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JulyAugust2013

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Market Amid a host of disruptive forces affecting higher education, business schools must fundamentally change the way they operate if they're to shape their own future. And, many believe, they'd better do it fast. BY TRICIA BISOUX I magine presenting the following case study to a class of MBAs: A servicebased institution faces dwindling sources of funding, an onslaught of new competitors, and a range of stakeholders who are demanding a wider range of options, easier access to services, and greater value for their money. To stay competitive and continue to grow, the institution must adopt new strategies and radically revise the way it operates. And it must do so in ways that align with not only its own goals, but those of its change-averse parent organization. The class must answer the crucial question: How? In April, Len Jessup and Angus Laing presented a very similar real-life case study not to a class of MBAs, but to a gathering of administrators at AACSB International's annual conference in Chicago. The topic of their presentation: What new financial models will help business schools sustain their missions in the years to come? The time-honored strategies that brought business schools to where they are today will not take them much farther, say Jessup, dean of the University of Arizona's Eller College of Management in Tucson, and Laing, dean of Loughborough University's School of Business and Economics in Leicestershire, United Kingdom. "We can no longer continue to try to squeeze efficiencies from existing models," says Laing. "We've got to change our models." Business schools need to act quickly and strategically to overcome budget shortfalls and retain their competitive edge, these two deans emphasize. Based on their experiences and conversations with colleagues, Jessup and Laing have their own recommendations for how business schools can position themselves to help shape their own futures. BizEd July/August 2013 19

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