Change has been a constant theme at the Wake Forest School of Business in recent years, but the decision to do away with its traditional full-time MBA program comes as quite a surprise.
From what I understand, this year's class will be the last one to complete a typical full-time program as Wake Forest spends the next two years phasing in its new, flexible program. Wake Forest also said in its press release Wednesday that it would incorporate some online offerings, which had been long rumored as a potential move.
"As Wake Forest prepares tomorrow's business leaders for an ever-changing global economy, we must be nimble and innovative in how we educate our students today," Charles Iacovou, who became the business school's dean earlier this year, said in the release.
"Business models are evolving more rapidly than ever and business education must innovate," he added.
Iacovou expounded on his thinking during a very brief conference call Thursday with employer partners.
"We believe this is a bold, innovative step ... that reflects the changing demand by students and organizations in the way they seek MBA education for their talent," he said. "This school will always be committed to the marketplace ... but we must be ahead of the changes and not following the pack."
Only one participant asked a question, inquiring whether part-time MBAs, who are already employed, are actually in the program because they are interested in finding new jobs.
Iacovou responded that there had been an increase in the number of part-time MBAs who want to switch careers. As a result, Wake Forest has been offering career services to part-time students that it used to offer exclusively to full-time candidates, he said.
"We also have employers who are recruiting in the evening MBA programs," he said.
Wake Forest is planning outreach, with a call set for students and alumni on Friday at 3 pm, and another call for employers and recruiters, which will take place on Tuesday, Oct. 28, at 3 pm.
Mercy Eyadiel, executive director of employer relations, said during Thursday's conference call that the university is planning to make personal calls to recruiting partners over the next week.
Reinemund, a former CEO at PepsiCo who become dean in 2008, had been an aggressive proponent of change, beginning by merging the Babcock and Calloway schools under a single university brand/model. He then raised more than $50 million to build a new complex for the unified business school.
Wake Forest also made a number of changes under Reinemund in order to improve its national ranking, tinkering with the class size, scholarships and student selection as it looked to move up. The university also poured resources into its Charlotte campus, culminating with a new downtown location.
Reinemund retired in May, and now Iacovou seems ready to shake things up even more. Students and alumni must have a lot of questions about the sudden shift. I am curious whether the school will also do away with concentrations, such as finance and marketing, since those are not a part of its part-time curricula.
On one level, it looks like Wake Forest is shifting resources to the program that has been getting the most traction nationally.
The university's full- and part-time MBA programs have been headed in opposite directions in the past few years, when looking at U.S. News & World Report rankings.
The full-time program was ranked #44 in 2012, while the part-time program came in at #32. In this year's rankings, the full-time program was #58; Wake Forest's part-time program cracked the top 20.
Enrollment and tuition may have factored into the decision. The full-time program has about 115 students, while the part-time programs in Winston-Salem and Charlotte have 285.
The annual cost of the full-time program is about 16% higher than that of the part-time program, at $41,316. Part-time programs also become more attractive to prospects if their employers pay a portion of the costs.
Perhaps the greatest expansion opportunity for a flexible daytime program rests in Charlotte. And I wouldn't be surprised to see, at some point in the near future, a completely online MBA from Wake Forest. (This year's top-ranked MBA program, at Indiana University, had an enrollment of nearly 750 students and a tuition rate of $1,175 per credit.)
Wake Forest noted in its press release that it is not the first school to focus on flexible schedules. It also cited a report that nearly two-thirds of U.S. MBA students are enrolled in programs that could take place while they remain in the work force, while noting that traditional daytime enrollment is decreasing at many business schools.
While I'm unsure about the benefit of nixing a traditional program, I am optimistic that the move will help bring more collaboration across the student body.
 |
| Charles Iacovou |
"As Wake Forest prepares tomorrow's business leaders for an ever-changing global economy, we must be nimble and innovative in how we educate our students today," Charles Iacovou, who became the business school's dean earlier this year, said in the release.
