Changing Times | Fordham’s Accelerated Executive MBA

It's somehow fitting that the economic boom years of the recent past fell at the end of the 20th century, because life in the early 21st has taken a sharp turn in a different direction. Stock markets have been down for so long that some investors can't remember what a bull market was. Corporate scandals have made the average citizen deeply suspicious of the motives of the business world. Add a tepid economy, war in Iraq and an ongoing campaign against terrorism to the mix, and it's no wonder that people considering business school are looking long and hard at each program's advantages. And in a move that reflects this uncertain climate, Fordham University has reconfigured its executive MBA degree.

"We have repositioned the program," says Francis Petit, assistant dean and AEMBA program director at Fordham's Graduate School of Business Administration. Starting this fall, students entering the Accelerated Executive MBA program will be able to complete their degree in 22 months, with only one weekend of in-class study required per month. That's four months shorter than the existing curriculum, known as the Transnational MBA program, which will be phased out after current students graduate.

Petit explains that the school put a lot of effort into researching its shift, including soliciting feedback from recent graduates as well as accepted applicants who chose to enroll at other schools. What Petit learned is that today's would-be MBA students are very conscious of the cost of various programs and how much time away from the office is required. Both the current curriculum and the Accelerated EMBA program offer the same degree—an MBA in management—that all Fordham students receive.

The current Transnational program features up to three international trips. The Accelerated EMBA, on the other hand, has just one overseas session, in China, which comes at the culmination of the entire degree. "The China trip is a capstone pedagogical experience," says Petit, noting that it combines both practical business analysis skills and cross-cultural awareness.

While overseas experience is extremely valuable to students, Petit explains that many people were reluctant to commit so much time to the program. Each trip gave students three to four days in a country, and with travel time included, students had to take nearly a week off from work. "We found that time away from work was a big deal," he says.

And in the post-Sept. 11 world, when cable news stations display the current terror alert conditions continuously on the bottom of the TV screen, students are not as blasé about travel as before. The prospect of overseas field trips was once exciting; now it can generate real anxiety. "We found that students today are not so gung-ho about travel," Petit says.

Another big factor was cost. Although the price tag for some EMBA programs can top $100,000, Fordham's $86,000 tuition for 26 months was still considered on the high side. Looking for ways to trim the bill, the school decided to transplant most of the in-class meetings from a conference center locale to the school's New York City Lincoln Center campus.

The schedule for Fordham's EMBA degree calls for students to meet one weekend a month, for intensive in-class meetings lasting all day Friday, Saturday and Sunday. Moving to classroom facilities without providing room and board was one of the factors that allowed the total tuition bill to be cut to just $68,500.

Petit says his research indicated the vast majority of Fordham's students come from the New York City area anyway, so eliminating room and board would not be a hardship. A handful of the weekend sessions will remain at conference centers to allow for in-depth coursework and discussions in a retreat-type setting, and tuition does cover these overnight stays.

This shift also allowed the school to retain the schedule of meeting for a full weekend every month. Many programs meet part-time during the week, often at night. While these degrees can be less expensive, they can also take significantly longer to complete, sometimes as long as four years. "There is an opportunity cost for spending more time in school," Petit says. "We found that students are very attracted to our schedule."

For more information on Fordham's Accelerated Executive MBA, contact Francis Petit at (914) 332-6011 or petit@fordham.edu.

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