Bruce Fleming in the Chronicle of Higher Education:
They're educational institutions, but do they actually educate, and furthermore, do they produce “leaders” as they claim to? And are they worth the $400,000 or so per graduate (depending on the academy) they cost taxpayers?
After all, we already have a federal program that produces officers—an average of twice as many as those who go to the academies (three times for the Army)—at a quarter of the cost. That program is ROTC, the Reserve Officer Training Corps, which has expanded considerably since World War II, when the academies produced the lion's share of officers.
No data suggest that ROTC officers are of worse quality than those graduating from the academies, who are frequently perceived by enlisted military as arrogant “ring-knockers” (after their massive old-style class rings). The academies evoke their glory days by insisting that many more admirals, say, come from Annapolis than from ROTC. But that is no longer true. Between 1972 and 1990 (these are the latest figures available), the percentage of admirals from ROTC climbed from 5 percent to 41 percent, and a 2006 study indicated that commissioning sources were not heavily weighted in deciding who makes admiral.
More here.