FT SPECIAL REPORT Business Education Financial Training Monday June 22 2015 www.ft.com/reports | @ftreports Schools adapt to changing times Inside

There is now a greater risenslightlysince2008,butopportuni- tiesforhisgraduatestofindtradingjobs emphasis on risk have diminished. Many students want management and ethics, toworkincompliance,headds. The Global Masters in “Theneedforregulationandriskcon- Finance programmes writes Jonathan Moules trolhasdramaticallyincreasedafterthe The rankings of the best 2008 banking crisis,”he says. “Recently one of our students obtained a perma- courses in the world heeffectsofthe2008finan- nent position at Banque de France, Page 2 cial crisis continue to rever- which is currently investing signifi- berate around the world’s cantlyinitsriskdepartment.” financial centres. In New The job skills required, Prof Quittard- Follow the money T York, regulators warn of Pinon adds, are a good knowledge of further fines for the rigging of foreign mathematical tools and IT techniques How much more exchange markets following a $5.6bn andakeengraspofglobalfinancialmar- could you earn on settlementthisMayandindividualsstill kets. “Many of our students come to completion of a Masters face court for alleged personal misde- improve these skills and those with meanours. working experience are convinced of in Finance degree? Financial training has had to adapt to thisnecessity.” Page 5 thisworld,notleastbygreateremphasis JacquesOlivier,whorunstheMiFpro- on risk management and updating its gramme and is joint-programme direc- Striking out alone regulations curriculum in line with rule tor of the MBA-MSc international changes. Courses on ethics have gained finance dual degree at HEC Paris, notes Mutaz Qubbaj on why anewdegreeofimportance. that while demand post-2008 for sales he chose to become In a variety of ways, financial training and trading roles has fallen, interest in an entrepreneur is moving on from the crisis. Several M&A roles is on the rise. Banking regu- Page 6 business schools report sharp rises in lations—leadingtonomoreproprietary the number of applicants as job oppor- trading, for instance — and technologi- tunities increase in even the hardest hit cal developments such as trading plat- On FT.com locations,suchasLondon. formshavecuttradernumbers. Record numbers applied this year to Work experience is now highly prized Video: Paul Smith the Master of Finance programme at by students. “It is becoming almost (below) of the CFA. Frankfurt School of Finance and Man- impossible to break into investment Also agement. Applications to Frankfurt Record numbers applied to the Master of Finance programme at Frankfurt School of Finance and Management this year banking without first undertaking a have increased by 25 per cent over the summerinternship,”ProfOliviersays. included: the past two years, driven by a rise in appli- better than other banking capitals, into focus since the 2008 banking cri- Differences do exist in the specific What has not changed is the question methodology cantsfromoutsideGermany.Thisyear’s helped by the high proportion of jobs in sis,” she adds. Investment banking, jobs students now look to pursue after of whether to take time off from the and intake of 143 comes from 27 countries. market regulation, says Julia Knobbe, M&A and trading, however, remain the completing their studies. François Quit- workplacetostudyforamastersqualifi- Overseas students account for half the theschool’sprogrammedirector. most popular areas for employment tard-Pinon, who oversees the quantita- cationatbusinessschoolorstudyforthe rankings total,upfrom37percentlastyear. “Ethics, sustainability and responsi- amongstudents,alongsiderolesinman- tive finance MSc at EM Lyon in France, chartered financial analyst (CFA) key Frankfurt came through the crisis bility are all topics which have come agementconsultancies. says applications for his course have Continuedonpage4 2 ★ FINANCIALTIMES Monday 22 June 2015 Business Education Financial Training

Financial Times Global Masters in Finance 2015 - post-experience programmes

Alumni career progress School diversity International experience & research

3-year

2015 2014 2013 average School name Country (US$) Salary today Salary percentage increase rank money for Value rank progress Career (%) Aims achieved Placement success rank at three Employed months (%) (%) faculty Women students (%) Women (%) board Women faculty International (%) students International (%) board International (%) mobility International rank course International rank experience with Faculty (%) doctorates course Average length (months)* Company internships (%)* Rank in 2015 1111London Business School UK 129,502 46 3 2 87 1 88 (94) 27 24 33 86 98 67 2 1 100 13 30 1 2 2 - - University of Cambridge: Judge UK 123,153 63 2 1 86 4 90 (100) 15 32 26 78 92 42 1 3 98 13 24 2 3 - 2 - Singapore Management University: Lee Kong Chian Singapore 85,899 69 4 3 76 2 77 (95) 24 37 17 57 66 44 4 2 94 12 34 3 4 3 3 3 University of Illinois at Urbana-Champaign US 61,614 85 5 5 87 5 64 (45) 25 47 23 20 90 2 3 5 88 12 0 4 5 5 4 5 Florida International University: Chapman US 68,869 42 1 4 83 3 30 (73) 35 32 29 48 65 0 5 4 84 12 16 5

Financial Times Global Masters in Finance 2015 - pre-experience programmes The top 50 Masters in Finance programmes Alumni career progress School diversity International experience & research

3-year

2015 2014 2013 average School name Country (US$) Salary today rank money for Value rank Careers (%) Aims achieved Placement success rank at three Employed months (%) (%) faculty Women students (%) Women (%) board Women faculty International (%) students International (%) board International (%) mobility International rank course International rank experience Languages with Faculty (%) doctorates course Average length (months)* Company internships (%)* Rank in 2015 1111HEC Paris France 92,613 3 15 93 5 100 (66) 22 30 13 65 87 67 3 11 1 100 10 100 1 2 2 5 3 Esade Business School Spain 83,276 11 5 93 4 91 (94) 29 19 20 31 79 87 1 6 1 95 13 67 2 3 8 8 6 ESCP Europe France/UK/Germany/Spain/Italy 78,348 13 13 92 3 95 (99) 35 27 35 71 31 52 10 3 1 95 13 100 3 4 5 3 4 IE Business School Spain 96,169 15 7 93 28 96 (88) 37 16 46 58 84 84 5 20 1 97 10 18 4 5 10 - - MIT: Sloan US 113,134 25 10 92 25 81 (100) 21 40 13 36 83 49 17 35 0 100 12 0 5 6= 4 2 4 Essec Business School France/Singapore 79,659 15 11 92 13 95 (88) 29 19 10 51 39 50 4 9 1 98 13 100 6 6= 10 10 9 Skema Business School France 70,310 17 29 86 19 100 (97) 46 40 39 39 74 67 8 4 1 78 12 100 6 8 3 4 5 Edhec Business School France 73,538 8 25 89 10 91 (80) 35 25 27 38 58 80 9 2 1 89 9 100 8 9 8 20 12 Università Bocconi Italy 90,016 19 18 90 1 100 (39) 36 22 15 30 22 55 7 8 1 90 28 100 9 10 6 10 9 University of St Gallen Switzerland 83,210 1 9 89 11 93 (66) 11 13 31 77 74 50 21 12 1 100 35 65 10 11 16 15 14 Imperial College Business School UK 72,758 34 33 88 8 89 (94) 28 37 45 92 93 64 14 33 0 100 14 27 11 12= 12 7 10 Grenoble Graduate School of Business France/UK/Singapore 60,019 29 24 87 35 94 (76) 41 36 56 45 89 56 6 5 0 82 24 82 12 12= 13 12 12 Stockholm School of Economics Sweden 81,851 5 19 91 14 96 (88) 25 31 14 31 62 0 24 14 0 97 20 15 12 14 7 6 