Higher education has hit a wall–particularly the business school. Four issues are upending higher education as it is constituted today:
It is overpriced: While the cost of higher education has skyrocketed, MOOCs (Massive Open Online Courses) have emerged as a game changer, opening doors to an unparalleled democratization of higher education. The marginal costs of online learning are basically zero. And yes, in spite of huge enrollment numbers (often 50,000-80,000 students per class), MOOCs have not yet been able to fully deliver on their high- flying promises. Critics often point to course completion rates--often as little as 5 percent of the enrollees complete a course--a sign that MOOCs are still evolving.
It is out of touch with the changing market: The old model of higher education worked for a remarkably long period, although not for everyone. Students invested in the pursuit of a career path that almost guaranteed a good income, which then enabled them to swiftly pay back their college loans. Those years are gone. With many industries having moved from the United States to Asia, and with increasing automation in manufacturing and management, many formerly well-paying middle-class jobs no longer exist; they have been replaced by service sector jobs that do not even pay a living wage.