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

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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 ones 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 todays 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. Youre well on your way to reaching your career goals and QS Global Workplace wishes you every success in finding your dream job.

Editors DeskMeet the Team

If you have any comments or feedback wed 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 Oleyniks 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 Todays 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 worlds 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: Whats 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 Asias 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 companys

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 UKs 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 UKs

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

UKs 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 years

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

Theres communication. Theres business communication. And

then theres 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 Ive been able to build on and share

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

MBA at IESE, youre 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 its 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. Im 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

Youre 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 dont 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 its 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

its no longer about discovery, its time to pack and leave.

The beauty of going through this cycle at INSEAD is that youre

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, Im 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, ESSECs 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 Oleyniks 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 wasnt concerned about

the extra year of earnings Id lose.

Thats not to say I didnt take a

pragmatic approach, but I didnt

consider this a downside when

stacked up against what Id 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 wont 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,

Galinas 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 dont 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. Its

a highly-charged time that is full

of opportunities. If you go to find

your dream job, youll land it, if

you do everything you can to get

it. If you want to learn something

youve 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 youve 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. Theres 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 UKs 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. Theres 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 Governments 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 cant 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

dont ask, Whats 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

rooms attention on the core

information.

What Top Employers are Looking for in Todays 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 Todays Economy

Comfort with ambiguity and

uncertainty. Students need to

show they can solve complex

challenges despite incomplete

data and would also benet 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 doesnt 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 prociency

in these areas is sufcient. 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.

Hults 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 Kotters, consulting firm, Kotter

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

time faculty member at Globis, Japans 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 worlds 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 years figure of US$72,109

represents a 5% drop on 2012s.

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 worlds 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 years

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 years 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 Pacic

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 worlds

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 youre a 28 year-old and youre

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 youre 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 its

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 theyre 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 its worth reiterating

that the latter are still desirable,

the fact is the MBA still pays.

|


The growth seen in this years 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 theres one takeaway from

the events of the past few years,

its 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

Europes 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 years 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 years

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 worlds 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 years

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 years 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 years 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 worlds 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

Canadas business education

sector can often be lumped with

its neighbor under the North

American umbrella but the

countrys business schools have

made the effort to ensure their

MBA offerings dont go unnoticed

by motivated candidates and its

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. Whats 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

Asias 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, Germanys 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, Chinas 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

its 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 masters 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 students

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 worlds top

business schools, its no wonder

Switzerland is placed in the top ten

of preferred MBA study destinations

by candidates in the QS Applicant

Survey. Whats 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 worlds top business schools

at which candidates can study their

MBA degree, its 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 sectors reputation.

However, reputations can recover.

Take Martin Scorseses box office

dominating The Wolf of Wall Street.

Much like Oliver Stones 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

Gekkos 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

Jrgen Fitschen, to transform their

banks 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 con

qs global workplace career eguide spr14

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