Finance on film Specialist studies Work-life balance Corporate plotting Luxury goods, law Juggling study on the big screen and medical MBAs and relationships FTbusiness education January 30 2012

Global MBA ranking 2012 www.ft.com/business-education/mba2012

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Photo: ed robinson; illustration: raymond biesinger

$125,824 06 Average alumni salary (weighted), for the top 100 upfront programmes*

➔ Poll: internships really do give you an ‘in’

$1bn: the 8,230 graduates from the top 100 business schools who gave salary data to the alumni survey for the FT global MBA ranking collectively earn more than $1bn

➔ The name game

What’s in a name? Quite a lot it seems. The MBA is one of the few globally recognised degree brands, but the letters stand for a lot more than a masters of business administration. Apple’s MacBook Air is per- haps the most famous product to share the initials, but some in the US will be familiar with the Mortgage Bankers Association or the Monterey Bay Aquarium, rospective students completed an intern- not to mention another postgrad- who view an MBA as ship found employment uate degree, the Masters of Beef a springboard to new within one month of finishing Advocacy, awarded by the National industry sectors or jobs their courses, only 69 per cent Cattlemen’s Beef Association. But pos- Pwould improve their of those with no internships were sibly the furthest cry from the prestigious chances by completing an intern- as successful. business degree is Scotland’s little-known ship, a recent FT survey reveals. A contributing factor was the charity, the Mountain Bothies Association, According to almost 2,000 fact that 63 per cent of interns which maintains shelters in remote areas. PHOTOS: DREAMSTIME; GETTY; ALAMY MBA alumni from the class of were offered a position with the 2008 who responded to an FT internship employer. It is therefore poll in November 2011, those who unsurprising that 85 per cent of undertook an internship as part of alumni who completed an intern- ➔ Top of the class their programmes were more likely ship said the experience was to change career paths. Of those important to their post-MBA Top for aims who completed an internship, 92 career progression. achieved per cent changed jobs and 69 per More than a fifth (Three years cent changed sectors. Among those of those who did not after graduation) who did not, these figures were do an internship 37th IMD, Lausanne, 8 per cent and 12 per cent lower regretted it, princi- Switzerland respectively. pally on the grounds The University of Hong Kong’s It also took less time for those that it would have position in the FT Global MBA who did an internship – 72 per cent been an opportu- ranking, the highest of four new of respondents – to find employ- nity to experience a entries to the top 100 (three are ment after completing their MBA. different sector and from east Asia, two from China) While 75 per cent of those who role. - Adam Palin

FT.COM/BUSINESSEDUCATION 07 ➔ FT GLOBAL MBA RANKING TOP The top 25 in 2012* 25 ighted Rank School name We salary (US$)**

1 Stanford Graduate School of Business 192,179

2 Harvard Business School 178,249 ➔ Art for art’s sake – at a business school? 3 University of Pennsylvania: Wharton172,353 4 London Business School 152,981

formidable public collection. A 5 Columbia Business School 166,497 belief in the power of provocative 6 Insead 144,355 art to catalyse creative thinking has brought together an eclectic 7 MIT: Sloan 157,337 range of contemporary pieces. 8 IE Business School 156,658 Many, including “Painting No.538” (pictured) pose a meta- 9 Iese Business School 133,888 phorical challenge to students. 10 Hong Kong UST Business School 127,600 According to the artist, Sally Davies, the purpose of the piece 11 Indian Institute of Management, Ahmedabad 175,076 is “to question our sense of value, 12 University of Chicago: Booth 152,585 our obsession with consumerism RD BUSINESS SCHOOL, SCHWARTZ ART COLLECTION and what initiates our desires”. 13 IMD 144,045 VA The popularity of the student 14 University of California at Berkeley: Haas 146,811 Art Appreciation Society appears to indicate the regard in which 15 Duke University: Fuqua 139,405 the collection is held. The club’s 16 Northwestern University: Kellogg 145,834 co-presidents get to accompany Schwartz on his annual trip to 17 New York University: Stern134,093 procure the latest acquisitions. 18 HEC Paris 121,061 The collection is not an investment, but has been 19 Dartmouth College: Tuck 151,182 donated in trust. It is arguably a 20 = Indian School of Business 129,512 hould the Financial Times paradox that art may be deemed above attempt to rank the art collec- the commercial imperatives that 20 = Yale School of Management 142,455 VIES. BY PERMISSION OF THE ARTIST/HAR tions of the world’s leading underpin an MBA curriculum. Para- 20 = University of Oxford: Saïd 134,805 DA schools, Harvard Business phrasing Oscar Wilde, perhaps it is

LLY SSchool would have a strong through art alone that schools can 23 National University of Singapore School of Business 97,625 SA claim to the top spot. shield their students from the perils of 24 = Ceibs 123,058 Motivated by an absence of artistic the world beyond. Or it may simply be inspiration in his time at Harvard, nice to look at.– Adam Palin 24 = Cornell University: Johnson 141,727 MBA alumnus Gerald Schwartz has See slideshow at www.ft.com/ Footnotes been the driving force behind HBS’s business-education * See ranking, p39, for the criteria. ** The average salary three years after © 1994, ARTIST: graduation, with adjustment for salary variations between industry sectors

Top for careers Top for international (Seniority after experience three years and (Based on course size of company) elements overseas) Indian Institute Hult International Business Top for salary of Management, School (US/UK/UAE/China) Ahmedabad (Three years after graduation) Stanford GSB, California Top for female students ($192,179, weighted) (Highest proportion: 45 per cent) Cass Business School, London *See key (p37) and methodology (p39) for criteria

FT.COM/BUSINESSEDUCATION introduction 08

Degrees of change

➔ Business schools are reinventing the MBA. By Della Bradshaw

wenty years ago, the mBa by russian business schools. i do not was unquestionably the see a particular demand for [it].” degree of choice for ambi- in europe, the surge in demand tious young managers; for pre-experience masters in manage- Tthese days, the picture is ment degrees has overshadowed the less clear cut, as shifts in the global mBa, with many established schools economy highlight the need for com- seeing a decline in applications. in peting types of manage- countries such as Germany, the mBa ment education and is still a fledgling product, explains greater student choice. jens wüstemann, president of the while the mBa $100,000 mannheim Business school. “Fifteen still dominates the Eleven of the 100 years ago, the mBa was unknown in north american degree schools in the 2012 Germany. we are trying to educate market, a diverse range FT Global MBA the market.” of programmes are blos- ranking charge even in the us, the home of the soming in developing more than $100,000 mBa, fragmentation in the market – or economies. for their MBA pro- customisation, as deans prefer to call it south america is gramme. All are in – is increasing, says david schmittlein, emerging as a non- the US – and all are dean of mit’s sloan school and a long- degree market, with in the top 25 time advocate of programme choice. executive education “there’s been a lot more discussion.” the norm in Brazil. in so, just as the us exported the mBa china, executive or to europe 50 years ago, today there part-time mBas are the is an increasing demand for euro- premium programmes. in india, the pean-style pre-experience masters in flagship postgraduate programmes are management degrees in north america, targeted at those straight out of under- as well as for specialised degrees in graduate courses. finance, accounting and marketing. in the fourth Bric country, russia, the latest technology has also the mBa also takes a back seat, says sent many mBa schools back to the Valery katkalo, dean of the Graduate drawing-board. even the top-ranked school of management at st petersburg schools are acknowledging the changes. state university. “currently the full- “i think people will look at different time mBa is not the product delivered formats,” says Glenn hubbard, dean ‘I think people may want to get an MBA in a slightly different way’ GlEnn HUBBArd, dEAn oF ColUMBIA BUSInESS SCHool (lEFT)

of columbia Business school in new

york. “i think people may want to get wndes; photo: jim sulley/newscast an mBa in a slightly different way.” lo while every business school is exploring the option of blended learn- ing, in which courses can be either online or based in the classroom, in tration: nick

2012 all eyes will be on the kenan- us

Flagler school at the university of ➤ ill

ft.com/BUSineSSedUcation 09

ft.com/BUSineSSedUcation introduction 10

at ie Business school in madrid, programmes in asia. this year, the ‘What does it mean to for example, the 633 full-time mBa chinese school is planning to start put capitalism through students now choose which 80 elective teaching in new york as well. the moral filter of Islam?’ courses will run from the 150 pro- as established business schools posed by faculty. “it’s demand driven,” scurry to educate those from different BIll BoUldInG, dEAn oF explains strategy professor david Bach. cultures, the curriculum’s focus has as numbers on mBa programmes moved from the content to the context FUQUA SCHool oF BUSInESS in europe and the us plateau or in which business operates. “what decline, business schools everywhere does it mean to put capitalism through are counting the costs, and fundraising the moral filter of islam?” asks william campaigns are squarely back on the Boulding, dean of duke university’s north carolina at chapel hill. in 2011 agenda as state funding evaporates. Fuqua school of Business. “we’d better it launched mBa@unc, essentially But in asia, different funding models begin to understand that.” an online mBa, but with the same are emerging, such as corporate foun- as well as damping the number of premium fees as the full-time degree. if dations, to take the place of the state mBa applicants, the continued eco- successful, it could set the benchmark and the wealthy alumnus. nomic uncertainty has brought other for other highly ranked schools. dean William as nitish jain, president of the sp changes. students are now opting for in the scrabble to attract the top Boulding of the jain center of management, points longer programmes. at esade in Bar- students, this kind of differentiation Fuqua school out: “it will be private enterprise that celona, where students can complete has become the name of the game, says (above); richard funds asia’s growth in education.” their mBa in 12, 15 or 18 months, most richard lyons, dean of the haas school lyons of the Haas one example is cheung kong Gradu- are eschewing the shortest course. of at uc Berkeley. “Business schools are school (below) ate school of Business, which made the 180 students, only 20 in the class taking more of a stand and saying, ‘this a splash in 2011 by opening facilities of 2012 will finish their degree in 12 is what we are about.’ we’re saying in london, reversing the prevailing months – the rest are opting to study this is our identity; this is our history; trend in which western schools set up over a 15- or 18-month period. “what this is our place. we’re going to play it our way.” ‘Business schools are But as the taking more of a stand ticket price of an and saying ‘This is mBa goes up, so does the student what we are about”’ demand for high- rICHArd lYonS, dEAn oF THE quality teaching and services. HAAS SCHool oF BUSInESS dave wilson, president of Gmac, the body we didn’t expect at all was the that administers [low figures for] 12 months,” the Gmat entry says Gloria Batllori, executive test for business director for the mBa. schools, warns of oxford university’s saïd the dangers. “the Business school is also faculty are a fixed tapping into the trend.

cost, just like the peter tufano, the newly- Vid schmitZ building. there’s appointed dean, plans to da 13th y; a limit to what launch a 1+1 system this they can teach,” The “aims achieved” year, in which postgraduate he says. “now rank out of 100 of students will be able they have to teach Haas School of Busi- to obtain two degrees in mBas for medical ness at the University two years, the first a masters students or mscs of California at Berke- in a specialist subject, such in finance.” ley. This measures as environmental manage- But market- the extent to which ment or education, the second sensitive business a school’s alumni an mBa. schools are learn- fulfilled their goals consumer choice, it seems, ing to embrace for doing an MBA will increasingly be the name the new reality. of the game. B photos: charlie BiBBy; shaun curr

ft.com/BUSineSSedUcation View profiles of top deans at www.ft.com/ deans 11

Meet the dean ➔ Alison ddaavvisis-Blake aims to ppuutt the rroossss sscchhoolool on the global map

lison DaDavvisis-Blake raratttltles consultancy projects rather than at the University of Minnesota, off the statististatistics as if she lectures or case studies, has been and before that a professor at the Ahas kn own them all heherr on the curriculum for 25 years. McCombs school at the University life. The UniUnivveersirsittyy of Michigan And it was one of the first US busi- of Texas at Austin. has 4433,,000000 stustudedents; 7 per centcent ness schools to recognise the need For many, state education is all of them are stustuddyyinging a businbusiness for students to develop a global about the funding, but at Ross this degree or busin business ma jor; the mindset. These days, 80 per cent is largely academic. The business university receireceivveess 5 per centcent of Ross students have an action- school is essentially tuition driven, of itsits funds fr om the stastatete. learning experience outside their with just 0.9 per cent of its funds Yet PPrrooff DDaavvisis-Blake home country. coming from the state, and 71 per only jojoinedined the university For many top US business cent of income from fees. a little ovoveerr six momonntthshs schools, including Harvard, these However, money is a big issue. ago, w whheenn she waswas kinds of projects are only just Even though alumnus Stephen appointed hitting the agenda. Ross gave the school $100m in dean of Indeed, Michigan 2004, the total endowment of the RoRossss The business already does many $364m is not enough to support School of school is high of the things for operations, says the dean. Indeed, Business. which other top US fundraising is high on her agenda. Now it is on substance, schools are earning But Prof Davis-Blake says the her jjoobb to but often column inches. At defining issue of state universities put it on Stanford, for exam- relates to ethos, and to the notions the gl obal reticent to ple, one in every of public service and inclusion. map. shout about it six MBA students “We need to educate all sectors in Prof is studying for their society,” she says. Davis- second degree at the In a polite but firm swipe at the Blake, 53, is a careercareer university, yet the proportion at FT rankings – one criterion in the academic with a Ross is similar. rankings is alumni pay – she says PhD fr om Stanford So why is Michigan not more life is not all about money. “I see and lists of globally visible? “Midwest mod- more and more students think- Alison publica- esty” is one reason, believes the ing, ‘What kind of outcome do I davis-Blake tions to her dean. But she is also realistic. really want? What does a better on a recent name. In “Michigan is not the school for job mean?’ A better job means I visit to that, this every student,” she concedes. It is can make a bigger contribution to london business- in Ann Arbor, a Midwest university society. A better job is having more like expertexpert town, not New York, San Francisco influence over society.” on strstraatetegic or Hong Kong. And the business That is something state univer- human school is part of a large, full-service sities are well placed to deliver, resource university, not she asserts. The manage- a standalone message must be ment is campus. on video getting through, perhaps It is also a state because as other emblematic of the school university, rather Alison davis-Blake business schools she nonoww runs, an institu- than a member of talks to FT Business admit to falling tion that is high on sub subssttanance, the exclusive Ivy Education editor applications and but oft en reretiticent to shout League. But then, della Bradshaw about enrolment rates about it. Prof Davis-Blake how business schools this year, the Ross Over the yearyears, the RoRossss is an advocate of can help improve school can boast school has been a pionpioneer of US state higher the gender balance that applications innovative cocouurserse and curricu- education. Before on company boards. for its MBA lum dedessign.ign. joining Ross, she www.ft.com/business- programme are education/mba2012 Action-based lelearning,arning, in was dean at the up 7.6 per cent. B which studestudents lelearnarn through Carlson school – Della Bradshaw

ft.com/BUSineSSedUcation on management 12 simon caulkin

The view from below

➔It makes business sense for companies to give employees a say in how they are managed

