December 7 2015 FT Business Education European business school ranking 2015

www.ft.com/business-education/europe

The myths of leadership | De Beers CEO Philippe Mellier | Careers: a life in luxury

Editor CON JerryAndrews December 2015 Business education editor Della Bradshaw

Production editor TENTS GeorgeKyriakos Artdirector Konstantin Penkov Designer HarrietThorne Picture editor Michael Crabtree Sub-editor Philip Parrish OPENINGS Special Reports editor 14 4editor’sletter Leyla Boulton Della Bradshawlooks back at 20 Global sales director years of business education in the FT Dominic Good 6introduction Global director of European business schools are finding FT career management newstrengths to challengeUSrivals Steve Playford 10 onmanagement Head of business education sales Have we created amyth of leadership Gemma Taylor those at the top can never match? Account director Helen Wu 12 dean’s column Account managers In NobelWeek, Lars Strannegård of Ade Fadare-Chard, Emily Lucas Stockholm SchoolofEconomicslooks Advertising production at the prizes’ extraordinaryfounder Daniel Lesar RANKINGS 22 analysis Whatthe 2015 tables tell us 24 rankings Thetop 85 European business schools

INSIDE

ON THE COVER 30 luxury Illustration by Adrian Johnson Theluxurysector has gone global and schools in its European heartland are creating courses to meetthe demand CONTRIBUTORS 34 meetthedean KATE BEVAN is afreelance Vlerick’sMarion Debruyne argues technologyjournalist thatmarket upheavalposes difficult DELLA BRADSHAWisthe FT’s questions for business education business education editor 36 fromthedrawingboard SIMON CAULKIN is a HowanIndian consultant found his management writer FEATURES entrepreneurial calling with a WAIKWEN CHAN is the business specialistonlineclothingstart-up education communities editor 14 interview EMMA JACOBS writes for FT Philippe Mellier’s route to the top at diamond REVIEW Business Life miner De Beers took him via Insead and LUCY KELLAWAYisanFT car,truck and train builders. Whatdoes he 41 books associate editor and look for in the next generation? Aravereviewfor atitle thateschews management columnist ‘wafty psychobabble’for anuts and JONATHAN MOULES is FT 18 dearLucy… bolts approach to changing the world business education correspondent Agonyaunt LucyKellawayonmanagement 42 technology LAURENT ORTMANS is the FT’s fads and insufferable classmates Digital detoxes imply device addiction business education statistician is the problem but it is ill-advised LARS STRANNEGARD is applications thatare the real malaise president of Stockholm School 45 communities of Economics Whatisthe bestcareer advice you IAN WYLIE is afreelance journalist have received? Plus what’sonft.com JAMES WILSON is the FT’s 46 hopesandfears mining correspondent HowaHungarian student stepped ANDREA BAJI is agraduateofthe out of her comfortzone and looked Cems masters in management 36 abroad to getaglobal perspective PHOTOS: CHARLIE BIBBY FT.COM/BUSINESS-EDUCATION 3 Della Bradshaw ‘Our first MBArankingin 1999 provokedoutrage at Continental shift thechallenge to US schools’ lEttEr ’s

or Much haschanged in the20years since theFT’sbusinesseducation section launched

ovember was aspecial school compete with those in the US? month for the business One comment became my particular

EDit education team at the favourite: “Della Bradshawmustbe Financial Times, as we acokehead.”Now,that’swhatIcall N celebrated our 20th freedom of speech. anniversary: 20 years of writing about That same year came the Bologna business schools and their teachings in Accord, which harmonised university the “Pink ’Un” and, more recently,online systems across Europe. Germany’s and in magazines such as this. Diplom-Kaufmann,the Netherlands’ So whathas stood out in the doctorandus and Italy’s laurea all European business education sector became masters degrees, spawning in thattime —two decades thatsaw anew assetclass,the masters in newschools arrive and, occasionally, management, which has begun to established ones vanish? compete with the MBAasthe degree of In thatauspicious firstweekin1995 choice for aspiring managers. we reported on Insead’s fundraising Thefirstdecadeofthiscentury sawa campaign, the firstsignificantone by a growing confidence at European schools European business school and abid to as theylookedoverseas to develop bankroll academic research to enable it relationships rather thancompeting to compete with its peers in the US. with their peersathome.Campusesin Thus Inseadset in train twoofthe the Middle Eastand Asia sprang up, mostsignificant trendsofthe past20 the mostsignificantbeing Insead’sin years: the questtopublish scrupulous Singapore. Joint degrees, particularly academic research and the need to find with Chinese universities, flourished. non-governmental sources of funding. Whatismore, Asian students, and These days fundraising is apartoflife increasingly US students, decided they for European deans and the topschools While Europe’s deans scratched wanted to study in Europe. Fifteen haveproved particularly adept. Insead their heads, their trade body,the years agothe majorityofstudents at has also become aworld leader in European Foundation for Management schools in Spain, France andItaly were business research, coming ninth in that Development, launched acounter-strike locals; todayinexcess of 90 per cent of categoryinthe FT’s2015GlobalMBA againstits US equivalent, the AACSB students are often international. rankings. (London Business School,top (the Association to Advance Collegiate Overseas expansion helped offset of the European ranking, is sixth.) Schools of Business), famous for its the drop-offinstudents and funding at Thebig news in the final twomonths business school accreditation system. home, especially following the financial of 1995 were the firstmoves by US Theresult was Equis (European Quality crisis of 2008 and the subsequent business schools into the European Improvement System), the accreditation fracture in the eurozone. But business market.First came the Universityof much coveted by European and Asian schools could not escape completely, Chicago(ChicagoBooth, as it is now schools but largely still ignored in and as public funding was slashed, called) with its plans to open afirst the US.This tale came full circle this mergers became almostcommonplace, campus outside the US in Barcelona year as the AACSB setupaEuropean particularly in France and the UK, and to run an executive MBAthere. (It bridgehead in Amsterdam. where Ashridgethis year became the subsequently moved to London.) In 1999 we became news ourselves latesttojoin forces with another school, At about the same time, Chicago’s when we launched the FT’sfirstMBA namely Hult of theUS.

neighbour Kelloggopted for a ranking. London Business School was So whatwill the next 20 years bring? WNDES partnership model, signing up with ranked eighth in the world, the firsttime Will Europe see asecondUSinvasion, LO German business school WHU,again anon-USschool had been ranked so as NorthAmerican schools use online to run an EMBA. TheFuqua school at highly —orindeedranked at all —ina technologyplatforms to lure European DukeUniversity, which made aplay major publication. Theoutrageonthe students? Or will anyEuropean school to attractEuropean students through Businessweek forums, the social media break into theUSmarketinameaningful TrATION: NICK

its global EMBAasearly as 1995, also platform of the day, was visceral: how, way? Thenexttwo decades promise to US

subsequently setupshop in Germany. posters raged, couldany European be as fascinating as the lasttwo. ILL 4 ft.com/BUSineSS-edUcation

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Europeanbusiness schoolsare developingnew strengthsovertheir us rivals.ByDella Bradshaw

hen Hülya Akgedik “When we firstmet students from in creating adatabase of the different began her Master in Syria, we felt affected by the situation profiles and needs of refugees, sees no European Business and their stories,”saysAkgedik, who is easing of this pressure. “Wewill have to degree at the Paris originally from Turkey.“We knewwe bring efficient solutions to integrate W campus of ESCP wanted to help them feel welcome in our them socially and professionally.” Europe, she could hardly have imagined school and give them the opportunityto Theimmediate crisis plays to the her course would involve helping Syrian startanew life.” traditional strengths of European WNDES LO refugees settle in France. While European business schools business schools, famed for their But the unfolding migration crisis has have been mired in problems emanating diversityand abilitytoattract seen adozen students from the business from the eurozone crisis for the pastfew international students and professors school work with the refugee charity years, in 2015 Europe’s bestbusiness aliketoteach courses in luxurygoods,

L’insertion du Coeur to help integrate brains switched their attention from fashion and food, as well as the more TRATION: NICK

migrants into French society —aneed coinagetocommunity, as the continent’s conventional business courses. US that is under even greater focus in the immigration systems buckled. Student job placement is also wakeoflastmonth’s attacks in Paris. Akgedik, who is one of ateam involved becoming more international, says Nico vanden Brink, career services director Topofthe class at Spanish business school Iese.This Topfor MBAsalary year 21 per cent of the school’s MBA (threeyears after graduates will gettheir firstjob in Asia, graduation) up from 13 per cent in 2014.Placements Topfor female Insead, France: faculty $155,015 in the MiddleEastand Africa are ESC Clermont, also increasing. 44DIGIT/DREAMSTIME ILL France ,4 (56per cent) ‘in France i’ve Topfor international foundagroup faculty IMD,Switzerland Topfor MiM salary of very senior LEXANDER PLADDET (95 per cent) (three yearsafter alumni whoare ,A graduation) Topfor EMBA WHU Beisheim, salary very involved’ Germany: $98,123 (three yearsafter graduation) Prof PeterTodd Trium: $283,830

Seekey (p25) andmethodology(p27) forcriteria PHOTOS: ARSGERA 6 FT.COM/BUSINESS-EDUCATION

EuropEan BusinEssschools on cti

du To meetdemand the school had to Thetop 25 European business schools expand its network of careers offices. “Previously all career services were in rank school name Spain; now theyare [also] in NewYork, 1 London BusinessSchool São Paolo, Hong Kong andSingapore,” 2 HECParis he says. “This helps people find roles in 3 Insead these areas.” 4 UniversityofStGallen

int ro There are still some barriers to an 5= IE BusinessSchool open international job market,though, 5= Esade BusinessSchool mostnotably in China. “Itischanging 7 SDABocconi/UniversitaBocconi and some companies are opening up, 8 Iese BusinessSchool but in manycases Mandarin is still 9 IMD arequirement,”points out Prof van 10 UniversityofOxford: Saïd den Brink. “Itisprobably easier for a 11 ESCP Europe European to getajob in theUSoran 12 Imperial CollegeBusinessSchool American to getajob in Europethan for 13 Rotterdam School of Management,Erasmus University anon-Asian to find arole in Asia.” 14 UniversityofCambridge: Judge International students, course content 15 Vlerick BusinessSchool and job searches are one area where 16= Essec Business School European business schools are more 16= ESMT —European School of Management andTechnology highly rated than their NorthAmerican 18 Mannheim BusinessSchool counterparts, but there are others too, 19 Warwick BusinessSchool says Peter Todd, who was appointed 20 Grenoble Graduate School of Business dean of HEC Paris this summer and was 21= City University:Cass formerly dean of the Desautels school at 21= CranfieldSchoolofManagement McGill UniversityinMontreal. 23 Tias BusinessSchool In his fewmonths at HECParis he has 24 Eada BusinessSchoolBarcelona identified three strengths of the school 25 EdhecBusinessSchool he had not expected. “When Ilooked at the things thatare going on thatare Full rankingofthe top 85 schoolsplusanalysis on pages21-27 particularly noteworthy, one would be entrepreneurship,”hesays. “I haven’t seen as manybusiness students in North ‘Europeanbusinessschools America creating start-ups. Ithink in do academicrigoursowell NorthAmericanuniversities business creation is driven by the engineering in theclassroom. That’sa departments and the sciences.” greatstrength to buildon’ Thesecond surprise for Prof Todd was the relationship between the business Prof MarianneLewis school and its alumni. “I thought North American business schools had abetter historyofleveraging alumni. Here I’ve also appointed aNorth American found agroup of verysenior alumni who dean, Marianne Lewis, formerly of are veryinvolved,”hesays. “Thatseems the UniversityofCincinnati’sCollege to have fostered an engagement in avery of Business. Thebiggest differences positive way.” she sees in business education Positive, but peculiarly European, between the twocontinents are in he says. “Here [in France] it [the the expectations and identification of engagement] is more intellectual. students with their schools. Alumni want to talk about developing “The greateststrength [in Europe] the research. No one in NorthAmerica is afocus on academic rigour,” shesays. ever approached me about that.” “[European business schools] do rigour And the third surprise?“Seeing up so well in the classroom. That’s agreat close and personal the power of the strength to build on.” masters in management degree and how In the US,state funding for business it is becoming aEuropean export.” schools has been declining for years and Across the English Channel in rising fees have put pressure on business London, Cass Business School has schools to create newteaching facilities PHOTO: ISTOCK 8 ft.com/BUSineSS-edUcation Whostudies in Europe? inT ro Du

