qs global workplace career eguide spr14

Spring / Summer 2014

Spring/Summer 2014

Galina Oleynik

Boston Consulting Group Columbia Business School

Leonardo Banegas

KPMG Advisory Singapore

ESSEC

Andrew Selves

Entrepreneur Imperial College Business School

‘MBA Hiring Trends

Global Workplacecareer eGuide

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4 QS Global Workplace Career eGuide

Following a period of global economic turbulence, the value of an MBA from a top business school for one’s career has remained a constant. The findings of the latest QS TopMBA.com Jobs & Salary Trends Report – based on a global survey of 4,300 actively hiring MBA employers shows that MBA job opportunities have risen by 14% globally.

Naturally there is huge variance from region to region and industry to industry. Popular employment sectors come under the microscope as we look in more detail at relevant trends, and delve into what employers are looking for in today’s economy and what the future holds for traditional and up and coming sectors.

We look at global salary trends, focusing on differing levels on compensation around the world, and comparing the expectations of ambitious MBA applicants to the reality of what is being offered and post-study work visas.

What better way to see the value of the MBA by turning our gaze to three alumni, who share their stories as well as show us how they used their degrees to achieve outstanding professional success. We aim to provide our members with access to key information that help you make informed choices regarding your career. You’re well on your way to reaching your career goals and QS Global Workplace wishes you every success in finding your dream job.

Editor’s DeskMeet the Team

If you have any comments or feedback we’d love to hear from you

Feature writersMansoor IqbalAdam CarstensAnn GrahamElke Schwarz Dawn Z BournandDaniella Rubinovitz

Ian LynesBusiness Director Corporate enquiries, Media Partners and partnerships, MarketingEmail: [email protected]: +44 (0) 20 7284 7259

Ifi EkongRelationship Manager Business Schools & Universities, General & Technical helpEmail [email protected] +44 (0) 20 7284 7230

Vlad CopaciuOnline Marketing & CommunicationsBusiness Schools & UniversitiesEmail [email protected] +44 (0) 20 7284 7224

6 The Top 10 Countries for MBA Salary Levels List based on the QS TopMBA Jobs & Salary Trends Report 2013/14

8 MBA Life in Focus: Six Months at Business SchoolA visual look at some of the exciting happenings at business schools the world over

12 Q&A with ESSEC Alumnus Leonardo Banegas From native Central America to Singapore, via a global MBA

14 From Columbia Business School to Boston Consulting Group Galina Oleynik’s success story

16 MBA Skills in the Public Sector

Systems engineer Andrew Selves explains how his career has evolved after earning his MBA from Imperial College Business School

18 What Top Employers are Looking for in Today’s Economy The view of Adam Carstens, director of research at Hult International Business School

20 Global MBA Salary Levels on the Rise The strongest growth in MBA salary occurred in emerging markets, the QS TopMBA.com Jobs & Salary Trends Report reveals

22 MBA Salary: Expectations vs. Reality Comparing the aspirations of MBA applicants with the figures reported by employers

25 MBA Jobs: What Does 2014 Hold? The latest QS report shows a 14% global rise in the number of MBA jobs across the globe

28 Post-Study Work Visas for MBA studentsThe regulations surrounding PSW visas in ten of the world’s most popular study destinations

32 Careers in Finance Confidence is returning to a chastened financial sector in the post-crash landscape

34 MBA Careers in Consultancy: What’s in Store for 2014? The sector has become a gold standard in terms of career trajectories among freshly minted MBAs

36 Soaring Demand for MBAs in the Global Technology Sector Technology continues to be a key driver for job creation and growth

38 MBA Hiring Trends: Up-and-Coming Sectors The Energy and Pharmaceutical are highly dynamic industries which seek MBA talents

40 Eastern Europe Set for MBA Hiring Boom

42 India and the Middle East Attracting Both Local and International MBAss

44 Demand for MBAs Flourishes as Asia’s Rise Continues

46 Art as a Tool for Business

48 14 Ways to Enhance Your Online Presence 2014

50 Engage to Create a WORKPLACE that You, Your Co-workers and Your Customers LOVE

52 CAREER COACHING a new essential for EMBA programs

54 Africa: A Region to Watch

Contents

QS Global Workplace Career eGuide 5

There are, of course, large variables in the global market, the consequence of which is that MBA salary levels are considerably higher in certain leading economies than they are in others.

So, for those looking for the

highest MBA salary levels, here

is a list of the top 10 countries

for MBA salary and bonus levels

based on the QS TopMBA Jobs &

Salary Trends Report 2013/14.

Australia

In the Asia-Pacific

market, Australia

remains a key

player and boasts the top average

compensation for MBA jobs at

US$133,100. While average salary

levels are much lower than in

Switzerland, this is made up for

with big bonuses averaging over

US$15,000. The strengthening of

the Australian dollar plays a part

in this. But the key factor is the

competitive market, which seeks

to hire the finest multinational

MBAs from leading business

schools across Asia, meaning that

employers are prepared to pay out

to secure the best graduates.

Switzerland

At a time of

austerity in

Western Europe,

Switzerland saw a slight decrease

in MBA salary, but continues to

head up the European tables, with

average remuneration standing at

US$129,700. This average rate is

a reflection of the strengthening

of the Swiss currency, but more

importantly is due to the relocation

of many multinational company’s

headquarters, away from places

like London or Frankfurt, to

Switzerland in order to reduce

corporate tax bills and this has

led to an increased requirement

for MBA graduates in the country.

Denmark

Second in

the Western

European market,

Denmark reports consistently

high MBA salaries and is the

first in this list to present an

increase in overall compensation,

which averages at US$121,400.

Unlike Switzerland, tax rates

are much higher in Denmark but

interestingly this year corporate

tax has been cut from 25% to 22%,

slightly below the UK’s current

rates. This can be read as part of

a drive to make the country more

appealing in the global business

market, the result of which will be

the creation of MBA jobs as well as

improved salaries.

UK

Businesses in

the UK continue

believe strongly

in the value that MBAs bring.

Accordingly, it stands fourth in

the world for MBA salary levels

(US$106,100). This confidence

seems justified. In the service

sector, MBA recruitment is seen

as a considerable factor in the

dominance of the industry in UK

economy. Banking however, which

also remains central to British

The Top 10 Countries forMBA Salary Levels

There are many advantages to studying an MBA, and not just in the prospects of growth within the MBA job market or career versatility. The generous MBA salary packages enjoyed by recent graduates are among the most celebrated of these, as are the prospects of further growth in this department.

| Editorial


economy, is still yet to regain full

momentum in terms of MBA hiring

in the post-crash world. The UK’s

position on the global business

education stage means that the

value enjoyed by those who work

there is also shared with those

who have studied or gained some

experience in the country.

France

The MBA market

in France has

been in decline

over the last decade. It is no

longer in the top 10 list for the

total number of MBA jobs. Despite

this, employers in France offer an

average overall MBA salary and

bonus of US$100,800 to their MBA

employees, meaning that it stands

at fifth in the world. Average salary

levels in France actually exceed the

UK’s if bonus levels are discounted.

US

MBA demand has

been pretty flat

in North America,

but there are outlooks of up to 16%

growth over the next year according

to the QS TopMBA.com report. This

is seemingly due to the renewed

confidence in economic recovery.

This is echoed in Europe, which

means the potential for renewed

demand for MBA graduates from

employers across the globe is high

next year. However, looking to the

present, despite the slowdown in

growth, MBA salary levels in the

country remain high, standing

at US$98,300. It would not be a

surprise to see an increase in

employee incentives and salaries

accompanying next year’s

predicted surge in interest.

Brazil

In recent years

there has been

an upsurge in the

growth of MBA job opportunities

in Latin America, with Brazil and

Mexico leading the change. This

year Brazil saw a growth rate of

14% and a corresponding average

compensation level of US$97,200

as employers in the region

continue to utilize MBA graduates

as key assets in the competition to

internationalize their respective

companies. It seems they are

more than willing to pay out for

graduates’ valued skills.

Germany

Although MBA

salary levels in

Germany are

significantly lower than that

of Switzerland, coming in at

US$93,700, this is not necessarily

representative of an equal

lack of demand. Rather, this is

due to the fact that more MBA

employers in Germany are hiring

internationally from Asia and the

Indian subcontinent reflecting the

German economy which thrives

on the demand for German goods

in Asia. Subsequently demand

for Asian MBAs to join German

companies and vice versa in order

to maintain strong global, money-

making relationships, is high.

Spain

Hit hard by

austerity, Spain

has seen a 16%

contraction in the demand for

MBA jobs this year but remains

in the top 10 for overall MBA

salary and bonus levels which sit

at US$92,900 on average. There is

good news on the horizon for MBA

job availability though, with a

forecast of 6% growth in demand

in 2014. We can expect this to be

reflected in future salaries.

Canada

Lastly is

Canada with an

average overall

compensation of US$91,600. Along

with the US, Canada is forecast to

see a 16% growth in demand for

MBA graduates which will see a

huge shift in hiring confidence

from both local and international

companies. Big employers are

recovering from the dip in the

economy, particularly in the

financial services, and are keen

to hire new MBA graduates. This

will undoubtedly lead to increased

wage prospects and career

progression.


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MBA Life in Focus:

Louise Ronnerdahl, MBA 2104 INSEAD

The last months have been intense, challenging yet magical. I

have learned so much. There is more to pursuing an MBA than the

academic experience and the dream job you will hopefully land

at the end. As I have come to learn, the most inspiring and unique

part is the people that you meet, and it amazes me everyday how

much you can learn from people from 84 different countries,

with different cultural norms, experiences and outlooks on life.

This is noticeable every day at INSEAD, but became particularly

apparent during our National Week Voting Day; a day to truly

embrace and celebrate diversity, where the students dress up

in their national costumes, share their local food and cultural

highlights. There were 300 people mingling together in a

conference hall and the positive energy in the room could have

made the ceiling collapse. I remember thinking to myself, a day

like this can only be experienced at INSEAD.

Six Months at Business SchoolDespite what some critics will tell you, MBA programs are designed to be an enjoyable and rewarding time for all concerned. The Top MBA Career Guide takes a visual look at some of the exciting happenings at business schools the world over

| Editorial

Kushagra Bhatia, AGSM MBA class of 2014

I only had one year off work to study, so I was always looking

to do something extra. I got involved with the ASPIRE

program, for which we went along as representatives of

business studies to Dubbo, a relatively underprivileged town

from which not many people go to university. Our goal was

to try and show kids that there is a different path. We had a

lot of interest – around 60-70 students from 10 schools got

involved. We decided to do our session in the style of Dragons’

Den, putting students in small groups, and assigning them

each a role. Their job was to design and paint a t-shirt to be

sold at Dubbo Zoo, a major tourist attraction, choosing to use

cheaper or nicer paint, and then negotiating a price with us. The

students loved it – we got one of the highest ratings.


Copenhagen Business School

The Leadership Discovery Process at CBS is a personal journey

to discover and refine your leadership style. It heightens

awareness of your strengths, weaknesses, blind spots,

communication preferences and values. Through a combination

of lectures, peer-to-peer coaching sessions, mentoring by

executives, and on-going self-reflection, you develop a true

understanding of yourself and your leadership style as well

as how to appreciate the differences in others .

The final capstone of the year-long course is a multi-day

leadership simulator conducted somewhere outside of

Denmark where you have the opportunity to “learn by

doing”. Through a series of outdoor activities, you take

turns to perform as a leader and then receive feedback from

your peers as well as coaches in the areas of teamwork,

communication, interpersonal skills and leadership skills.

Tuck School of Business Dartmouth College

Over the past few months, teams of first-year students at the

Tuck School of Business have participated in 66 projects for 15

organizations through Tuck Student Consulting Services (TSCS). The

student-run group connects MBA candidates with local businesses

and non-profit organizations through volunteer consulting

projects. TSCS provides students with real-world experience in

consulting, the opportunity to apply their business skills, and a

chance to give back to the local Upper Valley community. Student

teams work with 10-20 organizations each year on key business

issues.

Consulting engagements range from operations to marketing to

strategy, with TSCS teams striving to deliver recommendations

that are relevant and impactful. Many of these organizations

are recurring clients and represent a wide range of industries,

including education, health care, manufacturing, energy,

and transportation to name a few. Students do not receive

compensation or academic credit. TSCS services are 100 percent

pro bono; local businesses and non-profit organizations can benefit from and

access the fresh perspectives and diverse knowledge of graduate business

students from Tuck.

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NUS Business School National University of Singapore

There’s communication. There’s business communication. And

then there’s business management communication. Learning

the difference could be the key to being a successful business

leader.This is the reason why Management Communications

(MC) module, a core requirement for completion of NUS MBA

at NUS Business School, is one of the most challenging and

fulfilling experiences for our students.

The MC module is a week-long, unique, experiential learning

course custom-designed for NUS Business School by LinHart

Group, a leadership services firm specializing in counseling

CEOs, corporate boards, owners and senior executives.

Through mock networking sessions, role plays, group and

individual class exercises and round table discussions, the

course helps students become influential leaders by focusing

on new principles and ways of looking at business leadership.

The students are pushed outside their comfort zones, and

asked to grapple with situations far from their experiences.

Matt Brendle MBA Class of 2014 IESE

I decided long ago that social responsibility in business

was not an option, but an obligation. Fortunately this

is an ethos that I’ve been able to build on and share

during my time in the MBA. In the second year of the

MBA at IESE, you’re given more freedom to shape your

desired career path, not only through electives (coming

from a finance background I selected courses focused

on Marketing and Operations to give myself a more

rounded experience) but also through the opportunity

to lead student clubs – so it´s no surprise that I

decided to head the Responsible Business Club. As the

President of this club I get a unique opportunity to

chair the largest student run event in Europe on social

and sustainable issues, the Doing Good & Doing Well

Conference.

As I approach the end of my MBA at IESE I can certainly look back and feel proud of all the

opportunities that have been presented to me and feel confident that I have the tools to return

to a better world of responsible business.


Ayu Dewi Duke University, The Fuqua School of Business Candidate for MBA, Class of 2015

Duke-Fuqua is one of the few business schools to include

improv classes. Why? Because much of what you learn in

improvisation will help you become a successful business

leader.

Here are a few things I learned:

• Courage: Public speaking is not a problem, but being on

the stage in a crowded bar doing improv is scary. I’m glad

I said “yes, and…” to this opportunity

• Preparation: I have been playing improv games in dinners

and even before internship interviews to increase my

energy and reduce anxiety

• You’re Always On Stage: Having the mindset of being on the stage all the time enables me to slow

down and speak more clearly

• Be in the moment: I used to worry too much about what I should say next. After improv, I learned

that any conversation is a two-way journey and that I don’t have to do all the work

Shereen Chalak, MBA 2013 INSEAD

It hit me that I have lived in 4 cities over the past year. But it’s not

just me. INSEAD MBAs exchanging campuses would have lived in

a minimum of 3 cities in a year. With each move, I feel aversion,

fondness, love and separation anxiety when I have to leave again.

This cycle is much faster at INSEAD. Living in Singapore is quite

interesting. Life is dictated by the city, its massive towers, gorgeous

rooftops, great restaurants and easy access to the rest of Asia. But

just when it starts to feel right and gets a bit comfortable, when

it’s no longer about discovery, it’s time to pack and leave.

The beauty of going through this cycle at INSEAD is that you’re

with more than 300 students who have made the same choices

for the thrill that comes with change. The next adventure is

coming up and this time, I’m taking with me lots of amazing

memories of Singapore.

1. What made you decide that you needed to get an MBA?

After working more than four

years at Citibank in Central

America, I felt the need to expand

on my academic and international

experience, particularly in Europe

and Asia.

The MBA was the perfect step in

my career; it gave me the tools and

general knowledge to perform at

higher levels in organizations.

2. Why did you choose ESSEC?

I am pursuing an international

career so I had to do something

global. The Global MBA at ESSEC

offered me exposure to business

in Europe, Asia and Africa, so it

definitely met my requirements.

Besides this, ESSEC’s reputation

in Europe and its extensive alumni

network were key drivers of my

decision.

I applied to four programs. Apart

from ESSEC, I applied to INSEAD,

HEC Paris and IE Business School

in Madrid. I was accepted at IE,

but decided against it because the

program had a high percentage of

Latin Americans and being with

more Spanish-speaking people

was exactly what I did not want.

ESSEC was the right place at the

right time.

3. What did you gain from your MBA?

During my MBA I spent time in

six different countries – France,

Singapore, South Africa, the

United Arab Emirates, Germany

and India – not only taking

academic courses, but also

visiting companies, creating

social enterprises for global

competitions and completing my

international immersion projects,

where I had the opportunity to

work for one of the biggest IT

companies in India for eight

weeks.

One of the other most enriching

experiences of my MBA was the

diversity of the class, which

included people of 14 different

nationalities! There were people

from Qatar, India, Mexico and

China, people who had served in

the military in Afghanistan, people

who had PhDs. This all enriches

the Global MBA experience and

the discussions we had made it

clear that cultural factors are

important when doing business

internationally.

