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40 www.efmd.org/globalfocus
A new form of business education that links business
competences with a grounding in liberal arts and sciences
is essential argues a new book. John Johnson reports
Many business schools have yet
to adapt to the new principles
required to prepare students for
the 21st century business world,
where training in the liberal arts
and sciences can be just as crucial
as traditional business studies
LIBERAL
EDUCATION KEY
TO BUSINESS
SUCCESS
T
he business world is undergoing tectonic
change. From tiny start-ups to mega-
corporations, businesses are rapidly evolving
as globalisation and the information revolution
continue to create massive and disruptive
transformations in all aspects of commerce, a
course that will only accelerate in coming years.
As businesses seek to work more efficiently, increase
profits and embrace corporate sustainability
mandates, they need to react swiftly to the changes
occurring around them. The old way of doing
business – where silo departments worked
autonomously and often for the good of
their own group – no longer responds
effectively or quickly enough.
EFMD Global Focus: Volume 07 Issue 02 | 2013 41
The authors include members of the business
community and business educators from around
the world, including nearly two dozen professors
and lecturers from Bentley University, a business
school in America that has successfully integrated
liberal arts courses such as history and science
into its curriculum.
Other contributors to the book include Anders
Aspling, the Secretary-General of the Globally
Responsible Leadership Initiative (GRLI), a joint
venture between EFMD and the United Nations
Global Compact, and Daniel LeClair, Executive
Vice-President of AACSB.
In the book’s foreword, Eric Cornuel, CEO and
Director General of EFMD, notes that “the way
forward is to help students to master both liberal
arts and professional ways of thinking and
foundations of knowledge. The idea that you
cannot do both is based on a false dichotomy
– or so this book argues – namely that professional
education and liberal arts education represent a
disjunction rather than, as we believe, the optimal
conjunction”.
The fusion strategy of integrating the arts and
sciences with business to provide a well-rounded
education is not foreign to educators. Many
schools, including Bentley, Exeter University in
Britain and Griffith University Business School in
Australia are already making major strides toward
integrating their curricula. However, they are
widely considered the leaders in a race that
currently includes far too few participants.
“Although the dramatic global development of
the past 25 years has influenced the way we
educate, train and prepare managers and leaders,
in most cases schools introduce issues regarding
ethical behaviour, responsibility, and sustainability
in separate electives or add-ons to the regular and
traditional curricula,” says Aspling in his chapter,
“Business, Management Education, and Leadership
for the Common Good”. “Very few schools have
attempted or succeeded in integrating these issues
with their full operations – their mission,
management, curricula, most programmes,
teaching, and research.”
In this new reality, a new kind of business education
is needed – a fusion of core business competencies
with a thorough grounding in the liberal arts and
sciences. Today’s business practitioners must have
knowledge of communication, science and
technology, world culture, language and psychology
among other liberal skills in order to operate
successfully in the highly matrixed, global
environment of 21st-century business.
Many business schools, however, have yet to adapt
to the new principles required to prepare students
for this business world, where training in the liberal
arts and sciences can be just as crucial as traditional
business studies.
A new book published by Palgrave Macmillan,
Shaping the Future of Business Education:
Relevance, Rigor, and Life Preparation, addresses
these new realities facing business academics
and educators around the world.
The book’s authors point to the need to produce
well-rounded graduates who are capable of not only
traditional tasks such as (for example) accounting
but are also well versed in the ramifications of
financial ledgers, what those numbers actually mean
to an enterprise and how to best communicate
them to senior-level management.
Liberal education key to business success by John Johnson
42 www.efmd.org/globalfocus
Bentley University, for example, has introduced
a double major option that allows students to
concentrate on an aspect of the humanities such
as Media Arts or Health Sciences not traditionally
considered business disciplines. Also, some of
the majors offered at Bentley are not specifically
business oriented but fit into today’s global business
regimen. Bentley’s Spanish Studies curriculum, for
example, combines business study with exploration
of language, culture, history and contemporary
affairs in the Spanish-speaking world, one of the
fastest-growing demographics in the global
business world.
Additionally, Bentley plans to launch a masters
programme in analytics so that graduates are not
only proficient in the techniques of analytics but also
gain solid exposure to the principles that ensure that
analytics projects play a crucial role in an enterprise.
“Mastering these frameworks relies on a number
of skills that one might call ‘soft,’ such as effective
writing and creative thinking,” says Dominique
Haughton, who penned the chapter, “Business
Analytics at the Confluence of Business Education
and Arts and Sciences.”
While the authors consistently identify the need for
liberal arts, science and technology to be integrated
into business programmes, the book also suggests
that the opposite is true. There is a strong need for
liberal arts majors to gain a solid understanding of
the business principles that will allow the manager
of a small arts theatre or museum to run an efficient
business by having the skills to read a balance sheet
and understand the financial implications of capital
expansion or customer discounts.
