Issue link: http://www.e-digitaleditions.com/i/59966
Forecast he world of management education is reinventing itself at such a rapid rate that it's impossible to predict what busi- ness schools will look like a decade or two from now. Still, it's crucial for deans and administrators to understand the forces that are shaping the field so they can continuously revamp their programs according to market demands.One way deans can prepare for the long term is to take a close look at the trends that they expect to see in the very near future. In the fall of 2004, AACSB International's Knowledge Services sent a Strategic Management Survey to deans at member schools, asking them to describe the most sig- nificant changes they expect to make in the next three years. That period of time was chosen because it seemed long enough to allow deans to complete meaningful changes, but short enough to remain on their planning horizons.More than 300 deans from 25 countries responded to the survey. Respondents placed six broad areas at the top of their three-year agendas for change: pro- grams, branding, funding, faculty, outreach, and structure. They also identified a separate list of environmental factors that will affect the strategic management choices they make. Whether they hail from Western Europe, Southern Asia, or theU.S.Midwest, these deans know they must pinpoint the challenges that will devour the lion's share of their time in the next few years—and they must carefully devise plans to manage these challenges effectively. Deans consider their strategic plans for the future as they predict what lies ahead for management education. by James F. Fairbank, Giuseppe (Joe) Labianca, and Dan LeClair illustration by John Kachik Assessing Environmental Impact Deans first looked at the external factors that will affect them most between now and 2008. Topping the list are budget cuts and freezes, which have an impact at several levels. Traditional sources of funding are shrinking, requiring deans to spend more energy considering how to raise capital. At the same time, competition for faculty and students is intensifying, leading to higher salaries and more money invested in recruitment. The fluctuations of an uncertain economy also will continue to have a variable influence on schools and their budgets. The decline in applications for full-time graduate programs is another concern among these deans. Respondents attribute the drop to many fac- tors, such as an increase in global competition, an uncertain economy, and U.S. restrictions on visas for overseas students. Some blame the ongoing portrayal of business education in themedia, such as articles that question the value of business education, especially theMBA. These external factors are putting mounting pressure on deans to secure resources, attract talented students and faculty, and work more BizEd MAY/JUNE 2005 47