Business Schools Get Competitive -- for Faculty As the demand for doctoral educators soars worldwide, institutions are devising ways to attract them and seeking alternatives to fill posts. From Associated Press February 21 2006
Business schools are getting a lesson in supply and demand when it comes to teachers.
The schools have been competing for students for years as the number of master in business administration programs at universities has soared. Now, the schools also are competing for a dwindling supply of doctoral business faculty to teach those students.
Major accrediting groups and business school officials say the diminishing supply of people with doctorates in business and the rapidly increasing demand for their services globally have pushed doctoral salaries through the roof. It has also forced business schools to devise ways to compete effectively for doctoral faculty and find alternatives for filling vacant faculty positions.
"There are two to three times the positions available as there are people to fill them," said Richard Sorensen, board chairman for the Assn. to Advance Collegiate Schools of Business International. The Tampa, Fla.-based organization accredits collegiate business schools offering undergraduate, master's and doctoral degree programs.
Business education experts say a continuing shortage of doctoral faculty in business will hurt the quality of research and teaching and leave future business executives less prepared for leadership roles in a global economy.
Roger Jenkins, dean of Richard T. Farmer School of Business at Miami University in Oxford, Ohio, described the shortage as severe.
"There is a huge cut in the supply and no turnaround in sight," he said.
Those in business education say several factors have combined to create the imbalance.
Besides the growing number of business schools in the United States, there has been an explosion of such schools in other countries — schools that are seeking American-trained faculty with doctoral degrees.