9 University of Oxford: Saïd UK 87,314 21 39 90 9 82 (83) 18 41 57 61 98 71 12 40 0 100 9 0 14 15 15 14 15 Warwick Business School UK 65,553 32 8 87 23 93 (79) 34 38 20 77 93 20 15 40 1 100 14 0 15 16 13 13 14 Peking University: Guanghua China 97,142 5 14 89 2 100 (100) 23 47 5 12 9 82 50 26 1 95 22 96 16 17 21 28 22 Boston College: Carroll US 100,024 13 1 88 36 38 (89) 38 38 8 18 69 3 39 23 0 85 12 3 17 18 21 19 19 Kozminski University Poland 72,006 8 17 88 7 94 (86) 33 49 15 22 18 69 46 7 1 88 24 44 18 19 19 22 20 Nova School of Business and Economics Portugal 49,187 21 45 83 16 92 (98) 40 30 33 29 62 33 20 1 2 100 20 71 19 20 17 16 18 City University: Cass UK 66,404 29 28 91 37 61 (89) 30 48 45 70 94 55 18 27 0 97 13 0 20 21 20 27 23 Frankfurt School of Finance and Management Germany 78,072 25 4 89 17 98 (86) 18 26 0 16 49 0 44 13 1 98 21 38 21 22 18 8 16 Cranfield School of Management UK 66,306 21 2 88 41 95 (53) 28 35 16 46 99 32 32 40 1 92 13 0 22 23 25 18 22 Rotterdam School of Management, Erasmus University Netherlands 64,949 5 26 90 39 74 (76) 24 26 32 47 60 34 11 22 0 100 12 25 23 24 26 21 24 Eada Business School Barcelona Spain 59,385 27 3 87 31 86 (82) 37 33 43 50 79 48 13 15 1 63 10 36 24 25 23 17 22 HEC Lausanne Switzerland 65,400 2 40 82 47 89 (82) 28 26 20 79 55 50 29 17 1 100 24 66 25 26 24 25 25 Vlerick Business School Belgium 59,028 11 22 85 15 98 (91) 29 31 17 24 44 92 33 10 1 90 10 100 26 27 29 23 26 Washington University: Olin US 73,955 40 36 91 12 91 (87) 24 43 14 36 70 1 27 25 0 96 14 0 27 28 33 30 30 University of Strathclyde Business School UK 53,572 19 42 87 29 95 (75) 35 40 35 45 91 47 23 19 0 82 12 8 28 29 31 23 28 Brandeis University International Business School US 68,124 43 31 86 42 60 (89) 36 50 19 36 76 24 28 21 0 83 21 53 29 30= 33 33 32 University of Edinburgh Business School UK 48,981 43 35 86 33 75 (52) 34 42 35 56 96 47 30 38 0 93 12 2 30 30= 37 - - University of Rochester: Simon US 75,630 46 41 88 26 82 (85) 16 45 11 30 93 17 31 34 0 83 15 0 30 32 31 31 31 Henley Business School UK 48,972 38 30 83 24 87 (68) 44 46 40 48 100 33 37 39 0 85 9 0 32 33 27 26 29 Illinois Institute of Technology: Stuart US 80,017 37 32 85 49 68 (73) 24 36 20 22 95 3 22 40 0 90 21 0 33 34 - - - Singapore Management University: Lee Kong Chian Singapore 65,029 27 49 79 40 71 (51) 24 60 17 57 90 44 2 40 0 94 12 0 34 35 28 31 31 Durham University Business School UK 51,723 29 44 88 46 83 (38) 35 61 39 64 93 39 35 24 0 97 14 1 35 36 36 34 35 University College Dublin: Smurfit Ireland 49,647 18 47 82 30 72 (66) 36 40 17 50 65 61 25 30 0 100 12 25 36 37 30 29 32 Tulane University: Freeman US 71,363 40 23 87 34 39 (57) 38 59 14 38 93 27 47 40 0 86 11 0 37 38 - - - Lund University School of Economics and Management Sweden 49,040 3 27 84 48 78 (59) 37 32 19 29 57 12 19 16 1 88 9 12 38 39 - 38 - Queen Mary, University of London UK 47,596 33 6 78 50 80 (8) 27 44 29 89 86 14 38 40 0 100 12 0 39 40 35 36 37 Lancaster University Management School UK 42,928 40 43 87 20 84 (45) 28 44 33 51 92 33 26 37 0 93 12 0 40 41 39 - - Adam Smith Business School, University of Glasgow UK 42,240 36 12 84 6 33 (6) 38 58 7 60 99 0 42 40 0 94 12 0 41 42 38 35 38 Nottingham University Business School UK 35,979 45 37 86 38 80 (85) 39 50 8 40 92 8 36 32 0 93 14 0 42 43 - - - University of Exeter Business School UK 50,173 49 21 78 43 100 (25) 36 46 29 49 96 24 43 18 0 78 13 0 43 44 43 39 42 Tilburg University Netherlands 51,984 10 34 85 45 63 (49) 22 28 50 44 33 0 41 31 0 91 17 6 44 45 - - - University of Hong Kong China 60,211 38 48 82 18 96 (69) 30 53 15 35 17 15 49 40 0 96 14 0 45 46 41 - - Leeds University Business School UK 28,556 46 20 86 44 81 (84) 39 91 36 48 97 45 40 40 0 88 14 100 46 47 42 37 42 University of Bath School of Management UK 31,470 46 46 87 26 93 (42) 30 76 27 66 99 9 45 28 0 99 12 2 47 48 - - - Aston Business School UK 36,707 50 38 79 32 80 (15) 35 31 14 44 72 29 16 36 0 84 12 0 48 49= 44 - - Universidad Adolfo Ibañez Chile 48,252 21 16 77 21 72 (81) 18 21 25 38 16 38 48 29 0 72 15 100 49 49= 45 - - University of Arizona: Eller US 51,398 34 50 83 22 100 (13) 30 32 19 25 64 0 34 40 0 76 14 13 49 Footnotes: *Data in these columns are for information only and are not used in the rankings. Although the headline ranking figures show the relative postions of each institution, the pattern of clustering among the schools is equally significant. Some 180 points separate the top programmes, HEC Paris, from the schools ranked joint 49th. The top 10 participants, from HEC Paris to University St Gallen, form the top group of pre-experience Masters in Finance providers. The second group, headed by Imperial College Business School, spans schools ranked from 11 to 42, a range of some 85 points in total. Diff erences between schools are small within this group. The remaining 8 schools headed by University of Exeter Business School make up the third group. HEC Paris and LBS once again top Masters in Finance rankings

mobility of its alumni. The school also intothirdandfifthplacerespectively. The findings Tighter shares the highest score — 93 per cent — While French and Spanish institu- visa regulations were a foraimsachieved. tions dominate the top of the pre-expe- “The course was delivered by top- rience ranking, UK business schools are stumbling block for notchpractitioners,”saysoneHECParis the real powerhouses in this category international students graduate. “The programme is perfectly accounting for 17 schools out of 50, designedforyoungprofessionalshaving ahead of the US (eight) and France keen to study in the UK, limited finance experience and allows (six). Two UK institutions, LBS and says Laurent Ortmans them to be immediately operational Judge Business School at the University upongraduation.” of Cambridge, top the post-experience In the post-experience ranking, ranking. EC Paris and London Busi- alumni from LBS enjoyed the highest UK schools account for more than a ness School have tightened salaries on average three years after third of all graduates from the top 50 their grip on the top of the graduation at around $130,000 and the pre-experience programmes and not Financial Times rankings highest score for aims achieved (87 per only attracted nearly half of all female H of pre-experience and cent). The programme was also ranked studentsbutalsoalmosthalfofallinter- post-experience Masters in Finance firstforplacementsuccessandforinter- nationalstudents.Indeed,94percentof programmes respectively,having domi- national course experience. Its alumni studentsenrolledinaUKMiFpre-expe- nated the finance rankings since they were also ranked second for interna- rience programme in 2014 were from werefirstpublishedin2011. tionalmobilityandcareerprogress. overseas.About85percentofthesestu- The Financial Times Global Masters Five programmes feature in the pre- dents were from outside the European inFinancerankingsratethebest50full- Economic Area, including 55 per cent of time finance programmes for students the overall number from mainland with little or no experience of the finan- HEC Paris showed China. a strong cial industry, and the top five full-time performance The difficulty of arranging visas for programmes for experienced partici- throughout