he coalition government need less protection. The UK is already To recap: engagement and com- is considering changing next to bottom in the employment mitment are the nearest things to a employment law to make protection league. UK employees work management silver bullet. What is it easier for companies to longer hours, are more likely to work more, we know how to do it: select T hire people – Orwell-speak, part time, and get propor- managers who can, in Prof many think, for sacking them. In her tionally half the employ- There is no Birkinshaw’s words, “push piece on business school governance in ment benefits of the aver- decision-making down to the last issue of this magazine, editor age. Taxes on labour are correlation employees, communicate Della Bradshaw noted that it was hard lower, too. There is simply between low the meaning of the work to imagine organisations “allowing no correlation in the being done loudly and the workers effectively to decide who OECD figures between low employment clearly, and provide will be their new boss. When the FT is employment protection protection support when needed”. next looking for an editor, will jobbing and high economic perfor- This is hardly rocket journalists be allowed to vote?” mance. Rather, the reverse and high science – and it has been Maybe they should. Behind both is true: greater protection performance known for decades. In this these ideas are the same assumptions: seems to go light, the real question is that, baldly, performance is all about with better economic not why you would give workers a say sorting out the workers, and all will be performance. in appointing their manager: it is why well if managers are allowed to get on If employees you would not. with it. It is the conventional wisdom – are feeling Sure enough, some of the high- but does it stack up? helpless and performing, best-to-work-for compa- In a recent research report on worried nies do just that. At manufacturer WL “employee-centred management”, about Gore, of Gore-Tex fame, the only way to London Business School’s Julian their become a leader is to attract followers. Birkinshaw, Vyla Rollins and Ste- jobs, Current chief executive Terri Kelly got fano Turconi point out that unlike, that is the job because more people followed say, sales and marketing, which has what her than anyone else. Closer to home, learnt that customer insight comes they are Happy, the award-festooned training from seeing the world through focused company, lets associates choose depart- customers’ eyes, management is on, not ment heads; and if anyone is unhappy exclusively viewed from the perspec- customers with their manager, a better solution tive of the manager. or quality. than forcing them to leave is allowing This one-eyed view is self-reinforc- Fear makes them to choose someone else. ing, perpetuating the assumptions it people stupid. Even among the “best-workplace” started with. Beyond that, companies, most see employees select- If the aim is “creating a workplace though, in LBS’s ing managers as a step too far. But, as KER where employees are able to deliver ideal workplace, trust Prof Birkinshaw notes, even without BA their best work” – the subtitle of the looms large, and trust is allowing this, the central conundrum of LBS report – the evidence is unargu- The big question incompatible with not people management remains. Why do able: a happy, secure workplace pro- knowing whether you more managers not walk the talk? Why duces better results. Dozens of studies In What Matters Now, will be there tomorrow. are there so many bad ones? Why are show that improving engagement pays Gary Hamel says creating It goes further. The so many workplaces “stultifyingly dull” TRATIOn: AnDREW

off. One recent scholarly study calcu- organisations fit for the main determinant of (Prof Birkinshaw), or worse? There are US lated that a value-weighted portfolio of future and for humans trust, and engagement a number of plausible answers – for Fortune’s “100 best companies to work is the answer. Is that not generally, is a good example, the self-reinforcing, top-down for” in the US, outperformed the aver- what management is first-line manager. In assumptions we started with, human age by 3.5 per cent a year over 25 years. about? The fact that they fact, all other aspects of nature, convention and fear of standing Or try it at national level. Statistics have not done it already, the workplace – condi- out from the crowd. But none has from the Organisation for Economic suggests managers are in tions, colleagues, pay anything to do with evidence – which Co-operation and Development make for a big challenge. – are comparatively does not do much for management nonsense of the idea that UK workers insignificant. pretensions in the first place, does it? B PHOTO: ED ROBInSOn; ILL

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➔ View profiles of top deans at dean’s column www.ft.com/ deans 14 John quelch

Bark with bite

➔His manner could be blunt, but Theodore Levitt’s intellect was both sharp and inspirational

cademics succeed if their Arriving at Harvard as a doctoral I wrote to Prof Levitt, by then head names are linked to student in the mid-1970s, I had heard of Harvard’s marketing department. A one important idea that Prof Levitt was one of the big men terse one-sentence reply mailed weeks outlives them. Profes- on campus. Walking to my first class, later announced there were no Asor Theodore Levitt’s I noticed behind me a openings. Ten days later, name is linked to many. The first was a sprightly man with bushy ‘Always work the phone rang – an blockbuster. “Marketing myopia” was eyebrows whom I assumed unexpected resignation. published by Harvard Business Review correctly to be the profes- on important The professor needed me (HBR) in 1960, one year after Harvard sor. I held the classroom problems at Harvard in two months Business School plucked Prof Levitt, door to let him through. to teach the required MBA the son of a German immigrant cobbler, As he passed, he barked: that are marketing course. from the University of North Dakota. “You’re late!” important In 1983, HBR The article famously asked: “What I gave him a wide berth published Prof Levitt’s business are you in?” It critiqued until it was time for feed- to important “Globalization of markets”. railroads for “letting their custom- back on my thesis proposal people’ It rocked the marketing ers get away from them because they after three months of hard world by claiming: “Gone assumed themselves to be in the labour. The meeting lasted five are the accustomed differences in railroad business rather than the minutes, barely long enough for Prof national and regional preferences” as transportation business”. They Levitt, whose mentoring style was consumers everywhere pursued the were product-ori- more tough love than hand- single objective of “world-class moder- entated rather holding, to dismiss me with: nity at affordable prices”. Believing the than market- Theodore “Throw this out, start again thesis to be exaggerated (which, as a orientated. Levitt was a and come back in a week consummate provocateur, Prof Levitt Over towering figure with something impor- freely admitted), I worked long and the next 40 in marketing tant!” Fortunately, I did. hard on an HBR rebuttal, “Customizing years, Prof Prof Levitt’s advice global marketing”, which demonstrated Levitt’s articles was always to work on how successful multinationals such dominated HBR, important problems as Coca-Cola and Nestlé combined alongside those that are important to standardisation of marketing strategy of Peter Drucker important people in with local adaptation of marketing and, later, Michael important companies. It tactics. As a non-tenured professor, Porter. His sweeping spurred me to get out into I was nervous about taking on the big generalisations were the field, talk to business beast. Prof Levitt loved it. rendered tolerable by the people, write case studies A few months later, and just ahead elegance of his prose. He and understand the messy of my promotion review, Prof Levitt opined brilliantly on the perils complexity of the world, rather called my office to announce he would of corporate social responsibility, than work behind be sitting in on my next class. The the need to differentiate everything, my desk on math- case study involved a discussion of a and the importance of tangible evi- About the ematical models marketing ethics question: should The dence to reassure customers choosing based on unrealis- Boston Globe newspaper accept adver- among suppliers of intangible services columnist tic assumptions. tising for South African Krugerrand (the impressive bank building, the Professor John Quelch After graduat- coins? The discussion was spirited and authoritative logo). All 25 HBR articles is dean of Ceibs in ing, I took a job at the students thankfully well prepared. went through at least five rewrites. As Shanghai. His latest the University of At the subsequent debrief, Prof Levitt he said: “Why should you make book is All Business Is Western Ontario. asked me how I rated the class. “Well,” customers go through the torture Local. Previously, he was The famous I stumbled, “it wasn’t bad but I could chamber? I want them to say ‘Aha!’” senior associate dean blizzard of 1978 have done a few things differently...” I spent perhaps no more than eight at Harvard Business dumped 37 inches He cut me off. “Quelch, it was a terrific hours in the company of Prof Levitt, School and dean of of snow outside class, no more need be said.” Prof Levitt but he had a profound impact on London Business School my apartment; it gave praise sparingly but, when he gave my career. was time to leave. it, he gave it unreservedly. B PHOTO: ROSIe HALLAM

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interview

16 Winning position

A paratrooper turned banker, Chris Daniels’ MBA helped secure him a dream role preparing for London 2012, writes Andrew Baxter

C a non-governmental organisation such as the UN or the hris Daniels was out on the town when Bob Diamond, then head of Barclays Capital International Red Cross. “When I was at Iese, the big and currently chief executive of Barclays, rang his home thing was investment banking and I went through the in Barcelona to persuade him to take up a summer first year thinking it was a kind of crème de la crème job,” internship. he says. “It was hard to get into and it was perceived as It was 1999 and Daniels was almost halfway through glamorous, so I thought: ‘I’ll just do a 10-week intern- his two-year MBA course at Iese, the business school ship and then I will have gotten it out of my system and based in the Catalonian city. “the human resources at least I would be experienced in it.’” department [at Barcap] had obviously deployed Bob But it did not work out that way, and Barcap played Diamond on the waverers,” he says, “but my Romanian a clever hand in reeling in Daniels, paying him for each housemate answered the call, and of course he had no module of its training programme he completed during On form: Chris Daniels idea who he was. he said: ‘Chris is out in a pub so it may his second year. By the time he had signed up to join handles Lloyds invol­ be a couple of days before he phones you back.’” the investment bank, he was back in the black after vement as a sponsor Not the most auspicious start to Daniels’ banking going tens of thousands of pounds into debt to fund his of the London 2012 career perhaps, but after five years in the army and with MBA – even with a scholarship that halved the fees. the Olympic Games and a strong desire to do something “useful, that had a sense financial help was not the reason he joined Barcap, he Paralympic Games of purpose”, he never intended to enter the industry. stresses, “but it kind of nudged [the decision] along”. he had hoped, instead, that his business qualification In a non-financial sense, however, payback for the would lead to a job as head of operations or strategy at time and effort invested in the course has taken much ➤ Photos: getty

ft.com/BUSineSSedUcation 17 Photo: ChARLIe BIBBy ft.com/BUSineSSedUcation photo: charlie bibby D n n nnigise, esy.“ a o an not was “i says. he issues,” financing and ing noivsmn akn fe eevn i ah degree oxford. maths from his receiving after banking had investment he into if narrower much been have also the in i grab Mba] and the language done the had speak i could [because but things those of any deriv about less was entrants new Mb other an than as older and, bit a was he realised agers deriv equity an up says. he boss,” own your be to allowed were you entrepre- neurial; moving, fast dynamic, was “it environment. was Daniels longer. akn sinet – assignments banking nteoypc rjc,adrmne i colleague his reminded and project, olympics the on he deriv the and of sponsor tier-one a be would says. he deals,” do to paid are it you fundamentally, maybe but, days, those in certainly – handsomely knowledge. frustr only was i reflection, “on tSb. lloyds perform- was not or either ing was that business a developing years it weeks 10 after th ra pa ev at a uhtesame the much was gteha fmark of head the ng nin en ra ruig2 r3 e etof cent per 30 or 25 using er v ae o h ak u esda opportunit an sensed but bank, the for sales ive ypcGms ail a unn european running was Daniels Games. lympic st Fe yo rigu,first up, arting ray20,lod S none it announced tSb lloyds 2007, bruary r opnae ybigpi really paid being by compensated are u a, hoeia ae n i ou would focus his and base, theoretical was it other says, the he on hand, job; the on relearn he to so had theoretical, very was up picked had enough. absorbed had of he little what a using was he found aniels a oebedh eut deriv “equity breadth. more had at at at at vsbsns rmscr from business ives acp ewstse ihse with tasked was he barcap, rce otetaigfloor trading the to tracted vsadmr bu a,account- tax, about more and ives ty st ial ewudspend would he pically th et r nsbeun investment subsequent in ory at n,si ewne owork to wanted he said ing, deriv e acpadla and barcap lo at my vskoldehe knowledge ives dn21 olympic 2012 ndon go at kl e and set skill at dt aethe have to od go dta was i that ed ex ie at ne tt e u not but se, h sman- as ch, pertise.” erly st ’s ra ex esnow. less two ight at at etin pert tt ives ing y. h g f4,t s i full his use to 42, of age the grea been has which businesses, tors inves- that savings and synergies the deliver to lost being were jobs and combined were banks took this of all place bank. the in pride instil to demonstr ne use to how out working and ment, e oehmef looking the himself, of role scope new the define to had Daniels lenge. his the . Group became banking and lloyds crisis credit global the the from in fallout hboS absorbed tSb lloyds after fold ma the of end ho the be would that assumed he le welcomed. he was When interest his but board, on come committee. bid 2012 isfo t ae sponsorship. Games its from ties bring to activ at aho.as,while also, tathlon. pen- modern the for manager services as volunteering 2000, in Games weeks six spent had he that i in [in of ev ‘I eddte20 tesgmswt the with games athens 2004 the tended wa tw th new “created has sponsorship the says Daniels on to him for early too year a was it told was Daniels it ee,b etme 08 ewsbc nthe in back was he 2008, September by wever, cu my rusing er st ex at rsadnwies n elyalwdu to us allowed really and ideas, new and orks a enademjb n i chal- big a and job, dream a been has r of art at smliaee oehas role multifaceted is rn job. rrent cu pected. Ju o hlsl”hsrl st n ways find to is role his wholesale” – ion frustr s ve ieo uphea of time a va st y2 2009, 27 ly kl e n kn and set skill at mradepoe engagement, employee and omer u otebn’ corpor bank’s the to lue ft stme u upr o h Keooyadsmall and economy UK the for support our e lo h akltrta ert onhboS, join to year that later bank the dn21,Dneswsoffered was Daniels 2012, ndon as 25 ate ha of “head nt at ex or htI that d acp ehad he barcap, banking]’ cl he er before years three actly va 0per 30 at as l lo ra at uiesdevelop- business lo two at g fsil,h says. he skills, of nge h Sydney the dn2012 ndon dn2012 ndon t”. ogls loe him, allowed last long owl at wa at hlete ce activi- e ed s nt on ge lo tt ly er. ndon ➤ at in ap MBA an true the Pi Da in ck yo aetla parent il beli niels n ptepa the up ing ur te ca on va re u of lue ly rvi te ev er, bec r es on ome ce ew : s 19 20 H yielg hntecac ojm u fa aircraft. an of out jump to chance the than ideology by ail hs obcm par a become imagine”, to possibly chose could were Daniels you – thing accountant dull or deathly actuary most as “the such would – graduate maths it a on offered jobs be the of some and round milk h uiesdvlpetpol o aei,i’m it, with name dealing you – people development business the mark hr, with deal regularly “i Mb in fe evn xodaddcdn htteuniversity the that deciding and oxford leaving after a, te dr aw rvi n o nwa learnt i what on lot a ing ev rbd.S o mflyutilising fully am i now So erybody. ie enteta a iet 13. to rise can team the dotted mean but lines reports direct six has he – management leadership of terms in dr and banking, in businesses building roles previous in learnt he what leveraging e ew st ess oee,ta ei also is he that however, resses, aw n,to nhsmltr days military his on too, ing, at et rooper, n,tefiac guys, finance the ing, at uiesschool.” business at rce more tracted possib ‘I wo nd my ly er co wh atntoaiyi h cohort. the in nationality nant facranntoaiywssx oyuhdti very wouldn this had you so cross-cultural six, was nationality certain a of different a US their despite that, found h opportunity?” the manage- for “designed consultants”. be ment to seemed and quick too just orebcueh a aiga“asv”learning “massive” cu a facing was full-time, he a because be course to have would it felt Daniels organise of one be ge can you and ground ie itogt fiam i if thought, “i time. in or bankers investment consultants management as working were friends was Daniels appeal. not did ir hsya,imjust i’m year, this children: and wife tha “i’m 2012? person career a in later much comes possibly the whether tog wonder come all has date to career eet a aelne ocm through. come to longer take can benefits may prospective me va ln,tepopc fegtyasi ryds jobs desk army in years eight of prospect the eland, nadsr hnsot”he out,” things sort and on t rv te h effecti the ether i ls f7,temxmm[ubro people] of [number maximum the 70, of class a “in lo th in action seeing after later, years Five “t owa etfrDnesafter Daniels for next what So -centric t’ rie h rttig”h oe.“’etold “i’ve jokes. he thing,” first the s e. ge s he kn ak ail as “i says: Daniels back, oking at .” ty th uc eunfiacal,btother but financially, return quick a t mu ’t hc ssmtig ehp,for perhaps, something, is Which rmtdtedcso od nMb an do to decision the prompted et fraos nldn eieto desire a including reasons, of my cu o spend you n-erMba one-year e my o ftepar the of hos go rat tr,bttecice a h ako domi- a of lack the was clincher the but lture, st ch time.” hoig napaeiwn n hr can i where and want i place a in choosing, n osepfrtremonths, three for sleep to ing dnst eri id–you – mind in bear to udents e hnglobal. than her ex eine”h as n,o ore “why course, of and, says. he perience,” la go ‘y he ’t te n ob a-u busy flat-out be to ing tw ur not ou’re ef upu gi,s o uthv to have just you so again, up jump looked er nbreoai o had you if barcelona in years o etv s fa Mba an of use fective naperso a in r lo at go st opri,yuln nthe on land you is, rooper dn n aigawaeo a of whale a having and ndon, at ogbadnms hywere they names, brand rong ve n owork to ing aw in at go ex he et ed for sead, use r hthscivilian his that are n oseme see to ing tw e noerl n i and role one in her plains. lo t’ lme for plumped lota if as almost s top o ndon of ’s at n’ my ex US No nMBA an ex ek twill it desk, a .” s ml,was ample, tw einea perience poor a, rt col but schools ca B o-year hern but ie re my efor se er’ ne east in the Great aring Ol ex ym Lo co pectati pic ndon mple ve nu is on ti on e s:

