Business schools are, therefore, often quick to adapt to changes in the business landscape. Since ChatGPT emerged in late 2022, sparking a generative AI boom, many have begun adapting their curricula to incorporate the nascent technology.
At the International Institute for Management Development (IMD), a leading business school in Lausanne, Switzerland, these changes extend beyond merely adding in a new module or two. The school has undertaken a comprehensive revamp of its MBA program, encompassing an array of changes that together create a modern MBA for the new business world.
The modern MBA program
Built on the foundation of AI
“AI has dramatically changed not just the way we work but also the way we learn. It should impact what we learn, how we learn, and how we put that into practice,” explains Omar Toulan (pictured), MBA dean of IMD, who has presided over the MBA program overhaul.
Incoming MBA students will therefore enter a program where AI is both a topic taught within the curriculum and a tool that serves as the copilot in their MBA journey.
Dubbed ‘IMD AI+’, this ChatGPT-like tool will be loaded with all MBA teaching sessions, coursework, and case studies, offering students round-the-clock access to course materials and assistance.
“You basically have our MBA in your back pocket,” explains Omar. “People will effectively have 24/7 access to ask questions about material that’s covered during the course of the program.”
To reinforce the value of AI, the curriculum also contains a wealth of AI-focused teaching, with an AI-learning element incorporated into every module, from finance to organizational strategy.
By integrating both the practical use and theoretical understanding of AI within students’ learning experience, IMD hopes to help students graduate with the ability to maximize its potential and enhance their productivity. This is particularly significant considering AI ranks as the most important skill for the future among employers in Western Europe.
“At the end of the day, I think AI is not going to replace leaders and leadership,” Omar explains. “But it's an amazing tool to help in making decisions, which is what, for me, leadership is about.”
Emphasizing humanistic skills
IMD’s approach to AI is built on the idea that, across various industries and career paths, the technology can be used to improve processes and drive efficiency. In the role of copilot, taking on more administrative and analytical tasks, AI frees space for professionals to wield those skills that cannot be replicated by machines.
“In some senses, it's almost reinforcing the humanistic elements, where some of the more technical elements can potentially be assisted with AI,” Omar explains.
The school has therefore identified 10 ‘transversal’ skills for students to hone throughout the program that will enable them to excel in an AI-assisted work environment.
A focus on decision-making, for example, involves refining students’ ability to synthesize complex information from multiple sources before making a decision and inspiring others to follow. Similarly, storyboarding and storytelling refers to students’ ability to master the art of persuasion and convince people.
While AI can assist in creating the story, the final job must be carried out by a leader who has these skills, Omar explains. “These are the skills which, when students get to a job interview, will help them the most in landing that job.”
Taking a unique approach to skill development, the IMD MBA will see students assessed on these skills throughout the program alongside their course assessments. This will begin at the very start of the program, when students will spend two weeks focusing on these transversal skills.
Though skills assessments will not count towards students’ GPAs, tracking them throughout the MBA journey means the program can tailor support for students. This will ensure students graduate with a comprehensive skill set alongside their business knowledge, Omar explains.
“This is really to help them graduate with the skills they need to be successful out there in the business world. What we want to do is actually help them get better.”
An enhanced focus on technology
Of course, AI is one part of a constantly evolving ecosystem of technological innovation. In recognition of this, IMD has taken steps to increase the program’s focus on technology.
A month-long residential period in Singapore—a technology hub where 80 of the world’s top 100 technology firms have a presence, according to the Singapore Economic Development Board—will see students gaining practical insights into the unique local environment.
“The focus of that trip is really the power of technology,” Omar explains. “Singapore was chosen as the most competitive country in the world this year by the World Competitiveness Center at IMD. It is an amazing laboratory with regards to technology, and not just in the private sector, but particularly in the government sector and how the two interact.”
Involving practical industry visits outside of the classroom and learning on the school’s campus in Singapore, IMD aims for the immersive experience—titled the ‘Future Lab’—to broaden students’ horizons and expand their awareness of what technology makes possible.
Other changes IMD is adding to the MBA experience include a career development bootcamp—building on the eight-week internship option added earlier this year—and increased opportunities for students to personalize their learning via elective modules.
The school will also welcome feedback and continue to adapt the program over the coming years, in line with its principal objectives, Omar adds. “I'm sure there will be some bumps. If there weren't, it would mean we probably weren't ambitious enough.
“We always start with what the mission of the school is. And that really is to help develop leaders that transform organizations and contribute to society. The question for us is how we do that most effectively.”
