BGA’s Business Impact magazine: August 2020 | Volume 05

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 | AUGUST 2020 BUS INESS IMP CT

SEEING BEYOND COVID-19

Positive visions: BGA Schools on moving past the pandemic and building a brighter future, in the short and long term

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Finding the right teaching materials for your needs is quick and easy using our online search. Register as an educator for access to free online instructor materials and educator preview copies. Flexible distribution options For maximum flexibility teaching materials from our collection can be provided to students via your VLE, our CoursePack Creator, or in print. Supporting case teachers and writers We also offer a wide variety of services, resources and activities to support the case community. Find out about our case awards, competitions, scholarships, webinars and We also offer a wide variety of services, resources and activities to support the case community. Find out about our case awards, competitions, scholarships, webinars and Finding the right teaching materials for your needs is quick and easy using our online search. Register as an educator for access to free online instructor materials and educator preview copies. Flexible distribution options For maximum flexibility teaching materials from our collection can be provided to students via your VLE, our CoursePack Creator, or in print. Supporting case teachers and writers

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Looking beyond the pandemic

Business Schools in the BGA network outline their progress since the outbreak and their plans for building a brighter future

Steven De Haes Antwerp Management School’s Dean on retaining an international study experience post-Covid, neurotraining, and leveraging the School’s singular environment CONTENTS August 2020

Journey to impact How the Arthur Lok Jack Global School of Business developed an impact assessment system to further its contribution to society, using BGA's Continuous Impact Model

32 0 Finding answers To boost its impact on society, university research should align with international priorities 38 0 Alumni entrepreneurs Cultivating mutually beneficial relationships with graduate entrepreneurs through support 42 Guest column The hospitality industry's future

04 Editor's letter 07 From the CEO 08

14 Looking beyond Covid-19 BGA Business Schools discuss ways of moving management education on from initial responses to the pandemic to strategic planning for the future 20 Latin America Universidad del Norte's Octavio Ibarra on Business School partnerships and the management education landscape in Latin America

24 Measuring impact Addressing societal challenges, such as corruption and competitiveness, at the Arthur Lok Jack Global School of Business in Trinidad and Tobago 28 0 Leveraging ecosystems Maximising the thriving business environment of a logistics hub and port city in programme offerings, with Belgium’s Antwerp Management School

New research from BGA The structure of Business Schools, programme delivery, priorities, and more under the spotlight in new research from BGA, based on a global survey of leaders in the management education industry

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EDITORIAL

How to apply lessons learned in online education to other aspects of the Business School experience, for example, and the types of skills Business Schools should now consider accentuating in their offerings. It’s also encouraging to learn that pre-Covid plans to increase attention to sustainability and responsible management do not appear to have been compromised. In a separate feature (page 28), Antwerp Management School’s Dean, Steven De Haes, addresses this point directly when talking about his School’s focus on ‘developing the best leaders, not “of” the world but “for” the world’, arguing that the changing circumstances of Covid-19 has served only to ‘strengthen our determination to continue to pursue these goals‘. Working for the betterment of society is also the central premise of our feature from the Arthur Lok Jack Global School of Business in Trinidad and Tobago (page 24), which provides a step-by-step account of how the institution has established a system for measuring its impact on society across six specified areas of interest. For me, this edition all adds up to a renewed sense of purpose and enthusiasm for new approaches, and reminds me of the adage attributed to German philosopher, Friedrich Nietzsche, and commonly translated as: ‘That which does not kill us, makes us stronger.’ Tim Banerjee Dhoul,

Content Editor Tim Banerjee Dhoul t.dhoul@businessgraduates association.com

Art Editor Sam Price Designer Jim Ladbury Communications and Insight Assistant Ellen Buchan e.buchan@ businessgraduates association.com

Director of Marketing and Communications David Woods-Hale d.woods@businessgraduates association.com

Drawing strength from adversity

C orporate Business Development Manager Victor Hedenberg v.hedenberg@ businessgraduatesassociation.com Senior Marketing Executive -– BGA Daniel Kirkland d.kirkland@ businessgraduatesassociation.com BGA Membership Manager Rachael Frear r.frear@ 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 Amy Youngs a.youngs@ businessgraduatesassociation.com General Enquiries info@businessgraduates association.com

In the previous edition of Business Impact , this column asked whether Covid-19 presented an opportunity for reflection and the reinvention of management education in a way that will better serve stakeholders, and society. It’s a question that refuses to be dislodged in the current climate, so we took full advantage of BGA’s network to find out what’s been happening at Business Schools in different parts of the world, and where they see their future heading in the new academic year, and beyond. This edition’s cover feature (page 14) presents the perspectives of representatives

from five Business Schools across seven interconnected topics that include strategic change, application demand, and more. In it, we hear about the danger of ‘turning inwards’ in the face of travel restrictions and economic downturn. We also hear about the difficulties of planning for a ‘new normal’ that we are yet to know. Yet, positivity pushes its way to the surface throughout these collated experiences. There’s talk of the opportunity to implement new ideas and technology faster than ever before, and the enthusiasm with which faculty have embraced change. Crucially, much focus falls on looking beyond short-term responses to the pandemic.