Photo: charlie bibby

film

22 On the money?

A wave of films about business has followed in the wake of the financial crisis. But the big screen is struggling to come to terms with the scale of the upheaval. By Nigel Andrews

ft.com/BUSineSSedUcation In Wall Street: Money Never Sleeps, Michael 23 Douglas reprises his role as Gordon Gekko – but the character has changed subtly O nce upon a time, the only thing film fans knew about the bond market regarded a chap called James. this Bond regularly dominated the news, encouraged mass investment and caused worldwide excitement. Whenever there was a new Bond issue – of connery, Moore or Brosnan – it stirred up the newspapers as well as the cash registers. how things have changed. even with Daniel craig enlivening the 007 brand, the word “bond” now needs no capital B. Indeed, the joined concepts of “bond” and “lack of capital” are exactly what make headlines: a credit- crunched world in mortal peril, money changers fleeing temples, all of us in a tailspin without the interference of Smersh or Goldfinger. the latest wave of finance-world films – including Wall Street: Money Never Sleeps, The Company Men, Inside Job and The Social Network – all began shooting in 2009. Lehman Brothers, the investment bank, collapsed in Sep- tember 2008. Do the maths. even if some of these films were then gleams in hollywood’s eye, the cry of “action” would only have been hastened by events. With the globe’s horizons still streaked in red ink – and possibly getting redder – the odds are that there will be more such movies. the newest is Margin Call. Depicting three days in the life of a Lehman-style bank, hollywood’s latest audit of the meltdown suggests little has changed. the patient is no better, he still excites shock, awe and pity. More importantly, he excites screenwriters and directors – Margin Call’s J.c. chandor makes his debut in both jobs – to present the boardroom and brokerage corridors, once so heedless and bountiful, as places fit for a modern Greek tragedy (a description Greece itself, of course, now lives up to). Star casts are fixtures in these films. Wall Street: Money Never Sleeps saw the return of Michael Douglas and The Company Men features Ben affleck, tommy Lee Jones and Kevin costner. Margin Call is awash with names. Kevin Spacey, the best in the business for busi- rry Wetcher/SMpSp

Ba ness roles and a graduate of Glengarry Glen Ross (David Mamet’s seminal drama-satire about sales firm practices), plays a sales manager trying to survive a downsizing photo: storm. chief executive Jeremy Irons and “head of risk” Demi Moore are among the winners and losers. ➤

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film

the business movie is today’s version of the 1970s Cimino’s The Deer Hunter and francis ford Coppola’s Hard times: Tommy disaster film, less physical but no less apocalyptic. The Apocalypse Now were released in successive years. seven Lee Jones and Ben Poseidon Adventure and The Towering Inferno had star years later and a year before Wall Street (as if opening Affleck star as execu- casts to help us keep tabs on a plenitude of characters. the door from one us zeitgeist to another), oliver stone tives made redundant 25 the complexity of modern money doings, which can made Platoon (1986). in The Company Men undo an entire company, country or the world, also needs If there is much more momentous tribulation in a big dramatis personae and the hi-fi cast to play them. financial trauma wards currently – and there surely will Now, a physical cataclysm is not required. Bonds be – we should expect movies of equivalent stature: the will do for bombs; hedge-fund crises are as threaten- kind that stand above the fray while also lending it new ing as hurricanes. tragedy has become microcosmic. power built on myth or metaphor. the beating of a butterfly’s wing in Wall street, tokyo right now we are in a phase where we try to see or London’s square Mile is as humanity in man’s inhumanity. momentous as the destruction If Michael Douglas as Gordon of a street or a city. The business movie is “greed-is-good” Gekko in the today’s version of the 1970s first Wall Street defined a et for all its modern titanic antihero for the 1980s, obsession with the disaster film, less physical the post-meltdown baddies and money world, one but no less apocalyptic goodies are subtly different. or could argue that differently subtle. Gekko him- cinema still has self, in the second Wall Street, is not found the subject’s full dramatic a mixture of old bluster and new penitence, who ends by Y measure. the ground troops have moved investing his money, through only partly selfish motives, in, but the main campaign may well lie ahead. Com- in a more far-seeing world. (“Green is good”?) pare the history of the Vietnam war movie. It took a the title characters in The Company Men, executives decade or more – filled with the honourable grunts and made redundant by a failing Boston firm, are vic- squaddies of hollywood action cinema fighting on the tims not of evil super-bosses but of life and the level plains of gung-ho – before the defining epics, unpredictable spasms of lucre. as in the Wall raised up by mythic or tragic vision, arrived. Michael Street sequel, there is an underlying belief that everyone should get back to doing honest, simple, socially responsible work – a Voltairean injunction to “cultiver nos jardins” – which explains why fired executive Ben affleck takes a job with Kevin Costner, his salt-of-the- earth builder brother. even The Social Network, while endowing facebook founder Mark Zuckerberg with an unflattering mixture of gauche egotism and go- getting ruthlessness, seeks to find the human being behind the uber-geek. the film enjoys – in an acerbic yet forgiving way – the irony of a hero with minimal social skills creating a website for world togetherness. ➤ photo: rex features 26 M e luyeiec nteatrie–her – afterlife the in eminence cloudy her is axe dramas. black-and-white fictional more than – paradoxically – seem to begun Job fcapitalism, of work. always illness. fatal and dramatic for up there, are bankruptcy of menace the and st da Av counting? is who but 1960s, th the in set is colours. series, bold television those find to time in back film yling. y, neavriigaec em o ietepresent the like lot a seems agency advertising enue sbcsabn,rvlkin rm e na in set drama rival-knifing backstabbing, is sometimes th and ihyesterda with ra epbcwrsde not does backwards leap great e ev th rtraeig iaca losses Financial threatening. er let9 h ieand Rise The 9: Client wn fteredundancy the of swing e La Ay cu st ad lotsw–from – saw almost rand, n rn uiesfito nscreen on fiction business rrent taries. so villains, old ho the blame to easy too is overlap. these of many and believe, to schooled been have we colours, toda not is purple, and plain elodrama, y’ er htprophetess that year, ls n visual and gloss s va lwo evsta otedocumen- the to that leaves llywood u,wt oe sex love, with lue, y’ preference. s no -cinfim uhas such films n-fiction Fa lo lo Spitzer Eliot of ll th r r o many too are ere Ma d Me Ma n, go Inside h hit the dison have es it apocalyptic. or political st big the of unafraid and primed pumped, powers world picture running. and up vision an such had apart, have wars times, our in crises other skyscrapers. in suits about corner. each into and fissures cracks sending lives, our all ing threaten- is crisis money world lasting shrug has indeed Atlas there. out apart falling world above. the of combination any or simple, complicated, at oeon, come mn:poetic, ement: ho B ge ’s d. prophetic h ei space kevin quake; the seniors the fired; are juniors the are braces the tumble; stocks rec head. reconfigured or upside-down st rand of grandeur and reach manic the has that downfall capitalist character do smith). i mean (and not Adam of fall the as reverberant of fall the lend unafraid to artist an – stone and coppola cimino, needed war Vietnam the of under-powered. and under-directed a,rdmtv,iniquitous, redemptive, bad, being greed about speech ba faire rand much. too and little too simultaneously April. in theatres movie into hiccupped adaptation screen. novel pther up me Financial with llywood. orytelling. ef th tt to We yc as y fect? Ut non,long- ongoing, e etesm etonmeteorolog meltdown same the le aymdr oe movies money modern many o ’s na in ta Shrugged Atlas aw iino nucntandlaissez- unconstrained an of vision Pa pasee schallengingly as seemed opia Let ev lo my Fo Let ait, th ce it ge rt er. ve ho rtc n uine twas it audiences and critics r us e, sntjust not is st aehsclimactic his make to ts n fapooe three-part proposed a of one vie r sa is ere Pe ev us Ye of many w ge fo e and sex , hp erqiean require we rhaps w, ns,afimabout film a so, en los h l a under-cast, was film the t y/ ge the t Ma bankrup dramatic r ene sthe as – need we Mi that t e n the and ses mnsmtigas something mmon he Douglas chael ruh otebig the to brought go od, fa Fo st tc my a illn tal retched; untain- are y va tho- st ’s ory lue, y. ess Ma su an (l egot fo Ne villains: No eft un rvi twork h same the t ex rg ); isti de in ve ecuti Ke ca r Ca do i Spa vin of The cast l ll ve bu niigin wnsizing Fa (b So the trying t ce el old hu cial ow) ce okas book man is y to

Photos: Merrick Morton; JoJo WhiLDen

feature

28 Family business

Prospective MBA students need to consider the impact their course will have on their Mpersonal lives, says Emma Jacobs oving partners it can be hard. Arriving in a strange country to England was a huge decision for Elaine Grogan. It with no job and a partner who has little time for you meant giving up a job she loved, selling wallpaper and can be very difficult. Any student considering an MBA textiles for an international company. It was the first time or even a part-time EMBA, should weigh up the human Grogan, 31, had lived outside Taiwan and leaving her costs of the time commitment and possible relocation on family was a wrench. It also meant exchanging a warm their friendships, relationships, family and employer. climate for the cold, damp English countryside. Jessica Pounds, director of diversity affairs at the But this year she upended her life so that her Irish University of Chicago’s Booth School of Business, says: husband could pursue an MBA at Cranfield School of “Students who come here spend a lot of time in recruit- Management, near Milton Keynes. Her verdict on the 12 ing and study time, so they spend a lot of time away months at Cranfield is that it has been a “great experience from their families. There’s a constant grind in business – you meet lots of people from 40 different countries, school – it is very intense from the moment you arrive, with different talents and different ideas to you”. The fact whereas normally in jobs you get ebbs and flows.” For that she has enjoyed her time as a student’s partner is students who bring partners, the pressure to spend time largely down to her attitude. “You have to find something with them may be strong, she adds, “though leaving a to do day to day. You have to contribute something – you partner at home can also be problematic”. can’t just wait for people to approach you and you also Paul Dainty, Melbourne Business School’s deputy Difficult decisions: have to make time to do something with your partner.” dean and author of The MBA Companion, says “stu- relocation and a She was helped, she says, by Cranfield, which lays on dents have to manage the critical elements, which are lack of time can social activities and sports clubs for partners of students. family and work … Quite often, people will say to their be challenging for While accompanying her husband to business school friends or family ‘I’m going to do this MBA’, and then MBA students and has been a positive experience for Grogan, for other get caught up in the school work and find that the last ➤ their partners

ft.com/BUSineSSedUcation ‘Students spend a lot of time away from Occulpar cieniae se their families. There’s nisit quam, sunt. 23 Con pedis reperovitat a constant grind in audam et laborep business school – it is intense from the moment you arrive’ xxxxxxxxxxxxxxxxx

PHoTo: CorBIS ➤

ft.com/BUSineSSedUcation 30 J fe a eyspotv.“epse et oteMB the do to me pushed “He supportive. very was ago. months six was had they conversation ue e ubn to husband her duced a as well as outings, or breakfasts organised that group don they on years, people three put for you hold If relationships. those maintain to both. ful or partners or life social just not programme, st the throughout criti- are them to who people cal with discussions regular having be fe,wihmatIcudrlxabit.” a relax job could a I had meant I which offer, year second the By dinners. and to had I “when da see sometimes meant could “It I family. her around fit to courses some to her allowed that flexible a by helped also was he that was reassured feel me made “It home. erimn esn says season, recruitment or afternoons weekends.” the in up catch so can courses, you EMBA part-time the in join to art. y. As No Th at Also, at ads ato h B a the was MBA the of part hardest e Th ehls,hrhsadwsmostly was husband her netheless, ocaroa fa of co-chairwoman adadcide ae v n n)mvdwith moved from one) her and five (aged children and band 2011. in Booth from graduated consultant, Yo what understand don ily “kids says, he important, as ust oewt h is”sesy.She says. she kids,” the with home u’ve s h haven who ose Gila ure at Fr Ch go Va nhfimcu,seintro- she club, film ench go Pa cg ot o r able are you Booth icago osedtm ihthem.” with time spend to t dnai- i.Sesy e nrpeerhusband entrepreneur her says She ris. obekat,lunches breakfasts, to To Fr my ’t u,a2-erodmanagement 29-year-old a lub, nhspeakers. ench Va ex go Fr hlrni the in children Mu ett choose to tent dnai- aiypeual aea have presumably family t nhMBA ench cu ’t m rDdyi doing. is Daddy or mmy Yo rriculum udnyppu again.” up pop suddenly To aet evr care- very be to have u lub, at at ’t necessar- Th ey h balan the bu ge tim Make ex co friends and are there If Do Ta yo ing gr partners and sc Lo He He should at A.” hool t mmuni etdi h MBA. the in pected ur lk. ok t not suc cl hus- r it the lping se ubs, Ke simportant is fo s ke lf. epassi be r ppartners ep off suppor in d ce e. ca se er oex no It on right. ting t hand to mo seasy is one otfamilies. port u ihnfu otssewsbilingual”. was she months four within but share can women ex where group small a co-chaired, she eroddidn family year-old her enriched has move the believes st plan.” them helps and them of ahead career female gives it – in alumni corpor the navigate children to with how issues and discuss to boards, sounding as other mothers-in-la or mothers and nannies si ve ou esu hnahg-rsuejbi em ffml and family of terms in job high-pressure a than ressful nMBA an eine n identify and periences de t. Je from support received She h sucnicdta on nMAi n more any is MBA an doing that unconvinced is She different has “Everyone wh thers is . up Many ps. to t- ssica by at ge to is t Po nssy ot a aean made has Booth says unds ’t go the what understand to colleagues them. Daint says colleagues, from resentment face on.” early them to partners zoo. the to outings and or playdates babysitting organise to – ones little of activities. social opn issues.” broader company tackling] [in potentially also individual but the through only ploughed not be back will it but benefit, individual compan the to benefit of this that see colleagues help earlier. bit a leave work to have part-timers when issue, especially an is resentment programme. the “W pa odo nls hnw arrived, we when English of word a speak n hog:te haven they through: ing Th aeaprnr lbadte organise they and club partners a have e s aigpr-iecusscan courses part-time taking ose y. Th “MBA ey go ev hudntnecessarily not should ex st nsadtyt naewith engage to try and ents diesfo te schools. other from ideas od st dnssm nih nothe into insight some udents eine.Sm brought Some periences. We Mo dnshv omanage to have udents at B Th ladder. e thers lohave also ey edt r and try to need w. y. at ’t Ye We ot,which Booth, ’s We ef enthrough been st Po ,i san is it s, ie M five- “My life. ott sup- to fort d salso is udy a s each use can o– lo invited We y’ ex Pa re invite ’s pect rents Pr job, of ben ca acad a ca Balancing ch yo le yo r a arn eun be n hard be n an ha u efi ung emic ce ts, ve ne fo fa suc to ex r langua w work iyand mily ac ch re to pected sthe as h t: ildren locate wh juggle there , ile ge to it if

