Business Impact covers the big challenges facing global management education as the world asks more of its future business leaders.
THE MAGAZINE OF THE BUSINESS GRADUATES ASSOCIATION (BGA) | LEADERS NEVER STOP LEARNING | MAY-JULY 2022
PLUS: • BUDAPEST'S EÖTVÖS LORÁND UNIVERSITY (ELTE) IN PROFILE
• BUSINESS SCHOOLS’ ROLE IN ADDRESSING INEQUALITY POSITIVE
CONTRIBUTIONS DIFFERENTIATION THROUGH IMPACT: HOW BGA BUSINESS SCHOOLS ARE SEEKING TO SPREAD SEEDS OF CHANGE IN BUSINESS AND SOCIETY
xcellence E Awards AMBA&BGA 2022/23
The AMBA & BGA Excellence Awards bring together the leading lights of the global business education community to celebrate excellence among Business Schools, students, graduates, suppliers, and employers that share AMBA & BGA’s values of ambition, impact, and integrity.
With seven categories for BGA Member, Validated and Accredited Business Schools to choose from, there are numerous opportunities to showcase achievements – in the context of the ongoing challenges being faced this year, as a global community.
Winning, or being shortlisted as a finalist, is a fantastic way to tell the world about the great initiatives your Business School has launched.
The closing date for entries is Friday 22 July 2022. The winners will be revealed at our Gala Dinner on 9 December 2022.
www.businessgraduatesassociation.com/bga_events/ amba-bga-excellence-awards-2022-23/
BGA | BUSINESS IMPACT
Developing dynamic capabilities How Budapest's Eötvös Loránd University is meeting growing demand with an emphasis on preparing students to adapt
Positive contributions With dispatches from Antwerp, Vancouver, Cairo, Nagoya, Geneva and Paris, we look at how Business Schools around the world are seeking to make a positive impact
Addressing inequality Business Schools’ role in curbing a growing problem faced by global society. Perspectives from a recent AMBA & BGA roundtable
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CONTENTS May-July 2022
04 Editor's letter 07 From the CEO 08 Cover story: Business Schools’ impact on society Business Schools from across BGA’s growing global network share strategies and initiatives with positive impact at their heart, as Business Impact asks how such examples might
24 How can Business Schools help combat inequality? Panellists at an AMBA & BGA roundtable consider how institutions can reach out beyond their walls and address one of the most important issues facing our society 30 Inviting alumni back to School Guidance on how to help alumni get up to speed with sustainability teaching, while
increasingly help enable institutions to stand out from the crowd in a changing world 18 Business education in Hungary ‘Factual knowledge has become less important in the past decade while certain 21st- century soft and transversal skills have become indispensable.’ Gabor Zemplen and Judit Fortvingler discuss the approach taken by Eötvös Loránd University’s Faculty of Economics
also enriching the learning experience of current students 36 0 Digital assessment How can educators, innovators and operational staff work together to find the right solutions for examinations? Highlights from an AMBA & BGA roundtable discussion 42 Guest column Putting sustainability first
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EDITORIAL
From climate awareness- raising programmes and a reforestation initiative to exploring the potential of blockchain technology as a means of offering more equitable payment methods globally, our respondents offer numerous examples of how impact is central to the activities and essence of their institutions. The world is changing, and the ways in which people place value in products and services are also changing. That’s why demonstrating positive impact can be so beneficial to Business Schools. Yes, prospective students, faculty, staff, and donors will continue to assess institutions of interest across traditional measures, such as programme reputation and the career prospects of graduates in the case of prospective students. But increasingly, many will also be keen to learn of a Business School’s role in the community, the steps it might be taking to lessen its carbon footprint, and how it strives to help its students and staff carve out futures with purpose. Business Impact is a platform for sharing ideas, practices and knowledge within management education and beyond. It’s also there to encourage and inspire change. We hope you find the topics and examples covered here both useful and insightful. Tim Banerjee Dhoul,
Content Editor Tim Banerjee Dhoul t.dhoul@businessgraduates association.com Art Editor Laura Tallon Insight and Communications Executive Ellen Buchan e.buchan@ businessgraduates association.com Editor David Woods-Hale d.woods@businessgraduates association.com
C orporate
Business Development Manager Victor Hedenberg v.hedenberg@ businessgraduatesassociation.com Senior Marketing Executive, BGA Shareen Pennington s.pennington@ businessgraduatesassociation.com BGA Account Manager Ben Maheson b.maheson@ businessgraduatesassociation.com Head of Commercial Relations Max Braithwaite m.braithwaite@ businessgraduatesassociation.com Commercial Partnerships Manager Emily Wall e.wall@ businessgraduatesassociation.com Finance and Commercial Director Catherine Walker Director of Accreditation and Director of BGA Services Mark Stoddard Chief Executive Officer Andrew Main Wilson Executive Assistant to the CEO Sharon Sidaway s.sidaway@ businessgraduatesassociation.com General Enquiries info@businessgraduates association.com
Identifying impact and sharing ideas for change
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The clue is in the name. Business Impact serves to highlight how Business Schools could and should be having a positive impact on business and, by extension, society. Three years on the formation of the Business Graduates Association (BGA) – enough time for a global membership body focused on responsible management to gather momentum and numbers – it seemed apt for BGA's quarterly magazine to look squarely at its purpose. How are Business Schools impacting on the economies and communities in which they operate? How are they widening access to their
programmes? How are they addressing environmental concerns? And how are they seeking to remain a positive influence in the lives of their alumni, once they have graduated and left the sanctity of higher education? In this special edition, we hear from BGA Business Schools based in Belgium, Canada, Egypt, France, Japan and Switzerland (page eight). ‘Business Impact is a platform for sharing ideas, practices and knowledge’
Content Editor, Business Impact
Copyright 2022 by The Association of MBAs and Business Graduates Association. All rights reserved. Material may not be reproduced without the permission of the publisher. While we take care to ensure that editorial is independent, accurate, objective and relevant for our readers, BGA accepts no responsibility for reader dissatisfaction rising from the content of this publication. The opinions expressed and advice given are the views of individual commentators and do not necessarily represent the views of BGA. Whenever an article in this publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. BGA makes every opportunity to credit photographers but we cannot guarantee every published use of an image will have the contributor’s name. If you believe we have omitted a credit for your image, please email the editor.