the the large contingent of students from pants. The rankings are based on a sur- Masters in Finance outsidetheEEApartlyexplainswhyUK vey of business schools as well as stu- rankings schools performed disproportionally dents who graduated in 2012. The data poorly in terms of international course measure how successful alumni have experience ranking for the first time. experience, with 14 schools ranked in been in their career in terms of salary, The highest new entrant is Lee Kong thebottomhalfofthiscriterion. seniority and achievements in the three Chian School of Business at Singapore Quite a few students were disillu- yearssincegraduating. Management University. The school sioned by UK visa regulations. “A lot of HEC Paris is not ranked first in any of came second in terms of the interna- peoplesawtheprogrammeasagateway the individual criteria but registered a tional mobility of its graduates, and is to employment in Europe,”says one. “If strong performance throughout. Its thefirstschooltofeatureinbothpre-ex- thiswastheobjective,thenalotofthem alumni have the fifth-highest salaries perienceandpost-experiencerankings. wouldhavegoneawayunfulfilled.” three years after graduation at $93,000 ESCPEuropeandMITSloanSchoolof and the programme is ranked third for Management in the US also performed For a key to the ranking, please go to value for money and the international well. Both schools climbed five places www.ft.com/finance-key Monday 22 June 2015 ★ FINANCIALTIMES 3 Business Education Financial Training The MiF can Chiefs should support their staff offer an edge through testing exam periods DespitethestatusoftheCFA Interview Paul Smith qualification,itremainsachallengeto encouragepeopletosignuptowhatisa over the CFA The CFA’s courses are three-yearprogrammeofstudy, extremely demanding, its coveringthreelevelswith3,000pagesof curriculumforeachone,MrSmith head tells Jonathan Moules admits. Onewaytosolvethiswouldbetohave The degree programme is becoming increasingly PaulSmitharrivesatourmeetingin financialexecutivestoviewtheir Londonexudingtherelaxedairof continuingprofessionaltraininginthe popular in the industry, writes Rebecca Knight The CFA exams: a lonely endeavour someonebackinfamiliarterritory, samewayaslawyersanddoctors,Mr despitehavingjuststeppedoffaflight Smithsuggests. he career path for aspiring per cent over the past four years. Enrol- training and then go out and apply their fromhishomeinHongKong. “Oneofthethingsthat’salways investment executives is ment has also increased by 24 per cent skillsinindustry.” “IliveintheFarEast.I’veworked thrownattheCFAisitisaveryhard fairly standard. After a few over that period. Meanwhile, 46 per Even some experienced investment threeyearsinNewYork,fouryearsin qualificationanditisdemanding,”he yearscuttingyourteethata centofcompaniesplantohireMiFgrad- professionals are drawn to the MiF, France,19yearsinAsia,butI’mfrom says. T bank, asset management uatesthisyear,anincreaseofmorethan either as a replacement for or as a com- here,”hepointsoutofthewindow.“I’m “Theproblemisthatitisalotof company or other financial firm, you 10 percentage points from last year, plementtotheCFA,accordingtoKasper thatrarebeastthesedays,someonewho studyingandifyouarenotsupportedin eithergoforthecharteredfinancialana- according to the Graduate Management Meisner Nielsen, associate professor of wasactuallyborninLondon.” thatstudybythebusinessthatyouwork lyst (CFA) designation — a series of Admission Council (GMAC) Corporate finance who teaches in the Hong Kong Beingaglobalcitizenismoreofan for,yourchancesofpassingtheexam three exams, each of which requires Recruiters Survey, which is based on University of Science and Technology- advantagethanbeingborninwhatis Paul Smith: ‘Our danger is irrelevance’ aresignificantlyreduced.” hundreds of hours of studying — or you responsesfromnearly750employersin NYU Stern Masters in Global Finance nowtheworld’smostglobalcitywhenit ResearchbytheCFAInstitutehas applytobusinessschool. 47countries. (MSGF)programme.Theprogrammeis comestorunningabodysuchasthe 174countriesregisteredforthelevelI,II foundathatthereisdirectcorrelation More and more, though, many stu- There are several reasons for the rise an “executive-level” masters where CFAInstitute,whoseinfluencestretches andIIICFAexamsthatweretakenthis betweenthosebusinessesthatallow dentsareoptingforanaltogetherdiffer- oftheMiF.Forone,theprogrammetyp- “most students have 10 or 11 years of acrosstheplanet. month,upbymorethan10,000onlast theiremployeestotaketimeofftostudy entroute:theMastersinFinance(MiF). icallylastsonlyoneyearandistherefore workexperience”,hesays. Theexaminationbodyhasofficesin year.AkeypartofMrSmith’sroleisto andtheirpassrates,MrSmithnotes. This degree programme, which offers less expensive than the traditional two- Many of his students have already eightcountriesandisresponsiblefor maintaintheexams’relevanceina “It’snotthetechnicallydemanding specialised knowledge of the financial year MBA — both in real tuition costs taken the CFA — particularly levels one settinginternationaleducational marketthathasseenmuchsoul natureoftheexamsthatarereallythe industry,preparesgraduatesforcareers and in lost earnings. And for another, or two. “It’s a natural starting point,” standardsforinvestmentprofessionals. searchingsincethe2008financialcrisis. problem,it’stheindustry’sattitudeto in corporate finance, capital markets, unlike the MBA, which strives to pro- Prof Nielsen says. “The CFA is a good MrSmithjoinedtheinstitutein2012 Therehasbeenatighteninginthe training,”hesays. andassetmanagement. duce well-rounded general managers, certification to have on your résumé if tohelpexpandtheeducationbody’s regulationandownershipstructuresof “Employerssaywe’llpayforyouto “There is an increasing trend toward the MiF is tailor-made for students pur- you’re going to have a career in this Asia-Pacificoperationbeforebeing manyleadingbanks.Atthesametime studytheCFAbutdoitafteryou’ve thesespecialisedmastersprogrammes,” suing finance careers. Many pro- industry. But it does not necessarily promotedtotheroleofpresidentand technologyischangingthewaythe workeda12-hourshift,whenyou’ve saysTomRobinson,presidentofAACSB grammes do not require prior work imply you understand all the aspects of chiefexecutiveinJanuaryofthisyear. industryoperatesandenablingnew gonehometoawifeorahusbandwho International, the business school experience. finance.” Hestillhelpsrunafundmanagement entrantstocomein. maybeupsetwithyoubecauseyou’ve accreditation body, and a former direc- “It makes sense to do a specialised Besides, he says, studying for the CFA business,basedinNewYork,butthe beenawayforthelast12hours. toroftheCFAInstitute.