Many business students have wistfully considered studying abroad. What could be more idyllic than packing your bags and traveling to a foreign country to earn an MBA while gaining valuable life experience? Especially for students who studied abroad during their undergraduate days, a chance to go global with their MBA can be very attractive. Business schools around the country have recognized this wanderlust and developed international programs for potential students.
In fact, so many schools have jumped on the bandwagon, words like "global" and "international" have become nearly meaningless buzzwords in the education market. What was once competitive and trendy is now a monotonous and exhausted marketing campaign. While there will likely always be a demand for overseas education, it may be wise for local business schools to rethink their strategies.
Have you ever seen two convenience stores engage in a "gas war"? When two comparable businesses offer similar products, the only significant driving factor behind sales is affordability. Each organization must continuously slash their prices to stay ahead of their competition. By developing unique ways to draw in customers, a business typically does not have to sell products at a loss just to stay afloat.
The same theory can be applied to business schools. There are many campuses out there trying to be the big box store of MBAs, which can have disastrous results. It is more efficient to do a few things extraordinarily well than it is to do everything with mediocrity.
The very first MBA program was developed at Harvard in 1908. Overseas, Europe didn't launch their pilot MBA program until the 1970s. Despite the head start, research shows that certain European business schools are doing better than a few top American schools. It is logical to assume that if an American student decides to study abroad, they would likely enroll in a higher-ranking foreign school.
In addition to the tough competition global business schools already face, they must also endure the cost of operating overseas. Slashing prices back home just to claim bragging rights for multi-nation operations simply does not make sense in many cases.
A simple approach to avoiding the traps of globalized education is for business schools to abstain or withdraw from the practice. Business schools that find their niche and offer higher value for local MBA students are likely to be rewarded. There is a slight risk involved, but the potential benefits are tremendous.
While specialized MBAs are definitely in vogue right now, experts do not recommend relying entirely on specialized MBA programs to be successful. Instead, tweak existing programs to suit the needs of the individual body better. Business schools in California should cater to entrepreneurship and technology while NYC schools are probably better off focusing on banking. Discovering how to provide the most value will allow schools to charge more for a premium program.
International business schools can be an excellent option for students seeking new experiences and connections. However, this is yet another example proving that everything is better in moderation.