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Bized, May/June 2009, Full Issue Bi EdMAY/JUNE 2009 Financial Guru z Jeffrey Garten It’s Time For a Change Business Schools Take New Roads To Learning Shaping the Future Of Higher Education New_JIE_biz_ed_fp_v5 11/24/08 12:32 PM Page 1 Bi Ed More Knowledge. More Insight. z More Confidence. MAY/JUNE 2009 VOLUME VIII, ISSUE 3 8 Contents Now more than ever, your students need accurate, in-depth analysis to make critical decisions about their careers and their lives. 872 DepartMENTS FEATURES 3224 Count on The Wall Street Journal to deliver what's needed 6 From the Editors 16 A Return to Reality 32 It’s Time to Shape the Finance expert and Yale professor Future of Education to make the right decisions with confidence. 8 Headlines Jeffrey Garten argues for an expanded Larry Penley calls for business 52 Research business curriculum to better prepare schools to lead higher education students to operate within a drastically through change. To learn how The Journal can benefit you and your students, 60 Technology changed business environment. 64 Your Turn 40 Virtual Solutions visit ProfessorJournal.com 24 Next-Generation Education New collaborative technologies 66 Bookshelf Business schools view themselves— make online executive education 68 Calendar and their curricula—in new ways more customized and interactive. as they place greater emphasis on 70 Classifieds experiential learning, leadership, 46 Pillars of Virtue 72 Spotlight and personal development. Such Jonathan Schonsheck discusses reinvention is moving business what he can—and can’t—do to schools into the 21st century. turn business graduates into Cover photo ethical executives. by David Johnson © 2009 Dow Jones & Company, Inc. All Rights Reserved. BizEd MAY/JUNE 2009 1 From the Editors Reinventing the Future Invention might be the brainchild of necessity, but reinvention usually has different forebears: ambition, experience, and the determination to make a difference. History showcases dozens of people who have changed course completely after they’ve hit roadblocks in one area or merely decided to try new careers. Several of them have succeeded brilliantly. Al Gore went from losing his bid for the U.S. presidency to becoming a Nobel Prize-winning environmental spokesman who revealed an inconvenient truth. Microsoft co-founder Bill Gates has gone from being the world’s most famous computer geek to the world’s most famous philanthropist, whose goals include curing AIDS and malaria. Muhammad Yunus was a Bangladeshi economics professor before he became the leading voice of microfinance. And former British prime minister Tony Blair is mulling over career options that could range from promoting religious harmony through his Faith Foundation to becoming President of the European Council. Some of the most interesting and long-lived businesses have only survived because of a series of interesting reinventions. For instance, Texas Instruments has a history of abandoning familiar but unprofitable product lines to enter enthusiastically into whole new industries, from oil fields to embedded processor chips. GE was founded more than a century ago as a company that provided lighting and power, evolved into a manufacturer of home appliances and aviation equipment, and gradually expanded into areas like financial services, entertainment, and renewable energy. TI, GE, and many others have flourished primarily because of their ability to adapt nim- bly to changing times. Virtually all businesses could be forced into some kind of reinvention as they struggle to cope with the far-reaching consequences of today’s tumultuous economy. In our article “A Return to Reality,” finance expert and Yale professor Jeffrey Garten ES G predicts a “massive transformation of the global financial system.” Businesses will MA I have to cope with increased government intervention and re-examine the cost-benefit of innovation, he says. They’ll have to rethink the logic of unrealistic executive compensa- /GETTY D tion. And, as they work to keep themselves viable, they’ll have to win back consumers’ N LUN trust. These tasks won’t be easy—in some cases, they’ll lead to the complete overhaul of H JO individual companies and entire industries. In such an environment, it’s no surprise that business schools, too, must consider reinvention—whether to stay relevant or to merely survive. In this issue of BizEd, we take a look at business schools from around the world that have undergone transforma- tions in the way they operate, the way they deliver instruction, and even the way they think about education. Many of them haven’t just revamped the curriculum; they’ve changed their entire mindsets about what a business degree means and how it can be earned. Their stories can be found in “Next-Generation Education.” Change is inevitable; it’s incessant; and it’s wide-reaching. Busi- ness schools that embrace the process of reinvention might not single-handedly win a Nobel Prize or cure a dread disease—but they might graduate a host of students who do. ■z SON R E D