Reshama Shaikh, Langone MBA Class of 2014
The economic downturn since the financial crisis of 2008 has affected Stern as well. Prior to that, the majority of Langone students were receiving funding from their employers for their MBA studies. The CCWP was able to function with their limited resources and career opportunities for Langone students with 2 justifications. The first is that Langone students are interested in career advancement within their company and not really career changes and that is why students pursue the MBA while continuing to work full-time. The second is that it would be a conflict of interest to offer the full career service options to Langone students since they are being sponsored by their employers.
But now, the number of employers that are supporting tuition reimbursement has slowly decreased. Companies that previously covered 100% tuition are coffering about $10K per year. With tuition costs increasing, this covers about 4.5 credits per year. That leaves the burden of paying the other 10.5 credits per year (if doing MBA over 4 years at 15 credits per year) to the student. Potential Langone applicants will seriously consider this added dimension: should they pursue the MBA while working and paying the majority of costs without receiving the full job placement services?
As employer sponsorship has gradually decreased, so has Langone student enrollment. How will Stern face this challenge? Will they be proactive or reactive? Will they address the concerns of Langone students and adjust the career opportunities for them? Or will Stern’s Langone program continue to see a decline in enrollment, revenue and rankings?
Given the recent “State of the Stern” address, which lacked a single mention of the Langone program, one fears it may be the latter.
Langone MBA Class of 2014
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