Submitted by: Richard Zhou (China), CEIBS
Summary: The less developed regions’ future has been limited by the weak management education. The idea to introduce international programs is to increase access for underrepresented populations, supply talents serving regional economy, bolster local academic prosperity, and increase global communications.
Full Description: The global distribution of graduate management education programs (GMEP) is uneven; few locate in less developed regions. This limits the regions’ growth potential, considering the correlation between education and economic prosperity.
The idea is to introduce 60 international GMEP to less developed regions in 5 years. By motivating local GMEP to improve overall education quality, the ultimate goal is to bolster the local academic prosperity, prepare talents for regional growth, and increase communications with the world.
Following focus areas will be addressed.
Increase access to management education for underrepresented populations
Local GMEP in less developed regions fail to meet management education needs. Meanwhile, the barrier to study abroad is high. The idea can increase people’s access to management education.
New content creation and delivery. Historically, the academic research for less developed regions is weak, partly because few leading research institutes locate in less developed regions. The idea can promote more local research and create new content for GMEP.
Current issues impacting management education: overall global demand
Shifting age demographics show many less developed regions as next economic growth engines. The rising demand of management education cannot be fulfilled by incompetent local GMEP. Moreover, majority of students study abroad never return home countries after graduation. The idea can supply and retain local talents serving regions.
To introduce more international Graduate Management Education Programs (GMEP) to less developed regions will have significant impact on the individuals, regions, and the global, from long-term perspective.
Students - Local students have easy access to international GMEP and gain advanced business knowledge. In addition, this will threat other local GMEP, driving up the overall teaching quality.
Faculty – Macro economics professors might find it more meaningful to conduct inflation research in Zimbabwe. Operation professors might be more interested in staying in India and writing a case study for Dabbawallahs in Mumbai.
Region – GMEP can fulfill the region’s raising demand of qualified management talents. Instilling the advanced management knowledge and best practices into the local business, the region can achieve greater productivity and efficiency level.
Global – The growing local management talents can facilitate less developed regions’ integration into world economy, encouraging the free trade and market economy to allocate the resources more efficiently in the global level.
All of the impacts and outcomes can be measured by the progress of regions’ economic growth, academic prosperity, easy-to-do-business rank, international trade, GMEP graduation rates, etc.
Last but not least, the idea is scalable. US/European business schools’ expansion in Asia demonstrated the financial and academic feasibility. Once the model is proved, it can be copied quickly elsewhere.
Three considerations are critical to ensure the successful implementation.
Site selection - Government attitude, social stability, location, and local language are all important factors to select the site to establish the program.
Funding - The Aravind Eye Hospital is an excellent example to show costs can be significantly lowered in less developed regions. In fact, The London School of Economics is providing GMEP in India at 1/5 the standard cost. Non-degree program, donation, and government support, all can reduce GMEP funding to an acceptable level.
Partnerships - Local partnership can reduce costs, although the teaching quality should not be undermined. Possible partnership also exists among these international GMEP. The faculty can teach or research in several GMEP, to utilize the resources efficiently and connect each other.
Besides the concerns mentioned above, other risks might include the local acceptance to international GMEP, faculty’s adaptation to local culture, etc.
The goal is to introduce 60 international GMEP in less developed regions in 5 years, targeting to deliver management education to 600 students in 1 year, 10300 in 3 years, and 60500 in 5 years (see calculation in supporting document). Meanwhile, at least 80% of the students should stay and serve the region after graduation.
Other measurable results, such as the improvement of management education quality, GMEP graduation rates, and increased research coverage of these regions, can be traced.