Content Editor, Business Impact .

Copyright 2020 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.

Bring your research to the world

Leverage BGA’s global network and promote your Business School’s research initiatives to an international audience through the Impact Trailblazer initiative. BGA’s Impact Trailblazer initiative provides a platform for presenting thought-provoking research to an

engaged audience of peers and business professionals around the world. Key concepts are challenged and discussed in real time in an interactive format, allowing participants and presenters to identify and address issues, and to explore new synergies.

Discover upcoming Impact Trailblazer webinars, view past recordings and promote your School’s latest research, at: www.businessgraduatesassociation. com/impact-trailblazer

AMBA & BGA Excellence Awards 2021 The AMBA & BGA Excellence Awards bring together leading lights from the global business education community to celebrate excellence and commend achievement among Business Schools, students, graduates, suppliers and employers that share AMBA & BGA’s values of ambition, impact and integrity.

With a whopping seven categories for BGA Schools to choose from this year, the AMBA & BGA Excellence Awards 2021 will be the organisation’s biggest-ever celebration of Business School, student and graduate achievement – with numberous opportunties to showcase your success. Entries are now open

Find out more, and begin your entry submission at www.businessgraduatesassociation.com/excellence

Enter the AMBA & BGA Excellence Awards

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T he 'new normal' of remote and virtual working in response to the ongoing I have personally ‘seen’ – or rather, ‘encountered virtually’ – many examples of Business Schools across our networks turning the current crisis into opportunity and taking creative ideas forward, to great effect. It makes me proud to be a part of this industry and I would like to congratulate you all on your hard work, perseverance, and achievements against the odds to date. Covid-19 pandemic has given us all a unique opportunity to manage challenges, adapt, reflect, innovate, and to plan new strategies. Planning for the future has perhaps never been more important and that’s why I’m pleased to say that this edition unveils the findings from the third instalment of our Business School Leaders Survey, exclusively to readers of Business Impact . The report explores perspectives on programme delivery, format and other integral facets of Business School operations. It is part of an uptick in AMBA & BGA’s research and insight output, designed to help our networks take a pulse of market developments and to benchmark offerings accordingly. I believe that it's absolutely critical for Business Schools to continue coming together to find collective solutions for the testing times we will all be facing for the foreseeable future, and I would like to remind you that BGA is here to support you in your challenges. With that in mind, I was delighted to host AMBA & BGA's inaugural virtual Business School Leaders Forum at the end of June. This two-week event featured speakers and delegates from six continents discussing and debating issues that covered everything from the role of technology in spearheading change in programme delivery, to the opportunity for Business Schools to impact the climate change agenda. There were more than 2,500 signups for the conference’s 24 webinar sessions in what amounted to a truly global and multimedia experience for all delegates in attendance. Plans are now underway to present more regular webinars for all our communities, and we are gearing up to play host to our first virtual Accreditation Forum in October this year. This is all part of AMBA & BGA’s commitment to keep its networks connected and up to speed with emerging trends in our heavily disrupted workspace. The upcoming Accreditation Forum features a BGA accreditation workshop and is an opportunity for you to gain expert insight into the value and process of pursuing BGA validation and/or accreditation. The forum is also a chance to learn about AMBA accreditation and how AMBA & BGA accreditations have been taking place virtually during these troubling times of social distancing. To find out more about the Accreditation Forum, and to register, please visit: www.businessgraduatesassociation. com/accreditation-forum-2020

Staying connected and keeping in touch with trends Andrew Main Wilson discusses the importance of continuing collaboration on an international scale and outlines AMBA & BGA’s efforts to keep its networks connected and in touch with emerging market trends

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THE

BUSINESS

SCHOOLS

Exploring the structure of Business Schools, the qualifications they offer, and Business School decision makers’ priorities for the rest of 2020 and beyond in new research from AMBA & BGA

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his report looks at how Business School leaders view the institutions for which they work, and offers substantive data on Business School

How do Business Schools use external faculty to deliver programmes? Does your Business School regularly use external faculty from other institutions to deliver each of the following? 252 participants

operations and their priorities for 2020 and beyond. Its results are based on the thoughts of more than 400 Business School decision makers representing leading institutions across the world that were polled by AMBA & BGA towards the end of 2019.