PHoTo: AlAMY

Analysis, p34 Rankings, p36-39 Methodology, p39 What the 2012 Full tables of How the lists

data reveal 100 institutions were compiled ➔ Past school and courserankings at www.ft.com/ rankings rankings

33

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And the winner is… tration: neil webb

us ➔ Stanford Graduate School of Business takes the top spot. Plus the trends in this year’s tables ill 34 FT S T ➔ ra as po co anal fig pa direct FT the enand pean US FT anal benefit by ce ag esSchool ness ote20 lmidt,treyears three data, alumni 2008 the to surve the before years three graduates that class the from alumni and schools ing participat- from gathered data of combination a is its in at school Wharton winners, previous 10. top global the in years consecutive ra of the top to tion institu- fourth the only become school inn perf winning A Va ➔ .C e kdthird. nked r in ure nt nv te we we the Pe alumni Us re OM Th Th sc To co ys nte21 MBA 2012 the in d grea erted sear Stanf nnsylvania, hool la tuiti as ll pari r n inf ing nkings 14 e o he scmltdby completed is three top e ex st is Un calc stude he on /B tal lue ra clude hedition, th of by edtr nurd This incurred. penditure te ch ly B sarguab is MBA As US is s nking, iversity hog esteCalifornia the sees through time. first the for lblMBA Global 2012 the tops Business of School Graduate tanford of to co ty ula than r re ex ys or deg re ian nt sc at Sdol US mple IN equi mo gi on living s or mati sbef is te ve co penditure hool on re number ra ES the d co re l htthe that als fe d at mple e fo va , kn,atr13 after nking, iga MBA an ting mp nsubm on co es or hn3 per 30 than SE wh Ha lar their htpartici- that s le le . st ex enr e av To eti nt DU ere ra pu te s rv r ad penditure er ly were ra to fig nking, enab a s tw Eu r Busi- ard of te pr ra Stanf rc ag CA ev ol the mone rs. kn hsyear this nking ur hasing itte ,adthe and o, h 2012 the s ro- co av ling. e rms ery te og es. It y. as TI tot le va st- er- d break- s at According ON h MBA the d al ra pi ri or FT tw es fac of ra m ihyin highly mme alumni d o ro tot to leng ihr the higher, living and differen pean While pr Ho similar wh US $7 As nthe in $7 and UK, the wi ti ug og 0,0 the ia al ons bsdMB -based we The r both ere de y? th -Pac ra hly hi co 0i h atr $6 latter, the in 00 pr ra ve re va otEu most mme of ac st av og ly eco ce ev st $9 r, ific rian kn fe 13 after nking 20 equa ro nthe in er , ra of co 9,0 av de ss re fe ag mm ement mo leng Eu ce st rrela As er 0 This 00. es gi Eu 4,5 e are s te ro- pending age ro in on nt tot US, ha es s ths. ro 00 pe. tes hs. to al ve – at12 last eadthe and pe ap co an pr st 7, 0 in 000 av ox av the In $9 to equa MBA co mo is or er ima ve on nt age er st ro 9,0 ry hs, te 08 i B a a dramatic a had has MBA his 2008, of class the from graduate Stanford measure. achieved” “aims is school the – ntrso civmn faspir of achievement of terms in alumni ra 2012 the in jump third-highest the MB after an and before titles job of seniority the in differences assesses which measurement, progress career the to According success. professional with p39). methodolog see – equivalents parity power purchasing on (based annum per ferig ih times. eight earnings of ra the of history the throughout Stanford weighted sector- highest the enjoyed graduates MB their completing after ye re ag of ug ly kn:tesho a opdtelist the topped has school the nking: nking. 00 codn oDvdHago a Hwangbo, David to According Hi gi US man ars e an hly hlvl fpycreaeclosely correlate pay of levels gh on Pa A, tot – fo co h signifi the assistan ex rat the , a rvda proved has y Ad Pe r st tnodgautssaw graduates Stanford pense av of and Pa te long dtepormehighly programme the ed al am hp o surprisingly, not rhaps of rg salar erage rtly s top US er, ra Pa ce co of off ca kdfut nthe on fourth nked pr co lin off stud nt re partially long $7 in lost Mo $2 sc re The etn the setting og ur mp 10 ered lati otdgat and grants ported ly hol ,0 0, co ra Su reov se igi the in ying 0i h UK. the in 00 wh 0 per 600 ound y, grea er av st mm nt ve ce plac arshi ch at to ogsi for suit rong er pr ra ile le r h salary the er, ex A, re te stude off ag es. st $192,179 og h true the s ng stud pense ps financial r dr Stanford re to e esthe sets ra ings. stude va es lati wa th on mm ying nt at US s lue ve ly s on s. ions of es is y, nt of ly . , By Mi Lo NBC corpor in works now Hwangbo graduation, after Group Consulting Boston by Employed it.” with- out achieve, alone let imagine, to ble impossi- been have would graduation uiesSho,dw rmjitfirst joint from down School, Business league, the recommendation alumni (see to only second Stanford, for a indicated schools other of graduates from, recruit would they schools which indicate to asked When schools. business other of alumni among reputation and militar As it and transformational a truly was “Stanford career. his on impact 100 ysho ein(’0 PPP*) ($’000 region school By Av ore TGoa B akn 02 e p39. See * 2012. Ranking MBA Global FT Source: -25 50 25 75 0 Angeles. s tnodas nosa enjoys also Stanford Th ch esntastoigfo the from transitioning person a rg B rgam costs programme MBA erage Fe ex Un ieo tnodt h o of top the to Stanford of rise e es ex eine aehdsince had have I periences y, ae KEurope UK eddalof all ceeded vra,temdagop in group, media the iversal, h mzn opportunities amazing the l at (non-UK) Ja the costs Other co ex st es of pense bs at ogpreference rong my Pa As e ex cific st ia- perience, ex st rat scholarship Grants/ pectations. rong Ha Lo egy ra US ndon rv nk). at ard

ILLUSTRATIONS: NEIL WEBB; GRAPHICS: RUSSELL BIRKETT Find interactive rankings online at www.ft.com/ rankings

to number four this year, mirrors a more general trend in this year’s table. Back on track Overall, US schools, which account for 53 of the 100 schools listed, have fared ➔ Job prospects for MBA graduates improved in 2011 marginally better than their European counterparts (a quarter of the schools ew MBA grad- varied between regions. 35 in the 2012 ranking are primarily based uates enjoyed Alumni of schools in the in Europe). Of the 47 US-based schools Nthe benefits of Asia-Pacific region have that feature in both the a rebounding job mar- consistently enjoyed the 2011 and 2012 ranking, ket in 2011, according to highest rates of employ- 20 moved up the list this the latest business school ment in the three months after year. In contrast, 18 of employment data gathered graduation. Almost 95 per cent of the 23 European schools 53% by the FT. graduates in 2011 had found a job within listed in both years Almost 87 per cent of job- this time, buoyed by near-universal The proportion of either did not move or seeking alumni from the class employment for alumni of India- US business schools dropped down the table of 2011 found work within based business schools. in the 2012 FT global in 2012. three months of graduation. Graduates in the US have fared MBA ranking. A quar- Differences between Based on information less well. In 2009, as the impact of ter of the 100 schools salaries of graduates from institutions that took the financial crisis hit, close to a listed are primarily show a sharper contrast, part in the 2012 global quarter of graduates took longer based in Europe and point to the impact MBA ranking, the latest figures than three months to secure post- of the recent economic represent an increase of 3.5 MBA employment, a dramatic turmoil in Europe. percentage points on data for 87 per cent reduction on the 91 per cent Average alumni salaries three years 2010, well above the five-year of graduates in a job within after graduation were lower in 2012 low recorded in 2009 (79 per of graduates three months seen just two when compared with the previous year cent – see chart). found work in years earlier. Nonetheless, for 16 out of the 23 European schools The peaks and troughs prospects have improved listed. This compares with increases for witnessed since 2007 have three months in the past two years, with 26 out of the 48 alumni groups from 86 per cent of alumni of US US-based schools. MBA graduate employment schools in employment three months Schools based in Asia, which after adgr uation.– Michael Jacobs Three months after graduation (%), account for nine of the 100 top global by school region MBA providers, had a mixed year. Three schools made a debut entry in All US 2012. The highest is the University of UK Asia-Pacific Hong Kong, ranked 37th. Guanghua Europe (non-UK) School of Management at Peking Uni- versity enters the ranking at 54, and 95 the Seoul-based Sungkyunkwan Uni- versity Graduate School of Business, placed at 66. 90 Hong Kong University of Science and Technology Business School retains its top-10 status, despite falling four 85 places from sixth last year. However, the drop is partly explained by a reclassifi- cation of students, faculty members and board members from China, previously 80 counted as international by the FT for schools based in Hong Kong. Among the remaining programmes 75 in the top 100 are five Canadian insti- 2007 08 09 10 11 tutions, three from Latin America and Source: FT Global MBA Ranking two from Australia. B rankings

Financial Times MBA 2012 Alumni career progress nk nk nk ra ss ra ra The top 100 full-time global MBA programmes ce ➔ d ess ntage mmend ve ce co day (US$) d at three r money re to ye fo er progr

Audit ighted salary (US$) re lue lary per lary 2012 2011 2010 3 year School nameCountry year* nk nk months (%) Alumni increase Va We Sa Placement suc ra Emplo ra Ca Sa Aims achie 1 44 3Stanford Graduate School of Business US 2010 191,657192,179 129 88 3420 92 (98) 2 36 2 33 3Harvard Business School US 2008 177,876178,249 12290132427 93 (100) 1 3 122University of Pennsylvania: WhartonUS2008 176,299172,353 120 98 36 31 24 85 (94) 3 4 11 2London Business School UK 2010 154,783152,981 13461102 38 93 (97) 4 5 766Columbia Business School US 2009171,647 166,497131 86 30 26 21 91 (88) 7 6 45 5Insead France/Singapore2009144,422144,3559719152151 84 (94) 8 7 98 8MIT: Sloan US 2009158,083 157,337120 92 86426 92 (94) 6 8 86 7IE Business School Spain 2009152,127 156,658 139 20 99175 92 (92) 28 9 91110Iese Business School Spain 2009135,302 133,888 148666 10 30 97 (97) 17 10 69 8Hong Kong UST Business School China 2011 127,600127,600 144 30 37 34 77 89 (96) 43 11 11 Indian Institute of Management, Ahmedabad India 2011 175,076175,076 140 29 19217 96 (100) 10 12 12 911University of Chicago: Booth US 2012 154,449152,585 1099962193 89 (100) 9 13 14 15 14 IMD Switzerland 2009139,644 144,045 78 77 11 91 (100) 16 14 25 28 22 University of California at Berkeley: Haas US 2012 143,935146,811 91 94 22 13 9 91 (99) 12 15 20 20 18 Duke University: Fuqua US 2012 138,020139,405 108 93 63 27 7 88 (100) 15 16 21 22 20 Northwestern University: Kellogg US 2008 146,136 145,83496100 46 66 94 (96) 5 17 15 13 15 New York University: SternUS2008 135,234134,093 115 97 57 25 14 91 (95) 11 18 18 18 18 HEC Paris France2008 120,592 121,061107 34 25 574 90 (92) 27 19 18 13 17 Dartmouth College: Tuck US 2008 153,252151,182 111 95 60 716 94 (100) 13 20 13 12 15 Indian School of Business India 2011 128,798 129,512 17752297141 100 (100) 22 20 15 16 17 Yale School of Management US 2008 143,402142,455 12487333 28 91 (94) 18 20 27 16 21 University of Oxford: Saïd UK 2008 134,891 134,805 108 18 21 29 80 85 (87) 30 23 23 National University of Singapore School of Business Singapore2012 98,43097,625185 28 40 50 67 89 (86) 55 24 17 22 21 Ceibs China 2011 124,099 123,058 150 49 27 28 62 94 (99) 32 24 30 36 30 Cornell University: Johnson US 2012 144,025141,727116 80 54 14 15 85 (97) 23 26 26 21 24 University of Cambridge: Judge UK 2012 132,169132,758 96 22 32 11 69 82 (88) 44 27 58 42 42 Warwick Business School UK 2010 118,151118,151948 44 37 93 95 (93) 38 28 28 Chinese University of Hong Kong China 2011 100,408 100,408 160394 944 94 (95) 58 29 24 28 27 University of Michigan: Ross US 2008 128,589129,649 101 77 47 49 5 86 (93) 14 30 36 25 30 Rotterdam School of Management, Erasmus UniversityNetherlands 2011 103,492103,628 114 11 39 54 78 91 (90) 51 31 29 40 33 Manchester Business School UK 2010 117,016 117,016 116 48 45 18 66 81 (91) 42 32 31 33 32 UCLA: Anderson US 2012 135,023136,331 108 84 59 47 29 86 (91) 21 33 21 19 24 Esade Business School Spain 2009114,971114,988 115 44 51745 92 (90) 34 34 33 27 31 Nanyang Business School Singapore2011 102,350102,350 129 26 18 85 54 90 (92) 71 35 41 34 37 Carnegie Mellon: Tepper US 2009133,248132,325 10991584018 88 (99) 24 36 34 26 32 Cranfield School of Management UK 2008 122,270 125,196 88 14 14 35 53 92 (87) 41 37 University of Hong Kong China 106,720 106,720 121 55 74 53 81 92 (74) 78 38 32 41 37 City University: Cass UK 2012 111,552111,5528624117758 92 (99) 75 38 41 31 37 University of Virginia: Darden US 2009136,328 134,936109 75 77 36 12 92 (100) 19 40 38 34 37 Emory University: Goizueta US 2010 124,812 124,832111 74 83 822 94 (99) 37 41 35 36 37 Australian School of Business (AGSM) Australia 2011 118,943118,9439032243089 86 (93) 72 42 28 38 36 SDA Bocconi Italy 2008 103,273 102,854 120 21 38 74 60 81 (90) 62 43 38 38 40 Georgetown University: McDonough US 2010 123,952123,290 10776432243 88 (96) 39 44 46 45 45 University of Toronto: Rotman Canada 2010 96,679 94,255101 51 89 57 90 85 (92) 25 45 44 44 44 Rice University: JonesUS2008 118,617118,617117 70 92 23 19 92 (100) 56 46 37 32 38 Imperial College Business School UK 2008 104,619104,6197438194163 93 (95) 61 46 53 63 54 Melbourne Business School Australia 2011 110,978 110,701 78 43 61 32 94 91 (89) 70 46 73 57 59 Indiana University: KelleyUS2012 111,950 113,217118 45 97 16 4 90 (99) 31 49 52 48 50 University of Rochester: Simon US 2011 112,992 112,992 129 68 82 69 46 89 (90) 85 ble: bob haslett 49 59 Pennsylvania State University: Smeal US 2012 109,114 109,114 12537671525 78 (95) 50 ta

