Business leaders have a significant role to play in society and business schools still play a crucial role in developing many of those leaders. While the traditional notion of someone earning his or her MBA and heading into investment banking or another high-powered financial career certainly still exists, global changes in technology and international commerce have made the content of a business school education evolve.
Leaders from the business world converged in New York on Monday as Columbia Business School celebrated a century of impact and a future of innovation. The audience at the symposium was diverse in terms of age, race and gender.
In the first session of the symposium, What Is Next in Management Education, the deans of Wharton School of the University of Pennsylvania, Columbia Business School, Harvard Business School and Stanford Graduate School of Business discussed the present and future of a business school education.
Dr. Garth Saloner of Stanford noted that a number of students today want to bring about significant change in the world. They don’t necessarily see their futures in the financial world, but instead see futures as entrepreneurs, leaders in nonprofit organizations or leaders in a diverse range of industries.
In terms of the question of whether a business school education is worth the cost—approximately $200,000 for a two-year program at leading schools—the deans all said yes. Given that most graduates have nearly 50 years in the workforce ahead of them, the skills and insight they gain in business school will pay off.
In terms of keeping up with change, leading schools such as those represented will continue to evolve and keep up with change, but some schools may not be able to do that. As some institutions cannot keep pace, others will emerge that can meet the needs of new and diverse students. Whether it will be programs that have a large online component—bringing down costs significantly—or new types of programs, there will be schools addressing a more diverse student population.
