Article on Poets and Quants –
An interesting topic is the one posed by higher education and the intrinsic costs of physically attending a graduate program. Virtual learning and “online courses” speak to me for a variety of reasons at this point in my career/life..most specifically, i think it will start to open up a myriad of possibilities for middle aged employees who are intellectually hungry, desire additional learning (for the sheer pleasure of learning as well as sharpening the tools in the kit), combined with access to classes and world class professors.
Folks who cannot “up and quit their jobs” and go “back to school will benefit…and I believe there is pent up demand for an offering as our population ages. Another topic is the creation of hogwans for learning on the other end of the spectrum (children)..but again, i digress… (and not to be confused with Hogwarts).
I surmise there is a bit of untapped demand for a new higher education learning product..if the quality is present and meaningful and measurable..as defined by a strong brand (meaning ..the class/offering is orchestrated by a University such as Berkeley Haas or equivalent)!
Interesting to look at both the opportunity costs (lost revenue, etc) as well as time out of the market when a student leaves the competitive work force and are focused on academic learning with a structured degree. When comparing physical attendance at a program vs online education, i have yet to see research on the efficacy of the education absorbed and learned. There are calls for an MBA “test” at the end of the program to merit and measure the learning (and the ROI of attending a two year graduate program)..but hard to fathom we will get to that stage and find a common measurement tool.
This article and its startling title: “Can half of the business schools go out of business” caught my eye with its click bait type hyperbole!
Richard Lyons, whom I have had the pleasure of meeting numerous times, sharing a breakfast here in LA as part of an alumni event and receiving a warm introduction by him as I spoke to the incoming MBA class a few years back…i take his perspective and views very seriously. He is a charismatic leader and visionary of higher education and has led the Haas school with much distinction.
His thoughts/commentary that within 5-10 years, a number of schools may/could go out of business due to market penetration of MOOCs is intriguing. He is fundamentally speaking to disruption in his discipline. Almost every industry of note over the last 1-2 decades, has gone through massive disruption due to technology (hardware and software), the connectivity caused by the internet of things, and most recently ..IP based content delivery.
Education, as it stands to reason, should not fare any better if the institutions hold true to the “old ways” of teaching and dissemination of its material. A new model is being fashioned…wait and see! It will be fantastic!