{"id":7577,"date":"2018-10-16T16:21:05","date_gmt":"2018-10-16T20:21:05","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=7577"},"modified":"2019-08-06T14:01:05","modified_gmt":"2019-08-06T18:01:05","slug":"why-specialized-skills-training-is-overtaking-mba-programs","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/why-specialized-skills-training-is-overtaking-mba-programs","title":{"rendered":"Why Specialized Skills Training is Overtaking MBA Programs"},"content":{"rendered":"

For years, it seemed the MBA \u2013 or the master of business administration degree \u2013 was the ultimate goal for anyone looking to make a splash in the business world. That, however, seems to be changing, and rapidly. <\/span><\/p>\n

A study from the London-based firm <\/span>Carrington Crisp<\/span> found that students across the globe are now favoring more specialized programs over the more generalist MBA. After surveying almost 1,300 students from 39 countries, the firm found that 53 percent preferred specialized programs, with information technology, finance, and entrepreneurship the most popular specialties.<\/span><\/p>\n

There are a lot of reasons for this shift. Here\u2019s why specialized skills training is giving the once-mighty MBA a run for its money.<\/span><\/p>\n

MBA Programs Are Losing Their Lustre<\/b><\/h2>\n

First, it\u2019s worth noting that the MBA is far from DOA. Nearly 200,000 students in the U.S. alone have been awarded a master\u2019s degree in business annually since 2010, making it the most popular post-graduate degree in the country. In 2011-12, the last year for which the U.S. Department of Education provides information, 25.4 percent of all master\u2019s degrees conferred were in business.<\/span><\/p>\n

Still, it\u2019s hard to argue the MBA has not seen a decline in popularity.<\/span><\/p>\n

Business schools in the United States have experienced a precipitous <\/span>drop in applications<\/span><\/a>: Rice University\u2019s Jones Graduate School, as one example provided by Poets & Quants, saw candidates to its full-time programs plummet by 27.7 percent. According to the <\/span>Wall Street Journal<\/span><\/a>, even the titans of the educational industry are suffering; Harvard Business School saw a 4.5 percent dip in applications, while Wharton declined 6.7 percent and Stanford\u2019s Graduate School of Business dropped 4.6 percent.<\/span><\/p>\n

At the same time as students seem to be looking elsewhere, the MBA is also becoming less coveted by employers.<\/span><\/p>\n

A survey by the Graduate Management Admission Council <\/span>found<\/span><\/a> that just 85 percent of U.S. employers intended to hire MBA grads in 2018, down from 91 percent the year before. That might look like a rather subtle dip, but in fact, it\u2019s the biggest decline in business-school recruitment since the dawn of the last recession.<\/span><\/p>\n

MBA Programs Are Expensive <\/b><\/h2>\n

Getting an MBA is not cheap. The average tuition for a two-year MBA program in the U.S. exceeds $60,000, and the top business schools might charge as much as $100,000 annually.<\/span><\/p>\n

The common thinking used to be that the exorbitant cost of acquiring an MBA would be worth it upon graduation when the credential all-but-guaranteed a lucrative payoff.<\/span><\/p>\n

That, too, seems to be changing.<\/span><\/p>\n

Data from Poets & Quants shows that the value-added ratio for full-time MBA programs has <\/span>fallen dramatically over the years<\/span><\/a>, meaning the margin between the salary bump offered by completing an MBA program and the steep cost of tuition is slimmer than ever.<\/span><\/p>\n

With 44.2 million Americans now carrying <\/span>student loan debt<\/span><\/a> of more than $1.48 trillion collectively, it\u2019s little wonder so many students are wary of spending six figures on a post-graduate degree.<\/span><\/p>\n

Even billionaire businessman Marc Cuban emphasizes that there might be more cost-efficient ways for learners to boost their education.<\/span><\/p>\n

\u201cI am not a fan of getting MBAs at all,\u201d he <\/span>said<\/span><\/a> at the 2018 Turning Point USA High School Leadership Summit. \u201cThere are so many online ways to learn and I think you can get far more experience in the workforce and learn more and be in a better position to succeed.<\/span><\/p>\n

\u201cBecause realize,\u201d he added, \u201cthere are so many online MBA equivalents that if you are disciplined enough, you can do it for a lot less money and still get a quality education.\u201d<\/span><\/p>\n

Education Now Needs to Be Continuous\u00a0<\/b><\/h2>\n

For those who have already started their careers, the notion of going back to school full-time for an MBA can range from impractical to impossible.<\/span><\/p>\n

So that\u2019s motivating many to look beyond traditional university graduate programs to part-time, online, or shorter-term credentials, including certificate courses, diploma programs, and other similarly concise educational opportunities.<\/span><\/p>\n

Even those who do attain MBAs can\u2019t possibly expect that it will be the end of their educational journey.<\/span><\/p>\n

\u201cThe world of work is changing,\u201d Carrington Crisp co-founder Andrew Crisp <\/span>told the Globe and Mail<\/span><\/a>. \u201cDoing an MBA at 29 and thinking that is the end of it is just a preposterous notion. People will need retraining or additional skills at 45, 65, and they won\u2019t retire until 75, so what are they the things they need and how will the MBA fit into that?\u201d<\/span><\/p>\n

MBA Programs Are Not Specialized Enough<\/b><\/h2>\n

Ultimately, the Carrington Crisp report found that modern learners often have specific skills, competencies, or qualifications in mind when they pursue post-secondary education.<\/span><\/p>\n

\u201cStudents are seeking something that will help with a specific career they have in mind and a specialist degree, perhaps with part-exemption from a professional body qualification as part of the degree, will help them stand out in a highly competitive jobs market,\u201d Crisp said. <\/span><\/p>\n

\u201cCareer is key and part of that is the ROI of study, which can be multiplied by cheaper study costs on shorter courses. And recruiters have a better understanding of the value of shorter, specialized programs rather than focusing solely on the MBA.\u201d<\/span><\/p>\n

BrainStation, for instance, offers a range of learning options, with full-time diploma programs and part-time certification courses<\/a> \u2013 both on-campus and online \u2013 in areas including data, design, development, marketing, and product. Accelerated training programs are also available for design thinking, Google AdWords, Google Analytics, SEO, and Agile Methodology, among others, to help professionals level up their skills, quickly and effectively. <\/span><\/p>\n

\u201cOne size doesn\u2019t fit all,\u201d Crisp said. \u201cThat speaks to the personalization agenda. The idea that you will have a mass-market MBA with fairly standard components \u2013 there are very few of those that will succeed in the future.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

53 percent of students prefer specialized programs, with IT, finance, and entrepreneurship the most popular.<\/p>\n","protected":false},"author":7,"featured_media":7582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[594,429,151,593,441],"yoast_head":"\nWhy Specialized Skills Training is Overtaking MBA Programs | BrainStation\u00ae Blog<\/title>\n<meta name=\"description\" content=\"Students across the globe are now favouring more specialized programs over the more generalist MBA. 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