Ambition is AMBA’s thought leadership magazine, offering regular insights into the challenges and trends that matter most in global management education
Ambiti n The monthly magazine of the Association of MBAs (AMBA) BE IN BRILLIANT COMPANY
Issue 76 OCTOBER 2024
Caledonia Calling Adam Smith dean Eleanor Shaw on the excellence of executive education
POLIMI TALKS NEW-GEN TECHNOLOGY Rooting for the AI-driven knowledge revolution
REWRITING THE RULES OF BUSINESS Edhec dean advocates for a net-positive future
WHY THE METAVERSE IS THE NEXT FRONTIER Latest AMBA research unveils the virtual universe
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Issue 76 | OCTOBER 2024
NEWS & INS IGHT
REGULARS
07 | EDI TOR’ S LET TER How the ever-growing virtual world of the metaverse is increasing
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innovation, interaction and accessibility in education 34 | SPOTLIGHT ON SCHOOLS The newly reaccredited Lund
University School of Economics and Management in southern Sweden 38 | VIEW FROM THE TOP CEO Andrew Main Wilson gives his top takeaways from this year’s Latin America conference, from the impact of AI to employer wish lists
08 | BUSINESS BRIEFING Our latest collection of updates from across AMBA’s global network includes news of a student venture fund’s success at Singapore Management University and research from Durham University Business School on how men and women tend to experience working from home arrangements differently 16 | FROM VIRTUAL TO VITAL: THE GROWING INFLUENCE OF THE METAVERSE New research into the opinions and experiences of AMBA & BGA members worldwide pinpoints the presence of virtual worlds at business schools and in the wider world of work
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36 | LEADERSHIP IMD’s Shlomo Ben-Hur on how our ability to build relationships draws on a deeply embedded set of skills and tendencies that define our ‘social code’
Ambition | OCTOBER 2024 | 3
ACHIEVE AMBA & BGA JOINT ACCREDITATION FOR YOUR BUSINESS SCHOOL
AMBA & BGA joint accreditation emphasises the importance of an institution’s overall impact and value creation for students, employers and communities, with a focus on responsible management, while maintaining the same level of rigour found in AMBA’s accreditation of postgraduate business programmes Achievement of joint accreditation allows your business school to demonstrate the quality of its MBA, as well as responsible management practices and positive impact on stakeholders
Undergoing a joint accreditation means that your institution requires only one visit of highly experienced assessors. This combines the necessary documentation from the two accreditations, reducing the amount of administrative work and tasks required to achieve two internationally recognised business school accreditations
EXPLORE AMBA & BGA JOINT ACCREDITATION FOR YOUR BUSINESS SCHOOL AT: www.amba-bga.com/joint-accreditation
Issue 76 | OCTOBER 2024
FEATURES
26 | TACKLING THE EXECUTIVE EXISTENTIAL CRISIS Lancaster University Management School’s Neil Ralph on incorporating existential philosophy to help MBA students develop their moral compass
12 | COVER STORY IN CONVERSATION WITH… ELEANOR SHAW Eleanor Shaw, dean of Adam Smith Business School at the University of Glasgow, discusses how institutions can help prepare future generations to become ethical and purposeful leaders
30 | A POSITIVE APPROACH TO BUSINESS Management education must lead the way in developing a net‑positive
business model, says Edhec dean Emmanuel Métais
22 | EMBRACING THE EDTECH REVOLUTION Politecnico di Milano’s Nicola Gatti and Susanna Sancassani consider the opportunities that artificial intelligence brings when it comes to a new era of innovation in teaching and learning
32 | A NEW ERA IN EDUCATION: PART 2
In the second of a four-part series, the University of Católica Lisbon’s Maria José Amich considers purpose, partnerships and technological tools
Ambition | OCTOBER 2024 | 5
Take advantage of AMBA & BGA’s free webinar series for business school leaders AMBA & BGA offers regular interactive webinars that are tailored for business school leaders, decision makers and higher education professionals Covering the issues that matter most in business education, they aim to offer bite-sized insights from industry experts, as well as an opportunity to exchange knowledge and experiences with peers from across AMBA & BGA’s global networks
Topics include: Education technology Innovation
Lifelong learning Career services Alumni relationships Leadership skills Partnerships & alliances Deep dives into different regions And much more
Make the most of your coffee breaks and keep up to date with all the latest trends in the business education arena For more information visit: www.amba-bga.com/events
EDITOR’S LETTER
BRAVE NEW FRONTIER
EDITORIAL Head of editorial Colette Doyle c.doyle@amba-bga.com Content editor Tim Banerjee Dhoul t.dhoul@amba-bga.com
As the metaverse continues to expand, it is inspiring fresh ways of thinking about learning
T
Art editor Sam Price Sub-editor Heather Ford
he burgeoning digital realm of the metaverse is poised to revolutionise the landscape of higher education. As this virtual universe continues to evolve, it offers unprecedented opportunities for institutions to enhance learning experiences, foster global collaboration and democratise access to education. The metaverse provides a highly interactive and engaging learning environment. Students can explore virtual labs, historical sites and even distant planets, thereby fostering a deeper understanding of complex concepts. Virtual classrooms and collaborative tools within the metaverse enable students from around the world to connect and work together on projects, promoting intercultural understanding and global citizenship. The metaverse can also break down barriers to education by providing accessible learning experiences for students with disabilities. Virtual environments can be customised to accommodate individual needs, ensuring that everyone can participate. Cost-effective education is another plus: by reducing the need for physical infrastructure, the metaverse can help institutions lower costs and make education more affordable. Online courses and virtual campuses can expand access to higher education for students in remote or underserved areas. In our latest piece of in-house research, reviewed on page 16, some 12 per cent of management education students said they had considered their institution’s use of the metaverse when choosing where to study. A further 18 per cent confirmed that they had already used the technology as part of their business school experience. Half of all the employers surveyed, along with 48 per cent of students, agreed that the metaverse would play a role in their careers over the next 10 years. Around a fifth (21 per cent) of employers believe the metaverse’s biggest impact over the next five years will be in education. As the metaverse continues to mature, it is likely to play an increasingly important role in shaping higher education. By embracing it, institutions can create innovative learning experiences that prepare students for the challenges and opportunities of the 21st century.
