Can American Business Schools Survive?

Can American Business Schools Survive?

Zimmerman, Jerold L., "Can American Business Schools Survive?" (September 5, 2001). Simon School of Business Working Paper No. FR 01-16.

Abstract:

U.S. business schools are locked in a dysfunctional competition for media rankings. This ratings race has caused schools to divert resources from investment in knowledge creation, including doctoral education and research, to short-term strategies aimed at improving rankings, such as placement offices and public relations campaigns. Curriculums are narrowing and training students for their first jobs, not their entire careers. Faced with a prisoner's dilemma, deans select short-run strategies that reduce research and doctoral education. The result is a looming critical faculty shortage and ultimately the demise of the pre-eminence of American management education. The worldwide preeminence of American business schools is on the decline, and Internet-based distance learning is not the threat. Rather, leading U.S. business schools, institutions once dedicated to generating new knowledge and disseminating it to the next generation of managers via their MBA programs, are locked in a dysfunctional competition for rankings - notably the Business Week surveys. This ratings race has caused schools to divert resources from investment in knowledge creation, including doctoral education and research, to short-term strategies aimed at improving rankings. The resulting decline in business doctorates is creating a severe shortage of quality faculty. American business schools are mortgaging their future; they are consuming their seed corn.

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Facts on MBA New business schools at Saïd Business School (Oxford) and Judge Business School (Cambridge) joined the London Business School and other UK BAs in the Financial Times league table in 2000, an indication that the MBA degree is proving to be as widely accepted and successful in Europe as in the USA. In the United States, by one estimate, the average cost of earning an MBA via an accredited full-time program (excluding room and board) rose from $124,000 in 1993 to $162,000 in 2001 (see Davies and Cline, 2005). The bulk of the cost is in the form of foregone earnings ($109,000 in 1993 and $139,000 in 2001). Accounting for the decrease in expected unemployment as well as the increase in expected wages and expected wage growth, the financial benefits to holding an MBA degree are the equivalent of an 18% rate of return on the cost of the degree (see Davies and Cline, 2005).

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