Worldwide MBA event organizer Access MBA conducts international survey with 2,000 participants on the role of business schools in times of financial instability
New York, New York – May 13, 2013 – International business education organization Access MBA presented a survey on the responsibility of business schools in times of economic crisis today at the Warwick New York Hotel, demonstrating popular opinion on the role of MBA programs in today’s business climate. A roundtable discussion followed the presentation, with the participation of Shawn O’Connor, Founder and President of Status Prep, Roy Cohen, Career Counselor at Career Coach NY, Lance Widner, Director & Portfolio Strategist and Oppenheimer & Co, and Jessica Smith, Associate Director for MBA Admissions at IESE Business School.
Two thousand prospective, current and former MBA students from 57 countries participated in the survey sent on April 26, 2013. The majority of MBA graduates that responded to the questionnaire obtained their MBA degree in the last 4 years. Results show that there is an overwhelming need for business schools to address market sustainability and develop ethical management practices, with 62% of survey participants declaring that schools have a “significant responsibility” in regards to the economic crisis.
In order to strengthen MBA programs’ connection with the sustainable business and management practices, sixty-four percent of participants declared that schools should actively encourage field immersion, or the opportunity for students to apply what they learn in the classroom to working with companies outside of the classroom. In addition, 53% percent of respondents think that MBA programs are responsible for researching and developing sustainable business practices, and 35% say that schools should concentrate their curriculum on business ethics.
“Business ethics do not need to be a separate course, but should be incorporated into the curriculum,” says IESE’s Jessica Smith. The survey shows that prospective MBA students may see the need for more ethics instruction in the classroom, but current MBA students and MBA graduates place less emphasis on the subject – a sign that completed coursework does not always transition into profitable business. “Schools can adapt curriculum to weave career management pre-planning and services to a much greater degree”, says career consultant Roy Cohen, “so that the MBA generates an income stream” rather than simply helping to secure a job.
In reaction to the economic recession, Stratus Prep’s Shawn O’Connor stated that business schools’ “greatest trend is towards practical teaching methods or field-based learning”. Regarding the need for field immersion, Cohen added, “with executives-in-residence and hands-on consulting, schools are establishing consulting organizations so that students get real-life experience and can transition more effectively”.
Clearly MBA programs have a responsibility in training the world’s future business leaders and teaching sustainable management practices. By changing curriculum, international business schools can affect the workplace and alter global markets. Eighty percent of current MBA students and recent MBA graduates say that their business school adequately addresses the causes and repercussions of the economic recession. In response to this data, O’Connor aptly stated that we can learn from the recession but “the most valuable lesson is anticipating what’s coming next” and taking measures to ensure stable business and financial success.
As for MBA degree-holders, and online MBA degree-holders, they are satisfied with the professional tools provided by their business school experience. An overwhelming 95% said that thanks to their MBA program, they are now ready to better respond to future economic recessions and improve business management practices, with 62% of survey participants declaring that schools have a “significant responsibility” in regards to the economic crisis.
About the Access MBA Tour
Organized by the Paris-based Advent Group, the Access MBA Tour is the worldwide leader in One-to-One MBA events. Held in 65 international destinations every year, Access MBA brings together elite international business schools and provides MBA applicants the exclusive opportunity to meet with Admissions Directors face-to-face.