European Business Schools for the Future

European Business Schools for the Future The continent’s premier business schools and universities reveal how they are reinventing management education to meet the substantially different needs that global students, executives, businesses and society as a whole will have in the post-COVID era EUROPEAN Publication distributed BUSINESS with FOREIGN POLICY - Spring 2021 EBS SCHOOLS PRISMA REPORTS © Shutterstock / SeventyFour EUROPEAN BUSINESS SCHOOLS FOR THE FUTURE European business schools enter an era of reinvention © Shutterstock / Wavebreakmedia The continent’s top management educators usher in new models of education for leadership that will meet the needs of all stakeholders in the post-COVID world The seismic impact of COVID-19 has catalyzed many of us to take action to change our futures. As an illustration, Europe’s business schools saw a 24% increase in ap- plications last year, according to the Graduate Management Ad- mission Council, with experts pre- dicting 2021 will see even stronger competition to secure places at Employers are recognizing the rising legitimacy of online and blended learning the most admired institutions. At the same time, those top students are not only given oppor- sustainable mindset in students, schools and universities are re- tunities to learn throughout their and I’m pleased to say that EFMD shaping the future of management lives but that they are also accom- and its network of schools and education to meet the substantial- Eric Cornuel panied and mentored throughout universities are strong advocates ly different needs that global stu- President, EFMD Global their careers,” he asserts. of the social and environmental dents, businesses and society will Perhaps the most radical dis- imperatives that should accom- have in the post-COVID era. ers. There is also a proliferating ruption in management educa- pany business practices. This is “In an increasingly complex trend toward blended online and tion, however, is what is being also critical for the reorientation of and globalized environment, the in-person learning.” taught. “For far too long, the research in management: we need rapid disruption caused by the The World Economic Forum corporate world has focused on research that is relevant for all so- pandemic prepared the ground calculates that, as technology shareholder returns,” Cornuel ciety’s stakeholders,” he says. for a new mandate for manage- revolutionizes the know-how busi- claims. “Monetizing a business Today, there are thousands ment schools,” explains Eric Cor- nesses require, a staggering 50% is essential, but the current gen- of business education providers nuel, president at EFMD Global, of the world’s workforce needs eration of students is looking to around the world offering courses the leading accreditation body for reskilling by 2025. Coupled with business schools and their pro- extending human lifespans, that’s The rapid disruption caused by the pandemic prepared grams. As well as operating EQ- moving education toward a life- the ground for a new mandate for management schools.” UIS, the gold standard in man- long-learning paradigm, he says. agement education certification, “The relentless speed of digital Eric Cornuel, President, EFMD Global EFMD acts as a network for many innovation means people will con- of the trailblazing institutions that stantly have to reskill and upskill work in companies or set up busi- that Cornuel politely describes have reimagined their offerings. to keep pace. One consequence nesses that combine profit with as “very variable in quality.” On Highlighting some of the trans- will be the rising importance of purpose.” Responsible educators the following pages, we spotlight formations being made to educa- executive education, short courses have run with this trend, pivot- a selection of the highest-ranked tional models, Cornuel stresses and micro-degrees.” ing from a shareholder-value to a European schools and universities that the virtual systems so widely Another result of this shift is stakeholder-value attitude to man- that are spearheading manage- adopted during 2020 will contin- that leading business schools are agement. ment education’s reinvention to ue to play a key role going forward. adopting greater personalization “I’m convinced that if we con- help students, executives, corpo- “The rising popularity and legiti- of learning experiences, with fac- tinue to follow the shareholder rations and other stakeholders macy of online learning will be in- ulty adding the role of coach to approach, many societies might find the institution that will take creasingly recognized by employ- that of teacher. “It’s essential that implode. Educators must instill a their future in the right direction. Prisma Reports wishes to thank its esteemed