New Survey of Deans Documents Changes Coming to Business Schools

A new survey of deans from nearly 100 accredited business schools by Eduvantis, a leading higher education consulting firm, documents Covid-19’s significant impact on U.S. business schools.

The survey, “The State of the Business School During Covid-19,” was conducted in November and included a broad representation of public and private U.S. business schools, across the rankings spectrum.

Among the findings:

• More than 75 percent of institutions have had to make staff and general budget cuts during Covid-19.

• Revenue declines at business schools have not been evenly distributed, with top 100 ranked schools faring far better than those outside of the top 100.

• Regardless, there is greater optimism among deans that business schools will thrive in the future than in past surveys.

“What’s evident is that Covid-19 has hit all academic institutions hard, but many have used the crisis as an opportunity to re-engineer their business model and reallocate precious resources,” said Tim Westerbeck, president of Eduvantis.

“When the pandemic is over, these institutions will be well-positioned, and it makes them optimistic.”

The survey also documents the substantial move business schools are making toward offering more non-degree and certificate programs as part of their program mix. It doesn’t mean degrees are going away, only that part of being more market responsive involves meeting people where they are, said Westerbeck. “Right now, a growing number of people want to develop new skills around things that are most demanded by employers. They want what is called upskilling. Business schools are ideally situated to provide it.”

Business schools have been moving toward more online programming during the past few years. But now, more than ever, business schools need to be increasingly sophisticated in their online delivery, if they are to compete with established programs in what has become a highly competitive market. For this reason, deans were substantially more bullish about demand for online program managers (OPMs), companies that help schools develop, market and deliver their programs, than a year ago.

“We’ll see big changes in business schools in the year ahead,” Westerbeck said. “Business education is more important than ever as we adjust to a new economy after Covid-19.”

To view the survey data and slides, please click here or visit:

https://tinyurl.com/CovidDeansSurvey

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