Experts all around the world believe that probably, in 25 years from now, students that will want to get an MBA in business studies won’t need to go and listen to teachings in a classroom. All of the student discussions, lectures and assignments for homework will be done on the Internet. The first of the many positive things about the online education is that everything is already recorded, so you, as a student, can press play as many times as you want and watch everything over and over again until it all becomes clear.
The professors will become freelancers and won’t be connected to any university. The technology will give them the opportunity to create their own lectures, classes and a brand, so no university will be needed to stand behind the professor.
The prices for getting an academic knowledge will fall significantly. Professors will make the education modular. The students will build their degree by their personal choice. They will choose the professors and the universities and colleges. So there will be no classrooms, no spending years at college and studying together with other students.
Some ask whether this is a step forward or a step leading to failure. But there should be no fear of failure. We’ve seen that academic learning becomes more and more available on the Internet. With this situation improving, the parts of the traditional campus studying like alumni networking, career management, student selection, social development and extracurricular leadership will lose their attractiveness.
Currently, a change is happening with the MBA degree. The MBA degree is the most sought after business credential. The business world is filled with MBA degrees, but there are also some master’s in accounting, in finance and some specialized master’s in business.
Still, there is a problem. The number of enrolled applicants for MBA programs that are part-time has declined significantly. Also, the number of students who are interested in the 2-year, full-time program and are taking the GMAT has also declined.
The dean of the California University, Richard Lyons, has said that nearly half of all the schools for business that there are in the US, can lose their business in 5 or 10 years. Another prediction was made by Clay Christensen, the innovation guru from Harvard Business School. He said that in 15 years, almost half of all US universities will go bankrupt. The reason for this will be the increased demand for online learning about business.
If the business schools collapse, that won’t necessarily mean that the demand for people with MBA degrees in business will collapse too. The Dean of Tuck School of Business at Dartmouth College, Paul Danos, says that business are now more complex than ever and need creative, well-educated, skilled and ethical leaders globally.
High education was always in a position of protection, especially in the business programs. Students who want to get an MBA degree but are working don’t want to lose their job or move in another place. This meant that local universities were protected because students were not ready to risk everything and go study at some famous university outside of their country. But, with the online MBA programs, this is no longer true. People have the chance to get an MBA from wherever they want to.