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 magazine of the Association of MBAs (AMBA) BE IN BRILLIANT COMPANY
Issue 4 2026 VOLUME 88
Architect of impact Esade dean Lisa Hehenberger on creating systems for societal change
BEYOND SILICON VALLEY Inside the European coalition scaling student startups
REINVENTING RESILIENCE How schools are future-proofing business education
ADDRESSING THE JUDGEMENT GAP Reclaiming critical thinking in the age of generative AI
16-19 MAY 2027 | PARIS, FRANCE AMBA & BGA GLOBAL CONFERENCE
Join business school leaders from across the world in Paris for the AMBA & BGA Global Deans and Directors Conference 2027. Marking 60 years of AMBA and BGA, the conference offers an opportunity to reflect on the evolution of management education while addressing the trends and challenges shaping its future. Across four days, deans, directors and senior leaders will share insight, exchange ideas and explore the issues influencing business schools worldwide, from technological change and shifting learner expectations to leadership, institutional resilience and global collaboration.
Alongside a thought-provoking programme, curated networking and cultural experiences will create space for valuable conversations and lasting international connections. Take advantage of the early-bird rate and secure your place at this flagship gathering of business school leaders.
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ISSUE 4 • 2026 • VOLUME 88
NEWS & INS IGHT
REGULARS
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07 | MEMO FROM THE EDITOR The advance of next-gen technology means empathy, judgement and critical thinking are being redefined as the new hard skills for leaders 44 | IN FOCUS Exploring the guiding mission of “progress with purpose” and how it’s fulfilled at Loughborough Business School in the UK 46 | VIEW FROM THE TOP CEO Andrew Main Wilson reports on how business schools are taking a proactive approach to the adoption of artificial intelligence
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08 | BUSINESS BRIEFING Updates from AMBA-accredited schools based in China, France, Germany, Brazil, Denmark and Switzerland, including a forward-thinking framework for boosting business talent in the AI era, how fake news can be foiled by happiness, learning from generational gaps in the workplace and why overseas investment can have a positive effect on domestic employment 26 | FROM IDEAS TO IMPACT A despatch from the celebration of the student entrepreneurship and startup competition that took place at this year’s Innova Europe Summit, held at Aalto University in Espoo, Finland
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18 | A CAPITAL AFFAIR Highlights from the latest AMBA & BGA Global Conference in Madrid, encompassing all the key speakers, topics and talking points at this annual flagship gathering of business school leaders GLOBAL CONFERENCE
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AMBA & BGA ASIA PACIFIC CONFERENCE 2026
22-25 NOVEMBER 2026 | SINGAPORE
The AMBA & BGA Asia Pacific Conference for Deans and Directors 2026 will bring together business school leaders and higher education experts from across the region and beyond.
Through thought leadership sessions, strategic discussions and networking opportunities, delegates will explore the trends shaping management education. These include innovation, emerging technologies, lifelong learning, leadership development, industry collaboration and sustainability.
WWW.AMBA-BGA.COM/EVENTS/APAC-2026
ISSUE 4 • 2026 • VOLUME 88
FEATURES
38 | AN IMAGINATIVE APPROACH TO CLIMATE CHANGE Practical tips for moving beyond simply teaching ready-made answers to enhance competency frameworks in this era of escalating climate disruption
12 | COVER STORY IN CONVERSATION WITH... LISA HEHENBERGER The dean of Spain’s Esade Business School on maintaining relevance, promoting diversity and measuring the impact of education
42 | THE LOST ART OF PROCESS
While AI may be simplifying the creation of outputs, schools must do more to help students explain the reasoning behind them, says Aston Business School’s Paul Jones
30 | RISING TO THE CHALLENGE
Business school leaders compare notes on programme innovation and points of differentiation as part of efforts to adapt to a changing landscape
Ambition • ISSUE 4 • 2026 5
Reimagining excellence in management education AMBA & BGA PROGRAMME EXCELLENCE CONFERENCE
The AMBA & BGA Programme Excellence Conference returns to support business school professionals in designing future-ready programmes and delivering high-impact experiences. Across one and a half days, delegates will explore curriculum innovation, faculty engagement and evolving student expectations shaping the next generation of management education. Through keynotes and workshops, the conference brings together leaders who are driving programme excellence worldwide. Those in attendance will share insights, practical strategies and lessons learned that can be applied immediately within their institutions. Join us on this journey .
