A professor at one of the best business schools in the country is worried about the future of MBA programs.
Curt Welling, a senior fellow at the Tuck School of Business and CEO of AmeriCares, who also holds an MBA from Tuck, sat down with OneWire‘s Skiddy von Stade to talk about the changes in the industry.
“A combination of technology, the demands of the business world, and competition have created a very challenging environment for many of the world’s most established MBA programs,” said Welling, who worked for decades in investment banking at First Boston, Bear Stearns, and SG Cowen.
As more students turn to online courses or things like joint ventures between people in different parts of the world, the demands of Wall Street firms are going to change for business schools — they’ll be looking for even higher technical skills and more of a global perspective from graduates.
Add to that the fact that fewer people are taking the GMAT — the entrance examination to get into an MBA program. Welling said the number has been dropping since 2007.
“This is an industry which is in a bit of a crisis,” Welling said. Business schools need to ask themselves, “What do we have to do to remake ourselves to be relevant?”
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