Over the past decade, science and technology have
radically altered the business landscape, including
how enterprises make decisions on crucial business
strategies. Technology’s role in enterprise cannot be
understated. A recent study by Cisco predicts that
in an “internet of everything” world (where all items
are connected by tiny sensors and chips) corporate
profits stand to climb by 21% over the next decade.
The report identifies technology innovation as
a $14.4 trillion opportunity for businesses in terms
of reduced costs and increased sales.
Similarly, retailers are collecting previously
unavailable real-time data from shoppers, mostly
through their mobile devices, which allow retail
brands to communicate with customers, offer
couponing directly to their devices and determine
shopping trends that play a large role in marketing
strategies.
The new availability of data is changing the job
description for chief marketing officers virtually
overnight and even creating new titles such as
chief marketing technologists.
The accounting field is a prime example of a career
path that has been altered dramatically by
technology over the past 30 years. No longer do
standard accounting practices cut it in industry
– students must possess the tools and expertise
to use the end results of accounting to benefit
their company.
“An accounting student must know how to create
an income statement and balance sheet. This base
knowledge, however, is not enough anymore to
ensure a successful start to an accounting career,”
says Catherine A Usoff, in her chapter “Integrating
Liberal Learning into the Accounting Curriculum”.
“In addition to learning the standard debits, credits,
accounting rules, and other components of a core
body of accounting knowledge, students must also
learn how to think critically, to be able to compare
and contrast and consider several different
perspectives, and to apply ethical decision making.”
Business universities not only face the challenge
of capturing and teaching the current technology
trends occurring in the business world but also
adapting to the same trends internally by using
avenues such as hands-on learning in labs and
online courses, and deploying technology found
in the workplace.
21%A recent study by
Cisco predicts that
in an “internet of
everything” world
corporate profits
stand to climb by
21% over the next
decade
14.4The report identifies
technology innovation
as a $14.4 trillion
opportunity for
businesses in terms
of reduced costs
and increased sales
EFMD Global Focus: Volume 07 Issue 02 | 2013 43
A ROADMAP FOR BUSINESS SCHOOLS
WHERE DO BUSINESS SCHOOLS
GO FROM HERE?
During EFMD’s annual conference in 2011,
EFMD Vice Chairman Thomas Sattelberger
offered a roadmap for businesses and
universities to follow. A former executive
at Lufthansa, Continental and Deutsche
Telekom, Sattelberger’s presentation,
“Management Education 2025,” noted that
training the managers and leaders for 2025
is an ideological task that is as much about
reason and emotion as intellect.
His other main points, as outlined in the book,
include the following:
• diversity of thought and action must be
regained as key for innovation and progress
• economic and social value creation must
go hand in hand – for the best of the whole
community
• voluntary co-operation between people
and organisations of different types must
be developed and supported
• reflection and self-knowledge are required
for personal development.
Sattelberger had specific advice for business
schools when it comes to educating the world’s
future leaders.
• Managing companies must build on the
stakeholder model; the pure shareholder
model is outdated
• Schools must move from classroom teaching
to learning through experience
• Research should concentrate on practical
grounds
• The map and the terrain are one and the same.
There is no urgent need for developing more
maps. More important is to learn to hands-on
navigate the actual terrain. How is this reflected
in the training?
• Diversity of perspectives, knowledge, and
experience among faculty, staff, students and
clients
• Training must include the knowledge of the
environment and environmental threats, and
how to create a society in harmony with the
planet
• Schools should develop partnerships with a
wide variety of organisations to seek new
ways to solve problems and meet challenges.
Liberal education key to business success by John Johnson
ABOUT THE AUTHOR
John Johnson is a Boston-based freelance writer specialising in a wide
variety of business topics, including education, technology, sustainability
and marketing. He can be reached at jjohnson49@comcast.net
Enterprises are becoming more comfortable with
online training and education, possibly because of
the rapidly evolving requirement for staff to learn
quickly and act even faster. Companies are also
taking advantage of technologies that allow
distributed teams to communicate frequently
and effectively from around the globe.
In his chapter entitled “Technology in Business
Education,” author William T Schiano notes that
Bentley University’s Graduate School has moved
aggressively to blend traditional and online
courses, implementing hybrid synchronous
courses that allow students to participate during
a traditional classroom setting or remotely.
“Email, learning management systems, and
in-classroom projection have moved into the
mainstream,” writes Schiano. “Podcasts and
webcasts are often used as a complement to
traditional courses.”
Daniel L Everett, the Dean of Arts and Sciences at
Bentley University and the book’s co-editor, believes
that it will prove controversial in some camps.
