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We started to get a little antsy when more than a few days went by since the last "Blame the business schools for the economic meltdown!" article had appeared in the popular press. Thankfully, Forbes provided some salve by asking whether we should blame the business schools, the graduates themselves, or the companies that hire the graduates.
Much of the article is the normal chatter about how the typical business school curriculum places too much emphasis on shareholder value and not enough on improving the community around the enterprise. While we don't disagree, it's hard to argue that this trend in management education alone contributed to the problems our economy now faces. It is one ingredient of the problem, for certain, but we're wary of anyone who believes that the few hundred hours a young professional spends in some some finance courses in business are enough to steer that person towards world-class leadership or financial self-destruction.
We like what Michael Ervolini stated, which nicely sums up a point that we've made previously:
B-schools serve a purpose to provide talented employees that have received some minimum training for their career. You can not expect too much from a two-year stint, however, even at the most prestigious of programs. This is particularly the case with an average of only 18 months actually on campus.
While business schools certainly need to take responsibility for the quality of the business leaders they're putting out in the market, the hiring companies' jobs have only just begun once they hire these grads. That's why companies such as General Electric and Procter & Gamble are so successful so consistently -- because of the value that they place on training and personal development in their future leaders. This won't change no matter what new curriculum changes the world's top business school implement in the coming years.
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Great point Scott. Of course, B Schools have to take some blame, but ultimately its up to the companies to embrace their new hires and train them throughout the course of their time at the company.
Taking a job at GE or P&G may not be as "sexy" and probably won't pay as much as a job on Wall Street, but if you work somewhere that places value on developing future leaders and helping you grow both personally and professionally, you will be much more successful and well rounded when all is said and done.
The 2 biggest changes that I see that need to happen with regards to MBA programs and employers are:
1. Manager expectations better. Schools have emphasized their skills in developing leaders with little track record. What's wrong with just developing managers? Not sexy, but I think MBA programs could successfully offer a class on how to transition an org chart or management structure in a start-up or how to set up an effective decision-making process. No one can really promise the development of leaders and MBA programs should stop trying. I have similar thoughts about ethics classes and other claims.
2. Companies need to decide if they really want to continue to use MBA programs as a screening tool. It's really easy and cost effective to pick your favorite top MBA programs and get all the employees you need there. However, that involves outsourcing some of your screening process to the business schools by using their selected students.
The general state of the economy is beyond the scope of both but I think that these are two feasible changes that both employers and MBA programs can make.
It's not easy for academic courses to guarantee students the kind of training that's necessary for the real world. However, this kind of thing is often misunderstood or underestimated - as some folks may assume that good graduate degrees mark the work-worthiness of a new graduate.
There's no replacement for learning on the job, and even industry placements and practicals won't give you the kind of seat-of-the-pants rigour that a lot of workers face on a daily basis, especially when it's your head on the block for a long time period.
I know it's stupid, but students need to know what they're getting into, but they don't like to be told. And the schools won't babysit you and will expect you to know better. So there's always going to be a gap of expectations that doesn't get addressed explicitly.
This gets even more complicated when job markets become increasingly diverse, networking becomes increasingly tacit and competitive, and students find it harder to assess their worth and value, as well as what they want out of a career.
Stop using your companies pre-printed thank you notes. Hand write a thank you note! Hand writing is much more personal and it shows you care. More...
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