flagler Launches Pilot MBA Program

When Harvard announced a more sympathetic approach to deferrals for international students hard-pressed by the global pandemic, other schools took notice. Harvard Gazette photo

How B-Schools Are Adapting Amidst The Pandemic

The Coronavirus pandemic is forcing b-schools to adjust from end-to-end.

From b-schools focusing on hybrid models to exempting exam scores, the entire business of teaching business has shifted.

In a recent piece for OZY, Jonathan Moules, of Financial Times, explores exactly how b-schools are changing in order to stay afloat.

COST

The biggest factor b-schools are looking at is cost.

And while b-schools need to reevaluate how they draw in more applicants, the reality is that tuition won’t likely be reduced.

“Clearly in education the way things have been delivered will have to change, but I don’t think there is anything schools can do to make tuition [fees] go down because of the high cost of staff,” Cynthia Vitters, managing director of Deloitte’s government and public services practice, tells OZY.

At Kenan-Flagler, officials are considering a subscription program where students will be able to spread the cost of tuition instead of paying it all upfront.

“I still think the MBA offers an incredible return because you typically recoup the cost of your studies in four years,” Doug Shackelford, dean of Kenan-Flagler, tells OZY. “But why not pay those fees over an extended period in the same way that you would buy a house?”

Value & Savings

While b-schools are holding short of dropping the sticker price on tuition, they are instead focusing their efforts on delivering greater value to students.

For one, a number of b-schools have doubled down on more flexible options to obtain the MBA degree, such as part-time models and stackable degrees.

Experts say this focus on shorter, flexible learning options will become more popular.

“Even before the pandemic, there was growing interest in alternatives to traditional business master’s degrees,” Andrew Crisp, author of Tomorrow’s Master’s 2020 study, tells P&Q. “partly driven by concerns about rising living costs and fees. Modular study options, where students get to tailor their course to suit them, will become more prevalent long-term.”

On top of delivering greater value to students, b-schools are also looking at how to cut costs.

At St. John’s University’s Tobin College of Business, a number of changes are being implemented to ensure the b-school is able to face challenges head-on.

The b-school has already reduced a tier of management and put in place dual roles for faculty. Under the change, professors are given responsibility for specific degree programs and reduce their teaching time.

“We see it as investing in our faculty and maintaining our faculty’s capacity to research while running a lean operation. In the last three years, we have cut our total operating budget by 10 percent,” Norean Sharpe, Tobin’s dean, tells OZY. “I really believe that the core parameters of how you deliver an MBA will be changed forever.”

Sources: OZY, P&Q, P&Q, P&Q, P&Q

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