Live Updates: Coronavirus Impact On Business Schools
What is the impact of coronavirus on business schools? We bring you the latest updates including campus closures, changes to MBA admission requirements, and more
Cornell MBA Gets STEM Designation & Harvard Offers Deferment For Incoming MBAs
April 27 Roundup
Cornell MBAs get STEM-certified
Two Ithaca-based Management Science MBA programs at the Cornell SC Johnson College of Business have received STEM designation, taking the total number of STEM-designated programs at the school to five. The Class of 2021 in both programs will be the first to graduate under this new certification.
Johnson’s portfolio of STEM-designated programs now includes:
Two-Year Management Science MBA
One-Year Management Science MBA
Johnson Cornell Tech MBA: based in New York City
MPS in Management: provides students who have a non-business undergraduate degree with the rigorous business management education of a top MBA program.
MPS in Management – Accounting Specialization
STEM-designated programs are classified as such by the US government for their focus on science and technology. International students on an F-1 visa who pursue one of these programs are eligible for what is known as a STEM OPT (Optional Practical Training) extension, enabling them to work in their field for a total of up to 36 months in the US without an H-1B work visa.
Cass Business School offers free coaching to doctors
London’s Cass will provide free coaching and resources to doctors and medical leaders during the coronavirus pandemic.
Harvard Offers Deferment for Incoming MBAs
Harvard Business School has announced it will offer deferment to incoming MBAs who want to delay their studies because of coronavirus, according to one report.
Admits will have a window between May 15th and June 1st to request a deferral to start the full-time MBA program in 2021—or potentially even later—instead of this fall. HBS will no longer accept deferral requests after June 1st.
The news comes as MBA programs are impacted by coronavirus with classes shifting online. HBS students who are happy to delay their plans and don’t want to risk jeopardizing their full-time MBA experience—studying on-campus, international trips and the like—may be drawn to defer.
3 ways an online MBA will advance your career
There’s never been a better time to study online. Using your time at home to complete an MBA can give you the rocket fuel your career needs. Read the full article.
With coronavirus closing test centers, preventing campus visits, and forcing interviews online, how can you keep your MBA application on track?
In this week's Applicant Question, Accepted.com’s Esmeralda Cardenal takes you through some common questions she'd been asked by applicants as the coronavirus outbreak continues. Read it here:
Coronavirus Sparks Visa Concerns For Business School Candidates
April 24 Roundup
Visa restrictions cause serious concern for b-school candidates
According to new research by GMAC, prospective business school students in the Middle East, Africa, and Central & Southeast Asia in particular are concerned that visa restrictions during the coronavirus pandemic will block their passage to business school. This comes as Donald Trump announces a new US immigration ban and a 60-day freeze to green card applications.
The survey snapshot reveals a third of candidates based in Central & South Asia (34%) and the Middle East & Africa (33%) reported concern about visas as compared to 13% in East & Southeast Asia, 5% in Europe and 3% in the United States.
This points to the popularity of US and European business schools. US and European students are happy to study closer to home, whereas internationals are more concerned that they won’t be able to study at their target US or European b-schools. If global mobility is limited by coronavirus, the diversity of students at business school—on MBA programs, for example—will be impacted.
GMAT Online Exam: New Online Whiteboard Practice Tool
If you’re taking the new GMAT Online Exam you won’t be able to take physical notes using pen and paper. You’ll instead need to use an online whiteboard. Understanding this could be a little tricky for first-time online GMAT test-takers, GMAC have launched a new online whiteboard practice tool to help you out.
GMAT Online Exam: Honest review
Harvard hemorrhages money
Harvard Business School expects revenue to plunge by close to $115 million due to the coronavirus pandemic, according to various reports. In an email, HBS dean Nitin Nohria and executive dean for administration Angela Q. Crispi announced they expect an overall loss of $22 million for 2020.
The email says the decision to freeze Executive Education programs, a fall in alumni donations, falling case sales, and potential endowment distribution decline caused by coronavirus have all contributed to the revenue loss.
GRE testing disrupted by coronavirus
The GRE test is also available to take online, at-home. However, some test-takers have reported technical issues with the test. If you are looking to take the GRE test to apply for business school in a test center, check out our live updates on GRE test center closures.
Countrywide postponements in EMEA:
Albania: Through April 25
Belgium: Through May 2
France: Through May 2
Hungary: Through April 25
Iran: Through May 20
Ireland: Through May 2
Italy: Through May 2
Kyrgyzstan: Through April 26
Morocco: Through May 16
Romania: Through April 25
South Africa: Through April 25
Spain: Through April 25
Switzerland: Through April 25
Tunisia: Through May 2
United Kingdom: Through April 25
All other countries are reporting at least one test center closed in response to local public health concerns.
