QS Global 200 Business Schools Report 2012
By Nunzio Quacquarelli MA Cambridge, MBA Wharton 2 Contents
1. Summary: fast facts ...... 5 2. Introduction...... 7 3. Methodology ...... 9 4. Methodology: sample ...... 11
REGIONAL RATINGS 5. North America ...... 12 3 6. Europe ...... 16 7. Asia-Pacific ...... 19 8. Latin America ...... 23 9. Middle East and Africa ...... 25
SPECIALIZATION RATINGS 8. Corporate social responsibility ...... 26 9. Entrepreneurship ...... 29 10. Finance...... 32 11. Information management ...... 35 12. Innovation ...... 38 13. International management ...... 41 14. Leadership ...... 44 15. Marketing ...... 47 16. Operations management ...... 50 17. Strategy ...... 52 18. Conclusion ...... 54 19. Appendix: participating recruiters...... 58
The new edition of the QS Global 200 Business Schools Report will be available in fall 2012 About the contributors report must be credited to: QS Global 200 Author: Nunzio Quacquarelli is founder and Business School Report with a live link to: Managing Director of QS Quacquarelli Symonds www.topmba.com/global-200-12 Ltd, publisher of the leading MBA information hub TopMBA.com and organizers of the QS World Point of contact: MBA Tour. Nunzio has an MA from the University Simona Bizzozero, Head of Public Relations of Cambridge and an MBA from The Wharton at QS. She and is available to provide further School and has been responsible for publication of information and to put the media in touch the QS TopMBA.com Jobs & Salary Trends Report with the QS experts for commentaries or since 1990 interviews.
Analyst: Susan Gatuguta Gitau is a research Email: [email protected] analyst and member of the QS Intelligence Unit. Tel: +44 (20) 7284 7248, 4 Business education journalist: Kin Ly +44 (0) 7880 620 856, QS Quacquarelli Symonds Ltd Note to journalists 1 Tranley Mews Fleet Road, The content of this report is protected by London NW3 2DG copyright.** Should you wish to reproduce United Kingdom any of the tables present within this report, kindly get in touch with our PR department. www.TopMBA.com Each table and graph used outside of this
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New edition out fall 2012 1. Summary: fast facts
Regional ratings in the QS Global 200 Business region, although it is continually being Schools Report 2012 challenged. This year, 11 of the 36 Asia- Pacific business schools are based in North America Australia. US business schools continue their s s Heightened demand in India and China has dominance with rare movement among thrusted top performing business schools the top rated business schools, signifying into international employer’s spotlights 5 a very developed market which is difficult as the two country’s economic importance for growing institutions to penetrate at a continues to develop. high level. s Many of Asia’s business schools lack in s Movement lower down the largest regional international student enrollment, causing rating in the QS Global 200 Business concern among employers looking for Schools Report points toward an extremely graduates to work in a multinational competitive range of management environment. Exceptions include business education offerings, consistently striving schools in Hong Kong and Singapore, plus for perfection. Australia if looking at the wider Asia- Page 12 Pacific region. Page 19 Europe
s A large number of European business Latin America schools situated in the top cluster testifies s MBA employers in the region continue to to the quality of European business schools, look toward North American and European challenging the traditional dominance of MBA graduates to hire their management business schools in the US. staff, while local companies tend to hire s Though the UK remains the largest within their own country. Therefore, just contributor of business schools in the 10 business schools appear in the QS European rating, Spanish and French Global 200 Business Schools Report’s Latin business schools are also prominent, American rating.
reflecting global MBA applicant s Compared to last year’s Latin American preferences. regional rating, there have been big
s Eight new entrants to the European changes, signifying the ever evolving business school rating suggest the region nature of management education in a is still evolving in terms of employer region that is still developing its MBA recognition of management education. offerings.
Page 16 s Large and increasingly globally important economies are strong in terms of employer Asia-Pacific opinion of business schools in the region,
s Rapid improvement in the quality of the translating into possible future regional region’s MBA programs has translated management education hubs in Chile and into 26 business schools entering the Brazil. report since 2004, impressing international Page 23 employers with their graduates. Australia continues its dominance in this s Summary: fast facts
Middle East and Africa s MBA program curricula have changed as
s While the Africa and Middle East region is a result of the ongoing global economic in the very early stages of its development issues, resulting in employers valuing of management education, shown by few recent and future MBA graduates more so schools appearing in the QS Global 200 than ever. Graduates from schools located Business Schools Report, investment in the in or near global financial capitals appeal 6 sector coupled with huge political changes particularly to employers. in the region show great promise for new Page 32
and existing business schools to grow in s Heightened demand from employers international prominence. looking for MBA graduates with a specific Page 25 knowledge in information management has developed considerably as a result Specialization ratings in the QS Global 200 of technological innovation. Schools in Business Schools Report 2012 certain regions in North America are on employer’s radars more so than most.
s Business schools around the world are Page 35
placing greater importance in the teaching s Huge class diversity in many of Europe’s of corporate social responsibility, partly as a business schools see the continent’s result of the huge economic developments institutions perform particularly well in in recent years. This is not only in North terms of MBA employer opinion. North America and Europe, but developing American schools also see good results, management education destinations in while Asian business schools suffer from Asia-Pacific. difficulties in attracting international Page 26 applicants.
