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MarchApril2014

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61 BizEd March/April 2014 H e n r i k Sor e nSe n /G etty i MAG eS laborations, schools in developing economies can expose their stu- dents and faculty to different edu- cational practices, while schools in developed nations can expand their academic development to regions of the world that are currently attracting excitement and generat- ing innovation. Eventually, when both schools reach a level of parity, they even can explore the option of sharing a curriculum. At AACSB, however, we haven't done nearly enough to encour- age greater collaboration between schools in emerging and developed markets. In May, we appointed Richard Sorensen, who recently retired as dean of the Pamplin Col- lege of Business at Virginia Tech in Blacksburg, as a special advisor for emerging markets. We deliver ses- sions on collaborations and other relevant topics at conferences around the world, as well as at events in emerging markets. But as an associa- tion and as an industry, we have yet to promote collaborations among a broader base of schools. Much like sports teams improve their performance through training, schools advance their programs by pursuing accreditation. Although AACSB has accredited the best schools in emerging markets, many schools in the developing world do not have the infrastructure to begin the accreditation process. Accredited schools can raise the level of educa- tion in emerging nations by creating development and volunteer initiatives for other schools in their regions. Establishing a Global Perspective When I have presented the idea of greater international collaboration and exchanges to some business school leaders, they often have expressed concern that doing so will result in too many interna- tional students in their programs. I believe this mindset is short- sighted. A business school's goal should be to attract the best minds to its program and local economy. A school and its surrounding community can realize some of the benefits of international student recruitment when international stu- dents stay after graduation to con- tribute to the local economy, foster a more global mindset, and facili- tate innovation. Just consider Aalto Business School in Helsinki, Fin- land. Roughly 70 percent of Aalto's international graduates live in Fin- land one year after graduation. Historically, attracting students from abroad has been a strength of the United States, although it has become less so in recent years as students face more obstacles in securing visas for study and employment. Yet, even with fewer students staying in the U.S. after graduation, U.S. schools still reap benefits from international recruit- ment, including a rich global net- work of alumni. Therefore, schools should do all they can to maintain these connections, which provide strong, reciprocal benefits for both participating countries. Going forward, as schools in both emerging and developing markets strive for success, they will need to view each other as potential solutions to the challenges they face. Both types of schools bring different strengths to the table, and both can support more international curricula and cultures. It's time for partner- ships between schools on both sides of the economic line to become the rule, not the exception. John Fernandes is president and Ceo of AACSB international. Schools in developed economies increasingly must enhance their student recruitment plans, target their strategies more effectively, strengthen their marketing and branding mechanisms, and expand their reach.

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