Provide complete modules Yes 56% No 38% Don’t know 6%x

Teach elements of modules Yes 76% No 20% Don’t know 4%x

Supervise dissertations Yes 46% No 43% Don’t know 11%

Demand for Business School programmes Business School leaders were asked, on a scale of 0-10, to what extent a range of internal and external factors affect demand for the MBA programmes their institution delivers. These results were then analysed by exploring the proportion of leaders who felt that each factor has an influence on demand of at least seven out of 10. (It is important to note here that this survey was carried out just before the wave of restrictions implemented across the world in early 2020 due to the Covid-19 pandemic, and as such this was not included as a factor in the questionnaire.) Leaders typically believe that factors relating to the reputation of their MBA (cited

by 89%) and quality of their MBA (87%) have the greatest impact on demand for their programmes. MBA rankings, which are a product of both internal and external factors, are also seen to have a substantial influence on demand. Seven in 10 deem both rankings (71%) and the marketing of their MBAs (67%) as influential factors. The external factor deemed to have the greatest impact on demand is levels

of economic growth in participants’ home countries (59% gave this a significance of at least seven out of 10). In addition, 51% gave a rating of at least seven out of 10 for economic growth within their domestic region and 33% for levels of growth outside their domestic region. Political issues are seen to have less impact on Business School demand. Three in 10 (30%) gave at least seven out of 10 for domestic political issues and geopolitical issues (27%) as having an impact on demand. This low level of perceived impact may reflect the relative stability of the regions within which responding Business Schools are based. Leaders were asked to state what approximate proportion of enrolling cohorts at their Business School is international. On average, 46% of cohorts are made up of overseas students, illustrating the importance of international demand on the overall health of Business Schools. Leaders were asked to what extent various characteristics of an application are important when recruiting MBA students. Prior experience of leadership or business tops the list – 96% of respondents say it is ‘fairly important’, ‘very important’ or ‘essential’. Oral and written communication is deemed to be the next most important (75% say it’s ‘important’ or ‘essential’), followed by interpersonal skills (72%) and academic achievement (62%). A commitment to social impact was also regarded as being

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A important, with 51% saying it was very ‘important’ or ‘essential’. The calibre of graduates Leaders were asked whether the calibre of graduates had increased, decreased, or remained the same, as compared to five years ago, across each of qualifications available at their institution. Approximately two thirds (66%) think the calibre of MBA graduates has increased, six in 10 (62%) leaders think that the calibre of undergraduate qualification graduates has increased and 52% think doctorate graduates’ calibre has increased. Meanwhile, half (57%) think the calibre of master’s graduates (excluding MBAs) has increased. Programme delivery Business School leaders remain confident that their programmes are updated to reflect the latest trends in business (85% of leaders believe that their School does this well). Meanwhile seven in 10 (70%) feel that their School is doing well at ‘delivering MBA programmes which reflect the specific industry needs of the student’. In saying that, a quarter (25%) believe they do not do this very or at all well. Three in 10 leaders (30%) say that their Business School offers an industry-specific MBA programme (e.g. oil and gas, luxury management, or finance), and 6% say they have plans to develop industry-specific courses in the future. Healthcare was the most frequently mentioned specialist programme that is already on offer.

Leaders were asked whether their Business Schools use external faculty, from outside their own organisations, to help deliver their programmes (see chart on page 10). More than three quarters of leaders (76%) say that they use external faculty from other institutions to teach elements of modules and more than half (56%) have external faculty delivering complete modules. Meanwhile, almost half (46%) have the support of external faculty to help supervise dissertations. In terms of faculty, leaders also report that approximately a third (34%) of lecturers are active practitioners in a management discipline while two thirds (66%) are not. Business School leaders were asked about the suitability of flipped learning as a method of teaching. Flipped learning involves traditional classroom activities being conducted online, while thinking time, which traditionally takes place away from the classroom, is conducted in the classroom. Almost three quarters of leaders (72%) think flipped learning is a suitable teaching method, with almost a third (32%) saying it is ‘very suitable’. Meanwhile 7% do not think it is suitable. However, the actual use of flipped learning is not particularly prevalent (see chart on page 12). Slightly more than a quarter (27%) say they use flipped learning at least ‘often’, although a similar proportion say they use it ‘rarely’ or ‘not at all’ (28%). Leaders were also asked whether they provide blended learning (defined here as at least 35% of the programme delivered online). A third (33%) say that they do, six in

10 (60%) say they do not and 8% say they do not know. Those who say that their School conducts blended learning were asked what percentage of these programmes are conducted online. On average, leaders stated that 38% of the programme content of blended programmes is conducted in this way, signalling the importance of digital learning in these offerings. Programme innovation Leaders were asked about the ways in which their Business Schools have innovated in ‘57% of Business School leaders think the calibre of master’s graduates (excluding MBAs) has increased’