AMBA’s Ambition magazine
offers thought leadership, insight, advice and analysis of key trends in business, and is tailored exclusively for Business School leaders.
SUBSCRIBE TODAY to Ambition magazine in print and remain ahead of the curve: www.associationofmbas.com/product/ambition-magazine-subscription/
BGA VALIDATION
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Validation serves as an affordable continuous improvement mechanism for Business Schools, delivered entirely online.
BGA Validation offers Business Schools the flexibility to reach higher standards.
DISCOVER BGA VALIDATION FOR YOUR BUSINESS SCHOOL TODAY businessgraduatesassociation.com/business-schools/validation/
BGA | BUSINESS IMPACT
T he AMBA & BGA Global Conference 2022 takes place in Lisbon, Portugal, from 15-18 May. A lot has happened in the 36 months since we were last able to hold an in-person event of this magnitude, and we’ve worked hard to bring our network together in one place, to experience groundbreaking thought leadership, and reconnect face to face after this unprecedented period of lockdowns and restrictions. I’m looking forward to taking stock of the challenges we’ve faced, as well as the achievements we’ve celebrated, during this time. Since our last conference, in Istanbul in 2019, our world has changed beyond recognition, and much of this year’s conference programme is dedicated to making sense of a time of flux, recognising the innovations we can share as a global community, and preparing together for the next phase of challenges we will face. Topics to be tackled include innovation in times of uncertainty, disruption and remoteness; climate change and addressing the urgent action needed; and how Business Schools can lead the way in developing the responsible and diverse leaders of the future. We’ll also be unveiling and explaining AMBA & BGA joint accreditation and the updated accreditation criteria, as well as debating what the new normal will look like for business education and exploring opportunities in lifelong learning. I have no doubt that the conference will represent a busy four days, but we’ve punctuated these important conversations with networking lunches, dinners and tours, so there will be ample time to digest the topics – alongside some delicious meals – in inspiring contemporary and historic venues, while catching up with other members of the AMBA & BGA networks, with whom you might not have spoken since the start of the pandemic. Considering the ongoing challenges we are all facing this year – from geopolitical uncertainty and the climate emergency, to post-Covid-19 restoration and future- proofing against further disruption – I hope that the content and focus of the AMBA & BGA Global Conference 2022 will serve not only as an opportunity for reflection, but also as a call to action. Indeed, the conference aims to provide an opportunity for our members to work together to explore solutions to these challenges, as a global force for good. Now is the time to put new ideas and innovations into practice, generate traction together, and make a difference for the benefit of the world. For those in search of further ways to share their ideas and initiatives with wider audiences, look no further than the AMBA & BGA Excellence Awards 2022/23. Entries are open to BGA Member, Validated and Accredited institutions in seven categories until the deadline of 22 July 2022, with winners to be revealed at a gala dinner in December. Winning, or being shortlisted as a finalist, is a fantastic way to tell the world about the great initiatives your School has launched. www.businessgraduatesassociation.com/bga_events/ amba-bga-excellence-awards-2022-23/
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Reconnecting to make a difference collectively AMBA & BGA CEO, Andrew Main Wilson , looks at what’s in store for those attending the AMBA & BGA Global Conference 2022, and its hopes for helping Business Schools find solutions to global challenges together
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DIFFERENTIATION through SOCIETAL IMPACT:
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how Business Schools are seeking to make positive contributions
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From Antwerp, Vancouver and Cairo to
Nagoya, Geneva and Paris, Business Schools are seeking to make a positive imprint on the lives and worlds they touch. Tim Banerjee Dhoul set out to find examples of strategies and initiatives that might enable institutions to stand out from the crowd
BGA | BUSINESS IMPACT
T he very nature of business competition is shifting, as companies work to address social and economic needs through profitable business models, thereby creating shared value,’ reads the abstract to a 2021 working paper, ‘The Changing Role of Business in Society’, from Harvard Business School’s Michael Porter. Similarly, the Business Graduates Association (BGA) believes that the way Business Schools compete is also changing. Those institutions which can demonstrate their positive influence on society are increasingly able to stand out from the crowd, in the eyes of prospective students, employers, and other stakeholders. Business Impact set out to learn more and share examples of how Business Schools across the global BGA network are already striving to have a positive impact on their graduates, communities, and the natural environment. The subsequent pages showcase ideas and initiatives from Business Schools in France, Japan, Egypt, Belgium, Switzerland, and Canada.
