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How Asian business schools are beating Western rivals 3/3/2021

How Asian business schools are beating Western rivals

Business education in Asia is little more than 30 years old. The first business school in China, the China Europe International Business School (CEIBS) in Shanghai, was founded in 1994. The business school at Hong Kong University of Science and Technology is a bit older, dating back to 1991.To get more news about business school in China, you can visit acem.sjtu.edu.cn official website.

Before our eyes these schools, along with many other educational institutions from Asian countries, have made a quantum leap and broken into the ranks of elite schools across the world specialising in educating entrepreneurs and business managers.

In 1999, the first Financial Times global ranking included no Asian schools. Fast forward to 2018 and there are already 16 Asian schools in their rankings, from Singapore, South Korea, India, Vietnam and, of course, China.Obviously, the current macroeconomic climate is one of the main reasons for the rise of Asian business education. The centre of the global economy has shifted and Asia will undoubtedly drive growth in the coming decades.

The booming economy has a serious shortage of professional business managers who need to be educated somewhere. That is why many business schools, in China, for example, receive government aid – the aforementioned CEIBS was created with state funds.

Government subsidies provide a key advantage for attracting students as the cost of an education at some of the top-ranked Asian business schools is cheaper than at Western schools. For example, according to the Financial Times, an 18-month course at CEIBS costs US$62,600, while the worldwide average for an MBA is US$86,000.

In addition, Asian schools are more willing to provide scholarships. CEIBS subsidises 70% of its students, discounting between 40% and 100% of tuition fees.The relative affordability allows Asian business schools to compensate, to some extent, for the lack of a prestigious reputation, which simply cannot be built in 10 or 20 years.

But this doesn’t mean these young schools lack specialised competencies. For example, the Hong Kong University of Science and Technology (HKUST) business school specialises in investment activities and corporate finance. Another one of its competencies is completely unique – integration of regional economic systems.

Twenty years ago, Great Britain handed Hong Kong over to China, marking the beginning of a complex process of uniting two very different economic and political systems, which are studied in depth at HKUST. This unique specialisation has already garnered global recognition and attracts students. Similar developmental processes can be seen among the unofficial top 30 Asian schools.

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