The Relevance and Future of Business Schools in the Global Business Environment

Prof. Dr. Dr. Bodo B. Schlegelmilch

Dean

WU Executive Academy

Nordbergstrasse 15 | 1090 Vienna | Tel: +43 (1) 313 36 4816

executiveacademy@wu.ac.at | www.executiveacademy.at

Bad Times for Business Schools

Business Schools are – at least partially – responsible for the financial crisis

Business Schools failed to transform business into a profession

Business Schools are uncertain about the right balance between business and education

2

3

Market Paradox

Number of candidates sitting the GMAT test has reached an all time high

Globally, MBA applications are increasing – but shift away from US

Employers pay freshly minted MBAs 30% to 35% more than graduates with other management degrees

4

No Time for Complacency

Systemic criticism and changes in the global business environment have to be addressed by Business Schools

The financial crisis has offered an opportunity for Business Schools to change outdated practices

5

Drivers of Change: Globalization

Globalisation of the Business School Market Strong brands International faculty Convincing research capabilities

6

Drivers of Change: Enlarged Educational Purpose

Enlarged educational purpose Stronger reflection on leadership Debates on CSR, business ethics and

sustainability More integrative holistic perspectives

7

Drivers of Change: New Learning Formats

New Learning Formats Experiential learning / live industry

cases 24/7 access to learning material

regardless of location Virtual teams / Tele-presence

8

Implications: Globalisation

Strengthen brand / positioning

Recruit international faculty

Increase research quality and output

9

Implications: Enlarged Educational Purpose

More reflection on the role of business in society and the implications for leadership

Stronger coverage of CSR, ethics and sustainability issues

Offering a more holistic perspective

10

Implications: New Learning Formats

Strengthen cooperation with industry (live cases, experiential learning, etc.)

Continue to develop technological capabilities that enable to internationalise the programs offered

Seek collaboration with strong international partner schools to offer virtual team projects and other cross-cultural learning experiences

Implications for the Romanian MBA Market

The Local Market is Internationalizing – But there are no Major Brands Tiffin University

Maastricht School of Management

University of Sheffield

Kennesaw State University - ASEBUSS

Romanian-Canadian Bucharest School of Management

Codes – Open University

University of Monaco

More Emphasis on CSR and Ethics Participants are Customers and Products

Quality assurance is key

International Collaborations, Experiential Learning and Technological Support are Important Differentiators Faculty from US, Canada, UK and Austria

Field Study to US and Austria

Proprietary Learning Plattform (Learn@WU)

11

Selecting the “Right” MBA Program

An MBA is a major investment in terms of time and money

Here are the

BASICS

for selecting the right program

12

The Basics: How to Select an MBA

Branding

What is the reputation of supplier?

Accreditation

Who accredits this program / university?

Selectivity

Who are the other participants?

Internationalization

How international is the program (faculty, field studies, alumni network)?

Curriculum

Is the curriculum cutting edge?

Satisfaction

Are independent rankings available?

13

Applying the Basics to our Executive MBA in Bucharest

Branding

WU Vienna is the largest Business University in Europe; the WU Executive Academy actively markets in 14 countries and draws participants from some 50 countries

Accreditation

WU Executive Academy is EQUIS and AMBA accredited

Selectivity

The participants in the Bucharest MBA of the WU Executive Academy all have significant managerial experience and are mid to end 30s

Internationalization

The WU Executive Academy draws its faculty from the US, the UK, Canada and Austria; it offers Romanian students field studies the US and Austria. Our alumni join one of Europe’s largest international alumni networks

Curriculum

All MBA faculty of the WU Executive Academy are active researchers and regularly consult for a variety of corporations

Satisfaction

WU Vienna is regularly ranked among the top European Business Schools by the Financial Times; Ziarul Financiar ranked our MBA Romania number 1 or 2 in the country since the program was founded in 2008

14

Your Contact

15 WWW.EXECUTIVEACADEMY.AT

WU EXECUTIVE ACADEMY Nordbergstrasse 15, 1090 Vienna, Austria

o.Prof. Bodo B. Schlegelmilch, Ph.D., D.Litt.Dean

T +43-1-31336-5099 (direct)T +43-1-31336-5103 (secretary)bodo.schlegelmilch@wu.ac.at www.executiveacademy.at