bout 30,000 students enrolled

Transatlanticview: cTi MarianneLewis, in thelatest intakes forthe dean of Cass a masters in management, BusinessSchool MBAand executiveMBA programmes in London,says European schools assessed in the2015 Financial Times on must develop European BusinessSchool ranking. their brands Alarge majority of these(73 per cent) enrolled on MiM programmes,with another15per cent signingupfor MBAs andthe remaining12per cent EMBAs. Just underathird (30 per cent)ofthese students arefromoutside Europe — from more than 100 differentcountries in total, with thelargest contingent originatingfromAsia, whichaccounts for 53 per cent of non-European students. and accommodation buildings and By farthe largest single-country stronger career services. groupare thealmost 2,000 Chinese “The higher the fees, the greater the expectations,”she says. “Asfees go up, MBaprogrammesare themost students do —and should —expect greatjob opportunities.” international, bringingin70per Prof Lewis believes it is only amatter cent of non-Europeanstudents of time before European business schools copy their US counterparts. students,accountingfor 22 percent “I think we’llheaddownthatroute of non-European students.Indian veryquickly,but Ihope Europe can do students makeup14per cent of all non- it better by holding to the academic Europeans,followedbythosefromthe excellence.” US andMorocco (both7per cent). The One area in which she hopes this UK is themain destinationfor students emulation does work is branding — from China, Indiaand theUS, while something thatisreinforced in US Moroccans head mainlyfor France. universities through their supportfor TheUKattractedabout 55 per their football and baseball teams, for cent of studentsonMBA andEMBA example. “If you go to astronger US programmes,whileanother 20 per university, everyone is wearing the cent went to France.Itisthe reverse brand. If you want to keep astrong forMiM programmes:about 60 per alumni network, you have to have a cent of non-European students were strong brand.” enrolled in France and20per in the UK. Meanwhile, in the shortterm, it is Spain is thethirdmostpopular country the continuing refugee crisis thatis forstudentsfromoutside Europe, likely to tax the ingenuityofbusiness attractingabout 45 percentofthose students, says AmaurydeBuchet, from Latin America. affiliate professor at ESCP Europe. MBAprogrammes arethe most Thecontext and immediacyofthe international, bringingin70per cent situation lend the for-credit projects at of non-European students,while ESCP areal appeal, he says. “This thing MiMs arelessdiverse, at 45 percent. is changing everyday.Itisnot likeany However, excluding joint programmes other course thathas setteaching and deliveredoutside Europe, EMBA case studies.” programmes —byvirtueofbeing Prof de Buchetbelieves the aimed at working experience will have aprofound executives — effectontoday’sbusiness students. attractonlya “Students bond together alot more, quarteroftheir theyare more curious, theyreactmuch students from faster,” he says. “Looking forward, it outside Europe. is going to changethe waytheyview —Laurent being aEuropean.” Ortmans FT.COM/BUSINESS-EDUCATION 9 Simon Caulkin ‘If good leadersare so rare, thesolutionisorganisations Leadingmyths thatneed them less’ ement ag

Have we createdunrealisticexpectationsthose at thetop will neverbeabletomatch? man eadership is possibly the This is undoubtedly aless mostwritten, lectured, inspirational account of leadership TED-talked and blogged than thatput about by the leadership on about topic in management. industry. But if it is true —and much L Companies in the US alone research says it is —there are profound are reckoned to spend $14bn-$20bn on practical implications for filling the leadership development and training acknowledged leadership void and everyyear.Itisastaple of business addressing the shortcomings at the top courses. Yetdespite theconfidence thatare implicated in the financial and with which formulae are dispensed for other scandals (think of Volkswagen), success in transformational, authentic, toxic workplaces, employee servant or level-five leadership, to name disengagement and sabotaged careers some current varieties, it mayalsobethe thatlitterthe business landscape. leastunderstood. First, if too manyoftoday’s leaders Consider: never has public trustin do not use their power for good, one corporateleaders been so low.Thatmay answer is to getmore of the good be no surprise. Among contributory into power.Thatmeans getting real: causes to the crash of 2008, leadership paradoxically,getting over themselves, failure ranks high, as it does in the rule becoming less squeamish and learning of greed and the rise of inequality. Other about the dark arts. Believing in a leaders do not trustthem: witness the “justworld”where goodness reaps its increasing speed with which boards own reward is unfortunately abetter push peers out of top office. predictor of career failure than success. That is no surprise either,given the Forthose wanting to use their finding of asurveyofresearch studies influence to do better by workers and of leadership compiled by the Center shareholders, putting themselves in a for Creative Leadership, atraining favours by setting out asanctified ideal position to do so is the equal imperative provider,thathalf of all managers and of leadership thathas more in common number one. There is asimilar lesson for leaders are seen as “a disappointment, with laypreaching than social science. the restofus, Prof Pfeffer says: beware incompetent, amis-hire or acomplete Leaders mostly are not self-effacing, of the comforting myth, and of colluding failure” in their current role. In another truth-telling, builders of trust, he says, in your own exploitation. Look out for study,35per cent of US employees said because if theywere, theywould not be yourself first, because organisations theywould forgoapay rise to see their leaders in the firstplace. Being good at built in the imageoftoday’sleaders will directsupervisors fired. In short, writes the dayjob does not getwould-be leaders not do it for you. Stanford’s Professor JeffreyPfeffer in veryfar.Toreach the top theyhaveto Asecond answer is to stand the Leadership BS: Fixing Workplaces and want to lead, which means acting likea yearning for leadership on its head. If Careers One Truth at aTime:“The leader,deploying organisational good (in both senses) leaders are so rare, leadership industryhas failed.” realpolitik in whichambition, confidence, the solution is to build organisations That maybebecause no one can acting abilityand bendingpeopleto thatneedthem less. Over time resilient pin down whatleadership is. One quite their version of the truth —yes, think systems outperform collections of persuasive theoryisthatthe notion was Donald Trump —are allcritical. individualistic stars. Despite recent born out of need as much as observation, Apple co-founder Steve Jobs’“reality troubles, it was once joked thatToyota as asimplified explanation for success or distortion field”—his abilitytopersuade was so stable in purpose and operation kEr failure thathelps to makehuman sense others the world was as he sawit—was thatthe arrival of anew chiefexecutive BA of athreateningly complicated world. In much mocked. But the laugh was on the was much likechanging alight bulb. other words, leadership is acomforting mockers. It was Jobs’strength thathe At the end of Bertolt Brecht’s great myth, strikingly similar to the role of grasped the power of self-fulfilling play Life of Galileo,one of the scientist’s religion as described by Sigmund Freud. prophecy, management’s secretweapon. followers cries bitterly: “Unhappy the But it maybeaharmful myth. Prof As Prof Pfeffer underlines, “the abilityto land thathas no heroes!” To which Pfeffer charges thatleadership gurus distortrealityisacrucial —maybe the Galileo quickly retorts: “No, unhappy TrATION: ANDrEw US do neither employees nor leaders any mostcrucial —leadership skill”. the land thatneeds heroes.” ILL 10 ft.com/BUSineSS-edUcation

Lars Strannegård ‘Hesaw educationand thecreativearts as Dynamicmix toolsfor abetterworld’ UMN COL ’S

Alfred Nobel’sbeliefinnurturingmultipletalents is an inspirationfor modern teaching AN

he second week of education and the creative arts as tools DE December is ahectic time for abetter world. at Stockholm School of All the same, Nobel’sviewof Economics. Theschool humanity’sdecision-making when in T has three professors on possession of destructive weapons was the committee for the Nobel Prize in touching and verged on naïve. Economic Sciences, and NobelWeek, Hisapproach to life offers lessons for as it is known in Sweden, brings a higher education. We know creativity seemingly endless roll call of events. demands the juxtaposition of different Last year,SSE hosted NobelNightCap. perspectives; thatdelineating boundaries This party,arranged by the students, between disciplines and subjects does transformed the school into awinter not promote invention and innovation; wonderland, complete with ice bars and and deep, specialistknowledgeis fairy-tale animals. Aday later, the Nobel imperative for identifying certain types economics laureate addressed the school of problem. But we also know counter in the main hall, seemingly oblivious to perspectives are often needed to identify all the commotion. problems and solutions. Alfred Nobelwas an entrepreneur In higher education it is sometimes in the true sense —chemist, engineer, said “the world has problems and inventor,companybuilder and universities have departments”.It philanthropist. Hislifewas not is vital business schools continue to always easy.His father’s business apportion the knowledgetheygenerate went bankrupt, the family lived in and share in line with the knowledge- Russia for atime and the young Alfred based infrastructure of the day. At the helped put food on the table by selling same time, we need to admit alternative matches on the street.His brother and approaches into our frameworks. several others were killed during his Theproblem is, it is difficult to experiments with nitroglycerine. conductclear studies on the impactof But Nobel’sinvention of dynamite, creativityand creativeenvironments. patented in 1867,paved the wayfor Would Nobelhavebeen able to invent astoryofrare success. Nobelworked dynamite without his love of literature? long hours and had an unbending belief Would he have become agreat in the progress of humanitythrough Nobel’s next of kin had to makedowith True humanist: philanthropistwithout his poetry, or a peaceful subjugation of natural forces. anegligible slice of his fortune. Their Alfred Nobel’s successful industrialisthad his father He was an avid reader,kept an extensive benefactor believed inherited wealth abidingambition not gone bankrupt? These questions wastocontribute libraryand wrote poetrythatexplored “feeds indolence and contributes to the to thebetterment are impossible to answer,but Nobel’s melancholy,loneliness, depression and apathyofman”. of his fellow man work can inspire an understanding related themes. Nobel was ahead of his time. He mixed thatmultidisciplinaryexposure can Nobel’s energyverged on the frenetic. his interestinscience with aesthetic kindle ideas, thatambition and drive He obtained more than 350 patents and creativityand entrepreneurship. His can be channelled in innumerable was convinced dynamite would lead to abiding ambition —tocontribute to the directions and greatsuccess should be global peace, believing people would betterment of his fellow man —was accompanied by greatresponsibility. draw back from conflictoncetheysaw multidimensional. Forall his scientific If we are to create abetterworld,

the harmful effectsofexplosives. training and engineering background, weneed astrong beliefinhuman GETTY IMAGES

That vision did not come to pass, Nobel was atrue humanist. capacity, which we can then channel Y; and Nobelsoughttocompensate by Today, work for manypeople is with the help of incentives, such as the RR PA directing in his will thatafoundation highly specialised, professionalised and Nobel prizes. Or through our personal be established and the interestonits focused. An engineer does engineering; conviction about whatisright. VID DA capital used to fund an award to the apoetwritespoetry. Nobelnurtured individual who had made the greatest aprofound and uplifting beliefin Lars Strannegårdispresident of contribution to humanityeach year. mankind’s capabilities. And he saw Stockholm School of Economics PHOTOS: 12 FT.COM/BUSINESS-EDUCATION

Multifaceted: Philippe Mellier had a long career in the car and train building sectors before joining De Beers in 2011 Kingofdiamonds interview PhilippeMellier’sroute to thetop at De Beers