“Partofithasto degree earlier in your career because it is generally a solitary and therefore factthatheisbasedinHongKongrather “Youmayalsohaveayoungchildand do with the growing complexity of will serve you well for the first decade,” lonely endeavour. “You buy the materi- thantheUSwasadistinctadvantagein amortgageandallofthesethings,but finance and the pressure on employers saysMrRobinson. alsthenyouself-study.Butmanypeople securingthetopjobattheCFAInstitute, ‘The amount of time we wewouldlikeyoutositdownandread to satisfy regulatory requirements and MIT Sloan School of Management realisetheyneedinteraction.Theywant accordingtoMrSmith. spend talking about ethics yourCFAcurriculum.It’snothelpful,” showtheirstaffarequalified.” launched its Master of Finance pro- a high level of learning in the classroom “Theinstituteisagenuinelyglobal headds. Students recognise its worth, too, he gramme in 2008 at the height of the andfromtheirpeers.” organisationbutwearelargely,Ithink, has risen exponentially’ TheCFAInstituterecommendsthat says. “Over the past five years, the job financialcrisis. The goal, says Daniel Bergstresser, knownasAmericanorUS-centric,”he allinvestmentprofessionalsshould market has tightened and a masters in “Twenty or 25 years ago, an under- associate professor of finance at Bran- says.“Thatispartlybecausethatis, “Ourbiggestdangerisirrelevance,” havestartedonitsexamswithin12 finance is a way to show you’re better graduate degree was enough,” says deis International Business School, obviously,wherethefinancialmarkets MrSmithadmits.“Thereisasubstantial monthsofstartingemployment,butMr thanthenextcandidate.” Heidi Pickett, the programme director. which also offers the MiF qualification, arestilldrivenoutof,largely.Ithinkthe effortonourparttotrytomakesure Smithbelievesthatyouarenevertoo WhiletheMiFisbynomeansasubsti- “Todayyouneedagraduatedegreetobe is to enable students to “acquire specific boardofgovernors,whichisour thatthecurriculumiscurrent,is oldtostartorfinishyourtraining. tute for the CFA — the designation competitiveinfinance.” knowledge and skills” in finance — ultimategovernancebody,feltthatwe relevanttoindustries’requirements.” Heshouldknow,havingpassedhis remains a key qualification in the MIT Sloan’s programme launched including how to value options, how to neededtodomoretoaccentuateour Ethicshasbecomemoreofafocus CFAqualification15yearsagowhenhe investment industry,particularly in the withaclassof26students.Lastyear,the calculatespreads,andhowfixedincome globality.” giventhefinancialscandalsofrecent was40. fieldofassetmanagement—theMiFhas school received 1,700 applications for markets work — combined with an abil- HeadingtheCFAInstituteisan years.“Thishasalwaysbeencentralto “Knowledgeisgoodforitsownsake become an increasingly popular degree 120 seats. “There’s a heightened aware- ity to speak and communicate and importantresponsibilitybecauseits ourcurriculumandthishasnot andformethecharter[CFA amongstudentsandemployersalike. nessandinterestinthisdegree,”saysMs write. charteredfinancialanalyst(CFA) changed,”MrSmithsays.“Theamount qualification]helpedconsolidateand According to research from the Pickett. “We’reteachingstudentsnotjusthow designationisseenasagoldstandardfor oftimewespendtalkingaboutethics refreshmyindustryknowledgeata AACSB, the number of its accredited “It’s for people who know what they to solve problems, but also how to iden- thosepursuinganinvestmentcareer. hasrisenexponentially,though. timeofmycareerwhenIneededto schools that offer an MiF has risen 27 want to do. They come here, get solid tifythem,”hesays. Justshyof160,000candidatesfrom Necessarilyandregrettablyso.” challengemyself,”hesays. 4 ★ FINANCIALTIMES Monday 22 June 2015 Business Education Financial Training Moocs aim to Post-crisis nerves drive demand for become more financial fitness

sticky and far Standards Additional pressure is coming from investors such Firms are responding as pension funds, which are to rising complexity, becoming more demanding says Sarah Murray when it comes to the qualifi- more specific cations of the fund managers they hire, with some adding When Nitin Mehta talks these requirements into Crowd pleasing Providers set sights on improving about the importance of theirrequestsforproposals. financial training, he likes to “We’re seeing more of online study metrics, reports Barney Thompson compare bankers with doc- that,”says Mr Mehta. “Some tors. of the large institutional “What’s good for health- asset owners are asking the t is a problem as old as teaching uct management and design team. Mr the creation of interpersonal connec- Specific courses: because they are targeted and packaged care should be good for right questions and in itself, merely transferred to the era Willerer’s experience included stints at tions”,wroteAnantAgarwal,chiefexec- a big trend is the inawaythatmakessenseforstudents.” wealth care,”says Mr Mehta, response employers are of the Mooc: how do you keep stu- Facebook and Netflix. Simon Nelson, utive of edX, in a recent blog post on the move towards One striking example came recently managing director for demanding those qualifica- dentscomingbackformore? chief executive of FutureLearn, a heav- subject. smaller whentheUniversityofIllinoislaunched Europe, the Middle East and tionsoftheirstaff.” I When massive open online ily design-focused platform owned by “Oneofthehottrendsrightnowisthe packaging of an iMBA on Coursera — the platform’s Africa for the CFA Institute, Meanwhile, some argue courses, or Moocs, first appeared, much the UK’s Open University, worked on useofMoocsincorporateenvironments subjects, firstMBA—inMay.Thisconsistsofaset an association of investment that financial training also of the hype centred on the “democrati- theBBC’sRadioplayerandiPlayer. for training,”says Mr Chung, where col- particularly in of specialisations, or mini-series of professionals. needs to go beyond the tech- sation of education” — courses from the An increasing trend in recent months laboration in small teams is central to business courses, in different areas of business. “Neither you nor I would nical education required for world’s top universities made available has been self-paced courses — courses the course. Notable in this sphere are education “Youcanworkyourwayintoit,”saysMr go to a doctor if he wasn’t certification so that execu- toanyonewithaninternetconnection. you can start and finish at a date of your newcomerssuchasNovoEdandEdCast. Mika-Images/Alamy Willerer. properly qualified. And yet tives at every level of the It was easy to sign up — but it was just own choosing, rather than have to join They offer both large-scale Moocs and Other providers aim to keep students the same requirements organisation become more as easy to tune out. The Mooc was too at a fixed time. But while this may suit smaller, privately run courses where hooked with sheer production values. aren’t there for many of the financiallyliterate. impersonal: no campus, no student peoplewhowouldotherwisefindithard groups submit assignments collectively, Bocconi University, for example, is rolesinfinance.” “During and before the body, no upcoming essay deadline with to fit learning in around their jobs, “the mark each other’s work and even rate establishing a reputation for the quality It is not the first time this financial crisis many finan- a stern professor to mark it, no bar in challenge is to keep a sense of commu- individualmembers’input. ofitsvideos. complaint has been made. In cial services professionals whichtoswapideas.Dropoutrateswere nity . . . and interaction”, says Charlie Coursera also aims to nudge students “We have never made a carbon copy the aftermath of every finan- working in large organisa- huge. Very quickly,Mooc platforms had Chung, editor