ft.com/BUSineSSedUcation Diversity Idea generation Key to the 2012 ranking

Figures in brackets show the percentage they would recruit Mba graduates. Cal- nk nk nk each criterion contributes to the final score. culated according to votes for each school. ra ra ra l culty (%) udents (%) culty (%) s** udents (%)

s (%) Audit year Indicates the most recent year Data for the current year and one or two fa st ra fa st te

to that KPMG audited the school, apply- preceding years included where available. ra search to men men men board (%) doc re ing specified audit procedures relating to Women faculty (2) Percentage of female nk in 2012 perience culty with nk Wo Wo Wo Internat. Internat. Internat. board (%) International mobility ra International ex Language Fa doc FT FT Ra selected data provided for the ranking. faculty. For gender-related criteria, 18 34 17 39 38 22 58 17 0965 10 1 Salary today average salary three years schools with a 50:50 (male:female) com- 23 39 48 38 34 24 54 53 0942 22 after graduation, Us$ PPP (see p39) position receive the highest score. 37 20 44 11 33 38 63 40 37 0* 100 31 3 equivalent. Includes data for current and Women students (2) Percentage figure. 22 31 17 83 90 70 38 1* 99 34 13 4 one or two preceding years, if available. Women board (1) Percentage of female 17 35 10 61 45 35 45 65 0* 97 13 14 5 the figure is not used in the ranking. members on the advisory board. 14 33 22 90 92 70 10 4297 11 14 6 Weighted salary (20) the average salary International faculty (4) Percentage of 21 38 14 33 51 60 52 26 0100 16 77 today with adjustment for variations faculty whose citizenship differs from 32 30 24 54 87 81 31 36 19569668 between sectors, Us$ PPP equivalent. their country of employment. 21 22 26 51 80 87 66 1100 73 53 9 Includes data for the current year and one International students (4) Percentage of 24 33 23 49 74 68 15 71100 23 19 10 or two preceding years where available. current students whose citizenship differs 14 6303 7044 74 097529411 Salary increase (20) the average differ- from the country in which they study. 15 35 13 37 44 40 57 57 096106 12 ence in salary pre-Mba to now. half the International board (2) Percentage of the 17 28 15 98 97 79 1351100 n/a7613 figure is based on absolute increase, and board whose citizenship differs from the 23 29 10 44 42 755330*100 6314 half on percentage increase relative to country in which the school is based. 17 37 10 43 38 40 75 32 0100 22 415 pre-Mba salary – the “salary percentage International mobility (6) based on 20 34 84537877 18 094147 16 increase” figure published in the table. whether alumni worked in different coun- 15 33 10 48 38 16 56 34 0100 8717 Value for money (3) Calculated using tries pre-Mba, on graduation and also 20 32 76587432 12 1100 49 41 18 salary today, course length, fees and other where they are employed today. 23 33 20 30 42 19 63 38 0100 n/a3219 costs, including not working during Mba. International experience (2) Weighted 19 29 7215 61 38 88 0100 n/a7020 Career progress (3) Calculated according average of four criteria that measure 19 36 22 24 39 12 66 52 097433220 to changes in the level of seniority and the international exposure during the Mba. 13 26 35 55 93 38 16 41 097275320 size of the company alumni are working Languages (2) Number of extra languages 30 28 14 59 90 29 928095 55 59 23 in now, versus before their Mba. Data for required on completion of the Mba. 13 30 17 63 43 50 41 23 198n/a 81 24 the current year and one or two preceding Where a proportion of students requires 25 30 24 32 39 24 67 40 091632924 years are included where available. a further language due to an additional 929185791531156096 25 59 26 Aims achieved (3) the extent to which diploma, that figure is included in the 39 27 14 60 91 14 20 30 1979 46 27 alumni fulfilled their goals or reasons for calculations but not the final table. 21 40 11 28 62 56 21 13 096575328 doing an Mba. Faculty with doctorates (5) Percentage of 24 31 20 33 33 76847084 4529 Placement success (2) alumni who used faculty with a doctoral degree. 16 33 27 37 98 23 5591100 12 31 30 the careers service at their school were FT doctoral rank (5) based on the number 34 22 21 37 89 14 18 21 0911 81 31 asked to rank its effectiveness in their job of doctoral graduates from each school 17 28 19 37 32 13 87 58 0100 37 20 32 search. Includes data for the current year over the past three years. additional 23 33 21 28 87 71 14 9188 64 81 33 and one or two preceding years. points are awarded if these graduates 34 27 19 65 83 57 22 49 196656634 Employed at three months (2) Percentage took up faculty positions at one of the top 20 29 64340682 92 094194135 of the most recent graduating class who 50 full-time Mba schools of 2011. 30 24 21 49 79 38 19 62 1* 86 59 89 36 had found employment or accepted a job FT research rank (10) Calculated accord- 31 42 20 47 68 0132 097547037 offer within three months of graduation. ing to the number of articles published by 27 45 38 62 88 54 27 72 095287438 the figure in brackets is the percentage of current full-time faculty members in 45 23 29 25 12 30 67260099 80 53 38 the class for which the school was able to academic and practitioner journals. the 24 28 15 19 34 47061094 74 20 40 provide employment data. rank combines the absolute number of 27 15 13 59 80 25 17 20 095686641 Alumni recommend (2) alumni were publications with the number weighted 38 28 33 27 83 67 26 22 089207442 asked to name three schools from which relative to the faculty’s size. 20 27 12 38 42 15 81 64 0* 100 n/a4443 26 29 41 71 43 53 39 66 098151044 Footnotes: * KPMG reported on the results of obtaining evidence and applying specified audit procedures relating to selected survey data provided for the Financial Times 2012 MBA ranking for selected business schools. Enquiries about the assurance process can be made by 21 27 20 23 25 484960*93n/a 20 45 contacting Michelle Podhy of KPMG at [email protected]. The specified audit procedures were carried out in November and December 2011. 27 30 40 80 91 50 43 44 094305346 The audit date published denotes the survey for which the specified audit procedures were conducted. ** These schools run additional courses for MBA students for which additional language skills are required. These figures are included in the 31 24 24 75 82 12 12 39 0100 82 59 46 calculations for the ranking but, to avoid confusion, are not represented on the table. 26 32 15 22 40 57669076 58 20 46 Although the headline ranking figures show the changes in the survey year to year, the pattern of clustering among the schools is also significant. A total of 197 points separate the top school from the school at number 100 in the ranking. The top 10 schools, from Stanford GSB to 17 31 13 36 52 15 65 93 088674649 Hong Kong UST Business School, form the leading group of world-class business schools. A total of 63 points separate Stanford from HKUST. The 20 32 19 20 43 06486083 41 38 49 second group is headed by the Indian Institute of Management, Ahmedabad, which scored 68 points more than SDA Bocconi, leader of the third group. The fourth group, which includes schools ranked from 72nd to 100th, is headed by University of Minnesota: Carlson.

ft.com/BUSineSSedUcation rankings

Financial Times MBA 2012 Alumni career progress nk nk nk ra ss ra ra ➔ The top 100 full-time global MBA programmes ce d ess ntage mmend ve ce co day (US$) d at three r money re to ye fo er progr

Audit ighted salary (US$) re lue lary per lary 2012 2011 2010 3 year School nameCountry year* nk nk increase Va months (%) Alumni We Sa Placement suc Ca ra Emplo ra Sa Aims achie 51 44 54 50 Texas A&M University: Mays US 2008 108,606108,606134 4711233 93 (100) 60 38 51 49 52 51 University of Texas at Austin: McCombs US 2010 121,011 121,170 93 67 51 67 23 89 (95) 20 51 65 Coppead Brazil 2006 110,103 110,103 1512 95 39 55 18 (100) 96 54 60 89 68 University of Cape Town GSB South Africa2007141,490141,490901 17 93 100 87 (97) 94 54 Peking University: Guanghua China 79,914 79,914 201 15 55 100 71 100 (95) 57 56 62 46 55 University of North Carolina: Kenan-Flagler US 2011 117,411 118,9599265754632 85 (99) 26 57 46 52 52 University of Illinois at Urbana-Champaign US 2010 105,726 105,726 11757884559 90 (92) 81 58 40 43 47 University of Maryland: Smith US 2010 109,375109,375 92 83 76 89 72 82 (100) 66 59 49 54 54 York University: Schulich Canada 200986,58788,283 100 33 85 87 97 85 (94) 35 59 74 54 62 Purdue University: KrannertUS2010 103,304 103,304 112 46 84 75 65 89 (99) 53 61 51 57 56 Vanderbilt University: Owen US 2009114,362114,265101 78 20 33 39 83 (92) 52 61 64 57 61 University of Southern California: Marshall US 2010 116,246 121,0609496664436 89 (90) 47 61 57 95 71 McGill University: Desautels Canada 200989,623 89,623 97 47 87 52 84 98 (100) 40 61 49 Washington University: Olin US 2010 106,687 106,668 105 82 65 60 37 94 (97) 85 65 61 94 73 Hult International Business School US/UK/UAE/China 2010 100,747 100,631 95 42 16 55 95 88 (82) 97 66 72 67 68 Ohio State University: Fisher US 2010 105,426 105,426 113 56 64 83 48 92 (92) 63 66 Sungkyunkwan University GSB South Korea100,779 100,779 10254489835 97 (100) 99 68 46 49 54 University of Western Ontario: Ivey Canada 2008 99,830 100,738 88 40 81 72 34 90 (95) 29 69 74 47 63 Boston College: Carroll US 2009109,440 109,440 95 63 79 62 64 85 (94) 48 70 55 87 71 Vlerick Leuven Gent Management School Belgium 2011 94,66194,661885 49 70 88 74 (80) 89 71 41 24 45 Lancaster University Management School UK 2008 97,124 97,124 88 9418487 94 (89) 84 72 75 University of Minnesota: Carlson US 2007108,994108,9949669999052 88 (94) 74 73 86 78 79 University of Washington Business School: Foster US 2010 109,088 109,088 90 59 90 81 31 91 (100) 68 74 63 67 68 Wisconsin School of Business US 2009108,990108,990109 36 94 48 8 91 (100) 64 74 97 Georgia Institute of Technology US 2012 110,118 110,118 86 60 28 43 11 95 (100) 54 76 77 Incae Business School Costa Rica 2012 83,916 84,411 131 23 12 95 49 71 (97) 82 77 68 61 69 Boston University School of Management US 2008 106,879 106,762 98 73 80 78 57 87 (93) 45 77 65 Michigan State University: Broad US 200998,78498,784101 50 91 65 2 84 (100) 49 79 57 George Washington UniversityUS2011 104,814 104,814 104 72 70 66 86 85 (90) 64 80 78 79 79 Wake Forest University: Babcock US 2010 108,737108,737127 64 73 68 47 91 (100) 72 81 53 72 69 University of California at Irvine: Merage US 2011 99,333 99,333 97 79 100 51 83 92 (100) 88 82 80 82 81 University of British Columbia: Sauder Canada 2011 81,02880,8987635539479 87 (95) 67 83 88 89 87 University of Edinburgh Business School UK 2010 97,733 97,733 63 27 52 79 96 95 (95) 87 83 University of Pittsburgh: Katz US 200988,78388,783137 31 86 96 73 84 (95) 98 85 80 71 79 University of Notre Dame: Mendoza US 2008 106,341 106,171 104 71 56 59 50 87 (98) 69 86 68 75 76 Birmingham Business School UK 2012 87,274 87,274 87 6359798 99 (85) 92 86 78 98 87 University College Dublin: Smurfit Ireland 2012 102,026102,026 70 12 72 88 99 100 (90) 100 86 Northeastern UniversityUS93,824 93,824 112 81 26 73 70 95 (100) 83 89 68 67 75 Thunderbird School of Global Management US 2011 99,707 100,8038962693882 52 (85) 36 90 64 64 73 University of Iowa: Tippie US 2012 92,978 92,978 128 41 98 58 42 88 (99) 95 91 73 Aston Business School UK 2010 83,286 83,286 85 16 23 61 76 89 (96) 90 91 68 SP Jain Center of Management Dubai/Singapore78,937 79,809146 3504210 100 (91) 77 93 Universität St Gallen Switzerland 91,106 91,106 60 13 78 80 85 78 (92) 79 94 55 74 74 Durham Business School UK 2012 91,71891,7186117348691 68 (84) 90 95 80 67 81 University of South Carolina: MooreUS2010 93,053 93,053 105 58 96 76 68 74 (90) 93 95 64 93 84 Ipade Mexico2012 90,900 90,900 176532 82 13 86 (100) 76 95 90 89 91 Bradford University School of Management UK 2012 87,228 87,228 110 10 42 99 61 91 (74) 80 98 91 83 91 Brigham Young University: Marriott US 2008 101,011 101,189118 25 93 56 40 88 (100) 46 98 88 96 94 SMU: CoxUS2010 101,286 101,286 90 85 68 20 56 81 (100) 59 ble: bob haslett 100 84 99 94 Babson College: Olin US 2008 106,506 106,506 85 89 31 63 92 81 (85) 33 ta

ft.com/BUSineSSedUcation Diversity Idea generation Methodology nk nk nk his Ft ranking aims to give a for each school and weighted, for larger ra ra ra l culty (%) udents (%) culty (%) s** udents (%) thorough assessment of Mba schools, to reflect variations between s (%) fa st ra fa st te