s A diverse range of nations represented Page 41
in the QS Global 200 Business Schools s Due to the economic woes in Europe Report’s entrepreneurial rating signifies and North America, MBA employers are the importance placed by both businesses looking to graduates versed in leadership and governments on future entrepreneurial in order to steer them away from possible talent emerging from MBA programs. future difficulties. Currently, business Page 29 schools in the US, UK, and other European destinations are among the most respected by employers. 2. Introduction
The QS Global 200 Business Schools Report originated *MBA specialization refers to a business school’s perceived area of in the early 1990s as an alternative to business school expertise among MBA employers. Throughout the report the above rankings. The ratings provide a detailed overview 10 areas of expertise are referred to as ‘MBA specializations’. of the most popular business schools around the world, based on details provided to QS by over 2,000 Global employability: business school rankings or employers who actively recruit MBA graduates. ratings? Without inferring any overall rankings, QS’ objective The objective of the QS Global 200 Business Schools 7 is to provide a resource to help prospective MBA Report is to provide an indication of the employability students identify the business schools from which of an MBA upon graduation. As such, QS believes a employers most actively recruit. The research is ratings system as opposed to the traditional business intended to be of use to MBA employers, prospective school rankings provides a reliable measure of the MBA students and institutions worldwide that are employability outcome of an MBA program. interested in international business education and recruitment trends. Traditional rankings assess on average 15 to 20 criteria in order to provide an overarching indication of At the heart of the report is the definitive list of 200 student satisfaction. These vary but are mostly based business schools from which employers prefer to on general aspects: academic peer review, citations recruit MBAs. This list is compiled from an annual per faculty, faculty-student ratio, and international survey of human resources (HR) managers and line students, for example. managers with recruiting responsibilities at companies around the world. Each year, employers recommend The QS Global 200 Business Schools Report only measures new schools to be added to the list. This is then sent to one indicator – the employability outcome of an MBA other recruiters to rate. program by region and specialization. Focusing solely on employers’ views provide a reliable insight as to The research provides ratings of the most popular which business schools produce MBA graduates and business schools according to two definitive categories: alumni that are favored by recruiters. This is derived Regional ratings: from employers’ votes as to which schools they prefer
s Africa and the Middle East; to recruit MBA graduates.
s Asia-Pacific;
s Europe; Employers and HR decision makers worldwide are
s Latin America; at the forefront of witnessing the worth of an MBA.
s North America. QS believes that they are in the best position to judge MBA specialization* ratings: the value of a business school’s graduates, and have
s Corporate social responsibility (CSR); among the most objective and informed opinions
s Entrepreneurship; as to which are the ‘best’ business schools. When an
s Finance; HR department selects a business school to recruit
s Information management; MBAs from, the decision will often be the result of an
s Innovation; intensive research exercise: evaluating the strength of
s International management; faculty, the facilities and the relevance of the course to
s Leadership; the employee and the company’s needs.
s Marketing;
s Operations management; Similarly, when HR managers choose which business
s Strategy. schools to recruit from, they will draw from a wide Introduction
range of information sources. They assess the There is a greater focus on regional MBA trends and in quality and efficiency of the schools’ career services order to provide data to help students and recruiters and the reputation of the school, for example. HR choose which schools to apply to and recruit from, QS decision makers look beyond rankings and examine has categorized its business school ratings by region. the facilities, the course content and the quality of students. Year-on-year, this survey reveals remarkable MBA specialization ratings consistency in school selection. Allegiance to particular According to the QS TopMBA Applicant Survey, school 8 schools is not gained or lost by one good or bad student specializations are the eighth most important criterion but by a sustained experience over several years. for school selection. According to the survey, which is the largest of its kind, school specializations are Providing regional MBA ratings more important to applicants than MBA rankings, Management education is globalizing. The past convenience of location, or recommendations from decade has seen an increase of accredited business peers, colleagues and even employers. schools open in emerging markets such as in the BRIC countries (Brazil, Russia, India, and China). The MBA curriculum is changing to respond to this in While business schools in the US and Europe remain the offering of MBA specializations. For professionals the most popular study destinations among MBA who want to further their careers in the field that they students, schools elsewhere in the world such as are already working in, an MBA with a specialist focus those in Asia-Pacific are growing in popularity. The would be a viable option. In developing ratings on proliferation of accredited programs around the globe MBA specializations, QS’ aim is to provide a useful has led to a wider choice for MBA applicants over the resource for prospective students and employers’ past few years. Recent trends indicate that there is alike to help aid decisions over which schools to apply greater onus on choosing the right country as well as to, or which to recruit from. MBA programs that do the right business school. According to the TopMBA. not offer specializations can still produce graduates com Applicant Survey 2011, over 50% of MBA that excel in specialist fields. students are choosing schools based on the country in which they wish to work. The results of the QS Global 200 Business Schools Report are based on MBA recruiters’ opinions and as such, Furthermore, international MBA recruiting is no longer employers also voted on general MBA programs the domain of a few prestigious US and European that provide training and education in any one of 10 companies. A growing number of HR managers in specialist fields, as well as programs that specialize in the Asia-Pacific region, Latin America, and the Middle a particular field. There is now greater diversity in the East are informed about MBA education. Managers in many MBA specializations on offer, but QS rates the 10 these regions have been asked to share their views on core MBA specializations. the schools they would prioritize for MBA hiring. 3. Methodology
The QS Global 200 Business Schools Report survey Each employer is asked to list, unprompted, the (hereafter referred to as the ‘survey’) captures the international schools from which they have recently preferred set of business schools each responding attempted to recruit MBAs. Each time a school is employer wishes to recruit from, either now, in the selected by an employer, it receives one vote and recent past or in the near future. the total number of votes is referred to as the ‘total unprompted votes.’ QS asks international employers to select the schools 9 they consider for hiring MBA graduates from. From a list of 500 business schools that have been Employers that focus on domestic hiring are not categorized by region, employers are then asked included in the survey. However, QS recognizes that to identify the schools they regard as attractive for many excellent schools that cater predominantly the purpose of hiring MBA graduates. In order to for their local recruitment market may therefore not be included in the survey, a school must have been appear in the tables. recommended by an employer in the previous year of the research. Each time a school is voted, it is given one We include only business schools offering full-time vote, referred to as the ‘total prompted votes’. MBA programs and as such well known business schools like ESCP Europe and HEC Lausanne (which The prompted and unprompted votes are added only offer executive MBA, part-time MBA and/or together to create the ‘total employer votes’. In order masters programs) are excluded. to ensure balanced results that are not subject to influence from the economic cycle, an average of the In order to produce the QS Global 200 Business Schools ‘total employer votes’ is taken from the current year’s Report, QS focuses on experienced HR and line research and the previous two year’s research. managers at organizations that actively recruit MBAs. Respondents from each company are asked a series of The best performing school(s) are given an index score questions about MBA recruiting in the previous and of 100 and the average total employer votes is indexed the forthcoming year. against the best performing school(s). This indexing does not affect the relative positions of schools in any Employer responses to these questions provide given year. This score is known as the school’s ‘index information on the following: of employer votes’.
