The MBA in 2013 – Deans’ Predictions
The MBA In 2013 – Deans' Predictions Alexandra Skinner The world is changing rapidly; 2012 saw the rise of the MOOC, the fall of the Euro and, in-part thanks to the London Olympics, a resurgence of the notion of ‘legacy’. The MBA market has not passed through 2012 without its own changes; the results of the GMAC 2012 Application Trends Survey showed that 51 per cent of programmes reported an increase in applications and 90 per cent reported that the applicants were as, if not more, impressive than in 2011. Notably, almost all programmes reported an increase in the number of foreign applicants.
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ith the market’s thirst for the MBA continuing, the global pool widening and the number of MBA programmes available on the increase, there is tough competition amongst business schools for top applicants. To this end, the on-going evolvement of a business school’s MBA programme is crucial. In this feature, CEO Magazine speaks to those charged with overseeing this, and asks them what developments and key trends they see emerging in the 2013 MBA landscape.
Wendy Alexander: London Business School
Is the MBA past its sell by date? As finance de-leverages, consultancy adapts and economic activity shifts relentlessly east, this is the question haunting even the top schools. Historically an MBA was about securing a skillset - those business craft skills that any well-educated business person needed in order to succeed. Today an MBA needs to nurture a new mindset as much as a honed skillset. Demanding employers rightly regard exposure to great thought leadership as a given from the top schools. However, as online platforms like Coursera proliferate, knowledge is ever more ubiquitous and easy to access. So where is the contemporary value in a business school education for participants or their prospective employer?
1. Ever greater global reach Diverse classmates, faculty, case studies and alumni are simply the foundations. Today's business leaders need to do more than study globalisation, they have to live it. Top schools increasingly equip students to lead globally diverse teams by mimicking this new professional
2. Truly Know Thyself Our message is 'your IQ may have got you here, but it is your EQ that will invariably hasten your success hereafter'. As self-assessment techniques develop, the focus is not just on the traditional gap-filling around key skills, but systematic support to help participants know,
Today’s business leaders need to do more than study globalisation, they have to live it.” reality repeatedly during the MBA experience. Graduates who are able to lead global teams possess a precious capability in today's changing marketplace. Hence, at London Business School we throw global study groups in at the deep end working with entrepreneurs in African townships, and send students on global careers treks to find their next role and expose them to the inner workings of global companies.
and work with, their spikes. As the senior search firms observe, it is your spikes and passions that invariably get you noticed and promoted. 3. Stimulate Learning A great business education needs to do more than teach, it needs to stimulate learning. So look for a programme rich in experiential learning, exposure to practitioners and boundless opportunities to go
and visit, to look, to see and to learn. Being at the heart of a global business hub like London makes this easier for schools like London Business School. So what does this all add up to for 2013’s MBAs? Look out for programmes delivering ‘the new global’ - preparing MBAs who are ready to go anywhere and work with anyone to drive growth in new markets. They are likely to reach the c-suite first. Use a business school education to ensure your best people know themselves better and hence carry that learning into all their subsequent roles. Finally, look for programmes that nurture opportunities in entrepreneurship, in emerging markets and in creative roles. In short, we are witnessing a flight to quality amongst schools and students. However, for the best schools the ROI is incalculable, not simply in salary but in networks, in ideas and in mindset.
Wendy Alexander is the Associate Dean for Degree Programmes and Career Services at London Business School.
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