text: Time to change: Business mogul Jack Welch has called for an end to the college hierarchy that has caused education to become cripplingly expensive . Business mogul Jack Welch has called for an end to the college hierarchy that has caused higher education to become cripplingly expensive. Speaking to DailyMail.com CEO Jon Steinberg, the former head of General Electric insisted that it's time to cut out expensive and needless middle management. He said: 'If you look at education today there are deans, there are associate deans, there are assistants to the associate deans. There's hierarchy beyond belief. 'Why should these lazy professors hang out getting fat on money while kids are going broke graduating? 'It's dumb, it's stupid, and it has to be broken.' Welch warned that this increase in middle management is driving up the cost of higher education, which is now failing to give students value for the amount of money they are forced to shell out. He told Steinberg that he is now dedicated to taking education in a new direction as executive of the Jack Welch Management Institute (JWMI), which currently has over 900 students and is growing. He said: 'At JWMI one thing is true - and this will be a big change for education - we think: 'Who is our customer?' The student is our customer. 'We have no tenure. We will remove faculty if the students call for it. 'They know when they're getting value and when they're not. They're great consumers and they give us voice' 'If we've got jerks that aren't giving them what they want, we''l have a chat with them once, and the second time they won't be there. They won't be in the next class.' The business mogul and his wife, business journalist and author Suzy Welch, were speaking at an Answers to Correspondents event at the New York's Core Club hosted by DailyMail.com and JWMI. During the intimate conversation, Welch claimed that JWMI could provide a model for what the future of graduate education can be. 'We're seeing lives change,' he said. 'It's amazing how we're changing lives with some very basic steps and an economically sound deal for us and for them.' Jack Welch (right) and his wife, business journalist and author Suzy Welch (center), were speaking with DilyMail.com CEO Jon Steinberg at an Answers to Correspondents event at the New York's Core Club . Following the release of their new book The Real-Life MBA: Your No-BS Guide to Winning the Game, Building a Team, and Growing Your Career, the couple discussed how real-world business scenarios should be used in education. Suzy Welch said: 'What's happening in business education in our school are these team-based projects that are more simulation of business troubles and business challenges, and that's better.' She pointed out that at many schools business education is being taught by academics, who lack real-world experience at a management level. 'Most of them haven't managed a thing,' she added. 'They're sitting there talking to you about leadership and they've not led a person. 'At our school, 90 per cent of the faculty are also business leaders. They are business executives who all have done PhDs. 'Anything that can be more real world really helps.'
target: The business mogul was speaking to DailyMail.com CEO Jon Steinberg .
  He insisted it's time that colleges cut out expensive middle management .
  With his wife Suzy Welch he is dedicated to changing business education .