s MBA recruitment trends; This research does not intend to infer an overall
s MBA salaries and compensation trends; ranking of schools. The tables list schools in clusters,
s Global business school ratings by region; categorized by region and specialization. The relative
s Global business school ratings by specialization. employer position of schools is displayed based on their employer score in that year and a rating within the region or specialization. Methodology
Table 1: Business school clusters
Number of schools featured Clusters by region Top Cluster: Second Cluster: Third Cluster: Fourth Cluster: Index of Index of Index of Index of Employer Votes Employer Votes Employer Votes Employer Votes >=65 >=23 >= 14 >= 11 10 North America 20 20 32 10 Europe 14 26 11 16 Asia-Pacific 4 14 7 11 Latin America 0 8 2 0 Africa & Middle East 0 2 2 1
Note: Numbers in brackets are numbers of schools from the previous report Source: QS Global 200 Business Schools Ratings (www.topmba.com)
Rating the business schools The table above provides a summary of the number of business schools in each region which make up the list of the QS Global 200 Business Schools Report. Schools which achieved an index of employer votes of over 11 are included in the definitive list of 200 business schools. Schools are presented in clusters which provide distinction in terms of recognition among employers. The relative positions within the clusters are not considered significant by the authors of this report. 4. Methodology: sample
Table 2: Sample of responding employers by region
Countries Sectors Consulting Finance Industry Technology
Asia-Pacific Booz & company HSBC Edam Instruments Apple Ernst & Young Standard RLS Pharma Google IBM ICIC Bank Tata LG 11 Electronics Europe Barclays AT Kearney Capital Emerson Intel Gallup Credit Suisse General Electric Philips Morgan Roland Berger Stanley Schindler SAP Latin America Banco Accenture Stantander Johnson&Johnson Schlumberger CT Partners BBVA General Motors Siemens Signium Bradesco MWM International Stefanini
US & Canada Deloitte CitiGroup Eaton Corp Amazon KPMG IFC World Bank Eli Lilly IBM McKinsey & Co. JP Morgan Pfizer Blackwater International
Source: QS Global 200 Business Schools Ratings (www.topmba.com)
The survey was conducted between March provide on the value of an MBA or concerns and July 2011 and represents one of the largest with MBA hires. exercises QS has undertaken in terms of geographic scope and level of detail. * Comparative figures for the previous year are shown in brackets. The 12,100 (5,007)* employers responding to the survey in 2011 were made up of 2,140 The following table gives a snapshot of some of (2,157) who were actively recruiting MBAs. All the organizations that took part in the survey employers who responded to the survey are across the world. A more comprehensive list guaranteed confidentiality for the components can be found in the appendix at the end of this of their individual responses, except for any document. open-ended feedback they have chosen to Methodology: sample
Aerospace/ Metal/mining 350 defence Pharmaceuticals/ Construction/ biotechnology/ 300 property health care Consulting/ Public sector/ 250 professional services goverment/ Electronics/ non-profit 200 high technology 12 Recruitment/HR Energy 150 Retail FMCG Telecoms 100 Finance IT Transport/ distribution 50 Law Manufacturing/ Travel/leisure/ 0 engineering hospitality Media/ Utilities Source: QS Global 200 Business Schools Ratings entertainment/ (www.topmba.com) arts Other
Industry distribution of employers s Latin America 44%*
The chart below shows the spread of employers s North America 5%
across 20 industries. This reflects the global s Western Europe 16% spread of industries that hire MBAs. The consulting and professional services sector *This year, the employer survey carried out as part of the are the largest respondents in 2011, reflecting QS Global 200 Business Schools Report data collection the surge in MBA demand within this sector. process brought in a large response from Latin America. Banking and financial services are the second Although we are delighted by this recognition, the sheer largest responding sector, followed by HR/ size of this input threatened to distort the findings, and recruitment services. Manufacturing, IT, FMCG so the influence of Latin America as a whole has been and energy are also well represented in the limited by setting its influence to match that of Western sample. Europe, an area of comparable population. To do this, response from Argentina, Chile, Colombia, Mexico, Peru Geographical distribution of employers and Venezuela was scaled back evenly, as these were Responses were received from employers across the most overrepresented nations, until the whole Latin the globe: American response matched that from Western Europe. Africa and the Middle East 5% In addition, a later weighting matches the overall s Asia-Pacific 23% response from the Americas with that from Asia Pacific s Australia and New Zealand 2% and from Europe, the Middle East and Africa. s Eastern Europe 4% s 5. North America
13
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) North America
Despite the ongoing economic troubles over Although average salary figures do not make up the past few years, business schools in the USA the QS rating, the North America table indicates and Canada remain highly relevant to global a clear correlation between the highest average MBA employers and a must-have for domestic salaries and the business schools that appear in employers. the top cluster. This is indicative of the salaries that employers are prepared to pay graduates As the historical home of business schools, and from the business schools that they value the MBA education, North America has always most for recruitment. been an attractive prospect for employers to 14 recruit MBAs from, with The Wharton School The following six business schools featuring in established in 1881 as the first ever collegiate the top cluster have shown huge improvements business school, and Harvard Business School in in employer reputation. Each school has the USA, which introduced the first MBA over a improved consistently, and year-on-year has century ago. climbed further up the ratings. The schools in the top cluster showing the biggest improvement In fact, for more than half of that 100-year period, this year are Rotman School of Management at the MBA program was largely confined to the the University of Toronto, and Samuel Curtis USA, allowing long-standing US-based business Johnson Graduate School of Management at schools to develop a significant reputation Cornell University, with both schools making among international employers. This is evident a 13-place jump up the North American rating. through the dominance of US business schools
in the North America regional rating. s Desautels Faculty of Management at McGill University;
Business schools featuring in the top 10 by s Queen’s School of Business;
and large remain the same as last year, with s Rotman School of Management;
the exception of UCLA Anderson School of s Samuel Curtis Johnson Graduate School of Management, which has climbed into the top 10. Management;
Those featuring in the top 10 have received more s Sauder School of Business;
than 95 in the employers’ index vote, a testament s Schulich School of Business. to the quality, and high level of competition among business schools in North America. Eight business schools have been rated in the Harvard Business School; Stanford University second cluster for the first time, signifying the Graduate School of Business; The Kellogg constant improvement in the quality of MBA School of Management and The Wharton education in the region, as employers realize School perform consistently well in producing the employability of graduates from schools that employable MBA graduates, all of which appear were previously under their recruitment radar. in the top 10 year-on-year. In particular, the six institutions below have made year-on-year improvements.