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Sources of Business School funding Approximately what proportion of your Business School’s funding comes from the sources listed below? 287 participants

State funding 18%

Alumni donations 1%

Non-alumni individual donations 1%

Foundation donations 2%

Corporate sponsorship 4%

Tuition and course fees 68%

Other income 7%

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terms of programme delivery in the past year. Positively, some of the measures Schools are taking relate to areas of improvement around flexible learning. One in five say that their School has ‘increased the amount of digital and online learning opportunities’ (22%) and ‘offered flexible timings for delivering programmes’ (19%). Other frequently mentioned innovations include that they ‘collaborated with industry to deliver programmes’ (18%) and ‘increased capacity of teaching related to new technology and innovations (e.g. AI, big data)’ (17%). Business School finances Leaders were asked questions about their Business School’s finances. When looking at funding channels, tuition and course fees represent the largest proportional source of income, on average among responding leaders, at 68% of all income received (see chart on page 11). This is followed by state funding (18%), corporate sponsorship (4%), foundation donations (2%), alumni contributions (1%), and non-alumni individual donations (1%). On average, MBA programmes account for 26% of a Business School’s total income among respondents. Marketing and promotion Leaders were asked how much money their Business School spent on advertising in US dollars, over the past year, across a range of channels. Social media : The average across 130 leaders who reported spending on social media was $224,769. If you include all 227 leaders who reported a zero spend, the average spend becomes $107,882. Additionally, if you exclude the three highest and three lowest spends among those who did spend on social media, the average translates to $51,774. Online advertisements with newspapers, or other publications : Of the 101 leaders who gave a substantive figure on advertising in this area, the average spend was $90,672. When widened to encompass leaders who reported a zero spend in the past year, the average becomes $33,668. Among those who did spend, meanwhile, the average translates to $58,836 when adjusting to take out the three highest and the three lowest figures supplied by our respondents. Print advertisements : The average spend was $97,203 among those citing a spend

who reported spending nothing at all on paid-for content, the average figure becomes a mere $7,430. Careers websites : Careers websites attracted an average spend of $25,414, among 55 leaders who said their School spent money in this area over the past year. This figure drops to $17,245 when adjusting to remove the top three and bottom three figures. When including leaders who reported spending nothing at all on careers websites, the average figure is $5,120. Open days : By far the highest average spend in our survey, at $1,219,400, came from School leaders reporting an advertising spend on open days. However, this figure is heavily skewed by the highest-spend Schools. When adjusting to exclude the top three and bottom three amounts reported, the average falls drastically, to $17,718. If respondents citing a zero spend on open days are included, the average is $373,851, but again this figure is skewed by the highest spenders. Careers fairs and MBA fairs : Among 93 responding leaders who stated that their School spent money on careers fairs, the average was $35,124, decreasing to $30,650 when adjusting to exclude the top three and bottom three figures. When including all School leader respondents, the figure decreases substantially, to $11,922, as a result of many Schools reporting not spending on advertising at all in this area over the past year.

‘34% of lecturers are active

practitioners in a management discipline while 66% are not’

on print advertisements. However, this falls to an average of $35,375 if the three highest and three lowest amounts are omitted from the calculation. When including leaders who reported zero spends, the average spend on print advertisements is $32,637. Paid-for content (e.g. sponsored articles) : A total of 60 leaders reported spending an average of $33,962 on paid-for content, or $23,073 if the three highest and three lowest spends are excluded. When including leaders

Use of ‘flipped learning’ in MBA programmes How often is your Business School currently conducting ‘flipped learning’ as part of MBA programmes? 248 participants

Always Often

23% 34% 17% 11% 11%

Sometimes

Rarely

Not at all

Don’t know

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Methodology

A total of 433 Business School leaders from within AMBA & BGA's global networks participated in an online survey between August and September 2019. The resulting study forms a three-part series of reports, of which this is one part. Together, the reports seek to understand how Business Schools are planning for the future. Approximately two in five (41%) respondents are from Schools with 0-500 students; 23% are from institutions with 501-1,000 students; 16% are at Schools that enrol 1,001-3,000 students; and 19% from Schools with more than 3,001 students. Approximately half of leaders responding to the survey (51%) work at public Business Schools,39% represent private, non-profit Business Schools and 8% are from private, for-profit Business Schools. The remaining 2% of respondents define their School in another way. The regional composition of participants is broadly comparable with the geographical coverage of AMBA & BGA Schools: 46% of responding Business School leaders are based in Europe (excluding the UK); 16% are based in the UK; 12% are based in Latin America; 7% in Africa; 6% in China (including Hong Kong, China); 5% in Asia and the Middle East (excluding China and India); 4% in India, 3% in North America and Caribbean; and 1% in Oceania. Lastly, it's worth noting that in instances where a survey participant did not complete the survey in full, responses to questions they did complete are included.