19-20 OCTOBER 2026
LISBON, PORTUGAL www.amba-bga.com/events/ programme-excellence-conference-2026
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MEMO FROM THE EDITOR
EDITORIAL Head of editorial Colette Doyle c.doyle@amba-bga.com Content editor Tim Banerjee Dhoul t.dhoul@amba-bga.com Insight, content & PR manager Ellen Buchan e.buchan@amba-bga.com
THE HUMAN TOUCH
In an AI world, empathy, judgement and critical thinking are the new hard skills in business education W hile attending our global conference in Madrid earlier this year, I also had the pleasure of chairing a roundtable debate that looked at the turbulence caused by next-gen technology. Here are my key takeaways in terms of the most pertinent learnings that arose across both events. Rethinking pedagogy – moving beyond traditional degrees: Speakers acknowledged a shift away from traditional, rigid academic formats towards flexible, process-oriented and stackable learning models. Sessions on assessment from IMD, the University of Edinburgh Business School and UCL championed evaluating the process of learning rather than single summative exams. In addition, presentations by Martin Bean and BoodleBox highlighted a macro shift toward skills-based hiring, stackable micro-credentials and positioning AI as a “co-worker”. Human-centric leadership in an AI world: Since generative AI and digital tools flatten technical execution, the real differentiator for business schools – and the leaders they train – is distinctly human, including skills such as judgement, adaptability and emotional intelligence. The keynote delivered by Ingka Group’s Belén Frau highlighted that technology amplifies cultural strengths or weaknesses, framing emotional intelligence, ethics and empathy as non-negotiable core skills. Similarly, sessions from Bloomberg and GMAC stressed that soft skills and prompt/critical-thinking mastery are becoming the ‘hard skills’ employers demand to “amplify leadership rather than replace it”. Purposeful partnerships trump transactional relationships: Static, isolated institutional models are no longer sufficient; survival and relevance depend on deep, strategic integration with industry, alumni and technology providers. In her conference session, Olta Muçaj from Ready Education demonstrated how alumni loyalty must be built “touchpoint by touchpoint” throughout the entire student lifecycle. Practical examples – such as IE Business School’s job-matching tool or UBI’s custom LLM partnership with Publicis Commerce – illustrated how co-creating with industry leads to tangible student success. Whether discussing AI governance, lifelong learning or institutional sustainability, the consensus among speakers and panellists is clear: technology should be used to free up cognitive capacity for empathy, strategic judgement and meaningful human connection.
Art editor Kurt Craft Sub-editor Heather Ford
CORPORATE Director of business school engagement Debbie Kemp d.kemp@amba-bga.com
Head of business development – BGA Richard Turner r.turner@amba-bga.com Commercial relations director Max Braithwaite m.braithwaite@amba-bga.com Senior marketing executive Edward Holmes Head of IT & data management Jack Villanueva
Head of events Carolyn Armsby
Colette Doyle , Editor, Ambition THIS ISSUE’S CONTRIBUTORS
HR & employer relations manager Aarti Bhasin Finance & commercial director Catherine Walker
Chief executive officer Andrew Main Wilson
Executive assistant to the CEO Amy De La Cour a.delacour@amba-bga.com ACCREDITATION ENQUIRIES accreditation@amba-bga.com
TIAGO BOTELHO
MACARENA CUENCA
RICHARD HODGETT
LUIGI GANGITANO
MARIAN GARCIA
LISA HEHENBERGER
DAN PEARSON
JOSÉ MARTÍNEZ-SIERRA
KÉVIN PASTIER
DONALD LANCASTER
PAUL JONES
RANIA SERHAL
Copyright 2026 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.
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Ambition • ISSUE 4 • 2026 7
• ALL THE LATEST UPDATES FROM ACROSS AMBA’S GLOBAL NETWORK •
Business BRIEFING
Among the latest updates from AMBA-accredited schools is a framework for boosting business talent in the AI era, how happiness can halt the spread of fake news, the impact of generational gaps on workplace collaboration and why foreign investment isn’t always a deterrent to domestic employment. Tim Banerjee Dhoul and Ellen Buchan report
AI PRINCIPLES TO ACT AS COMPREHENSIVE ROADMAP FOR BUSINESS TALENT DEVELOPMENT
SCHOOL : Antai College of Economics and Management, Shanghai Jiao Tong University, China
Antai College of Economics and Management (ACEM) has launched a comprehensive set of AI principles that clarifies the school’s stance towards the technology, while seeking to serve as a starting point for educational innovation and a roadmap for talent development. The Antai Declaration on Business Talent Cultivation in the AI Era consists of 10 core principles, encompassing values, capabilities, teaching practice and social responsibility. “This declaration represents a one-year collective research effort and reform consensus on AI-era business talent cultivation,” said Fangruo Chen, ACEM dean and a member of the International Management Board at AMBA & BGA. “It fully demonstrates ACEM’s global strategic vision rooted in Chinese educational practices.” On the side of capabilities, there is a focus on developing interdisciplinary breadth and integrating human competencies, including logical reasoning. For example, one principle, entitled The Primacy of Learning, argues that “only through continuous cognitive refinement and in-depth thinking can humans maintain subjective initiative, independent judgment and creativity.”