Maryellen Lamb, director of MBA career s Alberta School of Business;
management at The Wharton School says the s Claremont University: Drucker;
business school is particularly appealing to s Florida International University’s Graduate employers because of its “ability to nurture School of Business;
thoughtful leaders, thoroughly trained in all s George Washington University;
the core business disciplines, leading to an s Ohio State University: Fisher;
analytical recruit who is ready to take on globally s Tepper School of Business. complex challenges. This adds to a strong group of lifelong learners who put knowledge into action.” North America
There are 10 new schools entering the QS “We think employers are attracted to our Global 200 Business Schools Report from North students for the breadth of experiences and the America. The majority of them have entered the unique skill set that our program delivers.” ratings in the third cluster – jumping ahead of some schools that have featured in the North He adds: “Our students develop strong American rating since 2009. These include: skills in ethical leadership, entrepreneurship,
s Zicklin School of Business; innovation, technology transfer, and a global University of Saskatchewan; mindset. They are well positioned to help lead s
s John Molson School of Business;
s Loyola University Chicago; 15
s The University of Texas at Dallas; “Employers are attracted to our students for
s Smeal College of Business; the breadth of experiences and the unique
s The Johns Hopkins Carey Business School;
s Leeds School of Business; skill set that our program delivers”
s Daniels College of Business;
s Masagung Graduate School of Management.
William Kooser, associate dean for students organizations that recognize the importance of at the Johns Hopkins Carey Business School, innovative approaches to business and have which has entered the rating this year, says: the skills to adapt to business needs around the globe.” 6. Europe
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Europe
European business schools continue to be at the Spain and France also have numerous business forefront of innovation in business education, schools that are favored by employers to hire ensuring they attract top international talent MBA graduates from. Spain has three business which in turn attracts global MBA employers. schools in the top cluster, while France has two: Despite the economic woes of the region, 2011 Spain: has been a record year for employment statistics s IESE Business School; among European business schools, which are s IE Business School; 17 supplying MBA talent not just to local employers s ESADE Business School. in the region, but also employers across Asia, the France:
Americas and the Middle East. s INSEAD, France;
s HEC Paris. After a relatively slow adoption of MBA studies in Europe for the first 40 years after the The hiring preferences of employers are reflective Second World War, the last two decades has of the top three European destinations for MBA seen an explosion in the number of schools. study among prospective students. According The continent now hosts MBA programs in to the latest QS TopMBA.com Applicant Survey, practically all of its countries. 46% of prospective students want to take their Today, Europe has a large cluster of top-rated MBA in the UK, 24% in France and 21% in Spain.
European business schools continue to be at the forefront of innovation in business education, ensuring they attract top international talent business schools, challenging the hegemony While German business schools are relatively of US schools. The schools that take up the top young compared to other institutions in Europe, 10 places have a longstanding and established schools in the country are growing increasingly reputation. These business schools consistently popular among employers. Though the majority remain in the top 10 places, signifying a long- of the business schools in Germany are in the standing respect among employers of each second and third clusters, seven schools from institution’s MBA graduates. the country feature in the European rating. Furthermore, a sample of over 40 companies in The UK remains the leader in Europe, in terms Germany indicates a 27% rise in MBA demand of employer opinion of MBA graduates. The in 2011. majority of business schools featured in the European business school rating are from The German economy is usually the engine the UK – a total of 22 out of 67 schools (33%). of MBA demand in Western Europe. Strong Furthermore, the UK is the country with the demand for German goods in Asia in particular largest amount of business schools in the top has fuelled a demand for Asian MBAs to join cluster, with a total of four schools: German companies. Likewise, many service
s London Business School; companies are desperate to recruit German
s Saïd Business School; MBAs to serve their successful German clients.
s Judge Business School;
s Imperial College Business School. Europe
Italy and Switzerland also feature prominently in the rating, with four business schools located Europe has a number of up and coming in Italy and three in Switzerland. business schools that continue to develop their business management profiles Europe has a number of up and coming business schools that continue to develop their business management profiles, and are gradually moving 18 signify that the region is still evolving in terms up the ratings. These include the three new of MBA employer opinion. New entrants to the business schools in the top cluster, all showing European ratings include:
year-on-year improvements: s ESIC Business and Marketing School;
s Sorbonne Graduate Business School, IAE de
s Copenhagen Business School; Paris; s s Imperial College Business School; Goethe Business School; European Business School in Germany. s
s IAE AIX, Graduate School of Management - Université Paul Cezanne; Although there are many business schools in s University of Cyprus;
Europe that have earned consistent employer s EAE Business School;
index scores throughout the history of the s Middlesex University Business School; QS Global 200 Business Schools Report, eight School of Management, University of Surrey. s European schools entering the rating this year 7. Asia-Pacific
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Source: QS Global 200 Business Schools Ratings (www.topmba.com) Asia-Pacific
Year-on-year, business schools in the Asia-Pacific s Peking University, Beijing International MBA region are strengthening their role in the global Programs (BiMBA);
MBA education scene. For example, the number s The HKUST Business School;
of Asian and Australian schools featured in s Faculty of Business and Economics at the the QS Global 200 Business Schools Report has University of Hong Kong;
increased from 10 in 2004 to 36 this year – a s School of Economics and Management at massive rise in just seven years. This rapid rise Tsinghua University; 20
in the number of internationally recognized s The Chinese University of Hong Kong;
schools is indicative of the improving standards s Guanghua School of Management, Peking of Asian institutions, as employers increasingly University;
recognize the quality of MBA graduates from s School of Management at Fudan University. certain schools the region. HKUST Business School and CEIBS have Business schools in the Asia-Pacific region are featured prominently in the business school looking at the standard of top US and European ratings since 2009. Sherring Ng, head of MBA institutions as indicators of how they compare programs marketing and admissions at HKUST and where they could improve. Furthermore, Business School, says that a combination of its the economic growth in some Asian countries, MBA curriculum and cultural diversity in its particularly in China and India has heightened classrooms, are what makes HKUST particularly the demand for more accredited business appealing to employers. “The HKUST full-time schools in the region in order to train the next MBA programs are of over 25 nationalities and generation of successful business leaders. diverse industry background. The environment
