Repeated and, as of this writing, ongoing revelations of corporate wrongdoing over the past two years have eroded public trust in business institutions and executives to levels not seen in decades. If management is a profession, then business school is a professional school. A governing body, composed of respected members of the profession, oversees adherence to the code by establishing monitoring mechanisms, reviewing complaints, and administering sanctions—including the ultimate sanction of revoking an individual's license to operate as a professional.Professions establish these codes, and the institutions to enforce them, as part of their implicit contract with society. If the traditional professions are to be asked to accept a greater role for market forces, is it too much to ask businesspersons who enjoy exemptions from market discipline to accept a greater role for professionalism?The fourth and final dimension on which, in our view, management differs significantly from the true professions is that its members are not governed by a shared normative code that is reinforced by institutions that promote adherence to it. The study of medicine, for its part, has been continually transformed since the Middle Ages by the rise and ongoing progress of modern science. For those who are so fortunate to see their work in leadership and management as a service, the familiar guideline applies: "You get out of it at least what you put into it—and often much more." Law students now learn the law not as a collection of statutes but rather as a set of principles, doctrines, and rules that have evolved over the course of centuries and are said to constitute legal reasoning itself. Although such barriers to entry would have the effect of closing managerial positions to some who now aspire to them, all true professions are, almost by definition, closed systems that tightly control and carefully restrict access to their ranks. "In return, we will make every effort to ensure that the members of our profession are worthy of your trust, that they will not only be competent to perform the tasks with which they have been entrusted but will also adhere to high standards and conduct themselves with integrity." In economics, the provision of public goods has been widely recognized as a case that creates exceptions to the rules governing the provision of goods for purely private consumption. A management career path is not a straight line, nor is it the same for everyone.
That the advocacy system in American jurisprudence or the structure of the healthcare market in the United States (with its convoluted system of both private and public third-party payers) can tempt lawyers and doctors, respectively, to lose sight of professional obligations beyond serving the interests of particular clients does not invalidate this more general truth. Leo Sun Closure in professions need not, as some might fear in the case of management, stifle innovation and progress. In response to the recent scandals, politicians and government officials have stepped in to pass new laws and create new regulations, while prominent persons on Wall Street and elsewhere in the business community have issued their own calls for reform in such areas as accounting practices and executive compensation.
Among the many potential starting points and milestones are five levels of management. Yet this idea was often voiced by those who led American business schools in the early decades of their existence. In fact, data on enrollment in executive education programs offered by business schools suggest that those who already possess an MBA are the least likely to pursue continuing education.How would having a formal educational requirement and a system of certification and mandatory continuing education advance the practice of management? Let us dig deeper into the characteristics common to all professions: Because they possess specialized knowledge in areas of vital concern to society, genuine professionals are expected to place that knowledge at the disposal of all who require it and to provide services in a way that places the maintenance of professional standards and values ahead of the securing of individual advantage. In medicine and law, for example, there are institutions that specify the educational requirements (i.e., the MD or JD degree) that anyone desirous of practicing the profession must obtain. Adam Colgate
When the need for such judgment has arisen in other spheres that are vital to the interests of society (such as law and government, military affairs, health, and religion, to consider the classic examples), modern societies have responded by creating the institutions that we know as professions. Thus, the curricular structure evolved as a pragmatic response to the challenge of turning out graduates who could perform the tasks that would be required of them by employers.It is not that no attempts were made, in the meantime, to discover an underlying general theory that would inform the tasks of a manager. We shall therefore deal only with some of the central problems of the structure of management. Yet while laws, regulations, and policies have a clear role to play here, they are a relatively expensive and inefficient way for a society to promote responsible conduct and trustworthy business leadership.In the case of bad behavior on the part of business executives, the reason that the issue of trust arises is that these individuals are expected to exercise judgment—based on specialized knowledge and methods of analysis that they alone are thought to possess—in areas in which their decisions affect the well-being of others. "Interested in improving your business? Another danger is that business education and its supporting institution of management—in heeding the cries for integrity and ethics that have gone up on all sides in the wake of the recent corporate scandals—will succeed in allaying the public's skepticism through such measures as new ethics curricula and corporate ethical codes (Enron famously possessed one of the latter while its top managers were busy destroying the wealth of their shareholders and the livelihoods of their employees) that merely create an appearance of reform without delivering the genuine article.
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