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‘Through greater understanding emerges empathetic and educated business professionals’
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How is your Business School making a positive impact on the economy/economies in which it operates? The participants in the educational activities of Antwerp Management School (AMS), as well as our business partners, are actively engaged in one of the central components of our mission: sustainable transformation. We aim to develop a mindset and a business model where sustainability becomes a clear strategic advantage to all stakeholders. In this way, we make an immediate and substantial long-term impact on companies and organisations, as well as on the professional careers of individual participants. At a School level, we set up a Dean’s Club meeting with all the CEOs of our partnering organisations two times per year. During these meetings, the focus is on society and we discuss and demonstrate collective leadership in progressing our shared sustainability agenda. Steven De Haes , Dean, Antwerp Management School The American University in Cairo (AUC) School of Business provides high- quality academic degree and executive education programmes which guarantee providing the market with high-calibre graduates, including promising leaders, entrepreneurs and change agents that contribute directly towards enhancing the economy. The School demonstrates a direct impact on the economy through its creation of employment opportunities by incubating startups at its accelerator – The Venture Lab. It also impacts policy through interdisciplinary research endeavours conducted by its different research centres and offering a diverse portfolio of services through community development projects. Sherif Kamel, Dean, The American University in Cairo School of Business One of our educational features is to provide students with practical analytical and execution abilities through the full- fledged case method. [For this reason]
NUCB Business School is regarded as a Business School which supplies society with managers who can analyse situations and solve problems and issues in a practical manner. Kenji Yokoyama, Dean of External Relations, NUCB Business School Strong Business Schools are vital to the health of our regions and local communities. With more than 220,000 enrolled in Business Schools in France in 2021, business students provide billions of dollars to the national economy each year through student spending on fees, housing, products, and services that support businesses and employment both on and off campus. Collège de Paris Group is helping shape growth by supporting regional policymakers and driving economic growth through employment, investment and student income; the School is developing skills and talent for high-value jobs; promoting new startups and small businesses; It is also helping improve productivity and innovation across all types of private and public sector organisations. And finally, it is making a substantial contribution to the local economy by connecting locally, nationally and internationally with businesses and communities, in addition to its core objectives of teaching and research. Yasmina Kashouh, DBA candidate at Ascencia Business School and Faculty Member at Collège de Paris International At an institutional level, we are an active player in finding solutions not only for the current and future challenges that the global economy is facing, but also identifying potential future challenges that could appear on the table. To achieve this, Geneva Business School has deep connections with a number of external stakeholders who sit on several of our committees and share their experiences and knowledge through our Industry Insights programme. Nicola Jackman, Head of Academics, Geneva Business School
‘One of our visions is to provide more women with access to the economy and its upper echelons’
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Steven De Haes Steven De Haes is Dean of Antwerp Management School (AMS) and Professor of Digital Strategy and Governance at AMS and the University of Antwerp. His teaching experience and activity ranges from bachelor’s and master’s to executive and PhD levels.
Nicola Jackman Nicola Jackman is Head of the
Academics Department for Geneva Business School and an active faculty member for both undergraduate and postgraduate students. She has more than 20 years’ experience in the higher education sector and is a current doctoral candidate.
