In the 21^st century, with family businesses restructuring themselves and Multinational Corporations (MNCs) expanding their operations, the demand for management education in Asia is burgeoning. Due to visa restrictions and the high fee structure in the US, an increasing number of prospective Asian MBA applicants are turning to non-US destinations like Europe, Singapore and Australia. Management institutes in these locations are reorienting themselves to meet the increasing demand by(1) Sprucing up their infrastructure; (2) Revising their curriculum; (3) Inducting world-class faculty; and (4) Entering into collaborative agreements with leading international B-schools. To keep pace with these new trends, the B-school at the National University of Singapore (NUS), which is already known for its world-class executive MBA program, is trying to upgrade its programs to global standards.

In the 21^st century, family businesses, which once dominated the Asian economy, are restructuring themselves and Multinational Corporations (MNCs) are expanding their operations and setting up bases in the Asian countries, resulting in an increase in demand for professional managers (Appendixes 1 and 2). With liberalization of the Asian markets, the demand for management education is gaining momentum. Although the US system of management education has a dominant influence on the preparation of professional managers since the 1970s, it is observed that the trend is changing. This is evident from the accreditation given to Asian B-schools by the Association to Advance Collegiate Schools of Business (AACSB), thus posing a genuine challenge to the US B-schools.

According to the applications trend survey conducted by the Graduate Management Admissions Council (GMAC) in June 2004, traditional full-time, two-year MBA programs had a difficult year, with 78% of programs witnessing decline in application volume, the highest percentage among various MBA program types. The largest number of programs witnessed decline in the number of applicants from two countries that have in the past contributed significantly to the total applicant poolChina and India. The number of overseas applicants in the US B-schools decreased by 8.7% in 2004-2005, as compared to 2003-2004. The decline in application volume was at least partly a result of increasing financial concern on the part of applicants in general. On the other hand, there has been an increase in interest in non-US programs, which are drawing students both US and overseaswho would have hitherto attended US programs. Dezso Horvath, the dean of the Schulich School at York University in Toronto, says, "The MBA will continue to grow on a global basis partly because of growth in new geographical areas, partly because of the growth in new sectors." Universities in Singapore were readying to seize the opportunity and equip themselves to offer world-class MBA programs.

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