In 30 years, the nation's business schools haven't changed much.
At the same time, the business world has undergone unprecedented change. Technology has become increasingly complex. The market has become global and businesses are dealing with ever greater demographic diversity.As the business world evolves, so should the business schools that will prepare the young executives and managers to meet those challenges, said William Broesamle, president of the Graduate Management Admission Council.
Broesamle, who addressed the National Advisory Board of the University of Utah's Graduate School of Business and College of Business Monday, shared a report prepared by 20 of the nation's top business educators on the challenges facing business schools in the 1990s and beyond.
The commission found "a widespread sense of complacency, a sense of drift among business school faculty and administrators," Broesamle said.
"It was really understood business schools haven't changed much in 20 to 30 years," he said.
The report, the product of two years of study and conversation, suggests there be a greater integration of business practice and theory.
Ronald Lease, of the U.'s department of finance, agreed: "So much of what was abstract theory in the '60s and '70s is now being used on the floor of the U.S. Stock Exchange."
Lease, who has taught at five university business schools, said he believes the U.'s students are unique because many have advanced language skills and international experience, a real boon in a global economy.
Whatever their advantages, business students need to be instructed that business education is a lifelong process, the report said.
Said Lease: "Too many students view the college degree as the end of the educational process instead of just the beginning."
The U. business school is in the process of revamping its curriculum.