The
Chartered Management Institute(
CMI) has announced that it is to work with the Association of Business Schools (ABS) to close the gap between British business schools and managers.
A new report published this week shows how better alignment could boost the employability of business school graduates – and make a significant difference to economic growth.
“It is all very well coming out with a very well-respected MBA and knowing theories but not knowing how to apply them,” said Petra Wilton, Director of Policy and Research for
CMI.
“Students also need practical experience. This is about giving them applied knowledge.
“We have seen that a lot of business schools are focused on corporate, blue chip businesses in terms of case studies and so on.
“But small businesses, social enterprises and the public sector are where the majority of business students will end up working.”
Today’s report considers how effectively academic and scientific innovation in the UK translates into practice and commercial success.
It also reflects long-standing concerns about the education of British managers.
CMIwill work with ABS and their business schools, involving local business and all sectors from the local economy, to decide what the schools’ management curriculum should look like.
“Employability levels are not as high as you would expect for business schools graduates,” says Ms Wilton.
“Some of the courses have been too theoretical and have not been rooted in practical business issues.”
CMIwants business schools to adopt a more practical approach to management education, including real-world ‘mentors’ for students with local businesses and organisations.
“We have the Chartered Manager, which is recognition of managers who have a proved impact in the workplace.
“We want to incorporate Chartered Manager, the highest status that can be achieved in the managerial profession, into the MBA curriculum as a part of a ‘practical MBA’.
“It is a great combination of professional recognition alongside academic studies, to raise critical thinking and give students an added value that they need in a professional context.
"That would be ideal for an employer.
“The students will be more ready to set up and run a business in the growing sectors of the economy, not the models they currently use, that are on the wane.”
Universities and Science Minister David Willetts, has backed the partnership between ABS and
CMI.
"Business schools are vital to growth, but all the incentives have been for them to focus on research,” he said.
"This important report, together with Lord Young's work, offers business schools a key role their local economies.
"Sir Andrew Witty is also carrying out an independent review into how universities can work with business and other local interested parties to increase economic growth.”