"Business models are evolving more rapidly than ever and business education must innovate," he added.
Iacovou expounded on his thinking during a very brief conference call Thursday with employer partners.
"We believe this is a bold, innovative step ... that reflects the changing demand by students and organizations in the way they seek MBA education for their talent," he said. "This school will always be committed to the marketplace ... but we must be ahead of the changes and not following the pack."
Only one participant asked a question, inquiring whether part-time MBAs, who are already employed, are actually in the program because they are interested in finding new jobs.
Iacovou responded that there had been an increase in the number of part-time MBAs who want to switch careers. As a result, Wake Forest has been offering career services to part-time students that it used to offer exclusively to full-time candidates, he said.
"We also have employers who are recruiting in the evening MBA programs," he said.
Wake Forest is planning outreach, with a call set for students and alumni on Friday at 3 pm, and another call for employers and recruiters, which will take place on Tuesday, Oct. 28, at 3 pm.
Mercy Eyadiel, executive director of employer relations, said during Thursday's conference call that the university is planning to make personal calls to recruiting partners over the next week.
This particular move is interesting, even with the university's recent history of readily embracing significant change. Could an online only program, which I tossed out as an idea in September 2013, the next bold move?
Wake Forest also made a number of changes under Reinemund in order to improve its national ranking, tinkering with the class size, scholarships and student selection as it looked to move up. The university also poured resources into its Charlotte campus, culminating with a new downtown location.
Reinemund retired in May, and now Iacovou seems ready to shake things up even more. Students and alumni must have a lot of questions about the sudden shift. I am curious whether the school will also do away with concentrations, such as finance and marketing, since those are not a part of its part-time curricula.
On one level, it looks like Wake Forest is shifting resources to the program that has been getting the most traction nationally.
The university's full- and part-time MBA programs have been headed in opposite directions in the past few years, when looking at U.S. News & World Report rankings.
The full-time program was ranked #44 in 2012, while the part-time program came in at #32. In this year's rankings, the full-time program was #58; Wake Forest's part-time program cracked the top 20.
Enrollment and tuition may have factored into the decision. The full-time program has about 115 students, while the part-time programs in Winston-Salem and Charlotte have 285.
The annual cost of the full-time program is about 16% higher than that of the part-time program, at $41,316. Part-time programs also become more attractive to prospects if their employers pay a portion of the costs.
Perhaps the greatest expansion opportunity for a flexible daytime program rests in Charlotte. And I wouldn't be surprised to see, at some point in the near future, a completely online MBA from Wake Forest. (This year's top-ranked MBA program, at Indiana University, had an enrollment of nearly 750 students and a tuition rate of $1,175 per credit.)
Wake Forest noted in its press release that it is not the first school to focus on flexible schedules. It also cited a report that nearly two-thirds of U.S. MBA students are enrolled in programs that could take place while they remain in the work force, while noting that traditional daytime enrollment is decreasing at many business schools.
While I'm unsure about the benefit of nixing a traditional program, I am optimistic that the move will help bring more collaboration across the student body.
I have always believed, for instance, that evening students should be allowed to participate in areas such as the annual Marketing Summit, which had a rule barring part-time students from competing, and student government leadership. Certainly that rule must be evaluated given the upcoming changes.
Overall, the decision makes me nervous, but I'm also willing to see how it all plays out. Change is a constant everywhere, and the ultimate determinate of success could be in how the university executes on this new vision for its business school.
Every now and then, you as a student want to write the best essay that you can ever think and Everything that has to do with it depends on the writing skills that you have for more writing help visit this which help us a lot to improve more our writing.
ReplyDeleteGMAT Essay
If you want to Study in USA , MBA in USA higher Education from Singapore, Study abroad education , MBA college/ university from USA you have to select the appropriate institution and know the exact process. Abroad Shiksha Consultants is an education consultancy assisting students who wish to study abroad. Visit Us: http://www.aecgurgaon.com/study-abroad/usa/about
ReplyDelete