The Financial Times recently came out with its annual Global MBA Ranking 2011, and Bruce Nussbaum argues that it represents everything that is wrong with business education.
The FT uses salary, value for money, career progress, placement success, employment, alumni recommendation, faculty abilities, internationalization, and research as their top business school ranking criteria. The resulting measures put the schools that produced the majority of MBA's working on Wall Street during the Great Recession at the top of the list reflecting these graduates' inability to innovate.
Nussbaum describes the FT top business school list as "a testament to the inefficiency of markets and the inability of business schools to change their curricula, professors and teaching methods despite the rise of enormous complexity and uncertainty in the global economy."
He cites an IBM published a global survey of over 1500 CEOs that listed the one competence they agreed CEOs needed most was creativity. He states that creativity is the one competence lacking in the curricula of most of the top business schools.
And in the Top Two of any list of schools of creativity would be IIT Institute of Design in Chicago. If you are in business and want people who know how to strategize in a complex and uncertain world, you want graduates of ID. If you want people who know innovation policy and strategy, you want ID grads.
Nussbaum recognizes that IIT Institute of Design is a top business school teaching managers how to be creative and a new generation of CEOs how to innovate.
Read the full article on Design Observer.