The question facing business education today isn’t whether to change, it’s how bold that change should be, reveals an AACSB report called Pathways to Innovation.
Business schools develop lifelong learners who can thrive in established businesses, entrepreneurial start-ups, non-profits, and government. AACSB invites schools to lead boldly to meet the needs of stakeholders, laying out six pathways to innovation.
Ensure fair access to high-quality business education and networks
As firms prioritize developing diverse workforces, they look to business schools to create a pipeline of graduates who represent diverse demographics, experiences, values, and aspirations.
Empower problem-solvers to transform business
Creating skilled, agile, resilient leaders means business schools need to shift by elevating experiential learning offerings, stronger connections with community and business leaders, and a culture that promotes and nurtures innovators, from leadership to faculty to students.
Create timely curricula that respond to the speed of business
Competing with corporate-established universities and on-the-job credentials requires business schools to minimise systemic barriers to the curricular revision process, so they can develop agile, stackable, high-quality lifelong learning and upskilling experiences.
Deploy learning methods that adapt to learner needs
Ongoing technological innovations such as developments in AI and virtual reality, compel business schools to evaluate their HR needs and consider strategic partnerships, training, and operational modules that allow their platforms to remain competitive. Faculty will require fresh training and expanded resources.
Pursue knowledge creation which impacts on business and society
Business school research is intended for industry audiences but present academic structures and processes can delay publication and consumption in the rapidly paced business world. The culture of “publish or perish” among faculty at many institutions must also be challenged.
Develop societal impact leaders for positive change
Desired leadership competencies now include a number of ESG and societal impact values as well as being able to perform financially. Schools should cultivate ties with community groups, nonprofits, and government organisations, in addition to leveraging AACSB’s advocacy and thought leadership efforts, to help drive innovation.