“I think that there are some schools that believe
that arts and sciences add little to the quality of
a business education, and there are those in arts
and sciences who believe business is not at the
same level of importance for education as arts
and sciences,” he says. “For people who hold those
perspectives it will be a controversial book, because
we are saying that they are both vital to educating
citizens and professionals for the future. I think that is
controversial for a large sector of higher education.”
The new availability of data is changing the
job description for chief marketing officers
virtually overnight and even creating new
titles such as chief marketing technologists

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EFMD Liberal Arts Business Success

  • 1. 40 www.efmd.org/globalfocus A new form of business education that links business competences with a grounding in liberal arts and sciences is essential argues a new book. John Johnson reports Many business schools have yet to adapt to the new principles required to prepare students for the 21st century business world, where training in the liberal arts and sciences can be just as crucial as traditional business studies LIBERAL EDUCATION KEY TO BUSINESS SUCCESS T he business world is undergoing tectonic change. From tiny start-ups to mega- corporations, businesses are rapidly evolving as globalisation and the information revolution continue to create massive and disruptive transformations in all aspects of commerce, a course that will only accelerate in coming years. As businesses seek to work more efficiently, increase profits and embrace corporate sustainability mandates, they need to react swiftly to the changes occurring around them. The old way of doing business – where silo departments worked autonomously and often for the good of their own group – no longer responds effectively or quickly enough.
  • 2. EFMD Global Focus: Volume 07 Issue 02 | 2013 41 The authors include members of the business community and business educators from around the world, including nearly two dozen professors and lecturers from Bentley University, a business school in America that has successfully integrated liberal arts courses such as history and science into its curriculum. Other contributors to the book include Anders Aspling, the Secretary-General of the Globally Responsible Leadership Initiative (GRLI), a joint venture between EFMD and the United Nations Global Compact, and Daniel LeClair, Executive Vice-President of AACSB. In the book’s foreword, Eric Cornuel, CEO and Director General of EFMD, notes that “the way forward is to help students to master both liberal arts and professional ways of thinking and foundations of knowledge. The idea that you cannot do both is based on a false dichotomy – or so this book argues – namely that professional education and liberal arts education represent a disjunction rather than, as we believe, the optimal conjunction”. The fusion strategy of integrating the arts and sciences with business to provide a well-rounded education is not foreign to educators. Many schools, including Bentley, Exeter University in Britain and Griffith University Business School in Australia are already making major strides toward integrating their curricula. However, they are widely considered the leaders in a race that currently includes far too few participants. “Although the dramatic global development of the past 25 years has influenced the way we educate, train and prepare managers and leaders, in most cases schools introduce issues regarding ethical behaviour, responsibility, and sustainability in separate electives or add-ons to the regular and traditional curricula,” says Aspling in his chapter, “Business, Management Education, and Leadership for the Common Good”. “Very few schools have attempted or succeeded in integrating these issues with their full operations – their mission, management, curricula, most programmes, teaching, and research.” In this new reality, a new kind of business education is needed – a fusion of core business competencies with a thorough grounding in the liberal arts and sciences. Today’s business practitioners must have knowledge of communication, science and technology, world culture, language and psychology among other liberal skills in order to operate successfully in the highly matrixed, global environment of 21st-century business. Many business schools, however, have yet to adapt to the new principles required to prepare students for this business world, where training in the liberal arts and sciences can be just as crucial as traditional business studies. A new book published by Palgrave Macmillan, Shaping the Future of Business Education: Relevance, Rigor, and Life Preparation, addresses these new realities facing business academics and educators around the world. The book’s authors point to the need to produce well-rounded graduates who are capable of not only traditional tasks such as (for example) accounting but are also well versed in the ramifications of financial ledgers, what those numbers actually mean to an enterprise and how to best communicate them to senior-level management. Liberal education key to business success by John Johnson
  • 3. 42 www.efmd.org/globalfocus Bentley University, for example, has introduced a double major option that allows students to concentrate on an aspect of the humanities such as Media Arts or Health Sciences not traditionally considered business disciplines. Also, some of the majors offered at Bentley are not specifically business oriented but fit into today’s global business regimen. Bentley’s Spanish Studies curriculum, for example, combines business study with exploration of language, culture, history and contemporary affairs in the Spanish-speaking world, one of the fastest-growing demographics in the global business world. Additionally, Bentley plans to launch a masters programme in analytics so that graduates are not only proficient in the techniques of analytics but also gain solid exposure to the principles that ensure that analytics projects play a crucial role in an enterprise. “Mastering these frameworks relies on a number of skills that one might call ‘soft,’ such as effective writing and creative thinking,” says Dominique Haughton, who penned the chapter, “Business Analytics at the Confluence of Business Education and Arts and Sciences.” While the authors consistently identify the need for liberal arts, science and technology to be integrated into business programmes, the book also suggests that the opposite is true. There is a strong need for liberal