Penn State University, Smeal College of Business
Penn State Smeal College of Business In the year It announced on Monday (August 22) that the two-year residential MBA program will close in 2024. The group that enters in the fall of 2022 will be the last of the program.
Instead, the business school will transition its STEM designation to a one-year MBA beginning in fall 2023. The new program replaces Smel’s one-year program. Master’s degree in management and organizational leadership.
It is the latest popular school to shut down its two-year residential MBA program over the past several years. The University of Iowa TP College of Business has announced that in 2017 He admitted to the last full-time team in 2019Instead of focusing on developing the part-time program and specialized Masters offerings. University of Illinois at Urbana-Champaign Gies has done both full-time and part-time MBAs By providing additional resources for the disruptive online MBA program in 2019 programs. Wake Forest is out of the full-time market. In the year After registering in 2014, it decreased from 144 in 2009 to 114 five years later. Thunderbird School of Global Management, Virginia Tech and Simmons College have closed their campus MBA programs full-time in recent years.
For Smel, a ‘financially responsible’ decision
Smel’s full-time program admitted 98 students in 2021, with 55 enrolled for the 2023 cohort. The yield (the number of students who receive admission and are enrolled in the program) It dropped from 67.1% in 2019 to 56.1% in 2021..
His application to the team that arrived this fall also dropped to 42. Enrollment has reached about 60. Poets&Quants.
Early in the morning, Smel’s spokesperson wrote P&Q “Some students are excited to be moving to a 1Y MBA instead of a 2Y program. Others are wondering what this change might mean for future prospects. Faculty reception has been largely positive.”
At the time of releaseSmil Dean Charles Whiteman pointed to the closing programs at Tippy, Gees and Wake Forest as the reason for the closures is declining demand and flexibility.
Charles Whiteman
“For years, as the number of students interested in pursuing a full-time, two-year residency program has dwindled, other flexible learning options have proliferated across the country,” says Whiteman. “At Smil, we have carefully evaluated our programs over several years and have arrived at a solution that enhances the strength of our integrated professional graduate portfolio. We have considered many factors and ultimately made a fiscally responsible and forward-thinking decision.
smell, It was ranked 32nd in the latest P&Q rankingsThey are facing the same challenges as other top 50 schools that are not ranked first or second and do not have internationally recognized brands. MBA observers recently rated the overall health of full-time programs at schools with no international reputation. (watch out – Who and who should not apply for MBA And Q&A with Scott Galloway: How Healthy is an MBA?)
More than half (54%) of the top 50 U.S. schools (ranked by US News & World Report) reported declining enrollment in their full-time MBA programs in 2021 at the time of Smil’s announcement. That number rises to 67 percent when considering programs at schools 51 and under. Meanwhile, the number of GMAT takers dropped 30% from 2017 to 2021. In America, only 38,509 reached a new low
Interest in online and hybrid programs continues to grow.
Meanwhile, there is growing interest in online MBAs and other leaner, more contracted and more specialized programs. In fact, in the 2020-2021 school year, the US online MBA students outnumber those in full-time traditional programs. For the first time in the U.S., 45,038 students are enrolled in online MBA options, compared to 43,740 in full-time programs, according to AACSB (The Association to Advance Collegiate Schools of Business).
Case in point: Enrollment in Smel’s online MBA has increased 167 percent over the past three years, while enrollment in the specialty master’s degree has increased 87 percent in one year, the school reports.
The school’s move to a one-year program will allow it to deploy its resources to programs with unmet need, including the Ph.D. program.
New trunk design
Smil marks the transition to a one-year MBA as part of a decade of change designed to better meet student flexibility, ambition and customization. This includes creating an executive doctorate in business administration, a master’s degree in accounting analytics, and redesigning the executive MBA in Philadelphia. The college offers 14 online and resident specialty master’s degrees and 14 online certificates.
The STEM designation makes the school an elite but growing group of MBA programs. In a survey of 100 admissions officers, global education services Kaplan and its sister company Manhattan Prep found that 22% of full-time MBA programs They were named STEM in 2021, from Before 13%. STEM designations help candidates excel in multiple fields of study, as well as help international students obtain work visas for the United States. (watch out – All major STEM programs at US business schools.)
Smel’s STEM designation helps attract top international and local students, especially those seeking management positions in information technology, architecture, engineering and other fields, the school notes.
Smel’s new one-year MBA
Smeal plans to start the new MBA in two classes, each with 55 to 60 students. It is aimed at pre-professionals. Tuition will be $29,888 for in-state students, $47,704 for out-of-state students. By comparison, tuition for the full-time program was just under $60,000 for in-state and $96,000 for out-of-state, not counting fees.
“We’ve long believed it’s time to think differently about graduate business education in America, and we’re committed to leading the way,” says Whiteman. “Today’s business leaders expect to acquire new skills as needed, and curriculum can be tailored to the needs of a role, company, industry or life stage.”
Don’t miss it. Kellogg has made a big change in the part-time MBA. Not everyone is happy about it, and Wharton’s MBA goes online with a $214,800 global MBA.