of the blog Class Central, in self-paced courses into sticking with [on video] of the traditional lecture,” cial crisis, calls go out for tionsfoundthemselvesoper- to work out how to make their courses whichcoverstheMoocuniverse. them by suggesting deadlines and says Valentina Todoro, who leads pro- greater rigour in the way ating in silos, concentrating “sticky”. “In programming or problem-solving emailing reminders to finish certain duction and project management for financial sector employees on very narrow and specific Over the past few months, most have Moocs, if you have a question and go to tasks. As a result, “we are seeing many Moocs at Bocconi. “Younger genera- are trained. Today, however, lines of work,” says Mr Fra- concentrated their efforts on making the discussion forum, chances are you more people — double-digit [percent- tions are used to videos, and good vid- a combination of competi- ser.This,hesays,meantthey courses more personal and thus more can already find the answer. If there is age]improvements—completing”,says ‘At Coursera eos, so we exploit all the possibili- tive pressures, demand from had limited awareness of engaging. In general terms, the basic no ‘critical mass’ of students, you might MrWillerer. we are ties . . . for interaction: freezing the investors and tightening reg- how their roles affected not ingredients have remained the same as not get an answer and the [forums] feel “At Coursera we are running more video to ask the community to say what ulations means institutions only the organisations in in the early days of the Mooc — videos, old.” than 200 experiments to give learners running they think, or ask a right/wrong ques- have growing incentives to which they worked, but also lectures,discussionforums,quizzesand One answer has been the “cohort” — a different experiences and see which more than tionandthenhavetheprofessorexplain develop a workforce that is societyingeneral,“whichled projects.Butthewaythesearedelivered group of like-minded people studying performsbetter.” the answer, or putting in links [to out- bettertrained. to many of the problems we hasrapidlyevolved. the same course who can team up to ask Another big trend is the move 200 sidecontent].” And there is no shortage of saw in the immediate after- Platforms have turned to organisa- each other questions or just chew over towards smaller “packaging” of sub- experiments’ Mr Chung is seeing more of these companies ready to provide math”. tions where the online consumer “expe- the lessons. Cohorts can be formed of jects,particularlyinbusinesseducation. Tom Willerer, techniques. “Platforms should be doing in-housetrainingtofinancial Much of this can be put rience” was vital for their success. people “from related organisations [or] “People want the specific course,” says Coursera this — questions that pop up, exercises institutions, from Training down to a broader form of Coursera, the largest, hired Tom Will- thosewhosharesimilargoals,[and]cre- Mr Willerer. “Finance, marketing, dig- thatmakeyouuseinformationfromthe TheStreet,acorporatetrain- financial illiteracy, as Nuno erer in November 2013 to lead its prod- ate opportunities for networking and ital marketing are all doing really well outsideworld,”hesays. ingcompanycateringtoWall Fernandes, professor of Street firms, to Adkins finance at IMD business Matchett & Toy, a training school in Switzerland, points group with offices in the US, out: “In most financial insti- theUKandHongKong. tutions you have a very Professional associations short-term orientation for Pick a career path then the right qualification such as the CFA Institute profit without adequate con- offer a range of educational sideration for the capital or and certification pro- for the risk,” he says. “These grammes. And while are key finance principles Investment industry want to see evidence of humility — that investment professionals who advise engineering and economics — even at embarking on a full-time that have been forgotten by you know the limits of what you know, individualclientsinareassuchasretire- the undergraduate level — is helpful, MBA may not be necessary many banks over the past The more tech-savvy and that you’re not one to confuse luck mentplans,insurance,andincometax. accordingtoRonD’Vari,chiefexecutive or feasible for many people, fewyears.” withskill”,shesays. Risk management certifications are of New York-based advisory firm business schools have been This, he says, means run- candidates are the more This is not to say that certifications also increasingly popular. The Global NewOak Capital and a former Black- beefing up their part-time ning programmes for every- valuable they are to a fund, and graduate degrees do not matter. On Association of Risk Professionals Rock managing director. “It’sa world of executiveprogrammes. onefromseniorexecutivesto writes Rebecca Knight the contrary, says Mitch Ackles, presi- (GARP) and the Professional Risk Man- data,”he says. “We want to see that you “We’re seeing resumption first- and second-level man- dent of the Hedge Fund Association. agers’ International Association can work with data, manipulate it, and of growth in the financial agers. “The best results are “The job market is more competitive (PRMIA)aretwotradeassociationsthat makedata-drivendecisions.” training market,” says Mr achievedwhenyoutouchdif- Ask Gita Rao, a fund management than it’s ever been and you have to find offer certification tests. Known as the Mr D’Vari tends to look favourably on Mehta. “When you look at ferent parts of the bank, industry veteran, what it takes to be that edge,” he says. “The edge is often financial risk manager and professional masters-level business programmes, the number of candidates because people start to talk a successful in asset management today yourdesignation.” riskmanagerrespectively,thequalifica- but he is quick to advise students to enrolling in the CFA pro- commonlanguageandgaina and she will recite a number of key For asset managers, the chartered tions show students’ understanding of make sure they obtain internship expe- grammewe’rebacktorecord common understanding of attributes. financial analyst (CFA) credential is a financial markets, the mathematical rience, too. “Sometimes students come levels.” the objectives. That’s very “Ittakesanincrediblefocus.Youhave goldstandard.TheCFArequiresamini- basis for risk management, and risk in with too much of an academic per- Similarly, since the finan- important.” to be very decisive [and] you have to be mum of four years’ prior work experi- managementtechniques. spective and not enough practical cial crisis ifs University Col- Prof Fernandes also an independent thinker, but you also ence and comprises three individual Certain graduate degrees, in particu- understandingoftheindustry,”hesays. lege, which provides a range believes that financial train- have to be able to work well with others exams that focus on investment tools, lar a masters in finance, are also sought MIT Sloan’s year-long programme of financial courses, has seen ing should be designed to and collaborate effectively,” says Ms concepts, and wealth planning. Each after by employers, says Mr Ackles. “A targets students with little or no