AI has fast become an area that all those entering the workplace and the business world need to contend with, now and into the future. This is particularly prevalent for those embarking on an MBA, as well as those teaching at business schools. How will this impact business education, and what else does the future hold for MBA graduates?

We spoke with Prof. Dr. Wüstemann, President of Mannheim Business School, about the MBA in today’s world, his hope for graduates and the future, and his own path leading to Mannheim Business School: 

Please introduce yourself and your career to date.

After my studies, doctorate, and habilitation in Frankfurt am Main and at the Université Paris IX Dauphine, where I gained an additional French Master’s degree, as well as numerous research stays abroad, for example, at Wharton and NYU Stern, I was appointed Professor of Accounting and Auditing at the University of Mannheim in 2001.

This was exactly the time when the University of Mannheim launched its first MBA programme. As Academic Director, I was already significantly involved in the conception of our first Executive MBA programme in cooperation with our French partner, ESSEC Business School, between 2002 and 2004. In 2010, I took on the role of President of Mannheim Business School, which was founded in 2005 as the organisational umbrella for all MBA, EMBA and specialised Master’s programmes as well as the executive education programmes at the University of Mannheim.

When I took office in 2010, my primary goal was to ensure that business education at the University of Mannheim met the expectations of our stakeholders. In other words, the goal was to become a leading business school in Germany, an outstanding institution in Europe, and to gain an excellent reputation around the world. I am very pleased that we have achieved this goal thanks to the joint efforts of our faculty, staff, students, alumni, and corporate partners.

What do you enjoy most about your role at Mannheim Business School?

I particularly enjoy the exchange with smart people from very different professional and cultural backgrounds, from which I also benefit immensely in my daily work. It is impressive and makes me proud to see how they develop professionally and personally within our programmes and make a real contribution to their companies and society later in their careers. And it is also a rewarding confirmation of our work that most of them remain closely connected to us through our network and thus bring our motto “Mannheimer for life” to life.

Why do you think an MBA is relevant in today’s business landscape?

In my opinion, an MBA is still relevant because, even though knowledge in all kinds of business or scientific fields has become widely available through the use of AI, we still need business leaders who have a holistic and comprehensive knowledge to deal with the increasing complexity of our world.

Our MBA students learn to make decisions based on relevant data. They learn to consider the perspectives and experiences of their culturally and professionally diverse classmates and to develop innovative solutions to complex business problems.

In addition, the Mannheim MBA is the perfect springboard for aspiring managers from abroad to enter the German job market and make Germany their home. Last but not least, they become part of a global network of “Mannheimers” who are always ready to offer advice and help each other adjust to a new country or company.

What are your hopes for Mannheim Business School MBA graduates?

I truly hope they all remain in excellent health. With their MBA education, they have acquired the perfect set of skills and tools for mastering any business challenge that comes their way. They have embraced a mindset of lifelong learning and a genuine curiosity for the world. They know that upon graduation, they are just getting started. They’re flexible and open to continuing learning and growing so they can shape our future!

What challenges do you think business education might face in the coming years?

It seems inevitable that online courses designed to impart business knowledge will become obsolete in the face of the growing influence of ChatGPT and other AI-powered chatbots. Chatbots have already reached an accuracy rate of over 90% in answering business questions.

However, courses that teach how to understand and contextualise complex problems will become increasingly essential. This is because there is a need for managers and business leaders who are able to ask the right questions and utilise AI to unlock its potential for driving business value, growth, and innovation.

Conversely, holistic learning in MBA and specialised Master’s programs will continue to be valuable for managing the growing complexity of our world.

For additional insights, announcements, and perspectives on leadership, visit the conversation here.