4. How did your MBA prepare you for your current role at KPMG, both day-to-day and on a higher level?

Before the MBA I had a rough

knowledge of private equity and

valuation models for M&A. Now,

after my financial courses, I have

Q&A with ESSEC Alumnus Leonardo Banegas

After graduating from ESSEC Business School in September 2013, Leonardo Banegas, from Honduras, joined KPMG Advisory in Singapore, as part of the Operation, Synergy, Separation & Integration Team. He speaks to Mansoor Iqbal about what he learned from his MBA, why he chose to study in France and the benefits of gaining international exposure.


| Alumni Profile

the confidence to discuss and

challenge any initiative in my

day-to-day work. My personal

experience in integration in

combination with the broad

general knowledge of the MBA

allows me to do business

development consulting in a

variety of sectors.

As part of the Global MBA program

at ESSEC, we examined the

differences between business in

developed countries and emerging

countries, complemented by

rigorous finance courses that

trained us in the M&A processes.

Both of these competencies are

required in my new role, where

we see many corporations from

developed economies completing

acquisitions in these fast-growing

regions!

Additionally, during my MBA we

spent five weeks in Singapore,

where we visited many companies

and got a clear view of the

economic situation in the region,

which helps when you are

developing business not only in

Singapore but also the rest of the

ASEAN countries.

5. Tell us a bit more about your time in Bangalore.

My International Immersion

Project was one of the most

exciting parts of my MBA. I went to

India to work for one of the biggest

IT players in India. I experienced a

giant company from an emerging

market doing business mainly in

developed countries, which gave

me a different perspective on

doing business.

I was doing research and analysis

of the innovations process for

microfinance institutions (MFIs)

globally, and guiding MFIs on how

to develop successful innovations

for the base of the pyramid.

The challenge was to deliver

a foundation for developing

innovative products and business

models which would allow MFIs

to meet the needs of low-income

segments in a sustainable way.

I had the opportunity to learn

about the operations of the MFIs

and work with with the CEOs of

microfinance institutions from

India, Latin America and some

countries of South East Asia.

6. Are you where you thought you be after your MBA?

Before my MBA, I lived two years

in Taiwan. I was open to starting

my post-MBA career in Europe

or Asia. During my job search I

was focusing in consulting as my

priority and I was targeting most

of the 1st and 2nd tier consulting

companies.

7. Tell us something about your non-academic MBA experience.

A result of the diversity of the

class was that every dinner

organized with my classmates

was exotic – from amazing cheese

and wine tasting to Chinese and

Russian dishes. Of course, one

has to mention the beauty of Paris,

where there were so many cultural

activities to do, and restaurants

and bars to visit.

One of my favorite memories of

my MBA was a social business

competition, to which we had to

dedicate extra time in addition

to our normal curriculum. In this

competition we had to face global

challenges such as the food crisis

in urban slums and present our

proposal in Dubai.

8. What are your future plans?

I expect to progress in my career as

a consultant and in the long term I

expect create my own businesses

here in Asia or even Europe.

9. What advice would you give to future MBA candidates, particularly those from Central America?

Be curious and get out of your

comfort zone (in non-English

and non-Spanish speaking

countries). Try to study in two

or three different continents

to get wider perspectives and

experiences. Analyze the strengths

of the programs and quality of the

faculty, so you make sure you are

making a good investment.


“I was in private equity before I started at Columbia. At that time, only one year after the Lehman Brothers’ crash, it was clear that gloomy times were ahead for the PE industry, so I wanted to try something different – my ambition was to get into my dream sector, hospitality. Little did I know back then that hospitality was hit even harder!” After numerous interviews to gather information, unpaid assignments and two planned internships with hotel management companies falling through, she thought it prudent to put her dream aside for the time-being.

Instead, she re-entered the

investment space, working as a

strategy intern for a VC-backed

tech company in New York. To spice

things up, she also spent a week

in Uganda completing a small

student consulting project for a

local microfinance organization.

After her degree, she secured a

position at the Boston Consulting

Group. The intrinsically

international nature of working

for the consulting giant really sold

it to her as career. “My personal

circumstances changed overnight,

and I realized that I had to go

back to Russia after business

school, which led me to ask what

I could do there which would be

both challenging professionally

and global. My whole career has

been international, so I could not

imagine working in a local business

with only local people. Consulting

is a good place to be if you are keen

on a global flavor, and there are few

firms more international than the

Boston Consulting Group.”

Columbia Business School: Location and more

It was this same desire for

international experience which

started Galina on her path to

From Columbia Business Schoolto Boston Consulting Group

Consulting was not on Galina Oleynik’s radar when the young Russian woman enrolled at Columbia Business School back in 2009.


| Alumni Profile

Columbia Business School. “I

always wanted to study abroad,

but I never even considered

European schools. I thought, if

one wants business education, one

should go to the country where it

was invented. I also was certain

that two years were better than

one, so wasn’t concerned about

the extra year of earnings I’d lose.

That’s not to say I didn’t take a

pragmatic approach, but I didn’t

consider this a downside when

stacked up against what I’d gain.”

Columbia Business School offered

one major advantage over the

other schools she was considering:

“If you ask people from Columbia

why they chose it, they always say

location – and I won’t deny how

important this is, particularly

career-wise. In New York, every

major company you can think of is

at your doorstep and Wall Street is

a short subway ride away.”

The Columbia MBA: Shaping your own curriculum

One of the things she appreciated

the most was the opportunity to

exempt core classes by passing

exams to demonstrate existing

competence. “The Columbia MBA

is one of the few programs that

let you do this. This left me with

a lot of empty slots which meant

I could shape my own curriculum

from day one. I took a class in

real estate finance every semester,

which I could never do in Russia,

layered with a bunch of soft skill

courses and topped off with CBS

specialties and parts of the value

investing program. It really shaped

my experience and meant that there

was no frustration learning things

I already knew.” Consequently,

Galina’s learning experience

was consistently interesting

(and useful) – something not

everyone she knew who attended

a prestigious American business

school could say…

The aforementioned soft skill

classes were a particularly

edifying element of the Columbia

MBA, Galina found. “At times

these courses really push you

beyond your limits. When you

graduate from university with

an undergraduate degree, you

concentrate on hard skills at first,

learning how to persuade people

with facts. But you don’t pay much

attention to how the message is

conveyed, and how people perceive

you.”

What advice would she give

the aspiring MBA candidate, to

ensure that they become better

professionals after an MBA? “Make

sure you know exactly what you

want to get out of your MBA. It’s

a highly-charged time that is full

of opportunities. If you go to find

your dream job, you’ll land it, if

you do everything you can to get

it. If you want to learn something

you’ve never known before, you

will. Even if you go to get married

to a great person or just to have a

good time, you will – but you might

not get much more than that. So

stay sincere, focused and precise

with what you want – you’ve been

selected by the program exactly

because they know that you are

able to achieve anything.”


Systems engineer Andrew Selves’ interest in leadership and organizational behavior was piqued while working for the UK Ministry of Defence in aircraft flight-testing, and then procurement roles, roles required him to work a good deal in US and European organizations.

“Working with people from

other cultures made me see the

importance of organizational

behavior. The way people worked

together was generally a good

indicator of which parts of the

aircraft design were likely to be

successful. There’s an interesting

link between behavior and

engineering technology risk.”

From this observation, he

continues, he was led to think

about innovation, and how it could

be encouraged and facilitated by

leadership. But he acknowledged

that he had reached the limit of

what he could understand as a

self-labeled amateur and wanted

to look at these issues in a more

systematic and well informed

way – as one might expect from

someone from an engineering

background.

“I wanted to understand in a more

rigorous way how organizations

can work and what is helpful for

innovation and entrepreneurship,

particularly in the public sector

where value is more than just the

year end balance sheet. An MBA

would give me the opportunity

to study with people from other

cultural and business back

grounds, as well as looking at

technical MBA skills.”

He chose Imperial College Business

School, attached to the prestigious

STEM University at which he

had studied as an undergraduate

20 years prior, because of its

culture of entrepreneurship and

diversity of nationalities. “The

Imperial MBA is quite strong on

how you exploit good science and

engineering ideas and actually

adapt them to a real marketplace

so they are effective and adopted.

How to turn a bit of science that

has no commercial prospect into

something that is a commercial

attractive proposition, can make

a return on investment, and

therefore have an impact in the

real world?”

The public sector as a customer

He naturally managed to get his

hands dirty, getting together

with a patent lawyer and a PhD

to develop a technology idea

which could radically change

treatment for those suffering with

oxygen-related conditions, called

saturation driven oxygen therapy

(sdot). He was driven by a desire

to see what the public sector – in

this case the UK’s National Health

Service – was like as an adopter of

innovative technologies.

They won a business plan

competition and decided

to carry on, working with

regulatory bodies, service

contract companies, and medical

MBA Skills in thePublic Sector

An interest in organizational behavior motivated systems engineer Andrew Selves to do an MBA at Imperial College Business School in London


| Alumni Profile

practitioners to develop their idea.

“We had to work out how to appeal

to them in a way that would make

the technology relevant, adoptable

and cost effective in a marketplace

dominated by large original

equipment manufacturers.”

They managed to get another

business plan competition win

under their belts, as well as the

Royal Academy of Engineering

Prize for Innovation. A patented

prototype entered clinical trial

stage, and was the first case study

for a new regulatory approach

for low cost medical devices

(MATCH). “There has been a lot of

interest from original equipment

manufacturers. Our patented

approach is used in research and

potentially will be integrated

in commercial oxygen therapy

devices.”

He also founded the Non-Profit

Club, with speakers from the

third sector who had effectively

combined hard commercial

delivery with a wider social benefit.

“There are real opportunities in

seeing and understanding the non-

financial value you can create for

certain customers that transforms

the market.”

He cites the example of the UK Met

Office. “It operates in a way with

universities and researchers on

meteorological modeling, high end

computing research and delivers

a commercial service all in one go,

all while being only able to spend

what it earns. It would be a reach

for a purely commercial business

to have that sort of trust and that

level of relationship to deliver

what the Met Office deliver.”

Indeed, the unique nature of the

public sector means that a special

skillset is required. “Though there

are roles which require specific

expertise, many of the problems

we tackle are complex and

multidisciplinary.” One must, to a

certain extent, be a generalist to

succeed in such management roles.

An agile set of MBA skills

On top of technical MBA skills,

gaining exposure to those with

different professional and cultural

backgrounds was one of the key

takeaways from the MBA for him.

“I learned a lot from bankers and

management consultants and

those from media backgrounds.

I managed to get a really

good insight of how different

professional cultures set about

problems. When you take the time

to listen to what your colleagues

are saying, you see that they look

at information in a completely

different way. There’s a whole set

of assumptions about what else is

going on in that situation for it to

be true.”

This diverse skillset has served

him well, since graduating. His

post-MBA career has taken him

from advising a defense minister

on the ownership of four trading

funds, which he describes as being

akin to managing an investment

portfolio with all the concomitant

challenges of recruiting, selecting

and motivating chief executives

and affiliate teams, to the National

Archives, where he helped the UK

Government move from paper

records to digital multi-media.

This also involved helping the

National Archives move from a

role where they selected which of

the Government’s paper records

to preserve, to that of information

consultant, enabling digital

information to be exploited and

knowledge sustained.

It is the behavior of people in

organized groups which still

fascinates Andrew. “How do you

set the conditions for change in

an organization in which liberates

individuals to perform, collaborate

and innovate with others, and be

collectively efficient to achieve a

greater good?”

With his latest challenge taking

him to Stockholm, where he will

be leading defense engagement

with Nordic and Baltic nations, it

seems that questions about how

to help people collaborate will be

occupying him for the foreseeable

future.


|


To investigate this issue further, Hult Labs was established to research the effectiveness of business education today.

Our researchers interviewed CEOs,

senior executives, and hiring

managers at 90 top companies and

organizations around the world to

discover what they are looking for

in future employees and how Hult

can respond to this challenge.

What did the companies tell us?

• They were mostly negative in

their opinion of both the process

and the products of traditional

business education.

• They told us graduates need ten

critical skills to succeed in the

real world.

• To deliver these skills, they

believe schools need to increase

opportunities for students to

gain real-world experience.

• They believe schools should

place a greater focus on building

“emotional intelligence” within

these opportunities.

• They want business school

faculty to have more real-world

experience to deliver these

experiences.

Specifically the companies wanted employees who possessed the following skills:

• Self-awareness. Achieved by

students testing their limits and

failing, then persevering and

overcoming these challenges.

• Integrity. One CEO said, “There

are so many opportunities for

fraud and we can’t control all

of those. So we have to rely on

individuals who have a deep

sense of personal integrity.”

• Cross-cultural competency. The

ability to behave productively

in different cultural settings is

critical, given the increasingly

global nature of business.

• Strong team skills. Many

students graduate not knowing

how to work with others or

deliver and accept feedback.

• Critical thinking. As one CEO

said, “Students look at data and

don’t ask, ‘What’s it telling me;

what does it really mean?’ They

know the mechanics [of data],

but not what it really means, or

the context.”

• Communication. A Senior Vice

President told us, very bluntly,

“[Students] need to be able to

cram 20 minutes of info into

five minutes, and focus the

room’s attention on the core

information.”

What Top Employers are Looking for in Today’s Economy

With more and more jobs requiring advanced level skills and the developed world facing an impending demographic crisis, employers today report a pressing need for a dependable source of talent equipped with these high-level skills. Companies are also increasingly skeptical of traditional business education and want to see this training better reflect the realities of the 21st Century.

Adam Carstens,Director of Research at Hult International Business School

| Advertorial


What Top Employers are Looking for in Today’s Economy

• Comfort with ambiguity and

uncertainty. Students need to

show they can solve complex

challenges despite incomplete

data and would also bene”t from

more opportunities to grapple

with ambiguous problems.

• Creativity. Companies need their

people to be able to create new

solutions to current problems

and will gladly pay a premium

for this skill.

• Execution. Companies would

like students to be able to get

things done. Without the ability

to execute, all else is lost.

• Sales. Graduates need to learn

how to pitch, persuade, and

obtain buy-in from internal and

external stakeholders.

In summary, companies feel the

traditional curriculum taught at

most business schools doesn’t offer

enough opportunities for students to

practice and apply these ten critical

skills. Classes at traditional schools

often overemphasize functional

knowledge (e.g., accounting, “nance,

marketing), when basic pro”ciency

in these areas is suf”cient. Moreover,

students at traditional schools are

seldom pushed beyond repeating

academic models through tests or

essays.

In response to these findings Hult

chose to completely revamp its MBA

program for 2014/2015 so that:

• Less time will be spent on

learning theoretical concepts

and more time will be spent

putting those concepts into

practice through real projects

and simulated business

environments.

• More time will be spent working

on professional skills such

as self-awareness through

individual coaching. Students

will receive access to what we call

“Navigators” who will help them

work through issues related to

their individual performance and

performance as part of teams.

• Students will have more

chances to prove themselves to

potential employers through

projects such as the Hult Prize

(hultprize.org) and the Hult

Impact Challenge; a team-based

competition concluding in Davos,

Switzerland, where students will

have the chance to develop an

idea into a viable business.

Hult’s MBA program will therefore

devote more time to developing

the qualities employers’ want and

ensuring that our graduates are

job ready from day one. Hult is

disrupting traditional business

education and Hult Labs and its

research play a key part in that

effort.

Adam Carstens (Director of Research at Hult International Business School and Professor of Change Management)

Adam conducts original research

on new trends in business

education, and has helped design new learning approaches

in the classroom based on this research. Prior to Hult,

Adam led consulting engagements for Harvard Business

School Professor, John Kotter’s, consulting firm, Kotter

International. He was also the “rst non-Japanese full-

time faculty member at Globis, Japan’s largest business

school in Tokyo. Previous roles also include acting as

a political aide for a U.S. Senator and Congressman in

Washington, DC. Adam holds an MBA from Thunderbird

School of Global Management.

Hult Labs: at the forefront of business education excellence

Hult Labs was created to research the effectiveness of

business education. Under the leadership of Dr. Mark

Fuller (Founder of Monitor, one of the world’s most

prestigious consulting “rms, and formerly of the Harvard

Business School), Hult Labs partners with the academic

faculty at our global campuses to pilot cutting-edge

teaching methods and technological innovations.

The strongest growth in MBA salary and bonus levels occurred in emerging markets. An 8% increase in the Asia Pacific region, from $78,434 to US$85,076, is the standout figure, while the Middle East and Africa region saw a 5% increase from US$72,540 from US$76,457. Latin American salary and bonus levels remained stable at US$72,234, though with a 20% rise in average salary occurring between 2011 and 2012, this cannot be considered a negative outcome.

However, despite this strident

growth, the increased totals are

still eclipsed by the equivalents in

the traditional powerhouses of the

US & Canada and Western Europe.

Both saw a 4% rise in MBA salary

and bonus levels this year, with

average levels now standing at

US$109,200 and US$105,900.

While 4% might be considered

rather modest for these markets,

the subsiding threat of further

recession means that we could

well see a marked improvement

next year.

The story was less positive in

Central and Eastern Europe,

however, which was the only

region in which a decline occurred;

this year’s figure of US$72,109

represents a 5% drop on 2012’s.