By JaMesWilson PhotograPhs By Charlie BiBBy

(the government of Botswanaisa De Beersshareholder). Even De Beers’ salesstructure —it selects clients for aseries of buying opportunities known as “sights” — reminded him of car dealers, alsooften When De Beers family-run and with long associations was looking for anew chiefexecutive with amanufacturer. in 2011, the mostobvious qualification “I ticked manyoftheboxes —Ihad that Philippe Mellierhad for the job was to learn only 20 per cent. In anycase, probably “outsider”. Iwas surrounded by the bestdiamond Theworld’s best-known diamond experts in the world,”hesays. miner wanted to bring in aleader with As astudent, Mellier’s ambition afresh perspective to prepare it for a was to be adoctor but his father and newera.InMellier —with30years in grandfather,who were both engineers, cars, trucks and trains behind him —the pressed him to follow suit. He headhunters certainly found one. attended one of France’s grandes écoles The60-year-old Frenchman, then specialising in engineering, yetquickly workingatFrench industrial group realised it was not the wayhewantedto Alstom, recalls plenty of industry spendhis career. scepticism about whether someone “I sawalot of doors closing,”he withnoexperience of diamonds or says.“Ilearned how to learn, but to be mining could sparkleinthe role. Four an engineer was not exactlymycup of years later,hehas gone through big tea.”The phrase betrayshis Anglophilia changes —includingDeBeers’ ultimate almostasmuch as his Mini-shaped ownership —and has embraced the cufflinks: this is Mellier’s fifth career mystique of theworld’s mostcoveted stint in London, where twoofhis gemstones. daughters were born. “I always trytowork with products Whatchanged Mellier was his stint Ilove,”hesays. “This little bit of rock… at Insead.Unusually,heattended becomes the biggest store of valueinthe with no career experience. “I left world. And the name De Beers on top my engineering school in June and makes it veryspecial.” in September Ientered Insead at It is 35 yearssinceMellier left Fontainebleau,”Mellier recalls. Insead,the French business school, There, he says,heloved thegreater and embarkedonaglobetrotting breadthofthe study,with exposure career: firstwith Ford,the carmaker; to newfields —business, finance, subsequently with Renault; and, marketing —and freshcultures,working immediately prior to the move to De with studentsfrom around theworld. Beers, eight years with Alstom. “Suddenly Idiscovered thatthis is At the end of all that,hepoints out, whatIwantedtodo,”herecalls. “You he could bring plentyofrelevanceto are with more mature people, you De Beerseven withoutknowledgeof talk business, you talk finance, you mining. He had experience of dealing talk marketing... you are talking and withbrands and of businesses with working with people who know substantial government influence whatitisabout. ft.com/BUSineSS-edUcation 15 withRenault and Volvo,then trains with Alstom,the French industrial group.Atreasuredmemento in Mellier’s officeisamodel of theAlstom- built high-speed train thathurtled through France in 2007ataworld

In tervIeW recordspeed of almost 575kph.“It was unbelievable, likeamissile,”recalls Mellier,who was on board. After eight years at Alstom,all he knewabouthis nextstepwas that he wanted to go to either London or NewYork. Then he tookthe call from the headhunterappointed by the Oppenheimer family,then De Beers’ owners. De Beers in 2011 was recovering from the global financial crisis, when demand plummeted, but was having to gettogrips withthe longer-lasting uncertainties caused by the end of its dominant position in supplying global diamonds, following regulatory moves againstthe company. Then shortly after Mellier’s appointment, De Beers was taken over by Anglo American. Since 2013 Mellier has “You learn veryquickly how to work to give advice as aconsultant when you Cuttingedge: been reporting to anew boss at Anglo, within ateam, which is not something have never worked before?Itisajoke. PhilippeMellier Mark Cutifani. you really learn when you are in a Come and learn and after thatyou can wantstorecruit TodayMellier’s brief ranges from peoplewho bring French grande école.And you are in a become aconsultant when you want to.’ somethingbeyond the need toexplore for diamonds; verymulticultural environment. Ithought about it for afew days and technicalexpertise— run mines from Canada to Botswana “I discovered whatbusiness life was Ithought thathewas maybe right. So andnot ‘yes-men’ as efficiently as possible; maintain all about —and at the same time what Istarted as asupervisor in the relations with customers;and build the world was all about. In 1980, to automotive world.” up De Beers’ retail venture and work in amulticultural environment Working at Ford marked Mellier Forevermark consumer brand. “This is was really newand certainly verynew deeply and he speaks highly of bosses whatmakes this job very interesting. for me. Ilearnt ahugeamountand such as JacNasser,the group’s former Yougofromanextremely technical when you getout of there, life looks very chiefexecutive. “I had an outstanding job —talking about mining shovel different.” working life with them,”hesaysfondly. efficiencyand this type of thing—down Whatdoes the man from the Insead “Ford is such agood school. It was my to the market and what is selling and class of 1980 seek in today’syoung not selling. You do not getbored for one executives? Themainthing, Mellier ‘I discoveredwhatbusiness second,”Melliersays. says, is “to recruit people who are going In the parts of De Beers’ business to bring something extraontop of their lifewas all about [atInsead]. thatMellier characterises as “upstream” technical expertise. And Iamnot the When youget outofthere, and “downstream”, he believes the type who tries to hire lookalikes. Idon’t companyiswell positioned —though he want yes-men.” lifelooks very different’ would love De Beers’ geologists to find a Forthose leaving Insead in 1980, big newdiamond mine. Mellier says the “golden path”atthe real executive education. Theblue blood Themidstream partofthe business time was into consulting. Mellierwas doesn’t go away.” —where De Beers sells to big jewellers torn —the self-confessed petrolhead Innovating early in his career with as well as diamond polishers and traders was also wanted by Ford.Atone stage, bringing computerised sales records —is“still too fragmented”and needs he decided to accept the offer of a intoFord,hesaysherealised that“you consolidation, he argues. “The trading consultancyrole —and went to tell the canmakeadifferenceeven if you are business still has to evolve. It is going to carmaker thathewould declineits offer. not theboss”.Hewas later posted to be along journey.” Instead, Mellierrecalls, he was told places from Mexico to NewZealand. Mellier believes he hastime.“When flatly by asenior Ford manager thathe Mellier finally parted ways withFord Iwas hired my briefwas ‘You have 10 was being an idiot. whenhedeclined for familyreasons to years to prepare De Beers for the next “I will remember all my life,” recalls relocate to Detroit. Hiscareer took him 100 years’. It was my contract,”herecalls. Mellier,“He said,‘how can you pretend intoever heavier vehicles, firsttrucks “I am nearly half waythrough.” B 16 ft.com/BUSineSS-edUcation

Dear Lucy... FEATURE

By Lucy Kellaway

We are often told thatthe old world if theydon’t,theywillcertainly do so in order is changing and thatifwewant the world outside. Unless theyplanon to one dayrise to the top in business being the next Steve Jobs,theyare going we mustdevelop atruly global to have to learn to work with others. perspective. So is the beststarting As for you, hold your own, refuse to be point abusiness school in Europe, dominated and you will be fine. America,Asia —orwhere? If you look at it simply in terms of the Thousands of students getamasters changing world order,the answer is in management in France everyyear. easy: you should study in China. But Ithought of enrolling at aBritish in realityitismorecomplicated than school as away of differentiating that. Youaren’t taking bets on world myself.However,with the coming economies —you are paying alot of referendum in Britain on whether moneyinreturn for aqualification. the countryremains in the EU in TheAsian schools are improving rapidly, mind, will it diminish the value of but feware yetinthe verytop flight. my degree back home if the UK However,because business leaves Europe? students are amobile bunch, most No.You are overthinking. Your strategic good schools have aglobalfeelto mind is already in overdrive. ABritish them. If you are already in London, school maybeagreat idea —oritmay then London Business School would not be. It depends on which school you be agood betas91per cent of your choose, how much you likebeing in classmates on the MBAprogramme Britain and how much the endless rain would be international. Bingo! A gets to you. Thereferendum will make global experience without leaving no difference at all, as even if Britain your home town. left Europe, the professors would continue to want to teach there and the Group work is meant to develop and students to study there. Look at tiny, demonstrateour abilitytoworkas go-it-alone Switzerland. It manages to partofateam, but some classmates have atop 20 business school despite paylip service to this yetdominate being amemberofnocluband having a sessions, giving no one else the chance population of only 8m. to shine. Whatcan the restofusdoto be heard —and noticed? Unless noisycolleaguesplan If your teachers are anygood they on beingSteve Jobs,theymust won’t be fooled. One of the firstthings anyone who observes teams looks learn to work with others out for is people who seek only to dominate. Even on trashytelevision As ayoung Indian woman who wants programmes such as The Apprentice, to go to business school, do you think bragging contestants who never miss an Iwould be better offstudying at home opportunitytopush themselves forward or abroad? at the expense of their team mates get On the face of it, the factthatyou rumbled and then fired. are young, female and Indian should NIEL JONES DA Your noisy colleagues are bound to have nothing to do with your choice crash and burn at businessschool, but of business school. Youshoulddo PHOTO: 18 FT.COM/BUSINESS-EDUCATION FEATURE

whateveryone else does —gotothe Iamconsidering going to business bestschool you can afford. Travel school next year as afull-time student, internationally if you can bear the cost, and hope to become an international and would likethe experience. If,on business executive. Whatisthe best the other hand, you want to stay close languagetolearn? I’m aBrit,soI to friends and family,then do so. But already speak English. My colleagues certainly don’t do thatbecause you are recommend Mandarin. awoman. Indeed, as awoman you will Do your colleagues want you to suffer? find yourself in less of aminorityifyou Mandarin is almostimpossible. Even travel rather than stay put: by far the if you are abrilliant linguist(which mostmale school in the FT’stop 30 is Iassume you are not as it seems you the Indian Institute of Management in currently speak no foreign languages Ahmedabad, where only 15 per cent of at all) it would takeyou twoyears to the students are women. Were you to learn how to order abeer.The fortunate go to Haas at Berkeley in the US,the truth is thatfor you, there is no need to figure for women is 43 per cent. learn Mandarin or Spanish or French to become the international executive you Thepointofbusinessschoolisnot aspire to be. Youalready speak the only to masterfadsbut to gain contacts languageyou need toknow: English. andafatpay chequeondeparture My masters in management degree in the UK provided excellent corporate Business culture, management connections in Europe (especially in fashions and technologyall change London), with aprofessional network constantly,soisthere really anypoint across the continent.While Iwant in paying afortune to go to business to stay in the UK,myvisa expires school to learn whatisinvogue now shortly.Ifeel Iwould be better when it will soon be out of date? offaccepting job offers in France If you took thatattitude there would or Germanyrather than waiting, never be anypoint in learning possibly in vain, for acompanywilling anything —apartfrom the laws of to sponsor me. Whatdoyou think? mathematics and possibly alittle Abird in the hand being worth twoin Goethe and Shakespeare. Youhave the bush, and all that, you should take also misidentified the problem with one of the offers you have. Unless aUK management fads: it is not thatthey companyhas already shown enough go out of fashion, it is thatfew of them interestinyou for it to be worth hanging were much good to startoff with. on, you should weigh up the twooffers But no matter.Business is couched you have and go forthe mostattractive in the now.Ifyou want to be successful one. Youmight find you enjoy working in business you need to understand in France or Germanymorethan the that. And no one ever said thatthe UK.Until you tryit, you don’t know. main point of going to business school was your masteryofthe latest Lucy Kellaway is an FT associate editor fads. Instead, it is away of speaking, and management columnist, and writes anetwork of contacts and afat pay the weekly Dear Lucy advice column in cheque on departure. the newspaper and online FT.COM/BUSINESS-EDUCATION 19

Analysis,p22 Rankings,p24 Methodology, p27 ra Whatthe 2015 Full tablesof Howthe scores survey reveals thetop schools were compiled

