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How Business Schools Have Failed Business Business school deans and educational thought leaders are doing a lot of soul-searching concerning the role and culpability of graduate business schools in the economic downturn. Dean Robert Bruner of Darden on April 5 wrote on Twitter "Controversy over the role of B-schools in the crisis. Did they warn strongly enough about the risks of toxic assets? Probably not." Joel Podolny, formerly a professor at Harvard Business School and Stanford Graduate School of Business and previous dean of Yale's School of Management, asks "Are Business Schools to Blame?" He critiques schools for 1) Dividing the "challenges of management and leadership in a dysfunctional way." 2) Communicating the idea that applicants should "measure the MBA degree's benefit in terms of the additional salary they can earn." 3) Lacking contrition and failing to make changes in response to fallout from the crisis. My $.02: While #1 makes sense, I disagree with #2 and #3. Applicants should expect professional advancement from a professional degree and see if the degree will pay for itself. Basic business concept. It's a little too early for the programs to make meaningful changes in response to a crisis that really blew up in September.  Steve Kerr, former Chief Learning Officer at Goldman Sachs and at GE, disagrees vehemently in "Don't Blame the Business Schools." Henry Mintzburg blasts the business schools (as usual) in "America's Monumental Failure of Management." Stefan Stern defends them in "Why MBA bashing is unfair"  President of Thunderbird Dr. Ángel Cabrera has been vocal in saying the business schools are culpable. Additionally, there are a slew of articles in the Harvard Business Review about the responsibility of MBA programs for the financial crisis.  I would like to highlight today's excellent piece on The Wall St. Journal editorial page by Dr. Michael Jacobs of UNC's Kenan Flagler School of Business entitled "How Business Schools Have Failed Business." His main points:  Misaligned and dysfunctional incentive programs rewarded short-term gain instead of long-term value creation. Most business schools do not systematically address compensation systems. Corporate boards were "AWOL." Schools don't require courses in board structure, composition, and processes. Courses in "ethics"are not enough and are not the same as governance. The investment community failed to accurately evaluate risks. Jacobs argues that "as the gulf between the provider and the user of capital widens, the risks involved with selecting and monitoring the participants in the portfolio increase."   Posted by Linda Abraham on Fri, 24 Apr 2009 18:54:48 +0000 | Permalink | Post a comment

Special Report: Applying to B-School in Times of Crisis Since September the Accepted Admissions Almanac has posted frequently about the impact of the financial crisis on MBA admissions, hiring, and financial aid. We have collected these posts in a free special report Applying to Business School in Times of Crisis. You will find in the special report articles on: Applying while or after a layoff. The series "MBA in Finance: Forget It?" The disappearance and reappearance of financial aid options. The wisdom of applying during times of financial uncertainty. Please feel free to download and share Applying to Business School in Times of Crisis. Please also use the comments to share your thoughts on the topics discussed in this special report. Posted by Linda Abraham on Mon, 06 Apr 2009 15:00:19 +0000 | Permalink | Post a comment

Average 2008 GMAT: 678
Average 2008 Acceptance Rate: 34%
Average 2007 GPA: 3.3
Class Size: 280
2009 Application Deadlines: Oct 24, 2008; Dec 5, 2008; Jan 9, 2009 ; Mar 13, 2009
UNC MBA Program Admissions

UNC Kenan Flagler MBA Application Tips

Date Rating Course 01/2009 Marketing 01/2009 4.00 Marketing 01/2009 Other 01/2009 Finance 12/2008 3.00 Real-Estate

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Date Title 2/19/2009 2009 UNC Kenan Flagler MBA Admissions with Sherry Wallace 1/10/2005 UNC Chat with Sherry Wallace 12/10/2002 UNC KFBS with Sherry Wallace 11/12/2001 UNC with Jim Dean 1/9/2001 UNC Chat

The following editors have had clients accepted to this school:

Paul Bodine Cindy Tokumitsu Sonia Michaels Catherine Cook Cydney Foote Sachin Waikar Natalie Grinblatt Epstein

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