Over the past 10 years, business education has remained one of the most popular fields among students around the world. Such education is modern, universal, and in demand, and specialists with business degrees are required in all sectors. The rise of business schools is evident.
At the same time, the global business community does not stand still, and with it, education in the field of business and entrepreneurship is constantly developing and modernizing. Compliance with new trends and current market requirements is extremely important for business education and graduates who want to find a job right after graduation successfully. That is why almost every year new trends and directions in business education are outlining, and that has a great influence on how and what each next generation of students learns.
Business Schools
The world’s first business school was opened back in 1819. We are talking about the Paris ESCP Europe, which today has campuses in six European cities and is very popular among global students. There are other business schools that offer first-class education and are popular with students from all over the world. Among them – AUT Business School (New Zealand), Ernest S. Trefza Business School at the University of Bridgeport (USA), Melbourne University Business School at Melbourne (Australia), HSBC Business School at Beijing University (China), Business School NUS National University of Singapore (Singapore) and others.
Online business courses are becoming increasingly popular among students from many countries in the world, which allows you to get a foreign university degree without leaving your country. For example, business programs at various levels are offered at universities such as Massey University (New Zealand), Leeds Beckett University (England), Curtin University (Australia), and the Northern Alberta Institute of Technology (Canada). One of the world leaders in online education for future business people remains the Australian University of South Queensland, which offers as many as 43 online programs with various business specialties.
Actual Trends in Business Education
At present, it is safe to say that in the near future, global business education will be transformed in accordance with new trends. What exactly is already happening and will happen in the advanced business schools of the world? There is a trend of a close connection between business schools with universities.
Traditionally, many business schools in the world function as autonomous educational institutions, even if officially they are part of universities. For example, most business schools in the United States are oriented toward graduating students and operating autonomously. In Europe, business schools are even more independent. For example, INSEAD or IMD was originally founded as separate private schools.
However, globalization has contributed to the transition of business schools from independence to integration and close cooperation with universities, where students are commonly trying to avoid getting engaged in excessive paper writer work. For schools, it means additional opportunities and funding, scholarship support, expanding the number and scope of programs, participating in international exchange programs, etc.
New types of students
The modern audience of business courses is not only young people and yesterday’s schoolchildren. Nowadays, more and more adult working professionals are choosing to study business. As the business world does not stand still and is constantly evolving, managers and other specialists can no longer rely on what they studied on MBA programs many years ago. Progressive employees need to constantly improve their knowledge and skills to meet the realities of the global business community and the requirements of the employer.
MBA Transformation and New Course Formats
According to many analysts, the era of classic MBA program expectations at least experiences a serious transformation, if not sunset. The fact is that the very format of these programs, which are offered in all business schools in the world, no longer meets the real needs of students.
That is why a number of MBA programs may be closed in the future, and the format of the remaining ones will be converted. MBA programs will be replaced by more modern and relevant specialized master’s programs, certificate and diploma courses, as well as non-gradual short-term courses of various specializations.
Academic programs of new formats will also be supported by special entrepreneurial and non-profit projects that will teach students how to apply the acquired knowledge in practice. For example, in the program of the Business School of Stephen Ross at the University of Michigan, there have been introduced the 7-week multi-disciplinary consulting program Action Project, and Harvard Business School also has its own practical leadership development program — Field Immersion Experiences for Leadership Development.
In the future, business programs will become more individualized and flexible. Newer narrower specializations will appear, and the number of courses with dual specializations will increase. Since the knowledge and skills that a student can get on a common classical business program is often not enough for successful work, there is a need for additional skills and competencies. The future lies in programs combining several specializations, for example, in business and engineering, business and medicine, business and tourism, etc.
