Debbie Craven was beaten to university by her daughter, who is midway through a psychology degree. But Ms Craven senior, who left school at 16 and last year started a master of business administration degree at Reading university’s Henley Business School, has one big advantage: unlike her daughter, she is not paying any tuition fees.

Until 1998, undergraduates in the UK did not pay tuition fees. And historically business school was also often free for students. Employers would pay for two-year, full-time postgraduate courses, which were seen as the best way to build leadership skills for highflying executives destined for a place on the board.

This practice has waned as companies have been forced to cut costs, particularly in the wake of the financial crisis. Most of the people who want to attend business school have had to fund themselves.