How B-Schools Must Prep for the Next Revolution
The business world is changing, there’s no doubt about it. And with that, so is business education. With globalization, technological advancements and demographic changes, the future of business will look vastly different than it does today.
Margaret Andrews, a contributor at Inside Higher Ed, recently discussed how business schools can adapt to this change and best prepare students for the future of business.
How Skills Are Changing
Creativity will become one of the top three skills workers will need to succeed, according to the World Economic Forum’s report, “The Future of Jobs,” which analyzes the employment, skills and workforce strategy for the future.
“With the avalanche of new products, new technologies and new ways of working, workers are going to have to become more creative in order to benefit from these change,” Alex Gray, a senior writer at World Economic Forum’s Formative Content blog, writes. “Robots may help us get to where we want to be faster, but they can’t be as creative as humans (yet).”
Here are the top 10 skills, according to the World Economic Forum, that are predicted to increase in value for 2020.
Experts call this change the “Fourth Industrial Revolution” – a dramatically advanced societal disruption where robotics, autonomous transport, artificial intelligence, and machine learning will transform the way we live and work.
“Some jobs will disappear, others will grow and jobs that don’t even exist today will become commonplace,” Gray writes. “What is certain is that the future workforce will need to align its skillset to keep pace.”
How Business Schools Need to Change
In her Inside Higher Ed piece, Andrews argues that business schools will need to adapt how they teach students business if they intend to keep up with the advanced changes.
The first change? Refocus on learning as a lifelong endeavor, Andrews says.
“Average life expectancy is rising, more people are wanting (and often needing) to stay in the workforce until much later in life, and the skills they need for the various careers they’ll have will evolve over their lifespan,” she writes. “Colleges and universities need to think this through and create new programs, pathways, and platforms to reach learners at all stages of life.”
In addition, Andrews argues, there must be an increase in both access and innovation in higher education.
“Understand that the way we create and deliver education through the university is quite likely to change,” she writes. “The higher education market is in the midst of unbundling. While this will create winners and losers in the higher education arena, it may be a good outcome for increasing access to higher education and spur innovation in higher education.”
Andrews references Thomas Teal’s 1996 article, “The Human Side of Management”,which argues that we often focus too much on technical proficiency and too little on character.
Andrews argues that this story still rings true today.
“Poor management demoralizes people and ultimately takes a toll on performance,” she writes. “At a minimum, perhaps we should have everyone read Bob Sutton’s first book, on building a civilized workplace book, and his second one on surviving one that isn’t.”
Lastly, Andrews argues that we will need to instill the importance of ethical behavior in our children and students. To streamline this, we’ll need to enact policies that support ethical behavior and laws that punish bad behavior, she says.
“It matters and will help us shape a world – of work and otherwise – that we all want to live in,” Andrews writes.
Sources: Inside Higher Ed, World Economic Forum, World Economic Forum
What MBA Admissions at Top Schools Look For In Applicants
It takes a lot to get into a top MBA, but experts say strong collaboration and communication skills are just as important as academic performance when it comes to admissions.
Ilana Kowarski, a reporter at US News, recently discussed some key traits that admissions officers look for in MBA applicants.
“Because business schools are professional schools designed to prepare students to thrive in the business world, these schools seek students with the leadership skills necessary to succeed in business,” Kowarski writes. “In addition to evaluating a student’s test scores and grades, a top MBA program will consider whether the student has a history of making meaningful contributions to the organizations where he or she has worked.”
Strong Communication and Collaboration Skills Valued
Communication and collaboration skills are also becoming more important in the business world.
It’s become most apparent in a new admissions requirement at many schools – the Emotional Intelligence (EQ) requirement.
“Research is showing that leadership is more than just management. It’s the ability to work with others and motivate others towards a shared set of goals,” Susan Cera, director of MBA admissions at admissions consultancy Stratus Admissions Counseling, tells P&Q. “And EQ is instrumental to being successful in working with and through others.”
Being a willing team player and having strong communications skills is now a pre-requisite for many admissions criteria at top MBA programs.
“This is not a purely academic program; it’s not a Ph.D. program,” Bruce DelMonico, assistant dean for admissions at the Yale School of Management, tells US News. “We are trying to bring in people who are going to have impact after they graduate.”
Acknowledging Your Weaknesses
No applicant is perfect and when it comes to MBA applications. Many times, it’s better to highlight your awareness of your weaknesses and demonstrate how you compensate for your deficits.
