This is a guest post by Carolyn Gonglefski, Events and Communications Director at Access MBA.
Recently conducting a survey about the role of business schools in teaching market sustainability and business practices, Access MBA reports that MBA candidates and graduates strongly believe that business schools have a great role to play in the financial marketplace.
Sixty-Two Percent of Prospective MBA Students Believe That Business Schools Have Significant Responsibility in Regards to the Economic Crisis
Two-thousand prospective, current and former MBA students from 57 countries participated in the Access MBA survey - which gathers global opinion on the role of MBA programmes in today's business reality. The results demonstrate an overwhelming need for business schools to address market sustainability and develop ethical management practices, with 62% of survey participants declaring that schools have “significant responsibility” in response to the economic crisis.
The Hands-on Approach – Transferring Classroom Knowledge into the Business Reality
In order to strengthen MBA programs' connection with the sustainable business and management practices, 64% of participants declared that schools should actively encourage field immersion, or the opportunity for students to apply classroom teaching to hands-on business management. In an Access MBA roundtable discussion held in New York earlier this year, Shawn O’Connor, Founder and President of Status Prep, stated that certain MBA programs provide students “the opportunity to apply what they learned in class to working with industries abroad".
In addition, 53% of survey respondents think that MBA programs are responsible for researching and developing sustainable business practices, and 35% say that schools should concentrate their curriculum on business ethics.
“Business ethics do not need to be a separate course, but should be incorporated into the curriculum,” saysJessica Smith, IESE's Associate Director for MBA Admissions. The survey shows that prospective MBA students may see the need for more ethics instruction in the classroom, but current MBA students and MBA graduates place less emphasis on the subject. This is a sign that completed coursework does not always transition into profitable business.
“Schools can adapt their curriculum to weave career management pre-planning and services to a much greater degree," says career consultant Roy Cohen, "so that the MBA generates an income stream” rather than simply helping to secure a job.
In reaction to the economic recession, O’Connor says that business schools’ “greatest trend is towards practical teaching methods or field-based learning." Regarding the need for field immersion, Cohen adds: “with executives-in-residence and hands-on consulting, schools are establishing consulting organisations so that students get real-life experience and can transition more effectively."
Keeping up with the Needs of Today’s Turbulent Global Business Arena
Clearly, MBA programs have a responsibility in training the world’s future business leaders and teaching sustainable management practices. By changing their curricula, international business schools can affect the workplace and alter global markets. 80% of current MBA students and recent MBA graduates say that their business school adequately addresses the causes and repercussions of the economic recession. In response to this data, O’Connor says that we can learn from the recession, but “the most valuable lesson is anticipating what’s coming next”, and we must take measures to ensure stable business and financial success.
As for MBA alumni, they are satisfied with the professional tools provided by their business school experience. An overwhelming 95% said that thanks to their MBA program, they are now ready to better respond to future economic recessions and improve business management practices.
Exclusive Business Education Events Around the World
The Access MBA Tour is an original and efficient way to find the right MBA program. The worldwide leader in One-to-One MBA events, Access MBA holds 65 exclusive business education events per year and brings together elite international business schools with prospective students. Each one-to-one event gives MBA candidates the chance to meet individually with Admissions Directors of the world’s best business schools.
Access MBA returns to London for the seventh consecutive year on October 2nd, 2013. To take advantage of Access MBA’s exclusive services, register online on www.accessmba.com and bring your CV to the event. See the event details here.