Undergraduate Business Education: Neither Fish nor Fowl?

The Bologna Process was established in Europe to harmonize higher education programs and to foster mobility, with the goal of creating a European Higher Education Area (EHEA). The Bologna Accord was signed by 29 European nations in 1999, establishing the European Credit Transfer System (ECTS) to allow for transparency in course workloads, both for students and for faculty members, and to make courses transferable between European higher education institutions. Further important objectives were the employability of higher education graduates and making it possible for students to combine different bachelor’s and master’s programs at different higher education institutions.

Consequently, major curricular changes had to be made. These developments were not without controversy, however: The ECT system required a strict specification of course types, workloads, and learning outcomes – which generally led to overly regulated (school-like) academic programs with less flexibility and more standardization, limiting universities’ options and academic freedom. At WU Vienna, the transformation of its five-year programs into a consecutive academic portfolio (with three-year bachelor’s and two-year master’s programs) started in 2006, making WU Vienna the first Austrian public university to adopt the Bologna system. In-house, a number of issues needed clarification, for example how WU as a university should distinguish itself from universities of applied sciences, which at that time offered four-year programs. Other questions included how to protect academic freedom, or how to solve the contradiction of employability in terms of specific labor market demand and research-led education.

Since then, the higher education landscape has changed considerably, both in Austria and internationally: more higher education institutions have emerged, the mobility of students and faculty has increased, global competition to attract the best researchers and students has increased. At the same time, from a business and economics perspective, high schools in Austria are failing to prepare students for academic programs in these fields. This all leads to the question: Which challenges do undergraduate business education programs face, now and in the future?

Bachelor’s in Business and Economics:

The missing link between high school and master’s programs High schools rarely offer courses in business and economics or in business law. This means that new students often have unrealistic expectations when they enroll in a bachelor’s program, and that universities have to offer very basic courses and bridging courses to make sure that students can catch up. This is, by definition, not higher education’s job. Frustration on both sides (students and faculty members), intense resource allocation for imparting basic knowledge, and high drop-out rates are the consequence.

Given the time constraints of three-year programs, this also leads to stricter, more demanding coursework and reduces opportunities for research-led teaching, personal development, volunteering activities, and international experiences. On the one hand, undergraduate business education programs are forced to offer courses in very basic knowledge, while at the same time qualifying students for high-level master’s programs. Undergraduate students’ expectations with respect to flexibility and individuality are also becoming higher. How can universities master this balancing act? Some ideas and thoughts:

Problem-based learning, technology-based teaching, and value-based development

To qualify undergraduate students for higher level graduate studies, several changes have to be made to undergraduate programs: -Pre-study programs should be made available online to help students prepare for their studies and reflect on their expectations of a business program.

-A curriculum in business education has to prioritize key topics and give students opportunities to learn about different approaches to problem-solving.

-State-of-the-art technologies and digital courses are necessary to provide flexibility and facilitate online learning and teaching.

-Classroom interactions between students and faculty members should focus on personal development and research-led learning settings that offer opportunities for critical reflection, such as debates and discussions.

In conclusion, undergraduate programs should activate students’ passion for learning and contribute to shaping the future of business and economics.