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As more and more technological innovations are introduced, traditional classroom-based models of business education are getting disrupted. A new study titled See the Future, suggests that with the growing popularity of online programmes and MOOCs, increasing tuition fees in colleges, demanding needs of employers and strong market competition, traditional education approaches face a severe challenge.
Looking At The Future Of Business Education
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The research was done by B-school consultant and education market research establishment CarringtonCrisp, in association with the Association of Chartered Certified Accountants (ACCA) and the European Foundation for Management Development (EFMD). See the Future has gathered opinions from CEOs, chairmen, employers and even Directors and Deans at B-schools from more than 63 nations.
The study found that colleges and business schools face four main challenges, namely technology, staffing problems, market competition and costs. Hence, almost all institutions feel the compulsion to re-evaluate their courses and curriculum. Why? As there is a strong move to a multidisciplinary way of learning and a growing need to fulfill the demands of students and businesses, business schools have realized that it is time to reconsider their offerings. The research also discovered that lifelong learning will keep being significant for students, but due to technological progress, lifestyle learning will also become important.
Increasing Demand For Online Study
Businesses and employers need training and development programmes that are fast, cheap and highly effective and which offer excellent value for money. The study discovered that these employers are increasingly accepting more online diplomas and degrees mainly because it does not require accommodation and travel expenses. See the Future found that even though online education was well accepted, but almost 80 per cent respondents claimed that “Executive education for senior managers and directors will remain face to face.” Alan Hatfield, ACCA director of learning, said “Anytime, anywhere learning is on the rise, providing students with the flexibility to learn at their own pace and around their other commitments such as work and family.”
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Author of the study, Andrew Crisp, said “This situation is not a perfect storm, but the Dean who sticks their
head in the sand and fails to think about how best to position their school for the future risks their school and its students being left behind.”
Hatfield added “When they hire new talent, employers believe a professional qualification is essential or desired. As a professional body, ACCA is committed to business education - working with universities, MOOC providers and business schools around the world, we aim to ensure the future of business education remains relevant and valued.”
Providing “Rounded Education”
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CEO and DG at EFMD, Eric Cornuel, said “It has been clear for many years that the pace of change in business education is accelerating. Understanding the drivers of change and the demands of those seeking to learn in the future are key to our member schools delivering effective solutions. More and more, our members recognize the need for business to be studied in a wider context, to see the impact it has on society.”
He concluded by saying “To this end, there is a growing need for business schools to work with other faculties, departments and experts throughout universities and beyond to ensure students receive a rounded education.”
How are technology and other factors changing traditional business education? Say what you fee by sharing your thoughts and comments below. We would love to hear from you.
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