The Future of the MBA

The MBA has been under intense scrutiny in recent years. The financial meltdown on Wall Street and a rising chorus of critics who claim the degree is irrelevant have focused attention on the value of the degree, as has the recent recession and the fact that business school grads just aren't as employable as they used to be.

In 2008, Harvard Business School professors Srikant Datar and David Garvin researched the state of MBA education and among their findings they discovered the following shortcomings:

• It's too focused on scientific research that has little to do with business reality.
• It's not producing grads with enough of a refined global outlook or cultural awareness.
• MBAs need more "soft skills" (for example, self-awareness and empathy); they lack critical, creative thinking and communication skills.
• Recruiters feel MBAs don't understand leadership or don't appreciate how their actions may impact others.

Harvard wasn't the only business school to recognize these problems, and some business schools have already taken steps to make their MBA degrees more relevant. The Aspen Institute's "The Sustainable MBA: The 2010-2011 Guide to Business Schools That Are Making a Difference" lists programs that are now more focused on social responsibility.

"The diversity of classes and resources written about in the school profiles show that MBA programs are increasingly focused on educating students that mainstream, for-profit business can be a force for positive social and environmental change," Rich Leimsider, Director of the Aspen Institute Center for Business Education, told TopMBA.com.

MBA programs are also striving to be more culturally aware and to teach students to think globally. As Tom Kennedy, Director of Delaware Valley College's MBA program, told Smart Business: "Americans need to understand more about how relationships are built because that's the primary driver in global business."