During his 22 years at the University of North Carolina’s Kenan-Flagler Business School, Doug Shackelford has helped its MBA programme adapt to a number of serious economic shocks. Following the turmoil after the dotcom bubble burst and the 9/11 terror attacks, he helped lead the school as head of academic affairs. Then in the recession that followed the financial crisis, Kenan-Flagler set up an online version of the programme —MBA@UNC.

Mr Shackelford, who has been the school’s dean for the past six years, says the coronavirus pandemic is by far the biggest challenge to the MBA.

“I would be shocked if there is any school that can take the hit that has occurred to our sector and make money,” he says. “We were going to run another big surplus this year but now we are trying to minimise the deficit.”