Business Schools in the US are going through a mid-life crisis and need an alternative business model. If Indian Business Schools don’t watch out, they too are headed that way. However, not all is lost. In their 100 years of existence, B-schools have shown resilience, and shall reinvent themselves. That’s the message from the BIMTECH-MBAUniverse.com panel discussion, held in New Delhi on January 8, where management guru Dr Jagdish Sheth; Dr Howard Thomas, Dean, School of Business, Singapore Management University and Professor Peter Lorange, President of Lorange Institute of Business & former Dean of IMD Switzerland shared their views on their recently released book – ‘The Business School in the Twenty First Century.’
The meet was organized by BIMTECH, MBAUniverse.com and Cambridge University Press in New Delhi to highlight the learnings from hard-hitting new book “The Business School in the Twenty First Century – Emergent Challenges and New Business Models” written by Dr Jagdish Sheth , Dr Howard Thomas and Professor Peter Lorange. The book has been published by Cambridge University Press. The book addresses questions on the Status, Identity and Legitimacy of Business Schools in modern University System and the three world experts share their critical insights on management education and new business school models in the US, Europe and Asia on designing the business schools of the future and how to make them work.
The meet was attended by 75 leading MBA educators, representatives of corporate India and media.
Speaking on the occasion, Dr Sheth said, the crisis in management education has come about because the profile of the students entering Business Schools has changed as well as the careers they are opting for once they complete their MBA course. The curriculum, however, has not been adapted to suit the new reality.
Speaking from the Singapore Management University (SMU) campus via a video link, Dr Howard Thomas said, “The business schools have still not gained acceptance from businesses and are often treated with skepticism and sometimes contempt by others in the university system. The challenge for business school educators is to arrive at a new framework with respect to positioning, knowledge creation and knowledge dissemination.”
Dr Howard Thomas is the Dean and LKCSB Chair in Strategic Management at the Lee Kong Chian School of Business, Singapore Management University. He was the Dean of Warwick Business School for a decade (2000-10).
Addressing the meet from the Lorange Institute of Business in Zurich, Dr Lorange said, “The future of management education lies in creating a new model that is based on leveraging education technology that taps the vast networks of professionals and knowledge that are outside the current MBA system. New MBA programs should be modular in nature. This innovation will allow candidates to work full-time while getting education. A lot of other innovations are possible to create the new model.”
Dr Lorange is the President of the Lorange Institute of Business, Zurich, and is one of the world’s foremost business school academics. He is Professor of Strategy at IMD, Switzerland, and was the President of IMD (1993-2008).
The meet was also addressed by leading Indian management educators. Dr Raj Dhankar, Dean of Faculty of Management Studies; Dr D K Bandopadhyay, former V C of Indraprastha University and Dr H Chaturvedi, Director, BIMTECH pointed out the critical challenges facing Business Schools in India.
Dr Sheth said that when Business Schools first came up, they were designed for engineers who would seamlessly move into corporations. But today, there are as many students from liberal arts joining the MBA course and most B-School graduates opt for careers in investment banking or management consultancies. “Seventy five per cent of MBAs in the US go on to management consultancies and investment banking and the curriculum was never designed for this,” said Dr Sheth.
According to him, that trend is catching on in India too. In marketing, the curriculum on branding taught today has become irrelevant as what is needed is grounding in social media and digital marketing but the faculty has little idea about these emerging disciplines and subjects, said Dr Sheth. Not the one to mince words, Dr Sheth said that the MBA course just taught the ‘vocabulary of the industry’ and did not transfer any in-depth knowledge.
Responding to a question on the future of management education by Amit Agnihotri, Chairman, MBAUniverse.com, who moderated the session, Professor Sheth said, “I am an optimist. However, not all is lost. In their 100 years of existence, B-schools have shown resilience, and shall reinvent themselves.”
Dr Sheth added that he was optimistic that Business Schools in India would find an alternative model. His own model: to create the ‘IITs of B-school’ by investing in an undergraduate 10+2+5 model for management education. Of this, he said in the five years, the first two years should be spent studying the liberal arts – the classics, philosophy and history. “This would teach the business leader of the future to be a humanist first,” he said.
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