The primary problem with broadcasting schools, at least over the last ten years, is that the technology changed so fast that the schools couldn't afford to keep up. Nor could they teach it fast enough...what you learned your first year was outdated by your third year. As a result, these schools (and many broadcasting curriculums at regular colleges, too) end up teaching really out of date information and practices.
I mean...I've seen TV ads for the CT School of Broadcasting and they still show reel to reels and cart machines in the background. I imagine some places still use reels in a limited fashion here and there...but does ANYONE still use those hated carts? :-\
At this point the industry is so contracted (and still shrinking) that whether or not you have any kind of paper from any kind of communications school is practically irrelevant. It's all about persistence, networking and luck...or about who you know. ;D Really, you're better off setting up your own little podcast and trying to build an audience...you've got a lot better chance of impressing a hiring manager that way.
Still, I think we're mostly talking about the
technical aspects of broadcasting being taught. There are lots of aspects of broadcasting that don't change much over the years. Journalism for example. Yes the methods have changed but the principles behind them have not. It's just that what we used to consider "bad journalism" has largely overrun the MSM. How to interview people hasn't changed much. How to talk on-air (both content & mic technique) haven't changed much. These are all valuable things to know...although all things you could learn just working (or volunteering) for a station rather than paying for the privilege of going to a school to learn them.
FWIW, there is one
narrow avenue where having a piece of paper still matters...and that's if you're trying to get a job working for a college. Admittedly the value of a master's degree in broadcasting is less than the value of a good roll of two-play Charmin...but most colleges still require that you have a masters (or better) if you're in
any sort of role where some kind of teaching to students
might occur. I'll admit, I'm kinda bitter about this...such jobs are very rare and I've seen a few "manager of an otherwise student run college radio station" jobs go to people that I thought were really not qualified to run the station, but they had a masters so they beat out many other candidates. Granted, sometimes I was one of those candidates, but not always.
Of course, one can turn that around...if the college ignores real qualifications in favor of a useless piece of paper, methinks I wouldn't necessarily want to work for that college after all.