As in previous years, the country

with the highest MBA salary

and bonus figure was Australia

(US$133,100) followed by

Switzerland (US$129,700), with

Denmark climbing several places

to take third spot (US$121,400).

Perhaps the most obvious cause

of this largely upward trend is a

gap between supply and demand.

While employer demand has

tripled since 2000, there has been

no equivalent expansion in the

size of the graduating cohorts of

top business schools. Increased

numbers of MBAs in hiring

positions, whose experience

allows them to better understand

the value of the MBA, have also

played their part.

Base salary levels bolstered by bonuses

Over the past decade, the annual

QS TopMBA.com Jobs & Salary

Trends Report has shown great

year-on-year stability in base

salary levels. It is the considerable

bonuses on offer to MBAs which

have been the primary driver of

growth. As well as traditional

performance-related bonuses,

many employers are offering new

hires sign-on bonuses to help

cover MBA tuition fees.

The average first year bonus

offered by MBA recruiters in

Western Europe stands at a

not inconsiderable US$14,000,

while in the US & Canada region

employees can expect no less than

US$18,000. The highest reported

bonus in the 2013/14 report is a

gargantuan US$250,000.

Global MBA Salary Levels

on the RiseFor candidates with

a keen eye on their MBA salary, the 2013/14 QS TopMBA.com Jobs & Salary Trends Report contains plenty of good news. The global survey of 4,318 actively hiring MBA employers reveals that salary and bonus levels are up nearly across the board this year.


| Editorial

These two regions also continue to

stand head and shoulders above

the rest of the world in terms of

average base salary levels, which

have risen 10% over the past

decade to stand at US$90,930; they

are still, however, lower than their

2008 peak of US$95,250.

Though it is some way behind, Asia

is the standout region in terms of

salary growth with base salaries

growing by 8% to US$71,635.

The figures that contribute to

this average base salary vary

greatly however, with salaries

offered in Australia and Japan

standing at roughly five times

that of economies of South East

Asia, where MBA salary levels are

among the world’s lowest.

Despite there still being a very

significant difference in base

salary levels between regions, the

gap between the bottom (Latin

America) and the top (US & Canada)

has closed over the past decade,

from 50% to 30%.

The report considers salaries

offered by both multinational

and domestic employers. In

every region, the former offer

considerably higher base salaries

than the latter. The difference is

greatest in Asia, where it is 27%.

In Western Europe it is 12%, and

in the US & Canada it is 13%. The

reasoning behind this is clear:

as business continues to become

increasingly global, multinational

companies do not want to drive

candidates away from regions

which are set to become key.

Finance and consulting salaries no longer lead the way

The report also breaks down

salary and bonus levels for the

US & Canada and Western Europe

down by industry, which makes

for some interesting findings.

Elite level finance and consulting

salaries and bonuses are on the

up – top consulting salaries are in

the US$110-130,000 range, while

salaries offered by investment bank

can reach up to US$200,000 (though

the range has widened, with some

banks reining in compensation to

around US$90,000).

However, while a decade ago, these

industries offered MBA salaries

as much as 50% higher than other

sectors, they no longer lead the

way. The highest paying field in

these two regions is metals and

mining, in which MBA salary levels

stand at US$139,600, onto which

we can add an average bonus of

US$51,600 to take the total to a

princely US$191,200. Last year’s

leader pharmaceuticals is second

(US$100,350 salary and US$22,700

bonus), and construction and

property is third (US$97,200 and

US$8,290).

Financial services is in fifth place

with an average salary and bonus

of US$107,450 while consulting

and professional services firms

offer US$104,200. It must be taken

into account, however, that many

smaller boutique consultancies

have entered the fray this year,

which will have a consequence on

consulting salary levels – though

it does mean that opportunities

are on the up in the sector.

But the conclusion is clear: once

more the financial value of the

MBA has been confirmed – if it

was ever in doubt. Perhaps the

most illuminating statistic is

the report is this – the average

post-MBA salary of US$91,000

in the US & Canada and Western

Europe, for candidates with only

three years of work experience on

average, is three times that of an

undergraduate entering the job

market for the first time. Figures

which speak for themselves.

For detailed regional analysis,

including the highest paying

schools in each regions, read the

full report by clicking the link

below.


In terms of salary, the 2013/14 editions of these reports yielded some interesting findings. The Jobs & Salary Trends Report revealed that MBA salary and bonus levels were on the up, with employers in every region except Central/Eastern Europe, compensating their hires more generously when salaries and bonuses were taken into account (salaries in the US & Canada dropped slightly, but this was offset by increased average bonus levels).

However, the Applicant

Survey showed that the salary

expectations of MBA applicants

have largely gone done, with

every region except Western

Europe – in which the rise in

salary expectations can be

fairly described as nominal. So,

strangely, MBA salary levels and

salary expectations seem to be

heading in opposite directions.

Salary expectations vs. reality

However, the story is not that

simple. While salary expectations

have dropped, the average global

figure is still high, at US$113,000

– down from US$126,500 the

previous year. It should also be

noted the latter figure is a record

high, as MBA applicants regained

confidence after the recession, so

any drop from this figure must be

taken with a pinch of salt.

This year’s average figure is

still higher than the average

compensation levels on offer in

any region, according to the Jobs &

Salary Trends Report. The highest

average MBA salary is offered by

employers in the US & Canada,

MBA Salary:Expectations vs. Reality

QS produces several pieces of annual MBA research, among which are the QS TopMBA.com Applicant Survey, which looks at the expectations, ambitions and demographics of MBA applicants, and the Qs TopMBA.com Jobs & Salary Trends Report, which as the name suggests, surveys actively hiring MBA employers to identify the latest trends in MBA salary levels and hiring.

|


who pay a combined salary and

bonus of US$109,191.

Of course, this varies by industry.

In the US & Canada and Western

Europe the average bonus

and salary for those working

in the metals/mining sector

stands at US$191,200 and in

pharmaceuticals, at US$123,050.

However, consulting salaries

stand at US$89,150 with a bonus

of US$15,050 taking the total to

US$104,200 (it must be noted

that top firms will offer more). In

financial services, the equivalent

is US$107,450 (US$95,350 and

US$12,100). So, it seems that MBA

applicants’ salary expectations are

still generally high.

It is worth considering the figures

by region too. Though many

MBA applicants do not intend

to work in their home region –

wanting to work in a country is

an increasingly important factor

in business school choice, the

Applicant Survey reveals – many

do. Salary expectations will also be

shaped by local MBA salary levels.

Almost across the board, we can

see that expectations exceed

reality. The research does not

reveal the target industries of

these applicants by region, but it

is clear that the headline grabbing

salaries on offer in lucrative fields

like consulting and financial

services have obviously permeated

the consciousness of MBA

applicants.

Latin America – the bottom region

in terms of MBA salary – is the only

region in which actual salaries

outrank expectations.

MBA Return on

0 US$30,000 US$60,000 US$90,000 US$120,000 US$150,000

Africa / Middle East

Asia Paci�c

Central / Eastern Europe

Western Europe

Latin America

US & Canada

Average salary and bonus (2013/14 QS TopMBA.com Jobs & Salary Trends Report)Average target salary (2013 QS TopMBA.com Applicant Survey)

76,457 94,000

85,076 104,000

72,109 128,000

105,901 128,000

72,234 70,000

109,191 145,000


| Editorial

investment

Though in many quarters

expectations are not being met, the

MBA remains one of the world’s

leading qualifications in terms of

return on investment, says Nunzio

Quacquarelli, managing director of

QS and author of the report.

“On average, MBA applicants are

earning in the region of US$40,000.

If we take the tuition fees of a

two year program in the US to be

around US$100,000, and take into

consideration the opportunity cost

of two years’ foregone salary and

the added investment in books

and accommodation, [we can

then weigh these up against post

MBA compensation]. The average

in the US is about US$110,000

and the equivalent in Europe is

US$105,000. Now, if you imagine

that you’re a 28 year-old and you’re

going to be working for another 25

years, with your salary growing

at an average compound rate of

7% per annum. After three and

half years you’re going to be in

the black. The net present value

on your investment of US$100,000

is probably going to be US$2 or 3

million over your working life.”

The opportunity cost of a one year

program, he adds, is even lower,

with a payback period of closer to

two and half years. So the return

on investment, for someone who is

starting from an average salary level

cannot be denied. Of course, other

factors come into play – industry

sector, the prestige of the school

attended, personal issues – but one

is certainly equipped to do better.

But this focus on whether very

high MBA salary levels are meeting

slightly higher salary expectations

is perhaps oversimplifying

the matter. The MBA return on

investment is about much more

than just salary figures.

Many a candidate, for example,

will want to change careers – 43%

of respondents to the Applicant

Survey cited this as their reason

for doing an MBA. “The MBA is a

very flexible qualification so it’s

very good for career changes,”

reflects Quacquarelli – adding that

it can also be good for those who

are looking to change function

or geography, or a combination

of the three. He adds a word of

caution, though. “If they’re looking

to change geography, location and

industry, that might be a step too

far. But, the MBA has proven to be

a very successful qualification for

career changes.”

And then there are the other

benefits of the MBA cited by

applicants – learning new skills,

network building or just the

possession of a new skill set

and knowledge – that cannot be

quantified. So while there may still

be a gap between target and actual

salaries, and it’s worth reiterating

that the latter are still desirable,

the fact is the MBA still pays.

|


The growth seen in this year’s report is in line with the average growth rate of 15% reported since QS research into MBA jobs and salaries began in 1990. There have been peaks and troughs since; declines in 2009 and 2010 standing as the most significant examples of the latter, though the 36% rise since in 2011 heralded a new age of growth, as confidence in economic recovery took hold.

But if there’s one takeaway from

the events of the past few years,

it’s that we can never take for

granted that things will remain

as they were. So, QS research

attempts, as far as is possible, to

get an idea of what we can expect

from the future by asking the

employers on whose responses the

report is based about their future

hiring plans.

So, what does 2014 hold?

US & Canada and Western Europe: Economic recovery inspires growth

For the two most economically

powerful regions of the world, the

past few years have been relatively

slow in the terms of MBA jobs. The

2013/14 report indicates a modest

2% growth in the US & Canada, and

an even smaller 1% for Western

Europe.

But it seems like 2014 might be

the year that this changes, as

the shoots of economic recovery

begin to bear fruit. In the US &

Canada, growth rates of 16% are

forecasted, and though Western

Europe’s figure of 6% may be

more modest, it is at a positive

indication of things to come as

well as significant improvement in

itself.

MBA Jobs:What Does 2014 Hold?

A 14% global rise in the number of MBA jobs across the globe and nearly across the board on improvements in salary and bonus levels will make the 2013/14 QS TopMBA.com Jobs & Salary Trends Report a pleasing read for those with a stake in the world of business education.


| Editorial

In the US, growth has been slow

due to a slow and uncertain

economic recovery. However,

that looks set to change, with the

stabilization of financial services

and the booming technology sector

driving growth, as well as recovery

in some manufacturing industries.

New companies and those only

just beginning to look to MBAs will

also continue to play a part.

In Western Europe the picture

is as multifaceted as you would

expect from this diverse continent.

Germany remains a powerhouse,

as does Scandinavia, while Italy

– driven by a notably strong

performance by the automotive

sector – is this year’s surprise

package. A resurgent financial

services industry in London

also means the UK continues to

perform.

However, Spain, Greece and Ireland

are still struggling, with growth

either remaining flat or declining.

Asia and Eastern Europe engine rooms of MBA jobs growth in 2014

With 20% growth in MBA jobs

over the past year, Asia is really

the standout region in this year’s

report. We can expect more of the

same next year, with a massive 38%

growth forecasted for 2014. India

and China, perhaps predictably,

will be driving growth as

employers continue to embrace the

qualification. The former overtook

the US as the world’s biggest hirer

of new MBAs in 2011, and the latter

jumped to third place.

Consulting, manufacturing, IT/

computer services, finance and

micro-finance were the industries

which drove growth in Asia.

Eastern Europe has had a quieter

year, with 6% growth in MBA jobs.

However, in 2014 the figure is

predicted to rise to a gargantuan

34%. The automotive, engineering

and consultancy sectors in Poland,

Romania and the Czech Republic

are predicted to drive this growth,

while Russia and Kazakhstan

are consistently strong markets

in terms of MBA hiring. While

economic recovery and the

consequent growth in MBA jobs

may seem a long way off in many

countries, in Russia demand has

remained strong, thanks to an

energy boom and an expansion of

the financial services industry.

|


try to utilize MBA talent in order

to internationalize. 9% growth is

forecasted for 2014.

MBA jobs by sector

As predicted in last year’s

report, consulting was one the

hottest sectors this year, with

11% growth in MBA jobs. This

is predicted to slow to 4% next

year however, with the emphasis

shifting to smaller boutique

firms. Technology, which also

grew by 11%, is similarly set to

slow in 2014, with 5% growth

predicted.

The industry sectors predicted to

grow most in 2014 are law (43%),

energy (14%), FMCG (13%), and

financial services (11%). The last

of these remains by far the biggest

sector for MBA hiring, accounting

for 24% of MBA jobs, while the

other three sectors are relatively

small hirers of MBAs.

The most negative forecast is

for aerospace/defence MBA jobs,

which are set to decline by 1%,

while no growth is forecasted in

metals/mining as the global boom

comes to an end. Only 1% growth is

predicted in the pharmaceuticals

industry, which only saw 2%

growth this year. However, this

represents a continuing recovery

in this industry so this cannot be

read too negatively.

So, provided nothing dramatic

occurs in the interim, it seems that

2014 will be an extremely positive

year for MBAs, as the economic

recovery continues and more and

more employers across the world

come to see the value of the MBA.

Middle East and Africa

The Middle East & Africa

continues to enjoy strident growth

in demand, with 8% growth

complementing last year’s figure

of 21% as economic recovery in

Saudi Arabia and the United Arab

Emirates continues. The overall

figures remain low; though with

13% growth forecasted in 2014,

there may come a time when this

is different.

Latin America

Latin America has also seen

growth shift to a sustainable 6%

after last year’s headline increase

of 14%. Mexico – in which many

US manufacturing operations

are based – and Brazil are the

key countries in terms of MBA

jobs. Growth is spread across the

continent however, as companies


| Editorial

United States of America

Home to the first business school,

The Wharton School (of the

University of Pennsylvania), the US

has dominated the international

business education sphere for

over a century. While other regions

around the globe have also

established both a presence and

a reputation for business school

education, nowhere has been able

to compete with the US as a study

destination for the ambitious MBA

candidate.

Indeed, as figures from the 2013

QS TopMBA.com Applicant Survey

reveal, 65% of MBA candidates

state the US is their preferred

study destination for pursuing

this prestigious business school

degree.

All students who come to study

from outside the US are required

to hold an F1 student visa. For

those who wish to work in the

US upon completion of their MBA

degree on a short-term basis, their

F1 status can be used to apply

for optional practical training

(OPT). This must be done with the

US Citizenship and Immigration

Services. A short-term visa allows

the MBA student to work in the US

for a period of up to 12 months

following graduation.

However, for many MBA students

(66% in fact according to the QS

Applicant Survey), improving

career prospects is a significant

motivating factor for pursuing an

MBA, and where better to fulfil

these career prospects than in the

US?

To work in the US longer than 12

months after graduating, MBA

students need to find an employer

who is willing to sponsor them for

a work visa. This will usually be

an H1B visa. This will allow the

graduate to work in the US for up

to three years with the option to

renew for a further three.

United Kingdom

The UK has always been a hub for

business, finance, industry, and

innovation which makes it an ideal

destination, not only for the MBA

candidate but the MBA graduate

as well. UK business schools

place strong emphasis on their

connections with employers which

creates long reaching benefits for

business school graduates.

However, as is the case with any

country, for those candidates

who wish to stay on and work

post-study, visas are required.

The good news is there are two

potential options for non-EU MBA

graduates.

The first is the Tier 1 graduate

entrepreneur visa. This category

allows non-European MBA and

other graduates to extend their

stay after graduate to establish

one or more businesses in the

UK. In the current year (6 April

2013 to 5 April 2014), 2,000

places are available under this

category. Of these 2,000 places,

half are allocated to qualifying

Higher Education Institutions for

Post-Study Work Visasfor MBA students

According to the 2013 QS TopMBA.com Applicant Survey, 51% of business school candidates now choose their study destination based on where they would like to work post-MBA. But being able to stay on in their preferred study destination requires a post-study work (PSW) visa. Ann Graham looks at the rules and regulations surrounding PSW visas in ten of the world’s most popular study destinations.

| Editorial|


MBA graduates, known as MBA

endorsements (i).

The second is the Tier 2 (General)

visa. The UK Home Office states

this visa is for foreign nationals

who have been offered a skilled

job to fill a gap in the workforce

that cannot be filled by a settled

worker. In the current year (6

April 2013 to 5 April 2014), 20,700

places are allocated for skilled

workers who are employed in jobs

with an annual salary of less than

£152,100. There is no limit for

skilled workers with an annual

salary above this figure (ii).

Both visas are part of the points-

based system.

Canada

Canada’s business education

sector can often be lumped with

its neighbor under the ‘North

American’ umbrella but the

country’s business schools have

made the effort to ensure their

MBA offerings don’t go unnoticed

by motivated candidates – and it’s

paying off.