Another principle advocates for emphasising problem-oriented learning approaches rooted in real-world practice. “Business schools should transform from pure knowledge-teaching institutions into practical platforms for solving real industrial problems,” it states, adding that this will allow students to “acquire substantive knowledge and practical wisdom”. The role of the instructor must adapt by embracing interactive, collaborative classrooms and innovative pedagogies that integrate AI tools. Principles relating to social responsibility, meanwhile, link to ACEM’s commitment to cultivating responsible leaders and the view that “humans are always the primary subjects of decision-making and responsibility”. ACEM has a longstanding belief in the importance of AI skills for business, launching an AI MBA programme in 2020 and establishing more than 30 industry research teams on AI’s integration into business since 2019 through its Institute of Industry Research. This year, meanwhile, it co-founded the OPC Talent Incubation Centre to bring forward a new model for upskilling professionals in the AI age. TBD
8 Ambition • ISSUE 4 • 2026
NEWS DIGEST
FINANCIAL LITERACY TO TAKE CENTRE STAGE AT UPCOMING CONFERENCE
SCHOOL : Mannheim Business School, Germany
Financial literacy is to be the focus of an upcoming conference and early-career researchers’ workshop organised by the Mannheim Institute for Financial Education (MIFE), a collaborative initiative between the University of Mannheim and the Centre for European Economic Research (ZEW). Entitled The Role of Financial Education for Inclusion and Participation , the conference seeks to provide a platform for researchers, policymakers and practitioners to discuss new findings and challenges. Taking place in November, it can be attended in person at ZEW in Mannheim or online, free of charge. Held in the days after the conference, the MIFE Early-Career Workshop, meanwhile, is a chance for emerging scholars to present papers in the field and have them considered for up to two prizes of €2,500 each. MIFE is co-directed by Mannheim Business School professor Carmela Aprea and runs a large-scale, interdisciplinary research initiative designed to support evidence-based educational strategies and strengthen the foundations of financial education in Germany. Known as the Meta-Project on Financial Education (MetaFin), the initiative has received €2.3 million in government funding. “When we look at areas such as retirement planning or taking out loans, where more nuanced financial knowledge is required, people don’t perform well,” Aprea said in a recent interview with the ARD financial editorial team. Earlier this year, MIFE launched a journal for application-oriented research and knowledge sharing. The first issue of Forum für finanzielle und ökonomische Bildung ( Forum for Financial and Economic Education ) carries an interview with education minister Karin Prien on the importance of financial literacy. TBD
STUDY SUGGESTS WELLBEING SLOWS SPREAD OF FAKE NEWS
SCHOOL : Institut Mines-Télécom Business School, France
Today, anyone can publish theories about the news online while social media platforms allow inaccurate or misleading ideas to spread quickly, sometimes with dangerous consequences. During the Covid-19 pandemic, for example, a myth that consuming highly concentrated alcohol could kill the virus led to the deaths of approximately 800 people worldwide. In a paper entitled How Can Governments Prevent the Spread of Fake News? published in the European Journal of Information Systems , Anuragini Shirish, professor of information systems at Institut Mines-Télécom Business School, explained that greater economic freedom in a country is associated with a lower likelihood of the spread of fake news. By contrast, greater political freedom can create more opportunities for expression, which may increase the circulation of false information. Another finding is the link between life satisfaction and misinformation. “Fake news plays on fear and polarisation. Citizens’ wellbeing and happiness allow them to be strong in the face of uncertainty,” Shirish revealed. “Especially in a crisis, anxiety prompts people to seek answers quickly and everywhere, increasing exposure to misleading content.” Shirish believes that tackling fake news requires a stronger focus on how people use digital tools, as well as how they identify manipulation and check sources. She also argues that better access to public services and information can strengthen society and support wellbeing. Local journalists and associations are one underexplored resource. “When reliable information is conveyed by people whom the public trust, seeking alternative answers becomes less appealing,” noted Shirish. EB
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At their best, multi-generational workplaces create opportunities for shared learning and a diversity of experience. However, they can also bring tensions around different approaches to work, communication and expectations. To assess the age dynamics within its walls, Insper has been conducting its first age diversity survey. So far, 130 participants have shared their views on collaborating with different generations in the workplace, with the school uncovering notable differences in how different generations perceive topics on the subject. For example, older employees are more likely to report challenges around co-existence and integration between different generations. The survey aims to highlight and support DiverInsper’s Generation Affinity Network; a strategic space for listening to and welcoming different perspectives, as well as building a stronger sense of inclusion and respect for all ages within the organisation. “We tend to associate generational challenges with specific themes, such as adapting to technology for the more experienced or entering the corporate environment for the younger ones. In practice, however, the challenge is shared by everyone: learning to co-exist, collaborate and build bridges between different experiences,” noted Vilma Santos, leader of the Generation Affinity Network. By looking inwards to better understand generational perspectives, the institution hopes to strengthen its activities and student experience, as Kelly Azevedo, educational projects analyst and network leader explained. “It will show where we are succeeding and where there are opportunities for improvement.” EB ONGOING RESEARCH DELVES INTO GENERATIONAL PERCEPTIONS & DYNAMICS SCHOOL : Insper, Brazil
