10 Predictions for the Future of B-School

Business schools are in a time of change right now. With the financial crisis, many schools feel that it’s time to overhaul the curriculum and make a fresh start for students of the new economy. What exactly does the future hold for business schools? Find out our predictions here.

1. A shifting focus emphasizing leadership: Many critics claim that MBA programs are too heavy on theory, and not on the leadership needed for a global environment. Currently, several top MBA programs have reflected this change, and others, including Harvard, are working on it as well. MBA students can expect more development in particular skills, while still learning important theories.
2. More creativity: Students in MBA programs often become hypnotized by their lessons and see them as immutable, rather than something to use as a starting point. The MBA of the future will encourage creativity and the need to explore many different options. You’ll see new ideas, innovation, and creative aversion.
3. Globalization: Business is more global now than ever, and business schools are reflecting that. Business programs are increasing focus on global studies, and some are even offering the opportunity to study business abroad. UCLA and USC already have programs that collaborate with business schools in Asia which allow students to innovate and learn with other cultures.
4. More distance learning MBAs: Distance learning MBA programs are on the rise. More and more students are studying all types of classes online, and MBA programs are no exception. Students, particularly working professionals, are taking advantage of the flexibility offered by online MBA studies. In turn, employers are recognizing that an online MBA from an accredited and reputable school is just as good as one achieved full time and on campus.
5. Risk management will take a front seat: In light of the recent economic crisis, schools are concerned with teaching MBA students more about risk management. It has been argued that business schools and the MBA are a cause of the financial crisis, but schools do not agree. Still, you can expect to see business schools work to be a part of the solution and put more emphasis on teaching risk management.
6. New deans: Business schools are changing, and many of them are making big changes at the top. Harvard Business School, Northwestern, and Yale School of Management have all selected new deans, and several other schools are expected to follow. These new leaders will be tasked with the responsibility of making big changes in the improvement of the MBA.
7. Backing off of finance: In recent years, business schools placed a lot of emphasis on making money. Finance will still remain an important piece of business education, but it will serve as one of several important pillars instead of a primary focus.
8. You’ll get in-depth ethics studies: Critics have railed MBA programs for failing to provide adequate education in ethics. Business schools recognize that it’s essential, and will be focusing more on the ethical quandaries of business leaders without indoctrinating one particular set of values.
9. Teaching the big picture: Case studies can help students better understand the big picture and see how decisions can make a big impact. Students can expect to find a focus on principles, including judgment, leadership, and values.
10. Professionalization: The current business school crisis is sparking big changes, and one of those changes just might be professionalization. Business would be taught as a professional discipline just like law and medicine. Critics propose a sort of Hippocratic Oath of business that would be a code of conduct, along with certification and continuing education. Many believe that professionalization can better serve managers and business education as a whole.

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