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

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.

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

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  1. 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

  2. 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

  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to be addressed by Business Schools • The financial crisis has offered an opportunity for Business Schools to change outdated practices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

  11. 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)

  12. 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

  13. 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?

  14. 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 in14 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

  15. Your Contact 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 www.executiveacademy.at

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