"The Changing Trends in Business Education"

 by Professor Datuk Dr. Ahmad Ibrahim, Tan Sri Omar Centre for STI Policy Studies, UCSI University

EARLIER this year, the Statistics Department released a report stating that about 390,000 out of 560,000 SPM candidates, or 72.1%, preferred to join the workforce after sitting for the examination. Only 170,000 were found to be keen to pursue their studies. Over the years, private investments in higher education have been on the rise in line with the government's aim to make Malaysia an international hub in tertiary studies. Though not quite there yet, we are making credible progress.

    However, this recent revelation could potentially throw a spanner in the works. Stakeholders in the higher education business must therefore strategise differently now that the game is changing. Take business education in universities as an example. At one time, getting a Master of Business Administration (MBA) was a popular choice; it could enhance one's marketability as a professional and make them more employable. It was no surprise then that business schools mushroomed everywhere, including online. Although business education remains popular among new enrolments, the focus and delivery have been undergoing changes. 

    At the same time, because of the disruptions caused by the Covid-19 pandemic, business schools are now attempting to perfect hybrid learning. There is also general agreement that the climate crisis will force business schools to adapt their curriculum in order to translate climate science into action. There has been a shift in how organizations think about value, with many agreeing that genuine ESG (environmental, social, and governance) strategies can lead to growth and profitability. 

    There is no denying that business schools need to pay attention to the intersection between business and the environment. They are, after all, two sides of the same coin, and it is through an integrated approach that the biggest impact in tackling climate change can be made. Green topics like sustainability and green finance are growing in demand. These used to be integrated into the traditional core courses, but now entire programmes could be developed around them. 

    Many see this development as the rebirth of business schools. And fundamental to that rebirth will be a shift to a much greater emphasis on inter-disciplinary programmes. We will also see business schools embracing flexible and multi-mode delivery, offering students a campus experience that integrates the best blend of face-to-face and online learning. When it comes to the future of business schools, the most significant change will be in the curriculum, which will need to conform to such trends as climate change, big data, health and well-being, which have not featured prominently in business education before. Business educators will also need to develop strategies to nurture transformational leaders who will become the new driving force of social impact.