It may seem counterintuitive that investing abroad can create jobs at home. Yet this question sits at the centre of an ongoing debate about the effects of outward foreign direct investment (OFDI). A new study published in the Journal of International Business Policy co-authored by Copenhagen Business School assistant professor Vera Kunczer offers a new perspective on the topic. In an analysis of OFDIs pertaining to multinational firms in 13 emerging market economies, larger investments relative to the size of the organisation involved are more likely to create additional work and boost domestic hiring. For example, if an investment is large relative to a firm’s size (approximately 10 to 20 per cent of a firm’s assets or sales) it can increase demand for co-ordination, monitoring, information processing and production support, meaning the organisation may need to hire more people domestically. This effect was strongest among state-owned firms and when investments were greenfield projects – in other words, when new facilities were built abroad rather than existing facilities being acquired. In short, two organisations making the same investment overseas could produce two very different domestic outcomes. The takeaway for policymakers is that the effect of OFDI on domestic employment is company-specific, influenced by the firm’s size and capacity constraints. The paper challenges assumptions that OFDI simply moves jobs overseas, demonstrating that such investments can create jobs domestically when they drive organisational growth. The research, co-authored with Amsterdam Business School’s Guus Hendriks, also highlights the importance of considering relative investment size rather than absolute amounts when assessing the impact of OFDI. EB STUDY FINDS LARGE FOREIGN INVESTMENT BOLSTERS DOMESTIC EMPLOYMENT SCHOOL : Copenhagen Business School, Denmark
10 Ambition • ISSUE 4 • 2026
NEWS DIGEST
NEW REPORT FINDS FORESTED AREAS NATURALLY CURB COOLING COSTS
SCHOOL : University of St Gallen, Switzerland
Forests act as “natural air-conditioning” that reduce the amount of electricity consumed to cool homes and cities, according to a study led by the University of St Gallen’s Stefano Ramelli. The study found that when there are forested areas in a location’s prevailing wind direction, the need for air conditioning decreases, as does electricity consumption, generating billions in value through economic savings. This is because air currents carry cooler and more humid air from the forests into populated areas, with effects extending more than 200km from forest boundaries and being particularly evident during summer months and periods of extreme heat. When forest cover is lost, electricity consumption and associated costs rise accordingly, with the study estimating that a loss equivalent to one standard deviation would increase annual consumption in the US by around 37 million megawatt-hours at a cost of approximately $6.4 billion. “Our work highlights just how precious our local forests are in reducing our exposure to extreme heat. They provide a form of natural air conditioning that must be carefully protected,” reasoned Ramelli, an assistant professor
at St Gallen who led the study with scholars at IESE Business School and Harvard Business School. The researchers analysed changes in forest cover between 1985 and 2023 in the US, linking these to long-term data on wind directions, temperatures and monthly electricity consumption. They also examined the locations of around 4,300 data centres. The focus was on the US because of the widespread presence of air conditioning systems. However, their use is on the rise in Europe, following a spate of heatwaves across the continent. “Things are changing quickly, as anyone who tried to buy a portable air conditioner in Switzerland during the recent heatwaves knows. They were sold out everywhere,” commented Ramelli. “Forests can serve as a form of decentralised climate-adaption infrastructure,” he added, arguing that these benefits are largely overlooked in current political debates. TBD
SHARE YOUR NEWS AND RESEARCH UPDATES by emailing AMBA & BGA content editor Tim Banerjee Dhoul at t.dhoul@amba-bga.com
Ambition • ISSUE 4 • 2026 11
In conversation with… Lisa Hehenberger
Lisa Hehenberger, dean of Esade Business School, talks to Ambition editor Colette Doyle about measuring the impact of education, understanding the language of AI, promoting diversity and how the MBA has managed to retain its relevance
Tell us a little bit about your background and how you came to be in your current role “I have been at Esade for around 10 years, building initiatives that connect research, teaching and practice. I first led the Esade Entrepreneurship Institute and later founded the Esade Centre for Social Impact, focusing on impact investing, philanthropy, social entrepreneurship and impact measurement. More recently, we launched the Esade Chair in Social Impact, consolidating a field I had worked in for many years and connecting it more closely with the wider school. “Before joining Esade, I worked in mergers and acquisitions in London, Madrid and Barcelona, completed my PhD on venture philanthropy and served as research director at the European Venture Philanthropy Association, now Impact Europe. That gave me the opportunity to work closely with investors, foundations, policy actors and European institutions around the development of social entrepreneurship. “As dean, the challenge is broader: aligning faculty, programmes, research, companies, alumni and international strategy around a clear ambition, while ensuring that Esade remains academically excellent, financially sustainable and relevant to students and employers. It is about asking what impact means for the school itself and how we prepare students for a fast-changing world.” What have been some of your career highlights? “One important turning point was moving from a career in investment banking to undertaking my PhD. I wanted to understand how companies could generate sustainable profits while also addressing societal challenges and creating positive impact. After completing that, I spent several years working closely with practitioners through Impact Europe. “When I later joined Esade, I found the right environment to develop fully as a professor, researcher and institutional builder. Creating the Esade Centre for Social Impact and the Esade Chair in Social Impact allowed me to consolidate a long- standing line of work: connecting academic rigour with how impact is generated, measured, funded and scaled responsibly. “Becoming dean is another pivot. I am no longer focusing only on a research field or centre, but on the whole school: its
academic portfolio, faculty, students, corporate and institutional relationships, international positioning and capacity to respond to shifts such as AI, geopolitics and changing expectations around graduate management education.” With the rise of alternative providers such as LinkedIn and Coursera, how does the MBA need to reinvent itself to remain relevant? “Alternative providers such as Coursera or LinkedIn Learning are useful for targeted upskilling – and business schools have to recognise that reality. However, they are not a substitute for the MBA experience. An MBA is not only about content; it brings together classroom learning, peer interaction, faculty guidance, international exposure, leadership development, corporate connections and decision-making in complex settings. “At Esade, this is reflected in the MBA experience as a whole: its international cohort, close connection with companies, entrepreneurship and the innovation ecosystem, leadership development, career support and experiential learning opportunities. Initiatives such as the Social Impact Lab and Esade SUD (Servicio Universitario de Desarrollo or University Development Service) are examples of how students can also engage with social impact, communities and real organisational challenges. “The MBA remains relevant if it offers something deeper than access to information: transformation, community, credibility and the ability to prepare people for a changing future. The format may evolve, but the essence remains an intense learning experience that helps people rethink their career, leadership and contribution.” Your academic career has been deeply rooted in social entrepreneurship and establishing rigorous frameworks for impact measurement; how do you plan to apply those same impact- driven metrics within Esade? “For me, impact at Esade has three dimensions. The first is the impact we have on students. We want to understand how they are transformed during their time with us, not only through courses, but also through service-learning activities, exposure to
