There was a time when a student could graduate from business school with the basic MBA tool kit and knowledge about a single industry or job function and be reasonably confident that he or she was well positioned to launch a career. But now, with the constant stream of data, news and opinions that needs to be sorted through, having a depth of knowledge is no longer enough. Today, mastery of business requires the ability to filter and synthesize information from multiple sources in order to make effective business decisions.
In the mid-1990′s, when use of the Internet was growing by leaps and bounds at colleges, many business school faculty noticed a shift in the way information was being gathered and processed. Students, for the first time, had access to high-speed Internet connections and a wealth of information that made the computer lab an extension of the library. Textbooks, which for generations served as the definitive study reference, became just one of a vast array of information sources.
In hindsight, we can now see that a large-scale adaptation was taking place. When faced with information overload, students—and businesses—became more nimble at sourcing, sorting, analyzing and applying data to solve problems. Eventually, business schools caught on, in large part because the market (employers) told them that their graduates needed to come equipped with more agile information integration skills. Our schools, The Tuck School at Dartmouth and the University of San Diego’s School of Business, are among many programs that revised curricula and innovated to address these issues.
Business schools also recognize that their screening of candidates needs to adapt to reflect these changes. It is no longer enough just to test for quantitative, verbal, and writing skills; schools realize that they also need to understand how well applicants synthesize information to solve problems.
Co-author David A. Pyke is dean of the University of San Diego's School of Business
We are pleased to see that the Graduate Management Admissions Council has worked with business schools to change the way these new skills are measured. The Council surveyed 740 business school faculty members and identified specific questions that reveal how well students can use different data sources to analyze information and identify relationships to solve interrelated problems.
The result: On June 5, graduate business schools will welcome the Next Generation Graduate Management Admissions Test (GMAT) with a new section called Integrated Reasoning. The older version of the test, which includes two 75-minute sections—one quantitative and one verbal, had two separately scored 30-minute essay questions. One of these essays will be replaced by the Integrated Reasoning section. The Graduate Management Admissions Council will report Integrated Reasoning scores separately on a one-to-eight scale that, like the essay question, will not be included in the total GMAT score.
Schools, like students and businesses, are constantly adapting to the proliferation of information. When considering a large number of applicants for a limited number of seats, we too must sort through mounds of data to try to determine which candidates are the best fit. We...
Class of 2012 grads are breathing a collective sigh of relief—and likely doing some version of the happy dance—as they embark on their post-MBA careers in a job market that looks several shades brighter than when they entered business school just two years ago.
According to new data from the Graduate Management Admission Council's (GMAC) 2012 Global Management Education Graduate Survey and the 2012 Corporate Recruiters Survey, 62 percent of newly minted MBAs have job offers right out of the gate. The good news is even sweeter for graduates of full time, two-year MBA programs, where 64 percent have job offers in hand—nearly matching the all-time record set in 2001, when 66 percent of students had employment offers, GMAC reports.
Companies are feeling optimistic, too, with 79 percent saying they plan to hire recent MBA graduates this year, compared with 72 percent in 2011 and a paltry 55 percent in 2010...
...That is also the goal of Whyopenedmatters.org, a competition begun this month by the U.S. Department of Education, Creative Commons and the Open Society Institute, which will award a prize of $25,000 for the best short video explaining the benefits of free, high-quality Open Educational Resources, or O.E.R., for students, teachers and schools.
The IE University, in Madrid, employs 14 people who work full time on producing O.E.R.
“We have programmers, designers and writers working with our professors,” said Martín Rodríguez, director of multimedia content development. “If a professor comes to us with a specific need — for example on how to calculate the cost of capital — then we go to work.”
Some of what they produce can be relatively basic — a tutorial on “positioning” for a marketing course, for example. But IE’s multimedia case study of the drug company Novartis, which includes videos, simulations, interactive graphs and survey data, puts students in charge of developing a commercial strategy for the company.
The school’s Masters Series Madrid is a game — with soundtrack, 3-D graphics and interviews with executives — that allows students to manage an international tennis tournament.
