Why There Is A Crisis In Business Education

After years of declining applications for MBA programs, some schools are reporting gains.

But Kenneth Freeman, dean at Boston University's School of Management says the upswing is not something to celebrate.

That's because many employers are complaining that an MBA is no longer preparing people for today's business world.

"I think there's an argument to be made that perhaps the MBA is not nearly as important today as it was 20, 25, 30 years ago," says Freeman.

While undergraduate business degrees are booming — Freeman says all business education needs an overhaul.

The school is hosting the Business Education Jam this week-- which brings together 3,000 employers and educators to discuss the future of business education.