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INTERVIEW WITH THE DEAN
BIOGRAPHY
Lisa Hehenberger is dean of Esade Business School and associate professor in the Department of Strategy and General Management; she also holds the Esade Chair in Social Impact. Her work focuses on social entrepreneurship, impact investing, venture philanthropy and impact measurement & management, as well as the role of business in responding to social and environmental challenges. Before entering academia, Hehenberger worked in mergers and acquisitions in London, Madrid and Barcelona. She later completed her PhD and developed her research around venture philanthropy and impact. Before joining Esade, she was research director at the European Venture Philanthropy Association, now Impact Europe – a network of investors and philanthropy organisations supporting social entrepreneurs in Europe – where she worked on policy initiatives with the European Commission to help develop legal frameworks and funding structures for social entrepreneurship. At Esade, she has led the Esade Entrepreneurship Institute, founded the Esade Centre for Social Impact and recently helped launch the Esade Chair in Social Impact. As dean of Esade Business School, Hehenberger is leading the institution’s next stage of strategic development, with a focus on academic excellence, portfolio evolution, international positioning, faculty development, AI transformation, corporate engagement and meaningful impact as a distinctive strategic lever.
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“They also need agility and flexibility, given that some traditional career paths may change. At the same time, networks, credibility and community will continue to matter. Future MBA graduates will not be valuable simply because they know more facts than others, but because they can integrate knowledge, technology and human judgment, work across disciplines and mobilise people around complex decisions.” The strategic importance of diversity, equity and inclusion is widely recognised in the business world; however, evolving political landscapes can present challenges to the implementation of these principles. How does your institution ensure that it equips future graduates with the strategies necessary to embed these practices responsibly in complex, real-world scenarios? “There has been a backlash against DEI, especially coming from the US, and of course that affects the conversation everywhere. But for me, the concept is really about equity: enabling people to have the same opportunities. It is not about putting someone
different challenges and conversations about career paths that are more aligned with purpose. “The second dimension is research. We want our research to be relevant and focused on important challenges, while maintaining academic rigour and publishing in top journals. Many of our research centres work closely with practitioners and policymakers, combining theory with practical insights to push the frontiers of knowledge. “The third dimension is the impact our students and research eventually have on companies and society. That means understanding our graduates’ careers, the organisations they influence and how they continue to engage with Esade through executive education and lifelong learning. “Measurement is essential. Course evaluations are useful, but I would like us to go further by measuring student skills and perspectives both when they arrive and when they graduate. We are working on making this happen. “Esade has also used the Business School Impact System developed by EFMD to look at its contribution in educational, professional, social and environmental terms. This is not about
measuring simply to report; it is about understanding how we can do better.” What skills do you think are necessary nowadays for MBA graduates to become efficient and productive leaders? “Things are changing very quickly, especially with the evolution of AI; we are all trying to understand how
in a role just because she is a woman or because someone comes from a different background. Sometimes people say, ‘but we have to find the best person for the job.’ My question is: who decides who the best person is and based on what standards?
That can be an eye-opener, because the people defining those benchmarks and making decisions may not see that other equally relevant criteria could give women, or people from more disadvantaged backgrounds, a fairer opportunity. “At Esade, we do not shy away from this topic. It is included in the curriculum and reflected in representation across programmes: female professors and role models, women as protagonists in case studies, female guest speakers and so on. Projects such as the Esade Women Initiative, Esade Alumni WE Club and the Women with Impact newsletter, as well as recent events held in collaboration with the Forté Foundation, help keep this conversation active across the school community. “There are also specific DEI-related courses in our MBA, including work around race and inclusion. Future leaders need to understand diversity, equity and inclusion not just as slogans, but as real management challenges: questions about criteria, opportunity, power and fairness that must be applied responsibly in complex organisations. We also need to be realistic: diverse teams do not perform better simply because they are diverse. They need trust, good leadership, listening and the ability to work through disagreement.”
With its focus on a comprehensive range of topical issues, Esade Business School equips MBA graduates to deal with any scenario
this will affect the job market and the skills graduates will need. MBA graduates still need to understand the core functions of business: strategy, finance, operations, marketing, people management and all the fundamentals. But those fundamentals now have to be taught in a context shaped by AI, regulation, sustainability, geopolitical risk and changing expectations from employees, customers and society. “Graduates will increasingly work with AI agents and digital tools, so they need to understand what they can delegate and what they should not. That makes critical thinking essential: they must judge conflicting evidence, understand where information comes from, probe deeper and not accept things at face value. “At Esade, the launch of the bachelor’s in business and artificial intelligence reflects the need for future managers to understand both the language of business and the language of AI. For MBA graduates, the challenge is similar: they do not all need to become engineers, but they do need enough technological fluency to lead responsibly in organisations transformed by AI.
