All Else Equal: Making Better Decisions

Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan

Jan 29, 2025

Madhav Rajan, Dean of the Booth School of Business at the University of Chicago, brings valuable insights from his extensive background in business education. He discusses the shifting landscape of MBA programs, emphasizing the importance of rigorous education amid declining full-time enrollments. The need for experiential learning to meet market demands is highlighted, along with innovative ideas like modular degrees. Rajan also explores the evolving value of MBAs, the impact on alumni relationships, and how schools can adapt to modern educational trends.

32:03

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Madhav Rajan

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Quick takeaways

The shift toward part-time and online MBA options reflects a growing demand for flexible learning that accommodates working professionals.

Brand reputation and signaling have become critical factors for students, influencing their decisions when selecting MBA programs and impacting institutional competition.

Deep dives

Decline of Traditional MBA Programs

The landscape of MBA programs has shifted significantly, with many institutions struggling to justify the traditional two-year, full-time MBA model. A notable trend is the closure of several programs across universities, reflecting a growing sentiment among prospective students about the cost versus potential benefits of such degrees. Students increasingly favor part-time or online alternative options that allow them to maintain their jobs while studying. This transition highlights a broader stagnation in the MBA market, where schools are adapting by offering hybrid and part-time formats instead of the conventional full-time experience.

Intro

6min

The Evolution of MBA Programs

10min

The Crucial Role of Rigorous Education in Business Success

2min

Reimagining MBA Programs

8min

The Evolving Landscape of MBA Value and Fundraising

6min

As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look?

In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania, and the Booth School of Business at the University of Chicago.

Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Chicago Booth’s Madhav Rajan to discuss the state of the MBA programs at their universities and why there seems to be ac. The conversation also touches on the need for rigorous education, the value of technical skills versus managerial training, and potential innovations like modular MBA degrees.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.