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To an extent it already has - that's why name brand and prestige trumps all.
I honestly don't know the answer to your question but I'll give this little anecdote about Law School.
There is a guy working at the law firm where I 'interned' when I was like 18. He graduated in the top 25% of his class at Gtown Law with a JD and a Masters in taxation. Dude is making 20 bucks an hour, limited to 30 hour weeks, and shares a conference room with a paralegal as his 'office'.
Yeah, I read that article. Problem is people have realized than an MBA from a no name school isn't going to mint you money. Kids still think a no name JD will do something great for them. Last thing we need is more lawyers running around.
I disagree - I think that the current negative publicity surrounding law schools will eventually hit b-schools, perhaps in a year or two when those who couldn't get a job during recession are finishing up their MBAs. In my GMAT class, I have a ton of students who are looking to spend >100K on unranked MBA programs as a way of becoming an executive. Many of these don't have a FT job, have poor grades, struggle with getting a 450 on the GMAT, etc. However, since it is so easy to get loans for an MBA, there are schools that are willing to take their money.
Potential law school students are lucky this is surfacing now, and I wish it came out sooner for MBA programs to prevent b-school applicant from making the same mistake.
What exactly is an unranked program? Below 50 (US News)? I thought really sh*tty MBA programs are actually pretty cheap -- comparable to undergrad tuition, with tons of tuition reductions.
Thanks for the anecdote happypants. I welcome further anecdotes from law school, business school, or any other school.
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How "no-name" are we talking? Ranked lower than 50? 100?
Doesn't even matter at that point. McKinsey and Goldman really only recruit out of the top 5 b-schools. They take a handful of people from the 6-10 ranked schools who have exceptional experience.
My view is this, don't go to b-school unless you can get into the top one or two in your region. You do not have to go to a top 5 mba program to get an amazing job, look at UT and Rice recruiting in Houston for top oil and gas i banks and pe firms. If you want the latitude to recruit in any region then yes, you probably need to attend a top 5 program. Personally, i am not leaving to get an MBA until i am literally forced out the door, why give up something great for the slim chance of getting something better and the high probability of getting something worse.
I'm curious how far we can push that logic? Take the University of Washington, for example. I believe its MBA program is in the 30 - 40 range, according to US News. However, it's the only decent MBA program in the Seattle area, as well as the Pacific Northwest. So, if one is looking for a job in the Seattle, and maybe even Portland, would you say the Foster School of Business is a good investment/program? Or, what about programs in the Northeast that are around 20th? Would you say they're bad investments because of the number of high caliber competing schools in the region?
Guy just started in my department who went to Michigan for UG and got a no name MBA. He started as a junior analyst with kids who graduated from the same UG program at Michigan. Seems reasonably bright but business school is there to re-brand or hide for a while if you got canned. Key term is re-BRAND.
Well, it's a much easier decision if what you're giving up actually completely sucks (i.e. an analyst position).
Yes, this will hit the B-School world, much sooner than you think. This is why that unless you go to the 10 Law Schools (ie HLS, Columbia, Duke, UMich - I'm a bit rusty on the schools), a big name school (A Penn State, Rutgers, Seton Hall and the U-Cali schools that aren't Berkly) or a major regional program (NYLS and U-Co-Boulder comes to mind), a JD is an issue.
You guys also realize that the rankings are part of the problem, right? The rankings are half the issue right there for all schools, not just the top ones and the no name ones. The article brought up a very good point, as people are looking to fudge the ratings enough to make it seem like they are better than they come off as. This is, however, a problem with the system and no one wants to admit that the education industry is booming and doing absurdly well. Education is one of those few places where you can still rape, pillage and plunder (as is the case) without being burdened by any social or moral stigma, since it's education.
I swear, they are the greatest mob outfit ever. If only the mob and the cartels could take a page out of their book... Then all hell would break loose.
LOL -- I like your style! (And, I couldn't agree more.)
Well, unfortunately for the mob, it's really hard to get such top-down, centralized power. For that kind of widespread stranglehold, you really need the power of a government, at least in most cases.
"Is the worst time for students to graduate, isn’t it? - Absolutely not. There are more jobs available today than a good business school can cope with." http://www.businessbecause.com/business-school-news/qa-with-thierry-gra…
[quote=robert137]"Is the worst time for students to graduate, isn’t it? - Absolutely not. There are more jobs available today than a good business school can cope with." http://www.businessbecause.com/business-school-news/qa-with-thierry-gra…]
So the dean of a TOP 10 school in France essentially says that 'its a great time to get an MBA we're giving jobs away blah blah blah'. No chance he's biased or anything right? And no one ever disputed the fact that going to a good (top 10) school was a bad idea. It's going to the other 146 that is becoming less and less beneficial.
My step dad got his MBA from Georgia State in the early 80s and landed a job that he wouldn't have been able to get in the door for now. Things change...its just the way it is.
And, the guy said, "I don't think much of Jack Welch." I dismiss him outright!
Yeah, I personally don't think it's worth going to b-school unless it's top 8-10, especially if your company is not paying for any of it, and you basically have to take out $150K in loans and give up 2 years of income.
How common/rare is it for employers to foot the tuition? And, if an employer was paying for it, then what range would you consider worth it?
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