"The most reliable way to predict the future is to create it." Abraham Lincoln’s words are as true today as they ever have been and in the face of so much recent change, the response from the business world saw some organization’s flourish and others fall.
As stalwart academic institutions, business schools are not exempt from this phenomenon.
In this industry paper, GMAC interviewed 20 European business school deans to get a pulse on what they predict the future holds for graduate management education and the work needed to stay relevant and functional to society at large.
The report highlights five key themes that emerged during in-depth discussions with deans, including technology and digitization, social and responsible, content, learning journeys and relevance.
- The increased use of technology (accelerated by the pandemic) calls for a rethink of the pedagogy employed and what classrooms, campuses and user experiences should look like.
- It is imperative that business schools interweave aspects of ethics, corporate social responsibility and sustainability into the whole curriculum coupled with specialist programs on these topics.
- Schools must move out of silos of traditional teaching and follow an interdisciplinary approach with appropriate weighting to subjects such as analytics, data and innovation.
- A new generation of learners want shorter, flexible, personalized education requiring business schools to reconsider their program offerings.
- To stay relevant, business schools must define their purpose and strategy to differentiate themselves in a landscape where the whole world is your market.
The report raises important questions around how the industry must respond, and the plans that need to be put in place to achieve these goals.