The golden era for U.S. business schools is over. Gone are the days when a master of business administration degree was essential for a career at Goldman Sachs or McKinsey & Co. Young professionals now balk at the $100,000 price tag and two-year commitment needed for an M.B.A.
The rise of Asian business schools poses another challenge. Although applications from the region are still strong at top U.S. schools, many Asian students and successful entrepreneurs have opted to stay closer to home to hone their skills. Business schools have mushroomed in India and China, offering courses and networking opportunities that are more relevant to their home markets.
Top U.S. business schools have responded by introducing shorter and more specific business programs, and adding international business cases for study.
Indian-born Nitin Nohria, the first Asian dean of Harvard Business School, talked to The Wall Street Journal in Hong Kong about the new environment of business education. Edited excerpts: