To what end does "Einführung in die Musikalische Formenlehre" inform the composer today? What prevents -anyone- from reading it themselves (other than translation issues, which would be just as much of an issue for any university course using this as a text)? The fact of the matter is that universities globally are still important for research, just like Libraries are important for research. If you want to be a music researcher, go to a university. You might actually have an abundance of positions available for you to apply when you complete your degree.
If you go to university to learn what you need to become a composer (which is broadly subjective), you're not going to have some job position waiting on you when you graduate, plain and simple. It's about the return on someone's investment, speaking specifically about money. And if a composer has to learn on their own at a university anyway, how is that any different at a university than at home in your pajamas with a network of other professionals. You're giving a LOT of credence to the professor as professional in an academic environment that hardly "qualifies" that title. A music composition professor is more of a psychologist and mentor than a skilled researcher and trained librarian. So, what exactly -is- the value of academic study at a university for strictly the composer? $40,000? $80,000? When is enough really -enough- when the bottom line boils down to a career that is self-constructed, a knowledge base that is self-constructed, and a work study flow that is, as well, self-constructed?
If I go to my professor and ask, "Where can I learn more about the music of John Hancock composer?" How will the professor's insight into this be any more or less valuable than any other professional insight outside of academia? What about a membership to a local university's music library, which is certainly NOT $40,000? If I ask the librarian on duty the same question, how is that any -less valuable- than the professor's insight? What's to say that the professor won't actually refer the student TO the music library for that information? You're kidding yourself if you think that a professor's insight is objectively any more valid or insightful than people who, as profession may have it, actually have to find said materials FAR MORE OFTEN than said professor. Yet, you're not going to pay $40,000 to that library for the librarian to point you in that direction now, are you? Why pay $40,000 to a university for the advice of that professor? Where's the monetary value? Economically, it makes no sense.
A degree is a piece of paper, and certain jobs -require- that piece of paper in order to be considered for the position. No such position AS A COMPOSER whose only job duty is to compose requires said piece of paper. It makes no sense to pay so much money for insights you could receive through simple investigation on your own. The only thing you're really paying for, then, is convenience. You're paying for an answer that -might- save you time in your research pursuits if you're not resourceful enough to find the information in a more timely manner. But in the end, you're still teaching yourself. You're still becoming a composer independent of really anything a professor has to offer. The only other thing you might be paying for is -certainty- from a professional that your work is great and well-written. How do you even measure 1% of what a university has to offer in comparison to resourcefulness through internet communication and access to, GASP, frickin' Amazon.com?! You're again kidding yourself if you think that 1% is at all measureable.
I might as well throw out any random percentage of what universities offer compared to independent study, because the bottom line is we're all studying independently. When going to a university, all we're paying for is convenience that is just as convenient on the interwebs as it is at a brick-and-mortar institution. If a library hired a music research assistant for $15 an hour to perform the same tasks as a composer at a university, would you pay $40,000 over four years for that person to help you find what you needed for your own independent study of music? Would you pay that much to have that person sit with you and critique your work?? Why would you? The library itself is supplying the information. Are you paying for someone else's interpretation of that information? Are you paying for a lecture on that information that further explains it? If you can honestly comprehend what you read, there is absolutely NO BASIS for paying five figures for any of these services.
I suppose you'd rather pay someone $40,000-$80,000 to read and study those books for you and then regurgitate that information back to you? Really?
Where are the majority of people who do pay that much ever going to earn the money to recoup that investment? Fortunately, there are statistics out there that might tell us roughly how many composers who pay for that education actually recoup that loss with their music sales, distribution, and current composer job openings. I'm sure that percentage is abhorrently low, too. Fiscally, it makes no sense to strictly study composition at a university. You're only doing so because you have the money to waste and don't mind wasting it. Either that, or you're a sucker like me :)