Macquarie Business School has announced its new MBA program for 2021 and it is very different. In fact, it is no longer one MBA program but two. Professor Eric Knight, MQBS Executive Dean and Assoc. Professor Steven Jaynes, Director of the MBA program announced the changes to students last week.
Current enrolled students have been told that they can continue with their present MBA program, although some popular electives that where offered in the existing program will not be offered next year.
Current students can also choose to apply and be assessed for a transfer to the new program and have been given till the 1st December to apply with admission approval by the 15th.
The new MBA program will consist of a 12 unit program and a 16 unit, 2-year program. According to Jaynes the 16 unit program is targeted at international students who need a 2 year program for their student visa. The cost of the 12 unit program we be at a substantially reduced cost to the current program.
Students enrolled in the 12 unit program will need to complete the 4 core foundation units and the 12 core zone units. Those students wishing to complete the 16 unit program can choose electives from the flexible zone units as you can see from the chart below.
Jaynes said that the new MBA design principles “aim to build a more flexible course tailored to your study, work and career needs.”
The curriculum will develop over time around four key disciplines:
2. Practice, which will involve an industry and alumni partnership program,
3. Application: to students work and career context through links to career, coaching, leadership and mentorship programs, and
4. Environmental, Social, and Governance (ESG) principles, including sustainability, ethics, responsible management, global mindset and cross-cultural dynamics.
To qualify for the 12 unit program students will need a bachelor’s qualification or recognised equivalent with a WAM (weighted average mark) of 65, and a minimum of five years full-time equivalent managerial and professional work experience.
Criteria for qualification to the 16 unit program is a bachelor’s qualification or recognised equivalent with a WAM of 65, and a minimum of three years full-time equivalent managerial and professional work experience.
In a virtual alumni webinar held on the 24th November Professor Knight explained that the significant challenges facing the MBA program made the changes necessary. Knight said these changes include; increased competition from Asian business schools; a significant reduction in enrolments over the past 3 years; the desire by students for shorter and cheaper MBA programs; the changing nature of learning (the shift to online and micro-credentials); and the changing requirements for professional success where effective communication, data analytics, critical thinking, and problem solving are regarded as core skills.
Professor Knight said that the new program was developed after extensive consultation with faculty, industry partners, alumni and students.