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S r g M A A A A I E d o I o excluding joint programmes delivered 9 e l 4499 K with non-European schools, IMD of 1515 8 Switzerland, with an averagesalaryof 6868 3300 $261,397,iswell ahead of Saïd Business School in second and IE Business School in third place. FT.COM/BUSINESS-EDUCATION 23 TopinBelgium: Vlerick Topinthe netherlands:rotterdam With newdean Marion Debruyne(see p34), With afull rangeofbusinessdegrees from Vlerick BusinessSchool is on amission to undergraduate to doctoral level, Rotterdam buildaninternational businessschool from School of Management at Erasmus itscampusesinBrussels, Leuven andGhent. University hasalwayshad aparticularly Though theschool hasjust50academics, global outlookand astrongresearchculture. it runsafull rangeofgraduate programmes Itsrealstrength lies in itsmasters in —MBA,Executive MBA, mastersdegrees and management degree, ranked fifth in the executive shortcourses.Itisinthese open worldthis year.Selectedstudentscan take enrolmentand customised programmes the advantageofRSM’smembershipofthe Cems school’srealstrength —and revenues —lie. alliance,which sees exchange programmes rankings Vlerick is oneofonlyahandful of schools between 29 businessschoolsgloballyaswell to have repeatedlysecured thecoveted as internships at blue-chipcompanies. five-year accreditation from Equis,the It hasawide portfolio of othermasters accreditation body. —DellaBradshaw degrees taught in English. —DB

FT european Businessschools2015 Thetop schools(continuedoverleaf) MBA2015EMBA2015# $) $) nk nk y( y( ra ra oda oda 3-year ncrease (%) yt yi yt pean Rank Rank Rank average pean ro ro lar lar 2015 2014 2013 rank Business School Country lar Eu Sa Sa Eu Sa 1 132London Business School UK 1154,1479710(3)*** 181,083 (231,836) 2 21 2HEC Paris France6129,544 104 2** 283,830 3 554Insead France2155,015 86 4(1)*** 212,019 (324,115) 4 676UniversityofStGallen Switzerland22104,891 58 20 159,327 5= 31 3IEBusiness School Spain 4152,286 104 5225,033 5= 434Esade BusinessSchool Spain 7133,138 11715**200,170 7 888SDABocconi/Universita Bocconi Italy 10 121,100 10732141,858 8 767IeseBusiness School Spain 3144,992121 8214,049 9 999IMD Switzerland8148,148709 261,397 10 10 12 11 UniversityofOxford: Saïd UK 9136,474 86 6229,205 11 12 11 11 ESCP Europe France/UK/Germany/Spain/Italy 7184,730 12 13 16 14 ImperialCollege Business School UK 11 108,553 88 19 130,104 13 11 10 11 Rotterdam School of Management,Erasmus UniversityNetherlands 16 103,626 78 29 (18)*** 121,885 (185,718) 14 29 48 30 UniversityofCambridge:Judge UK 5146,664 93 14 196,939 15 16 15 15 VlerickBusiness School Belgium 27 100,8097134121,022 16= 15 14 15 Essec Business School France22** 138,107 16= 21 28 22 ESMT —European SchoolofManagementand TechnologyGermany 21 99,822 65 16 168,636 18 18 23 20 Mannheim Business School Germany20106,106 75 22** 138,107 19 19 31 23 WarwickBusiness School UK 15 118,411 61 12 154,471 20 26 27 24 Grenoble GraduateSchool of Business France33* 85,792 60 42 106,568 21= 19 18 19 CityUniversity:CassUK16114,0326817156,631 21= 22 19 21 CranfieldSchool of Management UK 16 118,458 71 41 128,048 23 23 20 22 Tias Business School Netherlands2992,289 67 34 111,017 24 24 25 24 Eada Business School Barcelona Spain 36*92,207 59 52*87,978 25 17 17 20 Edhec Business School France30* 96,842 47 26= 26 21 24 Stockholm School of EconomicsSweden/Russia/Latvia 37 127,340 26= 25 25 25 CatólicaLisbon School of Businessand EconomicsPortugal 13** 122,3349748**110,362 28 28 36 31 Nova School of Business and EconomicsPortugal 13** 122,3349748**110,362 29 14 13 19 EMLyonBusiness School France45105,123 30 29 32 30 Kedge Business School France13196,998 31 32 29 31 UniversityofStrathclyde Business School UK 25 98,839 80 26 152,953 32 29 29 30 Aalto UniversityFinland 36 134,477 33 32 23 29 HHL Leipzig GraduateSchoolofManagement Germany37* 81,8026038116,043 34 45 34 38 Copenhagen Business School Denmark 37*88,313 20 31 121,752 35 36 53 41 HenleyBusiness School UK 25 142,037 36 35 34 35 UniversityCollege Dublin:Smurfit Ireland23108,154 69 39 115,898 37 34 21 31 WHUBeisheim Germany11** 182,078 38 47 40 42 Nyenrode Business Universiteit Netherlands 35*86,70962 39 37 39 38 AllianceManchester Business School UK 12 115,76392 40 38 46 41 NHH Norway 51*102,610 41 38 44 41 BI Norwegian Business School Norway 47 (24)*** 125,526(172,984) 42 58 50 50 UniversityofBradfordSchoolofManagementUK31* 68,4879448111,918 43 42 42 42 WU (Vienna University of Economicsand Business)Austria 21** 168,022 24 ft.com/BUSineSS-edUcation rankings TopinGermany: esMT Keytothe 2015 rankings Foundedin2002by25leadingcompanies, from BMWtoBosch andSiemens,ESMT has builtits reputation as Germany’s Weightsfor rankingcriteria areshown in highest-ranked businessschoolthrough its brackets as apercentage. close ties withits corporate partners. MBA(25) Itsfirstprogrammes were shortopen europeanrank: position among European enrolment programmes,and it wasnot schoolsthattookpart in the2015 FT global until January 2006 thatitlaunchedits first MBAranking. full-timeMBA. Its ExecutiveMBAlaunched salary today$:averagealumnisalary three in 2007. Though it recently launcheda yearsaftergraduation,US$ by purchasingpower masters in management degree,this is not parity (PPP). Includes weighted data from the yetranked by theFT, whichmeans the currentand twopreviousyears, whereavailable. Berlin school is stillbelow thetop schoolsin salary increase: percentageincreaseinaverage theEuropean ranking. —DB alumni salary pre-MBAtotoday, three yearsafter graduation.Includesweighteddatafromthe currentand twopreviousyears, whereavailable. EMBA(25) europeanrank: position among European Masters in Executive schoolsthattookpart in the2015 EMBAranking. Management2015† Education 2015 Faculty‡ salary today$:averagethree yearsafter graduation,US$ PPP.Includes weighted data %) te from thecurrentand two previousyears, y( ra to

%) whereavailable. cult $) y( fa

nk salary increase: percentageincreaseinaverage grammes y( ra cult ro ith doc alumni salary pre-EMBAtotoday, three years fa oda ncrease (%) yw mp yi yt pean after adgr uation.Includesweighteddatafrom to nk 2015 ro lar lar male cult this andtwo previousyears, whereavailable. (%) Ra Sa Sa Eu Open programmes Cus Fe International Fa 41 (72) 577,006 9327 86 100 1 Masters in Management (25) 49 283,3092 22265100 2 europeanrank: position among European 56 (80) 4816 93 97 3 schoolsthatparticipatedinthe 2015 FT MiM 47 189,600 10 18 11 77100 4 ranking. 56 972,569113758975 salary today$:averagesalary three yearsafter 50 11 65,029 4929 31 95 5 51 870,19319636 30 90 7 graduation,US$ PPP.Includes weighted data 63 3121 76 100 8 from thecurrentand twopreviousyears, where 40 1516 95 100 9 available. 73 6121861100 10 Executive Education 72 669,359111535719511 open programmes (12.5): Position among 64 16 56,864 24 28 92 100 12 European schoolsthatparticipatedinthe FT 45 (64) 480,114 29 25 47 100 13 rankingofopen-enrolment programmes in 2015. 55 23 28 14 74 98 14 custom programmes (12.5): Position among 55 34 60,000 13 19 29 24 90 15 European schoolsthatparticipatedinthe FT 45 381,7128 13 29 51 98 16 56 7142782100 16 rankingofcustomprogrammes in 2015. 45 13 82,109 436228718 Faculty 92 20 55,556 34 78 100 19 Femalefaculty: percentageoffemalefull-time 61 17 58,499273541458220 faculty. 68 21 59,665 29 69 96 21 international faculty: percentageoffull-time 44 14 724529321 faculty whosecitizenshipdiffersfromtheir 45 55 49,820 31 27 26 40 92 23 country of employment. 49 23 60,086 26 25 37 50 63 24 Faculty with doctorates: percentageoffull- 15 57,119 22 10 35 38 89 25 timefaculty with adoctoral degree. 45 38 58,231 17 17 25 31 96 26 47 49 40,312 18 22 33 38 98 26 47 27 46,903 28 30 40 29 100 28 23 26 57,858 20 21 35 46 95 29 Footnote 114 39 47,344 32 36 24 44 91 30 †The Cems programmecamefourth in the2015Masters in Management rankings,but has 63 42 49,875 35 45 82 31 notbeen included in theEuropean BusinessSchools 2015 rankingasitisaprogramme 48 45 54,979212334219532 rather than aschool. ‡Dataare providedfor information only;mostrecentpublished 62 14 90,776 10 19 100 33 data aregiven. #Figureinbrackets refers to data from second programmefor schools 35 28 61,624 34 41 90 34 with morethan one programmeranked. *Schoolwas notincludedinthepublished 60 14 16 44 46 88 35 2015 rankingfor this survey.**Schoolparticipatedinthisrankingonthe basisofa 48 47 55,975 36 50 100 36 jointprogrammeonly. Underlyingscore based on proportion of total score. *** School 55 798,123 15 25 100 37 participatedwithmorethan one programmeinthisranking. Underlyingscore based on 50 56,894 24 33 26 18 95 38 combined scores. 60 42,430 20 36 39 86 39 Theheavier horizontal lines denote thepattern of clustering among theschools.The 39 54 57,701 24 34 26 27 96 40 top 11 businessschools,fromLBS to ESCP Europe,formthe top group. Thesecond groupis headed by Imperial CollegeBusinessSchool, about 100points above Sabanci University 35 (83) 63 55,682 30 26 25 24 70 41 School of Management at thebottomofthis group. Thethirdgroup is headed by the 51 51 45,555 42 31 85 42 University of Cologne, Faculty of Management. Some 195pointsseparateLondon Business 35 12 64,69937239643 School at thetop from theschoolranked number 85. ft.com/BUSineSS-edUcation 25 Topinpoland: Kozminski TopinTurkey: Koç Warsaw’s Kozminski University (KU) is a Istanbul’s KoçUniversitywas founded private institution foundedin1993. Despite in 1993 andisaprivate institution.The dropping four places in this year’sEuropean university’sGraduate School of Business rankingto45th, KU remains Poland’sleading has been amemberofthe Cemsalliance, providerofbusinesseducation. theglobal mastersinmanagement (MiM) It is also topineastern Europe,where programme, since2009. only ahandful of business schoolsare Koç’sMiM programmedoesnot featurein accreditedbyeitherAACSB or Equis,the theFT’sMiM rankingbut theschoolmakes main US andEuropean accreditation bodies. theEuropean rankingthankstoits EMBA KU is ranked 42nd outofthe best 80 global —59th in the2015 global Executive MBA rankings masters in management programmes ranking, up 19 places.Whileitmoved up six and36thinEurope. It wasalso ranked 61st places to 28th amongEuropean schoolsin outof100 Executive MBAprogrammes theEMBAranking,itroseonlyone placein worldwide. —Laurent Ortmans theoverall rankingto66th. —LO

