In response to changing business practices, Ivey has overhauled its MBA programmes in the past two years.

'We listened to business leaders around the world, we sought input from the recruiters who hire our students, we challenged our faculty and we interviewed our students and alumni,' Professor Slaughter said.

'Our new programme still takes a general management perspective and we still provide continual integration ... But we refined our ethics and corporate responsibility programmes because they are key components of any world-class school.'

Raymond Yeung, course director of the MBA in International Management offered jointly by the University of London and HKU SPACE, said technological advances had been a prime mover behind the changes.

'A noticeable example is the diffusion of IT in business education,' Dr Yeung said. 'The pace of business operations and decisions have become faster. The availability, flow and use of information are the key enabling tools ... Knowledge of information systems has become a ubiquitous tool for all managers.'

A parallel development is the growing logistics industry from globalisation. 'Today's managers are required to ensure a seamless and productive workflow covering the stages from R&D to customers,' he said.

Caroline Tso, manager of education services at the British Council, agreed that the effects of globalisation had driven many of the changes. 'Internationalism is the key focus in most of the MBA programmes,' she said. 'A good programme should build upon the element of internationalism and [provide] good theoretical training. It should also incorporate some kind of live project work, internships, and students going on exchange programmes.'

Both China and India have become increasingly important forces. While India is seen as the world's back office, China has become its workshop. Business schools can no longer ignore the two countries and an increasing number are setting up satellite programmes. Others are launching courses about them or raising the number of related cases in existing programmes.

'There is no doubt that the China trade will be the focus of world business in this century,' said Glover Chan Wing-wah, senior marketing manager, the Hong Kong Management Association. 'Programmes will be supplemented with more China elements.'

Mark Hirst, professor and director of Hong Kong programmes, the Australian Graduate School of Management, said two key changes were occurring in the curricula: the speed of innovation and the quality of course delivery.

'The cycle time for innovation in course content is becoming shorter,' he said. 'Six years ago, the cycle time for content revision was four-plus years. Now we expect up to 30 per cent new material each year. We are also seeing innovation in the introduction of new courses.'