Sheppard described the implications of an environment characterized by a convergence of several forces, including growth in business schools abroad and increasing global reach by schools in the U.S., the development of the customized MBA, and more competition from non-traditional, for-profit universities. He noted that these factors make global brand and reach critical, just as building a global brand will get tougher. Customized MBAs will yield a new form of degree, while changes in technology offer the potential to radically alter how we conduct business and how we learn.

The top business school of tomorrow, Sheppard said, will have a distinctive, global reputation that is both academic and applied. It will get there by not being afraid to innovate. “Determine what is at the heart of your strengths, be honest about your weaknesses, know who you are, and find a novel approach to the remarkable opportunities and challenges confronting us,” he urged.

Overall, more than 100 representatives from national and international business schools attended the conference, which also featured a presentation by Joel Podolny, dean of Yale School of Management, on Yale’s new curriculum, as well as sessions on topics ranging from critical thinking to social entrepreneurship in the MBA environment.