According to the QS Applicant

Survey, MBA candidates are now

considering a far greater range of

study destinations, with Canada

and Australia more popular than

ever before. Figures show that in

2013, Canada was the third most

preferred MBA study destination

behind the US and UK. This is

compared to 2009 when it ranked

sixth. What’s more, Canada – as

a study destination – appeals to

candidates across the board, from

Western Europe (12.8%) to Latin

America (30.3%).

Canada has added to its appeal

by making changes to its Post-

Graduate Work Permit Program.

Under the program, international

graduates can obtain a three year

open work permit, allowing them

to work for any Canadian employer

in any industry, so long as their

program of study is a minimum

of two years. Candidates do not

need to have a job at the time of

application, but they must apply

for a work permit within 90 days

of receiving written confirmation

that they have successfully

completed their program of study

(iii).

Australia

Australian higher education

institutions are quickly making

their presence known in the

world of business education. In

the 2013/2014 QS TopMBA Global

200 Business Schools Report,

11 Australian universities were

ranked, with Melbourne Business

School leading the way at place

number three in the Asia Pacific

region.

Australia, along with Canada,

has also grown in popularity

as an MBA study destination

over recent years. Furthermore,

international recognition of

qualifications, cultural interest

and lifestyle, and the appeal of

post-study employment are the

three top reasons for a preferred

MBA study destination according

to the QS Applicant Survey, which

indicates Australia could offer the

full package of work, study and

lifestyle opportunities for many

MBA candidates.

While studying, an international

MBA student is allowed to work

up to 20 hours per week when the

course is in session. These hours

are unrestricted during recognised

vacation periods. Post-MBA, those

graduates whose program lasts

for at least 92 weeks qualify for a

PSW visa which lasts two years.

Students do not need to have a job

offer before applying for this visa.


Singapore

Asia’s growth and development

in all things business has been a

source of much intrigue for the

rest of the world over the last ten

years or so and the region shows

no sign of resting on its laurels.

A product of this growth and

development has been the surge

in business education offerings in

the region with Singapore leading

the way.

Results from the QS Applicant

Survey have Singapore as the

most preferred Asian study

destination for MBA candidates

and the seventh most preferred

overall. While the majority of this

interest comes from within Asia

itself (28%), candidates in Western

Europe (11%) and to a lesser extent

Eastern Europe (7.5%) are also

seriously considering Singapore

as their MBA study destination.

This, in part, is because of the

employment opportunities

Singapore has for the MBA

student, post-graduation. To

stay on and work in Singapore,

students must secure a job before

applying for their work visa. Once

a job is secured, the student will

be issued with an Employment

Pass (EP). This is sponsored by

their employer.

Germany

The proportion of candidates in

Western Europe interested in

studying an MBA in Germany is

on the rise – significantly. Figures

from the QS Applicant Survey show

that in 2013, 22.3% of respondents

favored Germany as their preferred

study destination, up from 6.3%.

Yet, Germany’s appeal extends

further with 28.3% of Eastern

European respondents choosing

Germany as their preferred MBA

study destination, alongside 19.3%

of Latin American respondents

and 17.8% of respondents from the

Asia-Pacific region.

Germany has an established

reputation as a relatively stable

country, both politically and

economically, which adds to

its appeal as a post-MBA study

destination, particularly given

the ease with which post-study

visas can be processed. Following

graduation, students can extend

their general residence permit to

enable them to stay in Germany

for up to 18 months. This gives

them the opportunity to search

for employment. Once they have

secured a job with an annual

salary greater than €40,000, they

can stay on indefinitely.

Hong Kong and Mainland China

Much like their Asian counterpart,

Singapore, both Hong Kong

and mainland China have come

on in leaps and bounds with

their educational offerings to

business school candidates.

While partnerships with Western

business schools have helped to

cement their place in the world of

business education, much of the

credit can go to Hong Kong and

Chinese universities themselves.

In the QS Global 200 Business

Schools Report, China’s Peking

University is ranked in the top

ten in the Asia-Pacific region,

while China Europe International

Business School (CEIBS) and the

Hong Kong University of Science

and Technology (HKUST) Business

School are ranked just outside at

places 11 and 12 respectively. A

further six schools from Hong

Kong and China are listed in the

top 200.

Given the growing influence of the

two countries on the global stage

it’s no wonder MBA candidates are

interested in working in the region

post-MBA. To stay and work in

Hong Kong after graduation, a

student must apply under the

‘Immigration Arrangements for

Non-local Graduates’ (IANG).

This is quota-free and non-sector

specific (iv).

To stay and work in mainland

China after graduation, students

will need to apply for a Z visa.

This is often much easier to have

approved if the course of study has

been completed in China. This visa

does, however, require graduates

to have an employment permit.

Applicants can obtain a permit

from the Ministry of Labour and


Social Security in China or the

State Administration of Foreign

Experts Affairs (SAFEA).

France

France is the fourth most preferred

MBA study destination according

to the QS Applicant Survey and,

furthermore, appeals to business

school candidates from a wide

spectrum of nationalities. Figures

show France is most popular to

respondents from Eastern Europe

(40.6%), although it still appeals

to many respondents in Western

Europe (32.3%). However, its

attraction as a study destination

goes further afield with 27.9% of

respondents from Latin America

indicating France as their

preferred study destination and

22.8% of Asia-Pacific respondents

saying the same thing.

Campus France [www.

campusfrance.org], the national

agency which promotes higher

education, international student

services and international mobility,

explains that “students from

member countries of the EU may

work in France without restriction

after they graduate. Students from

other parts of the world who have

earned at least a master’s degree or

the equivalent may apply for a one-

time (non-renewable) temporary

residency authorization (APS)

valid for 12 months beyond the

date of expiration of the student’s

residency permit. The authorization

enables the student to work at

any job up to the limit of 60% of

the official work week (just over

half-time employment). Students

who obtain a job related to their

academic program at a rate of

compensation equal to at least 1.5

times the national minimum wage

may enter full-time employment by

filing a request for change of status

(from student to employee) at their

prefecture (v).”

Switzerland

Home to some of the world’s top

business schools, it’s no wonder

Switzerland is placed in the top ten

of preferred MBA study destinations

by candidates in the QS Applicant

Survey. What’s more, these

candidates come from all corners of

the globe: 11.6% of candidates from

Africa and the Middle East indicated

they were interested in studying an

MBA in Switzerland, while 14.5%

of Asia-Pacific respondents also

identified the European country as

a destination they would consider

for MBA studies, a similar number

to 15.9% of respondents from Latin

America. However, the bulk of

candidates interested in pursuing

their MBA in Switzerland come from

Eastern Europe (30.7%) and Western

Europe (20.9%).

While Switzerland may have some

of the world’s top business schools

at which candidates can study their

MBA degree, it’s not the easiest of

countries to stay post-study. That

said, there are still opportunities

to do so. Candidates, known as

third country nationals, who have

studied at a Swiss higher education

institution are eligible to stay on in

Switzerland for six months post-

graduation to look for employment,

thus having the opportunity to

implement their MBA studies into

the real world environment.

Notice: All of the information contained in this article is believed to be correct at the time of going to press, however visa rules are complicated within any country. The information contained in this article should in no way be considered a substitute for conducting your own research. While the author, the people quoted in this article, and QS Quacquarelli Symonds have provided this information with the best of intentions, all parties consider it a

necessity for MBA applicants to conduct their own research regarding the topics discussed.

(i) http://www.ukba.homeoffice.gov.uk/visas-immigration/working/tier1/graduate-entrepreneur/(ii) http://www.ukba.homeoffice.gov.uk/visas-immigration/working/tier2/general/(iii) http://www.canadavisa.com/post-graduation-work-permit-program.html(iv) http://www.immd.gov.hk/en/services/hk-visas/professional-employment/guidebook.html(v) http://www.campusfrance.org/en/page/working-after-graduation


It is almost a truism to say that working in financial services lost some of its allure in the post-crash landscape. Indeed, banking became – and remains to some – something of a dirty word. Untrammeled arrogance from the likes of Dick Fuld and his Lehman Brothers colleagues in the face of impending disaster, despite warnings, did precious little for the sector’s reputation.

However, reputations can recover.

Take Martin Scorsese’s box office

dominating The Wolf of Wall Street.

Much like Oliver Stone’s Wall

Street, despite showing the darker

side of the industry, it is not the

moral message which captures the

imagination, but the glamour.

Of course, the Machiavellian

antiheroes depicted in these

films would not be tolerated in an

industry which has learned from

its mistakes. In the real-world, it is

figures like Barclays’ chief executive

Anthony Jenkins who are rising to

prominence, insisting on adherence

to values and principles which

have little in common with Gordon

Gekko’s ‘greed is good’ mantra.

Meanwhile, Deutsche Bank CEO

Anshu Jain, reportedly requested

a US$2.6 million pay cut in 2013

and promised, along with co-CEO

Jürgen Fitschen, to transform their

bank’s corporate culture.

Jairaj Singh, a recruitment

consultant specializing in

investment banking & global

markets at Michael Page Hong

Kong, states that roles available

have shifted due, in part, to this new

paradigm. “Risk and compliance

have been key areas of growth,

while corporate finance and M&A

teams have become leaner due to

cost cutting pressures.”

He adds, “There has been relatively

strong activity on the buy side, with

client attention focused on China;

multiple hedge funds, to which

much risk has been deleveraged,

and asset management firms have

made their presence felt.”

Still a leading target sector

Those already working in the

sector are in no hurry to leave.

76.2% of respondents to the 2013

QS TopMBA.com Applicant Survey

already working within the sector

were seriously considering staying

put – a retention rate matched

only by consultancy and energy/

environmental/utilities. It is also

popular with those who were

looking for a change, with only

consulting matching it in terms

of appeal. 41% of those working

in consulting, 33.1% in energy/

environment/utilities and 33%

in education were considering

transitioning to finance. Aside from

media/advertising, at least 20% of

respondents in each sector were

considering making the move over

to finance.

Stickers and twisters alike will be

pleased to hear that opportunities

are on the up. Globally, the sector

was the joint-fasting growing in

Careers in FinanceConfidence is

returning to a chastened financial sector in the post-crash landscape, writes Mansoor Iqbal.


| Editorial

terms of MBA job opportunities,

according to the 2013/14 QS

TopMBA.com Jobs & Salary Trends

Report. Globally, MBA employers

reported an 11% growth in job

opportunities, on the back of 16% in

2012.

This is particularly prominent in

emerging economies. 21% growth in

financial services and micro-finance

jobs contributed significantly to

a total growth of 20% in MBA job

opportunities in Asia – the standout

region in the report. Demand is so

strong in China that the Municipality

of Shanghai has opened an advanced

center for financial studies. There

was also 29% growth in finance jobs

in the Middle East, contributing to a

total growth of 8%.

While growth in developed

economies has been a bit slower, it

is predicted that we are entering a

better time for financial services

in Anglophone North America and

Europe. Economist and journalist

Anatole Kaletsky predicts in his

Reuters blog that the US economy

will be growing by 4%, rather than

the IMF’s predicted rate of 2.5-3%.

He also predicts that the expected

rate of inflation globally will rise to

3%, and consequently the benchmark

for global growth will rise to 7%. His

conclusion? The ‘new normal’ will

be, well, rather similar to the old

normal in the decade leading up to

the financial crisis

Breaking into finance: Soft skills required

With a half a decade of cautious

trading behind them, it may well

be that banks will be looking to

up hiring levels, and who better

than MBAs who have been trained

in the wake of the financial crisis,

and subsequently come with an

understanding of the folly of pre-

crash arrogance – particularly

those who were on the frontline?

But, Singh warns that it is still

competitive, and an MBA will not

allow you to walk into any role.

“Studying at a reputable business

school – a Harvard Business School

or an MIT Sloan – could potentially

give you an edge in terms of

grabbing an employer’s attention.

But ultimately, it’s a combination

of skills that counts, a consistent

track record and a story behind the

choices for your career development

are far more important.”

You should start planning several

years in advance, he says – during

the MBA admissions process is as

good a place as any, as it will require

you think about the same questions.

“Do your due diligence and mold

your education, experiences and

qualifications accordingly. Building

a strong network prior to entering

the job market is essential but to do

so is not easy; it requires intelligence

and strong soft skills. The rest will

follow.”

So, what does it take to really

catch the eye? “Different roles have

different requirements. Generically

speaking, strong financial modeling

skills and the ability to produce

high quality value added work is a

must. Behaviorally, you need to be

a hardworking and versatile person

who can interact with people from

diverse backgrounds and cultures.

Being a team player is important.

If you don’t have a combination of

technical skill sets with equally

impressive soft skills, it’s highly

unlikely you will go very far in your

career, especially in competitive

roles dominated by politics.”

QS research has consistently shown

that soft skills are in high demand

with employers – and that they are

an area in which MBAs are often

found wanting. But, this therefore

makes them an obvious way to give

yourself an advantage. A unique

value added proposition will also

help, he adds, such as learning to

speak several languages.

So, if you succeed, what sort of

remuneration can you expect?

In Western Europe and the US

& Canada, the average stands at

US$95,350, supplemented by a

bonus of US$12,100, taking total

compensation to a tidy US$107,450.

This is no longer a table-topping

figure, but it’s hardly pocket change

either…

However, you shouldn’t aim at a career

in finance, Singh adds as a final word

of caution, unless you’re absolutely

sure that it is for you: “Jumping into

a job without spending the time to

fully understand the ins and outs of

the role and the business is folly. You

need to truly assess whether it’s the

right fit for you, because you could

set off in a career path which may be

difficult to change in the future.”


solution-shop model in which

the consultant provides value

based on expertise. Increasingly,

however, consulting firms

develop new business models

that incorporate sophisticated

technologies and new practices in

providing value for money to the

customer. As the industry research

outfit – Source – notes, the greatest

opportunities for growth are in

new services and new delivery

models for consultancies.

Thriving industry

This dynamic is reflected in the

growth of the overall global market

for consultancies. While revenue

in the global consulting industry

amounted to US$ 391 billion in

2012, this number approximates

US$ 415 billion in 2013. Following

a brief dip in revenues, in the

wake of the financial crisis, the

consulting sector as a whole has

not only recovered but is positively

thriving at present. According to

Plunkett’s industry research study

on consulting, it is particularly

those consultancy projects that

deliver strategies for expansions

into emerging markets and

information technologies that will

be in high demand and therefore

experience the most solid growth

in the mid-term.

New emerging markets

There are also notable geographical

trends. Perhaps not surprisingly,

growth in mature markets for

consultancy has slowed down

significantly – including such

traditional consultancy hotspots

as the United States, the United

Kingdom and Germany. Consultancy

revenues in emerging nations,

however, are soaring. Particularly

thriving are markets in the Middle

East and Asia. In the Middle East, it

is Saudi Arabia and Qatar who have

initiated the strongest growth in

consultancy business in the region,

with Saudi Arabia representing 32%

of consultancy business in the Gulf

Corporation Council and Qatar 13%,

fuelling an already booming market.

Both China and India have

also seen a strong growth in

consultancy business, although

it has recently come to a bit of

a slowdown, as Plunkett report.

Nonetheless, soaring business

markets like China, Singapore,

Indonesia, Malaysia, Taiwan and

South Korea provide a sound

basis for a continual supply of

consultancy projects and business.

Other emerging markets soaring

steadily to the top in developing

their consulting sectors are Latin

American strongholds like Brazil

and Argentina. The boost in these

markets is reflected by MBA hiring

trends in the consultancy sector, as

the latest QS TopMBA Jobs & Salary

Trends Report highlights. The study

reports a strong growth in MBA

recruitment particularly in Latin

America and Africa and the Middle

East, where the MBA demand in

consulting increased by 33% in the

former and 26% in the latter. In

stark contrast, demand in the US

and Canada grew by only 1%.

MBA Careers in Consultancy: What’s in Store for 2014?

Many an MBA graduate aspires to a thriving career in consulting, as this sector has become somewhat of a gold standard in terms of graduate salaries and career trajectories among freshly minted MBAs. And that is for good reason.

These are exciting times for

professionals in consulting.

While the mature markets will

experience less growth, there will

new developments in techniques

and methods in consulting as a

profession. For those interested in

getting a foot in the door in new

and exciting emerging markets, the

consulting industry holds a wealth

of possibilities in the near future.

Salaries remain high

Not only do MBA graduates who

enter the consultancy sector make

among the highest entry level

salaries of US$ 104,000 per annum

on average, the consulting sector

overall has also been one of the

most prosperous and continually

growing areas of business globally

in recent years and this trend is

forecast to continue. Comprising

a broad range of business areas,

consulting activities range from

HR to IT to marketing to market-

specific business advisories.

Traditionally, the consulting

sector was reliant on the skills,

experience and capacities of the

consultants in a conventional


| Editorial

Elke Schwarz

This growth in MBA demand for

consultancies reflects the rise

of new economic powerhouses,

such as China and Brazil, and the

strong economic development of

their local markets. However, the

trend can also be attributed to

the assertive expansion of the top

multi-national consultancies into

new and prosperous markets in Asia

and Latin America. MBA graduates

hired by consultancy giants like

Accenture, KPMG or Deloitte, can

expect to either work predominantly

in emerging markets or travel

extensively to such regions.

