Interesting blog post from Fortune, which talks about how prominent PE firms such as GTCR are no longer requiring their associates to attend business school. Rather, promising associates are being promoted from within. A similar trend is happening at MBB consulting firms, which used to kick out pretty much every analyst after 2-3 years. Now, a lot of them are staying rather than going to b-school. Pretty interesting trend.
I think the huge costs (tuition keeps going up while median compensation has barely budged) is definitely playing a major role here. In addition, I think the movement towards one-year MBAs, executive MBAs, and specialized masters programs such as mfin/mfe is a real one.