to Tprogrammes worldwide through sectors. the resulting figure, “weighted ra search to men men men board (%) a survey of business schools and alumni. salary”, carries 20 per cent of the rank- doc re nk in 2012 perience culty with nk Wo Wo Wo Internat. Internat. Internat. board (%) International mobility ra International ex Language Fa doc FT FT Ra to participate, schools must meet ing’s weight. the “salary increase”, also 33 21 24 16 23 07895082 70 46 51 strict criteria. Most notably, schools accounting for 20 per cent, is calcu- 28 28 12 27 24 29570086 21 17 51 must be internationally accredited and lated for each school according to the 39 36 40 25 20 16 089151100 77 98 51 the programme must have run for at difference in average alumni salary 32 33 17 32 28 30 46 10 061819454 least four consecutive years. this year, before the Mba to the present time, 26 37 31033679743195 17 66 54 150 business schools took part. three years after graduation – a period 23 25 10 30 34 31 85 42 090442756 two online surveys are used to of typically four to five years. half of 22 27 25 14 41 27999099 24 32 57 collect the required data. the first is this figure is calculated according to 26 35 17 29 36 45987097 35 10 58 completed by the schools, and the the absolute salary increase, and half 27 34 21 67 83 54 36 19 0* 99 75 27 59 second by alumni who graduated in according to the percentage increase 28 23 12 39 58 37168097 31 49 59 2008. For schools to be eligible, a relative to pre-Mba salaries. 13 36 10 23 20 394820100 78 38 61 20 per cent response rate is required eleven criteria, collectively account- 28 30 13 30 21 13 93 89 081332961 from alumni, with a minimum of 20 ing for 31 per cent of the final rank, 31 28 18 81 76 26 29 25 096474961 responses. this year, a total of 9,466 are based on data from school ques- 21 27 14 35 35 08390098 79 20 61 responses were submitted by alumni, tionnaires. these criteria include 22 29 10 74 94 80 81 0* 66 n/a9865 44 per cent of graduates contacted. the diversity of teaching staff, board 26 25 12 21 34 48850082 38 17 66 Data from alumni questionnaires are members and Mba students, accord- 30 31 29 40 22 79 35 11 1100 n/a8166 used to compile eight of the 20 criteria ing to gender and nationality, and the 24 32 16 59 27 28 47 67 098264468 that determine the ranking. together, international reach of the programme. 34 33 81835390 27 087512069 these carry 59 per cent of the ranking’s For gender-related criteria, schools that 29 28 20 25 88 100 714192 76 89 70 weight. Published figures for these have a 50:50 (male: female) composi- 27 25 21 37 98 36 28 73 0* 90 78971 criteria include information collated by tion receive the highest possible score. 27 31 17 30 24 11 60 71 084391472 the Ft over three years where available. the table’s final criterion, “Ft 29 34 19 19 27 13 80 55 090423273 Data gathered from the 2012 Mba research rank”, is calculated accord- 20 24 23 23 9096 84 092605974 survey carries 50 per cent of the total ing to the relative number of articles 12 26 73219292 100 0* 90 61 32 74 weight, and those from the 2011 and published by schools’ full-time faculty 10 35 13 50 62 80 42 16 190n/a 94 76 2010 rankings account for 25 per cent members in 45 internationally rec- 27 34 38 37 38 06945086 45 59 77 each. except for salary data, if only two ognised academic and practitioner 29 20 26 22 34 94998089 53 38 77 years of data are available, the weight- journals. the rank combines the abso- 30 28 12 24 33 261540*98487079 ing is split 60:40 if data are from 2012 lute number of publications, between 26 25 17 620299 78 092n/a 78 80 and 2011, or 70:30 if from 2012 and January 2009 and october 2011, with 42 26 19 31 43 77483098 56 41 81 2010. For salary data, the weighting is the number of publications, weighted 19 33 29 69 58 14 24 63 098182082 50:50 for two years’ data, to negate any relative to the faculty’s size. 33 44 31 42 96 31 23 24 087468183 inflation-related distortions. “Value for Following calculations for each cri- 28 30 61637348 94 0* 91 66 49 83 money” is based on 2012 figures only. teria, an Ft score is calculated for each 24 22 10 11 20 598310*86n/a 32 85 the first two ranking criteria exam- school. First, a Z-score – a mathematical 25 31 48 39 92 59 30 97 088298186 ine the difference in alumni salaries formula that creates numbers reflecting 24 27 16 41 56 49 33 48 097507686 from the start of their Mbas to the pre- the range of the points – is calculated 27 34 19 29 30 56274091 n/a7086 sent time. the salaries of alumni in the for each of the measures. these scores 29 27 23 29 61 36 34 29 190n/a 81 89 non-profit and public service sectors, are then weighted and added together, 24 29 18 18 24 67381082 71 59 90 and those in full-time education, are giving a final total from which the 35 30 40 46 93 33 37 46 080408191 removed. Purchasing power parity rates schools are ranked in descending order 24 22 25 28 3252579072 n/a9491 supplied by the International Monetary to compose the Ft’s Global Mba Rank- 925456684644 51 183627893 Fund are used to convert the remain- ing 2012. – Adam Palin 26 35 45 59 91 35 32 76 188328994 ing data to Us$ PPP equivalent figures, 22 32 12 23 24 6533 0* 82 72 49 95 to allow for differences in purchasing Judith Pizer of Jeff Head Associates acted 11 27 01511991 5132 n/a9895 power between countries. as the FT’s database consultant. The FT 33 27 42 28 100 85091079 36 89 95 Following this conversion, the mean research rank was calculated using the 71182146100 85 088n/a 53 98 average “current salary” is calculated Scopus database of research literature. 28 22 10 23 22 38677092 n/a5998 27 29 15 19 59 12 51 80 081n/a 78 100 Table footnotes: see page 37

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PHOTO: WINNI WINTERMEYER; ILLUSTRATION: NEIL WEBB

Medical courses, p49 Legal MBAs, p55 Plus, p60: Where business Brief Veterans meets medicine encounter wanted report

43 RISONZI; GETTY BA Something special

➔ How business schools are tailoring MBAs to the needs of the luxury sector, medicine and law PHOTOS: AFP; LAURA 44 ft F re eeo nenlne internal develop teams. be tives luxury the by founded ho suit. following colleges art and companies with schools, business tional years. recent in launches high- profile several with rise, the on are also sector the for managers train that specialist result, astebig the says education luxury the of president mark school business columbia essential. is teams mercial be interface successful a company; luxury a in sions be lines negotiate communication to clear ability the is which of one luxury roles. agement man- senior into relations public and their broaden previous to industry fashion the in individuals enabling 2012, september will emba first its announced industr ¤185bn the for booming et okn tog working dents be yo and programme mba columbia the of for course joint a is products says. pro- she language,” same fessional the speak to able are groups “i designers. st under- in breakdown a is companies Ma ➔ .c nigbe anding tw tw tw rk. om th ke surge: the driving is factor single a th s sa is use Pa Cour e raieadcom- and creative een dispar the een e the een port et tt rn snot is trend e einadmark and design e th /B sn colo einin Design of school rsons ex lo n rfso and professor ing y tw ls norgsintegr encourages class e ma ex ctvsne nqeskills, unique need ecutives US dncleeof college ndon e t lblmanagement global its een go luxury for demand sumer con- insatiable couture, haute and handbags to cars, fast and wines fine rom lo Fo einei ein buying design, in perience ge tw ses snog,a isonrouge, in t’ tw te d en htbsns is business that means ods undation, imper s dneuaininstitute education ndon st een eS icpie,with disciplines, o rbe o luxury for problem ex fo Se et ex ctv programmes ecutive at tw ex e npoet for projects on her ctvsand ecutives rial dU divi- e cusing at lsv ointerna- to clusive rsadinitia- and orks go v htthe that ive et ca d in to giant ods Fa n fluxury of ing ti ho has shion st on perf re in ‘T do du udents st lV nlu on y. r in art ne at elu he du st mar mh as wnturn' tw igthe ring ion wo u- w orme o a st xury kabl ry xury Bo Ve Gianmario d ro cco y rld go na ii Milan in ni fSD of ods ni 2014 until increase - per 6-8 co Co & Bain on n2011, in am The €185bn slat,wt a with nsultants, global A br ce ac ou id ex lu mp co nt nt pected uysal xury ge rd annual lo flagship a relaunch, perfume gucci glossy a included tasks ag for paign world the luxury anne dr big another offers says world,” working the reach they when profitability into creativity transform to equipped well them making school, are they while professionals sp an ing ent uis th “w y, creativi Pr the to ult fa lmine alumni an of quality e mould e mi Vu of st es rat hu,c-riao fthe of co-ordinator chaut, to n navriigcam- advertising an and itton ma ’s mi big g certificate egy u isonrouge. mi ge st ty pcfi kl e from set skill specific a for looking often are mark next the honing programme a are and group, retail and fashion the PPr, of chief Pinault, notably tor, the st ma dnsit bilingual into udents st dnswr within work udents u. lxr companies “luxury ny and ke brands. 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Photos: Paolo tonato; armin Zogbaum/gallerystock.com; jim winslet Unique combination: managers in the luxury sector need to be design savvy and commercially aware

45

‘Students have to understand the symbolic value of luxury goods, as well as commercial underpinnings’

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report

A healthy balance

➔ Medical students are turning to dual degrees with a business element. By Rebecca Knight

t the turn of the 20th cen- tury, abraham Flexner, a research scholar at the Carnegie Foundation, Avisited the 155 medical schools then in operation in the Us and Canada, on a fact-finding mission about the quality and standards of modern medical education. his findings, documented in the Flexner report, were often scathing; 49 he characterised some as “indescrib- ably foul”, and one in particular as “the plague spot of the nation”. about half the schools closed as a result of his report, and the curriculum he proposed – two years of basic science classes, Many medical followed by two years of students clinical rotations – quickly became the norm. graduate today, this curriculum with no idea is standard, and it leaves little room for anything how to set else. many medical stu- up a practice dents graduate with no idea how insurance works or how to set up a practice. But at a time when issues such as the rising cost of health insurance and an ageing population dominate the political agenda, many students are coming to the realisation that this traditional approach is no longer sufficient. an increasing number are augmenting their medical education with a joint md/mBa. “to have the impact i want to have, i need to understand business,” says Fallon Ukpe, a stu- dent in the md/mBa 65 programme at the duke University school of The number of joint medicine and the Fuqua MD/MBAs in the school of Business in US today, up from North Carolina. five in 1993, according Ukpe, president of to figures from the the school’s student Association of body, aims to work at MD/MBA Programs a hospital in a strategy photo: alamy; dreamstime ➤

ft.com/BUSineSSedUcation

Photo: len Rubenstein sfinance, as such courses, management of set a year a by medical required the completing years three spend and st length in years five are grammes school.” your in interested Cornell. and Dartmouth, the un Columbia, are degree dual the offer that schools top the Among (AMMP). id of kinds the limits that gramme, pro- degree dual a ir un schools business and medical the in professor Mb Dr va degree. and business medical joint a offer to europe in school first the became recently the As from figures to according 65, are “a help.” can they more have, the they skills more the and needed, Desautels the programmes masters and MbA of the in programmes h says. she healthcare,” of complexity the nising is programmes such toward trend the says at years. recent in multiplied have management, try st the with training medical combine says. she medicine,” practise to we way want the i change but noble, very is that and “W graduation. after role leadership and h system.” the the and maximise decisions, best the make to able administr the specialit her or utrdi iia wa similar a in ructured d fbsns n elhindus- health and business of udy ie i o don you “if vine. st cu Mc go oito fMD/MbA of sociation Mo sweden hatcr sntdn na in done not is “healthcare col iwteeporme as programmes these view schools Jo Ma vriyof iversity vriyo California, of iversity t uta D ol e patients see could i MD, an just ith Ch A, dn rvn suet r recog- are “students driven. udent m”sy Don says um,” drcutn mechanism recruiting od n DMAporme,which programmes, MD/MbA int Gill. nlr adarca ihan with paediatrician a andler, ria st h sas nascaeclinical associate an also is who st DMApro- MD/MbA “t at Ch dnswoare who udents “A ’s st e els hneis change realise hey h uiessho doing school business the nlr MPpresident, AMMP andler, Karolinska rat in hsca h nw his knows who physician Pe at ef Fa y, v ieo hnsis things of side ive g n mark and egy cec and ficiency nnsylvania, 93 hr eefive were there 1993, cu u h loknows also who but at cu ’t t of lty Me the us rclm followed rriculum, have vle director lville, oa there today ; in Ma Pr y. st students ha nagement ograms itutet va Bo et ”, u of lue rv Mana ing. sto adds Freeman ard, Sc Ke at n ➤ olof hool nneth Un av www.ft. ge Pa profi ailab me ive st of sc le rsity nt are s hool a Duke deg MD/MBA joint wa Fa le

com ➔ st on ll nt ra on re s teg fr e to to Up work y om use ke ro le he in r K su pr pr to ro crea te te in curriculum le of fere worl old mana fo mana re Stu mo No fMa of perf Re publ ing a ➔ ‘Bri probl rigi a is arning mbsdsil.I skills. am-based am r co le es ac Au ch a ha vi w, Re Pr re de nt me bu nc go Re or as te entati mmendati sensibili d ti ew se last ished ve al-time of ut21,vi 2010, gust as sanal as ,using h, na pl al ce ge ge nt ming ve sin n.A ing. le di br em , -w ay Freeman, st re ma Freeman enneth al “p de ilb asked be will s ge he ”. me me dg ad ca rnment idg es eigQu eering He ra pu or er on -p -worl an me ers wa l nt nt s cti ch ld s, ov lagued te n ter and “theory ing ys ch ce tati ca wa pr ” kls n also and skills, of te so , nt gr , iss st s ca he ie wh ral A erhaul. s effecti is, ye ty nt ie se og on n hoyand theory ing le ra on ing nt Bo , f kn l ue ou he me f re ag to rin ar sa pr ex d ew te stud ra wh r also are o ex s, s st saturnr a as pie wa en stude co p-based es ys. h sc the st es d ntheir in mm wh aims ecuti le tim ecuti owl on his s o art on Diagn t en cy mp Ha ce ie tto nt rigis arning st co ic ve Un es e. pi ed eisthis begins s -u e arted ce th h will rvard of ve to nt me ve an hool’ of lo p just iv ge vi s work h sc the nthe in s br to t y. h be the or ersi ound de ey ost pr pr pwith up de n that ing na In a ho 99- s Bu direct es og will his oc le ics ty pl r la urs hool’ n a ent ae skills’ based and kn ha st ‘I ra sin ad- stud on- ex Sc st- ace. ye fr worl at mme pu wa ud om es or pert, hool ar- re ve owl s y te t the s to d. al- r. te ents nt prac he am- ed rien co sa em n a ing a it ihthe with co stude stude re – fr gr the hit the and sect of he MBA full-time fr “e te iaca rss sa crisis, financial proj bu co im he de he op ca deg as art y. Re ge om om heig ffe to chnolo quired ys ti mana nsi slig n the and nsulting, nc ve av ac lh n rsadscien and arts and alth, pl sin er sa h curriculum The ti “Mana h sc The Th At trigthis Starting “I’ ph on lu re cswith ects bec ce or cti he mn a ement ve at Pr co entr lop l nalar a in ily mu ys fne of day re ca de es nt nt xury the es hte es asis that s s, ve ion of of lhadlf scien life and alth crui “N . nig finan unting, done ca bobthe absorb s in s s ra la ge e ninf in ltid hi ethi their co ound co y nryadteenvir the and energy gy, ne at anal pl l Freeman. ge mome gl on hool w, ch ti s. on ew Knight me pr ve of ion mp n Gr an. on ob te urse In eff d isci me Pr w e.” me an a sp te rs or a nt ot ys bu ba ec and maths a stude peo de Ka as ge wh gr nt al in s stude ad of ge ntr in s alrea an unn and running lo ge long pl nt am-based Bo ye n iigmana hiring and B dicin he ecial mati ad n h iss the ing a W are “We . or t le ckg nt we nt on t ty ac Po t diti In ou ic nu inary ys y; to to partly s pr ne ge pl ca of ad r h sc the ar, t r ua h sc the , a abo has h in Pe to th Se sto st la ea as ll reva co nt stude skills.” e stude p kn od dy all Ja ad mber nt ro training stebenefit the ts on ce l le eded small-team on ershi e, fo te mu my proj ey co rk “I . nueethi infuse pt s, rpo me n,s I so und, ssons ow it uc mar , cl pl engineering, , proj cus s ti syst n,asec a ins, Bo ilintrod will curriculum n ion me,tesc the ember, mp nte aehe came asses ono do are help sc ce ac and t re analyti hool s nt re csalso ects nt ra ex p” of ce ue work the ch st Po hool les, ce’ c in ect on es he gr three – s lareas al nd ke fle ems s, te . s loin also ad ercise noff on ex electi of s. pr ut s ge onomics ot ing wh st sp co igand ting ac ct ” of digital r vital are s to off ha t d de og pected the fe 300 he port a , he the t on will ecial co co ca mp pr va co ond cal h da the ge ere help stude lt wh ers re ra iea vise on prof of ve ers r, sa ve uc s, cludes re co es fig skills, l nsulting untabil- my lue mmuni- rs sa ” mme su with any in public me free ys. ich s. we ex ce a e -y , su ure nfi- hool, du es ch ow clud- ys to ear nts y, nt pe- re nt sor al to ” th , 51 report