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How is your Business School addressing its environmental impact? (i.e., on natural capital, such as emissions to air, land and water, and the use of natural resources?) Located on the traditional, ancestral and unceded territories of people of the Tsleil-Waututh ( səlil̓ w̓ ətaʔɬ ) , Squamish ( Sḵwx̱wú7mesh Úxwumixw ) and Musqueam ( xʷməθkʷəy̓əm ) Nations, Acsenda School of Management sees tremendous value in integrating sustainability education into our business and management curriculum. With our campus only a short distance away from lush forests, sparkling rivers, and snow-covered mountains, we are constantly reminded that climate change is a serious problem that future generations will need to deal with. For the past two terms, in conjunction with Drawdown BC [a climate solutions education and engagement NGO] we have offered a joint microcredential in environmental awareness, sustainability and climate action. This is a five-session, grassroots level programme that is delivered online and seeks to provide meaningful opportunities for students to increase awareness regarding climate change, connect with their communities and develop initiatives that help to bring positive change. We are always looking for opportunities for students from other institutions to participate. The volatilities and risks associated with climate degradation are frightening. However, through greater understanding emerges empathetic and educated business professionals capable of navigating these problems together. Neil Mort, President, Acsenda School of Management We have a reforestation programme, whereby for each student enrolled we plant a tree, in collaboration with Tree Nation. In addition, we have a number of institutional, but also student-driven, initiatives such as the cleaning of beaches, awareness days for garbage recycling and so on. At a business perspective, we can be considered a ‘quasi’ paperless organisation. [We also have] movement sensors for our LED lighting in all three campuses, low water-consumption washrooms, carbon air filtering, and 100% waste recycling (for organic, paper, plastic, and glass waste). Nicola Jackman, Head of Academics, Geneva Business School
The university is supporting academic research that addresses climate change, due to its impact on the economy and the importance of creating a sustainable environment. The university tackles sustainability from various perspectives, including monitoring its carbon footprint by producing a series of carbon footprint reports since 2011, promoting environmental research and education, implementing recycling programmes, and raising public awareness. The university has also taken several measures to foster a ‘clean and green’ campus environment, such as developing a sustainable trash management system and building the university’s first extensive green roof. Sherif Kamel , Dean, The American University in Cairo School of Business When moving into a new building, great care was taken to design it in such a way that it is self-sufficient in the use of energy as much as possible. Solar panels, re-use of rainwater, environmentally friendly materials, installing re-used furniture, and so on, all contribute to the circular model the School wants to promote. Reducing waste, avoiding disposable materials and requiring suppliers to commit to environmentally friendly services are all central policies in order to save on natural resources. Steven De Haes , Dean, Antwerp Management School NUCB operates in line with the UN’s sustainable development goals (SDGs) and develops programmes to drive society towards their realisation. Faculty members are asked to describe in their syllabi how their courses are related to the realisation of the SDGs. We are also a member of the Principles for Responsible Management Education (PRME). Kenji Yokoyama , Dean of External Relations, NUCB Business School We are working on addressing environmental impact by appointing Guillaume Finck, Vice President of Collège de Paris International, as an advisor and ambassador of Cardashift – a community-run business accelerator that collects funds, creates and accelerates social and environmental projects. Cardashift is built on Cardano, a blockchain platform that is considered to be one of the most environmentally sustainable blockchains. The main purpose of Guillaume Finck’s appointment is to help Cardashift identify and support educational ventures. Yasmina Kashouh, DBA candidate at Ascencia Business School and Faculty Member at Collège de Paris International
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‘Our alumni community is one of our most important stakeholders’
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Sherif Kamel Sherif Kamel is Professor of Management and Dean of The American University in Cairo School of Business. His research interests include digital transformation, decision support systems and entrepreneurship. He is the author of Leading Change in Challenging Times: Lessons of Disruption and Innovation from Egypt and the NileView article series.
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‘We aim to develop a mindset and a business model where sustainability becomes
a clear strategic advantage to all stakeholders’
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How is your Business School making a positive impact on the community/ communities in which it operates? Collège de Paris is a French network of 25 schools specialising primarily in business and management. The group now has almost 40,000 students enrolled in continuing education. The main goal is to make high- quality education available to as many people as possible throughout the world. It has, for example, a partnership with the association, Universités & Réfugié.e.s (UniR) that works to improve access to higher education for refugees and asylum seekers in France. Today, the project is expanding, as it also includes support for the Validation of Experience (VAE) for migrants who already have professional experience abroad, as well as online or distance learning courses. We have also developed a new concept of tokenisation built on blockchain technology related to payments. Today, payment is one of the most important aspects of distribution. It is very difficult to pay school fees in nations where the domestic currency is unstable or illiquid. To provide as many students as possible with access to education, we want to use blockchain technology, specifically cryptocurrency payments. We are in the process of developing a token for the distribution of education, called ‘Talent’. The idea is that this token could be used for international payments, tuition fees, investments for student projects, and so on. The aim of the initiative is to create a valuable coin for the education and integration of international students around the world and for the introduction of new payment methods. Yasmina Kashouh , DBA candidate at Ascencia Business School and Faculty Member at Collège de Paris International Our master’s students are engaged in community projects, as part of their education. They cooperate with local organisations to address issues such as social inequality, access to public services, poverty, climate change, sustainable use of materials, and so on. Often on a small but very practical scale, the aim of these projects is to make a real and concrete difference by using students’ managerial talents for the benefit of a local community or a specific target group. Steven De Haes , Dean, Antwerp Management School
As a Swiss Business School with a student body that represents more than 100 different nations, we ensure that all our programmes have three fundamental principles: sustainability, accountability, and responsibility (leadership) which are further supported by our mentorship approach. To further assist our students and their communities, we are launching an Entrepreneurial Foundation Hub through which students can seek financial support for their projects, as well as access to a knowledge pool, composed by practitioners from different areas and countries. Nicola Jackman , Head of Academics, Geneva Business School NUCB Business School is located in the midst of Nagoya’s Central Industrial Area. NUCB has been at the centre of human resource development for the industrial area [to the extent that] it is said that the industrial area has developed together with the development of NUCB. Kenji Yokoyama, Dean of External Relations, NUCB Business School The School seeks to generate a positive and measurable social impact. It understands and values the invaluable importance of the UN SDGs’ (sustainable development goals) integration into curriculum, research and community development activities and services. For instance, the School in collaboration with the UN Principles for Responsible Management Education (PRME) has recently launched the PRME Africa chapter as part of the third AUC School of Business Forum. Sherif Kamel , Dean, The American University in Cairo School of Business
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Yasmina Kashouh Yasmina Kashouh is Academic Supervisor and a Faculty Member at Collège de Paris International. She is also a DBA candidate at Ascencia Business School, where her doctoral research focuses on finding a perfect balance between modern and traditional hospitality and maintaining the ‘human touch’ with the rise of technology.
