Drexel LeBow Dean Vibhas Madan: “We want our students to graduate not just with a credential, but with the ability to make thoughtful decisions in a world shaped by technology, uncertainty, and change. Business education should prepare you to think clearly, act ethically, and lead with purpose — that’s what we’re building here.” Courtesy photos
The traditional MBA is under fire. Rapid advances in technology, shifting market demands, and growing skepticism about return on investment are forcing business schools to rethink what a graduate business education should offer — and how it should be delivered.
At Drexel University’s LeBow College of Business in Philadelphia, that transformation is already underway. While peer institutions contract and retrench, LeBow is expanding — adding MBA cohorts, increasing international interest, and deepening its ties to industry through one of the nation’s most established cooperative education programs.
For Dean Vibhas Madan, a professor of economics and Drexel faculty member since 1995, this is not a moment for incremental change. “We’re at an inflection point,” Madan tells Poets&Quants in an exclusive interview. “Business education must evolve to meet the complexity of today’s economy — and prepare students for a future that doesn’t stand still.”
A MORE SPECIALIZED MBA IS TAKING OVER
That evolution is already reshaping LeBow’s flagship programs — starting with the MBA. As student preferences shift and market needs grow more technical, LeBow has responded by redesigning its curriculum around specialization and applied learning. And students have responded.
“Our full-time MBA is doing really well,” Madan says. “In fact, we’re preparing to add another cohort.”
It’s a notable success at a time when many full-time MBA programs are contracting. At LeBow, much of the growth has been driven by demand for specialized, STEM-designated tracks — from analytics and finance to marketing and economics. The B-school has offered five STEM tracks in its MBA since fall 2022, designations that align with emerging employer needs and extend post-graduation work opportunities for international students, further expanding the program’s appeal.
Madan sees this evolution as part of a much broader shift.
“The generalist MBA in its traditional form is not going to remain the default,” he says. “We’re seeing increased demand for more focused, interdisciplinary programs — and for MBAs that embed AI, data, and tech literacy into every core business discipline.”
ECONOMIST, EDUCATOR & INSTITUTION-BUILDER
Vibhas Madan: “We learn from our students. They’re not just participants — they’re collaborators”
Madan brings both scholarly depth and institutional insight to the challenge. He holds a Ph.D. in international trade theory from Michigan State University and has published in leading journals including The Journal of International Economicsand Review of International Economics. At Drexel, he held multiple leadership roles, including senior associate dean of academic programs, before being appointed dean in 2020.
Students know him not just as an economist, but as a deeply engaged administrator — one who meets with them every first Friday of the month as part of a Dean’s Student Advisory Board. “That’s where I hear what’s working, what needs to improve, and where we should be headed next,” he says. “Listening to students isn’t optional — it’s essential.”
THE CO-OP MODEL: 18 MONTHS OF EXPERIENCE BEFORE GRADUATION
One of LeBow’s most distinctive features is its integration with Drexel’s 105-year-old cooperative education program. Unlike summer internships, co-ops are full-time, six-month placements — and most undergraduate students complete three before they graduate, amounting to a year and a half of professional experience.
“This is experiential learning at scale,” says Madan. “Our students aren’t observing from the sidelines — they’re embedded in real teams, doing real work, getting paid, and in many cases, getting hired.”
Roughly half of Drexel students receive job offers from their co-op employers. That alone would be a differentiator. But LeBow has taken it further by using co-op employer feedback as a source of data to inform curricular reform. “We’re continuously updating our coursework based on what we hear from industry,” Madan says. “That’s what makes it real-time, real-world, and relevant.”
Outside of Northeastern University in Boston, few U.S. institutions offer anything comparable.
TEACHING STUDENTS TO THINK — NOT JUST CODE
While many business schools are racing to add AI-themed electives, Madan cautions against superficial fixes.
“It’s not enough to teach Python or prompt engineering and call it a day,” he says. “The real opportunity is in helping students understand how emerging technologies like AI change the way we make decisions, lead organizations, and think about value creation.”
He recalls a campus visit from a Google executive who told students: “I can find 20 people who can code. But I’m going to hire the one who can persuade a team and think critically.”
Madan agrees. “The human skills — ethical reasoning, systems thinking, communication — those don’t go away. If anything, they’re becoming more important.”
For him, business education in the 21st century must center on three pillars: markets, technology, and society. “These are the domains where future leaders will need fluency — and where business schools must be focused.”
A MEASURABLE COMMITMENT TO IMPACT
LeBow is a signatory to the United Nations’ Principles for Responsible Management Education, and it takes that commitment seriously. Every faculty member is asked to identify how their teaching and scholarship align with the UN’s Sustainable Development Goals. The school also created a new assistant dean for societal impact to ensure these priorities stay visible and institutionalized.
In 2023, LeBow was awarded a Level 4 score on the Positive Impact Rating — a global ranking informed by student perceptions of how well their schools prepare them to address social and environmental challenges.
“We track it, we report on it, and we use it to improve,” Madan says.
On inclusion, he doesn’t shy away from the political climate. “Even if the language of DEI becomes politicized, the work remains essential,” he says. “At Drexel, we believe that inclusive environments lead to better outcomes — for everyone. Inclusion leads to diversity, not the other way around.”
The Gerri C. LeBow Hall at Drexel University in Philadelphia
ROOTED LOCALLY, CONNECTED GLOBALLY
While LeBow has global aspirations, it maintains a strong civic footprint in Philadelphia.
The $10 million gift that launched the Henderson Real Estate Institute is one example — placing students at the intersection of business, development, and public policy in the city. Consulting courses regularly pair students with local nonprofits and startups, as well as major employers like the Eagles, Flyers, and Phillies, which offer co-op opportunities across their business operations.
The school’s undergraduate sports business program boasts a 100% placement rate. “Even in more volatile sectors, sports and entertainment continue to grow — and our students are entering that space ready to contribute,” Madan says.
WHAT MAKES LEBOW DIFFERENT?
Asked what sets LeBow apart from peer institutions, Madan doesn’t point to rankings or facilities. He points to culture.
“First, we learn from our students,” he says. “They’re not just participants — they’re collaborators. We have AI faculty fellows, but we also have AI student fellows who help shape how these tools are applied in our classrooms.”
“Second, we never separate rigor from relevance,” he adds. “This is a demanding environment — students here do real math, real economics, real analytics. But everything they study is tied to real-world application. That’s our foundation: hard skills, applied with purpose.”
And as the future of business grows more complex, more interdisciplinary, and more unpredictable, Madan believes that foundation matters more than ever.
“We want our students to graduate not just with a credential, but with the ability to make thoughtful decisions in a world shaped by technology, uncertainty, and change,” he says. “Business education should prepare you to think clearly, act ethically, and lead with purpose — that’s what we’re building here.”
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