Itís all about supply and demand in the MBA market. It seems that there is a faculty shortage in MBA and business PhD programs throughout the US. There has been a huge increase in applications for an MBA and well as in the programs to serve them. But now qualified teachers are in short supply, either opting for a lucrative position in business where starting salaries are $60,000 or going overseas where there is a 400% increase in accredited b-schools outside the US.
At the same time as the scarcity of teachers is occurring, the baby boomer faculty are retiring. Schools are finding that costs are skyrocketing for qualified teachers and are having to adjust fees to make ends meet.
Some schools, like Richard T. Farmer School of Business at Miami University in Oxford, Ohio are adding on special fees to get the salaries for profs up to par.
So if you are thinking of going on for your MBA or PhD in business and can go the distance, know the sacrifice will be there, but so will the job