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As the study highlights, 68% of all Business School income is understood to be derived from student course and tuition fees, on average. It is interesting to note, therefore, that leaders highlight the role of programme quality and reputation in shaping the future demand for its programmes more than they point to the role of external factors, such as local economic growth. Nevertheless, leaders are fully aware that the world they live in does impact on the demand for business students, which is perhaps most obviously highlighted by the high number of students who come from overseas. The study also shows that Business Schools are evolving in how they deliver their programmes, with a substantial proportion of offerings now being delivered either fully or partially online. But leaders are aware that more needs to be done to implement flexible working methods – and many report that their Schools have recently been innovating in terms of digital learning

packages, or operating new ways of teaching methods, such as flipped learning. In these areas there remains scope for further growth. On the whole, this report should be a source of optimism for the industry, as Business School leaders report great breadth and depth to their Schools’ differing programmes and topics, funding arrangements, and forms of practice. This variety provides the prospective management education student with a range of options from which to select a high-class degree that suits their ambitions best. In this light, the business of Business Schools looks well prepared to take on the challenges that will arise over the next decade. To read the full report, which incorporates further findings and analyses, visit www.associationofmbas.com/research/ amba-bga-business-school-leaders-survey- the-business-of-business-schools/

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Expert insights from Europe, Asia and the Americas into how the management education landscape has been affected by Covid-19, and how Business Schools are already working hard to move past the pandemic, both in the short and longer term. By Tim Banerjee Dhoul

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ovid-19 has presented innumerable challenges for providers of business education. However, amid the shattering human cost

Studies at Adam Smith Business School, University of Glasgow, Scotland (UK). Increased uptake of online education beyond the short term seems certain, not least because faculty members will have become better equipped in this regard. ‘This will be an excellent opportunity to further the market for online education and increase the skills of faculty and staff,’ says Madhu Veeraraghavan, Director and Professor of Finance at T.A. Pai Management Institute (TAPMI) in Manipal, India. The Inter-American University of Puerto Rico, Metropolitan Campus (Inter Metro) provides a case in point. Associate Professor, Antonio Fernós Sagebién, says 100% of its faculty are now certified by edtech company, Blackboard, as a result of its shift to hybrid learning (where all learning is online but at least 25% is synchronous, in its definition). For Veeraraghavan, consolidating online pedagogies taken up during this time is logical. ‘There are certain cost and time efficiencies which cannot be ignored. Given that people have adapted and learnt to

deal with technology, it would be unwise to let the system at large to “unlearn”... under normal circumstances, adoption of new technology would not have been smooth.’ In the longer term, responses to Covid-19 can also impact in-person learning, says Riach. ‘I think there has been a renewed appreciation of what being physically present provides within an educational setting and that there is a qualitative aspect that is very difficult to replicate through other mediums. Moving forward, it provides us with an opportunity to think about how we use the valuable face-to- face time we have with learners to support a transformative learning experience.’ Among those surveyed, the overriding sense is of a spirit of colleagues coming together to work tirelessly and collaborate on ways to make the best out of a difficult and unprecedented situation. ‘We have learned a lot over the past couple of months. The turnaround has been quick and effective, and teachers overall are positive,’ surmises Ansgar Richter, Dean of the Netherlands’ Rotterdam School of Management, Erasmus University (RSM), and Professor of Corporate Strategy, Organisation and Governance. 2 Changes to online education strategy Adapting to challenging circumstances and leveraging new opportunities require strategic change and the experience of Poland’s Collegium Humanum-Warsaw Management University shows how greatly the direction of an institution without pre-existing plans

and the ensuing restrictions felt by almost all, positive moves have been made which promise not only to facilitate management education’s recovery from the pandemic, but also to aid its progression in the face of evolving technologies and student demands in the third decade of the 21st century. Business Impact turned to the BGA network to canvas the thoughts of Business Schools based in India, the UK, Puerto Rico, Poland, and the Netherlands to find out how they expect the pandemic to affect their outlook, strategy and offerings, both now and in the future. 1 From short-term necessity to long-term opportunity? Covid-19 forced many Business Schools to move in-person programming online, yet this greatly restricted environment has, ironically, given freer rein to alternative methods and technologies, and an opportunity to prove their effectiveness. ‘There is a need to think about this not as an erroneous year, but rather to consider how we can build on some of the creative virtual teaching and learning practices that have sprung up all around our Business Schools,’ says Kathleen Riach, Professor of Organisation