RAQUITA HEN RAQUITA 6 BizEd MAY/JUNE 2009 “Finding just the right students from thousands Hea lines of prospects is a challenge. Establishing d parameters for ideal candidates through GMASS lets us narrow the prospect pool so Copenhagen Business has created an opening for small and School was elected. midsize companies looking for talent Ellen J. Glazerman of at top-ranked MBA programs. we can reach our admissions goals.” Ernst & Young LLP “For some companies, there was chosen to repre- is good news in that they now —STACY POINDEXTER OWEN, Director of Full-time Admissions sent non-educational can attract students from top-tier Babcock Graduate School of Management, Wake Forest University institutions. schools that they may not have Howard Thomas been able to afford in prior years,” of Warwick Business says Kip Harrell, president of MBA School takes over as Career Services Council, an asso- chair of the Board of ciation of business school career Set your own criteria and let the Graduate Directors when new management offices that compiled Management Admission Search Service work members begin their the 2008–09 Winter Survey. “It’s a for you. The GMASS® service has more than terms in July. Thomas buyer’s market for employers.” also has announced It’s not nearly as good for stu- 270,000 prospects genuinely interested in three appointments dents. Almost 75 percent of schools graduate management education. Criteria such AACSB Announces to the 2009–2010 board. Sara M. that responded to the survey report as GMAT score, gender, U.S. subgroup, and New Board Freedman of Oklahoma State Uni- significantly decreased recruitment current location allow you to recruit with precision. versity was reappointed to serve a activity in areas such as financial ser- Members of AACSB International have one-year term, while Michel Patry of vices, venture capital/private equity, The GMASS service can help you: voted to make Andrew J. Policano HEC Montréal and John E. Williams commercial banking, investment + Recruit diverse cohorts for better class dynamics of the University of California, of Morehouse College will serve banking, and real estate. Irvine, the vice chair-chair elect three-year terms. Schools need to be honest with + Target students who are the best fit for for the organization’s 2009–2010 students about the tight job mar- your programs Board of Directors. Susan M. Phil- Tough Market for Students ket, the economy, and the trends lips of The George Washington in recruitment, says Harrell, who + Develop invitation lists for recruiting events University has been elected as its A business school survey released in February also directs the Career Management secretary-treasurer. shows a significant drop in corporate Center at the Thunderbird School + Fill scholarships or fellowships for Elected to represent U.S. accred- recruiting activity worldwide, which of Global Management in Glendale, specialized populations ited schools were Linda R. Garceau Arizona. He adds, “I think the big- of East Tennessee State University gest disservice we as career officers and Linda A. Livingstone of Pep- can do is to not fairly and accurately Build a better class with GMASS: perdine University. To represent present the realities of the situation.” @ • 703.245.4212 accredited schools from outside the While full-time positions are gmass gmac.com U.S., Jaime Alonzo Gómez of the becoming scarcer, businesses are www.gmac.com/gmass Instituto Tecnológico y de Estudios reporting increased internship Superiores de Monterrey-Campus opportunities for MBA students. But Monterrey was elected, and Thierry the future remains uncertain. About Grange of Grenoble Ecole de Man- 51 percent of career management ® agement was re-elected. Robert S. offices predict investment banking [plus] Sullivan of the University of Cali- internships will drop significantly, GM AT fornia, San Diego, was re-elected and 62 percent predict other indus- The True Test of Business to represent U.S. non-accredited try internships will decrease. schools. To represent non-accredited Harrell says that business schools schools from outside the U.S., Fer- around the world have taken steps nando D’Alessio of the Pontificia to help MBA students find employ- To learn more about the GMAT exam PLUS our many other services and Universidad Católica del Perú was ment, but adds that career manage- re-elected and Finn Junge-Jensen of ment officers feel too many students benefits, please visit www.gmac.com. © 2008 Graduate Management Admission Council® (GMAC®). All rights reserved. GMAC®, GMAT®, GMASS®, Graduate Management Admission Council®, Graduate Management Admission Search Service®, and Graduate Management Admission Test® are registered trademarks of the 8 BizEd MAY/JUNE 2009 Graduate Management Admission Council® (GMAC®) in the United States and other countries. Headlines are passive, not proactive, about their job searches. “Students need to SHORT TAKES realize that they must be perfect in every aspect of their search,” Harrell NEW APPOINTMENTS says.
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