Oxford & Mastercard Launch Online Cyber Skills Course
April 22 Roundup
Online cyber skills course
With an unprecedented number of professionals now working remotely, staying safe online has become more important than ever before.
In response, the University of Oxford, Saïd Business School, and Mastercard will be launching a new Cyber Futures program, designed to give executives the skills they need to recognize cyber risks and opportunities.
“Demand for online learning has reached unprecedented levels in the wake of brader digital advancements, and more recently the COVID-19 crisis,” says Andrew White, associate dean for executive education at Saïd Business School.
The six-week program will be delivered entirely online, and cover topics ranging from data privacy to digital ethics.
Business school leaders optimistic about management education’s future
Even in these uncertain times, business school leaders are confident that management education can adapt, a report by the Association of MBAs (AMBA) and the Business Graduates Association (BGA) has found.
According to the report, which surveyed 350 decision-makers at business schools around the globe, 95% of leaders in the sector are optimistic about the future of their school.
84% of respondents rated their own business school as either ‘very good’ or ‘excellent,’ and expect to increase their capacity in the next three years.
A number of schools, 17%, are planning to do this by opening a campus overseas. Given the current restrictions on travel, however, these plans may be deferred.
The survey also revealed that the majority of schools are keen to work collaboratively, with 51% reporting ties to other institutions and 68% of schools had at least one formal partnership with a corporate organization.
“We know that AMBA & BGA business schools have been resilient, and indeed grown, as the world around them has changed,” comments Will Dawes, research and insight manager at AMBA & BGA.
One important area where schools report trouble is helping their graduates into jobs. In fact, only 67% of schools said they were 'doing well' at this, and the economic impact of coronavirus could make things even more challenging.
Coronavirus crisis highlights the value of an MBA, say business school deans
In turbulent times, businesses need skilled leadership more than ever, say Toby McChesney and Monica Powell, both associate deans at prominent US business schools.
Toby is senior assistant dean at the Leavey School of Business at Santa Clara University, while Monica Powell is senior associate dean at the Naveen Jindal School of Management at the University of Texas at Dallas.
Toby is also the chair of the BusinessCAS Advisory Board, of which Monica is a member. The Board seeks to drive innovation and collaboration in business education.
In the face of the current pandemic, they say, now is the time to upskill. With the sudden transition to remote working, the problem-solving and leadership skills an MBA helps develop have become crucial.
As more business schools introduce the joint MD and MBA degree, opportunities also arise for graduates to make their mark in public health, helping to tackle and prevent future outbreaks.
In the coming months, Toby and Monica expect MBAs and similar programs to retain their popularity.
With so many workers furloughed or laid off, professionals will be tempted to use this extra time to focus on their personal development, and gain new marketable skills.
Cass Business School lecturer tracks employee wellbeing in lockdown
With over half the world’s population currently in lockdown, Cass Business School’s Dr Annelore Huyghe has set out to uncover what the ongoing disruption means for our wellbeing at work.
Annelore hopes that her study will reveal how employees and managers are responding to the changes in their lives, and what this means for their general health.
Currently, she is gathering information through a 20 minute survey, which will remain open for volunteers to fill out until Sunday.
Industry Bodies Demand Delay To Business School Rankings
April 22 Roundup
B-school bodies request rankings delay
Top business school industry bodies—GMAC, AACSB and EFMD—have requested a collaborative discussion with business school rankings organizations as COVID-19 continues to impact business education.
In the letter to top MBA and b-school rankings providers—including the Financial Times, US News, the Economist, Forbes, and Bloomberg—industry leaders highlight how the current environment could alter key metrics that rankings institutions rely on to produce their respective data sets.
Best online MBA programs
One ranking that has gone ahead is that of QS which released its ranking of the best online MBA programs in the world with Spain’s IE Business School coming out on top.
IE Business School’s 18-month program costs $55,636. The remaining top five include Imperial College Business School (2nd), Warwick Business School (3rd), AGSM (4th), and MIP Politecnico di Milano (5th).
With coronavirus closing schools and social distancing measures putting a halt to campus education, interest in online MBA programs looks set to peak.
Read our full report:
GMAT Online Exam: Using the Digital Whiteboard
One question mark over the new GMAT Online Exam is that you can’t use a pen and paper to take notes during the test. This is a security measure to ensure the test cannot be cheated.
The only alternative you have is to use your mouse to write on an online whiteboard integrated into the online GMAT test.
If you’re taking the GMAT Online exam, then read our step-by-step guide to mastering the digital whiteboard.
5 ways MBA programs are changing
MBA programs were changing even before the coronavirus crisis, with new topics on the curriculum and new ways of learning. Read the full article.
Calculate your readiness for an MBA program
It’s Wednesday, but you can still take Accepted.com’s test of MBA program readiness.