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Looking beyond the use of online technology presents a further opportunity for the sector’s future direction, in Kathleen Riach’s opinion. ‘I think it’s important that now the initial “rush” of pivoting online has occurred, we have the opportunity to think a bit more strategically about not just online technology, but also how we can learn lessons from what was a very rapid response to a crisis and how we might enable and mobilise quickly in ways that help us proactively address broader challenges in the business world and beyond.’ 3 An application bump or alternatives sought? The global financial crisis of 2008 has been linked to an increase in applications to Business School, as people decided the time was right to reassess their career goals and pursue personal and professional development. Could the same be true for the Covid-19, especially among those who have had extra time for reflection while working from home? ‘Any seismic global event is undoubtedly – and hopefully – going to make people reflect on what they do and why, and I think we will see an increased interest in people taking this time to recalibrate career goals,’ says Riach. A rise in interest has already been observed at Collegium Humanum. ‘We recorded increased recruitment levels for MBA, DBA and LLM studies,’ reveals Paweł Czarnecki. ‘Perhaps this was due to the enforced lockdown and more time that our candidates could spare for

explains. ‘As most of our MBA students are employed full time, if any specific industry or sector gets affected, or its labour force is displaced, our students will have no source of funding.’ It could be that – at least in the shorter term – some forms of postgraduate business education will become more attractive than others. First, there is what Riach terms the ‘logistical challenges’ facing international students while travel restrictions remain. Changes to visa conditions and requirements, such as those introduced in the US in early July, will also have a significant impact on demand. Yet, the effects are likely to go beyond this, in Veeraraghavan’s opinion. ‘The priorities may shift away from acquiring new skill sets in an uncertain environment to honing existing skills to ensure survival. The global pandemic has also impacted lifestyle choices and spending patterns. Staying close to home might encourage an increase in family business interests and local, regional entrepreneurship,’ he says referencing the current Indian government’s Atmanirbhar (self-reliance) campaign in the wake of Covid-19. The growth of India’s personal protective equipment industry (PPE) industry from producing none at all in March 2020 to 150,000 a day by May has been held up as an example of a campaign

for an online programme portfolio can shift. ‘We never planned online education because our education philosophy centres on the values associated with creating networking opportunities and personal relationships among students,’ says Paweł Czarnecki, Provost and Professor of Social Sciences at Collegium Humanum. ‘The pandemic has, however, forced us to move to the online education sector. We do not know what the situation will be in the coming months, but we have drawn positive conclusions from this difficult experience and will support traditional education with online education technologies, and expand our virtual university systems.’ At RSM, Ansgar Richter says planned strategic developments have evolved more quickly than anticipated. ‘We established a learning innovation team a number of years ago, for example, and Erasmus University set up an Education Lab which includes a television-grade studio. These investments are paying off, and we plan to accelerate them going forward. Technology will feature much more strongly in our strategy.’ Madhu Veeraraghavan echoes the view that anticipated changes in strategy have now been fast-tracked. ‘The current times have forced quicker adoption of online technology, less resistance and more acceptance. These positive changes will help redesign and position online programmes better. Faculty readiness and infrastructural improvement have happened faster than had been planned.’

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education. This trend still continues.’ Richter also notes an increase, while

cautioning that it is a little soon to draw any definitive conclusions. ‘We definitely see an increase in applications for our pre-experience programmes for the next academic year, in particular for our MSc programmes. For the post-experience programmes, it is too soon to tell… but so far, we have no indications of declining demand. I think there are a number of things at play here. Students’ desire to reassess their career goals being one of them. Students are also thinking more about sustainability, organisational resilience and leadership.’ Yet, funding may be a sticking point for many during times of economic and employment uncertainty. ‘Students' willingness to spend on expensive higher education will fall in the short term,’ advises Veeraraghavan. There are particular implications here for those who need to remain in full-time salaried employment during their study, as Antonio Fernós Sagebién

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which, in Veeraraghavan's view, may stimulate a further ‘rise in local entrepreneurial ambitions.’ The TAPMI Director adds that the School’s ‘customised management programmes that are up to 11 months in length’ are likely to see an increase in demand. ‘We might also see an increase in the number of courses and/or certifications that are specialised and of short duration,’ he says. 4 Facing up to new and existing challenges Business education was already responding to some serious challenges before the onset of Covid-19, as Richter affirms. ’One challenge that all of us are facing is how to navigate the rapidly changing political landscape – factors such as visa and right-to-work policies come into play here, but also the rise of authoritarian or nationalistic governments in several countries that show no respect for the values that academic institutions around the world stand for: open exchange, freedom of thought and freedom of expression, equality, and the dignity of every human being regardless of factors such as colour, gender, creed or sexual orientation. I believe students will choose their place of study on the basis of these factors, too. ‘Another challenge that a lot of Business Schools will have to grapple with relates to pricing. In many universities in the UK, the US and Australia, Business Schools are often the “cash cows” of the universities, whose income is used to cross-subsidise other programmes. Effectively, these institutions have made the study of business administration too expensive, raising concerns about whether Business Schools contribute to inequality. I believe there needs to be a recalibration.’ The pandemic adds fresh challenges into the mix. ‘The main challenge will be to create an educational offer that will meet the current and potential needs of the labour market,’ says Collegium Humanum’s Czarnecki, underlining the ongoing need to measure programme offerings against the ‘social and economic environment and its stakeholders’. At Inter Metro in Puerto Rico, current conditions pose an immediate challenge to one of its strongpoints. ‘Our institution prides itself on having a very low teacher-to-student ratio along with having a personalised class

