Issue link: http://www.e-digitaleditions.com/i/406930
52 November/ December 2014 BizEd DAVE CUTLE R €300 per hour (about US$407). At research-intensive universities, fac- ulty often command higher salaries but teach fewer classes, so their hourly teaching cost approaches €2,000 (US$2,700). It's apparent that many institu- tions have a costly faculty model in which teaching-oriented profes- sors are only in the classroom for about 30 percent of their time and research-oriented professors for about 10 percent of their time. That means that for 70 to 90 percent of their time, they're not generating tuition income for the school. But we believe there are ways schools could better utilize their faculty to improve the quality of the learning process and still allow faculty time to produce high-quality research. For instance, schools could mod- estly increase teaching loads. They also could make greater use of technology by conveying core busi- ness knowledge through MOOCs or video lectures. Then professors can reserve class time for action- based experiential learning sessions that emphasize both theory and practice. In this way, a professor moves from being "a sage on a stage" to a learning facilitator. While adjusting the cost expense of the equation, schools might also pay closer attention to the income side. For instance, they could con- sider adding blended programs to bring in new global customer seg- ments, while maintaining a closer watch on their breakeven points. Taken together, these four factors provide clear challenges to the tradi- tional, expensive model of business education. Can schools meet these challenges while also maintaining high academic standards? Again, we think the answer is yes. New Models We believe that 21st-century man- agement education needs to be broadened, if not reimagined. Stu- dents must learn managerial skills such as problem framing, strategiz- ing, and implementing change. Grad- uates also need to be able to synthe- size, criticize, and think analytically, while working within a global environment. All these skills require holistic thinking, rather than special- ization in a functional domain. Various educational models already exist that provide interdisci- plinary education and nontraditional learning environments. We consider eight of them particularly promising: ■ The practice-centric model. The Mintzberg International Mas- ter's Program in Practicing Manage- ment (IMPM) originated at McGill University in Montreal and now also holds its 16-month program at four other schools: Lancaster University in the U.K., the Indian Institute of Management in Banga- lore, Renmin University in Beijing, and FGV/EBAPE in Rio de Janeiro. Designed for experienced managers, the IMPM is built around five inter- disciplinary themes, or mindsets: managing self (the reflective mind- set), managing relationships (the collaborative mindset), managing organizations (the analytic mind- set), managing context (the worldly mindset), and managing change (the action mindset). These five themes, which are interspersed with modules on oper- ational excellence and value cre- ation, address the practice of man- aging in a holistic way. The IMPM program relies on interactive, active, and experiential learning; it also benefits from students' own managerial experience as it helps them develop cross-disciplinary perspectives on the process of man- aging. In addition, this program treats management as a practical act and stresses the links between education and practice. ■ The balanced model. The MBA offered by the Haas School of Business at the University of California in Berkeley balances the- ory with practice. The integrated and experiential curriculum is built on four elements that encourage students to question the status quo, We believe that 21st-century management education needs to be broadened, if not reimagined.