“It’s a great way for people to see our school,” said Matthew Constantine, a member of the IE staff. Although all of the material on IE’s Web site is free for individual use, he said, the school “avoided developing material for self-learning” because “we think class discussion is essential.” Mr. Rodríguez said IE also hoped to recover some of the cost of producing material by licensing it to other universities...
Bloomberg Businessweek’s occasional series on the world of startups. The series focuses on MBAs and undergraduate business students who developed their ideas or launched their businesses while still in school, and the many ways their schools helped them get their new ventures off the ground. For a look at some business students trying to build their own businesses, check out our slide show.
The Indian School of Business (ISB) has received the accreditation by the Association to Advance Collegiate Schools of Business (AACSB), making it the first business school in South Asia to be recognised by the premier global body. The accreditation by AACSB coincides with the 10th anniversary of the b-school.
Dean Ajit Rangnekar: “We are delighted to have received the prestigious AACSB accreditation, which is regarded as the hallmark of excellence in business education. The AACSB is unique because of its mission-driven approach, evaluating the applying schools against peer schools with similar missions. Given our commitment to creating research-based knowledge, and developing leaders through innovative world-class programmes, we are delighted to have this robust and independent reaffirmation of our adherence to our mission.”
He further added, “We are confident that this recognition will translate into increased interest by the international community comprising of faculty, students and recruiters, and help us chart Asia’s and India’s growth as the global management education hub.”...
40 years ago this week, EFMD was formed after the merger of the European Association of Management Training Centres (EAMTC) and International University Contact (IUC) and to commemorate this landmark achievement, EFMD plans to celebrate the success of reaching 40 years over the course of the next year at EFMD events across the international community. From the very outset, EFMD's mission was "to act as a catalyst to promote and enhance excellence in management development in Europe and worldwide" and with the support of many leading business schools and companies EFMD has, through good times and bad, stayed true to this mission and had a profound impact on our community.
Long before the days of email, Twitter, Facebook and even fax machines, EFMD was able to bring people together to share, explore, exchange and debate on issues facing business and management education. Over the past 40 years EFMD and its membership have hosted over 1000 meetings and conferences, conducted over 400 peer review visits, published hundreds of papers and articles and brought together over 100,000 professionals from across 80 countries and the community that supports EFMD has grown into a worldwide body that EFMD is very proud to serve and be associated with.
On behalf of Eric Cornuel, the Director General & CEO of EFMD and the current EFMD Board, we would like to warmly thank each and every person who has been associated with EFMD over the past 40 years (members, schools, companies, staff, boards) and who has helped to make the network a truly world-class community. EFMD and our global network have faced many challenges over the past 40 years and is currently facing probably the most serious so far. However the network remains strong & committed and with its growing support, EFMD will continue to lead and advance management education & development around the globe.
Happy Birthday EFMD and congratulations on a splendid 40 years!
Business Schools: A Look Back, A Look Ahead By Judy Olian, dean of UCLA Anderson School of Management in Los Angeles, California.
Questions of Courage, Not Ethics By Paul Danos, dean of the Tuck School of Business at Dartmouth in Hanover, New Hampshire.
Where is IT Taking Us? By Joyce Elam, dean of the College of Business Administration at Florida International University in Miami, Florida.
Measures of Progress By Barron H. Harvey, dean of the Howard University School of Business in Washington, D.C.
The New Learning Paradigm By Thierry Grange, dean and director general of the Grenoble Ecole de Management in France
The Dean's Global Journey By Howard Thomas, LKCSB Chair of Strategic Management and dean of the Lee Kong Chian School of Business at Singapore Management University
You've Come a Long Way, Maybe By Linda R. Garceau, dean of the College of Business and Technology at East Tennessee State University in Johnson City.
