The 19th PBFEAM Conference Business Education: Past, Present, and Future William T. Lin Professor of Finance, Tamkang University Director, Center for Greater China’s Financial Markets 2011.07.09
Business Education in Taiwan Before • Students– small in number and preparation, but high in morale. Students’ education can catch economic development. • Faculty – less qualified, but more in demand. Not many professors have extended business exposure. But they are needed much by students and industries. • Job Market – demanding more than supplied. The economy’s momentum is built on the talent of business school graduates. • Contributions – higher than expectation. So business education pays!
Business Education in Taiwan Now • Students – more in number than industries need, as many colleges emerge and business schools increase number of departments and student enrollments. • And • Faculty – more qualified than students need. Many more PhD graduates from domestic and foreign universities are recruited to business schools. • Plus • Job Market – less developed than needed. The economy does not offer strong potentials to business graduates! • So • Contributions – falling short of expectations. So pay is low!
What Should We Expect • Uneven student qualities – due to diminishing numbers. There will be a big drop in 2015. • Dissatisfied graduates – due to stagnant pay. Students will be less motivated! • Unmotivated faculty – due to lower expectation from students. Teaching has to be reengineered. • Impractical education – due to unmatched demand (job market) and supply (graduates). Business schools need to collaborated with industries to reshape the profile of business education.
What Can Be Done • More Diverse Courses – to compensate for student quality. Business school curriculum has to be modified to adapt to Taiwan’s service-oriented economic model. • More Practical Courses – to raise productivity and pay. Students need to be trained for practical skills before graduation. • Fewer programs – to concentrate learning. Number of academic programs should go down for business schools to be more focused! • Better Textbooks – to fit the education. Content should be more relevant to Taiwan’s business environment.