Insight, content and PR manager Ellen Buchan e.buchan@amba-bga.com CORPORATE Commercial relations director Max Braithwaite m.braithwaite@amba-bga.com
Head of marketing and communications Leonora Clement
Senior marketing executive Edward Holmes
Head of IT and data management Jack Villanueva
Head of events Carolyn Armsby
HR and employer relations manager Aarti Bhasin Finance and commercial director Catherine Walker
Colette Doyle , Editor, Ambition
THIS MONTH’S CONTRIBUTORS
Chief executive officer Andrew Main Wilson
Executive assistant to the CEO Amy Youngs a.youngs@amba-bga.com ACCREDITATION ENQUIRIES accreditation@amba-bga.com
MARIA JOSÉ AMICH
SHLOMO BEN-HUR
NICOLA GATTI
JOAKIM GULLSTRAND
EMMANUEL MÉTAIS
NEIL RALPH
SUSANNA SANCASSANI
ELEANOR SHAW
Copyright 2024 by Association of MBAs and Business Graduates Association ISSN 2631-6382 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, AMBA 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 AMBA. Whenever an article in this publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. AMBA 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.
Ambiti n
Ambition | OCTOBER 2024 | 7
BUSINESS BRIEFING
All the latest updates from across AMBA’s global network
Included in this latest collection of news and research is a look at the success of a student venture fund, where and when it makes sense for brands to prioritise sustainability and how men and women experience working from home arrangements differently. Compiled by Tim Banerjee Dhoul and Ellen Buchan
THE EVER-EVOLVING SDA BOCCONI MBA CELEBRATES ITS HALF-CENTURY
SCHOOL : SDA Bocconi School of Management COUNTRY : Italy
As well as the school’s shift towards embedding the principles of sustainable development throughout its MBA, the flagship degree has also ramped up its coverage of innovation and change management, as well as its analysis of macroeconomic and geopolitical factors. “The curriculum of such a programme is evolving dynamically to meet our students’ expectations in terms of skills and competencies transformation. The new cohort will experience the impact of AI on teaching methodologies and learn about the potential impact on business and jobs of this new technological revolution,” noted associate dean for master’s programmes Enzo Baglieri. The MBA class of 2024 at SDA Bocconi comprises 113 students, of which 30 per cent are women. Together, they hold an average of six years’ work experience and represent 38 countries, with 22 per cent coming from Latin America, 18 per cent from Europe (excluding Italy), 16 per cent from North America and 15 per cent from Asia. TBD
SDA Bocconi School of Management has reflected on five decades in the MBA education space as it celebrates the start of classes for its 50th MBA cohort. The programme, according to the school, has always aimed to prioritise the human dimension in its educational approach, with a commitment towards diversity and an integration of different cultures designed to enrich the learning experience. It has also sought to maintain close ties with the business landscape and its working realities. Other aspects, however, have evolved in view of the changes in business and society since its first MBA cohort began studying in 1974, as SDA Bocconi dean Stefano Caselli attested: “With its unique focus on sustainability and responsibility, the latest incarnation of our MBA perfectly embodies the values that must guide a business in creating value. Responsible and sustainable leadership translates into improvements for individuals, businesses and communities.”
