Securing the Future of Management Education: Competitive Destruction or Constructive Innovation? (Reflections on the Role, Impact and Future of Management Education: EFMD Book 2)

This is the second of two volumes written to celebrate the 40th anniversary of EFMD. Drawing on interviews conducted with leaders in the world of management education, the first volume took a retrospective view, focusing on the evolution of management education and providing the context that led management education to where it stands today. It also synthesized respondents' views on the strengths and weaknesses of the field, the challenges it faces, as well as lessons learned and not learned from the past. This second volume similarly draws on the very rich data provided by the same respondents, but is future-oriented and takes on the theme of change. It provides the reader with a sense of the challenges on the horizon, potential blind spots, and new realities of an increasingly competitive environment. It discusses a range of alternative future scenarios for management education, and urges the field to resist the lures of the dominant paradigm and to develop new models instead. The authors contend that, given the challenges ahead, it is only through transformations and innovations that the future of the field can be secured. This is the second of two volumes written to celebrate the 40th anniversary of EFMD. Drawing on interviews conducted with leaders in the world of management education, the first volume took a retrospective view, focusing on the evolution of management education and providing the context that led management education to where it stands today. It also synthesized respondents views on the strengths and weaknesses of the field, the challenges it faces, as well as lessons learned and not learned from the past. • This is the second of two volumes written to celebrate the 40th anniversary of EFMD. • Drawing on the very rich data provided by the respondents featured in Volume 1, this work is future-oriented and takes on the theme of change. • It provides the reader with a sense of the challenges on the horizon, potential blind spots, and new realities of an increasingly competitive environment. • It discusses a range of alternative future scenarios for management education, and urges the field to resist the lures of the dominant paradigm and to develop new models instead. • The authors contend that, given the challenges ahead, it is only through transformations and innovations that the future of the field can be secured Lack of Relevance and Impact of Management ResearchCompetition and Reputation; Globalisation; Internal Challenges; Rigour in Research; Faculty; Lack of Change; Financial Sustainability; Other Challenges for Business School Models; Technology; Legitimacy and Value; Conclusions; Chapter 4 Future Scenarios for Management Education; Introduction; Possible Future Scenarios Described in the Extant Literature; Introduction to Scenarios Generated by Our Expert Panel; Best-Case Scenarios for Management Education Over the Next 10 Years; Improved Value to Stakeholders; Structural Changes in the Field Lessons About the Purpose, Rationale and Mission of Business SchoolsLessons About Management Research, Its Performance and Its Impacts; Lessons About Management Teaching, Pedagogy and Programme Delivery; Lessons About the Structure and Functioning of Business Schools; Summary and Conclusions; Hamel's Observations on Business School Lessons; Lessons Learned from Our Interviews with Management Education Experts; Chapter 3 On-Going Challenges Confronting Management Education; Introduction; Perceived Value of Management Education; External Challenges; Skills Demanded by Students and Employers Addressing the Gaps in Specific Skills in Management ProgrammesSpecific Skill Gaps; Implications of Innovation for Educational Pedagogy; Leadership and Innovations in Business Schools; Current Views on the Future of Business Schools; Summary and Conclusions; Appendix; Chapter 2 Lessons Not Learned in Management Education; Introduction; Business Schools Must Reinvent Themselves; Business Schools and Research Conduct; Business Schools and More Innovative Graduates; Business Schools and Business School Deans; Business Schools and Future Trends; Lessons Not Learned in Management Education Front Cover; Securing the Future of Management Education: Competitive Destruction or Constructive Innovation?; Copyright Page; Contents; Acknowledgements; Foreword: Discussing the Future; Chapter 1 Introduction: Success and Failure in Management Education; Preface; Where does Management Education Stand? What is Its Current Positioning?; Introduction; AACSB Concerns; EFMD Concerns; Colby Report Concerns; Recent Books on the Strengths and Weaknesses of Management Education; The Evolution and History of Business Schools; Reform of Management Education Most Likely Scenarios for Management Education Over the Next 10 YearsStructural Changes in the Field; Strong Competitive Pressures; Greater Scrutiny of the Value Proposition to Stakeholders; No Change; Worst-Case Scenarios for Management Education Over the Next 10 Years; No Change; Failure to Provide Value to Stakeholders; Damaging Effect of Competition; Constraints Imposed by the Structure of the Management Education Field; Summary of Scenarios; What Would Trigger Change in the Most Likely Scenario?; The Financial Model of Management Education