One would think that the condition of the U.S. economy would have undergraduates declaring business as their majors in droves. One would also, however, be wrong: Federal and college data show interest in the field is mimicking the Metrodome roof and falling.
Inside Higher Ed reports business is no longer the big man on campus in terms of majors and interest appears to be static and even waning at many schools. Since 2008, Pennsylvania State University has recorded a 30-percent decline in undergraduates accepting offers from its Smeal College of Business – a trend that’s far from isolated: Though rates have remained stable and even increased at the University of Oregon and Indiana University, the share of business majors at University of Central Florida is down by nearly 15 percent this semester relative to 2008 and 13 percent fewer students are enrolled in Purdue University’s Krannert School of Management this semester compared to two years ago; last year, the number of applicants dropped 26 percent from the previous year.
John Pryor, director of the survey-conducting Cooperative Institutional Research Program at the University of California Los Angeles, suggested student loan debt and the perceived lack of career stability in business may be fueling this shift. "Even though students have higher debt, some are seeing that business is not as likely to help them pay that debt back," he wrote. "We also saw business employees losing jobs and having lower incomes, so perhaps students see business as not providing as sure a track towards economic freedom as in the past." The survey also suggested undergraduate interest in business peaked long ago – 1987 to be precise, the same year Gordon Gekko famously declared "greed, for lack of a better word, is good” in the movie “Wall Street.” Coincidence?
Students, has the economy influenced what you’re majoring in? Are you more likely to take pages from the books of computer science majors Bill Gates and Mark Zuckerberg instead of emulating good ol’ Mr. Gekko?
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