8 | Ambition | OCTOBER 2024
NEWS & INSIGHT
Today’s workplaces are increasingly multigenerational, but a gap remains between employers’ attitudes and actions on age-inclusive policies. That’s according to new research from the Work Foundation, a London-based think tank attached to Lancaster University Management School (LUMS). “For the first time in history there are now four generations in the workplace together, with those born in the 1960s and 70s working alongside those born in the 2000s,” stated Work Foundation director Ben Harrison. In the think tank’s Working Together report, 51 per cent of the 1,000 senior business leaders in Great Britain who were surveyed said that there was more than one generation in their organisation, while 73 per cent agreed that there are more generations in work today than in the past. Seven in 10 respondents also agreed that the diverse perspectives offered by a multigenerational workforce are a plus for their organisation. “Our study shows that employers recognise the benefits of this increasingly multigenerational workforce, but many are not putting in place age-friendly policies and support mechanisms to support an inclusive and productive workplace culture,” continued Harrison. In the report, 61 per cent of leaders confirmed significant differences in work culture preferences between generations. However, the proportion of those who agreed that emphasising diversity, equity and inclusion (DE&I) is important in creating a positive work culture for a multi-gen workforce was 31 per cent. In addition, just 18 per cent revealed that they had already included age in DE&I policies. Turning to specific examples, 16 per cent reported having a menopause support policy, while 13 per cent said that their organisations have age champion schemes in place. “Employers need to respond to new expectations that prioritise health and wellbeing by introducing longer-term workforce planning and implementing age-inclusive policies within their organisation,” argued Harrison, referencing the report’s advice for organisations. Other recommendations include the development of lifelong learning opportunities and flexible working arrangements. TBD ATTITUDES ON AGE ARE NOT ALIGNED WITH ACTION SCHOOL : Lancaster University Management School COUNTRY : UK
Who is the most inclined to pay for brands deemed exclusive and ‘on-trend’? And what about brands that position themselves as being sustainable, inclusive and focused on making a positive social contribution? A new study from Vlerick Business School analysed responses from 24,798 individuals across 20 countries to find out. People in China, South Africa and Thailand had the highest willingness to pay for on-trend brands, while consumers in South Korea and Singapore were most happy to pay for brands that prioritise their societal and environmental impact. It’s interesting to note that consumers in European countries, including Belgium, Germany, the Netherlands, Sweden and the UK, were found to be the most reluctant to pay for sustainable brands. Frank Goedertier, study lead and professor of marketing at Vlerick, explained that the analysis sought to ascertain if positioning around impact and sustainability could match the kind of consumer willingness to pay a premium that is traditionally linked to brands perceived as being exclusive and trendy. Across all locations, members of Gen Z were more inclined to pay for both types of brands, demonstrating the value they attach to both exclusiveness and positive impact. Looking at gender disparities, women were more willing to pay for inclusive and sustainable brands, while men were more likely to value an exclusive, on-trend brand. The study’s findings are said to have important implications for marketing strategies. “Our results confirm that the traditional focus on exclusivity alone may not suffice for engaging Gen Z consumers,” declared Goedertier. Multinationals, meanwhile, are urged to consider how consumers’ geographic locations might warrant changes to a brand’s strategy, while companies primarily targeting women are advised to emphasise their sustainability and ethical practices. EB WHO IS THE MOST WILLING TO PAY FOR BRANDS THAT PRIORITISE A BETTER FUTURE? SCHOOL : Vlerick Business School COUNTRY : Belgium
Ambition | OCTOBER 2024 | 9
THE SKY’S THE LIMIT FOR ENTREPRENEURIAL STUDENTS
SCHOOL : Lee Kong Chian School of Business Singapore Management University COUNTRY : Singapore
A student venture fund established by the Singapore Management University (SMU)’s Institute of Innovation & Entrepreneurship (IIE) has invested S$25,000 (c $19k) in rocket propulsion firm Equatorial Space Systems (ESS). The Protégé Ventures (PV) fund has invested more than S$300,000 (c $230k) in 12 student start-ups since 2017, training 320 students as venture capital professionals and evaluating upwards of 1,300 deals. The fund gives students the chance to acquire crucial skills and experience while investing real capital in start-ups. Around 70 per cent of its members are said to have gone on to secure internship and full‑time placements across venture capital, financial services and start-ups. Recruiting from across Singapore’s universities, PV currently counts a number of undergraduate students from SMU’s Lee Kong Chian School of Business among its managing partners and principals. One student central to the new funding deal was accountancy student and PV analyst Ryan Teo: “It was through PV that I had the opportunity to speak with industry experts from deep-tech VCs to satellite operators and attend the Global Space Technology Convention & Exhibition.” PV is one of a number of ways in which SMU IIE seeks to support the development of entrepreneurial skills. “This first investment by our student venture capitalists into an eco-friendly space propulsion start-up is a significant milestone,” remarked SMU IIE senior associate director Yasi Huo, adding that it demonstrated the fund’s “commitment to be at the forefront of trends and technology while championing innovations in sustainability.” The institute also runs a four-month coaching programme for early‑stage start-ups through its incubator and holds one of Asia’s biggest university‑led start-up competitions every two years. The last instalment of the latter, known as the Lee Kuan Yew Global Business Plan Competition, attracted submissions from 1,100 universities based in 77 different countries and offered a total of more than S$2.5 million in prize money. TBD