FT european Businessschools2015 Thetop schools(continued) MBA2015EMBA2015# $) $) nk nk y( y( ra ra oda oda 3-year ncrease (%) yt yi yt pean Rank Rank Rank average pean ro ro lar lar 2015 2014 2013 rank Business School Country lar Eu Sa Sa Eu Sa 44 44 43 44 HECLausanne Switzerland40113,604 45= 38 38 40 PolitecnicodiMilano School of Management Italy 41* 69,255 41 53*106,514 45= 41 37 41 KozminskiUniversityPoland30144,509 45= 42 41 43 Antwerp Management School Belgium 33 149,590 48 46 45 46 Ashridge UK 49 63 58 57 Toulouse Business School France46128,963 50 53 52 52 Durham University Business School UK 24 96,363 66 51 47 --EBS Business School Germany 52 47 49 49 Solvay BrusselsSchoolofEconomicsand ManagementBelgium 53= 47 55 52 Lancaster UniversityManagement School UK 19 96,919 81 53= 47 65 55 Neoma BusinessSchool France40* 72,082 55 55 71 54 60 UniversityofEdinburgh Business School UK 31*89,188 64 56= 47 50 51 UniversityofBath School of Management UK 26 96,846 55 56= 54 56 55 Leeds UniversityBusinessSchool UK 33* 79,014 62 58 55 58 57 Iéseg School of ManagementFrance 59 56 57 57 SkemaBusiness School France 60= 61 74 65 St PetersburgStateUniversity GSM Russia 54*73,474 60= ---Frankfurt School of Financeand Management Germany44137,351 62 59 66 62 PortoBusiness School Portugal 55*79,666 63= 62 60 62 Audencia NantesFrance 63= 65 67 65 Maastricht UniversitySchool of Business and EconomicsNetherlands 65 67 68 67 UniversityofZurich Switzerland27127,961 66= 60 60 62 Télécom Business School France 66= 67 --Koç UniversityGraduateSchool of Business Turkey 28 157,096 68 64 63 65 ESCMontpellier France 69 66 60 65 Louvain School of Management Belgium 70 696969Birmingham Business School UK 28 102,36761 71 76 --LaRochelle Business School France 72 72 71 72 ICN BusinessSchool France 73 ---Essca School of Management France 74 75 69 73 IAE Aix-en-Provence, Aix-Marseille UniversityGSM France 75 73 --Sabanci UniversitySchool of Management Turkey 43 132,781 76= 74 71 74 UniversityofCologne, FacultyofManagement Germany 76= 80 --Hanken School of EconomicsFinland 76= ---Nottingham UniversityBusiness School UK 39*75,836 46 79= 79 --CorvinusUniversityofBudapest Hungary 79= ---EMNormandie France 81 77 75 78 UniversityofEconomics, Prague Czech Republic 82 77 --WarsawSchool of EconomicsPoland 83 ---Burgundy School of Business France 84 ---ESC Clermont France 85 -71- Aarhus School of Business Denmark 26 ft.com/BUSineSS-edUcation rankings Topinhungary:corvinus In 1996,eight yearsbeforethe EU was Methodology enlargedtoinclude manyeastern countries,three newmembers from the region joined theCems alliance masters hisisthe 12th annualFinancial Times in management programme. Corvinus ranking of European business schools.It University of Budapest wasone. T is based on the combined performance TheHungarian universityfeatures in the of Europe’s leading schoolsacrossthe main FT MastersinManagement rankingonly, rankings publishedbythe FT in 2015: MBA, at 79th overall in Europe,the sameaslast Executive MBA, mastersinmanagement and year.Its MiM programmeisranked 58thin non-degree executive education programmes. Europe,upfrom63rdin2014. Theschool’s Theonline MBAand masters in finance rankings alumni earn onaverage$41,000 three years are notincluded. after adgr uation andthe programmewas in AEuropean rank is producedfor each thetop 20 forvalue formoney. —LO type of programme. Schools are awarded an indexed score, relative to theperformance of their programme comparedwith allEuropean programmes in that ranking. Theschools’ performances in the MBA, EMBAand MiMrankings accountfor 25 per Masters in Executive centeach. Forexecutive education,the scores Management2015† Education 2015 Faculty‡ obtainedfor customised and open programmes each accountfor 12.5per cent. %) te y( ra Therankingisameasureofthe schools’ to %) cult quality and breadth of programmes. Only $) y( fa nk grammes y( schools that participate in allfive rankings are ra cult ro ith doc fa oda ncrease (%) eligible forafullscore. Aschoolthattakes partin yw mp yi yt pean to one ranking onlyiseligible forone-quarter of the nk 2015 ro lar lar male cult Sa Eu Sa Open programmes Cus (%) Ra Fe International Fa total score,and so on. 18 18 63,464 28 79 100 44 Indexedscores awarded for each ranking 41 68 43,470 35*3229371 45 70 36 66,690 33 22 88 45 are added together,accordingtothe weighting 42 30 50,120 29 42 86 45 outlined above,creating acombined total 16 11 48 33 48 48 foreach school. This score is divided by the 46 32 51,702 42 43 92 49 numberofrankings in which aschoolfeatures to 48 52,065 34 66 97 50 calculate an averagescores—aderivedmeasure 10 85,066 21 24 100 51 of quality.This is added to the combined total 33 55,428 29 21 41 98 52 score to generateeachschool’s finalscore by 64 39,392 28 51 93 53 whichthe schools are ranked. 30 51,534 44 51 86 53 Scores are notsimplybased on aggregation of 52 42,944 34 58 94 55 61 37,274 30 66 99 56 published ranking positions. They are calculated 53 39,925 39 48 88 56 using Z-scores—formulae that reflectthe range 18 49,137 44 84 99 58 between the topand bottom school —for the 22 51,937 37 46 39 78 59 individualcriteria thatmakeupeachcomponent 20 40 50,090 53 59260 ranking. Thefollowing rules are specifictothe 41 34*3816129660 FT compositeEuropean ranking: 40 33 31 30 88062 •Programmes thatwererankedoutside the 24 57,776 41 40 81 63 published table (outside thetop 100MBA 24 60,499 23 50 97 63 programmes, forexample) are taken into 34 15 83 100 65 consideration. They are those shown in thetable 29 52,683 50 53 76 66 58 42 29 100 66 with an asterisk; 35 46,150 48 43 89 68 •Schools ranked with ajointprogrammereceive 37 53,586 35 23 100 69 aproportionalshare of theprogramme’sindexed 36 44 89 70 score. Forexample,Insead receives50per cent of 41 43,200 49 43 74 71 thescore achievedbyits jointEMBAprogramme 43 48,171 47 47 83 72 deliveredwithTsinghua University; 44 48,741 33 48 88 72 •If aschoolisranked more than once in the 46 47,788 40 17 88 74 same ranking, acombined weighted scoreis 34 43 30 100 75 awarded.For example, Insead receives 50 per 56 67,037 20 68876 57 48,232 40 22 94 76 cent of thescore achieved by itsown single 39 40 93 76 EMBA programme(having already50per cent 58 40,80243779 79 of thescore achieved by itsjointprogramme); 59 42,046 48 38 69 79 •Finally,schools thatparticipated in aranking 62 37,572 48 10 84 81 in ajointprogrammeonlyare noteligible to 65 41,104 44 19682 feature. — lo 66 42,261 40 37 77 82 67 44,564 56 41 72 84 Judith Pizer of Jeff Head Associates acted as 69 54,456 41 23 84 85 the FT’s database consultant ft.com/BUSineSS-edUcation 27

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Theluxury sectorhas gone global —and schools in itsheartlandare responding. By Ian Wylie Photograph by Simon de Trey-White

sense of savoir faire But the recent economic slowdown has always been vital in China, the strength of the pound and to the success of luxury uncertaintyover Britain’s membership of brands. But now Europe’s the EU are among the macroeconomic A business schools,inthe factors affecting luxurybrands. sector’s traditionalhome, arelooking “Luxuryisnow aglobal industry to press hometheir advantageand pass with global audience,”saysJonas on their know-how to aglobalindustry Hoffmann, professor of luxurystrategy entering more challenging times. at Skema in France and co-author of the After aboomover the pasttwo book Independent Luxury: The Four decades, the global personal luxury Innovation Strategies to Endureinthe goods market is valued at about ¤224bn Consolidation Jungle.“Forexample, in annual revenue by consultancyBain at present we’reseeing manyChinese &Co. Over the past15years thenumber visiting mainland Europe and Japan of luxuryconsumers has increased from instead of the UK.Ifaluxurybrand 140m worldwide to more than 350m. doesn’t understand how those global Similarly,there is growing demand flows playout,theywillfind it very for luxurymanagement programmes difficult to decide astrategy.” from students who find such products Most of the luxurymanagement more tangible than services, and brands programmes are offered in traditional more alluring than banking. The“big fashion centres such as Paris, Milan four”luxurygroups—LVMH, Kering, and London, home to the leading Swatch Group and Richemont — designers and luxurybrands. Degrees together own more than 100 brands and in luxurygoods, as well as MBAtracks continue to acquire more. and executive courses, have become “The luxurybusiness is becoming popular in Europe at schools such as veryprofessional, more global and Essec, whose MBAininternational Fashion foothold: conglomerate, so global MBAs are luxurybrand management was the first MohickaGupta has paying much more attention to it,”says luxury-specific AwMB hen it launched puther masters knowledgetouse Simon Nyeck, associate professor in the in 1995. HEC Paris has aluxury in planningand marketing departmentofEssec in France. elective on its Executive MBA, operations In response,smaller, independent companies are recognising the need for global reach and strategy. Chinese ‘The luxury business consumers, for example, account for more than 30 per cent of global luxury is becomingvery spending. They have beenlargely professional, more global responsiblefor the shift from local andconglomerate’ consumption of luxurygoodstomore travel- or tourist-led spending, which Prof SimonNyeck now representsabout halfof all purchases of luxurygoods. 30 ft.com/BUSineSS-edUcation Case study: from EuropetoIndia

ForMohicka Gupta, studyinginFrance andItaly, traditional homesofthe luxury sector,was importantwhenchoosingher masters in management. Gupta, whonow managesMichael Kors’flagshipfashion store in NewDelhi, India, settled on aspecialised masters in luxury management run by Neoma BusinessSchoolinReims in partnership with MIP Politecnico di MilanoinItaly. “The course structurewas themost exciting andinnovative oneIcame acrossduringmyresearch,” says Gupta, whograduated in 2014. “I wasalso attractedtothe opportunity of spending timeinthe two biggest fashion capitals of theworld,aswell as Gucci’sinvolvement with the syllabus.” Highlights of theprogrammefor her included meetingleadingluxury brand executivessuchasMicaela Le Divelec, chieffinancial officer of Gucci, andKrug Champagnechief executive Margareth Henriquez. “Visits to theworld’sbestand oldestchampagnehouses in Epernay andthe GucciHQand factoryinItaly were thecherries on top,” shesays. Since returningtoIndia,Gupta has established afoothold in thecountry’s luxury sector thankstoher masters. Aroleasactingboutiquemanagerat Christian Dior wasfollowedbyher appointmentasflagship store manager at MichaelKors. Shehas taken on the additional role of customerrelationship management planner forthe brand across India, andistobepromotedto regional operationsmanager next year. Shesaysshe hasalready applied severalofthe processesshe learnt on her course at herstores. “Eachclass Itookhas turned outtobeofsome benefittome duringmystintsatDior andMichael Kors,” sheexplains.“Butthe mostbeneficial has been thecorporateaccountingand financial management modules, which have enabledmetounderstandthe profit- and-loss sheetsofmybrand andstores forplanning purposes, as well as the operationsmanagement module forthe day-to-day runningofthe stores.”—IW Inthe bigfour’s EMAILALERTS portfolios, clockwise Keep up to date from left: Kering’sStella with business McCartney; Richemont’s education news. Baume&Mercier; www.ft.com/ LVMH’sBulgari; Swatch bized-alert SIDE Group’sSwatch IN

