Schools have re-evaluated the way they operate in recent months, responding to challenges posed by coronavirus, political change, and the Black Lives Matter movement.
Meanwhile, campus closures and travel restrictions have forced the majority of schools to operate at least partly online, part of a wider shift to hybrid working.
In 2021, the schools ready to make their mark will lead coronavirus relief efforts, launch innovative new programs, and offer more affordable, high-quality, flexible learning experiences for MBA and master’s students.
Here are 10 business schools you need to watch in 2021:
1. Helping business through coronavirus: Cambridge Judge
First on our list is Cambridge University’s Judge School of Business, for its work supporting companies impacted by coronavirus. In April 2020, Judge MBA students Srishti Warman and Matt Lisonbee set out to help SMEs turned upside down by the pandemic—while putting new skills they learned at Judge to good use.
The pair called their initiative Cambridge Judge against COVID-19 (CJAC), which offered free consulting services to almost 50 small companies, mostly based in the UK. These companies ranged in scope from edtech to finance and consumer goods, and from fledgling startups to long-established businesses.
In the end, almost 100 Judge MBAs volunteered for the project. In the new year, it will be exciting to see how students support their community in the long recovery ahead.
2. Championing women in business: ESSEC Business School
As of 2020, just 38% of full-time MBA students were women—despite the many benefits that business school offers women, from improved confidence and leadership skills to significant salary growth.
Some schools are working to improve women’s representation, however, and ESSEC Business School in France is a great example. In 2020, the school recruited an MBA cohort that was 68% women—up 12% compared to 2019.
ESSEC’s gender diversity isn’t limited to the MBA classroom, either. 50% of board members and 35% of faculty are also female. To support the many women graduating from its MBA, new alumni can tap into the Women’s MBA Network, which offers a space for supportive relationships to form between female leaders.
3. Claiming the top spot: Harvard Business School
In 2020, Harvard Business School claimed the...
This announcement also marks the sixth time Harvard has claimed the top spot in the rankings’ 21-year history, coming out on top thanks to rising graduate salaries and glowing alumni testimonials.
Harvard is one to watch out for when it comes to diversity, too. The proportion of female students in its MBA cohort has been steadily increasing, and currently sits at 43%, while international student representation is holding steady at 37%.
Harvard is equally notable for its efforts to highlight Black business leaders, through initiatives like professor John Rogers’ work to bring case studies featuring Black protagonists into the classroom. These efforts are especially crucial as coronavirus exacerbates inequality, and more people engage with movements like Black Lives Matter.
4. Rankings hopper: Shanghai Jiao Tong University, Antai
Racing through last year’s MBA rankings is the Antai College of Economics and Management at Jiao Tong University in Shanghai.
Last year, the school ranked 51 in the FT’s Global MBA Rankings, but jumped 14 places to 37 in 2020. Antai saw an equally impressive rise in the QS Global MBA Rankings, shooting from the 111-120 category in 2019, to 61 in 2020.
The rise can be traced back to a few factors, the most significant being graduate salaries. MBAs graduating from the program can expect a starting salary that is 201% higher than what they earned before starting the program—$130,736 on average.
If this upward trend continues, 2021 will be an exciting year for Antai students and alumni.
5. Making a social impact: IESE Business School
Barcelona’s IESE Business School is one to watch for corporate social responsibility (CSR). As a signatory of PRME—Principles for Responsible Management Education—IESE is dedicated to the UN’s Sustainable Development Goals, and training ethical leaders.
In its flagship MBA program, students take a compulsory module in business ethics, and can develop a deeper understanding through electives like Social Innovation and Social Entrepreneurship, and Responsible and Impact Investing. IESE was also ranked number one for CSR by the Financial Times in 2020.
Since coronavirus restrictions have reinvigorated discussions about sustainable business, imparting the value of environmental responsibility to the next generation of business leaders is a fundamental component of business education for 2021 and beyond.
6. Entrepreneurial spirit: INSEAD
Business schools are known as entrepreneurial hubs, and in 2021, we think INSEAD is one hub to watch.
The school came out on top this year in our MBA Startups To Look Out For | 2021 Coronavirus Special, thanks to Out Of Office Spaces—an MBA startup that connects unused hotel space with professionals working remotely.
The idea came out of INSEAD’s COVID-19 Innovation Competition, which challenged teams of MBA students to find a business solution to a problem created by coronavirus. Out of Office Spaces has gone from strength to strength since it was founded, and you can look out for it in London and Singapore next year.
7. Rising salaries: Shanghai University of Finance and Economics, College of Business
The second Chinese school to make our list, the Shanghai University of Finance and Economics’ College of Business is on our radar for the exceptional salary growth its MBA alumni achieve.
In 2020, graduates from the school’s MBA could expect a staggering salary increase of 216%, earning on average $119,531.
Fitch Ratings predicts the Chinese economy will grow by 8% in 2021, as the nation recovers from the setback of coronavirus, spurring new opportunities for ambitious professionals with the right set of skills.
8. Best value program: NUS Business School
In 2020, we released our BusinessBecause Cost Of An MBA Report, revealing the true cost of studying a top program, covering tuition fees, living expenses, and healthcare.
As far as value for money is concerned, the MBA on offer at the National University of Singapore (NUS) is hard to beat. Tuition fees total $49,250, making it the least expensive program in the Financial Times' top 25.
On top of this, Singapore is an affordable place to live compared to areas like California, New York, and London. Living in Singapore throughout the 17-month program will cost around $37,825.
Students graduating from the program can also expect to recoup their costs quickly. The average salary of an NUS MBA graduate sits at $167,070, which is 148% higher than the average pre-MBA salary.
In 2021, the affordable price of programs in Asia will continue to attract international candidates looking for a global experience and a sound investment.
9. Top graduate prospects: Indian Institute of Management, Bangalore
In 2020—for the third year in a row—Bangalore’s Indian Institute of Management (IIMB) managed to achieve a 100% employment rate for its MBA alumni within three months of graduation.
The salaries these graduates command are equally impressive, with average earnings at $183,703. This represents an increase of 157% compared to the average pre-MBA salary.
Alumni thrive in a wide variety of sectors, with management consulting, tech, and marketing three of the most prominent. 2021 will present new opportunities for these graduates to grasp as India’s economy recovers from the impact of coronavirus.
10. Cutting-edge teaching: Australian Graduate School of Management at UNSW Business School
2020 saw a dramatic shift toward remote learning, as business schools around the world were forced to close their campuses and teach classes online.
But while coronavirus accelerated the shift toward online learning, some business schools were already mastering the hybrid model. Sydney’s AGSM is a leader in the realm of blended learning, offering a flexible MBA (the MBAX) that lets students switch between online and face-to-face delivery to fit their schedule and preference.
The school also recently launched a suite of Graduate Certificates, which are studied alongside MBA students, and can be counted toward a full MBA degree further down the line.
As the appetite for flexible learning continues to grow, watch out for new offerings from AGSM in 2021.
As post-coronavirus recovery hopefully gets under way in 2021, business leaders—like business schools—will need adaptability, tech-savvy, and resilience to succeed.
Companies are already planning their 2021 MBA hiring. Luckily, top business schools around the globe are positioning themselves to support students to achieve the best careers outcomes.
By adapting their teaching methods, responding to the pandemic, and working to tackle CSR issues, schools can prepare tomorrow's leaders for an ever-changing business world.
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