Online learning poses as a threat to the traditional face-to-face mode of education. A number of mediocre business schools are on the verge of getting shut down because of the rise in the popularity of online education.
Richard Lyons, the dean of University of California, Berkeley’s Haas School of Business, has a grim prediction for business education in United States. He says, “Half of the business schools in this country could be out of business in 10 years, or five”.
Top MBA programmes will soon start offering degrees online
According to Lyons, the biggest threat is that more and more top MBA programmes will soon start offering degrees online. It is sure to put the business model of industry in danger. Most business schools make revenue through part-time and executive MBA programmes, which will in near future have to compete with top online alternatives for survival among the same population.
However, this phenomenon is more likely to have an impact over lower-ranked business schools, rather than prestigious ones like Wharton and Harvard Business School. As soon as the recognised schools get into the fray of offering online degrees, even the students from remote locations who might have gone for convenient part-time programme nearby their homes will be drawn in.
Online MBA programmes are likely to attract high-quality attendees
Part-time and online MBA programmes do not burn a hole in the pocket of students, who are made to pay dearly in terms of tuition fees at full-time programmes. As most of the part-time and online MBA programmes are designed for corporate strivers staying put near campus, such programmes can be sure of stable flow of high-quality attendees.
In many cases, it is seen that working professionals with family responsibilities or other obligations do not want to relocate to some other places for having a business degree, which can boost their career prospects. Lyons says, “Education technology has the potential to make the proximity factor go away”.
Part-time and e-MBA programmes have sticker price
Most business schools do not make public the total amount of financial aid awarded to MBAs, Lyons makes an estimate that a 25 percent discount on tuition fees is given to average full-time student at a top tier business school. On the other hand, an average student needs to pay only the sticker price at part-time and Online-MBA programmes.
Lyons says that if premier schools draw in the creamy students, part-time programmes with lesser demands may become less effective. These part-time programmes may not stay in business without an able and premium student body.
Reputed business schools are likely to offer their degrees online
While only a few reputed business schools have started offering MBA programmes online, a number of other business schools have. However, the elite business schools have now slowly started warming to online world, experimenting with non-degree online learning. Until now, online education was mostly associated with down market educational institutions, but it has mostly shed the stigma, as some of the top-tier business schools like Stanford, Wharton, and other prestigious institutions are likely to provide online degrees.
Online education is certain to change the patterns schools vie for students. With more and more traditional universities going online, for-profit MBA programmes have been dubbed as the early losers. As the big brands follow the online programmes, lower-ranked business schools may be reduced to dust in near future.
Article Source: buswk.co/PAg5vQ