An oversaturated market is not only a fear for MBA students.
The schools themselves are in danger as the wild growth of MBA graduates exceeds the demand for students, according to an article by Harvard Business Review.
In the past 10 years, MBA degrees have grown by 74 percent, a strain that could make it difficult for business schools to stay in business. For students, this means the future is even more unknown, according to the article.
Financial institutions, which are major absorbers of MBAs, may cut back, making high starting salaries and sign-on bonuses rare. Those who are employed in business schools will have shakier standing.
“Just as astonished senior partners in law firms learned that when the economics don't work, neither does lifetime employment, so too will astonished tenured professors,” said Rita McGrath, a professor at Columbia Business School. “If your school goes out of business, tenure doesn't mean much.”
However, this strain could cause new models for business schools. McGrath said she hopes this will be the long-term effect.
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