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How is your Business School addressing social inequality through widening access to educational and/or employment opportunities? NUCB has been proactive in admitting female workers and managers as students. One of our visions is to provide more women with access to the economy and its upper echelons. Kenji Yokoyama, Dean of External Relations, NUCB Business School Since our establishment, we have aimed to address social inequality actively by making financial and academic scholarships, internships, and career opportunities accessible. From an academic perspective, in this post-pandemic era, we are continuing to offer the hybrid modality for both our undergraduate and graduate programmes, which allows us to reach out to a wider community of people who would otherwise not be able to access an
as well. We believe that this the most efficient way to provide opportunities to everyone, regardless of income. Yasmina Kashouh , DBA candidate at Ascencia Business School and Faculty Member at Collège de Paris International The School, in coordination with the wider university, is driven by the values of equity, diversity and inclusion. Accordingly, it is determined to address social inequality and provides a portfolio of sponsorship and fellowship schemes, as well as financial aid programmes. The School aims to graduate entrepreneurial and responsible global leaders regardless of their social background. Sherif Kamel , Dean, The American University in Cairo School of Business We offer a range of dedicated scholarships to candidates with a weaker financial and social background. One example is the AMS Fund for Innovative and Sustainable Entrepreneurship. The fund selects fellows from developing countries who, besides studying for a master’s degree, also receive coaching in developing innovative and sustainable business ideas. As young entrepreneurs, such initiatives can contribute substantially to the development of their local communities. In terms of widening employment, the School has an active policy of creating job opportunities for people with mental impairments or disabilities. Steven De Haes , Dean, Antwerp Management School
international higher education experience. Nicola Jackman, Head of Academics, Geneva Business School
We have work/study contracts that make it possible for 70% of our students to attend our programmes at zero cost, and to get paid while studying. Tuition fees are paid by partner corporations and students get to work part time. This is made available to international students
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‘To provide as many students as possible with access to education, we want to use blockchain technology’
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‘The School aims to graduate entrepreneurial and responsible global leaders regardless of their social background’
Neil Mort Neil Mort is President of Acsenda School of Management, Canada. Neil has an extensive and diverse background in higher education administration with a particular emphasis on international education. He has also had a key role in establishing two new post-secondary institutions in British Columbia.
How is your Business School working to make a positive impact on the lives of your alumni in the years after their graduation? Alumni are an integral part of the School’s identity. They are regularly invited to participate in a variety of academic and social events. This gives them a sense of belonging and grants them unique networking opportunities, both locally and internationally, through the university’s various alumni chapters around the world. For example, the School’s EMBA graduates were recently invited to join sessions with a visiting EMBA class from Antwerp Management School who were on a study tour hosted by the School. Sherif Kamel, Dean, The American University in Cairo School of Business Our alumni community is one of our most important stakeholders. In addition to tools, services and events that support our alumni network, we also collaborate with alumni-generated projects and initiatives. We also support our alumni through social media campaigns, interviews, and access to our stakeholder database, among others. Some of our most successful projects include our alumni mentoring programme, where doubts regarding management, leadership, HR, marketing or finance/economic-related issues can be addressed at a personal level. Our alumni are also engaged in mentoring existing students, an initiative that has been widely accepted by all parties. Nicola Jackman , Head of Academics, Geneva Business School There are 14 networks under our alumni association. The mission of the networks is the continuous development of their
careers. Most of our alumni belong to one or two [of these networks]. They meet regularly to exchange information and help each other develop their careers in their chosen fields. Kenji Yokoyama , Dean of External Relations, NUCB Business School Collège de Paris has created a dedicated employment service (reserve digitale) which collects and distributes employment opportunities. In addition, alumni are constantly invited to contribute and attend masterclasses and scientific colloquiums. They are also offered continuous education programmes. Yasmina Kashouh, DBA candidate at Ascencia Business School and Faculty Member at Collège de Paris International For recent graduates, our Career Management Service is always available to offer coaching and advice for entry or re-entry in the labour market, as well as for personal advice for future career development. A dedicated alumni platform enables the exchange of business ideas, as well as career opportunities. Alumni are regularly invited to [attend] online or on-campus presentations and networking activities, where they can discover recent business ideas. One special type of such activities are ‘come-back’ days, which are mostly organised per degree programme. These consist of a series of lectures and debates where both current students and alumni explore recent developments, and their practical implications, in their degree’s subject area. Steven De Haes , Dean, Antwerp Management School
Kenji Yokoyama Kenji Yokoyama is Dean of External Relations at NUCB Business School, Japan. Previously, Kenji held several managerial positions at Ritsumeikan Asia Pacific University (APU), including Dean of the School of Management and Vice President of APU. He was also the President of the Association of Asia-Pacific Business Schools (AAPBS).
