Purpose: In 2018, a group of higher education institutions (HEIs) in Switzerland started discussing the future of education. With the COVID-19 pandemic, many of their initial ideas and solutions were tested in the unpredictable, emergency online setting. This study aims to use student and faculty member perceptions to outline the future of higher education. Design/methodology/approach: This research is based on eight surveys from students and faculty members at one Swiss HEI in business studies. While many previous studies focus on one group or one moment in time, this study examines the future of business education from both perspectives and traces the responses throughout the pandemic. Findings: Teaching and learning strategies and perceptions evolved during the COVID-19 pandemic. Nonetheless, despite the potential, many HEIs simply reverted to normal instead of adapting to the "new normal". Conversely, some HEIs have continued using the same exercises and tools that were used in the emergency remote pandemic-mode, without adapting or reflecting on the current learning environment. Based on the findings, both students and faculty members have increased their interest and proficiency in using digital tools although the students remained more open toward the opportunities of digital teaching and learning. Originality/value: Based on the results, this study offers a model for the future of education that HEIs could implement when moving forward, whether on campus or online.