Bocconi associate professor Gabriella Lojacono says this post-experience, part- time executive masters will be taught over 12 months, with the 35-50 students spending up to 40 days across the four campuses. Giuseppe Bruno Busacca, SDABocconi dean, says he hopes a good percentagewill come from and be sponsored by employers in the luxury industry, with customised projects and SDABocconi in Milanoffers MBA State University’sRaleigh campus in helping to justifythe investment. students atrack inluxurybusiness the US.Essec and SDABocconi, which “Essec and Bocconi are the two management in association with LVMH. have previously worked in partnership leading institutions in luxury, in the two Another is at London Business School, on student exchanges and launched a leading countries,”saysJean-Michel which launched its elective MBAtrack double-degree MSc in management Blanquer,dean and president of Essec, in luxurymanagement in 2013. earlier this year,are offering a who believes heritageisasimportant in Most of these programmes are in joint executive masters in the teaching of luxuryasitistobrands partnerships with local luxurybrands, luxuryfrom January2017, themselves. As brands begin, belatedly, bringing in executives to teach or taught in Paris, Milan, to more fully embrace digital sales and sending students on placements or Bocconi’scampus in Mumbai marketing channels, opportunities projects. London Business School, for and Essec’s in Singapore. are opening up for digital marketers, example, is amember of WalpoleBritish “Offering this global digital branders, customer relationship Luxury,anon-profit collective that experience is key,”saysProf management specialists and community represents groups such as department Nyeck. “Only Insead, Bocconi managers. French bank Exane BNP store Harrods, hotel group Maybourne and Essec can be considered Paribas recently forecastonlineluxury and shoemaker JimmyChoo. TheMBA global in luxury—the rest sales could triple by 2020. students also team up with the British are justtalking about it.” Astrategyfocused on all channels

Fashion Council to develop business means job opportunities in retail ORDON

strategies for independent UK brands. too, as brands open more stores that AG Schools increasingly also sense ‘Essec andBocconi arethe sell directly to consumers or convert the need to give students amore concessions into directly operated international perspective. Skema, twoleadinginstitutions stores. Some are diversifying into for example, offers an MSc in luxury in luxury,inthe two lifestyle luxury—witness jeweller and fashion management taught in leadingcountries’ Bulgari’sopening of hotels. English at its Paris and Suzhou, China, Some of these trends will be the focus campuses, while its MSc in global Jean-MichelBlanquer,Essec of aluxuryMooc (massive open online luxurymanagement is adualdegree course), which Essec and Bocconi plan taught in Paris and at NorthCarolina to offer from January2016. B PHOTOS: GETTY IMAGES; ANN 32 FT.COM/BUSINESS-EDUCATION

inside T Am the Emor and the in teaching ju cr tha outlook international really the has she because nor Flemish, native perfec speaking Vl dea Vleri civmn.“ don “I achievement. is school, ask oa srele is woman Me itic st rc uiesSho smultilingual, is School Business erick It n’ fe 11m so lfrscesin success for al sbecause is wf et it ffi emale people ck si efdifficul self ce yU th ngularl at ’s niversit el pone enof dean appointed newly Th about Belgian characteristically something is here va aw eD ac US Pr tE tthes nt —s Mari si o jus not is is ade of rdcasbusiness orld-class ym od ng ,atW ’t esetman spent he Ma erye on Debruyne, mi ean yi lish nwtha know ac ode ed cs inDebruyne. rion nA ountr atn Kellogg harton, on st swl sher as well as ay to tlanta. ab s, tb cl ”s tq ai yw ou es Debruyn ec tb esy.“I says. he mt tt uethe ause iga eing ith yy ue eof he he tis ears st tr io ns question: the ourselves ask to have fundamentally jus only itself business than technology and globalisation of the march from protected more no business are and schools air the in is says, she schools. business for moment well is she Debruyne, to little mean achievements counterparts. Vl dean the become has tw at ol aehpdt have to hoped have would es rc ic uut h a thought has she August, since erick th oy adic Th Th Wha .ByD ea ugrta mos than ounger ay uhotadythese outwardly ough uhsehsol endean been only has she ough ge tism ts st of ‘W en h beginning. the eeing 42 ha ore el he ,ag tiso ,s aBr la ewsmad was he sect ood .“It rrol ur al at aw to de ikwe hink nauspicious an fh r tha are ad aeor cade e? go or rmale er ’” Pr tp shaw ed Ch mu of as We ’re ts ean tt ange, he hat.” at st Is learning, to teaching industr that the knows and issue the about deeply r oce yeternuswith entrepreneurs by coached are masters for camp believes she but implement, than about talk mark demand-driven mark driven wh of wha ourselves ask should dean the in weeks cl ex learning, centred participant- for enthusiasm of lot route. this down aim ml fteeternuilboot entrepreneurial the of ample ei,w eelreyin largely were we it, ee It is at Ih at ebring. we Vl av ra eric et yh sto tha nsition et ecytlbl after ball crystal he sto as ,a kh dwe nd ”s “A as ’s We st tV esy,ctn the citing says, he hne Iwon “I change. et u l fus of all but seat, dns hr they where udents, already ”s et edto need lerick ’r esays. he tise .” em talk Mari VIDEO bize www.ft. Br Della tist as vn oa to oving se to asier st st Is d- on upply- he go ot vi arted ea ee “T co Debruyne ad deo he va fr m/ af eway he sha ’t FT om lue ew w. ’s inside 35 he he hat rof tra ion ol he ome ional rt tof et tis ex et a chool, ave sP at ”s se at eoft her cho the ess, half ay es eg al, e. “I ttoc oh the unde .” on is on anted iversity sa ion. at ionalise ,s Uc erick th at t’ ew et ntern tudent ing. omecoming. at es go Debruyne mm roup of No Vl rat asters in Un programme ure has been EU et en av ed ion ow gi as tIw nethel ra ng ah of s. “I t? at ag izeable nt at rengths in three gr S- he am dustries] have uh ein BA ay Pr ntern No B st russels, Ghent ve llabo oc as mmitment is to tinr ft hem.” in eking eS yo it of halle ,b re ye es oi iM co sl as es co artnership as to .“ financial services e[ doing so, the s he was tc —B he in sh hP se ab nv eB uven and Ghent.) to help stot y, he smiles. ep ourse teaching and ne kh ’,” ear my In perience.” os et ar transformation to the firs elgian institutions, the as not wha oi ct US thre le ”s on the prog tc mall school, by European y‘ be Th ex over eh ll et eric udying for /B income is earned through oB If you’re located in imil spe ill iv as st A. think we are the firs al heir “A st Vl ’s priorities t Are w each th ive research. .“ tw ge Debruy ’t as witw ya sc ears ag rat dents chool has three campuses, but k, om ore through at nw nsight, he says. “For me it was a yt is not enough ears teaching mark ig he idea of having ing degree. st or uven. (Vlerick is the business of ne my yy eoft ea es ough .c ti stu ”s et et at iven. et sb eric he partnership model is one that Pr le hm Ik ll Before her appointment as dean, “I had an engineering background, She is clearly hoping to succeed in It Th “I don T on Th ent ft ertain do, Vl wd of Debruyne had been of Debruyne has no plans to change. of Debruyne hopes to replic erick MB ecutive shor ag r10y andards and school of universities of —a Pr is all are in Belgium its partnership wit to jointl Vl one of fo ac smaller countries in Europe, your home mark Pr muc collabor and healthcare. will be building on it regul appointment was Pr “I lik points out is planning to do more ofresearch this and with teaching industries, energ people who sa the organisation mile for the school.” ne to tha st ex admini Debruyne. Tw people who are prepared to endowment, of ¤50m. the school mark but says at business school itself. to transforming bringing s, ty. he ck ting gia. g, ri ean mall of hD ersi le ree ht of or ke to ess gree og tint tudied mory iv es dd ce sa nomic t- Pr aP nt ar eg ug ed ell Ge de ven ool cal sin ou te in ys rs. wV dE e: Un ee ta siasm co at he gd rs in rh ch am mi Bu ov ol de no an nt es te earning hu rned de turned ty ty gto cipan poin To sS pr is as rn in th he gr adu ck mG ck as ie nt dl dri on o Ea Re es of in at Flan ro Ap Gr B ac ck pl ersi ersi arti re eUSasK ian essor st iv iv of sin lg ow y- Vleri nt ap Vleri hool wh 72 95 99–2005 rp wn ram tofe om Ghe vin 2002 lo fo at Gr Debruyn ce CV 19 to We 19 with engineerin fr Be Subsequentl fo Bu in als Un at 19 in th Whart Un 2005 Vleri prof 2015 of Sc pl t’ mo ke up ion ner We ar rt as ow hool.” pa sc nstitut in xplains en ga nm ”e mi in ’r y, ly he be ve ge we all t dri ec uccess of the ar idea of nd es “W d- el ta her than career builders. of th yne. er at ects the rt firm or consultanc ke sr efl pa eman aw tr Debru ew “I al of ad ‘W mar of its 50 academics are designated “partnership professors”. in builder Pr are all ate ness kis usi earch eric es tb Vl enior group tr ts al business oes not oper os rea he best-of-breed ot be one that td tt em dition yn mg ac ra Th tr ma yt at ge ers. anding back and playing a he says. “Now it is more that th st essa ”s nd give the to sed to be the case tha os em ya tu “I Th usiness school tha em