courses for fresh graduates may become a norm. The School’s ability to design and market such courses may be the cornerstone for its own success. When times do turn around, the students who have been part of such short- term programmes become an immediate market for the two-year programme.’ 5 Turning inwards vs. maintaining global outlooks Will Business Schools need to focus more inwardly (and therefore less ‘globally’) than they have been, post-Covid-19? Industry needs at the national level, students' desire and ability to study abroad, and Schools’ capabilities to offer international exchange and partnership options are all likely to be factors at play here. Fernós Sagebién admits that visa requirements are a concern in this regard. ‘As part of the US, our immigration policies are the same as the US. It is always a challenge to get approval on visas for international students in Puerto Rico,’ he says. ‘There will be inevitable restrictions related to the mobility of students and the teaching staff,’ agrees Czarnecki. ‘In the long run, however, one cannot run successful business education programmes without exchanging experiences or involving external partnerships,’ he adds. Veeraraghavan says limitations will be substantial, at least in the short term. ‘Given the uncertain travel environment, international exchange and partnership programmes might become few and far between in the next two years. In this scenario, the Business Schools’ focus will also be regional and national to address the immediate management needs of governments, local corporates and financial institutions.’ Adam Smith Business School’s Kathleen Riach says that the pandemic’s immediate effects on the international dimensions of institutions’ offerings might bring about some difficult discussions. ‘There are

‘Acquiring an expensive Business School education may not be a priority but being

relevant and useful will be’

scheduling process. We will now have less degrees of freedom on our courses’ scheduling offer,’ says Fernós Sagebién. Veeraraghavan senses that responding to the current climate will engender a change in stance: ‘Since employability may take a hit in the immediate future, the premise of attracting new students will have to change from upskilling for greater opportunity to skilling to stay relevant and prepare for uncertainty. ‘Courses offered with industry collaboration, in-company programmes and skills-based

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7 Adaptation, relevance and what matters most Business Schools to reinvent their value proposition for the better. But what might this new dawn look like? Two pillars stand out among those members of the BGA global network surveyed – adapting to remain relevant and focusing on what matters most. ‘Tomorrow’s managers will need to be incredibly comfortable with constant change. We will need to prepare them for that,’ says Richter. Constant change requires constant adaptation, and Czarnecki emphasises the need to consult with business practitioners regularly in order ‘to adapt [programmes] to the current needs.’ There is an argument that Covid- 19's economic challenges are a much-needed opportunity for For Veeraraghavan, adaptation is central to ensuring relevancy. ‘If there is one big change that will transform business education in the short term, it will be the industry’s ability to adapt its course offerings to deal with uncertainties and continue to be relevant to learners in these times. Acquiring an expensive Business School education may not be a priority for students and young executives but being relevant and useful will be.’ The cost of pursuing high-quality business education degrees on campus has long been a topic of debate in the face of changing student demographics, business priorities, and digital alternatives. Yet, in business education’s bid to secure continued relevancy, something positive may yet emerge from the devastating effects of Covid-19. ‘The Covid-19 crisis is providing much- needed focus on what’s really important in business education. We educate our students not only for the purpose of making lots of money, but also to enable them to be a force for positive change in society at large,’ says Richter. This theme is also on Riach’s mind: ‘Business Schools collectively are a powerful force. Thinking not only about our multiple accountabilities but also our potential to be incubators for change is so important, especially as we are at the beginning of the United Nations ‘Decade of Action’. ‘If we really want to support our students becoming change agents in their future workplaces and the economy more broadly, then we need to ensure they don’t feel they are passive, or mute, agents in the current systems and ways of thinking.’

