Editor's note: In a recent interview with Shanghai Daily, William Boulding, dean at Duke University's Fuqua School of Business, discussed how MBA education needs to reform to address the world's thorniest challenges. Duke has just got the approval to create Duke Kunshan University in the city of Kunshan, Jiangsu Province.

Q: How do MBA programs develop good corporate leaders in China?

A: I believe it is our role and responsibility in the business education space to develop ethical corporate leaders, in China and around the world. At Fuqua, we call this developing leaders of consequence. [HongKong Richful  - Hong Kong Company Formation, Offshore Company Incorporation]

This means that we want to develop leaders who are dynamic and collaborative; authentic and brilliant; analytic and strategic, and who are passionate about making a difference in the world.

Q: Some successful Chinese business people consider MBA certificates to be an adornment. What's an MBA for?

A: Naturally, an MBA means different things to different individuals and different schools, for that matter. Before applying or attending a business school, it's important to evaluate whether an MBA program will be a good fit for each person's goals. For us at Fuqua, an MBA is a rigorous experience, both in and outside of the classroom. It is more than just studying late and earning good grades, though that is certainly one element.

It also could mean gaining insights into a particular thorny issue and developing a new perspective on it through exchange with a diverse, international student body. It could involve being a part of a unique team culture in which students work together to organize extra-curricular club events featuring speakers ranging from an industry leader to the former president of a country.[HK Corporate Registration]

It could also involve listening to a lecture series by a Fortune 100 CEO. It could entail developing lifelong relationships through running a triathlon with fellow students.

Q: What are the problems confronting MBA education in China?

A: There are many MBA programs in the world and in China. Many Chinese programs have made significant progress over the years.

In my opinion, the key problem facing business schools - both in China and around the world - is relying too much on old models and boundaries.

The MBA is a US-based invention, established in a different time in history (predominantly in the 1940s and 1950s). While there has been a general move towards being more global, I still think that the MBA space needs to further reform globally in order to meet the needs of business today.

Q: How should MBA programs change to address global problems, such as environmental degradation and lack of ethical standards in many businesses?

A: More than at any other time in history, business connects the world together.

Business schools are uniquely positioned to address some of the global hot-button issues.[Hong Kong Company Formation, Incorporation, Business Registration]

To do this, we at Fuqua believe that we need to be embedded and connected in key regions of the world. This is why we have established a global presence in China, London, India, and other countries. We also give our MBA students the opportunity to travel to other parts of the world as part of their program experience.

We can't improve the human condition if we don't fully comprehend it. We must understand business through the lenses of culture, religion and even geography.

A deep level of comprehension requires breaking out of the established networks that can insulate decision-makers from the consequences, often unintended, of their actions.

We must glean new insights from a range of cultures and economies and use these insights to create not simply leaders of business, but leaders of society.

By approaching business from a truly global perspective, we build bridges for civil discourse and collaboration. The knowledge gained from that embedded presence in the region can then be shared with those outside that particular region. Hence, we are able to build additional cross-cultural, inter-disciplinary and trans-continental bridges.

Q: What makes an MBA so expensive?

A: An education is a major investment, not only of money but also time and energy. There is plenty of research that demonstrates an MBA's positive return on investment. I believe that the best MBA programs offer such return on investment because of the entire experience that it offers. Students in our programs have also consistently seen the return on investment in terms of lifelong career opportunities.