MBA blog

Biggest Challenge for MBA Deans? Innovation

One would think that business schools today have many pressing problems, like keeping their best professors or ensuring there are enough people in class next year, but a recent study shows that this is not the case.

With all the rapid changes the world is currently facing, MBA programs are struggling with what they are supposed to know well, creativity in education.

Why though? According to Poets and Quants, there are several key factors contributing to the problem. Specifically, the changing demographics means students are expecting their b-schools to be more flexible and up-to-date with all the new and exciting technology. And as the market gets more saturated each year, business education institutions have to up their game to get noticed.

New Students Bring New Troubles

Teaching practices and goals have to evolve if they are to meet the demands of a new generation of students, who are generally younger and usually prefer their courses tailored to their individual learning requirements. MBA programs respond by combining digital media with traditional approaches to course delivery, but these efforts need to increase if business schools are to stay ahead of the curve.

Although undoubtedly a sign of progress, a truly international student body adds to the challenge. The number of enrollees from other countries has been steadily growing over the last two decades. In Great Britain, for instance, 18% of all MBA applicants hailed from China. Naturally, b-schools have to reconcile with this shift, as it is not going to slow down anytime soon. Programs have to accommodate the increasing number of internationals, adjusting courses, curricula, and studying modes to fit new perspectives provided by other cultures.

Difficulties Selling Your Program

A school’s ability to innovate increases its popularity as well. The AMBA survey shows that though they may find it difficult to enliven their classes with creative teaching techniques, MBA programs are at least in tune with the times where it comes to advertising themselves. Most of their budget is spent on social media marketing, while job sites get the least amount of attention. According to survey participants, it much more expedient to focus on platforms like Facebook or LinkedIn, as it is cheaper, faster, and gets better results.

Bonus information: most b-schools are also profitable businesses. The Association found that more than 50% of MBA programs make enough money, although results differ based on the country. For example, less than half of all British programs managed to clear their expenses as opposed to over 80% in the US. Why do they continue? It turns out that many business schools consider MBA their leading courses even if they don’t make a profit. Many respondents believe that if a program is popular and acclaimed it showcases the high standards of education at its school.

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