Hubbard also says massive open online courses, commonly known as MOOCs, will disrupt traditional business education, and will complement–not replace–in-person classes at leading business schools like Columbia’s. Columbia hasn’t signed up with any of the consortia offering Web-based courses, but does intend to export its lectures at some point, according to Hubbard. Asked what Columbia is looking for from its applicants these days, Hubbard said the school doesn’t lack for smart people, but admissions officers are most interested in identifying candidates with leadership potential.

Watch the video on The Wall Street Journal