Hiring trends in 2014

MBA hiring for the consultancy

sector remains high overall. As top

business schools report, a large

number of their MBA graduates will

aim to join a consulting firm upon

graduation. Chicago Booth, for

example, places up to 75% of their

MBA graduates in consultancy

and finance jobs. Similarly, 41%

of INSEAD MBA graduates were

taking up jobs in the consultancy

sector in 2012 – an increase from

39% in the previous year. Reflecting

the rise of consultancy in the

Global South, INSEAD specifically

notes a trend in a growing number

of their graduates heading for

the Middle East and Africa in

the pursuit of their consultancy

careers. This shift took place to

the detriment of Western Europe

in particular, where numbers fell

by 10%. Similarly, Kellogg reports

that the top six employers in 2012

were all consulting firms, with

McKinsey & Co leading the table,

followed by Boston Consulting

Group and Bain & Co. Overall, 37%

of the 2012 MBA cohort at Kellogg

went into consultancy.

Consultancy firms targeting MBAs

The breadth and depth of skills

MBA graduates can offer to a

consultancy makes them such

desirable employees. MBAs are

confident, flexible and have typically

been exposed to diverse cultural and

academic influences and that is what

many consultancies are looking for.

As Kate Newton, head of

recruitment at Accenture UK

confirms: “What we value in MBA

graduates is not only the generalist

knowledge and team working spirit

they bring to the table, but also

the ability to approach complex

solutions creatively and with a

dynamic approach”. As Accenture’s

business activities expand, the

demand for skilled MBA graduates

continues to grow for Accenture.

What becomes particularly

important is the ability to work in

a global context.

Newton elaborates: “what we need

in particular are professionals who

work well with teams, specifically

global teams.” The global outlook

which many MBA courses offer

to their students is a key factor in

hiring for the consultancy industry.

Nicky Winch, Head of Recruitment

at CapGemini Consulting in the

UK notes: “MBA courses provide

students with the chance to think

about the global economy as well as

work alongside a truly international

mix of students from a diverse

range of backgrounds and cultures.

This means MBA graduates can very

often adjust and contribute very

quickly when joining a company

like Capgemini Consulting”.

The focus on a good blend of

interpersonal skills with analytical

and quantitative abilities and

a global outlook make the MBA

graduate an obvious choice for a

consultancy company that relies

on both expertise and variability

in creating customer value. For a

number of the top consultancies, an

MBA is the minimum qualification

for entry into their firm and many

have specific internship programs

for MBAs that foster their skills

and allow them to develop the

knowledge acquired in the

classroom, within a real-world

setting. At Bain & Co, MBAs join

the firm as consultants or summer

associates, for example, and get to

work on specific client problems

over the course of the internship.

Deloitte provides specific job

opportunities to MBA students

which gives them a chance to

develop their existing experience

or gain insights and experience in a

new sector. Programs like these not

only promote top MBA talent, they

also create important links between

academia and industry and allows

MBA students to develop a strong

and effective career network.

Elke Schwarz is director of

www.estonline.co.uk.


In our private lives as well as our professional lives we have come to rely on machines, electronics, gadgets and apparatuses with which we or organise the minutiae of our lives. From day-to-day activities like writing emails, sending texts or ordering supplies online, to highly sophisticated medical or military technologies, the tech sector dominates the globe in an increasingly interlaced manner. Silicon Valley has long matured, but technology giants, such as Google, continue to find ever-new and innovative ways to cement their significance in the technology sector.

Google’s recent acquisition

of Boston Dynamics and

DeepMind, both firms engaged

in the development of Artificial

Intelligence and robotics,

reflects the drive for expansion

and growth within the sector.

Technology makes the world go

‘round and will continue to do so

in ever-more autonomous ways.

It is unsurprising then, that the

demand for MBA graduates has

soared within the technology

sector as start-up business

have matured and require more

sophisticated and complex

business approaches.

The global technology sector as

such is one characterised by a rich

diversity – from the aeronautic

technologies to cloud technologies

to nanotechnologies. This breadth

makes it difficult to assess the full

size of the global market. According

to Gartner, a leading marketing

research firm for the tech sector, the

IT spending in 2013 approximated

US$3.7 trillion. This represents a

4.2% increase from the previous year.

Worldwide spending on technology

was forecast to be around

US$666 billion in 2013,according

to Gartner, while worldwide

enterprise software spending will

have amounted to US$269 billion

in 2013. This is merely a snapshot

of the many industry segments that

are comprised in the technology

sector but offers an insight into the

financial potency of this industry

and the pace at which the sector

develops.

As is the case with many other

industries, the technology sector has

a growing stronghold in Asia and

other emerging markets. With big

US technology firms tapping heavily

into Asian and Latin American

markets, India is strong and so is

China. But unlike consulting the US

continues to be among the strongest

recruiters of MBAs, along with Asia,

Africa and the Middle East. As such,

the technology sector continues to

be a key driver for job creation and

growth and overall outperforms

many other industries in 2012 and

2013.

This is reflected in the growing

interest in MBA graduates in the

technology sector, and business

schools across the globe have

noticed an increasing number

of their graduates entering the

technology sector upon graduation.

Indeed, technology, as an industry,

is among the fastest growing in

Soaring Demand for MBAs in the Global Technology Sector

It has become a truism that technology is indeed omnipresent in every aspect and angle in our lives. Without technology – in the widest sense – we could no longer function, or at least not as effortlessly and efficiently as we do today.

Elke Schwarz


| Editorial

terms of MBA recruitment, along

with consultancy and finance –

two continually strong sectors for

MBA graduates. Harvard Business

School reports that 18% of Harvard

graduates in 2013 have headed into

the technology sector, a consistent

increase from 12% in 2012 and 8%

in 2010.

Many MBAs going into the tech

industry already have a background

in technology and seek to broaden

their general management skills, as

well as gain valuable interpersonal

skills and build networks in order to

progress from a technical position

into a managerial position. And

it is precisely this combination

that employers in the technology

industries and also other sectors are

looking for.

Kate Newton, head of recruitment

at Accenture UK is emphasising the

importance of a tech-savvy MBA

graduate: “We need people who are

not afraid to deal with technology

in all aspects. While this does not

require a specific specialism in

technology, it is important that

MBAs are able to be comfortable

with the ambiguities inherent in

new and emerging technologies

in all aspects of our business

segments”.

The ability to understand

technological processes and logics,

paired with a generalist business

acumen, makes for a winning

combination for business across

the board – not just technology

enterprises and will continue to

grow in importance as digital tools

invade the business environment,

giving rise to significant changes

in work processes, communications

and general outlook. Capgemini

is one of the companies at the

forefront in helping their clients

digitalise their processes through

consultancy and in this endeavour

is interested in hiring MBAs that are

technically savvy. As Nicky Winch,

head of recruitment at Capgemini

Consulting UK notes: “With extensive

experience in understanding

the digital economy, Capgemini

Consulting is strategically placed to

help clients deliver better products,

services and business processes

through digitisation and is hiring

consultants with this type of

experience throughout 2014 and

beyond”.

Given the strong growth and potential

of the market, it is not surprising

then that MBA programs catering

towards technology professionals

are gaining in popularity the world

over and many technologically-

oriented institutions are beginning

to incorporate MBA programs into

their program portfolio. Georgia

Tech’s Scheller College of Business

offers specific programs that

combine both aspects. The EMBA

in Management of Technology, for

example, is tailored to provide

students with the ability to

““identify emerging technologies

across multiple channels”. Similarly,

Germany’s renowned RWTH

Aachen provides its engineering

and technology students to gain

important insights into business

processes and practices by offering

a globally-oriented EMBA program.

Technology companies of all sizes

benefit from the skills a tech-

savvy MBA graduate has to offer

and look to their expertise in both

areas – technology and business -

to professionalize their business

processes and make their products

more commercially viable in an

increasingly competitive and

fast-paced global market. While

salaries are not quite on par yet

with other top industries for MBA

graduates, such as consulting or

finance, they are slowly but surely

increasing. Current salaries are at

approximately US$92,500 per year

for MBA graduates entering large

technology companies, and many

receive a substantial bonus in

addition to this base salary.

Any MBA candidate looking to

enter into a sustainable and

rapidly-growing industry should

take the technology sector into

consideration as a specialization

focus. Businesses around the globe

and in all arenas will continue to

rely on skilled professionals with

the audacity and ability to embrace

the continually new.

Elke Schwarz in the director of

estonline.co.uk


Two industries that have seen a considerable increase in demand for MBAs are the energy sector and the pharmaceutical industries. Both are heavyweights that shape markets and have a considerable political impact globally and make for an exciting opportunity for high-potential MBA graduates.

Energy

The energy industry is subject to

a transformation of impressive

scale. While energy demands

will reach unprecedented levels,

specifically from China and India,

many changes in the industry are

afoot. Environmental governance

and climate change is the name of

the global political game the entire

energy sector is facing.Moreover, as

technologies for the production of

traditional and new energy forms

develop at lightning speed, the

industry as a whole and big player

companies must adapt to policy

and regulatory changes and find

flexible ways to remain competitive.

While the novel and somewhat

controversial oil production

practice of ‘fracking’ is set to

reshuffle existing dependencies

on foreign oil on the global energy

market, particularly for the United

States, other nations, such as Brazil,

set their sights on a green energy

mix involving the development of

hydropower and other sustainable

energy sources.

What emerges is a division of

fields between traditional energy

companies focusing on oil and other

fossil fuels and new companies that

invest heavily into sustainable and

renewable energy resources for the

future. Fossil fuels will continue to

dominate the global energy market,

making up 82% of the world energy

mix. Global government subsidies

for this segment of the energy sector

have approximated US$544 billion

last year. In contrast, the renewable

energy segment only received a total

of US$101 billion from governments

around the globe. Nonetheless, the

renewable energy sector is expected

to double by 2035, if existing

policies are maintained, according

to the International Energy Agency

(IEA).

Big players such as Exxon Mobile

and new entrants in the industry

are competing untiringly to access

untapped markets, improve

competitiveness, reduce costs and

remain at the cutting edge of new

developments in order to stay at the

top in the industry. This, as Malcom

Riley at the Fuqua School of

Business notes, “presents a unique

opportunity for talented MBAs”.

Traditionally, MBA hiring has

presented a small segment of

overall employment for the energy

sector as a whole, but as companies

are focusing on improving their

performance and productivity

and seek to reduce costs in the

coming years, MBA skills will be

in unprecedented demand for the

sector. This trend is already reflected

in recent MBA hiring. The Graduate

Management Admission Council

(GMAC) reports in its 2013 Recruiter

Survey, that, in comparison to the

previous year, demand for MBA

MBA Hiring Trends:Up-and-coming sectors

The era of MBA graduates solely gravitating toward consultancy and finance is slowly but surely coming to an end. A growing number of highly dynamic industries are increasingly looking toward MBA talent to expand their business, streamline their costs or develop new practices.

Elke Schwarz


| Editorial

graduates has soared by 11%. The

majority of companies hiring MBA

graduates are looking primarily for

employees with in-depth hard skills

in finance, business development

and accounting in order to meet

their business goals for increased

productivity and reducing costs.

This development is also reflected

in the 2013/14 QS TopMBA.com

Jobs & Salary Trends Report,

which highlights the energy sector

as one of the most dynamic MBA

recruiters with a 14% increase from

the previous year. And while the

energy sector is not traditionally an

industry chiefly sought after by MBA

graduates, this is set to change as

new and exciting alternative energy

providers expands their businesses

and require solid business acumen

to do so.

Pharmaceutical Industries

Similar to the energy sector, the global,

regional and local pharmaceutical

industries are strongly entwined

with governmental policies and

regulations for the healthcare sector

and must remain dynamic in order

to thrive in an increasingly complex

environment. On one hand, the

industry is facing regulatory changes

at the national level, which require

companies to make adjustments to

products and services in order to

perform well. On the other hand,

pharmaceutical companies the

world over are facing considerable

image issues, following some major

Big Pharma scandals in recent

years. Harald Schwarz, Director at

ASSCOM.Schwarz, a consultancy

active in the pharmaceutical sector

in Europe, confirms: “The pharma

industry has been characterised by

a high dynamism in recent years

as companies must adjust to new

regulations and practices that affect

the healthcare industry overall.

As governmental subsidies for

prescriptions decline throughout

Europe, the profitability for

the pharmaceutical industry is

negatively affected. Furthermore,

the sector suffers from probably the

least favourable images due to some

questionable practices and outright

scandals.” Mr. Schwarz has worked

with some of the big pharmaceutical

companies in Europe, including

Glaxo Smith Kline and Roche, and

finds that in order to maintain

the high levels of profitability, the

pharma industry “must streamline

their processes and manage their

brands carefully. It is a profitable

but volatile market overall.”

Nonetheless, the industry as a

whole has been tremendously

profitable and is set to continue on

this path of success. Globally, the

pharmaceuticals market is worth

a total of US$ 300 billion per year.

This number is expected to increase

substantially within the next three

years to an estimated US$ 400

billion. The global pharmaceutical

industry is highly consolidated with

ten Big Pharma companies, situated

primarily in the US and in Europe,

controlling more than a third of the

global market. The WHO estimates

that throughout the 21st century,

North America, South America,

Europe and Japan will account

for 85% of the global market in

pharmaceuticals.

As the global market changes,

however, pharmaceutical companies

are required to gradually adjust

from the old economic business

model based on Research and

Development (R&D), the protection

of patents and high-margin

production to a more technically

oriented service provision and

technological innovation. The

growing significance of biochemical

industries for the pharmaceutical

sector is a case in point. While

pharmaceutical companies like

Pfizer, Johnson & Johnson and

Roche are seeking to develop their

businesses, improve performance

and productivity, and improve their

brand image, specific MBA skills

in business development as well

as marketing are in increasingly

high demand. Big pharmaceutical

companies are fostering MBA skills

by offering Leadership Development

programmes to high-potential MBA

graduates – like Johnson & Johnson

– or MBA Fellowships to “encourage

people of the highest career

potential to complement their

medical or science qualifications

and experience with a first-

class business education”, as the

Swiss pharma giant ROCHE does.

Salaries in the industry are highly

attractive for MBA graduates. The

QS TopMBA.com Jobs & Salary

Report 2013/14 reports salary

averages of US$100,350, which,

with an added average bonus of

US$22,700 comes to a proud US$

123,050 per year. While the GMAC

indicates that growth in demand for

MBAs in the pharmaceutical sector

spiked as strongly as in the energy

sector from 2012 to 2013, the overall

growth remains strong but steady,

whereby QS TopMBA.com indicates

that companies in Eastern Europe

and Western Europe indicate the

most notable increase in demand

with 33% and 10% respectively.

For high-potential MBA graduates,

both industries present incredible

opportunities in the near and distant

future. MBA candidates interested in

the global energy or pharmaceutical

sectors would do well to look into

MBA programmes that offer modules

engaging with energy matters or

healthcare issues to gain entry in

either one of these challenging but

exciting global industries.


Yet this year’s QS Top MBA.com

Jobs and Salary Trends Report

suggests the region could be on

the cusp of an MBA hiring boom,

following five years of relative

stagnation. Following a growth of

6% in employer demand for MBAs

in the region in 2013, the report

predicts a massive 33% increase

in 2014, as the region’s economic

recovery kicks into overdrive.

Poland and Bulgaria reported a

boom in opportunities for MBA

graduates in 2013, with several

multinationals hiring MBAs for

outsourcing operations in the

country. Russia has sustained

strong growth in MBA demand

throughout the recent world

financial crisis and is projected to

have a further surge in MBA hiring

in 2014, fuelled by the energy boom

and expansion of their financial

services sector.

The upshot is that as of 2014,

Central & Eastern Europe could

be set to rival Asia and the Middle

East as one of the world’s most

rapidly developing regions for

MBA employment opportunities.

Now could be a better time than

ever to consider studying at one

of the region’s up-and-coming

business schools.

A Diverse Region

The Central and Eastern European

region offers a great deal of

economic diversity, as well as

opportunities for MBA students to

learn from business regeneration

as it happens.

While some Central and Eastern

European (CEE) countries are

surrounded by economic troubles,

others show great potential for

MBA students and graduates.

Some countries within the

region are comparatively healthy

compared to the rest of Europe –

Poland for instance is benefiting

from an increase in export

competitiveness brought about

by currency depreciation. Further,

this economy boost is likely to

reach other countries in the region

in the not-so-distant future.

As a result, cost-conscious MBA

applicants seeking to reap the

educational benefits of studying

business within a region currently

experiencing a huge need for

innovative and entrepreneurial

management thinking would

certainly ensure real-life industry

case studies on their doorstep as

businesses look to restructure and

emerge successfully into a rapidly

changing economic environment.

Around 200 business schools now

operate in the region, and although

the reputation and fame of these

schools are far from the notoriety

of their North American and

Western European counterparts,

this is something that is slowly

starting change.

Eastern Europe Set for MBA Hiring Boom

Having established itself as a healthy market for young business professionals in the mid 2000s, the past few years have been tough for Central and Eastern Europe, as the region’s economy has felt the effects of the Eurozone crisis.

