In an effort to stem back the loss of applicants, many MBA programs are trying to shift with the times.
Traditionally, MBA degree graduates were intended to be cookie cutter businessmen who could be dropped into any industry to implement the streamlining doctrines taught to them at business school.
Dissatisfied with this one size fits all philosophy, business leaders began complaining. Different industries wanted students tailored specifically for their industry. An MBA degree alone didn't mean all it used to.
MBA programs have responded. According to a 2004 survey by the Association to Advance Collegiate Schools of Business International, more than 50 programs already have made significant revisions to their curricula, association president John Fernandez says.
"Business wants a better developed student, a more broadly developed student," Fernandez says.
In fact, according to USA Today, over the next three years about 300 business schools are expected to add academic programs or substantially revise their curricula.
One of these schools is Miami University (Ohio). Here, the traditional MBA program was totally scrapped and replaced with a more integrated curriculum where students learn actual business problems through broad themes such as "product, service and customer development" and "the competitive environment," culminating in a six-week field experience abroad. "In a sense, we're preparing people for a broader management responsibility so they can do more than just a functional role when they get to a company," says Brad Bays, director of the MBA program.
At the University of Washington, the sacrosanct walls of the business school have fallen down completely. MBA students are given a condensed traditional program, then are encouraged to venture into other university schools and take classes that apply more directly to their specific professional goals.