Business schools in the Asia-Pacific region are strengthening their role in the global MBA education scene
The QS TopMBA.com Jobs and Salary Trends here enables students to absorb a wide range Report highlights that across Asia, and especially of cultures which help them to think out of so in India and China, employers are embracing the box throughout their post-MBA career MBAs – a trend that is also evident in the QS development.” Global 200 Business Schools Report through the rapid rise in the number of schools from the “With intensive training through global region that are represented. business plan competitions, overseas exchange, internship and many other workshops, China and Hong Kong are joining other major graduates are well trained to think from a wider players in the region’s management education perspective,” she says. sector, namely Australia, Singapore and India. Since 2009, eight business schools in China and Lydia Price, associate dean at CEIBS says that its Hong Kong have featured in the rating: diverse MBA program attracts employers from
s China Europe International Business School all industries, “especially given our focus on (CEIBS); both China and international business.” Asia-Pacific
“Investment firms value our graduates’ ability significant resources in their business education to assess a firm’s prospects for financial gain, sectors. At present only three business schools consultants value their ability to advise clients on from the two countries feature in the Asia- their future business, consumer and industrial Pacific rating:
product firms value their ability to design s International University of Japan’s Graduate product lines and services for the future, and IT School of International Management;
firms value the ability to design total solutions s Waseda Business School; 21 for client needs in the future,” she adds. s Seoul National University’s Graduate School of Business. Business schools in India continue to climb up the ratings. The number of Indian schools featuring By contrast, Singapore, with a smaller landmass in the Asia-Pacific ratings has increased, with and local population size is home to four business the addition of the Indian Institute of Foreign schools in the Asia-Pacific rating, showing the Trade. In an economy that is rapidly growing in international importance of the city-state, both global importance, the rise in employer opinion geographically and economically:
of MBA graduates is extremely promising in s INSEAD – Singapore;
ensuring the development of future business s NUS Business School;
leaders to sustain the fast-paced economic s Nanyang Business School;
growth. s Lee Kong Chian School of Business. INSEAD - Singapore, Melbourne Business Australian business schools continue to impress School and NUS Business School remain leaders MBA employers. In the Asia-Pacific region, in terms of employer reputation in the region.
Investment firms value our graduates’ ability to assess a firm’s prospects for financial gain, consultants value their ability to advise clients
11 out of 36 business schools are located in However, the Indian Institute of Management, Australia. Professor John Seybolt, former dean Ahmedabad leads the rise in reputation of of Melbourne Business School, says that this is in Indian business schools, joining the top cluster part due to the country’s long European heritage of schools in second place. and location, as Australia “is uniquely placed.” The four business schools in the top cluster have “It is a bridge between both cultures, perfect for scored very well in employer opinion, with [English speaking] students seeking exposure to employer index scores ranging from 86.3 to the emerging Asia-Pacific markets in the comfort 96.5. This is far above the top cluster minimum of an international English speaking country,” threshold of 65, suggestive of the growing he explains. standards of business education in the Asia- pacific region. However, despite their growing Given the size of their economies, Japan and prominence, most Asia-based business schools South Korea are under-represented by business have yet to appeal to employers in other regions schools featuring in the ratings, but this of the world. may change as both economies are investing Asia-Pacific
The top 10 schools in the Asia-Pacific region are biggest improvements in employer opinion this made up of institutions in the top and second year are two Indian schools, both jumping four clusters. Indian business schools have improved places up the ratings:
in international employer opinion considerably s Indian Institute of Management, Ahmedabad;
this year, moving up in both the Asia-Pacific s Indian Institute of Management Calcutta. rating, and almost all of the specialization ratings later on in this report. 22 Indian business schools have improved The schools vying for the top 10 positions in international employer opinion remain largely the same, with the exception considerably this year of Indian Institute of Management Calcutta, which has jumped to the top 10 from 12th place last year. The Indian Institute of Management, A number of business schools have gradually Bangalore has shown gradual improvements in climbed up the ratings over the past few the ratings, climbing from sixth (2009), to fifth years, representing the rapid growth in global (2010) and this year missed the top cluster by prominence of business education in the region, just 2.7 points. though it still has someway to go in order to be compared with that in North America or Europe. Overall, INSEAD - Singapore is the preferred Both Peking University’s Beijing International choice among employers, retaining its position MBA Programs and Sydney Business School in the top spot of the Asia-Pacific rating for three have shown large improvements in employer years running. The schools that have shown the reputation. 8. Latin America
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) 23
The majority of employers in Latin America are de Chile has climbed to the top spot, which still looking to hire MBAs educated at the best further points towards the region’s developing international business schools in North America economies. and Europe, while local demand that does exist in Latin America tends to be on a country basis Chile’s strong commitment to free trade has with few employers recruiting across borders stimulated large foreign investment. Its market- within the region. Few business schools in Latin oriented policies have created significant America have been successful in developing opportunities for foreign investors to participate an international reputation, and as a result are in the country’s steady economic growth. unable to attract as many international students Employers are attracted to the future prospects
The majority of employers in Latin America are still looking to hire MBAs educated at the best international business schools in North America and Europe
as business schools in Asia, a region which only this provides, and therefore need local business a decade ago could more easily be compared leaders to ensure those prospects become reality. in terms of the quality and availability of MBA This explains why both Chilean business schools education. featured last year have jumped significantly up the Latin American ratings. Pontificia Within the Latin American region, 10 schools Universidad Católica de Chile has made a have qualified for the Global 200 Business seven-place climb from eighth place to first and Schools Report this year. Universidad de Chile making a six-place jump to fourth position. The Latin American ratings have shown big changes compared to last year, representing Over the last decade, Brazil’s economy overtook the fact that the business education market Mexico’s, which at the beginning of 2000 was in the region is still developing in terms of the largest economy in Latin America. It is international employer reputation. A Chilean possible that Brazil will lead in oil production, business school, Pontificia Universidad Católica which Mexico has allowed to shrink. There Latin America