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INTERVIEW WITH THE DEAN
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 difficulties being a woman in a male-dominated sector? “It is always an additional challenge to be a woman in a male- dominated sector. In academia, there are pros and cons. When I was doing my PhD, I had two children and academia gave me some flexibility to balance family responsibilities with finishing my dissertation. But that flexibility also has limits. “Once you are on a tenure-track academic career path, you need to publish, build your academic profile and compete for opportunities. If you take time out, or slow down because of family responsibilities, that can create disadvantages later, even if things are changing and it is now more normal for men also to take time off for children. “There are informal barriers too. Women can hesitate to put themselves forward or wait until they feel completely ready, while men often apply even without meeting all the criteria. My advice to women would be to practise showing what they are
management education is evolving; we are also updating our policies and expectations around AI, so students have clarity on appropriate use, disclosure and responsible practice. “AI also affects assessment. If students use generative tools for writing, analysis or preparation, assignments must focus less on reproducing information and more on applying ideas, comparing perspectives, solving real problems and explaining reasoning. The priority is to help faculty use AI to raise the level of learning through stronger capabilities, redesigned assessment and clear principles for responsible, human-centred use.” With the ongoing geopolitical unrest around the world, climate change concerns and socio- economic uncertainty, do you believe there is still room for optimism when it comes to the future of the business school sector? “Yes, I do think there is room for optimism, but not in a naïve way. Geopolitical unrest and climate change are not new phenomena, but the scale and complexity of the challenges today make the role of business schools even more important. “At Esade, we are placing
good at – they shouldn’t be scared of putting themselves in the limelight. Leadership also requires qualities such as listening, networking and building relationships; women often excel in these areas and such characteristics can be undervalued. It matters that women see other women in leadership roles, because it expands the range of what people can imagine and sends a signal about who can lead.”
stronger emphasis on areas such as business technology, global governance, responsible leadership, societal engagement and the ability to connect business decisions with their social, environmental and institutional consequences. “Business schools train future leaders of corporations
Esade places an emphasis on areas such as business technology, global governance, responsible leadership and societal engagement
and other organisations that generate jobs, solve
problems, influence markets and hold significant economic power. That gives them a lot of influence – it makes the question of how we train future business leaders increasingly important. Are we preparing people who can only manage in the context of short-term results, or are we preparing people who can understand complexity, think about society and contribute to solving problems such as climate change or inequality? “At Esade, this commitment is also reflected institutionally. The school has worked on measuring its own impact, promoting initiatives such as Sustainability Week and participating in AERO, the Alliance for Environmental Responsibility in Business Schools. We also recently hosted GRONEN, the leading research conference on organisations and the natural environment. “I find optimism in students. Many seek professional success, but they also want to make an impact and build purpose into a meaningful career. For business schools, the opportunity is to educate competent professionals who also care about society and the world they want to help shape.”
The impact of AI and other generative algorithms such as ChatGPT on management education has been well documented. How can faculty best adapt to the technology to maximise its potential for future business leaders? “AI is changing very quickly and faculty cannot simply ignore it or treat it only as a threat. The question is how to use it in a way that strengthens learning. I believe the key is that students must know how to think with and without AI, rather than outsourcing thinking to the technology. If a tool can produce an answer quickly, we need to design learning that requires judgement, interpretation, critical thinking and the ability to go deeper. “Faculty can help students use AI effectively but also question it: where the information comes from, what assumptions are built into the answer, whether the evidence is reliable and what might be missing. At Esade, AI is increasingly part of the conversation across programmes. The new bachelor’s in business and artificial intelligence is one clear example of how
Ambition • ISSUE 4 • 2026 15
GMAC senior vice-president Sabrina White details the latest trends in global student mobility and the multidimensional outcomes sought by today’s candidates as they look to propel their careers to the next level From the sidelines to the spotlight
financial and emotional dimensions that will propel many of them from the sidelines to the spotlight.” “The great re-routing of global business talent” ran a recent GMAC white paper headline. Could you explain the trend behind this report? “The ‘great re-routing’ describes a fundamental shift in where international GME talent chooses to study, driven largely by visa and immigration policy. Formal restrictions, along with their informal ripple effects, are pushing international students away from applying to schools in traditional English-speaking hubs (like Canada, the US and UK). At the same time, countries actively working to expand their global education footprint are capturing this redirected talent, benefiting from more welcoming policy environments and institutional outreach. In short, geopolitics and immigration policy – not just programme quality or reputation – are reshaping global student mobility patterns.” Are these rises and falls in study destination interest here to stay, or can we expect further fluctuations ahead? “These shifts appear to be both cyclical and structural, with structural forces gaining weight. The cyclical piece, driven by visa policy swings, geopolitical tensions, inflation and labour market uncertainty, could partially reverse if conditions ease, allowing some recovery for traditional destinations. However, structural change is becoming harder to ignore: international demand hasn’t vanished, it has fragmented and grown
Recent GMAC research points to changes in what candidates hope to achieve by embarking on an MBA. Why do today’s prospects want to study the flagship graduate management degree? “While career pivoting remains an important motivation for many MBA candidates, a growing number are prioritising durable skills, a clear return on investment (ROI) and well-defined career outcomes. GMAC research also shows that motivations vary by programme format: full-time MBA candidates are most likely to view graduate management education (GME) as a planned step in their career trajectory, while professional MBA candidates primarily pursue the degree to advance in their current roles. “Notably, AI fluency has emerged alongside strategy, analytics and finance as a core curricular expectation. This shift suggests that candidates are increasingly attuned to the pace of technological change and are seeking the skills needed to remain competitive in an evolving and often unpredictable job market.”
