Europe is the hub for the top-notch business schools of the world. Elite, old, and the most prestigious business schools are there in this continent. But that is not all. Europe also has many disrupted business schools.
The ESCP in Paris marked its 200th anniversary in 2019. The school claims to be the first particular school of commerce and industry in this world. Over the years, Europe has turned into a hub for several schools of global repute.
Why has Europe become the hub for many business schools?
The US is usually considered as the home of MBA schools. On the other hand, Asia has also made its mark for economic growth. It is working on setting up schools for higher studies. But it will take some time to give stiff competition to Europe and the US. Plus there are several benefits of studying business in Europe.
Europe enjoys a superior position in the education sector due to its geographical location. The continent’s central position and its international appeal have attracted international students and faculty over the years. European cities are quite popular across the world, and the tiny size of the nations has also helped to lure students worldwide.
Other factors have also contributed to the growth of institutions and business schools in Europe. Some of these factors are Europe’s strong political background, business operations, research and development, effective training of the newbie entrepreneurs and managers.
Both money and time are valuable for international students. European business courses are short and economical. The Masters in Management degree is cheaper than any other country in this world. So, these factors have also contributed to the growth of business schools in Europe. Students are interested in studying in European business schools.
Covid-19 has changed the education sector and scenario of Europe
Europe has enjoyed a monopoly in the education sector in the last few years. Business schools have reaped profits for several years.However, the coronavirus has made a significant impact on the education sector. Corporates have squeezed dare budgets. The demand for or jobs has gone down. People have less money in their wallets. As such, many people can’t even afford the fees of the business schools. It has led to a drop in the enrollments and the revenue of the business schools. International students are a significant source of income for European business schools. Pandemic has affected the payment of business schools big time.
The pandemic has created a new normal situation. People have shifted to remote working and remote learning concepts. Virtual learning is a gigantic experiment. Initially, both students and workers faced many hurdles in adjusting to virtual learning and the virtual working concept. However, with time both students and the workers have adapted to the online working and studying process. They are complacent with the idea of staying back at home and doing various online courses at the same time. The concept of conventional teaching and working is gradually going away.
Many companies are already moving towards the work from home concept permanently. Workers are happy to live in their homes and maintain a perfect work-life balance. International students are also somewhat satisfied with the new situation. Those who have not yet enrolled in any business school are exploring their options. Many institutions across the world are offering online courses. So, if a student stays back at home and does three courses simultaneously, they will get three certificates within a few years. Why would they travel back to Europe and spend thousands of Euros? Why would they waste 2-3 years for a single course?
European business schools have indeed opened their branches in certain parts of the continent. They are opening their branches in various parts of the world. But one needs to understand that other educational institutions are also not lagging behind them. New business schools are applying a smart strategy. They are recruiting the faculty of European business schools to lure international students. And the strategy is working for many schools.
The emergence of non-conventional business education providers has created a fresh new problem for European business schools. They are offering practical, convenient, and cheaper alternatives to international students.
The economic condition of Europe is also not in good shape. Covid-19 has already led to a low GDP. The public sector debt is expected to get worse after the dislocation of Brexit. London will not be that attractive when the UK comes out of the EU.
Donald Trump’s anti-international student education and visa policy have dropped the revenue of US business schools. European business schools have taken advantage of that situation to attract international students. But no one knows what will happen after President Biden starts implementing new policies.
European business schools have to do many things to attract students
European business schools have already started taking steps to combat the new normal situation. Many business schools have come up with new courses and qualifications. They have also changed the ranking system this year. The new ranking factors depend more on the quality of the education programs than the quantity of the courses offered to students. As per the new ranking system, business schools can get a high score without providing several courses.
Students have to be careful at the time of choosing business schools. They have to check the overall ranking of the school along with its accreditation. It is better to select schools that cater to students’ requirements and plans. Students must read the reviews of the business schools before investing their money. The European business schools should also stop thinking that they can rule the education sector just like before because it has changed due to the pandemic.
Even after the pandemic is gone, European business schools have to overcome stiff competition from emerging rivals worldwide. They have to focus on the quality of education and the faculty’s retention to maintain its numero uno position in the world.