Pervasive stereotypes paint b-schoolers as unapologetic, ethics-be-damned capitalists suiting-up to cause yet another economic meltdown only to enrich themselves at the destitution of others. Yet, many MBAs enter into graduate management programs with the expressed intention of using that education to drive positive change in their communities and the world.
These mission-driven individuals have a sober understanding that the salaries commensurate with such noble pursuits will very likely be below what they could earn in the private sector and, perhaps, not even justify the financial case for attending b-school in the first place. Despite income pragmatism, many b-school graduates regularly seek out and accept government, social, and environmental sector jobs eager to apply the skills honed during MBA study.
The towering price of b-school considered along with all the associated expenses and, of course, the opportunity cost of attending ultimately sum to an overwhelming outlay. For most, student loans are the only way to make graduate education possible. Then, just as students get that diploma they also must soon give that first loan payment. Presented with the reality of decades of debt, the world unfortunately loses bright minds and bold hearts to private sector jobs that can provide remuneration not often found in the public sector.
To combat this brain-drain, a notable cadre of universities is subsidizing MBA graduates through post-commencement grant programs in order to encourage career paths in nonprofits and government work. In a refreshing Bloomberg article, we learn about six of the world’s top business schools that have such programs in place. Harvard, Stanford, Wharton, Columbia, Duke, and Michigan are profiled due to their stature, but the article lists them as “among others” who have these incentive programs that “are generally not well-known among business school students.”
Does your institution have a program like this? Is there talk of implementing one? What role does such a program play in enticing bright minds to attend your university? How has your school responded to the growing interest in sustainability, corporate social responsibility, and social entrepreneurship?
Inarguably, this is a bright spot on the landscape of graduate business education. It requires the right mix of available funding and complementary priorities. One cannot help but wonder what such ripples might cause.