partners for their contribution to this project: HEC Lausanne © Shutterstock / Matej Kastelic For further information please visit www.prisma-reports.com 3 EUROPEAN BUSINESS SCHOOLS FOR THE FUTURE EUROPEAN BUSINESS SCHOOLS FOR THE FUTURE innovate in a corporate setting, is that will inspire innovations and the WHU Entrepreneurship Cen- invite everyone to collaborate, Innovative educators inspire ter. “Faculty hired at this center co-create, and challenge each receive significant amounts of in- other. It will be an incubator for novel ways of thinking vestment, allowing us to teach and new ideas, for students, faculty, © Shutterstock / Drazen Zigic do research in these fields — we alumni and corporations that will © Shutterstock / Vectorfusionart have perhaps the most publica- create genuine inter-generational Business schools and universities are adopting new practices tions in the field of entrepreneur- exchange and be a real learning and technologies to futher cement their position as generators ship,” Rudolf states. hotspot.” and incubators of creative and entrepreneurial ideas Students are the epicenter of our strategy and action. Our mission is to provide opportunities for them to better learn.” Europe’s top management schools mi. BBS’s approach to encourag- Massimo Bergami, Dean and CEO, Bologna Business School are at the cutting-edge of not only ing innovation is interdisciplinary. incubating the next generation of “We are very good at bringing The center also hosts numer- Every discipline requires the entrepreneurial innovators, but together different people and ex- ous activities, including IdeaLab!, cultivation of a different under- also of innovation in educational periences, not just in classrooms, Business schools are at the forefront of developing new technologies for education Europe’s best schools have built strong communities that encourage innovation which may be the continent’s larg- standing of innovation, Ehren- practices. Take, for example, Italy’s but in companies as well,” he says, est event for startups and gives zeller holds, “Irrespective of field, Bologna Business School (BBS), noting that, “Serendipity can be Kozminski University also believes That energy is characteristic of not such as ESCP Business School. By versity. But WHU’s unique value some of them the opportunity to however, our research and teaching part of the University of Bologna, used as a driver and method for that to inspire innovation, you just Poland but the entire region, leveraging its entrepreneurial flair proposition is that some of our pitch to top-level investors, and is directed toward cultivating an which is developing a virtual-re- innovation.” have to be innovative: “Innova- which shares a common history and networks, “We aren’t just pro- graduates have gone on to found the WHU Incubator that supports innovative mindset.” The Univer- ality-based program to support One illustration of BBS’s rich tion means change, change means and resurgence after the commu- viding education, we are providing flourishing companies,” says Dean aspiring entrepreneurs from first sity of St. Gallen’s success in this is interaction during COVID-relat- entrepreneurial ecosystem is its attitude and attitude comes from nist era.” development and changing mind- Markus Rudolf modestly. In fact, idea to first external financing. proved by a thriving startup scene ed lockdowns with Ferrari, one powerful IDEA platform, states example.” The young institution Kozminski plays a big part in Po- sets,” Mazurek stresses. there are only a handful of other An incubator of a different sort that is supported by its Global of many industry champions the Bergami, “Through that, we cre- Mazurek oversees epitomizes this, land’s thriving entrepreneurial eco- Another institution defined schools around the globe whose is in the final phase of construc- Center for Entrepreneurship and school specializes in partnering. ated a number of programs and he says, having swiftly become the system, partnering and supporting by its entrepreneurial charac- alumni have created as many com- tion in Switzerland: the University Innovation. Now, by combining “Students are the epicenter of initiatives that include incubators, premier business educator in Cen- many of the dynamic companies ter is Germany’s WHU – Otto panies worth over $1 billion. of St. Gallen Learning Centre, a its new learning center with the our strategy and action. Our mis- business plan competitions and tral and Eastern Europe “through that have become international Beisheim School of Management. At the heart of the school’s sup- state-of-the-art building for learn- skills of its dedicated Teaching In- sion is to provide opportunities collaborative projects with interna- ambition, vision, drive

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