From a rather myopic perspective, a business school is in the business of providing business-management education. Like in any other business, the stakeholders for a business-school are wide and diverse – students, the parents of students, the society, the recruiting corporations, the academia. To understand the core objective of a business-school, we have to understand the expectations of these stakeholders, and that’s where the game changes.

It’s fair to say that students expect ‘sellable’ education that should translate into well-paying jobs. The academia expects well-paying, respectable, and satisfying jobs. The corporate world expects ‘industry-ready resources.’ The society, the most significant and often the least influential stakeholder, expects the students, the academia, and the corporations to make the world a better place.

In this bigger context, the core objective of the b-school looks scary, complicated, and wider in scope. However, the decade of 2011-2020 will force this perspective, and it’s only natural for schools to refine themselves based on this bigger context.

Increased competition, globalization, the reducing significance of the industrialized countries and the increasing importance of countries such as India, China in the world economy are some of the reasons why this decade holds much promise, and ironically, may lead to much debacle.

Most schools have adapted their structure and offerings to satisfy the changing business climate, and many now claim to be international. A school that wishes to serve this need should internationalize its curriculum, its student body, its faculty, and its presence across the important economic regions of the world (Asia, North America, Europe, and Latin America). Such a school can be seen as a global meeting place where there is no dominant nationality. The exchange program for students and faculty-members needs to be extended to support staff. Those schools that have more than one (for example, INSEAD) need to better synergize the campuses.

The shortage of faculty can be addressed by offering increased incentives to prospective PhD students. Additionally, as an example, the schools can hire PhDs in psychology for HR area of study. Further, the PhD courses can be programmed such that the student learns the subject from the allied department (say, department of psychology) and the application of that subject in business through the b-school arm of the university.

The curriculum should be expanded to include softer skills to impart the right behavior and social awareness. Students should be taught that the end result of any business is to make the world a better place. A business cannot and should not succeed at the expense of the society, the environment, and ethics. The behavioral and societal aspects should not be taught separately, but instead should be made part of the mandatory course in each function (say, corporate finance, organizational behavior.)

The schools also need to make the most optimum use of information and communication technologies. Another vital point is that government-funded schools should strive for alternative sources of revenue. Given the current state of sovereign debt of a few industrialized countries, the schools should be proactive in their sources of funding. Philanthropic funding from alumni and corporations are a proven avenue. But to sustain this avenue, the schools need to change their governance structure and include alumni and corporate representatives on their management board. This can have an excellent side-benefit - that of closer integration between the industry and the academia.

In summary, while the future looks challenging, it’s also opportune for schools to rethink and invest in themselves. The b-schools are critical for the success of not just corporations but also the society and humanity. I sincerely hope we all contribute towards the success of these schools, and in turn, the society of ourselves.