The demand for business education has undergone significant changes over the years, driven by evolving industry needs, technological advancements, and shifting student preferences. 

Here’s a concise overview of how the demand for business education has transformed:

Rise of Online and Blended Learning

One of the most profound changes in business education is the rapid adoption of online and blended learning models. According to Technavio, a market research company, the online education market is expected to grow at a CAGR of 9.2% from 2022 to 2027, with the market size increasing by $3,461.93 million. This growth is fueled by the convenience and accessibility of online courses, allowing students to access high-quality business education from anywhere in the world, at any time.

A study by researchers at a Vietnamese university revealed that blended learning practices have had positive effects on learning and performance in multiple ways. Online learning portals and websites have made education more accessible and flexible than ever before, breaking down geographical barriers and expanding access to high-quality business education.

Emphasis on Interdisciplinary and Interconnected Education

Business schools are increasingly recognizing the need to collaborate with other fields, schools, institutions, and global regions to provide a more relevant and impactful education.  As Lily Bi, a representative from AACSB, states, “Business schools will need to think beyond multidisciplinary education and collaborate with other fields, schools, institutions, and global regions.”

This interdisciplinary approach allows business schools to prepare future leaders who can truly make a difference in society and the world. By connecting with businesses and understanding their emerging trends and key knowledge and skills, business schools can update their curriculum to produce more relevant and impactful graduates.

Adapting to Intergenerational and Internationalized Learning

Business education is also adapting to cater to the needs of diverse student populations, including lifelong learners of various ages. As Lily Bi notes, “Now we see many people who are lifelong learners, me myself being one. I can be a student at my 10s, my 20s, my 30s, my 40s, and my 50s.”

This intergenerational learning environment requires business schools to foster flexible classrooms that can accommodate the needs of students from different stages of life.  Additionally, the internationalization of business education has become increasingly important, with many schools welcoming international students who bring diverse perspectives and create social impact. 

Incorporation of Technology and Evolving Career Goals

Technology has become an integral part of business education, with schools adapting and being agile to prepare students and their research for the ever-changing business world. As Shruti Parashar, a consultant at GOALisB, notes, “Technology is already the core of everything we do in the society, in the business, same for the business education.”

Business schools are using technology and AI to personalize training and help students learn faster in their own way. They are also adapting their program offerings to equip students with the skills that will help them fit the needs of recruiters. For example, STEM-certified programs are becoming increasingly popular, particularly among international students, as they offer additional practical training opportunities.

Evolving Student Preferences and Expectations

The demand for business education is also influenced by changing student preferences and expectations. While a majority of potential students (73%) still believe that online degree programs are less valuable than on-campus programs, negative views of online learning have softened slightly in 2021, with 20% of candidates now preferring hybrid program delivery, up from 14% pre-pandemic.

Hybrid programs are popular because they allow professionals to pursue their education while still working. Additionally, the evolution of career goals is shaping the demand for business education, with fields like consulting, communication, brand management, media, and nonprofit industries gaining popularity among students.

Conclusion 

In conclusion, the demand for business education has undergone significant changes, driven by the rise of online and blended learning, the emphasis on interdisciplinary and interconnected education, the need to adapt to intergenerational and internationalized learning, the incorporation of technology, and the evolving student preferences and expectations. Business schools must continue to innovate and adapt to meet the changing needs of the industry and students to remain relevant and impactful in today’s dynamic business landscape.