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Phil’s Cash Managment Degree

FT Logo.jpgThe type of 4+1 Masters in Management degree that Phil announced in his speech to the faculty two weeks ago was the subject of a recent article in the Financial Times. One-year management programs seem all the rage among business schools and the College is jumping — a little late — onto the bandwagon:

A degree in Hispanic linguistics does not spring to mind as an obvious passport to that all-important first job after college. So when Michelle McCarthy graduated with just such a qualification, she decided she needed a top-up business degree as well.

“I knew I wanted to go into business,” she says, “possibly in Latin-American business relations.” In May, she enrolled on the University of Notre Dame’s inaugural Master of Science in Business degree at the Mendoza school in Indiana…

The Kellogg school at Northwestern University in Chicago also starts a pre-experience degree this year, while Michigan Ross will launch a similar programme in 2014.
The Fuqua school at Duke University in North Carolina has taught its Master of Management Studies for several years…

Canadian schools such as Queen’s in Ontario, the Sauder school at the University of British Columbia and the Ivey school at the University of Western Ontario all now teach these pre-experience masters degrees.

The increase in numbers is borne out by statistics from the Graduate Management Admissions Council (GMAC), which administers the GMAT entry test for business schools. According to GMAC, the number of GMAT test-takers who were under 24 years old - typical masters in management candidates - rose from about 70,000 in 2007-08 to more than 100,000 in 2011-12, rapidly closing on the number of GMAT test-takers aged between 24 and 30, which is the age of a typical MBA student.

Fairness dictates the statement that much of students’ current emphasis on business derives from the enormously high cost of a college education. Dropping a quarter of a million dollars on four years in Hanover doesn’t allow students much leeway in choosing a career. How sad. If Phil could get costs under control — if we could simply educate Dartmouth’s 6,144 students for the same total cost that Brown does for its 8,454 students (right now running Dartmouth costs about 10% more than running Brown, even though Brown has 38% more students), we could use the huge savings to cut the College’s annual tuition cost in half. Over to you, Phil.

Addendum: The FT ranks the top 70 Masters in Management programs for 2013 here. None are based in the U.S.

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