This is a very significant development.
Wow! That decisions speaks volumes.
More info in the change. https://www.ricethresher.org/article/2021/03/faculty-senate-approves-new-undergraduate-business-major
As the parent of a prospective student, I’m curious what you mean by your response? What’s the context around this decision from your perspective?
Tks!
Traditionally, mid and low tier universities have offered business majors while top-tier universities have believed students are best-equipped for business life with a more specialized undergraduate degree followed by an MBA. But business majors are popular with donors and students alike, which in an era where schools are increasingly pressed for resources has led some top-tier universities to reconsider their opposition to having an undergraduate business major.
This doesn’t in any way signal that Rice has has begun to care about students’ post-college prospects in the business world, because that has been a priority all along. It simply means the Jones School thinks it can avoid some of the pitfalls that have traditionally bedeviled undergraduate business majors. Let’s hope they’re right about that!
I think this is extremely telling.
Over the last 20 years, liberal arts colleges (Rice is “sort-of” one of them) have been tweaking their curriculum to be more professionally oriented - business, education, engineering and lately online.
IMO schools that do not get there may find themselves less competitive in a post-COVID world.
Number of applications to Rice University are likely to soar in light of this announcement.
If Northwestern were to follow Rice, it would need to increase dramatically the number of admissions officers.
I agree with @ricegrad’s analysis that at one time there may have been a diluting of intellectual prowess on campus, but now competitive business schools standardized test scores for direct admission often exceed 1500 / 1600 SAT at the top business schools and, arguably, may increase the intellectual horsepower among the student body. SMU is an example of such a school.
P.S. Agree 100% with @michaeluwill’s above post. Simple as supply & demand. Furthermore, the skyrocketing costs of the top MBA programs has caused a surge in demand for undergraduate business majors and less costly one year specialty masters degree programs.
Great alternative to those considering Wharton, Cornell, UVA undergrad business schools
Given that undergrad business is a major at places like UPenn, MIT, Cornell, Michigan, Cal, UNC, UVA- I am not sure it is accurate to think of it as only at lesser schools.
I’m more ambivalent about the usefulness of an undergraduate business degree. Most of the value of an MBA comes from networking (courses are really secondary). The sharing of experiences aren’t going to be there for business undergrads.
Thats how it was thought of in the 70’s and 80’s - but has been on a slow perception change IMO. At this point, colleges without business, even the top ones in some cases, are being questioned by parents, students and sometimes employers.
Employers are showing greater reluctance to hire expensive MBAs when they can get undergrad business majors who may possess as much or more technical business knowledge for much cheaper
I actually think business is fine choice as a second major (or a minor). A business major by itself doesn’t have enough needed content and training to be that useful (with some exceptions, of course).
What if I told you that UG business majors take at least 1/2 non-business classes, on average, at more competitive colleges. BTW, another major could probably take at least 40% of business classes if they tried hard enough.
Major vs. minor… same thing.
Sure, business students can certainly take other classes as other majors can. But what distinquish these business major students then? Some classes in basic economics, finance? A program like UPenn’s M&T distinquish itself by specific other requirements, but it’s a dual-degree program and only graduates 50 students or so a year.
Rice is already highly selective. According to our high school’s Naviance, admission to Rice is at least as challenging as to any T10 school, sometimes moreso. More apps would kinda put it out of reach. But, I wish they had made this announcement before the Jan 1 application deadline.
I like the idea of business minors being available, practical knowledge to round out any undergrad’s experience, basic things like accounting/how to read a financial statement, intro to finance, etc.
Don’t use maybe the most competitive UG program in the nation to make your point. It is a 1 of a kind.
IMO - a major teaches you a way of thinking. We are not talking about a trade school. I hire English majors because I can’t get business majors. On the other hand, there is nothing like a business major who has a strong liberal arts background.
What would make a business major better than a English major with a business minor?
It would be fine, too. Note that lots of liberal arts schools do not yet have that… but they will soon.