prior a jump in interest from enable finance specialists to Rao,whoisthefounderandpresidentof leveloftheexamsincreasesincomplex- mastersinfinanceisextremelyusefulin work experience. In July, however, the organisations and individu- become better equipped to Aspari Capital, a consultancy focused ity and difficulty. Hiring managers at this industry,” he says. “Firms need school will pilot an 18-month pro- als, according to Alex Fraser, communicate with other on quantitative research and portfolio hedge funds look for candidates who number crunchers. When hiring man- gramme that gives students time to do theinstitution’sprincipal. banking executives and strategies,andthefacultydirectorofthe hold the global chartered alternative agers come across a graduate of this aninternship. “In the post-crash world, stakeholders. Master of Finance programme at the investment analyst (CAIA) credential. kind of specialised finance programme, Ms Rao also urges her students to there is a growing awareness However, he warns that MITSloanSchool. This qualification involves two exams. they know that person has studied this roundouttheirfinancialeducationwith oftheneedforincreasedpro- financial training alone can- As the asset management industry The first assesses a student’s under- material in-depth and can hit the courses on organisational behaviour fessionalism within the sec- not address systemic prob- has grown in complexity, hiring manag- standing of alternative asset classes and groundrunning.” because, as she points out, as they tor,”saysMrFraser. lems in an institution. ers in the investment industry have a knowledge of the techniques used to Employers also want candidates who progress in their careers and take on At the same time, tighter “Training has to be associ- growing appreciation for a job candi- evaluate the risk-return attributes of are familiar with technology and com- more management and supervisory regulations are being ated with structural changes date’s less tangible skills, says Ms Rao. eachone.Leveltwoevaluateshowwella Choices: do you puters, he says. “Weare at a stage where responsibility, “the organisational imposedoninstitutions. and incentive changes,” he need to gain a Of course, hiring managers still seek studentappliesthatknowledge. specific the more tech savvy you are, the more issuesbecomereallyimportant.Iprom- “There’s going to be a says. “Training for the sake certain credentials that demonstrate a Another qualification, the certified qualification or valuableyouaretoafund.” ise them that 10 years later they will greater requirement to dem- oftraining,withoutchanging potential hire’s financial facility and financial planner (CFP), varies country a more rounded This is why an educational back- lookbackandthinkitwasthemostuse- onstratefitnesstoholdapar- anything inside the institu- analytical ability — “but employers also to country. The CFP certification is for education? ground in maths, computer science, fulcoursetheytook.” ticularjob,”saysMrMehta. tion,isnotveryfruitful.” Schools adapt to changing times

Continuedfrompage1 their understanding of applied finance, With the jobs market stabilising, exams. They require a lot of additional says Ms Hammam, which is something many people are looking to financial work but can be undertaken while she suggests is not typically provided in training to enable them to switch roles workingfulltime. other (more theoretical) MiF qualifica- ormovetoanothertypeofcompany,Ms A fund manager could complete the tions. Hammam comments. “When people CFA exams, remain at work and avoid “There’s definitely more focus on see former students managing to get paying more than £40,000 to under- drawing upon the learnings from finan- great jobs they think then maybe the take a masters course, admits Marwa cial history, regulatory change in the costofthiscourseisagoodinvestment.” Hammam, executive director of the industryandethics,”sheadds. Moving to study at a school close to Master of Finance programme at Cam- “We find that the students are really the world’s financial centres can help bridge’sJudgeBusinessSchool. interested in the insights practitioners those aspiring to work in financial serv- Financial training remains a market share with them on the crisis and the ices, she argues, citing the case of four that lacks depth, she says, but defends MiF students from India on last year’s the masters qualifications offered by programmewhoallsecuredjobsinLon- business schools like Judge, not least 25% 28 don after graduating. There were 28 because their curricula are generally Rise in applicants The number of nationalities represented in the 45 stu- broad enough to enable students to to Frankfurt nationalities in dents that started the MiF at Judge last move into a wide range of financial School of Finance Judge’s MFin year and 17 of them had moved to the industryjobs.Theymayevenhelpthem in two years intake last year UKtostudy. launchtheirownbusiness. The internationalisation of financial “The CFA is probably still the profes- paradigm shift across various subsec- training alumni is a trend many busi- sional qualification of choice in the torsoftheindustry.” ness schools are noticing. This reflects worldoffinancebutislargelygearedfor Judge benefits from its proximity to the globalised nature of the industry buysidejobs,”shenotes.Applicationsto London’s financial services hub. studentsarelookingtoworkin. Judge were up 38 per cent this year to Although banks in the UK capital, like The shocks of the financial crisis were thehighestlevelsince2009-10. New York, culled thousands of jobs in unable to shake this trend. Those Students who embark on Judge’s pro- the wake of the 2008 crisis, hiring has schools that have embraced the move- gramme are typically in their late 20s rebounded in recent years, making top ment of ambitious individuals to the with some five years of finance work schools in and around these financial locations with buoyant banking sectors experience. centres more attractive to international appear to be reaping the rewards of They are interested in broadening students. higherstudentnumbers. Monday 22 June 2015 ★ FINANCIALTIMES 5 Business Education Financial Training