Political marginalisation remains a major global issue and democratic governments are still dominated by well-educated, wealthy white men. Previous studies have primarily blamed underrepresented groups for lacking political ambition, but a new €1.5 million grant will allow Aarhus BSS associate professor Kristina Bakkær Simonsen to delve deeper into the cultural realities behind this phenomenon. Simonsen’s view is that political marginalisation persists because of the messages young people receive about their access to political power. “I want to direct our attention to the underlying norms that exist in a society and make a lasting imprint on us from a young age by shaping how some groups are seen – and see themselves – as natural in the political domain, whereas others aren’t recognised as fit for power,” she explained. The funding, received from the European Research Council, is a starting grant to propel the work of young researchers over five years and will support Simonsen’s project entitled The Paradox of Political Marginalisation: Young People and Political Power (YOPOW). The project seeks to demonstrate how stereotypes around politically powerful people shape political aspirations from a young age. Specifically, it will draw on machine-learning techniques to analyse how politicians are described to children at school, on social media and in educational materials. It will also conduct interviews with students and analyse recordings made in diary apps given to student council representatives and youth politicians to explore how different individuals experience and use political power. “Political marginalisation constitutes a major democratic problem: it biases decision-making, challenges democratic legitimacy and creates political alienation. The ultimate aim of YOPOW is to fundamentally change our understanding of political marginalisation as a phenomenon that takes root in early life and is relevant to all of us,” added Simonsen. EB POLITICAL MARGINALISATION RUNS DEEP, AS NEW PROJECT SEEKS TO DEMONSTRATE SCHOOL : Aarhus University School of Business and Social Sciences (Aarhus BSS) COUNTRY : Denmark
10 | Ambition | OCTOBER 2024
NEWS & INSIGHT
WORKING FROM HOME LEAVES ROOM FOR IMPROVEMENT ON GENDER EQUALITY SCHOOL : Durham University Business School COUNTRY : UK
Since its rapid rise during the time of the pandemic, the practice of working from home has increasingly been put forward as a means of combatting gender inequality in the workplace. However, new research questions if working from home affects men and women in the same way. In a study conducted by Menghan Shen, an MSc in information management student at the University of Sheffield, together with associate professor of information systems at Durham University Business School Efpraxia Zamani, it was discovered that women experience a blur between the boundaries of their professional and personal lives more regularly than men. Specifically, as a result of placing a high value on being present for their families, women were found to be more likely to juggle family responsibilities while working than men, leading to frequent disruptions during work hours, higher levels of stress and reduced productivity. Conversely, men were more likely to manage to achieve a distinct separation between their work and family time and were much less willing to disrupt their work schedules to address family needs.
Despite the findings’ implications, the researchers emphasised that working from home is not inherently detrimental to women. “The greater flexibility that working from home provides has empowered women to bridge much of the gender gap in the workplace,” countered Zamani. “However, our findings show that there’s still a need for more shared responsibilities in the family home if we are to achieve true equality in both work and family life, as women are currently taking on a similar burden in work, but a greater burden at home.” The researchers believe that remote workers should be given adequate support and access to tools and systems that can help them manage their own boundaries. They also highlight the potential of enabling flexible working patterns so that those working at home can accommodate the demands of work and family life effectively. EB
SHARE YOUR NEWS AND RESEARCH UPDATES by emailing AMBA & BGA content editor Tim Banerjee Dhoul at t.dhoul@amba-bga.com
Ambition | OCTOBER 2024 | 11
In conversation with… Eleanor Shaw
Ambition editor Colette Doyle talks to Professor Eleanor Shaw, dean of Adam Smith Business School at the University of Glasgow, about being a female academic in a male-dominated sector, having to deal with restrictive government policies and how to prepare future generations to become ethical and purposeful leaders
Tell us a little bit about your background and how you came to be in your current role “I have worked in the university sector for more than 25 years, having held almost every post imaginable, including research assistant, lecturer, director of research, associate principal and now dean. I actually studied at the University of Glasgow for my undergraduate degree and my PhD and very early on in my career I also worked at Glasgow. “Since then, I have worked at a number of institutions across the UK, as well as internationally. It’s nice to be back at Glasgow, contributing and hopefully making a difference; there has been significant campus redevelopment and it’s lovely to be located in the new Adam Smith Business School.” How have things changed in management education over the past decade or so since you worked as a professor in entrepreneurship at Strathclyde Business School? “That’s a really interesting question because in those 10 years we have had to deal with the restrictions and impact of the global pandemic. Covid certainly placed enormous pressure on the sector – on both colleagues and students. What Covid also did was speed up the adoption of a whole range of teaching and learning technologies and helped academia understand the potential for innovation across almost all areas of management education.
“I think too the inclusion of ethics, purpose, sustainability and related equality, diversity and inclusion (EDI) topics has become vitally important within management education. Having a focus on purposeful and responsible organisations, led by informed leaders who take decisions based on data and evidence, is much more important now than it was previously. Also, work around vulnerability, followership and the power of empathetic leadership are all topics that our cohorts are keen to learn more about.” What have been the highlights of your career to date? “I am blessed because I really enjoy working in the university sector and within business schools especially, so there are any number of highlights that I can think of. One thing I absolutely adore is executive education; I really value designing programmes for participants that help them and their organisations to prosper and thrive. “For me, executive education is a fabulous vehicle that allows me to draw on my own research and create a bespoke programme fully catering to the needs of clients. I always learn so much when delivering executive education and enjoy developing my networks through engaging with external clients. It’s such a highlight when executive clients tell me how much they have enjoyed a programme I’ve designed for them and the impact it has had on them, their organisation and their colleagues.”
