Jack Welch, former CEO at General Electric, has announced plans to start an MBA program based on the business principles he made famous teaching managers and executives in GE’s own classroom, BusinessWeek reports. The Jack Welch Management Institute at Chancellor University in Cleveland will officially launch this week, with the first classes starting in the fall. The MBA will be offered almost entirely online. Compared to the $100,000-plus price tag for most brick-and-mortar MBA programs, the $600 per credit hour tuition means students can get an MBA for just over $20,000. "We think it will make the MBA more accessible to those who are hungry to play," Welch says. "And they can keep their job while doing it." Welch’s decision to jump into online education shows impeccable timing. Business schools in general are experiencing a rise in applications as mid-level managers look to expand their business acumen while waiting out the current job slump. The new program’s flexible schedule—paired with the low tuition cost—could be doubly attractive to those looking to move up the corporate ladder as the market begins to rebound…

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