How are today’s students calculating ROI? “Today’s prospective students evaluate ROI as a highly personal, multidimensional equation rather than a single financial metric. They weigh the acquisition of durable skills, career mobility and measurable outcomes against the costs and risks of pursuing graduate education, adopting a research-driven mindset that values evidence over institutional reputation alone. As a result, they expect institutions to demonstrate clearly how their programmes translate into tangible career outcomes and not simply promise future opportunities. “For Gen Z, this calculus extends further: alongside earning potential, they weigh stability and work-life balance, as well as pride in their work and its impact on loved ones. Flexibility in studying formats matters for keeping future options open amid economic uncertainty, while inclusive, values-driven environments shape the sense of it being “worth it”. In other words, prospective students expect demonstrable outcomes across a range of professional,
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What is the best way for business schools to appeal to early-stage candidates who are thinking about whether graduate management education is right for them? “The best approach is proactive transparency, not persuasion. Financial concern is the top barrier, especially for candidates two-plus years out from application, who are seven percentage points more cost-anxious than near-term applicants. Schools should, therefore, normalise discussions of cost, ROI and financial aid early, before sticker shock sets in. “Early-stage outreach should use concrete, relatable examples: real student/alumni lifestyles, financing strategies and career outcomes that help candidates visualise how GME fits their lives, addressing their heightened worries about time commitment and career disruption. Ultimately, schools should frame the degree as a targeted investment in durable, career-upgrading skills with demonstrable impact, while reducing barriers and uncertainty.” How are the trends discussed here impacting efforts to enhance the pipeline of role models from underrepresented groups in both the classroom and academic leadership? Is there more that schools can do to advance inclusivity? “GMAC’s research findings reveal persistent structural patterns. Women, for example, remain underrepresented across GME, especially across full-time MBA (41 per cent) and executive MBA (roughly one-third) programmes. While representation is consistently better in flexible/online formats and business master’s programmes, it is still below parity. Notably, women’s applications are declining in finance and accounting specifically, fields closely tied to academic and corporate leadership pathways. “First-generation representation, which often overlaps with historically underrepresented racial and ethnic groups, is increasing, but much of that growth is concentrated in highly ranked, well-resourced programmes. This is potentially masking access gaps across the broader graduate management education landscape. To strengthen the leadership pipeline, schools face a golden opportunity to target underrepresentation in formats like the executive MBA and finance-focused degrees, expand flexible pathways where women already engage more and develop messaging, recruitment strategies and support structures that better resonate with first-generation applicants.”
more competitive, with Asia and continental Europe capturing redirected flows. This suggests that students are casting a wider net and prioritising value, affordability, career outcomes and policy stability over historical prestige. Expect continued fluctuation, but within a more permanently reshaped, competitive landscape.” The latest GMAC Prospective Students Survey found a pronounced difference in preferred study modes between male and female candidates. What does this mean for business schools looking to build more equitable pipelines of talent? “This gap signals that equitable pipelines require flexibility, not just access. While full-time, in-person learning remains the top preference overall, women’s preference for it dipped from 2024 to 2025 even as men’s grew, producing the widest gender gap in delivery-mode preference in at least seven years. This likely reflects structural realities like outsized caregiving responsibilities, echoing ‘return to office’ trends that are already pushing women out of inflexible workplaces. “If business schools lean too heavily into full-time, in-person expansion without maintaining robust flexible options, they risk replicating labour-market inequities in the classroom and inadvertently narrowing their pipeline just as they aim to broaden it. Equitable recruitment means preserving genuine choice across modalities.” How do expectations over curricular content differ between employers and student? “Employers and candidates agree on the fundamentals – strategic thinking and problem-solving top both lists – but diverge meaningfully from there. Employers place greater weight on human skills like initiative, coachability and emotional intelligence, which candidates tend to underweight. One of the starkest gaps, according to our latest survey of corporate recruiters, is around AI. While AI-related skills will be employers’ top hiring priority in five years, most consider today’s graduates only somewhat prepared to apply AI tools in real organisational contexts. “Notably, AI’s influence extends beyond tool proficiency, elevating demand for complementary skills like data analysis and adaptability. Students’ ability to interpret AI output and pivot accordingly also represents an area where employers see graduates as underprepared, alongside their perceived grit and human-capital management.”
