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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 contents january 2012 03 Special reports and supplements editor Michael skapinker Business education editor Della bradshaw Editor 60 hugo Greenhalgh Lead editor Jerry andrews Art director openings sheila Jack Visual consultant 4 from the editor ed Robinson Production editor 6 upfront Jearelle wolhuter Do internships really matter? the art Commercial director, EMEA top of business; top of the class Dominic Good Head of B2C 8 introduction elli Papadaki 25 business schools are rethinking the Head of business education Mba to meet changing needs report: specialising sarah Montague Account managers 10 meet the dean 44 luxury sector ada Fardarechard, Gemma taylor alison Davisblake on her new role learning to bridge the demands of Publishing systems manager at the Ross school in Michigan highend creativity and commerce andrea Friasandrade Advertising production 12 on management 49 medical Daniel lesar should a company’s employees have trainee doctors are preparing for a say in who manages them? realworld medicine with joint degrees on the cover illustration by neil webb 14 dean’s column 55 legal John Quelch of ceibs on a marketing schools respond to the blurring of the guru with a sharp mind – and tongue border between law and business contributors niGel anDRews is the Ft’s features 60 veterans film critic; anDRew baXteR is it should happen to a vet: us Mba Ft special reports senior writer; 22 18 interview programmes want exmilitary students Della bRaDshaw is Ft how an Mba took a graduate from business education editor; siMon paratrooper to banker and a role endings caulKin is a management in the london 2012 olympics writer; chaRlotte claRKe 65 books is Ft business education 22 film a straightforward look at leadership. online and social media how cinema sees business Plus the pick of 2011 titles producer; PhiliP DelVes in the aftermath of the bRouGhton is a manage global financial crisis 69 technology ment author; eMMa Jacobs Getting to grips with is assistant editor of Ft business 28 relationships cloud computing life; Michael Jacobs is an Demanding studies have an RRy wetcheR Ft business education statisti impact on those closest to you. 73 challenge ba cian; Miles Johnson is the how can you protect them? sightsavers Ft’s Madrid reporter; Rebecca wants your KniGht is a freelance journ rankings help with an Risonzi; alist; chRis nuttall is Ft image problem ba technology correspondent; aDaM Interactive 34 analysis Palin is Ft business education rankings and interpreting the data gathered from 74 hopes researcher; elizabeth Paton more at students and schools for the ranking & fears is assistant editor of luxury 360; www.ft.com/ Devneet bajaj niel; lauRa alanna PetRoFF is a freelance rankings 36 the ranking wants to make Da journalist; John Quelch is the top 100 schools, plus methodology a difference to dean of ceibs, shanghai; farmers back Ross tieMan is a freelance 40 the top school in india journalist; PeteR wise is the what makes a winning school? we ask 74 Ft’s Portugal correspondent a dean in the top spot for the first time Photos: RoRy ft.com/BUSineSSedUcation from the editor 04 della bradshaw Moving targets ➔ As the world enters an era of mega-cities, are business schools in the right locations? ow important is location to a business other cities that spring to mind are tokyo – the school? does it matter if you are rooted in world’s largest metropolitan area with a population of one particular city or country? it is a topic Business about 36m – dubai, são Paulo, Chicago, singapore, new that is creeping on to the business school delhi and los angeles. might istanbul also have a shot? h agenda because, as we know, demographics educators must if the 25 global cities are to be at the heart of business are changing dramatically. bridge business and educational life, then do they not also have to house there are now a mind-boggling 7bn people on the the world’s top business schools? planet. What is more, that figure could double again by and academia, among the top 10 schools in the Ft’sranking of the end of the century, with the largest growth occur- and the place the top 100 mbas, only one city is represented twice – ring in developing countries. Where will people live? boston. With seven large universities in the greater bos- What kind of lives will they have? how many will pursue to do that is on ton area, it is arguably the world’s most important city for higher education? the doorsteps education. but, 10 or 20 years from now, will it be one of the dean of the indian school of business gave me the top 25 cities? and if not, does that matter? an alarming statistic recently. only about 30 per cent of of global i would argue that it does. unlike history or philoso- people in india live in urban areas, compared with 82 per companies phy departments, business schools must bridge the gap cent in the us. india is expecting between 250m between business and academia, and the place to do that and 300m people – close to the popula- is on the doorsteps of global companies. tion of the us – to migrate to cities in so how do london, mumbai, new york and shanghai the next 20-25 years. fare? a glance at the ranking shows there is a smattering this means business schools of business schools in london and new york. each city face two issues. First, the is home to a top-10 school and has at least one other in growth in student numbers the top 100. indeed, if you include “greater, greater outside the traditional london”, as one german professor recently defined it to mba markets of north me, there are six business schools within an hour’s jour- america and europe. ney of central london, including oxford and Cambridge, second, a rush towards that make the top 100. urbanisation. mumbai has no business schools represented as yet some deans of top and shanghai just one – Ceibs. this may change rapidly. schools have given the there is the much-quoted statistic that by 2020 there will latter much thought. sally be 20 cities of 20m people in China. the problem is, at blount, dean of the Kellogg the moment most people can only name two of them. school at northwestern What is clear, is that many universities are in locations university, says globalisation that will never become global conurbations. new will lead to the emergence of haven, Connecticut (home to yale) will never make the 25 global cities – intellectual, cut. nor will lancaster in the uK, lausanne (home to social, economic, educational and imd) in switzerland, or london, ontario (home to the cultural capitals. ivey school). Where will they be? and will they be so how can they flourish? technology home to the world’s top mba programmes, too? will play a part. two of the us schools that a quick poll among business education colleagues recognised the value of this early on have (a rather unrepresentative sample of seven) showed 250m been the north Carolina schools – Fuqua tremendous disparity when colleagues were asked to and Kenan-Flagler. and many schools Between a quarter of tration: raymond biesinger nominate the 25 top cities of the future. everyone agreed a billion and 300m have set up overseas campuses or partner- us on london, mumbai, new york and shanghai. Indians are expected ships with business schools in China and beijing, hong Kong, moscow, Paris, rio de Janeiro to move from rural south america – india is still proving and Washington also got multiple votes. What about san areas to cities in the more difficult. but so far there has been Francisco? too small. rome? not enough industry. and next 20-25 years – little innovation by schools in the us then there is germany, the industrial powerhouse of a number not far and europe to deal with changing demo- europe, but with a federal system that mitigates against short of the current graphics. if they do not innovate, will they the surge of one great national city, such as london, US population of 312m survive as global institutions? it will be Paris or madrid. another 20 years before we find out. b Photo: ed robinson; ill ft.com/BUSineSSedUcation $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.