Practical business education to solve real-world problems

Today's organizations demand leaders who can solve real-world problems without much hand-holding. This means that newly minted graduates and current employees alike must be prepared to quickly contribute in a meaningful way.

Historically, traditional graduate degree and business development programs have been slow to adapt to market needs. For example, the traditional Master of Business Administration (MBA) curriculum effectively provides students with theoretical knowledge that works in the vacuum of the classroom, but is less practical after the final exam.

Fortunately, graduate business degree programs are slowly shifting their education from static textbooks to real-world, analytical programs. "The speed of change in today's business environment is unprecedented," says Joe Schaffer, Associate Dean of Executive Education at Rutgers Business School. "Life long business skills are beneficial for employees who want a competitive advantage."

So, how exactly should business schools empower students to build this competitive edge?

Bring business leaders into the classroom

The tenured faculty usually at the helm of most business school classes have a lot of education and theoretical knowledge, but minimal contact with real-world businesses. As a result, they can often fall short of preparing students to meet current business demands for adaptability, innovative thinking and agile leadership skills.

Previously, business schools were prevented from hiring more than a handful of c-suite level professionals or successful entrepreneurs. They were constrained by accrediting bodies' requirements for tenured faculty and a robust research library. Now that is finally changing. The largest accrediting body for business schools, the Association to Advance Collegiate Schools of Business (AACSB), is beginning to allow business schools to look outside of academics for faculty.

The AACSB is directing business schools to spend more time "helping businesses solve current problems." It seems like common sense, but graduate business programs are like large boats; they take a lot of effort and a long time to move in a new direction.

The greenlight to hire more business leaders to teach is a great start to meeting the AACSB's new goal, but administrators must also give the new educators a voice in designing classes and curriculum. They will fill classes with experiences taken straight from the board room and continually update their material to prepare students with knowledge and skills not found in textbooks.

Business education outside classroom

The same trend can be seen in business education programs, such as training, leadership development, and coaching. Companies are increasingly investing in employee development and they no longer accept staid, off-the-self training programs from consulting facilitators. When organizations invest in their employees, they want the expertise of tried and tested business people.

Business leaders turned educators and trainers have proved they can thrive in the real-world laboratory. They test hypotheses, do research and share results in a live and practical way. Furthermore, these business leaders can impart skills beyond case studies or group exercises because they know what is necessary for individuals and organizations as a whole to thrive in the current marketplace.

While there remain laudable features to traditional business degree and development programs, the slow shift to more nimble and practical education models taught by proven business leaders is coming at just the right time. The organizational landscape is changing rapidly and as new businesses permeate the market, students and employees must develop capabilities to succeed in innovative business environments. These skills include soft skills like agility and superior leadership qualities, instead of purely hard skills that build resumes with little regard for character.

At Lake Forest Graduate School of Management, we are ahead of the trend. For seventy years, we have been focused on a high-performance, results-oriented approach to business education. Both our graduate degree programs and Corporate Learning Solutions are taught by 100 percent Business Leader Faculty®. It is through these programs that students and participants gain real-world skills to become broad thinkers and strong leaders.

• Bryan J. Watkins, Ed.D., is vice president and chief academic officer at Lake Forest Graduate School of Management.