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BGA | BUSINESS IMPACT
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
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‘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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