In view of technology rapidly changing, business schools may become outsiders.
This year, more than 11 million people are predicted to send applications to business schools. However, their plans may become disrupted. For instance, London’s King’s College is has announced that its business schools will lose its MBA program next month, although it has been a popular and prestigious place for several decades.
So why did they do it? Because employers don’t want MBAs anymore. They prefer to hire young and talented people to train them to work for their company than to recruit overqualified employees. This is why King’s College is planning to make more courses for digital management and such.
MBA Programs: Not So Modern Anymore
Truth is, MBA education has fallen far behind in our modern age. For instance, some businesses say openly that they would prefer never to hire MBA degree holders, as it’s much better to find young malleable talent from different fields of education and train them without interference from their previous knowledge. In such a way, employers will know that their employees are not prone to business-destructive behaviors like groupthink, conservatism and doing things just because everyone else does them. Such a mindset will lead only to financial recesses and dying companies.
Of course, declaring MBAs non-employable would be quite dangerous. Although MBA degrees have attained an unhealthy reputation, they are still here. Their graduates run global companies and government organizations. So it would not be as easy to kill them off.
Imagine a reunion of Harvard Business School graduates. It’s always a big day: lots of important talks, great meals, school merchandise prepared specifically for the occasion, even entertainment for the graduates’ kids. People who attend this reunion have gone far in their lives in the last 10 years. Some went to finance and made a huge lot of money. Others became a part of multinational corporations like Amazon or Google. Some have managed to raise tons of money to start their own businesses. There’s even one who went to teach at a university and doesn’t regret it. Most of them have families by now. A crowd of happy and confident people.
But – and this question is imminent – does Harvard actually deserve credit for how their alumni turned out? All of these former students became successful because they knew what they wanted and did everything to achieve it. Without institutions like Harvard, these people would not turn to different paths or waste their lives. They already were the best of the best and the most motivated people in the world when they entered Harvard. Even without their MBA education they all would earn a lot of money and run businesses. What Harvard did was just help them a little along the way.
Is MBA Education Preventing Students From Self-Improvement?
All MBA programs love to talk about how their alumni are leaders that head positive changes in the business world. However, if we look closely at how obsessed top business schools are about networking and forming groups of likeminded people, we’ll see that actually they are trying to make the gap between successful people and the rest of the world bigger.
Will Dean, a successful entrepreneur and author of the book It Takes a Tribe, believes that the best way to become skilled at business is to learn by doing and be creative. Although he is a Harvard graduate, he is of the opinion that his MBA education didn’t do him any good – moreover, it prevented him from development, as his professors considered his business plan to be overly simplistic and optimistic. He proved all of them wrong by founding Tough Mudder races, the insanely popular obstacle race.
Modern business is not as regulated and simple as business schools would like you to think – it is a series of challenges in creativity and innovative thinking. This is why MBA programs need a serious reboot before they can be considered adequate for today’s changing business world.
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