SPONSORED INTERVIEW
How did the Covid-19 pandemic change business education for the long term? One thing that stood out to me is that people and businesses are adaptable. Often, the complex structure of academia means change happens slower than in other industries. But students, staff, and businesses in general can change when needs arise, and that’s important to remember as we try to enact more change. As an example, GMAC moved quickly to launch an online version of the GMAT™ exam – one of the major assessments we administer – when test centres around the world started temporarily closing or limiting the number of appointments. Do you think recent events have created a more democratised approach to business education? In my opinion, it’s moved us in the right direction, but I think there’s still a long way to go. Recent events have ignited the conversation, and that’s an important starting point. However, to really move the dial, it’s going to be about more than just talking about inclusion—we have to celebrate the benefits of inclusion and promote that message thoroughly. How do you believe technology will continue to disrupt Business Schools? There are a lot of different schools of thought on this, and none of them are wrong, but I don’t think there’s one single trajectory. I do think that we must do more than just debate the platforms or technology themselves. Instead, we should be considering what they mean for wider society behaviours, and how this will disrupt Business Schools. We’re already at the point where people coming to Business School were born in 1997, 1998 — they’ve grown up with the technology. So, it’s not about the impact of one single technology, but what the fast-paced evolution of technology means. I do think the speed at which this
generation is embracing technology will impact how they communicate and work, and that’s important for Business Schools to acknowledge. GMAC’s 2022 prospective student survey reflects this development: while consulting continues to be the top industry and job function both men and women candidates aspire to, there is growing interest among candidates in the technology industry between 2019 and 2021, and this trend is especially apparent with women. Is the business education sector responding quickly enough to this disruption? Quite frankly, no. It’s been encouraging to see an increased response to new technology over the past couple of years, but this is a crucial tipping point for business education. Business Schools need to make decisions about how they’re going to move forward with the impact of disruptive technologies. What kinds of audiences do they want to reach? How long they will engage with learners – a few years, or a lifetime? These discussions are yet to be seen. Why do you believe lifelong learning is important? The concept of lifelong learning was always there in terms of Business Schools wanting to equip people with a curious mind, but now we’re thinking about how people will have numerous careers in their lifetime. It will be interesting to see how Business Schools are going to tackle the concept of lifelong learning, as I’m yet to see any concrete plans. My advice would be to look for opportunities to collaborate. What are the biggest challenges facing international Business Schools? Business Schools are navigating the consequences of increased mobility around the world, but there are still a lot of unknowns. Our latest Prospective Student Survey, for example, tells us that candidates from traditionally
mobile markets increasingly prefer to study domestically. Among Central and South Asian candidates, the percentage who prefer to study internationally declined from 89% to 73% between 2019 and 2021. Among East and Southeast Asian candidates, preference to study internationally declined from 92% to 87% between 2020 and 2021. The pandemic has changed people’s behaviours. Plus, many people are using this moment to change careers and leave certain sectors. The biggest challenge for Business Schools will be embracing the uncertainty. It’s not enough now to have an 18-month plan. Schools need to be doing major incident planning and considering those ‘what if’?' situations. The strategy of ‘returning to a 'pre-Covid-19 world’ is hugely risky.
Do you feel optimistic about the future?
It’s easy to feel pessimistic, especially reading the news. We conducted a first-of-its-kind longitudinal study of roughly 3,600 individuals globally over the past 12 years about the motivations behind prospective students and their pursuit of graduate management education. Nine out of 10 of these individuals – now reaping the rewards of their distinguished business degree in a wide array of job functions and industries – shared that they rated the value of their MBA or business master’s degree as good, excellent or outstanding. When we think about the people coming to Business School now, they desire a purpose-driven career, and that’s only got to benefit society.
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