12 | Ambition | OCTOBER 2024
INTERVIEW WITH THE DEAN
BIOGRAPHY
Eleanor Shaw is a values-led, inclusive, entrepreneurial leader with over 25 years’ experience of working with entrepreneurs. Her experience is complemented by a portfolio of research that has informed the design and delivery of entrepreneurial education, influenced policy and guided the development of successful growth interventions to support the scale-up of a number of Scottish ventures. Shaw uses her knowledge, expertise and networks to unlock entrepreneurial potential across Scotland’s economy. She was awarded an OBE for Services to Entrepreneurship and Education in 2022 and a Fellowship of ISBE (the Institute for Small Business and Entrepreneurship) last year. She holds several board and external appointments, including with the Beatson Cancer Charity, the Chartered Association of Business Schools, Enable, Pathways Forward and The Gender Index
Ambition | SEPTEMBER 2024 | 13 Ambition | OCTOBER 2024
In what ways does the MBA need to reinvent itself in order to remain relevant in the 21st century? “To remain relevant, it is vital that MBA programmes include many of the topics I have mentioned above. We need to go way beyond corporate social responsibility and talk about how we embed purpose, values and integrity into organisations; we also need leaders with the motivation and skills to manage organisations that make the world a better place rather than contribute to its challenges. “Sustainability is a key topic, of course and we need to use data and evidence to inform programmes that can help future leaders deliver on commitments to EDI – for me, this means way more than just access to equal opportunity. Moreover, we need leaders who can provide the resources – human, social, economic and reputational – to help those who identify opportunities to be able to act upon them. “I think we also need to help MBA participants develop as coaches and to master the skills needed to actively listen to colleagues and help empower them to make the best
“Entrepreneurship is not restricted to starting and growing a business. Entrepreneurial leaders exist across all sectors and in organisations of all sizes. An entrepreneurial mindset can help boost productivity and innovation, create happier places of work and, ultimately, encourage organisations to contribute to the ecosystems they are a part of, thereby making the world a better place.” As a female dean, how do you think the ‘leaky pipeline’ phenomenon affects other female academics in their careers and have you had to deal with any particular difficulties being a woman in a male-dominated sector? “It is true that as people develop their academic career, male academics seem to progress to more senior positions than their female counterparts. I find this really odd, as female academics are no less skilled or impactful than their male colleagues. Throughout my career I have been mentored equally by female and male coworkers and I am determined now, as a senior academic who happens to be
decisions for themselves and their organisations.” How important are rankings to you and your school? “In my opinion, accreditations are more important than rankings. Accreditations speak to international audiences and provide a trusted source of advice, information and
female, to ensure that I mentor colleagues at an early stage in their career, helping them to progress to where they want to go. “I am completely committed to equal access to opportunities for development and growth, as well as to equal access to those resources needed to act on and respond to such opportunities. In my role at Glasgow,
Students learning to utilise artificial intelligence must develop their critical thinking, analytical skills, decision-making and good judgement
I am gathering evidence and data to help inform the decisions that my senior team and I make and to ensure that we support and encourage diverse talent. We know that greater diversity encourages better decision-making and a community of inclusion – we are huge supporters of this at Adam Smith.” The impact of artificial intelligence (AI) and other generative algorithms such as ChatGPT on management education has been well documented; what’s your position on it at Adam Smith – how can faculty best adapt to the technology in order to maximise its potential for students? “Our school believes that AI tools are potentially transformative – as well as disruptive. They increasingly feature in academic and professional workplaces. Consequently, rather than seek to prohibit students’ use of these tools, we want to support them in learning how to use them effectively, ethically, critically and transparently.
evidence about different institutions. Rankings come with many caveats: it may be that a programme is excellent, but because it doesn’t meet a certain criterion – let’s say for instance, salary after graduation – then it will not be included in a ranking. However, this is not a true indication of the quality or impact of that programme.” What kind of skills do you think are necessary nowadays in order for MBA graduates to become effective and productive leaders? “Given that I’m a professor of entrepreneurship, this is probably something that you might expect me to say. I strongly believe that alongside relevant management education – which includes a deep understanding of the bottom-line importance of values, purpose, sustainability and an authentic commitment to EDI – MBA participants can become impactful and influential future leaders if they understand and embrace creativity, entrepreneurship and innovation.
14 | Ambition | OCTOBER 2024
INTERVIEW WITH THE DEAN
The University of Glasgow boasts a rich history but the Adam Smith Business School faculty is firmly focused on the future
The management education sector is truly international, but do you believe there are specific challenges that UK-based business schools are facing? “There certainly are – the position that the previous UK government took around visas is especially challenging and makes it difficult to attract and welcome international students to come here to study and contribute to the UK economy. It makes little sense to me, given the significant contribution that the UK higher education sector makes to With the ongoing geopolitical unrest around the world, climate change concerns and socio‑economic uncertainty, how optimistic do you feel about the future of the business school sector? the British economy, to have implemented such a restrictive policy.” “I remain upbeat and positive; after all, nothing stays the same for ever – change is inevitable. I am optimistic that business schools will continue to both adapt and respond well in the context of preparing for future changes and challenges. “Indeed, change is the only constant and I think by embracing that, business schools can interact with (rather than merely react to) to the world around them. They will evolve and continue to provide access to leadership education that is relevant, vital and which makes a positive contribution to the world around us.”
