The Master of Business Administration (MBA) is an interesting phenomenon. On the one hand, the MBA title is a brand that is sometimes stronger than the institution or business school that grants it. This education brings the taste of success, high income and business career. It can definitely be said that some time ago training was mandatory for management positions. However, things have changed and evolved now – quite a few companies have created internal channels to train and elevate their own talent to go all the way up the ladder to the top. Thus, today many professionals are faced with the dilemma of whether to pursue an MBA, whether the time and effort are worth it, whether the business landscape allows suitable conditions for such specialists.
In recent years, there has been a growing perception that MBA programs operate with outdated methods. Typically, a two-year master’s degree teaches core business skills such as finance, accounting, marketing, economics and information technology, and also places a strong emphasis on teamwork and management. However, Covid-19 has changed not only the meaning of an MBA, but also the ambitions of many professionals. At the same time, it was the health crisis that pushed the MBA centers to a drastic change, and despite the criticism, there is a positive development.
Setting out on a new path
Management and governance education is evolving and currently undergoing drastic changes. It can certainly be argued that it was the coronavirus that unleashed a wave that woke up education centers and showed them that it was time to reorganize. Technological progress does not stop creating new industries, new business models and completely different logics and inter-industry chains. That’s why the MBA education focuses on innovation, which is the key to sustainable development and a better world.
And if before, management education relied more on established programs for everyone, now a sharp turn is made to the human factor and the individual potential of everyone. And since innovation is the driving force of this century, MBA students study it. They gain experience that goes beyond standard career development, gain international mobility and diverse expertise in different fields.
For example, many schools and colleges have become more interdisciplinary and more attention is paid to leadership development. This means that the programs are moving from traditional business training to proper human resource management. In addition, business schools are developing more and more disciplines related to sustainability, market dynamics, innovation in various fields, as well as readiness to make critical decisions in a short time – all qualities that are extremely valuable for today’s company leaders in such a dynamic environment.
Innovation
Innovation is a key driver because it is the only way to find better solutions. This is the case with technical, social and systemic innovations. Innovation means change, which in itself leads to the fact that managing change should be a core competency for managers.
MBA programs have had time to absorb all the changes and make the necessary adjustments. Thus, for example, unpredictability, complexity and uncertainty are treated not only as possible but rather as certain plots in the business world. A leader must embrace uncertainty and change because this is the only way to enable real and relevant innovation.
Ethical issues and long- and short-term decision-making are also embedded in management education. The idea that the path to a sustainable future consists of ethically correct decisions and focusing only on long-term strategies is only a theory. This is proven by the fact that you don’t know what will happen tomorrow, so long-term planning is no longer so effective. Organizations have realized that the path to a sustainable future involves both long-term and short-term solutions.
The diversity of people in the training groups also became a key factor in the development of any future manager. It assists in leadership development and supports managers in their struggle to deal with managerial dilemmas. It is interesting to note that if before MBA programs preached in the spirit of “ego leadership”, now things are at the opposite end – there is a move away from ideology and training in supportive and mentoring styles. This is also in line with the need for sustainable development and a humane approach to business and society.
And if years ago lecturers in MBA majors were just teachers, now they are more experts acting as mentors. The idea is for the learner to delve into the matter of management not only in theory, but also in practice, to understand why the given decision is correct and why not, judging for himself. This, in turn, changes the so-called business cases – the coronavirus has made mentors more cautious. While participating in business simulations can be beneficial, students should create challenges for themselves, adding more value to the learning process.
Ideas you can use
Flexibility has until recently been an underrated quality in the business world, and the best online MBA programs are those that are adaptable enough to address global issues and incorporate them into their curriculum. Trainees are now looking for ways to build innovation into the modules and specializations of each programme, paying close attention to how flexible the organization is and how it responds to current trends, what the priorities are when the curriculum is drawn up.
Building global communication skills is another key factor. Although online MBA education provides students with the opportunity to develop their skills without leaving home, it is vital that they are properly equipped with the knowledge to work globally. One of the most important skills for a truly global career is the ability to communicate in multiple languages. This is because the process of learning another language strengthens one’s cultural awareness, cultural empathy and intercultural understanding.
Improving the virtual classroom experience is perhaps the number one task facing educational institutions. In an effort to ensure that online MBA students receive the same experience as their on-campus counterparts, schools have focused heavily on improving the virtual classroom experience. Although opportunities for face-to-face and contextual learning are reduced in online learning, the world’s leading MBA programs have identified ways to counteract this. For example, Nottingham Business School recently rewrote its Global Marketing Management module after the institution realized that international travel restrictions were preventing MBA students from taking on the challenge. The new version of the module, which is based on a competitive simulation activity, aims to enable teamwork, providing alternative opportunities to acquire a set of skills that would normally arise from personal experience. Other schools are also making significant investments in their virtual classrooms. The Kelley School of Business is investing $16 million to create state-of-the-art virtual classroom studios. These studios, built in 2021, will serve to enrich online learning.
Of course, a state-of-the-art virtual learning environment is only as good as the teachers who use it, which is why many top business schools have identified the need to invest in teacher training. At Warwick Business School, a specialist Teaching Improvement Course provides extensive training and support for the delivery of online programmes, including module development workshops, online courses and regular monitoring of all webinars.
Unlimited opportunities
The path of change in MBA education will be met with resistance. Many people may think that this evolution is impossible for various reasons. Some of these may be true, but most will be based on outdated logic, and the business world is not always based on logic.
Digitization will be the main pillar around which business education must continue to be built. Digitalization will bring greater flexibility for students, increase efficiency and speed up the learning process. This will also have a positive impact on quality, there will be more personalized programmes, more room for lecturers’ expertise and more room for them to act as professional mentors. Changes to the MBA are needed and must be fundamental, and the good news is that they are already happening.
Source: Capital media