In fact, according to DelMonico, it’s better to admit to admissions officers a desire to grow professionally and personally at business school.
“We know that anyone who is applying to business school is looking to improve themselves,” he tells US News.
Demonstrated Experience is More Important Than Name-Brand
Having a respected employer on your resume can be helpful. But, according to experts, it’s more impressive when applicants can demonstrate that they’ve done high quality work.
Soojin Kwon, managing director of full-time MBA admissions and program at the University of Michigan – Ann Arbor’s Stephen M. Ross School of Business, tells US News that describing non-academic accomplishments and a history of high-quality work is more impressive than a name-brand employer on a resume.
“Leadership is not as narrowly defined as an applicant might think,” she tells US News.
Highlight Your Initiatives and Soft Skills
Soft skills are demonstrated outside the numbers of test scores and GPA. Experts say that having a drive and demonstrating soft skills outside of school can be impressive.
“Beyond good test scores, top MBA programs are looking for students who demonstrate initiative,” Vijay Koduri, an MBA alumnus of the Ross School of Business and co-founder of HashCut, a technology company, tells US News. “This can be entrepreneurial – have you started a company and scaled it up? It can be intrapreneurship – did you raise your hand and lead the way for a new product idea or new market in your company? It can also be social impact – are you passionate about a cause, and have you led significant change in your region or around the world to make a difference?”
Shaifali Aggarwal, an alumna of Harvard Business School and the founder and CEO of the admissions consulting firm Ivy Groupe, tells US News that demonstrating a desire and ability to innovate can be impressive to admissions officers.
“These students show that they are able to think outside of the box to come up with creative solutions, which is an extremely important quality to possess when solving business problems and leading organizations,” she tells US News.
Sources: US News, Poets & Quants
AJ Warner (right), founder of Touchdown! Admissions Consulting
Why You Should or Shouldn’t Hire an Admissions Consultant
An MBA education is certainly expensive. Add to that the cost of an admissions consultant and you could be looking at thousands of dollars on top of six figures in tuition.
Ilana Kowarski, a reporter at US News, recently discussed the implications of hiring an admissions consultant and a few ways applicants can save their money and, ultimately, still submit a strong application.
It’s All About Confidence
According to a recent Graduate Management Admission Council’s prospective students survey, 17% of MBA applicants used an admissions consultant during the application process.
Mike Ivancie, an MBA student at UC Berkeley’s Haas School of Business, tells US News that he considered hiring an admissions consultant when applying to b-schools, but ultimately decided not to. While Ivancie says he understands why applicants may feel more confident in hiring one, he tells US News that he was confident in his storytelling ability and in the admissions process.
As a result, he tells US News, he spent about $150 on an online GMAT test prep course.
“Objectively, it drastically improved my score, so I’m really happy about that,” Ivancie tells US News.
Benoit Banchereau, director of marketing and admissions at HEC Paris, tells US News that MBA applicants tend to hire admission consultants when they struggle with having the confidence to sell themselves.
Having the encouragement from MBA admissions consultants can be helpful, but Banchereau tells US News that admissions consultants can only do so much since a consultant can’t help an applicant if he or she doesn’t have the proper credentials to be admitted.
The Danger in Ghostwriting
In a 2014 study conducted by the Association of International Graduate Admissions Consultants (AIGAC) — which was formed in 2006 to tackle ghostwritten applications — 40% of respondents said at least one manager asked them to draft their own recommendation letter.
Nick Barniville, an associate dean at ESMT Berlin, a German business school, further stresses the importance is submitting an authentic application.
“I would say that there are almost no situations in which I would recommend using an admissions consultant to get into business school … unless you can completely disguise the fact that you are using one,” Barniville tells US News.
In addition, Barniville says being heavily coached in the application process can yield negative results once you get admitted to a school that you’re not fit for at all. He tells US News that if MBA applicants are worried about their strength in crafting an application, remember that admissions officers value substance more than style and form in an application.
“Admissions people are human beings,” Barniville says. “They want to hear real stories from people. I don’t think an application has to be a perfectly polished piece of work. I just think it has to be an interesting and authentic reflection of a person.”