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DEVELOPING dynamic CAPABILITIES
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The recently established Faculty of Economics at Hungary’s prestigious Eötvös Loránd University is moving to meet growing demand in business and economics with an emphasis on preparing students to adapt to the unpredictable. Tim Banerjee Dhoul talked to Gabor Zemplen and Judit Fortvingler to learn more
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B udapest’s Eötvös Loránd University (ELTE) is steeped in history. Originally founded in 1635 in Nagyszombat (today, Trnava in Slovakia) it moved to Buda in 1777 (the historic capital of the Kingdom of Hungary which, since 1873, comprises the western part of today’s capital, Budapest). In 1950, it acquired its current name, in homage to the renowned physicist and faculty member, Loránd Eötvös. Today, ELTE counts four Nobel Prize laureates among its teachers and alumni, and the number of students is roughly 33,000. ‘Business education is very popular among students, and is probably
How healthy is the current market for business education in your country, and the surrounding region, and what are the main challenges? The number of international students in the region is increasing rapidly, and in Hungary, state- funded scholarships for students from developing countries also help with the recruitment of young talent. Naturally, recent events have upset the current trends. With an influx of refugee students from Ukraine, many of whom come from Africa, ELTE is able to provide for their continuing education during the crisis. At the national level, business education is very popular among students, and is probably the field with the highest number of competitors: more than 30 universities offer such education, and students themselves help in ranking these institutions through their choices. We have the highest number of postgraduate (and MBA) applications and students, and we are in the top two for undergraduate excellence, with an increase of more than 60% in the number of applicants who ranked ELTE as their first choice for next year. This is a huge success, given that the overall number of higher education applicants has decreased this year. Has the Covid-19 pandemic influenced your School’s long-term strategy? If so, how? We had used certain IT tools to support our master’s students’ learning experience even before the pandemic started in 2020, so it did not hit us dramatically. The new external circumstances forced us to extend the use of available systems to bachelor’s-level programmes and to widen the scope of IT solutions in teaching.
the field with the highest number of competitors’
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The establishment of its Institute of Business Economics (ELTE IBE) and the transition, last year, into the Faculty of Economics – ELTE’s ninth faculty (ELTE FE) – are more recent developments, born out of the rapid growth of students studying economics and business at the university. Business Impact talked to faculty members, Gabor Zemplen and Judit Fortvingler, to find out more about this rising level of interest and gain insights into ELTE Faculty of Economics’ pedagogical approach and outlook.
After a smooth transition to an online environment in spring 2020, the School’s
management started to consider the future: after overcoming Covid-19, should the faculty return to ‘traditional’ teaching tools, or should it implement a combination of pre-Covid and pandemic tools? Our approach differentiates us from other leading Hungarian universities and is twofold. On the one hand, we have realised that certain tasks (for example, consultations, the oral entrance exam at master’s level, and project work presentations) could be implemented more efficiently online. In addition, our students – especially master’s students who work [in conjunction with their studies] – favour this channel
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because of the time factor.
On the other hand, we have abandoned paper-based assessments. Certainly, the first
‘Another lesson learnt from online teaching was that students’ learning methods have changed’
steps to eliminate printed tests were necessitated by the pandemic, but then it became part of our long-term strategy. In
autumn 2021, we opened an exam centre with a capacity of about 200 students per timeslot, which is unique in the region.