Generally, the final year is spent on amount of reading, memorisation and “[Graduates] are going into a tur- electives at both schools. Most encour- lonely academic work. Business school bulent economy,” says Kevin Schulman, age students to complete a medical tends to involve more group-based professor of medicine and business residency or other clinical training assignments and activities. administration at Fuqua. “They under- upon graduation. “It’s not a break,” says Prof Zenios. stand that something fundamental is The goal is to create doctors who “They use a different part of their brain. changing in the healthcare industry. understand core business concepts and They students love the social, experi- They have a genuine interest in learn- who are adept at teamwork, according ential, teamwork-based aspect of the ing the issues, and the majority are to Stefanos Zenios, professor of health- MBA curriculum. But they find courses committed to medicine as a career.” care management at Stanford Graduate such as finance very challenging.” Woodrow Myers, who received an School of Business. The programmes are still relatively MD degree from Harvard Medical “We’re not just teaching the business new, so there is not a well-trodden School and, years later, an MBA from of medicine; we’re teaching business in Maria Chandler, career path. School officials say that the Stanford, is a former New York City general,” says Prof Zenios. “It’s the hard president of majority of MD/MBA graduates pursue health commissioner who has also skills of management, such as budget- the Association careers where they practise medicine. worked in the private sector. ing and accounting, but also the soft of MD/MBA Others work as administrators of large Dr Myers is a proponent of the skills of how you work in a complex Programs medical groups, in academia or in sequential dual degree, rather than 52 organisation with different cultures non-profit organisations; some become working on the degrees simultaneously. and constituencies, how you make entrepreneurs who develop new “It helps you become a better business change, and how you influence.” diagnostics, medical devices or treat- school student if you have some experi- Many students say that business ments. Very rarely, some graduates ence of making a budget, hiring people, school provides welcome relief from pursue careers in investment banking, firing people, and trying to make an medical school, which requires a vast private equity and consulting. organisation successful,” he says. B

report

Financial judgment

➔ Joint JD/MBA programmes offer a business alternative to a legal career. By Peter Wise

awyers are scared of num- bers,” says stephen presser, a Us legal historian who teaches both law and busi- Lness at Northwestern Uni- The border versity, near Chicago. after graduating between law in law, “your brain is rewired and you and business is can no longer do simple arithmetic”. becoming his humorous caricature contains blurred an uncomfortable grain of truth: law doctorate – juris doctor (JD) – 55 programmes traditionally focus on legal systems, case histories and language-based skills, providing little scope for developing the analytical proficiency in maths required for mBa degrees. as the border between ‘JD/MBAs law and business becomes are trained increasingly blurred, a bridge between the two to do worlds is being provided sophisticated by joint law and mBa programmes, which aim things with to equip graduates with numbers’ the capacity to steer businesses, based on knowledge of complex legal and regula- tory environments. “success in business today requires the ability to navigate through this landscape,” says thomas Robertson, dean of the Wharton business school at the University of pennsylvania. “leaders must be able to integrate financial, legal, political and cultural issues like never before,” adds michael Fitts, dean of the University of pennsylvania law school. the JD/mBa programme run by these two schools is representative of the dual degrees being offered by a growing number of business and law school pairings across the Us and Can- ada to meet increasing student interest world,” says prof presser. “I sometimes including esade business school in in the intersection of the two spheres. believe that in 50 years we will not have Barcelona and the universities of ports- “JD/mBas are trained to read separate business and law schools, but mouth and surrey in the UK. balance sheets, understand income combine them.” In the Us and Canada, JD/mBas statements and do other sophisticated some combined departments have are typically four-year programmes, in things with numbers, so that they already begun to emerge at european which students spend their first year are increasingly valuable in the real business schools and universities, taking foundation courses in law and photos: alamy; getty ➤

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Jo uca ecuti ce s ear-o ñge argu Íñiguez ac av hool ve lop sees h pr ed s iga in an ying As” aga co d ti es le hool pr hns to ate fo etiti n mar and e ca owl i seeing oid uca de og Lu ti re modules. mmenta in n th ing ce module og le rm, Lib on ntteuprising the inst that ve to as , a l ddo ld h wi the s ra in n h increasing the an, and ti bec mo stude and tw indivi lin of ne is ge te on rigwith arning ve ed ti s, uc ra ve ova rs te co ve fa mme stude nof on ya MBA sh de ra that wh o li es wl it ve te oit to hi ne mm IE ge re hmsGa Khamis om co n fmana if and , shi te es minis s nt cti ve nt mo te es ou at ou rs nDcme,Spain December, In . elected y to te p. Guin te co ke le nt ra ere li ss. du aeta ilenab will that base in uld skills, e ach ow sh s s in , on ve ydifferent ry es netw ou te .” to etrentrep better e IE’s no rnati ld le es o pione ion r de mana ayted,and trends, many d pr probl nt ueand ture re The s wa ig nso-called in ting, re nshigh unts ue Ea l am als ch ra rs mu dsp ad B W beli “We . clud that stude n equip cl rs og take s t de pu by ing creati r ou dos, de s tur s ap te rl sbeing as allen Un ac assroom el re on or to ra at on ie hmo ch long pr tati ld m in ems r ri ve ge cisi yo pear st e, ce mode n th ing ma k of mm last r iv va ecial fir nec an go off lMA bef MBA, al dd iv ieelement line on epart be nt aff. th rs ve at stude s, u co on. pt ge ersi ge st finan e on ph ve sc l -distan rmany er s ,” -p afi, and port ta ey ca g ev ad .” an stude me La re in urses es rs to : he at co ere re ehe de ro it ye ho rnment il ck os forc rn to ty to onom “a make n hool that e will who de alumni s ta opt re osop and , ce ha st er mbine nt file sa mbers re rm- ce r IE ar, rigid o ho n his ing e w ex nthe in bu of ck ad ye fle ba ve with s es of ne ys. ce nt ion to le w ad- pel s ed the si- ’s ar, c- ore hy. te ist s urs , to 57 report

process,” says Randall thomas, director three-year law and business programme sub-prime debt crisis in the US or the of the law and business programme at designed to produce lawyers who also sovereign debt crisis in europe. it also vanderbilt Law School in nashville. understand corporate governance, tends, ultimately, to be more lucrative.” interest in combined law and busi- finance and accounting. as well as a Jd prof thomas at vanderbilt warns a ness qualifications is being driven by degree, graduates receive a certificate of Jd/MBa degree is “definitely perceived changes in the demand for legal services specialisation in law and business. by US law firms as a signal that a grad- as well as an increasing overlap between in europe, the growing demand for uate, while having the advantage of an the two worlds, says Jim Bradford, dean combining law and business studies is additional year of training in account- of the owen Graduate School of largely being met through an increas- ing, finance and other business-related Management at vanderbilt University. ing number of LLM (master of laws) skills, may not seriously be intending to “Law graduates are no longer degrees – one-year courses specialising become a long-term partner”. recruited just by law firms and govern- in business for qualified lawyers. the Getting on to a Jd/MBa programme ment agencies,” he says. “More and Jim Bradford of School of Business and economics at is not easy. Students typically have to more private equity firms, hedge funds the Owen school Universidade Católica in Lisbon, for qualify for the law as well as the busi- and big banks are looking for people at Vanderbilt says example, offers a masters in law and ness school, requiring practical maths who want to do something different most JD/MBA business, taught in partnership with and more theoretical text-based skills. with their law degrees. at the same students choose the university’s law school. prof Bradford notes, however, that 58 time, the big drop in merger and a career in Most Jd/MBa graduates tend to the narrow band of students who acquisition activity means law firms are business, not law gravitate towards business rather than have strong enough credentials to hiring fewer people and students have legal careers, says prof Bradford at be admitted, emerge from these started looking elsewhere for jobs.” owen. “Business can be more exciting programmes with a combination of in addition to a four-year joint Jd/ as it deals with exogenous events over legal and business skills that is “very MBa, vanderbilt offers an accelerated which you have no control, such as the highly sought after”. B

60

Leading the way: Aaron Perrine was serving in Afghanistan with the US Army Rangers while applying to business school report

Military objectives

➔ Veterans often make ideal MBA candidates – and schools are catching on. By Alanna Petroff

pplying to a top MBa difficult, but many find that an MBa ribbon Program, and, hopefully, some programme is an exacting education can make it smoother. outside scholarships. process for any candidate, applying to investment banks and there is another reason Quigley but aaron Perrine faced consulting firms straight out of the wants to go to business school. “i’ll Agreater obstacles than military does not work, says Perrine, miss the shared experience of the most. two years ago, as he worked on who believes veterans are seen as raw military,” he says. While there, Quigley his application essays, Perrine was serv- material and that their skills may be knew that he was part of something ing in afghanistan as a platoon leader questioned. But a combination of mili- bigger than himself. By contrast, with the us army rangers. tary experience and an MBa is “very civilian life seems lacking. Each evening, he would lead his compelling for employers”. “During the Wharton military team of 35 rangers Perrine and his second-year class- [recruitment] day, i felt as if i found 61 out on long combat mate, Joe Kistler, a former us Marine, that same sense of shared experience. missions, then return Financial have been very active in promoting these MBas are doing the same great to base and try to fit in their programme to veterans. the two work that they did in the military and some time to finish his back-up men, co-presidents of the Wharton transferring those principles, values applications. The recent introduc- Veterans Club, recently teamed up with and leadership experiences into a busi- “Depending on the tion of the Post-9/11 the school to hold its first MBa recruit- ness school environment.” evening, we might come GI Bill gives veterans ment event targeting veterans. other business schools are also back from a mission the opportunity to More than 40 people took part in making concerted efforts to recruit around sunrise,” he says. secure thousands the all-day session, where they learnt veterans, who are widely considered to “We would take off our of dollars to use about the admission process and be ideal MBa material, as they possess gear, debrief, go eat towards tuition fees. financial aid, and attended some MBa proven leadership skills, a solid work breakfast, and then i’d Depending on the classes. Prospective students also spoke ethic and a team-player mentality. work on my Wharton situation, an with veterans on the programme and Duke university’s Fuqua school of essays for an hour or so individual could heard from an alumnus about his post- Business in north Carolina has forged before going to sleep. receive well over MBa work experience. a number of partnerships and agree- sometimes we didn’t $10,000 in funding. one of the participants, scott ments in an effort to increase its get back until much Quigley, says he was impressed by the veteran and military student popula- later, and the priority event. “Veterans are in a very unique tion. Fuqua students with military had to be getting some position when applying to these experience can also apply for scholar- sleep before we started over again the MBa programmes because unlike ships to fund their MBa. next evening.” other applicants who are coming from “We’ve had some outstanding in addition to his wife back in investment banks or consulting firms [military] candidates, and that really seattle (aka “mission control”), Perrine … military applicants don’t have a lot reinforces for us that this is the right says a network of veteran friends with of MBa networks. Most guys don’t thing to do,” says Liz riley hargrove, MBa experience helped him with have support.” Fuqua’s associate dean for his applications. Quigley has leadership ‘Applying to admissions. “Vets read my essays and gave me and management abilities these students stand feedback on them [and] one did a honed by seven years in the banks and out for their classroom mock interview with me,” he explains. military and four overseas consulting contributions, their aca- the hard work and support paid deployments, but he wants demic commitment and off. Perrine was accepted into the to refine his finance and firms straight their ability to secure good MBa programme at the university of accounting skills. out of the post-MBa jobs, she adds. Pennsylvania’s Wharton school. now, also, the MBa is known at the thunderbird he is looking to recruit other veterans to provide a strong busi- military does school of Global Manage- risonzi to his course and give them the same ness network and targeted not work’ ment, which has deep mili- Ba kind of help that he received. career guidance. he is tary roots and is built on a Many thousands of men and women expecting to receive tens second world war airbase finish military service each year and of thousands of dollars to help fund in arizona, Jay Bryant, the director of make the transition back to civilian his tuition and living expenses through admissions, says veteran recruitment is life. the adjustment can sometimes be the us’s Post-9/11 Gi Bill, the Yellow very high on the agenda for his team.

Photo: Laura ➤

ft.com/BUSineSSedUcation 62 ft re n h school the and armed at sessions recruitment veteran-specific employers. prospective about more learn and connect to veterans MBa-educated for ways offer that ne informal and formal have firms consulting and banks profile personnel. military former veterans. to out reaches Booth tog closely working are MBa Business, of school receive will course MBa the to admitted veteran each that ensure to programme th .c uiesschools. business coli anhn scholarship a launching is school e om oeo hs opne host companies these of some in interested also are Employers the at port st /B Fo at dn n ocara fthe of co-chairman and udent US un es 1,0 nfunding. in $10,000 least csGop asteclub the says Group, rces in vriyof iversity ’s eS eiradministr senior Se Ma dU et tt Ch ca hew e oensure to her icag Mo ti tw Go on o’ st orks Booth s re, high- at ion help Pe ans Support: pr og rrine ge ra ot in t mm he pl Aa to r ans es ve MBA ro te to n r- rgams–ntjust not – programmes ef their up “ramping are employers h adds. she very them make skills teamwork and leadership their as aid. financial and admissions MBa of tor Ku ankur says Wharton, recruitment veteran-focused hosted group. this with connect to way their of also are business, engine search internet and retailer, online the amazon, as ot to forts akin Back recently companies Both te a,teschool the mar, Ve hooygat such giants chnology eas nltclmnsa well as minds analytical terans’ ge Pe h etvt u fthese of out vets best the t ev Go nnsylvania, ents ge the ogle, at go ’s rciecandidates, tractive at direc- n out ing at Pe Wharton, rn says rrine h be the eff their up ‘ram are Em pr ou og or t pl of ra ts oye th st mm to ping ayo i contemporaries. his of than many him to daunting less appear may tw afghanistan, schedule. work tanc Mc ne ese ve rs ge -erWatnMa–tenwrole new the – MBa Wharton o-year u aigsrie elyet to deployments survived having But w Kinse es’ ts y, Yo t hr ecan he where rk. y, Pe h aaeetconsul- management the at work to offer an accepted Mo internship summer employers. sought-after most the of some by recruited been already have co-president, grammes”. pro- top the across but Pa rn cetdajbwith job a accepted rrine h netetbn in bank investment the fe opeiga completing after he itnand kistan gnstanle rgan n ite,hsclub his Kistler, and ex etagruelling a pect ir y, q–pu a plus – aq B Kistler at