facilitating role. professors schools had to facult facilities, the participants are in the driving seat.” appeals to man school professors. But then, lik ab hT:CAlEBIBBy ChArlIE PhoTo: inside F Vi an Th Fr hree accountanc chartered from came both parents whose Agarwal, Vivek ohl with help to father his qualifications, professional his obtained Agarwal after Shortly construction. in who cousins and uncles aunts, by surrounded bl “ suit. follow not wh wondered and c he ftefamily the of sheep ack u hswsntthe not was this But gra gre Agarwal ve om ra on nt kA ’s eronbsnse,mostly businesses, own heir lin th al one rte nitdhim enlisted brother younger be would services professional seeking son having parents, mos or ep ar n ieo entrepreneurs of line ong ga wupinM ec sdnilproper esidential as ed When ourc yt rwal lo tm ercidwould child heir ra ye eofp iddle-class thin ex Iw xams, ac ,” umbai, eineof perience win erfect as erecalls. he fo re in areer ride. as on m doing gv un Iw tudious ty gb sthe as in entur dh y oa sin is rd e. nwwoGuíwas.” Gaudí who know ohn bu football. about nothing school, the about was it continent. the on institutions similar with compared sizes st case using taught it which population, international an for reputation not was this talent, entrepreneurial nurturing has school the Although at he when consultant akn rpoesoa services. professional or banking investment in working in interested only Mu de,adissmaller its and udies, “T its in interested more was Agarwal He Ie ne By bi but mbai, eBu se ecoc a o bu h cit the about not was choice he a pursuing was re fit ac Jo iesSho nBarcelona. in School siness on nt natha si at re der h ieAawlwas Agarwal time the at rnu in preneur ac st o o i,h says. he him, for ion re i MBA his arted re sa as areer nM ”hes av Id ar erag id ptto for eputation n’ ay ou ec te .“I s. st ven lass udent les knew y— Vi ve ho sh nin will Indians kA op pe ikcut: Silk ga sm on rwal li ore ne inside 37 s. y, py ly es en ion is ay eed ess ar ap iv ple eis eto B s, he dia nship le ti wners yn iven at sin eof to dg emand lu untri av st. row tt e In el mmers ountr le grail dr so rs y.” dians hat bu co ”hes yto va co th ra dian mul An ng gisc yd fe eneur Uc ec ly ee us es itag re lab al —th s. ttobeh In og no In lin ed it re pr tist ie ca emporary stog reward sa ss Is pr it ig at ed re ca e do usin s. easa he popular alists might craftsma op yi he ho ld no remains behind mall in ur it the .S nt se iz er: S- tb wd esse ey plic y, “T xpensive em. to ec ion to find people tores, tr nd her es usin ap yo et au re in th eisas US hs ye at re cheap, teg intmen re th ha ne at sist se ar it st eS en ee ar ts ry ent to them in their ec ce e, ur cont ya an usin nal marginal ra er aximum he dia, especially for mor es ya eo ry ht ya es gab ’ ut Agarwal hopes to oft ur roducts from the io st yist in on dw yt od ig dt rt bec th op yb In ell ve yo it rm sin an be oftw he em e nt re -to place online for ani ,b ir bu tiss omers, given tha se in ec fo ffo l yp og te tc dd bu lik gs the US ve tt sa esse et challenge, he finds, is in tartin st heor er where in the world they go he ol au ill mak os mp fly gtos le in ha JM is appreciation of y, ea UK an ur tt me rt ”t ho /B nd ys st st cu ec co penses add up, which makes yasitm gt ings and deliveries, then ne on lab el lop ne he alm Small, up he ll le. Th littl sa ge echn mu sb tt ew as as obs ex er he west, says Agarwal. re ca ot es difficult to communicate to e. eo ve lt ta or at om ig iful. — es thin alab hort-term de, written th ini ot rg al st anythin alab efi cale hos As De Th An ut unt for the bes hast es .c ustomers online.” trep sin tase ve th m “s me eb es at en sc rt rm ve mos dian shoppers’ reluctance to shop tint omers who tr sc yh Ja ‘ En wi to so tim ha fo fo add bu th by co al no is suc bea assum ar in ft wc his is certainly not the case, and most st Th Th “over the medium term, “Families In dian subcontinent, including but not lue, no ma pand his offerings as more But craftsmanship and qualit wedding mark In limited to clothing and jeweller locally to solve problems such asAll fitting.” these Agarwal confident people will come round to buying online. conveying the qualit “ originate. sometim ne sales of clothes aimed ex becoming the high-end, luxur products to va feel comfortable shopping online. arrang home countr brands are often niche. perception about products from tends to be tha mos shopping trips to weddings. once the once the produc “T cu products love the qualit and uniqueness.” online has been changing as they become more comfortable with the medium, but the mark the yor for a ers. ate tt s. imilar ay dia, ening out as ndian In challenges ev lehenga yI ”hes posed to st ional ma al omers’ andful of ed nearly £1m ex at ge st al female wo years. he products, either is preciates the rich ic cu ah tt dians, ra nique product. She thnic products that on office, mainly dition yp .” In ra dint neral perception about ress for an ye nd au at ndian designers, it nd ap dia and persuading mbai, who deal largely ipur ge at lo In yd yI ya ecte Ja Mu ing and sales, and efl et usiness has been largely self- on or er describes nd eb een their mid-20s and late 40s, omer as “living outside areness of contemporar lo tw st He Agarwal employs Th Agarwal says his big “If one has not been dians to switch to buying online. lues qualit be and looking for va when visiting the subcontinent for special occasions. cu heritag in the form of the age-oldprints embroider and fabrics. She might shopcontemporar for a wedding in people in his for mark number in with logistics and oper in funded, but he has from family and friends to acceler growth over the pas have been potential aw fashion, their clothes from In contemporar is easy to assume the clothesinclude would only ver are only worn by of can ue te to al ca ev ni e’ arge, th quality ’s al he only is the the mu ndian of nlin “T dia to send et ome people yI nd ores. In ,s st om so ct on mark pa fa ecalls. er et en in such othing online In cl on. “I realised ev her option sounded ’s ”her ttoc elling luxur it ciati nd y, dia, or to shop during tom Ne lo udio on the outskirts ally appropriate clothing —s patriates in europe and re ca as well as those in In st ex ltur us dia. dian designer clothing was says his targ en ask relatives in pp meri on, but these were also cu on, paying multiple times In eureka” moment for his In ev and women dian He did learn of other suppliers the entrepreneur in me” and nd nd e“ hA wc ’s nly came years later when he In s“ na rt lo lo Agarwal then discovered wha He Th tremely difficult,

craftsmanshi be difficul ne No need of 7m ex buying cosmopolitan cit living-room the prices in reasonable to me.” in would them products from local call his online shop, Strand of Silk,born. was ‘A of inconvenient to use. men —o had moved to real options were to visit someone trips to business idea HT:CAleBIBBy CHArlIe PHoTo:

ssful rpas: ce limbing st he la likens uc review eS vere ytoc hos th gas tE an dK on un mp no co Call Vi creatin Mo e. ee. ot y’s ite: ;; at nn but sn ’is wr et oo ”It sagr ket ii y, ’s y. tt yi hey ne of di aa ar it pps. It reater ss eps. tat he point ii ilit ”T yo as appeal ta nn st bs We y. ,t book. enture, em abil =g aa iii he pair gg et yh v ho want necessit rr av pack this omer base .T oo co larg eg dy st rofitab ey ee ny yw on at hh an cu ya he competition; tp tt tr hands an Ja uti you are embarking dd ’s st onsiderable research ”s ll ii ous scr ook. iii ‘Fail fast, fail often heir uu he right investors needs to be made. If hisak sc v ad business model, they ttt bb Greater pain y. lb tt bv ou develop actually meets ;; dt w rump y. gues tha ul ab dd eg nder ty so iece of technolog in the early years. rr tt mma ar differentiated technology at aa af pansion; continue to innov have to move on sometimes, st rive for financial v eu oo ap em tr ’t ex bb st ook for creators of far ut wha ea ya his is se ee as ritz, the venture capitalis laps perienced and committed people; hh nother author ab nd demand do tt ”T apital; fin ry ,atl ol pportunit be ex ff roblem with basing your business Mo op .ByE fin ya oo tc ’t ary tc one chapter heading notes: “Mark to ss ap 46 ”Ina rr ga need. usiness plan and articulate the compan or ke ld ld y. ee trac As jective ou shouldn mework the book offers is eight bb uccess and ,p , p46 is is not chael et ar you should at ab eam of teps are as follows: identif rr ra mm ing rubbish.” ty es or or ee Th Mi at et or ob is “pivot until you succeed es is is not about building tech unicorns with ef here is =m et mm hose in love with the technolog aj ears ears “T de tate where the produc dd Hung Th Th Th Th lue to luations tha rt Hun nn quote solely on your love of fo to launch it to is. Sequoia Capital: “Pivot means you’ve failed. “One school of thought am Of course, investing in grow the mark write. not tha but it shouldn va aa manag as Each is weight and graft. pain opportunit these might have been opportunity; identif or business solution tha build develop va mark ew &F es es & F th th om om the w the ial an Hop Fr Fr to Hop to tr not te to graft, ee rld , elp hh lt tt as et hich very Wo he oh gg cu No on reat th nn te et ii he .W yy —t lt ag Ye et dd uu mentary ou erest. tt ui ss ite the venture Ev tt rumbles d udi has no quick pt to create uu od businesses ressel and oo tc tr It an ed with take-away eb —c hh unt tem tt at Go ii et yK her than weightless. at ww ur Mo omers want and figure nr at yr tt ant to Chang eam, art-up world: the st at aa s? s? reath of fresh air utives yr ounter an idea tha ee He st at erest.” ff cu ec yW ab aa perienced technologists, tiss ep trying Ev ex xe perienced Sherpas. hh ical guide to creating and her ttoc limbing ex cc eall ke epreneurs tha ct ex tha et oxe uu psychobabble. unt ervice an osla, who said creating ss ed ec to 42 ra erverse description in some ways et uR tt tto ty y— ea seems simple enough: you entr rocess of pp Kh Mo yw ,p ap ap Yo ge he authors, sinesses ar eas mm ut tog tors ey usiness. ne ap he ee de his book is is is as it is weight If pand the business. en turn out to be disposable. gy ll tt tt he id tt ,t ft up inod ex ab rite, “entrepreneurs aa ar an be lik Va lo “T bu is as simple and perhaps boring as that. dd Yo st to roduc ook mark his is all about understanding the nuts and he world, work hard, research the mark ll tV

road venture concept but not a yc yw oks itle refers to the kind of utopian zeal spouted uu he top of It we no ompanies with only the mos et he venture and oo ap ure. ab reover reate jobs and are profitable will chang ab ere is no waf et —t od een their fingers when probed. If you want to the tc ww

gital tt ch tc rman Winarsk ere is something old fashioned about its message ee ur hope is to y, tw Mo At the Th Th ttot panding ar nn

become fashionable in the of fail have clear understanding of the mark da grea information. Our book will be youryou Sherpa establish your base camp, learnge the routes and product. st to succeed by pivoting (trial and error). Yo oo routes and the climate, laying outand the being foundations helped by venture capitalists and ideas tha No capitalis compan amid bolts, how to roll your sleevesTh up, do the hard work. build out how to tha world. fixes ex be chang by Silicon

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PHOTOS: BP KO JA LCE;ISTOCK OLACSEK; technology Digital demons REVIEW

Technology is nottoxic butsomeofthe ill-advised ways we use it are, says Kate Bevan

was recently invited on a“digital keep our distance. that is absurd —a many of these surveys also lump detox” weekend, where you classic exampleofthe appeal-to-nature together awide agerange, from toddler hand over all your electronic fallacythateverything “natural” is to teenager,and fail tonote thatwhat devices and, to use the tabloid better.this is exemplified by the stream is not appropriate for one group — I terminology, “detox” yourself of badly designed surveys proclaiming disappearing down the rabbit-hole from their apparently malign influence. thatchildren have “too much screen of tumblr,for example—isfine for ideclined, because although a time”,followed inevitably by experts another.Nor do theynote whether weekend in italy sounded nice, ienjoy opining thatkids’ access to devices screen time is supervised, and theytend my devices and do not consider their should be restricted. some steiner to depend on posthoc self-reporting — presence in my life abad thing. iwould schools denypupilsany technologyatall anotoriously flawed waytogather data. have wanted to takephotographs: not until theyare teenagers —even at home. some thoughtful advice from the having my mobile wouldhavemeant theproblems with this are myriad. american academyofPediatrics lugging along my ageing sLR camera. First, mostofthe surveys ihaveseen acknowledges the realityofdevices and ihavenodesire to load up my bags failtodistinguish not only whatkind being tools in our lives, noting: “media with printed books: you would have to of screen children are using —is is justanother environment. Children prise my Kindle Paperwhite out of my it aphone, atablet, atV, an e-ink do the same things theyhavealways cold,dead hands. reader? —but also whattheyare doing. done, only virtually.” theacademy iamsceptical about the need to detox. screens can be used to playtimewasting also makes the vital point thatcontent it seemsanextension of the evidence- games and bully other kids, but they matters: “the qualityofcontent is more free industrythathas grown up to sell can also be used for knowledge, for important than the platform or time the worried well expensive potions and reading books, for skyping grandma spent with media.”itadds, crucially: therapies thatpromise to boostyour in australia and for interacting with “Parenting has not changed. thesame immune system and purgeyourbody of school resources. parenting rules apply to your children’s toxins, which is, of course, something real and virtual environments.” your body does verywell on its own. Whatneeds to be noted here by any as with health, the digital detox Thedigital detoxnarrativeis technologybusiness is thatsomeone narrative is underpinned by acentral absurd—aclassicexampleofthe else is defining and driving the atnarr ive assumption: thatmodern life, replete appeal-to-naturefallacy that around its products —and it is a with tablets, mobile phones, laptops and negative narrative thatcan damageits wearables, is toxic and thatweshould everything‘natural’ is better brand and its sales.

