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24 BizEd MAY | JUNE 2015 Here, three educators at the center of such eˆorts share how their business schools are becoming instruments of change in the dynamic regions they serve. They include Myasoedov, dean of RANEPA's Institute of Business Studies (IBS-Moscow); Vinika Rao, executive di- rector of the INSEAD Emerging Markets Institute (EMI) in Singapore; and Ajit Rangnekar, dean of the Indian School of Business (ISB) in Hyderabad and Mohali. These three educators emphasize that, while emerging markets each have diˆerent needs and present diˆerent challenges, all share one thing in com- mon—they're relying on their business schools to train leaders who can spark transformational social change. 'CATCH ON TO NEW IDEAS' Business schools in Russia are working to move beyond several residual eˆects of the communist era, says Myasoedov. Only 25 years past the fall of the Soviet Union, Russian business is still heav- ily influenced by state concerns, and many business schools are still largely state-supported. Business curricula at many Russian schools still reflect the country's communist history, when pro- grams focused primarily on basic mana- gerial training for small business owners rather than advanced management training for entrepreneurs or executives at large enterprises. In fact, managers at many of Russia's largest industrial, and often state-sponsored, firms are engi- neers with no formal business training. But these trends are changing. Many of the country's top business schools have been retooling their programs to better serve and retrain senior executives in medium-sized and large enterprises, Myasoedov says. And as Russian businesses globalize, Russian business schools are integrating international themes into their programs. Even so, many native students still view business through a Russian perspective. For instance, only 10 percent of students at IBS-Moscow choose to take courses in English. For that reason, the school now requires its undergraduates to study En- glish, so that by their third year they are prepared to pursue one of five double-de- gree programs oˆered in partnership with schools in Europe and the U.S. Government, while still heavi- ly influential in Russia's education market, recently has begun to push for educational reform—especially among business schools. IBS-Moscow and its faculty have been active in this process. Co-founded by Myasoedov and several other professors in 1988, IBS-Moscow is one of Russian's first private busi- ness schools and unusual in that it does not receive state funding. It maintains control over its tuition revenue, retain- ing 70 percent and paying 30 percent to RANEPA to cover overhead costs. Myasoedov's interest in reforming Russian education has led him to join and become president of the Russian Association of Business Education (RABE). The organization regularly brings together business leaders, educa- tors, and policymakers to discuss ways to influence social change and Russian management practice. These discus- sions often focus on the potential of Russia's mid-sized companies. "The largest companies in Russia, like Gazprom and Lukoil, are like little monopolies. They do not have the flex- ibility to react to change quickly," says Myasoedov. "Emerging markets really need medium-sized companies—we call them the 'middle champions'—that can move very fast and catch on to new ideas. That market is our 'prime time.' We have to help them succeed." The success of such "middle cham- pions" will depend on the quality of Russian business schools, he emphasizes. That's why, in 2011, Russia's Ministry of Education asked RABE to help create what is now the National Board for Business Education Quality Assessment (NASDOBR), a new accreditation agency for MBA programs. NASDOBR's accred- itation standards are largely based on a review of international accreditations such as those of AACSB International, the European Foundation of Manage- ment Development (EFMD), and the Association of MBAs (AMBA). Chaired by Myosoedov, NASDOBR is overseen by representatives from RABE, the Cham- ber of Commerce, Business Russia, the Russian Association of Managers, the As- sociation of Russian Banks, and the Rus- sian Union of Industrialists and Entre- preneurs. So far, seven business schools have been NASDOBR-accredited. RABE and NASDOBR now are devel- oping new accreditation standards for specialized MBA and DBA programs in response to quickly increasing demand for part-time specialized programs among Russian professionals. The next step for some Russian busi- ness schools is to pursue international accreditation. For example, IBS-Mos- cow, which is accredited by AMBA and NASDOBR, is working toward achieving AACSB and EFMD accreditations. Cur- rently, no business school in Russia holds AACSB accreditation, and not all are ready to pursue international credentials, says Myasoedov. That's why he is a vocal proponent for the creation of AACSB "MANY BUSINESS SCHOOLS IN RUSSIA DON'T YET HAVE THE 'MUSCLE' TO MOVE INTO THE ACCREDITATION PROCESS, BUT THEY CAN WORK TOWARD THAT GOAL STEP BY STEP." —SERGEY MYASOEDOV, DEAN INSTITUTE OF BUSINESS STUDIES, MOSCOW