Business School, the Second Time

Business School was a very formative time of my life and I can't believe it's been 25 years since I graduated! I'm looking forward to seeing old friends this weekend at my 25th year reunion from the UCLA Anderson School of Management.

I'm also approaching the end of my second full year working in a business school since I made my career pivot into higher education and career management. I started at USC Marshall in 2021 during the pandemic as a career advisor and came home to UCLA Anderson in June of last year to teach career management and advise MBA students. Nothing against USC as I had the opportunity to work with wonderful colleagues and students, but it feels great to be back at my alma mater!

As I teach and interact with current MBA students, I am often reminded of my own MBA experience. So, I thought it might be fun to compare my two experiences in business school: my time as a student 1996 - 1998 (a time when Bill Clinton was president, the first Harry Potter book was published, the US had a budget surplus, and the Dow passed 6,000!), and the differences that I've noticed in 2021 - 2023. Of course, my first experience was as a student and my second as staff so this isn't exactly a scientific analysis... Nevertheless, I do find it fascinating to compare my two experiences and hope you enjoy it. So, here goes:

1. UCLA (and USC) are much more diverse and international today

Back in the 1990s, many (maybe even most) of the students were from California and international students were a notable presence but a distinct minority. Today, nearly half of MBAs are from overseas and the number from California is a small minority. I think this is a reflection of a much more national and international business environment -- our classrooms today do reflect Silicon Valley and the global market. 

2. A broader view of capitalism

Students and faculty have a more comprehensive view of business than in the late 90's. Of course, the world is a far more integrated place than back then before cell phones. Today, there is also much more emphasis on ESG, impact, and market externalities and that is reflected in both student activities and the curriculum. I still think business schools have some work to do to catch-up with private sector leadership, particularly in areas such as responding to technological change, the climate crisis, and market failures. I know Anderson is trying to move in that direction and the elective courses seem to reflect very up to date business practices. There is also much more recognition now of the importance of the right brain - creativity, design, empathy, relationships, and so forth. 

3. Students are concerned with the ROI on their education

The cost of higher ed has exploded over the last 25 years. I graduated with modest debt which I paid off in a few years and had a phenomenal ROI on my education. Given the price increases in a graduate education and the availability of cheap, online alternatives, many prospective MBA applicants have to ask themselves whether it's worth it. I think the MBA is still a quality product but, collectively, we need to do a better job of creating educational programs that are rocketships to career advancement similar to what I experienced. We have to steal from the entrepreneurial mindset to focus on big market opportunities and rapidly growing markets.

4. Students are much more sophisticated today

The Internet was just beginning to explode in '96-98. My field study (today it's called Advanced Management Research or AMR) question was, "What should Nestle do about the Internet?" Today, students know so much more and have all of this information at their fingertips (thank you to my classmate, Susan Wojicki '98, and her Google colleagues who made this possible!). AI is only going to increase students' knowledge and the tools at their disposal. This increase and availability of knowledge fundamentally changes the classroom dynamic and raises the imperative for instructors to teach thinking vs knowledge. Business schools are probably ahead of most of the university in this but it's really a significant challenge as shaping thinking is a much more challenging educational task than teaching information.

5. Students today are stressed and more demanding

In my day we took a work hard/party hard approach. The world was a more certain place, America was a kinder place, markets were more forgiving, and there was less fear.

Today, students stress over recruiting, academic performance, immigration issues, and everything else. It feels like the stakes are higher and the markets more competitive. I think this is a reflection of increased competitiveness in the labor market, the current cost of higher education, and this generation's tendency to worry.

6. Students and the schools are more inclusive and PC today

I can think of lots of moments that were both hilarious and horribly inappropriate by today's standards. The talent shows alone would definitely have led to ethics investigations if some of that behavior from the 1990s happened today! This generation is more thoughtful, inclusive, and appropriate and the School reflects that modern sensibility.

Having said all of this, perhaps my biggest observation is how consistent the Anderson culture has been over the last 25 years. The high expectations, sharing of success, hard work, humor, and grit that characterized my remarkable classmates of '98 are still very present in the classrooms and hallways of Anderson today. Anderson is, at its core, a very similar place to what it was 25 years ago and that makes me happy!  I'm proud to be a part of this wonderful institution and community.