“Our students will graduate into an AI-augmented world. As such, we have a responsibility to prepare them properly for that, providing the space to experiment with AI and understand its potential in an ethical way. We are actively reviewing our approach to more meaningful assessment and finding ways for students to develop critical thinking, analytical skills, decision-making and good judgement through their use of artificial intelligence. Generative AI tools can be used to produce artefacts
for comparison purposes – this is something that can be done both inside and outside the classroom. “Inside the classroom (and possibly for in-course assessment), faculty can ask students to produce an artefact via generative AI (eg an essay or business
“MBA participants can become impactful and influential future leaders if they understand and embrace creativity, entrepreneurship and innovation”
plan) and then enable them to work in groups to present and critique it. Assessment could be based upon what they can improve or extend beyond what has been created – or indeed, what mistakes are present in the generated response. “To overcome the unreliability of information that AI tools can produce, making a comparison against another trustworthy source is key. This can be replicated for assessment that has to be undertaken outside of the classroom. Evidence of the AI content can be appended to the submission so that students show how they have used it.”
Ambition | SEPTEMBER 2024 | 15 Ambition | OCTOBER 2024
THE GROWING INFLUENCE OF THE METAVERSE Virtual Vital FROM TO
The virtual worlds that make up the metaverse look set to become a growing reality in the business school sector, with 18 per cent of students already using the technology at their institution and 12 per cent factoring it into their choice of school. Ellen Buchan and Tim Banerjee Dhoul present new research into the opinions and experiences of AMBA & BGA members worldwide
16 | Ambition | OCTOBER 2024
AMBA & BGA RESEARCH
Ambition | OCTOBER 2024 | 17
M Metaverse technology and the provision of virtual worlds, which might be accessed as part of admissions, learning or engagement activities, could become part of students’ expectations in the context of a business school experience, according to new research from AMBA & BGA. Exploring the Metaverse: Perspectives from Students, Graduates and Employers finds that 12 per cent of current students considered the presence of metaverse technology at a business school as part of their decision-making process over where to study. Seven per cent of graduates also cited factoring this into their original choice of school, highlighting this as an area of
interest that is independent of our society’s fascination with the strides being made in artificial intelligence (AI). Certainly, people no longer view metaverse technology as being consigned to the world of gaming, where it has formed the bedrock of virtual world staples World of Warcraft , Second Life and Fortnite . In an increasingly borderless society, it can serve as a powerful tool to bridge geographical divides through the creation of realistic, shared experiences. Many business schools have already embraced the metaverse by using the technology to host open days, lectures and social events in a virtual world and, in some cases, they have even established virtual campuses. Among those surveyed for Exploring the Metaverse , 18 per cent of students said they have used the metaverse in some way at their school, as did 10 per cent of those who have already graduated. This raises questions about the metaverse’s place in the future of business education and in relation to online and hybrid learning. Do students and graduates value the technology and how much impact do they believe it will have on their careers? How are employers already using the technology and what place is it likely to hold in the future of work? By comparing the views of students, graduates and employers, AMBA & BGA’s report aims to shine a light on these questions. It is the fourth of four reports drawn from one global survey analysing the views and experiences of these three distinct groups within AMBA & BGA’s worldwide membership.
18 | Ambition | OCTOBER 2024
AMBA & BGA RESEARCH
Awareness & potential impact Basic awareness of the metaverse was strong among AMBA & BGA’s sample of 1,120 members, albeit with some intriguing differences between the student, graduate and employer segments of respondents. When asked if they understood what the metaverse is, 84 per cent of current students said they did, compared to 78 per cent of employers and 77 per cent of graduates, respectively. However, there was less certainty when respondents were asked if they could confidently describe the metaverse to someone else. While 58 per cent of students and 57 per cent of employers said they could, graduates were more cautious. Almost half (48 per cent) of graduates said they didn’t feel confident in their ability to describe the metaverse to others, while the remaining 52 per cent said that they could. Graduates were also the least likely segment to have already used the metaverse in their personal lives. Only 15 per cent of graduates cited current use, compared to 21 per cent of students and 23 per cent of employers. The three groups disagreed slightly on whether the metaverse would play a role in their professional lives over the next 10 years. Around half of both employers and students strongly agreed or agreed that it would, compared to just 40 per cent of graduates. Among students, 34 per cent agreed that the technology will play a role in their careers in the next decade, while 14 per cent strongly agreed. Similarly, 37 per cent of employers agreed with this statement, while a further 13 per cent strongly agreed. By way of comparison, just eight per cent of graduates strongly agreed that the metaverse will impact on their careers over the next 10 years and 32 per cent agreed. It should be noted that most graduates were not ruling out the metaverse’s potential significance – they were just the most unsure segment of our survey sample. A sizeable 40 per cent of graduates stayed on the fence by neither agreeing nor disagreeing with the survey statement, compared to 33 per cent of students and just 29 per cent of employers. Yet, the metaverse also has its detractors and those who might argue that its time of expansion is now over in the wake of AI’s rise. This minority is reflected in the survey sample, with around one in five students, graduates and employers either disagreeing or strongly disagreeing that the metaverse will play some role in their careers over the next decade. Employer perspectives Employers perceive entertainment to be the sector where the metaverse will have the biggest impact over the next five years. A total of 43 per cent of employer respondents selected this aspect from six different options. The finding aligns with the most common current use of metaverse technology and its prominent position in video games and the arts. However, the metaverse’s ability to connect people from across the world in a realistic and personable manner is already 15% 19%
FINDINGS SNAPSHOT
The future of the metaverse • 21 per cent of employers believe that the metaverse’s biggest impact in the next five years will be in the realm of education, while 43 per cent think that its influence on the entertainment world will be the most significant. • The metaverse is less understood by graduates than by current students and employers, highlighting an area for potential alumni upskilling. Only 77 per cent said they understood what the metaverse was and even fewer ( 52 per cent ) said they could describe it to another person.
