6 Future Trends for Business Education

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The world changes quickly, and business education must do the same to reflect what's happening in society. If major institutions fail to keep up with future trends, then they can quickly lose relevance, students, and revenue as a consequence. 

All universities devote a large number of resources to planning for the future, but what trends will they be looking out for? 

With the world changing at a rapid rate, there are lots of trends business schools need to keep an eye on, but we've picked out some of the most important. 

More digitalization of courses 

Education has had to adapt quickly in recent months, and the ability to digitalize courses has become a number one concern. While things will eventually return to normal, and campus-based courses will thrive once more, online capabilities will be much improved, allowing for greater flexibility in the future. 

When people are contemplating taking an MBA, they tend to think they have two options: either an online MBA, or an executive MBA. However, there's no reason why students can't have access to the best of both worlds, and find a blend of online and in campus learning that's going to enable them to thrive. 

The number of online students has grown exponentially in recent years, but there are still clear benefits to learning in person, and the more flexibility there is, the better the education that institutions can provide. 

Increasing demand for big data and AI

Big data, artificial intelligence, and machine learning get a huge amount of publicity in the business world, and rightly so. There's huge demand for jobs in these areas, and at the end of the day, it's the universities' job to prepare students for these in-demand jobs.

To reflect this, there will be an increasing clamor to incorporate these disciplines into MBA degrees, and most importantly to demonstrate proficiency in placing graduates into the most sought-after positions. 

While these disciplines are important though, it's important that institutions don't lose sight of the basics, and are ensuring their programs remain well-rounded while incorporating the newest business trends. 

Personalization

Personalization is a trend that we're seeing in many, many industries. With the advancement of technology, businesses have the ability to offer more and more personalized experiences, and consumers have come to expect this. 

It's no different in education, as students look for courses that can cater to their exact career and life goals. We have the ability to do this, it's just about embracing the principle, and making sure we're dealing with students as individuals rather than a number. 

Those institutions that can offer greater levels of personalization are going to be very efficient at attracting new students. 

Dipping a toe in

Fitting in with the idea of personalization, it's becoming more and more common for people wanting to test the water (dip their toe in) before committing to a full-time degree. Prospective students have more options than ever, and it's important for them to understand what they're getting when they make this big life decision. 

One of the ways universities can allow this is by offering taster courses that allow students to get a good feel for what they can expect before committing to this MBA Canada has to offer. 

Business's role within society

How do businesses fit into our society?

The position of big business in society is something that is under more scrutiny than ever at the moment, and we're going to need answers to the questions that are being asked. As business schools shape the minds of the people who will lead the businesses of the future, this has to be something graduates are prepared to tackle. 

Big business plays a major part in our culture and economic system, but that role is forever changing, and business degrees need to reflect this key issue.

Reassessing the international market 

International students play an important role in universities' revenue streams, but the pandemic has put a strain on the ability for students to move freely around the world. 

While we all hope that the challenges we face currently won't be long-lasting, there is the potential they will have a lasting effect on people's willingness to travel. This could cause students to consider a more locally-based education, putting a strain on those universities that rely on revenue from international students. 

Business schools around the world will need to be alert to this, and make sure they're doing enough to persuade international students of the benefits of their programs. If these revenues do decrease, then institutions will need to find ways to plug those gaps.