are also opportunities for MBAs to lead in the reveals a 100% increase in employer demand for setting up for the 2014 FIFA World Cup and 2016 MBAs within Mexico. Furthermore, the North Olympics in Brazil. Finally, the country boasts American Free-Trade Agreement (NAFTA) the 10th richest city in the world, and a global means Mexican businesses have extremely financial hub for Latin America in Sao Paulo. favorable trade agreements with those in North This explains why the two Brazilian business America. Last year the country completed schools, both based in Sao Paulo have climbed US$400 billion worth of transactions with the 24 up the ratings. United States, third behind Canada and China. This could see Mexican business schools moving Business School Sao Paulo (BSP) has shown up the ratings in the near future as multinational consistent improvements, moving up the Latin corporations based outside Mexico look to American ratings year-on-year. It climbed from recruit local talent in order to improve corporate fifth place in 2009, third in 2010, to second place ties within the country. in 2011. Armando Dal Colletto, dean of BSP says Brazil’s growing economy is one of many INCAE Business School remains the only Costa attractions for employers: “BSP’s MBA program Rican business school featuring in the QS Global includes thorough analysis of the current 200 Business School Report, which is in itself no
“The world is turning its eyes to the emergent countries [in Latin America] such as Brazil because of its strong and solid economic growth”
business environment and its trends. This is small feat considering the size of the country’s important as the world is turning its eyes to the economy and population. It has featured in the emergent countries [in Latin America] such as Latin American ratings since 2009. Dr Arturo Brazil because of its strong and solid economic Condo, INCAE president says its prominence growth, and cultural similarities and affinities to in the ratings is due to the program’s focus on Europe and North America.” emergent economies: “INCAE definitely excels in preparing our graduates to be agents of The three Mexican business schools featuring in change in Latin America.” the ratings: EGADE-Tecnologico de Monterrey at Campus Monterrey; Instituto Tecnologico He continues: “Beyond the traditional MBA Autonomo de Mexico (ITAM); and IPADE courses, the INCAE program addresses and Business School, Universidad Panamericana, prepares graduates for the unique challenges have all dropped. This may be due to employers in Latin American and many other developing favoring business schools in Chile and Brazil countries, including a long history of corruption due to how they are performing economically. both in the public sector and private sector, However, Mexico’s economy has good potential. extreme levels of poverty, and little consideration The latest QS Jobs and Salary Trends Report for the environmental impact of decisions.” 9. Middle East and Africa
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) 25
The business schools in this year’s rating for Village, established in 2003 has attracted the Africa and Middle East region have all many international business schools to set up featured in previous years. Three out of five of campuses within the purpose built education the schools are located in South Africa. There are facility. Initiatives such as these are relatively many more business schools across the African new ventures in the region and provide part- continent, but management education is still in time, online or rotational programs. London its infancy and it will take many years before Business School for example has a campus in these schools achieve real prominence on the Abu Dhabi. However, none of these institutions international stage. appear in the QS Global 200 Business Schools Report in their own right, as they do not As a result of the ongoing civil unrest in the produce dedicated full-time MBAs serving Middle East and North Africa region, and the employers in the region, and so are not included political developments that are following mass in the research. protests as part of the Arab Spring uprising, it could well be the case that in the future Employers are turning to some of the long institutions in the region may become more established university-based business schools prominent to international employers, as the in the region. The two schools vying for the ease of doing business within some countries top spots in this region are the long-established improves. However, if this does happen, it is University of Cape Town’s Graduate School not likely to be in the immediate future, as the of Business, founded in the 1960s and the countries experiencing these protests will first American University Cairo, established in be focused on overcoming the primary causes of 1919. Other South African business schools the uprisings themselves. feature prominently year-on-year, including Stellenbosch and Witwatersrand. In general terms, business education in the Middle East is in the very early stages of The University of Stellenbosch Business School development. However, with the region looking and Suliman S Olayan School of Business at the to diversify its economy away from a strong American University of Beirut have both shown reliance on the extraction and trade of natural year-on-year improvements. After holding fifth resources, countries such as the United Arab place for two years, the University of Stellenbosch Emirates and Qatar are investing in attracting Business School has climbed to third place. Suliman management education providers from abroad S Olayan School of Business, which entered the to help train local business leaders and future- African and Middle Eastern ratings in 2010 in proof their economies. The Dubai Knowledge seventh place, has moved to fourth this year. 8. Corporate social responsibility
26
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Corporate social responsibility
The role of corporate social responsibility (CSR) not focus as heavily on individuals’ post-MBA on MBA programs is rapidly evolving as a result salaries… the scale of the world’s challenges of the economic difficulties over the past five are simply too big for focusing so heavily on years. individual success.”
After the global recession at the end of the Here, the Global 200 Business School Report’s last decade, some, rightly or wrongly, placed CSR rating shows a dominance of schools in blame at the doors of business schools for North America and Europe excelling, through 27 failing to ingrain the importance of CSR values the eyes of MBA employers, in producing on their alumni. Further, protests around the graduates that take into account aspects of world against the perceived greed fostered in CSR in their day-to-day business operations. some industries shows a global population However, business schools in the Asia Pacific becoming increasingly frustrated with a lack of region are showing significant promise, with consideration of CSR in business. eight appearing in this year’s rating. Four of these are located in India, ensuring that future Will McDonald, European director of academic business leaders in the country’s rapidly programs at Thunderbird School of Management evolving economy are encouraged to consider explains the value of CSR to business: “The game the impact of the decisions they make on the has changed—it is essential that all managers wider community, at home and further afield. consider full stakeholder value over the long- term. Customers seek it, communities in which Business schools that have impressed employers
Even the business school rankings will eventually also have to change, to put more weight in measuring the global impact of a school or program
in the teaching of CSR values to their MBAs, and we operate insist on it, and your clients, business therefore made considerable improvements in partners and even employees will hold you this year’s rating include: accountable for making a positive contribution.”
