On Oct. 22 an email broadcasted throughout the university announced a drastic change to the School of Business MBA program. It will no longer offer incoming students admission to the traditional full daytime MBA program, effectively beginning the gradual phasing out of the program.
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The decision is largely the result of a collection of statistics that show that students would rather participate in a graduate program that does not prevent them from gaining valuable career experience. According to a GMAC survey of 2013 MBA graduates, 95 percent believed that their flexible program prepared them for leadership positions in their organizations at the same level, at the same level as traditional daytime MBA respondents.
“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,” said Charles Iacovou, dean of the School of Business. “Business models are evolving more rapidly than ever and business education must innovate. Quality education, better experience, easier access: that’s our vision for the future of the MBA.”
While the university will eventually discontinue the daytime program, students currently enrolled will be able to complete their degrees as intended. Faculty members involved in the program are still expected to have roles as well.
The university’s decision comes at a time when enrollment in part-time programs has actually suffered in favor of daytime ones. While nearly two-thirds of MBA students nationwide are participating in part-time programs, enrollment has decreased by over 15 percent since the 2008-09 academic year, compared to just a two percent drop for full-time programs. A GMAC survey released earlier in 2014 showed that 33-percent of MBA prospects surveyed in 2013 were interested in a part-time degree, a six point drop from five years ago.
Nevertheless, the university felt the change would improve the graduate school’s direction and it certainly mirrors the current rankings of the two programs. U.S. News & World Report placed the Wake Forest daytime program at No. 58 in the nation in its most recently released rankings. By comparison, the part-time program is ranked No. 20, ahead of schools like Boston College and Villanova.
“Innovation not only finds new ways to meet old challenges, it also requires the courage to redefine the future and take bold steps to achieve something even greater,” said university president Nathan O. Hatch. “We believe redefining the Wake Forest MBA delivery model is the right move for our students, our alumni, our employers and our institution.”
In the future, the university will offer just an evening MBA program in Winston-Salem, while offering both evening and Saturday classes in Charlotte, N.C.
The school intends to integrate existing classes with online delivery to enhance the experience.
“The way we deliver MBA education needs to change and I am proud to be part of a team who will make the necessary shifts to evolve our MBA delivery models to best serve the needs of students and employers,” said Sherry Moss, an MBA professor and faculty area chair.
In recent years, the MBA program has lagged in comparison to its undergraduate counterpart, which was recently ranked by Bloomberg Businessweek as the 11th best program in the nation, its highest ranking ever.