Warsaw, Poland

| Regional Profile


International Students Attracted by Competitive Costs

Professor Witold Orlowski,

director of WUT Business School

suggests that one of the biggest

attractions drawing international

students to MBA programs in CEE,

is the competitive cost of programs

in the region.

“Today, as they [business schools]

join the global game, they benefit

from a big competitive advantage.

In short, the best MBA programs

offered in the CEE countries are

of as good a quality as in the well-

established educational centers

in Western Europe, while being

significantly cheaper.”

According to Ulrik Rasmussesen,

a Bucharest-based partner from

the executive search consulting

firm Pedersen and Partners, CEE

business schools are equipping

international students with the

business skills required within

multinationals or organizations

operating in the emerging markets

around the world.

“While in North America and

Western Europe the MBA schools

have a long-standing history and

well-developed curricula, much

of the education is based on case

studies applicable to the countries

in these regions, but not necessarily

adequate for the realities of the

dynamic CEE markets.”

However, Rasmussesen stresses

that business schools in the region

should focus on including more

practical experience in their MBA

programs, such as field trips, help

with organizing internships and

meetings with top executives.

“The knowledge is still very

theoretical, especially as many

of the professors are lifetime

academics, but not practitioners.”

Salary Expectations and Variations

MBA remuneration packages offered

by international companies in the

CEE region average US$84,344 per

year, compared to US$103,806 in

Western Europe, according to the

QS TopMBA.com Jobs and Salary

Trends Report 2013/14. However,

even though these differences are

quite striking, an MBA increases the

chances of putting you in a superior

league, as many multinationals

in the CEE region look for strong

business abilities and competencies

to meet their development needs.

“As our head-hunting activities are

consistent in almost 15 countries

in CEE, the particularities of salary

levels are quite different from one

country to another,” explains Oana

Datki, country manager for Romania

at ConsulTeam. “In Romania or the

Balkans, an MBA is a plus, but it is

not automatically expected from all

top management candidates.

“Salary wise, the differences

between a candidate with an MBA

and one without would be around

25% in Eastern Europe,” says

Datki of ConsulTeam, a group of

companies providing recruitment

services, training and HR consulting

services, as a representative in

several CEE countries of global

consulting firm Mercer.

Nevertheless, don’t expect to be paid

exclusively for the degree, no matter

how good the brand of the business

school you graduated from. The

MBA diploma must also be backed

with solid skills and experience.

“We are not willing to pay a

premium for having an MBA per se,

nevertheless candidates holding an

international top MBA often have

characteristics that we consider

highly attractive... For this reason,

they are likely to receive attractive

offers,” says Alessandro Trebbi,

head of human resources for the

international division at Enel,

an electric utility company, the

second-largest in Europe by market

capitalization.

While there are differences in

salaries between Eastern and

Western Europe, there are also

salary discrepancies that appear

within CEE, due to the different

stages of development of each

country, and economic variations

throughout the region.

According to the QS TopMBA.com

Jobs and Salary Trends Report

2013/14, Russian employers offer

the highest salaries in the region

for MBA graduates. The average

compensation packages for MBA

graduates in Russia stands at

US$90,600, far higher than those

offered to graduates in Hungary

(US$51,000), Ukraine (US$45,600), or

Kazakhstan (US$43,100). However,

the high salary level seems well

balanced with the cost of living.

Moscow, for instance is one of the

most expensive cities in the world,

ranking fourth among the 214 cities

covered by Mercer’s 2012 Cost of

Living Survey.

For the discerning international

MBA applicant, choosing a business

school in the CEE region to study at

could place them at the forefront of

business in a region that is rapidly

evolving.

Find out which CEE business schools MBA recruiters value the most. Read the QS Global 200 Business Schools Report today!

TopMBA.com/global-200


For the last few years, India

has experienced an explosion in

employer demand for MBAs: up

43% in 2010 and 57% in 2011 and

16% in 2012, with an astonishing

29% growth achieved in 2013, in

line with our forecast. India has

now overtaken the USA in terms of

volume of reported MBA jobs for

fresh graduates.

Indian Institute of Management,

Ahmedabad is rated as one of the

33 ‘elite global’ schools in this

year’s QS Global 200 Business

Schools Report, reflecting its

excellent reputation among a

rapidly expanding market of

employers looking to India for

MBA talent. A further three Indian

schools are rated ‘emerging

global’: Indian Institute of

Management, Bangalore, Indian

School of Business and Indian

Institute of Management Calcutta.

This means India is home to four

of Asia’s top ten business schools.

If India has been arguably the

world’s most dynamic country

in terms of growth in demand

for MBAs in recent years, the

Middle East can claim to be its

most dynamic region. Employer

demand for MBAs rose by 21% in

2013, placing it just ahead of Asia

on 20%. Growth has centred on

the recovery in the United Arab

Emirates and Saudi Arabia, and is

forecast to increase by a further

13% in 2014.

Fast becoming known for its

business prowess, investment

banking opportunities and

entrepreneurial spirit, the Middle

East is looking to diversify its

economy away from a strong

India and the Middle East Attracting both Local and International MBAs

As well as being areas undergoing a period of transition, India and the Middle East are currently two of the world’s most dynamic MBA job markets. The QS Top MBA Jobs and Salary Trends Report shows that demand for MBAs in both areas is flourishing, with steady growth in demand for MBAs among local employers in 2013 continuing a trend that has been observed over the past four years.

Keisuke Matsumoto, Indian School of Business

Keisuke Matsumoto is a Buddhist monk from Hokkaido, northern Japan. Though perhaps not a typical MBA student, Matsumoto believes an MBA degree, coupled with the cultural environment found in India is the ideal combination for him.“The Indian School of Business’ learning environment strongly attracted me. It gave me an outstanding opportunity to share my learning experience with motivated students and diverse faculty in cutting-edge facilities. ISB’s location has a special importance for me. I gave my son an Indian name. India was the cradle for Buddhism, as depicted in Herman Hesse’s classic, Siddhartha. I was attracted to Hyderabad’s multi-cultural

characteristic and the talents of ISB students.“In the future, I want to develop a special learning package for Buddhist priests to acquire essential management skills for the temple. Among many specialist areas on MBA programs, there are some subjects of special importance for them especially in the field of marketing and strategy. After developing it, I want to share it with other Buddhist priests through an online education system. Apart from that, I also think much of education for young priests. I want to provide them with opportunities to interact with people outside the temple in order to broaden their view and to develop their social skills.”

| Regional Profile


reliance on the extraction and trade

of natural resources. Although

business education in the Middle

East is still in the early stages

of development, countries such

as Qatar and the United Arab

Emirates are investing in attracting

management education providers

from abroad, to help train local

business leaders and future-proof

their economies.

“The Middle East has been the

hottest region with growth of 21% in

MBA demand in 2012 and growth of

23% forecast for 2013,” says Nunzio

Quacquarelli, managing director of

QS Quacquarelli Symonds. “Growth

has centered on the recovery in the

United Arab Emirates and Saudi

Arabia.”

Though the North American,

European, and to a degree, Asia-

Pacific regions tend to claim the

international headlines in terms

of management education, both

India and the Middle East are

popular MBA study destinations.

Particularly attractive to those

originating locally, business

schools within the area are

gradually growing in international

MBA applicant popularity.

Indian Nationals Staying at Home to Study

Foreign students represent up to 6%

of the student strength at India’s

top business schools, so remain a

minority for the foreseeable future.

However, much international

experience is provided from Indians

living abroad that are making their

way back home in search of quality

management education.

Take the case of Chandrasekhar

Goda, who enrolled on the Indian

School of Business’ (ISB) MBA

program. An entrepreneur based

in Chicago, Goda’s company

provides supply chain management

solutions to the health care sector.

“I was looking for a school that

matched my goals,” explains Goda.

“As I am from India, I was looking

at Indian business schools and ISB

was the perfect choice.” Apart from

the fact that the school was located

in his hometown of Hyderabad,

Goda realized that an MBA degree

from one of India’s top business

schools would add an edge to

his résumé. “Since I already had

a footprint in the United States,

I wanted a chance to further my

education in India at a time when so

much is happening in the economy.”

Clearly the tide is turning. By

providing challenging education

and career opportunities to

individuals such as Beeson,

Gomez and Goda, India’s ‘brain-

drain’ crisis, where much worry

surrounded talented locals

emigrating in order to further their

careers, may well be a thing of the

past, perhaps instead showing

signs of reversal.

International Schools Coming to the Middle East

London Business School,

Edinburgh Business School, Hult

International Business School,

and the University of Strathclyde

Business School, are just a handful

of the well-established schools

which have set up campuses in

the Middle East. London Business

School for example, has a campus

in Abu Dhabi.

However, none of these institutions

appear in QS’ MBA recruiter rating,

the QS Global 200 Business Schools

Report in their own right, as they

do not produce dedicated full-

time MBAs serving employers in

the region, and so are not included

in the research. The only Middle

Eastern school to appear features in

the Elite Regional business schools

category, Lebanon’s Suliman S

Olayan School of Business, at the

American University of Beirut.

Discover more about either MBA study destination

TopMBA.com/where-to-study/home

Bangalore, India


Just two of the 33 ‘elite global’

schools identified in the 2013/14

QS Global 200 Business Schools

Report are based in Asia, compared

to 18 in North America and 13 in

Western Europe.

Yet while there is still plenty of

ground to be made up, Asia is

currently an exceptionally dynamic

market for MBAs. The 2013/14 QS

TopMBA.com Jobs and Salaries

Trends Report shows that during

the past three to four years there has

been dramatic growth in employer

demand for MBAs. Employers now

view the MBA as a more mainstream

qualification, rather than one that

is limited to a few exceptionally

qualified individuals.

This trend has continued into

2014. There has been a remarkable

20% increase in employer demand

for MBAs in Asia in the past year,

compared to just 2% in North

America and Europe. Asian business

schools are becoming far more

internationally competitive, and

salaries are gradually equalizing

with those in the Europe and North

America.

The most notable difference

between studying for an MBA in

Asia compared to other destinations

is the business experience that

the region provides. Students

studying in Asia benefit from

first-hand experience in Asian

companies, or multinationals that

are accustomed to working in the

region. Understanding the ethos,

values and methods of businesses

in the world’s fastest growing

region is a valuable commodity in

the international jobs market.

MBA Jobs and Salaries in Asia

“South and South East Asia have

excellent economies and are

demanding a lot of MBAs,” says Scott

Goddard, director of Nottingham

Demand for MBAs Flourishes as Asia’s Rise Continues

The rise of Asia has been heralded for at least the past decade, but for much of this period the region’s business schools have remained firmly in the shadow of the leading programs in North America and Western Europe.

Anthony Chan, Chinese University of Hong Kong

My goal is to be at the top management level of multi-national corporations. While both my bachelor’s degree and Master’s degree are not related to business studies, taking business classes to equip myself is necessary to achieve this goal.

The MBA offered me well-rounded training and now I am able to perform in different areas such as marketing, sales and finance. A successful leader should be dynamic.

I always knew that social connections would be the key element for my career plan. By joining the MBA, I

am able to expand my network, so although the tuition fee is expensive and I have sacrificed a lot of family time for the study, it is well worth it!

I wanted a reputable institute that offers practical knowledge, but not just a qualification. I wanted to learn how to start up, operate and expand a business; to raise funds and even make the company a listed company. All this requires knowledge of business law, accounting, investment management, six sigma, etc. After comparisons with other institutes in Hong Kong, I chose The Chinese University of Hong Kong’s MBA.Tokyo, Japan

| Regional Profile social media|


University Business School’s MBA

program in Singapore. “But, while

the same can also be said of China,

the salaries offered by Chinese

companies just don’t meet the level

found in the rest of the region.”

Goddard says that the market will

eventually mature. “Right now

though, MBA holders will find plenty

of positions available but it will be

some years before the salaries catch

up with the demand.”

Throughout the region, MBA job

opportunities continue to improve

year on year, according to the QS

TopMBA.com Jobs and Salary

Trends Report 2013/14.

“MBA demand continues to grow

rapidly in Asia as the qualification is

embraced by employers, especially

in consulting and professional

services, manufacturing, IT/

computer services and micro-

finance,” says Nunzio Quacquarelli,

the report’s author, and managing

director of QS Quacquarelli

Symonds. “Employer projections

suggest that growth in MBA demand

in the region is set to accelerate

from 26% in 2013 to a remarkable

38% for 2014.”

The QS TopMBA.com report shows

that across Asia employers are

continuing to embrace the MBA

qualification as they pursue

global expansion. The MBA is

in vogue. Asian candidates are

among the highest GMAT scorers

in the world, and are focused on

developing excellent technical

skills, often at the expense of

integrating fully into the social

aspects of the MBA.

But Asian recruiters are looking

for ambitious, well-rounded MBAs.

Amy Low of Visa International

in Singapore says, “MBAs bring

intellect, a fresh approach and

strong determination to excel in

their delivery.”

Yonsik Kim, staffing manager at ASE

Group in South Korea, says they look

for MBAs for their “multi-lingual,

strategic management skills.”

However, at a country level average

remuneration levels vary widely

across the vast region.

“Asia-Pacific is a large territory and

MBA salaries vary significantly

between countries,” continues

Quacquarelli. “For example, China

has typically reported much lower

MBA salaries than more mature

markets like Japan or South Korea.”

Reputation of Asian Business Schools

North American, European and

particularly well-established Asian

business schools still command

the affections of many employers.

It is likely that this trend is set

to continue, as the newer Asian

schools cannot yet compete with the

reputation of older establishments

elsewhere in the world.

However, many schools in Asia

are well-accredited and there are

opportunities to study an MBA at

Western business schools within

Asia. This offers students the

experience of the Asian business

world, whilst studying at world-

class institutions.

It is clear that knowledge of Asia will

become increasingly required of MBA

holders across the globe. Although

much of Asia’s markets are still in

development, the region is already

home to some of the most advanced

cities and best business schools in

the world, while also offering a low

cost of living for students compared

with the West. Taking this into

consideration, choosing a business

school in Asia could prove to be a

step in the right direction for many

prospective MBA students.

Differences in MBA specialization,

salary expectations and living

environment will continue to

differentiate countries within Asia.

But as a whole, it is unlikely that the

vibrancy of the region will dissipate

in the foreseeable future.

Discover more about the opportunities for MBA applicants,students and alumni in Asia today!

TopMBA.com/business-schools/Asia

In alphabetical order, the elite global business schools located in Asia Pacific, according to the QS Global 200 Business Schools Report 2012/13:

Indian Institute of Management, Ahmedabad

INSEAD - Singapore

NUS Business School, National University of Singapore

Download the full report for free! Visit: TopMBA.com/global-200


In her new book Art Works: How creativity empowers your business, Daniella makes the subject of art as a tool for business

accessible to a mainstream audience. She believes art brings a powerful process for business because it offers us a unique doorway to solutions. Daniella has found that art connects us to our visions, perspectives, emotions and teams by accessing our subconscious. The methods used in her book Art Works will particularly appeal to managers and executives who are interested in using personal development and innovative business practices to motivate and empower their teams. Daniella shares in her own words how she came to understand the positive role creativity can bring to the workplace.

Art & Business: A whole new world “When did the status quo become cookie cutter-like? We speak about thinking out of the box; however, when it comes to hard business decisions there is a whole world of non-verbal language to be explored. Somehow the message that art is only for approved artists irks me. Who are we not to be using our creativity in shaping the world? Art is our birthright, not a luxury. Said another way, when we don’t tap into our creative power we are limiting our businesses and

ourselves. We are born as unique individuals and designed to connect with each other. Somewhere along the path, too many of us have been told that we are not creative, period. We started to believe this judgment about the right and wrong way of doing something. But really: what is right? What is wrong? What is ugly? What is beautiful?

“Through art we can visually connect with everything. We can connect with our vision of our business. We can easily depict various perspectives by using art. For example, imagine the landscape of a blue sky versus one that is a dark chocolate brown. Changing perspectives allows us to problem solve for ourselves. We can make choices by saying ‘yes’ to that which resonates and saying ‘no’ to those aspects that just don’t fit into our picture. We can connect to our emotions. Emotions are, in reality, energy in motion. Connecting to emotions and perspectives through art helps create transparency between employees, customers and management.

“Our subconscious holds the answers and makes decisions for us all, often more than we care to share. The senses are the conscious language of subconscious. That’s right: through seeing, tasting, smelling, hearing we are receiving information from our environment constantly. Even as you are

reading this! The elements are the vehicles of our senses. In our body, all of the elements are represented. Earth as the physical matter, water as movement, fire as warmth and air as oxygen. Creativity and art connects us to our elements. Visual art makes this connection visible. Don’t miss out on your given tool to access your subconscious knowledge and awaken your senses through art.

“’Why is this relevant for my business?’ you might ask. Because creative entrepreneurship is the way to connect with that underutilized source called intuition. Creative expression opens our intuitive channels so that our answers naturally show up, through our drawings, paintings and sculptures. Our feelings get expressed, and we connect to our power. This in turn empowers us to communicate confidently, which attracts meaningful coincidences to happen around us and our businesses. We are in this new world, ready to tap in to our intuition and visionary business practices.