Employer uses of the metaverse • Virtual showrooms • Product research and development, using augmented reality (AR) • Virtual recruitment • Learning and development experiences • Client communication • Team meetings and webinars • Online networking • Virtual offices
FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL?
Is your school’s use of the metaverse, or lack of use, something you took into consideration when choosing your business school? FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL? Part 3: Students and graduates’ experience of the metaverse Yes No Don’t know Yes No Don’t know
12%
73%
15%
Students
12% If there were relatively low levels of use of the metaverse by employers in their actual jobs – are business schools using it for their teaching and learning activities? Are students aware of the technology and is it a contributing factor when they are applying to schools? 73% Students
7%
74%
19%
Graduates
7%
74%
FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL? Graduates
FIGURE 5: DEFINING THE METAVERSE AS USING VIRTUAL REALITY, MIXED REALITY OR AUGMENTED REALITY – HAVE YOU EVER USED THE METAVERSE AT YOUR BUSINESS SCHOOL? Have you ever used the metaverse (ie virtual reality, mixed reality or augmented reality) at your business school?
No Don’t know metaverse into account when they were choosing their business schools. This is a significant proportion of the applicants and suggests that business schools should be investing in this technology if they really want to stand out to potential students. We also wanted to know if use of the metaverse was something that students and graduates considered when they applied to different business schools. Over a tenth (12 per cent) of students did in fact take the Yes No Don’t know
Graduates were slightly less likely to have taken a business school’s metaverse provision into account when they were applying. Only seven per cent of business graduates had taken the metaverse into consideration when they were applying to their chosen course.
12% metaverse into account when they were choosing their business schools. This is a significant proportion of the applicants and suggests that business schools should be investing in this technology if they really want to stand out to potential students. 7% Students Graduates Yes We also wanted to know if use of the metaverse was something that students and graduates considered when they applied to different business schools. Over a tenth (12 per cent) of students did in fact take the 18% 10% 78% 84% Students Graduates
73% Graduates were slightly less likely to have taken a business school’s metaverse provision into account when they were applying. Only seven per cent of business graduates had taken the metaverse into consideration when they were applying to their chosen course. 15% 4%
6%
74%
19%
Ambition | OCTOBER 2024 | 19
As expected, students were most likely to have used the metaverse as part of their business school experience, with 18 per cent stating they had done so. In comparison, only 10 per cent of graduates reported using the metaverse during their time at a business school. Considering the novelty of this technology, business schools may
FINDINGS SNAPSHOT The metaverse at business schools • 12 per cent of current students considered a business school’s use of the metaverse when choosing where to study. The equivalent proportion among graduates was seven per cent. • 18 per cent of students have already used the metaverse as part of their business school experience, compared to 10 per cent of graduates. The metaverse in the world of work • Nine per cent of employers said they use the metaverse in some capacity in their current job roles, while 23 per cent said they currently use it in their personal lives. • 50 per cent of employers and 48 per cent of students agreed or strongly agreed that the metaverse would play a role in their careers over the next 10 years.
leading to the technology’s adoption in other industries, including fashion. As such, approximately one in five employers (21 per cent) believe that the metaverse’s greatest impact in the next five years will in fact be felt by the education industry. This proportion is above the number of responding employers who believe that the metaverse’s biggest impact will be on shopping (cited by 20 per cent) and finance (cited by 14 per cent). Even so, education was a less popular answer among surveyed employers than business (cited by 26 per cent) and other social aspects of life (cited by 35 per cent). When employers were asked if they used the metaverse in any capacity in their current role, only nine per cent said “yes”. A vast majority of 78 per cent said that they did not, while a sizeable 13 per cent were unsure; another indication, perhaps, of uncertainty surrounding definitions. Those who said they did use the metaverse were then asked how they used the technology. Answers were wide- ranging and included virtual showrooms, product research and team meetings ( see page 19 for further examples ). Student & graduate perspectives The metaverse is an emerging technology in the higher education space, so it’s no surprise to learn that more current students have
Do you agree that the metaverse will play a role in your career over the next 10 years? FIGURE 2: DO YOU AGREE THAT THE METAVERSE WILL PLAY A ROLE IN YO
used the metaverse at business school than graduates. Among students, 18 per cent said they have used the
FIGURE 2: DO YOU AGREE THAT THE METAVERSE WILL PLAY A ROLE IN YOUR CAREER IN THE NEXT 10 YEARS?