Sources: US News, Graduate Management Admissions Council, Association of International Graduate Admissions Consultants
Why Entrepreneurs Don’t Need an MBA
The MBA has traditionally been the go-to for business entrepreneurs looking to become business leaders. Yet, business today is evolving. With a plethora of resources available online, it’s important to reconsider whether or not the MBA still offers what it used to.
Martin Hoffmann, CEO of Business & Investor Labs and a guest writer for Entrepreneur, recently wrote an article arguing that while an MBA can provide a useful toolkit, they are better suited for established businesses rather than startups.
“While there are many benefits to pursuing an MBA program, this path also comes at a major cost; tuition as well as opportunity cost can weight heavy on an entrepreneur’s wallet,” Hoffmann writes. “The good news is that today, there are options that provide equally as much value at less of a financial hit.”
A recent report from the Financial Times found that over the past two years, less than one in five MBA graduates choose to go into entrepreneurship.
The MBA is Built for Established Businesses, Not Volatile Start Ups
Hoffmann argues that the MBA is more useful for corporate decision makers, rather than those looking to build a start-up.
“At their core, MBA programs are built to provide predictability for corporate decision-makers,” Hoffmann writes. “As such, they teach decision-making based on evidence and historical data.”
On the flip side, Hoffmann highlights how the rapid growth in the business world requires thinking ahead – not looking back at historical data.
“The real world of growth businesses, though, is messy and packed with wicked problems,” Hoffmann writes. “Core business decisions are often questions of judgment, building on a deep understanding of the specifics of customers and the business environment. Since those two elements are changing rapidly for growth businesses, they cannot build on the luxury of predictability and reliance on historical data. Instead, they require a forward-looking perspective and intuition.”
In addition, Hoffmann highlights how MBA programs tend to use standardized tools and frameworks like the Five Forces model or SWOT analysis. And while these tools are helpful, Hoffmann argues that they do not inspire original thinking – a critical mindset in building a company.
“Standardized tools do not encourage the launch of original products and business models in crowded marketplaces,” Hoffmann writes. “In contrast, it’s more often than not multidisciplinary thinking and a broad perspective, which lead to outstanding products and business models.”
The Most Valuable MBA Asset: The Network
With the explosion of information available online and cheap resources for students to learn about business, the MBA’s most useful asset lies in the resulting alumni network a graduate will gain.
While Hoffmann agrees with this reality, he argues that there are a number of opportunities available today for students to build a network outside of the MBA environment.
“Meetups as well as conferences enable you to build your real world network, while LinkedIn, AngelList and other business-focused social channels can help you build and maintain your network from your desk — all at a fraction of the cost of an MBA,” Hoffmann writes.
And while having a brand-name school on your resume can impress investors or employers, work experience, Hoffmann argues, is even more valuable.
“When it comes to social proof, you may want to ask yourself why you need to invest in an MBA just because investors, employers or business partners aren’t able to judge your skills based on other measures,” Hoffmann writes.
Develop Your Skills and Build Your Plan
Rather than dishing out thousands of dollars for an MBA education, Hoffmann – who holds a law degree – argues that entrepreneurs should take advantage of the plethora of resources available to them already.
“General Assembly, Udemy and Udacity, among others, offer many courses and nanodegree programs, which can help you develop skills in a targeted way,” he writes.
On top of technical skills, Hoffmann also highlights the importance of intellectual skills, such as critical thinking, problem solving, and lateral thinking.
“While technical skills take center stage early on in a business’s life cycle, it’s the critical and original thinking that will ultimately set the business apart,” Hoffmann writes. “And with AI increasingly replacing many routine tasks, the thinking will remain as a true unique selling proposition.”
To develop intellectual skills, Hoffmann says some form of traditional education is essential. At the very least, a BA can help applicants gain intellectual skills.
In order to be successful in their entrepreneurial pursuit, Hoffmann says entrepreneurs need to create an action plan. The first step, he says, revolves around analyzing hiring boards of businesses in industries you are active in and creating an inventory of requirements. He calls it a “personal development day.”
“That day would be used to go through available resources such as courses and meetups in order to design a path to unleashing the skill set that best fits the requirements from step one,” Hoffmann writes. “It’s best not to go this path alone, and industry-specific social media groups and forums are a good way to find like-minded companions.”
Sources: Entrepreneur, Financial Times,
The post How B-Schools Must Prep for the Next Revolution appeared first on Poets&Quants.
from Poets&Quants
via IFTTT
No comments:
Post a Comment