Financial Management and Funding Implications

Barber et al. (2013) in common with other researchers and commentators suggest that as a result of many of the influences discussed thus far, the current and established models in terms of structure and finance for higher education in the UK are no longer fit for purpose and need radical change. Equally, the current author would argue that this perspective, that of radical change, is also required in order that UK business schools are able to successfully meet the ongoing challenges of the 21st century. Another key element of such arguments and change has to be the availability of resources - finance and other related elements - that are likely to make up the platform on which to build radical change in terms of where income comes from. Environmental and economic influences are increasing the level of competition from a range of alternative education providers and it is likely this situation will promote both opportunities and threats for universities and their business schools. In addition, governments need to change regulatory structures and regimes, as well as their adherence to somewhat dubious ranking approaches to the allocation of key funding for universities and their business schools. Another key trend is that the increasing demand for and the focus of private providers of management-education programmes incorporating a strong focus on practice as well as guidance through mentoring practices is forcing the need for a radical rethink (Shattock, 2010; Barber et al., 2013).