Another lesson learnt from online teaching was that students’ learning methods have changed, and they are accustomed to relying on video-recorded lectures to extend their knowledge. Consequently, we have just opened a video library on campus where students can book a computer station in advance and watch the recording of any bachelor’s or master’s lectures or seminars of the semester (term). I understand that programmes at ELTE FE aim to incorporate other disciplines, such as psychology and computer science. Why is this mixing of disciplines important to students of economics and business? We have realised that, due to the availability of the internet, factual knowledge has become less important in the past decade while certain 21st-century soft and transversal skills, like critical thinking, negotiation skills, people skills, organisational and IT skills, have become indispensable for future businesspeople. It is these skills that we aim to help our students acquire to ease their transition into the business world and to prepare for the integration of the not-yet- known and the ever-changing world around us. These days, we offer several courses to bachelor’s students that have become increasingly important for practising business professionals, including law and advanced IT skills. By teaching students about human behaviour and communication, we also help them develop a growth mindset. We even have courses specifically targeting meta-expertise (for example, ‘Transdisciplinarity and expertise’) as it is not hard to see how technological change impacts expertise quickly in the fields of finance, marketing, and so on. Reacting to the dynamic development of IT in the fields of accounting and finance, for instance, we have just launched a new course on ‘Finance and Accounting Informatics’ for our bachelor’s students. In a recent interview, Dean of ELTE Faculty of Economics, György Andor, described the School’s vision as being ‘to train open-minded, versatile, and creative economists’. Why are these characteristics important in the world of business today? Economics students learn about the nature of business cycles and the occurrence of periodic crises that
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have challenged the world in the past.
and for the coming year the applications are still open.
Having the previous
What were the reasons behind last year’s launch of ELTE’s Doctoral School of Business and Management? Since its foundation, ELTE Faculty of Economics (previously, the Institute of Business Economics) has aimed at offering the full range of higher education, from bachelor’s to PhD studies. We are a young faculty with talented and experienced staff. The story goes back to 2017 when a cohort of 40-50 excellent tutors with outstanding academic performance, supported by the senate of ELTE, started work on building the Institute. Most of these tutors had been working together at bachelor, master’s, and doctoral levels for about 15 years, so it was evident that we had the expertise to obtain accreditation for each of the three levels. The rapid growth in the number of students we received initiated the transition from an institute for business economics to a faculty of economics and was eased by the PhD programme accreditation. In other words, the intention and experience to run a PhD programme was present, but we first had to reach maturity by running relevant postgraduate programmes for consecutive years. Business Schools are often encouraged to play a greater role in their communities. Can you give an example of a new event, activity, or initiative with this in mind? Community-building has certainly not been eased by Covid-19, and one present initiative aims at forging international relationships with similar institutions outside Budapest and Hungary to help like-minded students form groups, cohorts and alliances. For example, our students have been actively involved in case study competitions, which serve as a bridge between knowledge
patterns in our mind, we emphasise and teach the importance of planning in business. However, in the past
few years we have faced new, hardly predictable circumstances that one has to adapt to, such as the pandemic, or the war in Ukraine. No one can find a precise description in a textbook
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of what to do and how to settle into new situations, both in business and our private lives. We train our students to be creative, versatile, and open-minded, which means that, based on the relevant acquired factual and applied knowledge, they can tailor a solution to any new scenario. We also help our students understand the viewpoints of both an employer and employee, and multinational and national companies, given the macro and micro interests. Our priority is to develop students’ dynamic capabilities to be proactive or reactive, as is required. ELTE FE offers English-language degrees at undergraduate level. Do you have any figures on the proportion of international students that are normally enrolled in these programmes? How popular are they with domestic students in comparison to the bilingual and Hungarian degrees? We started with four bilingual undergraduate degrees (English and Hungarian) in 2018, and from 2019, we have also offered two of these as English-only degrees (Finance and Accounting, and International Business Economics). These are becoming increasingly popular among Hungarian students with an approximately threefold increase [in admissions] in the last year. For the coming year, we already know that around 300 more prospective students have applied, compared to last year. The ratio of international students is around 25% this year,
BGA | BUSINESS IMPACT
‘Factual knowledge has become less important in the past decade while certain 21st-century soft and transversal skills have become indispensable’
acquired at university and real-life business experience. One student from our bachelor’s in finance and accounting has been awarded second place at an international competition organised by Baker Hughes and the ACCA (Association of Chartered Certified Accountants). Currently, we are working on a business game project together with the ACCA, where a group of students solve a case study under the guidance of mentors. The most recent initiative, however, responds to the largest crisis in our region in years, whereby ELTE Faculty of Economics has allocated 40 new guest studentships for refugees from Ukrainian universities for the 2022 spring term. Tuition fees for the term are waived and while half of the quota is reserved for Ukrainian or Ukrainian-Hungarian citizens, students of other backgrounds from Ukrainian universities are also welcome. Guest students wishing to continue their education at the Faculty of Economics beyond the spring semester can do so as fee-paying students after going through the regular application and admission process.
Moreover, faculty management is accountable to the provider – which for our university is the central government – for the funds used. Responsible management includes not only the use of resources in accordance with the applicable rules, but also the implementation of the so-called ‘three Es of management’: efficiency, economy, and effectiveness. Through our performance-reporting system, there is ongoing monitoring of how tutors accomplish the key targets. In short, managing a faculty is an opportunity to educate talented youngsters and a significant responsibility to make the best use of funds while achieving our targets. What plans does your School have for the next three years? We aim to maintain and stabilise our achievements on the national market with moderate growth with respect to international students. We plan to pursue our ACCA accreditation and the BGA membership. In turbulent times, it is exceedingly difficult to have reasonable predictions about the future environment, but we hope that our adaptability to change will help us maintain our current position on the market as the leading provider for master’s degrees in economics (we run around 30% of the national market for these programmes), and as lucky tutors teaching many of the brightest undergraduates in Hungary.
