The world’s demand for education and development has never been greater. In response, business schools are being called to transform to better address the needs of the students they teach and the industries they serve.
With constant improvements in current technology, the needs of students and businesses are changing significantly. For students to prepare to enter the workforce, their education needs to be dynamic, focusing on real-world situations and case studies so each graduate is equipped with the necessary skills to react to a wide range of situations and challenges.
“As the world becomes even more interconnected, the role of business in society will become more complex and important for evaluating positive social impact,” said Hanna McLeod, senior manager of research for the Association to Advance Collegiate Schools of Business (AACSB) International. “As business schools commit to serve as leaders, as well as partners, for a lifetime of business knowledge creation, graduates are in the position now more than ever to do well by doing good.”
An initiative for change
“The Collective Vision” is an initiative of the AACSB that outlines how and why business schools can adapt to new generations of students and industry-wide developments. Introduced in April, the initiative challenges business schools to be more daring and flexible in their curriculum studies, to collaborate with industries and society outside academia, and to provide context and experience to students.
The global organization emphasizes that the tools and guidance their message delivers extends to academia programs and institutions around the world, with adaptions for local context, locations, missions, and goals.
To continue drawing motivated employees and students, business schools need to partner with local businesses, industry leaders, and other schools to stay well-connected and relevant in both their communities and on a global scale.
“Business classrooms will increasingly attract more diverse demographics, based on age, experience, and goals, as business schools stake their position as hubs for continued and lifelong learning.” McLeod said. “This may translate to learning experiences that more accurately reflect business-world realities, as well as new partnerships with industry, in order to achieve desired learning goals.”
Such connections may also serve as networking opportunities for students in various industries. Largely, business school graduates should leave campus with a confidence and understanding of the greater economic sector from experience.