A certainly practical challenges and possibly uncomfortable conversations that have to take place surrounding what it means to be a global Business School. However, I don’t think global and inward strategies are dichotomous ideas,’ she says, before proposing an alternative way of looking at this challenge. ‘It’s about thinking what our students and ourselves achieve from initiatives such as international exchanges and partnerships in their current form, and thinking how we can maintain and strengthen these aspects, as well as considering how the competencies and benefits can be garnered through a more intimate engagement with, and contribution to, local economies.’ Veeraraghavan points to another potential way forward for the time in which exchange limitations remain in place. ‘The international exchange programmes could still involve joint case study development, experiential learning and training at the faculty and student level,’ he says. Richter believes one solution lies in having plenty of options and ‘a large network of partner Schools to choose from,’ adding, ‘what has become more problematic are highly rigid programme structures, where you rely on one particular partner, or where a residency can only take place within a narrowly defined time window. So, you need greater flexibility’. His conclusion on outlook, meanwhile, is clear: ‘“Turning inwards” is a danger that we absolutely need to avoid.’ 6 Changes to course offerings Paweł Czarnecki believes it’s possible that we will see new courses focused on learning from Covid-19’s lessons. ‘It seems viable that study programmes might have to be integrated with courses that will deal with various competences related specifically to crisis management, especially when it comes to health emergency situations.’ New courses are already the subject of discussion at TAPMI in India. ‘We are considering adding modules and courses to deal with examples of similar global crises in the past. Ideas discussed as part of lean management, and (reverse) supply chain, for Might the pandemic and its impact on the business world influence programme content?

example, need to be revisited to look at the practices followed by companies in these times of crisis,’ says Veeraraghavan. Riach adds a cautionary note that any new programme content must be well thought out and focused on the value it offers students. ‘I think it’s very important that we don’t simply begin introducing reactionary courses that speak directly to a theme per se, but rather think about what capabilities and skills students will need as a result of these global changes and think how we can best foster these in our curriculum.’ For others, the change – at least for the time being – rests more on delivery formats. ‘Exploring is a part of innovation and students, faculty and administrators are looking for a return to a “new normal” that we have yet to know. Quite possibly, MBA courses will now also be offered in bimonthly- cycle modules,’ says Fernós Sagebién of Inter Metro’s offerings. RSM, meanwhile, ‘will have a more blended approach,’ according to Ansgar Richter, adding, ‘whether content will change remains to be seen.’

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Building Business School partnerships in a global context

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Business School curricula, students and faculty are demanding global perspectives, so how can Business Schools collaborate with each other to strengthen their brands more effectively? Octavio Ibarra shares some advice. Interview by Jack Villanueva and Ellen Buchan

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In which areas should Business Schools focus their collaborative efforts? One important area could be AI and the way Business Schools

A s global disruption puts pressure on Business Schools to innovate and display agility, it has never been more important to build strategic partnerships across the world, to pool resources and knowledge. Octavio Ibarra, Dean of Universidad del Norte's Escuela de Negocios in Colombia, addressed this challenge in his presentation at AMBA & BGA’s Latin America Conference in Quito, Ecuador towards the end of last year. In this interview, we find out more. What are the challenges of building Business School partnerships? One of the main barriers is not being able to unify the criteria in the business context – especially in Latin America, where it is important to identify the evolution of Business Schools. Furthermore, it is important that we have shared purposes in academic initiatives and social impact. There are several Business Schools leading social initiatives, but we should have more of a focus on sharing those initiatives and building strong partnerships in order to impact our society. What is the value of holding an accreditation, such as those provided by AMBA & BGA? It is common to have different stakeholders – and each of the stakeholders put [different] pressures on Business Schools. We can’t only be focused on student-centred orientation in terms of fulfilling programme expectations; or only focus on revenues. Organisations such as AMBA really help us to improve our work performance and it is very helpful.

‘We can’t only be focused on student-centred orientation in terms of fulfilling programme expectations’

are able to use this emerging technology to benefit our students’ collective experience. Another example could be developing initiatives to support small companies. I'm sure every Business School in Latin America contributes to small businesses in some way, but we could collaborate to help the performance and outcomes in this area. What are the key trends that are influencing, or may influence, business education in the future? Technology is definitely a key trend, for example, [widening] access to internet and AI. Another trend would be the way that business education is able to relate to other disciplines. What advice would you give to a Business School that is wishing to develop its global brand? There are so many areas in the business field, so Business Schools should bring a clear message to its customers in one or two areas. First, work on your identity; look at your prime entity concept and articles of association. After this, you can consider how relevant these are in terms of the market. Then, focus on one or two areas and [make sure you are] relevant in those areas. Do you think that Business Schools are doing enough to create sustainable and ethical leaders? There are so many initiatives coming from Business Schools in the [sustainability] area, but there is still so far to go. I think that Schools should keep moving forwards with these initiatives – especially with regards to climate change, where there is a great opportunity for Business Schools to help solve problems for humankind. We should have partnerships for that specific purpose. What are some of the benefits of pursuing an MBA in Latin America that candidates might not find elsewhere? In Latin America, it's important to have students that can focus on strategic management. This does not only mean providing students with technical knowledge of particular areas, but

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