Recently, Dean Stefanie Lenway was the guest on AACSB eNEWSLINE Live (ENL) regarding, “Preparing for an Uncertain Future: How Does Undergraduate Business Education Measure Up?” Business is the most popular field of study at the undergraduate level with over one in five graduates receiving a business degree. But in a changing, increasingly global economy, how do business schools adequately prepare students?
Lenway explains that undergraduate business education is unique from other disciplines, because it is fundamentally multidisciplinary with an appreciation of dynamic technological and economic change. Today’s students study differently with more engagement in problem-solving, technology and group projects to build upon curriculum. They are also learning the importance of civic engagement as students and future business leaders through volunteerism and student lead activities.
“Employers are looking for more than good grades; they also want graduates who can think critically, strategically and globally. People that can build and identify alternative paths to a solution and then develop a rationale to pick one,” says Lenway. She adds that employers want strong leaders and communicators beyond the traditional academics, including team-building, self-reflection and working with integrity to achieve results with colleagues. These skills are built in undergraduate programs through internships, research with faculty and student organization leadership roles.
She feels increased opportunities for practical experience are also necessary. Through experiential learning opportunities, students learn to frame problems, work with incomplete data and deal with fundamental project management skills. These are most effective when class concepts are aligned with consulting projects, requiring coordination with faculty. Other ways students can find their interests and gain experience is to go on corporate tours (such as MSU’s upcoming Alternative Spring Break in Europe), shadow alumni, network, intern and take advantage of career fairs and academic and career advising.
Lenway says business students should understand entrepreneurship and the creative process in order to compete in a global market. She feels increased international experiences, an emphasis on creativity and continuing education, and stronger ties to liberal arts to ensure creative thinking skills will help prepare students for a rapidly changing market and continuous innovation in business.
Students will also need a fundamental understanding of other cultures and their business procedures in order to tap into global business and expertise. Because they need to learn international economics, market entry and trade policy, business programs will need to take a wider view of the field beyond the U.S. market and integrate across functional areas in an effort to prepare students for the uncertain and changing future of business.
Watch the video here.