s Michael G Foster School of Business;
s Thunderbird School of Global Management;
With such importance being placed on how s Johns Hopkins Carey Business School;
companies and organizations add to the s Indian School of Business; world they exist in, there is a strong argument s Indian Institute of Management; for general MBA rankings to incorporate s Lancaster University Management School. measurements of CSR into their methodology. Though CSR is fundamentally about the way “Our school’s president, Dr Angel Cabrera, that corporations address their responsibility to often challenges the industry, saying that even the communities that they are a part of, it is also the business school rankings will eventually also the case that from a profitability stance, MBA have to change, to put more weight in measuring graduates who are able to bring in elements of the global impact of a school or program, and CSR into their business practices are valuable. Corporate social responsibility
Sherryl Kuhlman, managing director at The Wharton School’s program for social impact Business leaders are increasingly aware explains that, “Far from being a drain on the of the role that their organizations bottom line, corporate social responsibility can play in addressing many of the world’s increase profitability by playing a vital role in major issues, such as health care, the both risk management and innovation. Wharton environment, energy, and economic research, for instance, demonstrates that initial 28 development investment in developing good relationships with stakeholders can have a significant financial payoff by preventing protests, work role that their organizations play in addressing stoppages, and employee turnover. And many many of the world’s major issues, such as health corporations find that social impact issues care, the environment, energy, and economic such as supply chain analysis, partnerships development. with social enterprises, and ‘bottom of the pyramid’ approaches can serve as true drivers “Business will ultimately drive success in these for innovation.” areas, and those leaders who understand these issues and can develop appropriate services and William Kooser, associate dean for students products to address them will not only create at the Johns Hopkins Carey Business School, successful organizations, but will also help build which climbed an impressive 23 places in this a better world. Knowledge and awareness of year’s CSR rating agrees. He explains that CSR are critical to success.” “Business leaders are increasingly aware of the 9. Entrepreneurship
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Entrepreneurship
While seemingly paradoxical, MBA employers jobs and growth. Not surprising therefore that are increasingly placing an emphasis on the entrepreneurship has a higher profile in business entrepreneurial talents of their new hires. schools.” Though traditionally an area where a business school graduate might aim to start up their This is one of the reasons that the QS Global 200 own enterprise, employers value the talents of Business School Report’s entrepreneurship rating graduates who can, in tough economic times, displays such a diverse group of parent nations, develop fresh sources of revenue, while the with 14 different countries providing homes to 30 graduates themselves find greater security in the top 50 business schools. testing their entrepreneurial ideas with the financial backing of their employers. This year’s rating sees Indian business schools performing particularly well, with the two “Interestingly, large employers were once Indian Institutes of Management in Ahmedabad reluctant to hire MBAs with significant and Bangalore, as well as the Indian School of entrepreneurship coursework for fear that Business and S P Jain Institute of Management the new hire was only passing time before and Research improving their reputation among starting his or her own business,” explains MBA employers considerably. This tallies with Dr Brian S Anderson, assistant professor of research by Ernst and Young, Entrepreneurs entrepreneurship at the Richard Ivey School speak out: a call for action to G20 governments
While seemingly paradoxical, MBA employers are increasingly placing an emphasis on the entrepreneurial talents of their new hires
of Business. “As large firms come to recognize which found India to possess the greatest that pursuing innovation and entrepreneurial- entrepreneurial culture among the G20 nations. centric strategies pays off in terms of better performance - something that research has However, as in many of the other specialization shown repeatedly - those firms are seeing more ratings, business schools based in Europe and value in MBAs that have knowledge of, and North America dominate. It is in these regions experience with entrepreneurship topics.” that MBA programs constantly evolve in order to suit the growing needs of society for However, with a gloomy economic outlook for entrepreneurial talent. much of the world, it’s not just businesses that are placing their faith in MBA entrepreneurs, Business schools showing notable improvements in as Séan Rickard, director of the full-time MBA this year’s entrepreneurship rating include:
program (2006-2011) at Cranfield School of s Indian Institute of Management, Ahmedabad;
Management explains: s Thunderbird School of Global Management;
s Indian Institute of Management, Bangalore;
“Governments have come to the view – rightly s IMD;
or wrongly – that their influence on their s Michael G Foster School of Business;
economies is greatly weakened in a globalizing s Indian School of Business;
world and now put great emphasis on business s Joseph L Rotman School of Management;
start ups and entrepreneurship to generate s S P Jain Institute of Management and Research; Entrepreneurship
s Boston University School of Management. of entrepreneurial studies and continues to emphasize entrepreneurship across all Dr Anderson continues: “I think the disciplines,” says Emily Gohn Cieri, managing entrepreneurship field in scholarly circles is director of The Wharton School’s entrepreneurial becoming far more accepted as a legitimate programs. “We teach students how to acquire an course of study, faculty hiring in the area is up, and more resources are being spent in The entrepreneurship field in scholarly developing very high-quality, experiential circles is becoming far more accepted as a 31 learning programs for students.” legitimate course of study,
One business school that has consistently rated highly for entrepreneurship is The Wharton School at the University of Pennsylvania. entrepreneurial mindset so they learn to adapt rapidly, throughout the venturing process, to “Wharton was the first business school new situations while avoiding fatal flaws and to develop a fully integrated curriculum traps.” 10. Finance
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Finance
A long-standing favorite specialist area for required leaders with an in-depth financial many MBA graduates, finance has taken a hit in know-how, but as the global economy evolves popularity amongst applicants in recent years, this need is growing more than ever. following the global financial crisis. However, as business schools continue to react to the ongoing “Financial companies offer unique challenges to financial events around the world, altering their their leaders and senior managers, particularly programs to incorporate the lessons that need on subjects as varied as leadership, trust issues to be learnt from such economically game- and regulatory framework changes,” explains 33 changing events, employers continue to value Professor Steve Thomas, executive MBA the modern approach of MBA graduates to course director and professor of finance at finance. Cass Business School, City University London. “Recent global developments offer unusual and At The Wharton School at the University substantial challenges to managers in this sector. of Pennsylvania, which over the years has Anyone planning to run a business with these consistently been rated top in fostering a additional issues present needs to ensure they financial prowess among their MBAs, evolution are knowledgeable and comfortable with a very of their curricula is important. wide range of management and professional skills.”
“Change has occurred both organically, as in the MBA curriculum review we just completed, and reactively, in response to the financial crisis”
“Change has occurred both organically, as in the When looking into specialist areas taught on MBA curriculum review we just completed, and MBA programs, it should always be made clear reactively, in response to the financial crisis,” that the MBA qualification has traditionally been explains Michael Gibbons, deputy dean at seen as a general management degree, and only Wharton. “These changes extend to all academic- recently have specialist programs dedicated related work such as courses, research, seminars, to the finance profession developed. As most and conferences. In the classroom, Wharton business schools offer numerous finance continues to offer an innovative curriculum focussed options, prospective students need that reflects its expertise in finance. Students are to look carefully when trying to differentiate provided with knowledge that is in-depth but between programs. One effective way is broad enough to be responsive to the vagaries through assessing the strength of the school’s of the market. In the post-crisis financial system, career service links within the financial industry it is apparent that business leaders need to around the world. The Stern School at New York understand government better given increased University, for example, regularly attract Wall regulation in the financial sector.” Street recruiters to campus.