Apps to keep tabsondevelopments

ReceiptTracker BuzzFeed News DNAPlay WindowsPhone, Free Android, iOS, free Android, iOS, £2.29 microsoft.com/en-gb/store/apps/ buzzfeed.com/about/news-app play.google.com/store/apps/ receipt-tracker/9nblgggz5f95 Ireallylikethe BuzzFeed app—but details?id=com.avokiddo. This is from Microsoft Garage, a“skunkworks” then Iamimpressed by theseriousjournalism games.dnaplay development department that produces a BuzzFeed does alongside itsnicelypitched Onefor thekids, or perhaps theexecutive who quirky rangeofapps, from thewhimsicalbut “listicles”.You canset your location to getmore wishes he or shehad beenageneticist, this uselesstothe surprisinglygood. This falls into locallyrelevantstories.Ahomescreen givesyou is designed to teachthe user about genetic thelattercategory: snap apictureofareceipt, thetop stories andthenunder themenucome science. Youstart with abasiccreature, then letthe optical characterrecognition magicdo othersections, such as politics (again, givingyou solvethe puzzlestogiveyourmonsterlimbs itswork, then assign it to either apre-defined localstories), technology and, naturally, animals. andaface. Youcan then introducemutations categoryortoone youhavecreated yourself. Alsoimpressive is thetransparency of theapp’s thatmakeeachcreatureuniquewhileatthe Theapp produces graphs of your spending terms andconditionsunder theQuantcast sametimegettingabasicunderstandingof andacalendar so that youcan keep an eye trackingsetting, whichalsolets youopt out. howgenes work.Itisbeautifullyrealised, on when youincurred thecost. It also lets you This is asmartlydesigned, well executedand generatingmonsters thatmanagetobeboth sharethe imagevia social mediaappsand email. very usable wayofkeepinguptodatewithboth cute andeducational. Aparents’section helps Smart, useful andquick. news andpopular culture. adultsexplain concepts to theirchildren. — KB

42 FT.COM/BUSINESS-EDUCATION Photo: getty images ihu hi consent. their people without on spying of principle the disquiet about to also but convictions, to led have children) their for caring those where about data collecting ye want lne yprnsto parents by planted securit (hidden “nanny-cams” the in solve neutral. is your it to destination), you drive to time the and car (a something offering someone case, this (in something wants who someone connects where in launches seemingl li nrsv,wehrthe whether intrusive, plain the best, at thing. such to devices too. reputation, as it use not will and important. is neutral compan dmsager adam securit u as But th ep ac st ig ta —itisw y. iti tha is oint ree rime; ya at o. yc id ohraptakn eand me tracking app nother ke torint echnolog gg an mrshave ameras pu ae u the but safe, us ep el dislik eeply ta esv atc hnit when tactics ressive at ,c ew ke th ha hie wor tt cit ehm.so-called home. he Uber ty ey fe echnolog st y, y. idon ud ihi that it with do ou ar ke euieand xecutive ,t napthat app an ia ym et ,t pan ep ei ar he ab s onot do lso eride-hailing he ue as outed sap ts gthelp ight ya d)with ide) tlik ot ya ad iama yis eju re yc ey eout re ydono proach ei eon ameras st ts nd tr Idon me abo Sc de bet fa us su th il ey re rv eoft vi we to ac en ce ey ar distinguish en eu sofc echn an test de ut kin ty da se :s pe ot hildren df ol sk ome l with als wh sof ogy or wh gmea wa at ’s er nt eI eietha device tha out on spy to used h Canar the the of scaring hopefully thus siren, the sound then notification. camer wa hr oeetbt trig both movement where trig “home” of is it means “privac modes: three has and being it misused. prevent to how and used be could device his how about thinking securit c Canar of co-founder ye ompan nd yo th go yof ah ge police. uc ec ta e ymvmn;ad“armed and movement; by red ator yc sn it, using co ,w tt in nadues ryucncontrol can you or users, add an amer ot yt eeis here not “W mr,setsm time some spent amera, ft eetecamer the here yy tc ha llectin cr n ed o a you sends and ecord or el eintruder he ed anno ourself th tm aisc fa ap ”hes sg on he de ei dntrecording; not nd akes av tbeo artner e stha is dea ’t ontro sbelgto the on light isible .C ro att oc any force to want ra rtofl tresses. y, a$ udtha ould aN gd ,a erde,thus verridden, ldvaa app an via lled up ?s pp 9 consumer 199 ar dring nd ew ge grpoints ager ty crsif ecords ata og sthe rs y” yo ucan ou tt ,w rk-based e be hen hich ”, leas iesof videos of switched iw produc ideal its than ways less the all about think to be might it devices, around ex sp wa no is there so video all, recording not is it disarmed, is tha additionally device. out the on light the have to Canar the at wa this it built ways. inappropriate are always “People adds: but says, he move, camer tha house the in anyone alerting itn room. sitting in one it. of control taking eln ih o h eieitself. device the not with, dealing jo have probably you toxic, is mobile borp ep odirec to tempt asper uet cesi later. it access to ouse oif so making clearly is sager n wha and ft or tt kath .c ry aiso my go at at artner om an my db eaienarr negative by ed n ouetechnolog use to ing echnolog y, oefor home ome dh n. toft f, hc nldstedecision the includes which /B ca but me th ,a a of ead y.” US tp tc al eCanary? he tt di sthi is it nd at anwhil id ott udb sdand used be ould ot in enarr he yc wa tw oh ac yf ,soitisg ft th rn hog the through ering eS ompan sa enegativit he or he ul fweeks. of ouple av at ,i o elyour feel you if e, S- deliber ’s nt eal as at ac st ed wh v around ive ag ih uspicious ecamera he yis ha oncerted at ot enerally yin Uc ywe o idea ood ives av he tn of ate tt eh at ee yby at he points at ad ds ion ox at ic

43 review

We asked readers: COM Sage counsels what is thebestpiece of career advice you

have been given? MUNITIES By WaiKwenChan @waikchan

Thesinglebestpiece of advice Ihavereceivedis In one of my early leadership roles Give 80 per cent at work.Then youcan someone told me, “your team is a scale to 120 per cent forshortbursts to neverstoplearning, directreflection of you; if youdon’t when required beforegoing back to even if thatmeans failing likeit, change it.” That stuck with 80 per cent.Don’t burnout.Easier said often. It is better to be me over the past20-plus years than done, but this advice is at the back and has shaped howIevaluate of my mind as Ibalance family,work in aroomfull of people myself in light of my team. and personal commitments. smarter than youthan Vice-president of sales, Executive,Amazon beingthe smartest health company personinthe room.Ifthe second case happens too Youare not happybecause you often, it’s timetomove on. Makethe extracall. succeed; yousucceed because When you’re readyto youare happy. Don’t alwayslook Consultant, forimmediateadvancement or a Bain&Company windupfor theday,call prestigious job title;look forajob onemoreclient, answer youwill enjoyand success will onemoremessage or come on itsown. Analyst,Swarovski complete onemoretask. All careershaveelementsofagame Alittleextraeffort on of Snakes and Ladders. Youwill advance and be held back forreasons adailybasis leadstoa Be suretoupdateyour CV every beyond your control. Learntodevelop lotofextrasuccess quarterwith anew skill, otherwise resilience in the face of ambiguity. This overacareer. youwill have done nothing to will takeyou to the topsquare. develop your career. Manager,PwC Vice-president, Executive,Unilever investment firm

Askthe Experts: Giventhe political Interactive rankings Search theFT andeconomiccrises in Europe,what rankings forMBA,executive MBA, Read on,online masters in management,executive is thefuturefor European schools— andisitagood placetostudy?Guest educationand European business experts will answerqueries 2-3pm schools. ft.com/rankings ft.comhas awealthofresources GMT on December 9. Questionsto: ft.com/ask-the-experts/ebs Lexicon Searchingfor thedefinition to enhanceyourknowledge of of abusinessterm?Browse thousands businesseducation MBAbloggers More than 20 student of words andphrases andsuggest new bloggers around theworld sharetheir terms forthe glossary. ft.com/lexicon experiences. ft.com/mba-blog In addition to aliveAsk theExperts online advice session Editor’s choice Adailyalert picking on WednesdayDecember 9, the FT offers news, features, Video FT businesseducation editor five must-read news stories for videos, interactive rankings, aMooc (massive open online Della BradshawinterviewsVlerick students andacademics alike, plus a courses) tracker,student blogs, email alerts on relevant BusinessSchool’sMarion Debruyne. relevant businesseducation feature stories and much more at ft.com/business-education. ft.com/bized-video andvideo. Sign up at ft.com/nbe ft.com/business-education/community |@ftbized |[email protected] FT.COM/BUSINESS-EDUCATION 45 Andrea Baji ‘I wanted amastersthat allowedmetosee theworld Goingglobal andstudy in topuniversities’ ears &f es Steppingout of hercomfort zone helped aHungarianstudentstretch herperspective

hop believe thatthe bestway to the world, Igot to know different improve myself professionally perspectives and work styles. and personally is to step out We bonded on our travels. Ivisited of my comfortzone —and I the world heritagesite of Angkor Wat I wanted to testthis hypothesis. in Cambodia and snorkelled around the Ialways had the desire to learn about Koh Phi Phi islands in Thailand. Iwas other cultures, to experience their in Singapore for the lunar newyear, lifestyles and understand their values gottounderstand whatacharismatic —and by doingthis, to expand my leader such as LeeKuan Yewmeans for horizons. Through being enterprising anation, and how it is possible to build and getting thatexposure to the world, up atop economyconsciously with long- Iwanted to develop qualities thatare term plans. important to me: openness, flexibility, These experiences positively shaped trustand willingness. my personality. Ibecame more open and Ineeded auniversitywhere Icould flexible in interpersonal relationships fulfill these ambitions, besides studying and newsituations. Theway Isee business. Corvinus Universityof the world changed. Ihaveabroader Budapest, where Icompleted both my knowledgeofother cultures —Iwas undergraduate and masters degrees, was involved in their values and traditions agood match. High-qualityeducation —and theseexperiences will always be was essential, but the bonus was the the strongestreference points for me in university’sstrong global connections. the future. Finally,Ibecame better in Theurgetostretch my comfortzone managing conflictthrough working in took me to the University of Southern international groups. California in LosAngeles on exchange My decisions have so far been duringmyfirstdegree. Ihad mixed validated by my experiences. Recently,I feelings. “Will Ifitin?”Iwondered,being Milan, at Corvinus and at theNational Andrea Baji gotthe opportunitytowork for German from acentral European country which UniversityofSingapore as my next grewupinHungary consumer goods group Henkel in some people hadnot heardof. exchange destination. andearnedaBA Vienna. Iampartofaninternational in international Thefirstmonth was tough, but the Ihad never been to Asia,and wanted businessat brand management team, which forms next three months passed likeseconds. to explore the continent. This time Iwas Corvinus University, abridgebetween eastern and western In class Idiscovered the concept of more worried, as Asianculture seemed Budapest, before European countries. The knowledge social entrepreneurship, which later even further from mine. Iwondered herCems masters from my studies and exchanges inspired my masters thesis. We tested if Iwould understand the accent, if I in international prepared me for this. Ihaven’t worked management. cola and nappies to understand the could eatthe food and bear the humid Shestudied as an in marketing before, but I’mconfident I business cases for them as products. weather,orifthe courses would be too exchange student can help the companyachieve its goals. Besides the courses, Iwas introduced to analytical and my classmates much at theNational Thinking back, it feels reassuring the American culturethrough the world better than me. But this time everything University thatIovercame my concerns about of Singapore. of student “frat parties” and turned 21 went smoothly from the beginning. being alone in aforeign environment in LasVegas, where Itasted the famous Everyone was enthusiastic and for half ayear while managing high In-N-Out burger. had the same goals: to learn about academic expectations. NowIam able This adventure was an inspiration for business and experience south-eastAsia. to see situations thatmight concern me my future. Iwanted amasters thatlet me Icould listen to the insights of venture as challenges —and everychallenge OLACSEK

see theworld,study in topuniversities capitalists investing in the region, solve teaches you something useful and makes BP

and prepared me foragood career.The business cases based on the strategies you more confident. Iwill keep on KO obvious choice wasthe Cems masters of Sun Tzu’s Art of War and evaluate aiming to be better and expanding my JA in international management, which wind power opportunities in the region. scope —and Icannot wait to see what included study at BocconiUniversityin Working with students from around challenges the future brings to me. PHOTO: Forthe latest developments in businesseducation follow us @ftbized

46 ft.com/BUSineSS-edUcation