Photo: Laura Barisonzi

Books, p67 Technology, p69 Highlights of Getting to grips the past year with the cloud

review ➔

books Worth following

➔ Managers must earn respect, writes Philip Delves Broughton

s a rule, readers of the Financial Times remember that you are probably avoid books whose sources include always on stage; Wikipedia and Dictionary.com. And, in most that no one does cases, I am on their side. But Jeb Blount People stupid things on purpose; that Adeserves a pass for his honesty because he has Follow You people act for their own reasons, written a book on business leadership that, unlike so many in by Jeb Blount not yours; that you can only 65 the genre, seems both credible and useful. It is unlikely ever (Wiley, change people’s behaviour, not to make it on to any business school reading list, but it would £14.99) who they fundamentally are; be of more practical use than many more esteemed titles. and that if you are a manager or Blount is a salesman and trainer by trade, and People leader, chances are you are very Follow You draws on the experiences of ordinary sales different from those you manage. managers and team leaders. It starts with the important The first of the five levers, and the point that people do not work for companies, but for the most important, is to put people first. It is all too easy for people who lead them. A good or bad company is an almost managers, especially those with an MBA background, to abstract concept for most employees. A good or bad boss focus on numbers and processes, rather than people. But is an acute reality. “People don’t leave companies, they leave the old Dale Carnegie salesman basics of treating others managers,” goes the saying, repeated by Blount because, respectfully, being presentable and likeable yourself, and as he writes, “it is the brutal truth ... Far too many people simply being a good person to be around leave jobs and companies that they love because they hate ‘Far too many people still matter. their leader.” The remaining levers are all deriva- Good leadership, then, requires “humility, savvy, authen- leave jobs and tions of this first one – you must find ticity and keen interpersonal skills”. None of these is taught companies that they ways to connect with people. This does in any concrete fashion by most business schools. And yet, as not mean making a fool of yourself at the Blount points out, leaders are nothing without people to love because they office party or trying to be their friend. follow them. “You need your people more than they need hate their leader’ But it does mean recognising them as you,” he writes. “Another way of saying this is that you get people rather than means to your busi- paid for what your people do, not for what you do.” ness ends, and discovering what matters If you, the manager, came in one week and your employ- to them and motivates them. You must then put people in ees did not, your company would quickly fall to pieces. If they positions to win, as this is how you elicit their best work, came in and you did not, everything would hold together for which then reflects back on you. You must also build trust much longer. and create positive emotional experiences for those you lead Blount lays out seven principles of leadership and five and manage. Financial incentives are only one part of getting levers by which they can be implemented. They are not people to work to their best ability. The rest is giving them an original, but he explains them clearly and with potent environment where they feel satisfied to work. examples from ordinary managers, rather than the business None of this is startling, but Blount does an excellent superstars who all too often populate these kinds of books. salesman’s job of repackaging and restating the obvious, The principles are that your people are more important and he makes these reminders well worth a quick and

PhoTos: DreAMsTIMe; GeTTY than you; to treat them as you would want to be treated; to stimulating read. B

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books Much of the book is inspiring“ an“d helpful, packed with ideas for simplifying your life Challenging received wisdom

➔ Philip Delves Broughton picks the best business and management titles of the past year

The Rare Find: The Lean Startup: Supercooperators, Spotting Exceptional How Today’s by Martin Nowak Talent Before Entrepreneurs Use and Roger Highfield Everyone Else, Continuous (Canongate, £9.99) by George Anders Innovation to Create (Viking, £14.99) Radically Successful In a sea of bad books Businesses, by Eric about psychology, Hiring good people Ries (Crown, £14.99) behaviour and busi- is one of the biggest ness, Supercoopera- challenges for any business. Yet, all Start-ups, argues Eric Ries, are thought tors stands out for its robust scientific too often, the process is riddled with to be riskier than they need to be. base and cheerful message. Martin guesswork and bias. People employ Deriving lessons from agile software Nowak is a professor at Harvard, and those like themselves. They hire them development, he says that entrepre- Roger Highfield is one of the best sci- based on their past rather than their neurs should treat their new company ence writers around. They argue that potential. The quirky and talented are as a vehicle for testing ideas. They we frequently misunderstand “survival often excluded by systems that favour should use new technology to launch of the fittest”. It does not just apply to blander candidate. George Anders, “minimum-viable products”. Only when individuals, but to entire groups. Those a journalist for Fortune, reported on they find something that customers in which people co-operate and trust practices in a range of settings, from like and are willing to pay for, should each other flourish over time. Even 67 US Special Forces to Facebook to elite they invest heavily in development. when they are destroyed, they have the sports teams. He advises looking for This runs counter to traditional ideas capacity to rebuild. It is not competi- “invisible virtues” such as resilience and for a new business, which has a thick tion but co-operation, the authors curiosity. A stimulating take on an area business plan, pitches for investment argue, that leads to the most successful of business rarely given such treatment. and only later discovers if anyone wants and innovative organisations. what they are selling. Entrepreneurs Venture Deals: love it, and Ries has become the pied Tell to Win: Connect, Be Smarter Than piper of low-cost technology start-ups. Persuade and Your Lawyer and Triumph with the Venture Capitalist, Start Something Hidden Power of by Brad Feld and That Matters, Story, by Peter Guber Jason Mendelson by Blake Mycoskie (Profile, £12.99) (Wiley, £33.99) (Virgin, £11.99) Peter Guber has been Negotiating with Social enterprise a Hollywood mogul, venture capitalists is seldom fun. inspires mixed a sports team owner and political Entrepreneurs who think they have feelings. Toms shoes, fundraiser extraordinaire. He under- won the brass ring of venture fund- founded by Blake stands how important good stories ing quickly find themselves deluged Mycoskie, is at the forefront of this are to getting anything done. He has and confused by term sheets and false movement. For every pair of shoes the opened his formidable address book to promises. The friendships that led business sells, a pair is donated to a assemble stories from everyone, includ- to the founding of the business often shoeless child in the developing world. ing Bill Clinton, Nelson Mandela and become strained by arguments over Mycoskie’s book is an engaging account Michael Milken. He has excellent advice the dwindling pool of equity. Brad of how he founded the company. He on getting your audience’s attention, Feld and Jason Mendelson have been argues that making money and doing creating emotionally involving stories, through all this and their book offers good are not mutually exclusive. Much and then galvanising people into action. hard-headed advice on dealing with of the book is inspiring and helpful, As you might expect from a Hollywood lawyers and venture capitalists, so packed with ideas on simplifying your veteran, Guber is always entertaining you can make the right decisions for life. What is missing are the financials. and the book never flags, even while you and your business, and focus on It would have been better if Mycoskie offering some of the soundest and most growing it rather than being manhan- had divulged how much money Toms practical tips you will get from any dled by investors. makes and how much is given away. business book this year. B

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technology

The gathering storm

➔ As more services move to the cloud, Chris Nuttall struggles to keep track of his digital life

have looked at clouds from both sides now, as Joni Mitchell once sang, and learned I not to believe that those nebulous, occluding, depressing things might bring structure, clarity and happiness to my digital life. Putting our data into the cloud is meant to be the answer to the problem of creating information on multiple devices and having to remember where you saved it. If you take a pic- ture on a phone and upload it to the server “cloud” in some remote data centre of 69 a particular photo storage service, you can then see the same photo on any other internet-connected device ... or so the theory goes. But what if there is more than one The photo cloud? proliferation of I use a scud of cloud services cloud services can be and that photo I confusing took on my phone could have ended up on Facebook, Picplz, Instagram, Flickr, Picasa or Apple’s iCloud, in my case. The same goes for music. I have bought music on iTunes, Amazon and Google In theory, Apple has nailed it with being able to access iCloud. But, iCloud Music, and while I know my tracks are iCloud. Take a photo or change a works best with Apple devices and safely stored with each of them, I could document on your iPad and the same you may not wish to switch over to not tell you which service holds what. photo and revisions will appear on your Apple entirely. It also cannot handle The problem can be multiplied by iPhone and Mac computer, without you video and the company does not have the number of members of your family having to do a thing. a proper solution yet for merging consuming or producing media on I love watching multiple accounts. different devices. Who took the photos That photo I took on the Photo Stream In addition, iCloud costs money of the birthday party and on which my phone could have of images uploaded beyond the first five gigabyte of storage camera or phone, using what memory to my Windows – adding another 20GB is $40 a year – card and logged in on which account ended up on Facebook, PC or recorded on but, to be fair, this is standard practice is the kind of unsolvable mystery often Picplz, Instagram, Flickr, my iPhone on a big for software as a service. facing my family when trying to gather screen, courtesy I predict consumers will soon pictures together. Picasa or Apple’s iCloud of my Apple TV become accustomed to subscribing

PhoTo: GeTTy ➤

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technology

to ever more Consumers will soon Of course, I need to buy several Macs, my iPhone, iPad and Android services. more Eye-Fi cards to equip the whole devices. This turns it into a quasi-cloud I am already become accustomed family’s cameras and this solution does service, using the power of the cloud to beginning to to subscribing to not work with iCloud or photos I take sync files stored locally. suffer from on mobile phones. Box.net is similar to Dropbox, but I creeping cloud ever more services For documents and general-purpose like to use its browser-based interface costs myself. Flickr cloud storage, I use several services to upload and share gadget photos with was my first com- and, although they have overlapping the picture desk in London. It is a good mitment – to an unlimited-storage Pro capabilities, I use each for a specific interface, accepts large file sizes and account for photos and videos. Then purpose in order not to compound my gives previews of uploaded pictures. I exceeded my Gmail email limit and confusion about where to find things. Of other types of services, I like added 20GB more – if only for $5 a Google Docs is where I create and Tungle.me for sharing my diary and year. Any service could be upgraded share documents, save email attach- Wunderlist, one of many “to-do” task next, and this could soon be costing me ments and convert individual emails managers that syncs itself across vari- more than a physical back-up drive or to documents. Microsoft now has an ous devices. home server for storage. online version of Office – Office 365 – I could go on – the list of cloud I do like Eye-Fi as a marshalling but it is too late for me to switch now. services is long enough to need its yard for media. The Silicon Valley com- Evernote is where I keep clips of own back-up capacity in the cloud. pany sells SD memory cards for digital web pages, photos I am currently try- cameras that have Wi-Fi embedded of receipts and notes ing Bitcasa, a service in them. The cards can automatically on subjects I am The list of cloud promising infinite upload anything taken to my home PC interested in. It has services is long storage – just right as soon as they are in range of my home comprehensive tools click on a local folder, Wi-Fi network, and they upload to the to make saving simple, enough to need select “cloudify” and cloud as well. and finding is easy as back-up capacity everything is encrypted Eye-Fi keeps my photos and videos well – through tags, in the cloud and transported to the 71 on its servers for seven days while I text search and even cumulus. decide what to do with them, or it can the optical character I would recommend give me unlimited time and storage for recognition it automatically carries out settling on just a handful of the above $50 a year. on photos and scans. – the job of sampling all the different The best feature, though, is the Dropbox is where I keep files – doc- services has brought me disorder and ability to choose to forward files auto- uments, PDFs, photos and even music complexity on occasion. matically to more than 25 different – I receive on different devices. Saving Cloud services should make our lives services, from Facebook to Flickr, or any of these to a Dropbox folder means simpler and easier, “but still somehow”, even to a digital photo frame in my they are reproduced and made accessi- as Joni sings, “it’s cloud illusions I recall. parents’ home across the Atlantic. ble in Dropbox folders on different PCs, I really don’t know clouds at all.” B

➔ An app a day keeps disorder at bay: organise and synchronise data with these services

Pinterest SugarSync ZeroPC http://itunes.apple. http://itunes.apple.com/ http://itunes.apple.com/us/ com/gb/app/pinterest/ gb/app/sugarsync/ app/zeropc-cloud-naviga- id429047995?mt=8 id288491637?mt=8 tor/id474091533?mt=8 Pinterest has “next big thing” pinned to it. Dropbox, Box and SugarSync are equally ZeroPC is one answer to having too many The app and web service is a virtual pin- adept at keeping your files synchronised cloud services – it organises and pulls board that allows you to save and organ- on different devices via the cloud. I like them all together. Add your different ise pictures easily. It can be photos from the new Android and iOS versions of accounts – Facebook, Flickr, Dropbox, your phone’s camera or ones cut out from SugarSync, which have improved syncing Evernote, Google – and it collates files web pages using a browser tool. Boards of video and photos on mobile devices. from each one, allowing you to view organise your pins according to the They can be transferred automatically documents, photos, music and videos in designated theme – a recipe collection, to linked PCs as you record or take them. a single interface. A browser version gives planning a wedding, recording a holiday Music can be streamed from remote you a PC-like desktop in the cloud, where or a lifetime – and others can contribute to computers to your phone and documents files can be backed up and dragged from your board or you to theirs. saved for offline viewing on your tablet. one service to another. – CN PhOTO: GETTy

ft.com/BUSineSSedUcation ➔ Interactive 2012 global FT.com MBA ranking online now

Read more online . . . ➔ Video Q&A ➔ Interview with Dave WilsWilson of the Alison Davis- Graduate Mana ge- Blake, dean of the ment AdmissiAdmissions Ross school, Council will join a Interactive features ➔ Michigan, on get- panel ans wering yyoouurr From profiles of top ting more women MBA qu estions on deans (above) to on company boards Wednesday FebruaryFebruary 2. slideshows, maps, Details on websiwebsite timelines and an ➔Past rankings online “gym” to help

Interactive ➔ News and features decide if an MBA tables of Keep up to date with programme is for you schools and developments in programmes business ed ucation

➔ PLUSPLUS exexpertpert adadvviiccee and muchmuch mormore at www.ft ..ccoomm//bbuusiness-edusiness-education PHOTOS: CHARLIE BIBBY FT Sightsavers MBA Challenge

➔ Charity wants students’ help to tackle glasses’ image problem. By Charlotte Clarke

abiha is nine “With this chal- years old and lenge, we hope to get lives in Kara- people thinking about chi, Pakistan’s innovative approaches Flargest city. In to what sounds like a 2008, when she was six, simple problem, but she began to have difficulty has proved difficult seeing the whiteboard at on the ground,” says school and developed a Caroline Harper, chief headache while reading, executive of Sightsav- so her father took her for ers. “Not only will this an eye examination. She challenge be a test for was prescribed spectacles MBA students looking at the Layton Rahmatullah to hone their skills, it Benevolent Trust hospital is also an opportunity and started wearing them to see what those skills regularly. can do in the poorest But things changed parts of the world.” when her classmates began How to partici- 73 calling her “Chasmay pate: the challenge is Walee Aunty” (glasses open to teams of aunt). “My uncle also between three and calls me ‘Chishmish’ [one eight students, and using glasses],” says at least one student Fabiha. “I feel in each team must be ashamed when studying at a univer- Because of he says this to sity or business school teasing, Fabiha me.” She is now in Europe, a second is reluctant to reluctant to wear in the Americas and wear glasses glasses, even a third in Asia or though they have Africa. At least one helped improve her participant in each studies. team must be study- By improving eye- ing towards an MBA, sight, the provision of although other glasses reduces school participants may be absenteeism, academic from other disciplines. underperformance The challenge will and harm to the run from January to career prospects in its seasonal appeal, to set a challenge September 2012, in two main stages. In ERS Improving eyesight

Av of children and for MBA students. stage one, teams should submit a short young people. But reduces school The challenge: develop a business proposal. During stage two selected for many young absenteeism plan to market glasses to children or teams will go on to submit a compre- people there is a young people in one or more developing hensive business plan. stigma attached to and academic countries in Africa or Asia. Although The judging committee will wearing glasses. underperformance Sightsavers supports a range of activi- announce the winner in October 2012. How can this be ties to provide access to optical services,

MSHyD MASuD/SIgHTS overcome? if they are to work it is essential that The deadline to register team details is

JA The Financial Times is teaming these programmes offer high-quality, March 31 2012. For more information, up with Sightsavers, the development affordable, comfortable and cosmeti- including details of how to enter, see organisation that the FT is supporting cally acceptable spectacles. www.ft.com/mba-challenge PHOTO:

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Photo: rory daniel