“Prospective students expect demonstrable outcomes across a range of professional, financial and emotional dimensions”
Sabrina White is senior vice-president of school & industry engagement at GMAC. She is responsible for leading the organisation’s external engagement strategy and driving value for business schools through candidate pipeline development, membership, conferences, partnerships, advocacy, research and global market development. With more than 30 years’ experience in higher education, she previously held leadership roles at the University of Maryland and Bowling Green State University
www.gmac.com
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On the first evening of the conference, a networking event for delegates took place at the renowned Bernabéu stadium in Madrid’s Chamartín district
A capital affair
This year’s AMBA & BGA Global Conference for Deans & Directors took place in the vibrant Spanish city of Madrid. Over three days, delegates engaged with a series of compelling presentations on the changing business school model, the student learning journey and leadership in an unpredictable world. Tim Banerjee Dhoul and Colette Doyle report on the proceedings
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AMBA & BGA GLOBAL CONFERENCE 2026
Malafronte found that the best student performers were those who interacted the most with the AI coach, at an average of 100 interactions, compared to 20 interactions among those who performed the least well. Malafronte highlighted that students’ success with the coach rested on their own ability to challenge their decision-making process and work with limited knowledge and differing personalities. In this, he argued, there is a clear misalignment with students’ experience of using ChatGPT, where they ask questions and simply receive an answer. “We need to adopt coaching as a pedagogy,” he argued. “When students understand the coaching scheme, they can leverage AI and use it in a different way to favour critical thinking.” Lessons from the science of learning Challenges and opportunities around the design of executive education programmes were the focus of an interactive session led by Andrea Montoliu, head of Spanish-speaking markets at Wooclap. Talking delegates through the science of learning, Montoliu outlined how retaining participants’ attention and providing them with lasting outcomes at the level of executive education requires a distinct approach. “Executive learners have a lot of pressure from work, established mental models and a measurable cost of every hour spent away from work,” she said, adding that “attention competes with active professional life in a way that initial students rarely face.” From a design perspective, she explained, this entails a shift in the pedagogical lever from one that revolves around activating motivation to one that channels it. “It’s using the participants’ experience as raw material for the programme and the design challenge becomes how to bring out and use that experience efficiently.” Montoliu drew on case studies from work with schools in France and Chile to illustrate how executive education learning can be enhanced. At the School of Management, Pontificia Universidad Católica de Chile (UC), for example, executive programme participants are asked to complete “true or false?” questions and a cohort diversity survey at the start of class to highlight their professional background and expertise. At the end of each session, they are then asked to share their top takeaways and areas of doubt, a feature designed to help participants reorganise the content cognitively and strengthen the appropriate connections between neurons that turn momentary understanding into lasting knowledge.
“Resilience, humility, grit, levity, service and learning” – these are the six traits identified by McKinsey as being essential for 21st-century leaders and cited in the keynote presentation given by Belén Frau at the latest iteration of AMBA & BGA’s global conference. Global communications director at Ingka Group (IKEA) and a member of the advisory board at Deusto Business School, Frau began by referring to the current state of the world, where business school heads have to deal with technological acceleration, geopolitical volatility, trust deficit and the spread of disinformation. She suggested a ‘recipe’ comprised of eight ingredients to counteract these woes: purpose & vision; clear communication & decisions; coherent culture; emotional intelligence; radical simplicity; empowerment & trust; innovation with creativity & purpose; and adaptability & a growth mindset. The IKEA communications director cautioned that AI is making leadership more demanding: “The more powerful the tool, the more essential the human behind it. AI accelerates everything – including the consequences of poor leadership; technology amplifies what you already are, so if your culture is weak, AI scales weaknesses”. However, she pointed out that AI cannot replace ethical judgement, empathy and human connection, cultural coherence and the courage to decide under uncertainty. In the age of AI, “emotional intelligence is the differentiating skill; it represents self-awareness, empathy, social intelligence and emotional regulation”, noted Frau. Leaders with high EI generate a 20 per cent better team performance, according to the Harvard Business Review , while the Goleman/Hay Group reports that 85 per cent of outstanding leadership performance is attributed to EI versus IQ. She also spoke about the need to be aware of “the responsibility gap”: one of the findings of a recent DDI Global Leadership Forecast was that 89 per cent of managers believe they develop effective leaders, but only 24 per cent of employees agree. Frau told delegates that leadership today is “a blend of vision, humanity and courage”. She ended her session with a series of probing questions for school heads: “Are you building judgement, or just knowledge? Does your institution have active industry partnerships that shape your curriculum, not just endorse it? What ingredients of the recipe do you need to adjust today to prepare the leaders the world will need in 2035?” Championing a coaching pedagogy Cesim CEO Veijo Kyosti talked about the progress of its AI tool for instructors, two years on from its launch at AMBA & BGA’s global conference in Budapest. The company’s Tireless Teaching Assistant is designed to facilitate the integration of course content with Cesim’s business simulations. “It helps instructors analyse the results, find teachable moments and create strong learning experiences for the students,” Kyosti explained. The numbers taking advantage of this tool are on the rise, according to Kyosti, as is their level of engagement. Around 2,200 instructors have used it across more than 6,600 simulations in the two years, with the number of engaged instructor users rising from 493 to 1,036. In the same session, Université Côte d’Azur associate professor Olivier Malafronte discussed his research around students’ use of Cesim’s AI coaching tool within simulations. Across two cohorts,
Global communications director at Ingka Group (IKEA) Belén Frau highlighted the need to build judgement rather than just knowledge
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