Business Schools In Crisis: 3 Main Features

Today’s economy around the world has become chaotic. The crisis is no longer a temporary and catastrophic phenomenon; it is becoming permanent, and only its waves change. In a highly volatile economy, business schools are becoming the flagships of new education. They are called to adapt to the changing realities and much faster than classical state institutes, to begin training and retraining managers, who will help businesses during the crisis.

One of the indicators of a business school’s success is how it itself as an economic structure holds up in this period. A good school cannot fail to respond to change, and how it does this will show what kind of leaders it can produce.

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1. New Subjects

One of the main innovations of business schools during the crisis is the development and introduction of new subjects which meet the requirements of today’s market. For example, there appear disciplines in IT direction, as this sphere is developing at incredibly high speed. Managers are interested in areas such as emotional intelligence, cognitive marketing, etc.

Another option for the introduction of new disciplines is the emergence of highly specialized courses. It is not uncommon for subordinates to know more about real work than their manager. In crisis conditions to have such a manager is like having a time bomb, because the manager must understand all the nuances of the work of his subdivision or business, otherwise he will not be able to manage it. That is why there appear narrowly focused subjects, such as “Methods of risk optimization” or “Principles and technologies of lean production. That is, students are not offered general knowledge about organization management but are provided with working tools, which are necessary and in demand by a given enterprise or business.

2. Flexibility Of Formats

In crisis conditions, a manager often cannot afford such luxury as study leave or leave from work to attend courses. Therefore, many business schools begin to develop new formats of training – distance courses, weekend programs, intensives, when in a day you can get knowledge, usually issued for a week, or even a month.

All of this makes it possible to raise qualifications without losing focus on one’s core business and to apply knowledge in practice in real-time.

3. Exchange Of Experience

Of course, it is important that the teaching staff includes the best theorists and outstanding practitioners from the field. No one knows the specifics of the economy and business better than they do. Sharing experience during a global crisis is more important than ever. That’s why attracting foreign lecturers and professors, master classes, and exchange of experience with the leading schools in other countries are the right ways for business schools.

According to Timothy Mescon, senior vice-president of the AACSB, business schools have never been as strong as they are in the crisis. It is now that they hold all the cards and are able to give the economy the kind of strong leaders who will help to rehabilitate and stabilize it.

Bio: Rebecca Carter works as an essay writer for She has a Bachelor’s Degree in Journalism and acquired an interest in writing articles about her experiences during her studies. Rebecca likes being in the mountains, going to the gym, and helping when she is not writing.

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