The Relevance and Future of Business Schools in the Global Business Environment Prof. Dr. Dr. Bodo B. Schlegelmilch Dean WU Executive Academy Nordbergstrasse 15 | 1090 Vienna | Tel: +43 (1) |

Bad Times for Business Schools  Business Schools are – at least partially – responsible for the financial crisis  Business Schools failed to transform business into a profession  Business Schools are uncertain about the right balance between business and education 2

3 Market Paradox  Number of candidates sitting the GMAT test has reached an all time high  Globally, MBA applications are increasing – but shift away from US  Employers pay freshly minted MBAs 30% to 35% more than graduates with other management degrees

4 No Time for Complacency  Systemic criticism and changes in the global business environment have to be addressed by Business Schools  The financial crisis has offered an opportunity for Business Schools to change outdated practices

5 Drivers of Change: Globalization  Globalisation of the Business School Market  Strong brands  International faculty  Convincing research capabilities

6 Drivers of Change: Enlarged Educational Purpose  Enlarged educational purpose  Stronger reflection on leadership  Debates on CSR, business ethics and sustainability  More integrative holistic perspectives

7 Drivers of Change: New Learning Formats  New Learning Formats  Experiential learning / live industry cases  24/7 access to learning material regardless of location  Virtual teams / Tele-presence

8 Implications: Globalisation  Strengthen brand / positioning  Recruit international faculty  Increase research quality and output

9 Implications: Enlarged Educational Purpose  More reflection on the role of business in society and the implications for leadership  Stronger coverage of CSR, ethics and sustainability issues  Offering a more holistic perspective

10 Implications: New Learning Formats  Strengthen cooperation with industry (live cases, experiential learning, etc.)  Continue to develop technological capabilities that enable to internationalise the programs offered  Seek collaboration with strong international partner schools to offer virtual team projects and other cross- cultural learning experiences

Implications for the Romanian MBA Market  The Local Market is Internationalizing – But there are no Major Brands  Tiffin University  Maastricht School of Management  University of Sheffield  Kennesaw State University - ASEBUSS  Romanian-Canadian Bucharest School of Management  Codes – Open University  University of Monaco  More Emphasis on CSR and Ethics  Participants are Customers and Products  Quality assurance is key  International Collaborations, Experiential Learning and Technological Support are Important Differentiators  Faculty from US, Canada, UK and Austria  Field Study to US and Austria  Proprietary Learning Plattform 11

Selecting the “Right” MBA Program An MBA is a major investment in terms of time and money Here are the BASICS for selecting the right program 12

The Basics: How to Select an MBA B randing  What is the reputation of supplier? A ccreditation  Who accredits this program / university? S electivity  Who are the other participants? I nternationalization  How international is the program (faculty, field studies, alumni network)? C urriculum  Is the curriculum cutting edge? S atisfaction  Are independent rankings available? 13

Applying the Basics to our Executive MBA in Bucharest B randing WU Vienna is the largest Business University in Europe; the WU Executive Academy actively markets in 14 countries and draws participants from some 50 countries A ccreditation WU Executive Academy is EQUIS and AMBA accredited S electivity The participants in the Bucharest MBA of the WU Executive Academy all have significant managerial experience and are mid to end 30s I nternationalization The WU Executive Academy draws its faculty from the US, the UK, Canada and Austria; it offers Romanian students field studies the US and Austria. Our alumni join one of Europe’s largest international alumni networks C urriculum All MBA faculty of the WU Executive Academy are active researchers and regularly consult for a variety of corporations S atisfaction WU Vienna is regularly ranked among the top European Business Schools by the Financial Times; Ziarul Financiar ranked our MBA Romania number 1 or 2 in the country since the program was founded in

Your Contact 15WWW.EXECUTIVEACADEMY.AT WU EXECUTIVE ACADEMY Nordbergstrasse 15, 1090 Vienna, Austria o.Prof. Bodo B. Schlegelmilch, Ph.D., D.Litt. Dean T (direct) T (secretary)