EXECUTIVE MBA Creativity

as a Tool for Business How creativity empowers your business now more than ever By Daniella Rubinovitz

D a n i e l l a Rubinovitz is known as the visual d i a l o g u e mentor. She is passionate a b o u t e n a b l i n g

individuals and businesses to visually express their visions and has developed a proven system for using creative expression as a tool for business. Daniella has a collection of university degrees including a BFA from Tufts University in affiliation with The School of Museum of Fine Arts, a MID from Pratt Institute, an MBA for engineers from Stevens Institute of Technology, and a BAT as an Arts Therapist from The College of Leiden. She is also a licensed art therapist, holds two United States patents and received her coaching degree from the Coaches Training Institute to bring her back full circle into the corporate world. To order Art Works: How creativity empowers your business: www.unleashavision.com/artworks/ about Art At Work Sessions for your business: www.unleashavision.com/artworkssessions.


ART WORKS – The ideas behind using creativity in business“As I show in my book, Art Works: How creativity empowers your business, the process for using creativity in business can be broken down into four parts. First, we connect art and business. The largest asset to any business is its people. Getting in touch with our emotions, such as empathy and antipathy, allow for a true connection between team members, managers and customers. We all experience emotions inside and it is up to us how we want to bring them out. When it comes down to it, we all know how much trust plays an important factor in business. Each participant of a project, from our employees to customers, to the teams that are working together on a project, need to trust one another. As the expression goes: a chain is only as strong as its weakest link. Emotions can both strengthen and weaken these links. Art can strengthen these links literally by encouraging our life force to kick in. Life force is energy. It gives that extra boost of inspiration when energy is running low. This energy is not to be taken lightly, especially when we know that a lack of this energy causes burn-out.

“The second step consists of discovering how it all actually works. The essence of art in business stems from arts therapy, which has a strong root in anthroposophy. It may be surprising for you to know that arts therapy is based on scientific research. There is much cause and effect relations versus a random, "let me stick my finger in the air to come up with the solutions" attitude. It is a deep, multi-layered process that occurs when we start to communicate with our art. When you understand it, you are empowered to grasp how art communicates with our subconscious. In this process you will also gain insights into how much we can actually see and learn through images. Since art coaching is a process, rather than a destination, it allows us to uncover and release blocks as they come up. We become wiser in knowing how to proceed further.

“The third part of the process deals with using practical exercises that you can immediately apply to your business. These are hands-on exercises. After years of working closely with individuals and groups, I noticed that there was a formula to merge the creative process with our business needs. These needs include: unleashing vision, gaining perspective, brainstorming, accessing/releasing emotions and strengthening teams. I noticed that when following this framework, we are able to translate the non-verbal skill of visual art into the verbal nature of business.

“The fourth part involves exploring how you can keep this creative process alive in your business. Following through on action items is vital to keeping them alive. You must begin to ask, ‘Now that I got my hands 'dirty', how can I keep the momentum going? How do I follow through with my process? Instead of this being a one time-excursion into creativity, how can I integrate art in my (professional) life?’ We need to periodically relook at our ideas and see how we have grown. Then we can adjust our energy and actions to match our new perspective.

“By condensing my knowledge into this four step process, it is my goal to demystify the workings of art as it applies to business. Assisting my clients in understanding how the art-coaching process works and then offering

easy-to-do exercises are essential elements to making this happen straight away. Creativity no longer needs to be, nor should it be, kept out of the workplace; in fact for businesses to continue to grow and prosper in today’s rapidly changing world, it is no longer an option.”

EXECUTIVE MBA Creativity


In today’s global business world, the virtual realm is as vital for career advancement as the physical world. Connections are established, fostered and maintained in both realms but it has become increasingly

important to be as savvy with one’s online presence, appearance and activities as it is to be able to network effectively face-to-face.

The online and offline worlds have also become intrinsically connected. Contacts are often first established in the real world, but cultivated and deepened through online platforms and networks. Given the impact an effective online presence can have on your career, it’s now essential for professionals to get it right, and this includes Executive MBA candidates. That’s why we’ve come up with 14 ways to enhance your online presence this year.

1. Identify your online networksResearch and get involved in appropriate online networking platforms. As an EMBA student you might want to establish a presence on several relevant platforms. For example, a professional network, like LinkedIn, an academic platform, such as Academia.edu and other more job specific platforms that might focus on specific regions or industries. Don’t go overboard with the number of online networks you have a presence on, but rather select relevant ones that contain potential business partners, joint projects or career prospects.

2. Manage your online presenceEstablishing your online presence is just the start; you need to make sure you manage it. Just like your hair or your wardrobe, never neglect your appearance! If your profile is neither representative of you nor your skills or it portrays a negative image, you would be better off without one. Update your online profile frequently to make sure it accurately reflects you in your professional capacity. It should be the best CV you can offer.

3. Get activeBe proactive about making new contacts and connecting online with them. That said, don’t neglect your old contacts either. Keep the lines of communication open at all times and pave the way for new ones.

4. Exchange informationUse your online network to give and take in order to build trust and stay on top of industry information and news. This also gives you an opportunity to show the extent of your expertise to your online contacts and broader networks. Displaying the value you can bring to your network will reap rewards in kind.

5. Organize your contactsKeep your profile and your contacts in a tidy, easy to use, filing system that works for you. Clutter makes life harder and that applies to the long

14 ways to Enhance Your Online Presence in 2014BY Ann GrAHAm

EXECUTIVE MBA Executives Online

Establishing your online presence is just the start; you need to make sure you manage it.

Having a professional online presence is essential for career opportunities these days. Improve yours with these top tips.


list of contacts you may find you have as part of your online networks. All too often we click ‘Accept’ without giving much thought as to what that particular individual can add to your network. Give your profile a regular spring clean to help manage your online network more effectively.

6. Don’t blur the online profile linesThe lines of personal and professional online networks are becoming increasingly blurred, but when it comes to your career you want to ensure any prospective employers, business partners or investors see your professional online profile. By keeping your personal network private, this will allow you to cultivate your professional persona and manage your online appearance more carefully.

7. Join Twitter; everyone is doing it! Some networks that might fall into the ‘in-between’ category of private and personal spheres can be goldmines for career advancement. Twitter is one such platform. While it may have a reputation of being a platform for self-broadcast in 140 characters or less, it is often underrated for making invaluable connections, gathering a wide range of important

industry information and demonstrating one’s knowledge on a topic.

8. Mind your wordsThe absence of eye contact online can lead many to ‘say’ something they wouldn’t normally say in a face-to-face situation. Treat the online platforms as you would the physical world. It’s also worth being mindful of the fact that the online sphere can be open to misinterpretation. How we write something isn’t always how someone reads it, so take care with your prose.

9 . Establ i sh on l ine presenceHaving an online presence will mean you are at risk of so-called online trolls. Don’t be tempted to respond to everything you encounter in the online realm. Instead, focus your time, energy and attention on engaging in interesting discussions,

exchanges of thoughts and transference of knowledge. In other words, establish your online boundaries, whether you are discussing EMBA topics or football scores.

10. Explore new online networksThe online environment is constantly evolving. Platforms come and go and in this sphere, innovation knows no bounds. Develop an interest, stay engaged with current developments and be open to new opportunities to connect online. Google+, for example, is one of the latest online networks that is proving incredibly beneficial to the business savvy.

11. Maximise your online effectivenessMake managing your online presence easy by downloading the relevant apps. This will save you time and allow you to keep abreast of what is going on in the network while on the go, rather than having to do so during work or study hours.

12. Make use of all online network featuresMost sophisticated online networks offer a range of features and almost all professional and online networks have specific news streams or alerts for job searches or industry news. Make the most of these features to enhance your career.

13. Add an Executive MBA to your online profileC o n t i n u i n g p r o f e s s i o n a l development is an essential element to career advancement. The Executive MBA degree has proved its

worth as a qualification for many professionals wishing to progress up the career ladder, so why not start the process this year of adding one to your online profile.

EXECUTIVE MBA Executives Online

14 ways to Enhance Your Online Presence in 2014BY Ann GrAHAm

list of contacts you may find you have as part of your online networks. All too often we click ‘Accept’ without giving much thought as to what that particular individual can add to your network. Give your profile a regular spring clean to help manage your online network more effectively.

6. Don’t blur the online profile linesThe lines of personal and professional online networks are becoming increasingly blurred, but when it comes to your career you want to ensure any prospective employers, business partners or investors see your professional online profile. By keeping your personal network private, this will allow you to cultivate your professional persona and manage your online appearance more carefully.

7. Join Twitter; everyone is doing it! Some networks that might fall into the ‘in-between’ category of private and personal spheres can be goldmines for career advancement. Twitter is one such platform. While it may have a reputation of being a platform for self-broadcast in 140 characters or less, it is often underrated for making invaluable connections, gathering a wide range of important industry information and demonstrating one’s knowledge on a topic.

8. Mind your wordsThe absence of eye contact online can lead many to ‘say’ something they wouldn’t normally say in a face-to-face situation. Treat the online platforms as you would the physical world. It’s also worth being mindful of the fact that the online sphere can be open to misinterpretation. How we write something isn’t always how someone reads it, so take care with your prose.

9 . Establ i sh on l ine presenceHaving an online presence will mean you are at risk of so-called online trolls. Don’t be tempted to respond to everything you encounter in the online realm. Instead, focus your time, energy and attention on engaging in interesting discussions, exchanges of thoughts and transference of knowledge. In other words, establish your online boundaries, whether you are discussing EMBA topics or football scores.

10. Explore new online networksThe online environment is constantly evolving. Platforms come and go and in this sphere, innovation knows no bounds. Develop an interest, stay engaged with current developments and be open to new opportunities to connect online. Google+, for example, is one of the latest online networks that is proving incredibly beneficial to the business savvy.

11. Maximise your online effectivenessMake managing your online presence easy by downloading the relevant apps. This will save you time and allow you to keep abreast of what is going on in the network while on the go, rather than having to do so during work or study hours.

12. Make use of all online network featuresMost sophisticated online networks offer a range of features and almost all professional and online networks have specific news streams or alerts for job searches or industry news. Make the most of these features to enhance your career.

13. Add an Executive MBA to your online profileC o n t i n u i n g p r o f e s s i o n a l development is an essential element to career advancement. The Executive MBA degree has proved its worth as a qualification for many professionals wishing to progress up the career ladder, so why not start the process this year of adding one to your online profile.

14. Take time to switch off Don’t let online networks and social media dictate the pace of

your life. Allow for time to be absent and get into a regular habit of having a monthly or even weekly ‘technology-free day’. Not only is this absence essential for your sanity, but it will make you, and the platform, more interesting when you are online.

Contacts are often first established

in the real world but cultivated and deepened through

online platforms and networks.


EXECUTIVE MBA Engagement

What is it that makes the best companies rise above the rest? Business evolution expert Karin Volo believes it is engagement. In an exclusive interview with QS TopExecutive

Editor-in-Chief Dawn Z Bournand, Karin shares her insights and research findings for top executives to understand the importance of this new way of doing business.

In your new book, Engage!: Your Step By Step Guide To Creating A Workplace That You, Your Co-Workers, and Your Customers Love!, you talk about employee satisfaction. Can you explain a bit more about what that means?

We actually talk about getting rid of employee satisfaction because satisfaction is more about just being okay with everything instead of being very passionate about it. A lot of companies do

these employee, or even customer, satisfaction surveys to make sure where they’re at. Our philosophy, and what we talk about in the book, is really about turning your employees and your customers into raving fans. And a raving fan is not someone who’s just satisfied. A raving fan is someone who absolutely loves what you’re doing and tells the world about it.

Have you found that this attitude of having raving fans directly impacts on a company’s success—short and long term?

Absolutely, because when you’re looking internally into the company, when the employees are raving fans, when they’re truly engaged in what they’re doing, they are more productive. They

take less sick time, they’re healthier, they’re feeling better, and they are basically not leaving as often so your employee turnover goes down. It has a huge bottom line impact when you get your employees engaged.

When companies are focusing in on engagement and the culture of the company, and really working to create an environment where their employees can thrive, they will do better financially. This happens because they’re shifting from being a profit-driven company to a purpose-driven company which inevitably will take care of the profits. If you’ve

got employees that are doing really well and engaged and passionate about what they’re doing, they’re giving better customer service, and they’re going to have happier customers who keep coming back for more. It has a positive snowball effect when you tweak this part and work on focusing in on the employee engagement.

What is the thing that most surprised you in your findings as you were doing research for this book?

How many people are unhappy at work. To me, it’s a tragedy. You’ve got 71% of people who are disengaged or actively disengaged, which means they’re really not happy. They’re just going in and

punching their time clock, spending time there, but life is just way too short to not be doing what you love to do.

If 40% - 50% of your waking hours are at work, and you’re not happy there, it’s going to have a significant impact on the rest of your life. You’re not going to be a happy parent, or you’re not going to be as happy in your relationship and then that stress leads to health issues.

Stress is by far the largest cause of health costs in most countries right now. Gallup has shown that around $300 billion per year in health costs are spent for people who are dealing with stress and stress-related illnesses.

With a number as high as 71% of people disengaged at work, what can companies begin to do about that?

Those numbers are coming out of the US but Gallup has said it’s pretty much across the globe. It may vary a little bit from country to country but it’s pretty significant, how many people are unhappy

at work. And that just means we’ve got to do something.Companies have a responsibility to create an environment where

people can thrive because people are spending their lives, investing their time in coming in and doing work for this company. Well, why not create an environment where they really love what they’re doing and they’re really excited to get up in the morning and go to work?

An interview with Top Business consultant and best-selling author Karin Volo on how to turn your employees and your customers into raving fans.

EngagE to Create a wORKPlacE that You, Your Co-workers and Your Customers lOVE


EXECUTIVE MBA Engagement

You’ve spoken about this word, “engagement.” How would a manager know that she has really sparked that in an employee and that they really are engaged?

When we (ed note: Karin and her husband Sergio) were writing this book, we couldn’t find a definition that really fit what we were trying to describe with the word “engage.” So we thought, ‘Well,

we’re writing the book, we’ll go ahead and make our own definition,’ which was more encompassing than what we could find out in standard dictionaries.

So for us, to be engaged is to have full attention, commitment, enthusiasm, passion, and purpose for your work. It’s to be whole-heartedly involved in, and contribute positively to, an organization. When you think about it, who wouldn’t want to be engaged in what they are doing?

We talk about giving things our full attention but we’re so bombarded and everyone thinks this multitasking is a great thing. It’s not, because it distracts us and it brings down our productivity so being focused and having full attention brings you into the present and gives you the ability to be much more productive and engaged.

For executives who are already in top management positions, what can they learn from your book?

Well, the book is structured in two parts. In the first part we talk about the global trends that are affecting everyone across the globe in business: technology trends and demographic trends,

the millennium generation that’s coming in to the workforce and who has a very different way of looking at the world, and we also address the huge talent mismatch in terms of people not getting trained for the jobs that are going to be coming up.

We look at how our old ways of doing business, are very industrial-based and how we’re shifting so quickly now because of technology and we’re shifting into an era that we call Transformation Age, which is very experiential. This new way of thinking and new way of doing business is really all about connection. We were able to filter it down to five cultural keys that companies who are doing really well, and have been over these last few years, are doing differently.

And then the second part of the book is a step by step formula. These are the things you need to work on in your company and if you do these things, you’re going to start to get engagement going in the organization. So we have an entire formula people can follow.

Can an executive then apply this information to become a better manager and a better contributor to his company?

Yes, absolutely. Because when you understand the macro perspective and what’s happening on a global basis that’s affecting the way we do business, then you can go into the organization and implement

change for the good of the business and the people who work there. Take Facebook for example, a lot of companies are struggling with

their presentation on Facebook (and in social media in general) and what to do with that and how to have that presence. Well, it’s not going to go away. It’s only going to continue to grow and so one of the highest in demand positions right now, where there aren’t fully trained individuals out there, is a social media manager. How do you handle that?

It’s a matter of finding the right skills and figuring out the way to do the right type of engagement. It’s a way to communicate to your customers and to connect to the customers.

What we’re finding also is that, a lot of what’s happening is being driven by the consumer market so the first companies we’re seeing responding to this are the B2C companies, the ones that are dealing directly with the consumers. They’re changing. They’re listening to their customers to see what they want and it’s coming to the B2B, the business-to-business type, businesses that are working behind the scenes.

But the point is that there are these global trends and they are definitely changing the way we’re looking at the world. Then taking that into the organization, you can become a better manager by understanding these trends and working internally to be able to respond and, I want to say “adapt,” but I think the better word here is to “evolve”– to bring the company to the next level by figuring out how to take on this new way of thinking, this new way of doing business.

So this new way of thinking and doing business is essential for up-and-coming top executives of tomorrow, isn’t it?

Absolutely, because the up-and-coming executives are the leaders of tomorrow and when they embrace these concepts and they embrace the trends that are happening and can work

with them instead of against them, that’s what’s going to elevate them to be a great leader.

I understand you have a very interesting event coming up this fall in Stockholm. Can you talk a bit about that?

