In the face of a rapidly changing world, business schools must adapt to stay relevant. This was the key finding of The Future of Graduate Management Education, a paper published by the Graduate Management Admission Council (GMAC). To gain insights into how business schools are preparing for the future, GMAC interviewed 20 European business school deans. Five key themes emerged from the discussions: technology and digitisation, social and responsible practices, content, learning journeys and relevance.
Technology and digitisation were identified as major drivers of change in business education. Deans cited the need to provide students with digital literacy skills and to integrate technology into the curriculum. Social and responsible business practices were also seen as essential for future success. Business schools must ensure that their students are prepared to meet the challenges of an increasingly complex and interconnected world. Finally, deans emphasised the need for business schools to remain relevant to society at large. They noted that graduates must be able to demonstrate not only technical competence but also critical thinking, ethical values and cultural awareness.
The findings of The Future of Graduate Management Education provide a valuable snapshot of the challenges facing business schools today. As the world continues to change at an ever-faster pace, it is clear that business schools must evolve to remain relevant and prepare their students for success in an increasingly complex and competitive marketplace.