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What does ‘responsible management’ mean to your School?
Our vision is to educate students who, on graduation, will be successfully integrated into business life, either as an employee or an entrepreneur starting their own business. One core objective of responsible management is to help our students acquire the necessary skills and applied knowledge to smoothen their transition to real life. We receive direct feedback from our students on whether their perception of service quality in teaching is in line with our expectations. Our faculty cooperates intensively with companies through guest lecturers and traineeships, so we serve as a bridge between our students and the employers. Based on this experience, the School’s management has a clear understanding of trends in the labour market.
Gabor A Zemplen (above, left) is Vice Dean for International Affairs, and Professor at the Department of Argumentation Theory and Marketing, Eötvös Loránd University (ELTE) Faculty of Economics, Hungary. His research focuses on conceptual development of scientific theories and the use of argumentation in education. Judit Fortvingler is Director of International Affairs, and Assistant Professor at the Department of Finance and Accounting, ELTE Faculty of Economics, Hungary. Her specialisations are the fields of accounting and auditing.
BGA | BUSINESS IMPACT
Educators must reach out beyond the walls of their institutions and address the most important issues facing society, writes Ellen Buchan
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BGA | BUSINESS IMPACT
The role of Business Schools in driving equality
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BGA | BUSINESS IMPACT
that we should reach out beyond the walls of our institutions and address the most important issues facing our society, especially when these relate so closely to why we do business: to provide a living for ourselves and those around us in a global marketplace. But can Business Schools also be considered contributors to the current state? They are the producers of talent for the financial and consulting elites. The aim of corporations is to maximise shareholder value; asset stripping, private equity or suppressing wages are sometimes in the best interests of the firm. To tackle these issues and more, AMBA & BGA, in association with Graduate Management Admission Council (GMAC), hosted a roundtable with Business School leaders. The ensuing discussion sought to delve into the role of Business Schools in addressing global inequality, to examine what’s changed and how far the points above resonate with decision-makers in higher education. Here are some highlights from that conversation. Sangeet Chowfla, President and CEO, Graduate Management Admission Council (GMAC) As a Business School community, we have to change the conversation from one that puts the needs of shareholders and capital first to one that also looks at social, environmental, equity and social issues. A shift from the shareholder primacy view of business to a multiple stakeholder model. We should certainly do the tactical things – recruiting and admitting more diverse classes, creating the appropriate curriculum – but we need an intellectual framework around the role of business that goes beyond the Friedman model of shareholder primacy to one that is more inclusive in terms of environmental and social equity. Who else will build this framework if not the university? The other thing is that technology has fundamentally changed how we deliver education. Education is no longer reserved for those who can put two years of their career on hold and afford to travel to a western, high-cost city for an MBA programme. Technology has enabled us, as Business Schools, to deliver in different ways, to create a flatter meritocracy or a more distributed, democratised form of meritocracy. This creates more equality of opportunity which can lead to equality of outcomes. After all, it does not seem that we can truly address equality if only a certain elite –
ccording to UNICEF, almost half of the world’s population – more than 3 billion people – live on less than $2.50 USD a day. This problem is exacerbated by the sharp divide between these extreme levels of poverty and the
extreme wealth that exists on the other side of the income spectrum. Data from the World Inequality Report shows that inequality is rising, or staying extremely high, nearly everywhere. Since 1980, the share of national income going to the richest 1% has increased rapidly in North America, China, India and Russia, and more moderately in Europe. Before Covid-19, in the US, the top 1% controlled 38% of the total assets in the country – which is 16 times the total wealth of the bottom 50% combined. Other countries show similar patterns. The pandemic has only expanded these differences. In fact, the International Monetary Fund (IMF) found that while the severe impact of the Covid-19 pandemic is clearly seen in the numbers – 120 million people pushed into extreme poverty, and a massive global recession – some data shows an increase in another extreme: the wealth of billionaires. This inequality has moral consequences for the structure of our global society. Inequality exacerbates social differences and reduces upward mobility – leading to greater stratification within communities. This, in turn, tends to lead to greater crime and social instability. The Equality Trust reports that rates of violence are higher in more unequal societies and goes as far as to suggest that more permanent decreases in inequality would reduce homicides by 20% and lead to a 23% long-term reduction in robberies. Political participation also suffers as the ‘have-nots’ struggle with daily needs and the ‘haves’ entrench themselves further. Nationalistic and nativist narratives harden. Another consequence is the impact on sustainability and the planet. The have-nots are forced to live off the land, leading to deforestation – the Amazon and Indonesian rainforests being examples of this. These individuals are less likely to be able to access alternative energy solutions and thus rely on fossil fuels. They are both contributors to, and victims of, climate change. As a global Business School community, it is imperative
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