Department(s):
The Business SchoolHaving just returned from the Association to Advance Collegiate Schools of Business’ (AACSB) International Conference and Annual Meeting (ICAM), I am feeling bullish on Business Schools. Well, truth be told, I’m always pretty bullish on Business Schools, but these types of conferences only elevate my excitement, because they sharpen what I see as the critical value add of a business education.
Think about it. The average cost of higher education has more than doubled in the twenty-first century according to the Education Data Initiative. The steepest increases are being seen in private four-year institutions where students pay an average of $55,840 per year.[1] So students and their families are rightly asking whether the cost is worth it. Will there be a return on the investment? Will students see first job destinations with incomes commensurate with the monies spent earning the degree? Will the degree make students more resilient and adaptable during times of economic downturn? These are challenging questions. Yet because students and their families are not seeing evidence that an expensive college degree provides sufficient return on investment, economic acceleration, or resiliency, fewer students are opting for college. In addition, for degree programs like business that are seen as commodities, meaning that the degree is widely available at lower costs from other institutions, the perceived value of a business degree from a four-year private school is understandably less.
However, there are factors working in our favor at the WPI Business School that heighten our value add. First, we are an AACSB accredited school. With 1,013 accredited institutions in over 60 countries and territories, less than six percent of all Business Schools in the world enjoy an AACSB accreditation. We are truly part of an exclusive group of schools. Through the accreditation process, we have undergone a comprehensive review that evaluates faculty qualifications, curricula, learning goals, and resources to ensure that everything we do meets the highest standards of excellence.
Being an AACSB accredited school also means that we have attracted some of the best and brightest faculty in the world. Many of our faculty are at the top of their fields in research dollars awarded, papers published in the top journals of their field, and the quality of their scholarship as regarded by their peers. When students come to the WPI Business School, they can be assured of learning from experts who are engaged in cutting edge research and well connected in industry circles. This directly translates to internship and job opportunities for our students. Our network of industry leaders and alumni means we are securing the best opportunities for our students.
Consider also that we are the WPI Business School and who we are brings value as well. Even ChatGPT knows it! When asked about the WPI Business School, ChatGPT said, “The WPI Business School stands out as a beacon of excellence, offering a comprehensive and forward-thinking curriculum that prepares students to thrive in the competitive world of business.”
Why do we stand out? First, as WPI, we are committed to project-based learning, which continues to be a differentiating strength of our institution. Students are engaged in real-world, hands-on learning where the theory learned in the classroom is meaningfully applied in team-based collaborations and industry sponsored projects. This is what distinguishes our students as adaptive leaders who are making a difference in the world. Our students understand key business concepts and are skilled problem solvers, which ensures that they are ready for the jobs of today with the adaptability needed to assume the jobs of tomorrow.
Secondly, the WPI Business School is uniquely situated at the intersection of business, technology, and people. As a “Biz-Tech” school, we are leaders in programs like the first in the world BS, MS, and PhD in FinTech, Business Analytics, and Operations and Supply Chain Analytics. Our students are employing cutting-edge tools and technologies like blockchain, machine learning, and generative AI and we are using these tools to drive the practices that are shaping the future of business and industry.
Last and probably most important, our students are well positioned for the job market. In 2023, ninety-six percent of our graduates were employed or in graduate school, with an average starting salary of $80,000.00. This compares to a national average starting salary of $65,000.00. A WPI degree is worth the investment and in the Business School, we are doing even more to enrich that value proposition. Our students are engaged in site visits to companies like Amazon Robotics, Ascend Elements, Pratt & Whitney, Flexcon, and even the New York Stock Exchange. Our goal is to connect industry leaders and students to increase the number of internships and job opportunities that our students receive. We are also offering Business School specific career development support and job fairs.
So, there you have it: in a time when the cost of a college education is causing students and their families to question the value, WPI and the WPI Business School continue to demonstrate that we are worth the investment. And given the distinctiveness of integrating business and technology, the WPI Business School prepares students for success in today’s competitive technology driven business environments, while also making a positive impact in the world. In other words, we add value, which is why I am bullish!
Blessings,
Dean Debora Jackson
[1] Hanson, Melanie. “Average Cost of College & Tuition” EducationData.org, November 18, 2023,
https://educationdata.org/average-cost-of-college, Accessed 4/22/24.