You've Come a Long Way, Maybe By Linda R. Garceau, dean of the Pamplin College of Business at Virginia Polytechnic Institute and State University in Blacksburg. He is also co-chair of AACSB's Blue Ribbon Committee on Accreditation Quality
Competition through Cooperation By Fernando A. D'Alessio, director general of CENTRUM Católica at Pontificia Universidad Católica del Perú in Lima.
Better Days Ahead By Ángel Cabrera, president of Thunderbird School of Global Management in Glendale, Arizona. The six Principles of Management Education can be read at www.unprme.org/the- 6-principles/index.php.
Global, inclusive thinkers will shape the future - so how do we shape them?
The economic livelihood of the planet is in turmoil: debt crisis, market instability, double-dip fears. In every government and political institution, across international conglomerates and NGOs, even among the sacred spheres of monetary and fiscal policy - what is absolutely crystal clear is that the old rules have changed. The past is no longer a good predictor of the future.
What‘s needed right now are entrepreneurial leaders who can take creative action in the face of an unknown future to bring real economic and social value to all they do. It is a daunting task for business schools, but we must train and inspire these entrepreneurial leaders to create opportunities, to bravely encounter and learn from obstacles and to incorporate this learning into what they do next. This process ─ of acting, learning, repeating ─ is what managing in uncertain times is all about.
The world needs new entrepreneurial leaders because they cultivate hope and are masters at developing opportunities and creating jobs. And jobs equal peace and prosperity. Entrepreneurship today is all about giving people the tools to make it happen. Yet, new entrepreneurial leaders will only thrive in an environment that is global and inclusive. We cannot be U.S. centered anymore. Look at any U.S. company and you will see that the majority of sales and most profits are generated from a foreign affiliate: Exxon Mobil, GE, any big company you can think of - where are they hiring? In China, in Brazil, in India. We tell our MBAs that we want them to be able to go anywhere in the world and succeed. Building a student population that is intentionally diverse is a vital strategy in shaping entrepreneurial leaders. An entrepreneurial leader that is the embodiment of a global, inclusive community will have the best chance of making a real difference in the world.
The EFMD Annual Case Writing Competition is one of the most important competitions of its kind globally that supports case writing and in 2010 we had winning cases from INSEAD, IMD, IE Business School, CEIBS, Tsinghua University,MIT Sloan School of Management, IBS Center for Management Research, ENPC School of International Management, Indian Institute of Management (Ahmedabad),INCAE Business School. This year we have fourteen categories, which have been generously sponsored by the schools and institutions listed:
We hope that your school will take part and support this important initiative and ask you to please pass this email onto any of your colleagues / faculty members who might be interested in participating.
If you would like to access the winning cases of 2010, you may do so by visiting the following link:Case Winners
For the past five years, women have outnumbered men in worldwide university enrolments and graduation rates. At US medical schools, women comprise half of all students, and women represent nearly 47 per cent of law students.
Beta Gamma Sigma (About) is the international honor society serving business programs accredited by AACSB International - The Association to Advance Collegiate Schools of Business. Membership in Beta Gamma Sigma is the highest recognition a business student anywhere in the world can receive in a business program accredited by AACSB International.
...The AACSB International Task Force on Business Schools and Innovation has released its report exploring innovation and its surrounding complexities. The report provides insights into both the innovation process and the role and value of business schools in this process. The developing task force, chaired by Robert S. Sullivan, dean and Stanley and Pauline Foster endowed chair at the Rady School of Management, University of California, San Diego, included members from both academia and business around the world.
...Robert F. Bruner, dean of the University of Virginia's Darden School of Business here, served as chair of the task force...
Globalization is both the biggest opportunity and the greatest challenge for business schools worldwide as they struggle to keep up with the demand for graduates who can work across countries and cultures, says a report released today.
The 346-page report is the result of a three-year study by a task force of deans and scholars from top business schools worldwide. It offers a critique of the flurry of global activities that business schools have initiated in recent years.
Despite all those efforts, "a frustratingly wide curriculum gap remains alongside large risks of misdirected and incoherent strategies," says the report, issued by AACSB International: the Association to Advance Collegiate Schools of Business.