HONG KONG: A shift in the focus of business from West to East is building new interest in business schools that pay more attention to Asian markets.

With many Western countries still mired in the global recession, emerging Eastern economies are attracting new programs and business school organizations.

Two of Asia's leading markets, China and India, traditionally are net exporters of business talent.

The Association to Advance Collegiate Schools of Business (AACSB) reports that students from the two countries are the largest source of applicants to business schools in the United States.

However, AACSB International recently opened its first regional headquarters in Singapore to expand its membership and accreditation eastward.

"The Asia region is a significant force in the global economy and home to 42 percent of the world's business schools," said AACSB President and CEO John Fernandes.

"The business school community is growing so quickly in Asia, but AACSB just started here," Fernandes said. "That's why we need to catch up."

Fernandes cited the fast growth of business schools at Hong Kong's principal universities, including Polytechnic University, University of Hong Kong and Hong Kong University of Science and Technology.

The three offer highly advanced business school programs and ample opportunities for international students to expand their business knowledge of China, he said.

Of Hong Kong's 10 business schools, the AACSB has accredited three: Chinese University of Hong Kong, City University of Hong Kong and Hong Kong University of Science and Technology.

"Every time there is a recession, applications to business schools soar as the job market shrinks," Fernandes said.

Add to that the rising interest in doing business in the Chinese market.

"Hong Kong is positioned to become an importer of top management talents," he said.

Jor Zhou, a senior manager at a German trade fair company in Hong Kong, said that he decided to use down time at his business to "upgrade" his skills.

Jor said the Executive MBA program that started in May at the University of Hong Kong fit his requirements because of its Asia-focused curriculum.

The University of Hong Kong is offering a joint Executive MBA program with the London School of Business and the United States' Columbia University to offer courses with a "global Asia" perspective.

The program is welcoming 33 senior managers from around the world this year.

"We will expand the class to 45 to 55 students next year," said Anne Stanford, director of the MBA program at London School of Business.

In addition to a stronger focus on Asia, business schools also are changing their curricula to reflect the global financial crisis.

"A few years ago, after the Enron scandal, there was an emphasis on business ethics and accounting in business management curricula. In the current case, it's not individual ethics that failed but risk management principles," Fernandes said.

"Another lesson from these financial woes is that managers should not take shortcuts. They should think long-term and learn not to be too greedy," he added.

(China Daily 08/03/2009 page3)