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Abstract
This paper critically assesses the current state of MBA programs with respect to their suitability for the evolving environment, specifically with respect to increasing volatility, uncertainty, complexity and ambiguity (VUCA) and increased hybridization of technologies. Following this, suggestions are made to move MBA programs to deal with this development. Arguments are made to shift from passive teaching to active and experiential learning along with the adoption of a holistic, interdisciplinary approach. Challenges in moving in this direction are highlighted and potential approaches to dealing with the same are advanced.
Keywords: MBA Programs, VUCA, Convergence, Active Learning, Experiential Learning, Holistic, Interdisciplinary.
Introduction
Ironically, despite employing hundreds of MB As, Elon Musk, best known as the CEO of Tesla Inc (the company that is revolutionizing the auto industry with its electric vehicles) and SpaceX (an aerospace manufacturer and space transport services company) bashed MB As at the recent Wall Street Journal's CEO Council Summit stating "I think there might be too many MBAs running companies; there's the 'MBAization' of America, which, I think, is maybe not that great. There should be more focus on the product or service itself, less time on board meetings, less time on financials".1 This was merely the most recent salvo against MBAs. Its proximate genesis was in the 2008 global financial crisis wherein Wall Street MBAs were accused, by the Occupy Wall Street crowd, of being leeches-not creating any real product or services, merely manipulating financial instruments to their advantage. This attack, its aftermath, and the global economic downturn resulted in a decline in students pursuing Fulltime MBA degrees in the U.S. John Byrne a respected business journalist, labelled this development a 'crisis' and questioned whether there was a future for MBAs". Critics of Byrne, however, pointed out that that there was no crisis in terms of students enrolled or considering enrolling in business schools. Business Schools were not losing students; rather, they were shifting toward evening, weekend and online programs as the opportunity cost of pursuing a full time MBA program was deemed too high by potential MBA candidates. Furthermore, given the recent hype regarding Big Data, a number of students were opting to pursue Master's degrees in specialized areas such as Analytics or Informatics offered in schools of...