This is actually an extension of the book so it’s called, “Business Building for the Future,” and it’s all about how to create a sustainable business that can be a force for good for the people,

planet, and profits. It’s about how to really build a business that can thrive going into the future. And we have great international speakers like Richard Branson, Stedman Graham, Mark Thompson, Roxanne Emmerich—all who are New York Times best-selling authors, who are going to be coming to motivate and empower top management of European companies. It’s September 3–4, 2014. And this is an event we’ll be doing on an annual basis. It’s for top management and anybody can get a ticket as long as they’re still available, by registering at the website www.businessbuildingforthefuture.com

Karin Volo, an e x p e r t i n e n g a g e m e n t , career, personal, and organization development, is k now n a s an “ E v o l u t i o n Exper t .” With over 15 years’ e x p e r i e n c e work ing w i t h i n t e r n a t i o n a l Fo r t u n e 5 0 0 companie s on two continents, she has gained

insights on business building, cultural transformation and high performance. Karin is also the cofounder of Evoloshen, a company that helps transform organizations into the most amazing companies through people engagement and development. Karin uses her professional skills and draws from her personal experiences to help individuals and companies thrive through difficult transitions and maximize their potential. http://evoloshen.com/


When the concept for the Executive MBA (EMBA) first began back in 1943 at what is now known as the

Chicago Booth School of Business, the concept was to allow executives to pursue further education as they continued to work in their executive roles. When EMBA programs first began, most, if not all candidates were fully sponsored by their companies as the companies saw it as an investment not only in their employee’s future but also the company’s future. Times have changed since 1943 and today many Executive MBA candidates are finding that full sponsorships are few and far between due to tightening budgets and rocky economies. If executives want to continue their education, they are finding that often, they will be the ones footing the bill.

Career coaching servicesDue to this fairly recent turn of events, employees, even at an executive level, are feeling less obliged to continue with the same company once they have completed their EMBA studies. This then opens the door to new career possibilities and opportunities and leaves many participants wondering what the next steps could be on their professional path. Career services ,which were once reserved for full time MBA students, are now being modified to take into account the needs of Executive MBA participants as well. These services can include CV clinics, contact with executive recruiters and some level of career coaching.

It is now more the rule than the exception that an EMBA program will offer their students career coaching services. And a number of the Executive MBA programs such as Michigan Ross Executive MBA even continue to offer executive career coaching after participants have completed their program, as part of the alumni offerings. Career services offered by the coach will often include:

• Guiding participants in their career management, determining their next steps, and developing a career plan

• Encouraging self-assessment through questioning, exercises, and tests

• Building on practical skills (CV writing, motivation letters, networking and interview role-plays)

• Providing job offer evaluations• Listening to and assisting with the unique

concerns of each student

A new EMBA essentialExecutive career coaching is becoming so popular that many Executive MBA programs are creating full coaching departments, or are at least expanding on the coaching services they already offer.

Schulich School of Business York University recently announced the appointment of four executive coaches from diverse backgrounds to mentor and provide career advice to all students enrolled in the Executive MBA, MBA, and International MBA programs. “We are a big believer in career planning,” says Rob Hines, executive director of Schulich’s Career Development Centre. “An executive coach will ask you the tough questions about your plans for the future. They won’t let you off the hook.”

In Fall 2012, Wharton established a full coaching program for their MBA students: The Wharton Executive Coaching and Feedback Program (ECFP). Its mission is to enable and support every MBA student in the pursuit of deeper self-awareness and improved leadership skills and to advance individual success and team and community performance. The ECFP is a unique opportunity for students to get personalized one-on-one executive coaching based on detailed feedback from peers and former co-workers.

At EDHEC Business School, Executive MBA program participants receive seven individual, one-on-one coaching sessions to help them clarify and reach their goals. An Executive MBA program offers the ideal moment for participants to develop or improve their management and leadership skills, and in turn creates the perfect opportunity to take the time to clarify where they want to go next. They can look at ‘where to go from here’ in terms of their personal development and career goals, launch into a new field or industry, or take the next step within an existing role. Taking the time to reflect and act on career transformation is key for participants to ensure an Executive MBA helps them to achieve their objectives.

The value of a coachThough coaching is no longer just for sports stars or prestigious politicians, some in the business world still question the value of Executive Career Coaching. Fortunately, many top business schools have clearly seen the positive results for their participants and do not hesitate to offer this service as part of their program. As Marcel Kalis, head of career services at the European School of Management and Technology (ESMT) told TopMBA.com, “A career coach is there to help people to come to the right decisions; they don’t come up with the answers. That is what students need to discover for themselves. I would advise people to speak with other candidates and to really think about what choice they are going to make regarding their MBA career paths.

“The coach is not a magician, and he certainly can’t produce miracles. The effort has to come from the student. I would advise students to bring everything together, to sit down with the coach and find out what it is that they would like to do. Sometimes the coach can help

EXECUTIVE MBA Coaching

a new essential for EmBA programsBY DAWn Z BournAnD

caREERcOaching


with their own network or by putting people together. That can certainly ease the pressure created by the job search.”

Beth Weissenberger Co-Founder/Vice-Chairman of the Handel Group agrees, “They have to want it. You can’t coach someone who doesn’t want to be coached. We’ve been teaching at MIT for six years, and every single year we do a year-long program; it’s a week long program and a year’s worth of coaching, going back every other week. From Stanford Business School, to MIT, to NYU, at every school we have been in, there was someone there who knew of us and knew the difference that we make in educating our graduate and undergraduate students, and they invented the class and invited us along.

“Savvy business schools realize they need to teach their participants to be ready for the business world and that includes adding the dimension called, “for the human being”. The schools we work with know that’s important. They invest in teaching their students – our future leaders – that humanity and being remarkable, speaking the truth, and designing your life, are important parts of becoming an educated, authentic leader.”

Career transitionBecause self-funded executives typically have no binding contracts to their current employer, they will often use their time studying for an Executive MBA as a launchpad for a career transition. Their study time is used to gain clarity on which new career path could be most interesting and rewarding. This is where career coaching can be most beneficial as executives looking for a career transition are not always sure where that transition could take them. In a recent Forbes.com article, career coach Donna Sweidan shared that there are a number of assessments that can be used in career coaching to help clients who may be in a career transition, such as personality tests, interest inventories, accomplishment exercises that identify what people are most proud of and job-description analyses that can pinpoint the kind of work and workplaces that are the best fit for someone.

Even if a career transition is not the focus for an EMBA participant, career coaching can be beneficial for simply understanding how to best take advantage of all the learning the program offers and then implementing what is learned back at work. It is for this reason that most Executive MBA programs now offer group and one-to-one career coaching for all students. Having the opportunity to reflect on their career path, analyzing where they want to go and having a third party to share insights and new points of view can be a powerful tool for any successful executive.

EXECUTIVE MBA Coaching

a new essential for EmBA programsBY DAWn Z BournAnD

caREERcOaching


TopExecutive Guide www.topmba.com 55

Often referred to in regional terms as one unitary area, Africa comprises 54 sovereign states and nine territories,

each of which has its own distinct histories, traditions and practices.

In the post-colonial era, many African nations have had to overcome internal and external conflicts as well as political strife in order to build better business environments and develop stronger economies. Some have had greater success than others.

Nonetheless, a growing number of African countries have made significant forays onto the global business stage and have begun to make their mark in international trade. This has created a burgeoning market for Executive MBA programs.

Sustainable business educationSouth Africa, Kenya, Ghana and Tanzania are just some of the countries which have been able to develop strong business networks as foreign investments increase and technologies become more widely available. The growing middle class in sub-Saharan Africa has also meant education has become more pertinent.

In 2012, The European Foundation for Management and Development (EFMD) convened its third annual conference under the thematic umbrella of ‘Sustainable Business Education in Africa’. Held in Nairobi, the aim of the conference was to bring leading business educators from Africa and the global EFMD network together to promote and develop adequate and sustainable business education on the continent.

Western influenceThe opportunity to offer business education to African nations has attracted many Western players. Henley Business School opened its doors to the African market in 1992, establishing a campus in Johannesburg. Jon Foster-Pedley, dean and director of Henley Business School, Africa says there is a massive demand for educators in the region but many who come don’t understand the context. “Yes there is a demand for education here, but it’s a demand for quality education,” Foster-Pedley says. “We are an international, triple-accredited business school and we’re committed to developing that level of education for the population here. African business school candidates demonstrate the same intelligence as those pursuing business education elsewhere so we offer them the high standard of education we offer all our candidates around the world,” he says.

Foster-Pedley believes there is great potential for innovation in education in Africa. “We have a massive amount to learn from emerging economies. Here, Africans are walking with a deeper self-confidence about their ability and that’s going to change the way Africa is governed. As schools, we need to produce graduates who can do the job, are pragmatic and action-based. We’ll see intelligent collaboration between businesses and schools as well as more online, blended learning,” he predicts.

Collaborating with communitiesHenley is already leading the way in terms of collaborating with its African community in the form of MBAid, an initiative that sees students assisting local NGOs. “It’s one of Henley’s biggest projects,” says Foster-Pedley. “Students and alumni work with NGOs on different elements of business such as fundraising, HR, how to structure their board etc. It helps our students to engage with business as something that is embedded in society. This is incredibly important for growing economies. To date we’ve helped over 150 NGOs.”

It’s this connection with the region that has been key to Henley’s success in Africa. An

A region to watchrich in culture, diversity and opportunity, Executive mBAs are in demand in Africa By ann graham

EXECUTIVE MBA Africa

Africa:


TopExecutive Guide www.topmba.com 55

EXECUTIVE MBA Africa

international university with a regional focus, committed to delivering a high standard of education in developing countries. “We’re an interesting hybrid,” Foster-Pedley says.

Distance learning opportunitiesSince the early 1990s, Edinburgh Business School (EBS) has also been delivering western-style business education to Africa by offering innovative postgraduate programmes which cater to the demands and requirements of doing business in Africa. To offer this program, EBS makes its programs available through distance learning, and also partners with African education institutions to bridge cultural and educational divides between the continents.

Alick Kitchin, joint head of Edinburgh Business School, says the appeal of the African market was the region’s significance on the global stage. “Africa is a significant region of the world, with a thirst and commitment to education and a need for business expertise and skills for its growing populations. Our vision was to deliver globally reputed awards where students actually live and work, so we have a significant number of self-study students, and some very large and growing academic collaborations in Uganda, Swaziland, Zambia and Nigeria. Overall, EBS has over 3,500 active students on our postgraduate programs from across the continent and over 2,000 MBA alumni who have achieved a master’s level award.”

In the past five years, EBS has seen an annual double digit percentage growth in numbers for their programs, with particularly strong demand coming from Zambia, Uganda and Nigeria. “Our programs are popular as they offer applied business skills that equip managers to run businesses and organizations across a range of sectors,” Kitchin says. “We have seen growth in the banking and finance sectors, IT, oil and gas, as well as in small and medium-sized enterprises.”

Kitchin believes a key benefit of the EBS

programs is that students remain in place in their communities and add value to the local economies. “So many schools believe in bringing students to the UK or the USA for their studies, which has, over time, caused some of the best and brightest students to remain outside their home countries,” he says.

Gateway to AfricaAnother school which has seen the value of investing in the African region is CEIBS, the China Europe International Business School.

I t s s i x t h EMBA cohort is scheduled to start in May 2014 with participants attending eight-day modules every two months. One of the outstanding features of the Executive MBA is that it’s a pan-African program and recruits students from all over the continent.

Victor Rutgers, Executive Director Business for CEIBS Africa program says the EMBA sphere in Africa is definitely growing. “Over the years we continue to see a significant amount of inquiries coming in from various African countries including Cote d’Ivoire,

Cameroon, Kenya, Nigeria and Ghana,” Rutgers says. “Ghana has been dubbed the ‘Gateway to Africa’ by investors and expatriates and has a great reputation for political stability and rapid development. It is also one of the few African countries that welcomes expatriates and foreign students with genuine hospitality and promotes freedom of expression. What’s more, Ghana currently boasts modern infrastructure and local organizations that run operations of a global standard, which is always very insightful for business students whom otherwise believe Africa is still far behind. All of this makes it an important region for EMBA candidates to consider because of the numerous

business opportunities that are yet to be ventured and the diverse international

networks that are to be penetrated.”

Domestic education on the rise

Although management education in Africa is still in its early stages, there are a number of top institutions and business schools which offer high quality MBA and EMBA programs. The University of

Pretoria’s Gordon Institute of Business

Science (GIBS) placed 70th in the 2013

Financial Times Executive MBA Rankings, while other

noteworthy EMBA programs are offered by South Africa’s top

universities, including the University of C a p e To w n , t h e U n i v e r s i t y

o f W i t w a t e r s r a n d and Stellenbosch University.

Manusha Pillay, marketing manager for the Gordon Institute of Business Science (GIBS) at the University of Pretoria says growth in the EMBA sphere in Africa is exponential with candidates from Africa seeking to pursue suitably accredited qualifications. “The GIBS EMBA is a very attractive option for SADC (South African Development Community) candidates because it’s an internationally accredited business school based in Johannesburg, South Africa’s economic hub. It’s also a perfect match for these candidates as our EMBA focuses on general management It

international university with a regional focus, committed to delivering a high standard of education in developing countries. “We’re an interesting hybrid,” Foster-Pedley says.

Distance learning opportunitiesSince the early 1990s, Edinburgh Business School (EBS) has also been delivering western-style business education to Africa by offering innovative postgraduate programmes which cater to the demands and requirements of doing business in Africa. To offer this program, EBS makes its programs available through distance learning, and also partners with African education institutions to bridge cultural and educational divides between the continents.

Alick Kitchin, joint head of Edinburgh Business School, says the appeal of the African market was the region’s significance on the global stage. “Africa is a significant region of the world, with a thirst and commitment to education and a need for business expertise and skills for its growing populations. Our vision was to deliver globally reputed awards where students actually live and work, so we have a significant number of self-study students, and some very large and growing academic collaborations in Uganda, Swaziland, Zambia and Nigeria. Overall, EBS has over 3,500 active students on our postgraduate programs from across the continent and over 2,000 MBA alumni who have achieved a master’s level award.”

In the past five years, EBS has seen an annual double digit percentage growth in numbers for their programs, with particularly strong demand coming from Zambia, Uganda and Nigeria. “Our programs are popular as they offer applied business skills that equip managers to run businesses and organizations across a range of sectors,” Kitchin says. “We have seen growth in the banking and finance sectors, IT, oil and gas, as well as in small and medium-sized enterprises.”

Kitchin believes a key benefit of the EBS programs is that students remain in place in their communities and add value to the local economies. “So many schools believe in bringing students to the UK or the USA for their

studies, which has, over time, caused some of the best and brightest students to remain outside their home countries,” he says.

Gateway to AfricaAnother school which has seen the value of investing in the African region is CEIBS, the China Europe International Business School. Its sixth EMBA cohort is scheduled to start in May 2014 with participants attending eight-day modules every two months. One of the outstanding features of the Executive MBA is that it’s a pan-African program and recruits students from all over the continent.

Victor Rutgers, Executive Director Business for CEIBS Africa program says the EMBA sphere in Africa is definitely growing. “Over the years we continue to see a significant amount of inquiries coming in from various African countries including Cote d’Ivoire, Cameroon, Kenya, Nigeria and Ghana,” Rutgers says. “Ghana has been dubbed the ‘Gateway to Africa’ by investors and expatriates and has a great reputation for political stability and rapid development. It is also one of the few African countries that welcomes expatriates and foreign students with genuine hospitality and promotes freedom of expression. What’s more,

Ghana currently boasts modern infrastructure and local organizations that run operations of a global standard, which is always very insightful for business students whom otherwise believe Africa is still far behind. All of this makes it an important region for EMBA candidates to consider because of the numerous business opportunities that are yet to be ventured and the diverse international networks that are to be penetrated.”

Domestic education on the riseAlthough management education in Africa is still in its early stages, there are a number of top institutions and business schools which offer high quality MBA and EMBA programs. The University of Pretoria’s Gordon Institute of

Business Science (GIBS) placed 70th in the 2013 Financial Times Executive

MBA Rankings, while other noteworthy EMBA programs

are offered by South Africa’s top universities, including

the University of Cape Town, the University o f Witwaters rand and Stellenbosch University.

Manusha Pillay, marketing manager for the Gordon Institute of Business Science (GIBS) at the University of Pretoria says growth

in the EMBA sphere in Africa is exponential

with candidates from Africa seeking to pursue

s u i t a b l y a c c r e di t e d qualifications. “The GIBS

EMBA is a very attractive option for SADC (South Afr ican

Development Community) candidates because it’s an internationally accredited

business school based in Johannesburg, South Africa’s economic hub. It’s also a perfect match for these candidates as our EMBA focuses on general management with a specific focus on dynamic markets and decision making.”

As a region, Africa is seeking to develop business education that fits the specific needs of the rich cultural and historical traditions of its countries. With this in mind, organizations such as the Association of African Business Schools (AABS) seek to foster an environment that “improves management education in Africa and enhances the relevance and contribution of business schools to African development.”

It seems Africa is definitely a region to watch.


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