FIGURE 2: DO YOU AGREE THAT THE METAVERSE WILL PLAY A ROLE IN YOUR CAREER IN THE NEXT 10 YEARS?
Strongly disagree
Disagree
Neither agree nor disagree
Agree
Stro
metaverse as part of their business school experience, compared to 10 per cent of graduates. In this question, the metaverse was expressly defined as encompassing any use of virtual reality, mixed reality or augmented reality. A 78 per cent majority of students and 84 per cent of graduates, meanwhile, said they had not used the metaverse at business school. Yet, in a climate of increased online and hybrid learning opportunities, the number of institutions that use the metaverse in their teaching and community engagement activities looks set to rise. Moreover, a significant number of students are already looking for evidence of its use when applying to business school. As previously 10% 10% 10% 9% Employers Students Strongly disagree Disagree
Strongly disagree
Disagree
Neither agree nor disagree Strongly agree
Agree
Strongly agree
Agree
Neither agree nor disagree
10%
10%
29%
3
10% Employers
10%
29%
37%
13%
Employers
29%
37%
10% 13%
10%
9%
33%
34%
14%
9%
33%
Students
Students
33%
12% 34%
14%
8%
40%
32%
8%
Graduates
8%
12%
40%
Graduates
20 | Ambition | OCTOBER 2024
8%
12%
40%
32%
8%
Graduates
The groups disagreed slightly on how much the metaverse would play a role in their career over the next 10 years. Around half of both employers and students
The graduates didn’t necessarily agree that it wasn’t going to have an impact on their careers more than their employer and student counterparts – they were just the
AMBA & BGA RESEARCH
mentioned, 12 per cent of student respondents said that they took an institution’s use of the metaverse (or lack thereof) into account when choosing where to study. The equivalent proportion among graduates was seven per cent, meaning they were less likely to have considered a business school’s provision of metaverse opportunities at the time of their application. The proportion of those who said they did not factor the use of metaverse technology into their choice of business school was 73 per cent among students and 74 per cent among graduates, while the rest were unsure whether it had played a part or not. A versatile technology with much to offer AMBA & BGA’s survey reveals a significant and growing awareness of the metaverse, with students showing a high level of understanding in particular. However, there is a noticeable gap in knowledge among graduates. This knowledge gap highlights one potential opportunity for business schools: to include the metaverse in their provision of lifelong learning and executive education. Despite differing opinions on the potential career impact of the metaverse between students and graduates, there is certainly consensus on the importance of staying up to date with the latest technologies in a rapidly evolving business environment. Right now, the presence of metaverse technology in employers’ professional lives remains relatively low, but those who do use it are already showcasing its versatility. From enhancing product research and offering accessible virtual showrooms to bolstering companies’ recruitment and staff development capabilities, AMBA & BGA’s results highlight acceptance of the metaverse’s potential value in boosting business practices. When it comes to business education’s future, the report’s key finding relates to the significant number of students (12 per cent) who report considering whether a business school offered any opportunities to enter a virtual world in the metaverse when choosing their institution. This suggests an opportunity for schools to stand out in a competitive market by enhancing their metaverse capabilities to attract students with an eye for the technology’s potential benefits for their learning experience and subsequent careers. As the metaverse continues to evolve and gain momentum across industries, there will be advantages in being alive to its implications and proactive in delving into the technology’s evolving applications. Business schools would do well, therefore, to start recognising the metaverse’s significant potential as part of their efforts to improve global connectivity and provide access to high-quality learning experiences, as well as to prepare students effectively for a technology-driven future. To read and/or download your complimentary copy of Exploring the Metaverse: Perspectives from Students, Graduates and Employers and to access AMBA & BGA’s full suite of original research, please visit www.amba-bga.com/insights/search
METHODOLOGY Exploring the Metaverse: Perspectives from Students, Graduates and Employers is based on the results of the AMBA & BGA Student, Graduate and Employer Survey 2024, for which the organisation reached out to its 76,600 AMBA (Association of MBAs) and BGA (Business Graduates Association) student and graduate members across more than 150 countries. The survey received responses from a total of 1,120 students and graduates affiliated with AMBA & BGA institutions, with 576 identifying as graduates and 544 identifying as students. Within these groups, 354 also identified as being employers of business graduates. Respondents represent 94 different countries. Those hailing from the United Kingdom constituted the largest proportion at 22 per cent, followed by South Africa with six per cent, the United States at four per cent and Germany at three per cent. Among graduate respondents, fewer than one per cent graduated in the 1970s, one per cent graduated in the 1980s, five per cent graduated in the 1990s, 14 per cent graduated between 2000 and 2009 and 45 per cent graduated between 2010 and 2019. Those graduating between 2020 and 2023 represented 34 per cent, among which six per cent graduated in 2023, 13 per cent graduated in 2022, eight per cent graduated in 2021 and seven per cent graduated in 2020. Among student respondents, 88 per cent were master’s-level students at the time of the survey. The remaining 12 per cent were split equally between undergraduate and PhD students. In cases where figures do not sum to 100 per cent, or combine to a whole number, this discrepancy is due to rounding.
Ambition | OCTOBER 2024 | 21
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