Class of 2012 Main motivations Top 10 countries by salary Percentage of Percentage of graduates Motivations (out of 10) . . . Average salary ($’000) graduates From China TV UAE 105 1 Female Hong Kong 95 3 9.2 8.7 8.5 8.3 8.0 US 93 9 Financial Career General Increased International Germany 87 7 30 education advancement education earnings mobility to the classroom Singapore 87 2 70 . . . and achievement (%) UK 75 19 Switzerland 73 6 Profile Martina Fuchs wanted to know more about Male Italy 72 3 Poland 71 2 the macroeconomic forces, reports Rebecca Knight Average salary ($’000) India 64 1 72 t was not necessarily part of Mar- York, is “a blend of perspectives from 68 tinaFuchs’careerplantogotobusi- Wall Street and emerging markets”, ness school for a masters in finance accordingtoMsFuchs. 57 Top five financial sectors by salary Percentage of degree. She is a journalist, after all, The 48 members of this year’s gradu- Average salary ($’000) graduates I not a stock picker, banker or a ating class, which includes Ms Fuchs, Private equity/ researchanalyst. had, on average, at least a decade of Venture capital 89 5 But early on in her position as senior work experience. They represented 11 Investment banking/ business correspondent for state-run differentcountries,withHongKongand Mergers & acquisitions 84 10 CCTV in China, Ms Fuchs realised she the US making up the lion’s share of the Derivatives needed to “broaden and deepen” her cohort. 99 91 98 90 75 83 2 grasp of financial markets to do a better Ms Fuchs is the first to admit she does Trading 83 3 Female Male All Financial Career General Increased International job reporting on the macroeconomic not fit the typical profile of the MSGF graduates Hedge funds 78 2 forces at play in Asia and around the student.ShegrewupinZürichandstud- education advancement education earnings mobility world. ied economic history in Geneva in prep- FT graphic. Source: FT research “Journalists touch on a lot of issues on aration for what she thought would be the surface but we don’t often go deep hercareerininternationalrelations.But into the subject matter,”says Ms Fuchs. after an internship with the Swiss gov- “I had the vocabulary and I could make ernment and another one with the UN, Contributors it sound like I knew what I was talking Ms Fuchs grew restless. “Government FT research reveals continued enthusiasm for the Masters in Finance about in interviews but at times I strug- felt too slow. I wanted to combine my Mark Esposito gled to understand how the macroecon- passions of travelling and communica- The recent rash of financial scandals $79,000 three years after graduation. Professor of business and economics at omyworks.” tions,”she says. “So I went into journal- has not dented enthusiasm for entering Although 17 British business schools Grenoble Ecole de Management and Ms Fuchs, who conducts on-air inter- ism.” the world of finance. FT data show feature in the ranking of the top 50 MiF Harvard Extension School views on a daily basis with chief execu- After completing a year-long pro- there is still no shortage of applicants programmes, only 3 per cent of Rebecca Knight tives, finance ministers, policy makers gramme in TV journalism at the Ameri- for masters in finance degrees. respondents are from the UK. The Freelance journalist and bankers from around the world, can University in Cairo, she joined Reu- Yet despite the obvious attraction of largest numbers are from China (15 per Jonathan Moules occasionally felt her confidence waver. ters in London as an international grad- increasing their earning potential, cent), France (11 per cent) and Germany The FT’s business education “Ifoundmyselfwondering:ifsomebody uate trainee. She then worked as eco- graduates from the MiF class of 2012 (7 per cent). However, three years after correspondent were to turn the microphone around nomics correspondent for the Gulf claim that salary bumps are less graduation, nearly two out of five (19 Sarah Murray and ask me about GDP growth or the region based in Dubai, where she cov- important than learning about finance, per cent) finance graduates work in the Regular FT contributor outlook for the consumer price index, ered the fall of Muammar Gaddafi, the advancing their career and gaining a UK. Barney Thompson wouldIbeabletoanswer?Iwasn’tsure.” Libyan leader, and political unrest in general education. The salary of those working in the Reporter/editor on the FT’s news desk To remedy the problem, she enrolled theMiddleEast. The majority are still relatively young, UK is above average at $75,000. Laurent Ortmans in the Hong Kong University of Science Shemovedontohercurrentjobatthe the data reveal. Students were, on Hong Kong: big earning potential However, those principally motivated The FT’s business education statistician and Technology-NYU Stern Masters in state broadcaster in Beijing in 2012. Ms average, 24 years old when they started by potential earnings should consider Terence Tse Global Finance (MSGF) programme. Fuchs, who covers Chinese economic their programme. Eighty-four per cent well as investment banking and the United Arab Emirates ($105,000), Associate professor of Founded in 2007, the year-long pro- news,ison-aireachdayat4pmand9pm had none or less than two years of mergers and acquisitions combined are Hong Kong ($95,000) or the US finance at ESCP Europe Business School gramme was developed jointly by the and does a variety of breaking news sto- professional experience. the top three sectors, each employing ($93,000). Steven Bird twoschools. riesandfeatures. Three years after graduation, about 10 per cent of all graduates. Globally, the average salary of female Designer The programme targets fast-track Ms Fuchs graduated from the MSGF virtually all students have achieved Private equity and venture capital offer graduates is significantly lower than Andy Mears financeprofessionalslookingtobecome programme last month and already their goals in terms of financial and the best remuneration at $89,000 on their male counterparts — $57,000 Picture editor more efficient and competitive in their applies the knowledge she gained in her general education, but about 10 per average. Those working in credit compared with $72,000. Germany, the fields. (Indeed the vast majority of stu- day-to-daywork. cent have yet to achieve that hoped for reported the lowest salaries at $49,000. Netherlands and Switzerland are For advertising details, contact: Gemma dents work for banks or financial serv- “Now I see how everything is linked. I salary improvement or promotion. Out of those who do not work in among the few countries in which Taylor, +44 (0) 207 873 3698 and icescompanies.)Classesareheldmostly don’t consider myself an expert but I Most graduates — 88 per cent — finance or banking, approximately 30 remuneration is almost balanced [email protected]. once a month on the weekend and the now understand credit derivatives, the currently work in finance or banking. per cent work as consultants and between genders. Editorial content in this report is curriculum, which involves modules in fixed-income market and initial public Consultancy and asset management as have an average salary of about Laurent Ortmans produced by the FT. Our advertisers have Hong Kong, Beijing, Shanghai, and New offeringmechanisms,”shesays. no influence or prior sight of the articles. 