arts majors to gain a solid understanding of the business principles that will allow the manager of a small arts theatre or museum to run an efficient business by having the skills to read a balance sheet and understand the financial implications of capital expansion or customer discounts. Over the past decade, science and technology have radically altered the business landscape, including how enterprises make decisions on crucial business strategies. Technology’s role in enterprise cannot be understated. A recent study by Cisco predicts that in an “internet of everything” world (where all items are connected by tiny sensors and chips) corporate profits stand to climb by 21% over the next decade. The report identifies technology innovation as a $14.4 trillion opportunity for businesses in terms of reduced costs and increased sales. Similarly, retailers are collecting previously unavailable real-time data from shoppers, mostly through their mobile devices, which allow retail brands to communicate with customers, offer couponing directly to their devices and determine shopping trends that play a large role in marketing strategies. The new availability of data is changing the job description for chief marketing officers virtually overnight and even creating new titles such as chief marketing technologists. The accounting field is a prime example of a career path that has been altered dramatically by technology over the past 30 years. No longer do standard accounting practices cut it in industry – students must possess the tools and expertise to use the end results of accounting to benefit their company. “An accounting student must know how to create an income statement and balance sheet. This base knowledge, however, is not enough anymore to ensure a successful start to an accounting career,” says Catherine A Usoff, in her chapter “Integrating Liberal Learning into the Accounting Curriculum”. “In addition to learning the standard debits, credits, accounting rules, and other components of a core body of accounting knowledge, students must also learn how to think critically, to be able to compare and contrast and consider several different perspectives, and to apply ethical decision making.” Business universities not only face the challenge of capturing and teaching the current technology trends occurring in the business world but also adapting to the same trends internally by using avenues such as hands-on learning in labs and online courses, and deploying technology found in the workplace. 21%A recent study by Cisco predicts that in an “internet of everything” world corporate profits stand to climb by 21% over the next decade 14.4The report identifies technology innovation as a $14.4 trillion opportunity for businesses in terms of reduced costs and increased sales
  • 4. EFMD Global Focus: Volume 07 Issue 02 | 2013 43 A ROADMAP FOR BUSINESS SCHOOLS WHERE DO BUSINESS SCHOOLS GO FROM HERE? During EFMD’s annual conference in 2011, EFMD Vice Chairman Thomas Sattelberger offered a roadmap for businesses and universities to follow. A former executive at Lufthansa, Continental and Deutsche Telekom, Sattelberger’s presentation, “Management Education 2025,” noted that training the managers and leaders for 2025 is an ideological task that is as much about reason and emotion as intellect. His other main points, as outlined in the book, include the following: • diversity of thought and action must be regained as key for innovation and progress • economic and social value creation must go hand in hand – for the best of the whole community • voluntary co-operation between people and organisations of different types must be developed and supported • reflection and self-knowledge are required for personal development. Sattelberger had specific advice for business schools when it comes to educating the world’s future leaders. • Managing companies must build on the stakeholder model; the pure shareholder model is outdated • Schools must move from classroom teaching to learning through experience • Research should concentrate on practical grounds • The map and the terrain are one and the same. There is no urgent need for developing more maps. More important is to learn to hands-on navigate the actual terrain. How is this reflected in the training? • Diversity of perspectives, knowledge, and experience among faculty, staff, students and clients • Training must include the knowledge of the environment and environmental threats, and how to create a society in harmony with the planet • Schools should develop partnerships with a wide variety of organisations to seek new ways to solve problems and meet challenges. Liberal education key to business success by John Johnson ABOUT THE AUTHOR John Johnson is a Boston-based freelance writer specialising in a wide variety of business topics, including education, technology, sustainability and marketing. He can be reached at jjohnson49@comcast.net Enterprises are becoming more comfortable with online training and education, possibly because of the rapidly evolving requirement for staff to learn quickly and act even faster. Companies are also taking advantage of technologies that allow distributed teams to communicate frequently and effectively from around the globe. In his chapter entitled “Technology in Business Education,” author William T Schiano notes that Bentley University’s Graduate School has moved aggressively to blend traditional and online courses, implementing hybrid synchronous courses that allow students to participate during a traditional classroom setting or remotely. “Email, learning management systems, and in-classroom projection have moved into the mainstream,” writes Schiano. “Podcasts and webcasts are often used as a complement to traditional courses.” Daniel L Everett, the Dean of Arts and Sciences at Bentley University and the book’s co-editor, believes that it will prove controversial in some camps. “I think that there are some schools that believe that arts and sciences add little to the quality of a business education, and there are those in arts and sciences who believe business is not at the same level of importance for education as arts and sciences,” he says. “For people who hold those perspectives it will be a controversial book, because we are saying that they are both vital to educating citizens and professionals for the future. I think that is controversial for a large sector of higher education.” The new availability of data is changing the job description for chief marketing officers virtually overnight and even creating new titles such as chief marketing technologists