6 ★ FINANCIALTIMES Monday 22 June 2015 Business Education Financial Training Stop this paper chase and Squirrel founder took leap of faith start learning how to think Entrepreneurship GUESTCOLUMN specialised.Justconsiderhowlittlewe Alumni network gave valueliberalartsdegreesthesedays. vital support to creator This,ofcourse,isnottosaythat Terence Tse and specialisationispointless.Onthe of personal finance app, Mark Esposito contrary,itcanberatherattractiveto says Jonathan Moules humanresourcedepartmentswho oftenlookforcandidateswithexpertise, whichiswhytheCFAissoappealingto amily members struggled to manygraduatesandemployersalike. understand why, in 2013, Itisacommonquestion.Yearafteryear, Ourworry,however,isthattechnical Mutaz Qubbaj quit a decade- studentsonthecuspofgraduatingask qualificationsliketheCFAmayendup long career in investment uswhetherfurtheringtheireducationis furtherstrengtheningnarrowexpertise. F banking to become an entre- agoodidea.Theirreasoningissimple:in WiththeMBA,manybusiness preneur, having only completed his atoughjobmarketwheretoomany schoolsstillstructuretheirprogrammes Masters in Finance (MiF) at London peoplearechasingtoofewpositions, insilos,reinforcedbyanaccreditation BusinessSchoolafewmonthsbefore. addinganextralayerofqualifications processthatencouragesallofthemto His parents, in Jordan, were particu- couldmakethemmoreattractiveto standardise.Theprogrammesarethen larly concerned that their son, who had employers.Sofar,notsounusual. taughtbyacademicswhoquiteoften workedatMorganStanley,CreditSuisse Whatastonishesus,however,isthat havelimiteddirectexposuretothe and Pimco after completing his electri- anincreasingnumberofthemare industry. cal engineering degree on a scholarship consideringtakingthechartered ThiscanmeanthatMBAstudents to Boston’sMIT,should wish to sacrifice financialanalystprogramme(CFA),a missoutonanopportunitytothink the job security and regular MastersinFinanceprogramme,oran widelyacrossdisciplines.Insteadof salary of an employment contract. He MBA(withaspecialisationinfinance). developinglateralthinking,theyendup didnotevenhaveastart-upidea. Eureka moment: Mutaz Qubbaj left investment banking after deciding to become an entrepreneur — Charlie Bibby Forthem,themainquestionisnotso withacollectionofunconnected However, having had his eureka muchaboutwhethertheyshoulddoit academicdiscipline-specificskills. moment at one of many networking Having had a taste for entrepreneur- with employers to provide employees “We are hoping for rapid growth in oritsaffordabilitybutmoreabout Intoday’sjobmarket,wheremany events in London’s bustling start-up ship years before taking his masters with simple saving, budgeting and bill theUK,”MrQubbajsays.Squirrel’saim, whichonetochoose. scene and co-founded a financial man- qualification — he helped on a start-up management tools that plug directly he adds, is to become “the responsible Thereareinnumerablediscussions agement app business called Squirrel, duringhisundergraduatedaysatMIT— intopayroll,”hesays. employer’s choice for a solution to overwhichprogrammeisbestbuta Mr Qubbaj now claims to have a wealth Mr Qubbaj made sure he took some of Itisearlydaysforthebusiness,which, address their employees’ financial well- quickglancewillrevealthattheymostly Qualifications like the CFA of support, both from his family and the entrepreneurship classes offered by despite raising more than £1m through beingneeds”. offeronlyshort-termbenefits. may end up strengthening formerLBSclassmatesandtutors. the LBS programme. “I knew I loved aseedroundandgrantfundingfromthe Global expansion is already on the Comparisonsofthethreetendtofocus “One of the things I am most thankful working in financial services, but I also UK government agency Innovate UK, is radar following talks with potential onthecost-effectivenessofthe narrow expertise for is the unconditional support of my knew I loved the element of building still only at the trial stage of rolling out partners in the US, and Mr Qubbaj is qualificationssuchasin-depthfinancial family,”he says. “Yes, there was a ques- businesses within the places I worked its service. Initially it is marketing itself considering setting Squirrel up as what knowledgeversuswidermanagement businessgraduatesaretrainedwiththe tion of what I was doing, turning my andIknewIlovedtellingstoriesformed as a benefit that large companies can hecallsa“social”bank. skills;whethertostudyfulltimeorpart samesetof(technical)skills,students backonthismorecertainpath.Butonce aroundwhattheproductsdid.” providetotheiremployees. “What we are trying to build is very time;andachoicebetweenindependent needtorealisethattheircompetitive they grasped it, it has been overwhelm- The business has also been helped by relevant for the current time, with peo- studyandbeingpartofastudentbody. edgecouldcomefromtheabilityto ing to see how proud they are of what I winning pitching competitions and ple talking about austerity and facing Thelistgoesonandon. speakwithadistinctiveandindividual wanttodevelop.” accelerator programme contests, which jobinsecurity,”henotes. Wethinkthereisaneedforadifferent voiceacrossdisciplines. One of the main benefits of going to ‘The greatest challenge hasprovidedtheteamofeightstaffwith Although Mr Qubbaj admits that conversation.Onethatisfreefrom Itiscrucialforgraduatestolookat LBS,beforefollowingtheuncertainpath has been embracing mentoring support and office space in there have been a lot of sleepless nights, theseshort-sightedviews;onethat businessnotinisolationbuttobreak of an entrepreneur, has been the sup- centralLondon. which started when he left his job with- looksbeyondtheheadlines. downthetraditionalacademic portofthealumninetwork,particularly the uncertainty’ Squirrel was one of 10 start-ups cho- out any idea of what he was going to do, Onthebasisofmorethan20yearsof boundariesandmakesenseofcurrent through the school’s online messaging sen from the 350 teams that entered the he has no regrets about following the experience,firstasstudentsandnowas socialandeconomicaffairs. portal. Since graduating Mr Qubbaj has Barclays Techstars accelerator pro- pathhehaschosen. professors,webelievethemost Insteadofworryingaboutwhich A recent request for UK government becomeaboardmemberoftheMiFpro- gramme, run from a former East End “The greatest challenge has been importantfactoristheabilitytothink qualificationstogofor,graduateswould contacts — Mr Qubbaj believes Squirrel gramme. He sees this as a way of giving department store close to the bank’s making that transition from a salaried broadly.Weobserve,timeandtime bemuchbetteroffthinkingabouthow could be offered as a free money man- back to his alma mater by helping to Canary Wharf headquarters. They are job to entrepreneurship, embracing the again,thatstudentsarefairlynarrowin theythink. agement service to those on welfare shapethefuturecontentofthecourseso currentlypartoftheWayraUnLtdsocial uncertainty,”hesays. thewaytheythink. benefits — led to a meeting with White- that it is even more relevant to people enterprise accelerator and share an “It is getting away from the mindset Butcanweblamethem? TerenceTseisassociateprofessorof hallcivilservantswithindays. likehimself. open-plan office in the West End with that one day I am going back to a steady Oureducationsystemhasatendency financeatESCPEuropeBusinessSchool, “I had several responses back with Squirrel is described by Mr Qubbaj as other ethically focused tech ventures. pay cheque. It was one of the scariest tofavournarrowdepthratherthan andMarkEspositoisprofessorof people offering contacts as well as a “financial wellbeing platform”, The 10 also joined Boris Johnson, Lon- decisions, but right now I am defining breadth.Itstartswithelementary businessandeconomicsatGrenoble advice on ways to frame my request,” designed to empower people to regain don’smayor,on a trip to the US to show- the structure of my life and that in itself schoolthroughtouniversityandalong EcoledeManagementandHarvard MrQubbajrecalls. control of their finances. “We partner case London’s entrepreneurial talent. isexciting.” thewaypeoplebecomeevermore ExtensionSchool