However, it’s not purely the financial services Cass Business School in London has very strong sector that employ MBA graduates and alumni links with financial services MBA employers in who are well-versed in all that is finance. the City of London, and consequently appears Organizations outside of the sector have always strongly in the finance specialization rating. In Finance
the same way, the European Business School For this reason, many schools offer a large (EBS), based just outside the German financial range of finance-specific courses, both as part of capital of Frankfurt, returned the highest their core curriculum and as optional electives. number of votes of schools in the country. In The University of Chicago’s Booth School of Asia, the National University of Singapore Business is well known for its quantitative and Business School (NUS) returned highest. analytical finance focus, and traditionally places around 75% of their graduates in finance and Other business schools that have shown big consulting jobs. The opening of their executive 34 improvements in how employers value their MBA campuses in the financial centres of MBA graduates’ financial abilities include: London and Singapore has also helped increase
s IE Business School; their perception among global financial services
s Indian Institute of Management, Bangalore; employers.
s IMD;
s Indian School of Business; MBA candidates may also be looking to move
s S P Jain Institute of Management and into the financial sector from other industries. Research; With jobs in the sector in great demand, schools
s Lancaster University Management School;
s S C Johnson Graduate School of Management; The financial services industry still provides s Cox School of Business; the largest amount of candidates to pursue s Nanyang Business School. the qualification across the world
Despite many MBA programs reporting an increase in diversity of working backgrounds that have established internship links with such in their class, the financial services industry still finance firms can particularly help candidates provides the largest amount of candidates to looking to switch industries. The Wharton pursue the qualification across the world. Many School for example, traditionally places many of students are looking to further their place in the its students in Wall Street firms for internships industry and have specific goals, so look to an at the end of their first year. MBA to help them achieve career progression. 11. Information management
35
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Information management
The fast-growing global importance of When comparing MBA programs, prospective information management to the business world students should consider the percentage of has created an increase in the demand for MBA the current class who have similar technical graduates with technical skills over the past backgrounds, and more importantly the decade. Of particular note is the fast-paced percentage of recent graduates who have growth in technology, specifically new platforms graduated to roles similar to that which they such as social networking formed on the back of seek themselves. If it is a technical management the rapid integration of the online domain into role that is being sought, then graduating class 36 everyday life. data will reflect how competent a school is at providing this opportunity. The main employers This shift has also seen growth in the number who recruit at a school, and the specific roles for of prospective MBA candidates with IT and which they recruit, will also give an indication of engineering backgrounds who look to build on the school’s ability to attract technically-focused their technical skills, instead of looking to switch recruiters. to the traditionally popular MBA industries such as finance, general management or consulting. MIT, Harvard and Wharton all appear strongly Importance has now been placed on combining at the head of the information management world class management skills with already rating. MIT has long been seen as a leader in established technical expertise. this field, combining world-class technical research with international management and Business schools excelling in the field have strategy expertise. The Wharton MBA offers an looked to reflect this demand from students and operations and information management major, MBA employers within their MBA curricula, allowing students experienced in their industry with growth in the number of MBA programs to focus the efforts of their study to enhance specifically designed for technical students. technical-based management skills. Specializations like information and technology management, for example, systems integration, Stanford’s Graduate School of Business also back office, and knowledge management features among the top performers in the
The fast-growing global importance of information management to the business world has created an increase in the demand for MBA graduates with technical skills
are an attraction for engineers, keen to make information management rating, with good the transition from a technical specialist to a links to many of the world’s top technology technical manager. companies based in and around the surrounding area of San Francisco Bay. Other schools from Although the traditional view of the MBA North America who appear strongly include the curriculum focuses on general management, Tepper School at Carnegie Mellon University, many large and specialist business schools offer and the Georgetown McDonough School of electives for MBAs to specialize in information Business, who offer multiple operations and and technology management. information management elective courses. Information management
of information management to MBA students Business schools that have made include:
considerable gains in employer reputation s IESE Business School;
for their teaching of s ESADE Business School;
information management s Thunderbird School of Global Management;
s SDA Bocconi School of Management; In Europe, INSEAD, London Business School, s Joseph L Rotman School of Management; IMD, and IE Business School appear as the top s Darden School of Business. 37 rated schools through the eyes of employers. INSEAD boasts world-class faculty in the There are more Asian-based schools featured field of information management, found at in the information management report than the technology and operations management are found in many other specializations. The area within the school. IE and HEC similarly Indian Institute of Management in Ahmedabad both have world-class faculty in this topic, appears highest, followed by other technically- publishing numerous research papers covering renowned schools such as Melbourne Business developments in information management. School, the University of Technology, Sydney, and the University of Hong Kong. NUS Business Business schools that have made considerable School in Singapore and the Indian Institute of gains in employer reputation for their teaching Management in Bangalore also feature strongly. 12. Innovation
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Innovation
Innovation has long been both the cause and a specialization in innovation, a business effect of developments in MBA curricula taught school has to be supportive to new ideas; it at the world’s highest respected business schools. should build up a positive atmosphere that With the stories of many famous business leaders encourages people to express their own opinion beginning through innovations of new or current and to take risk. Communication channels and processes and technology, schools understand occasions that allow collections of new ideas and the importance of developing the ability to form experimentation will facilitate the innovation innovative ideas and implementing them in the process.” 39 future business world. When considering MBA programs that will help Many faculty members at top business schools encourage innovation in management, there are see the practical application of their teaching a number of factors to consider. and research, particularly by the graduates who pass through their MBA programs, as their One important consideration is the opportunity contribution towards the development of long- to interact with class mates to help build term business methods and procedures. Schools perspectives and shape business ideas, and try to offer their support in creating a working consequently importance is placed on diversity environment to best foster management figures of the current MBA class. If the levels of innovation in their students. interaction between MBA students is high, then it makes sense that the more diverse the class, Sherring Ng, head of marketing and admissions then the more opportunity there is to learn from of HKUST Business School’s MBA programs students with different working and cultural stresses the importance of innovation in order backgrounds or perspectives. to foster sustainable growth in business: “Innovation helps to improve productivity, Further linked to this concept of creating an add value to the existing services or product innovative working environment is the way in or improve efficiency of business operations. which the class is taught. A program that offers
Employers value innovation because employees with this competence are likely to help the companies to create new products, processes, or services
Employers value innovation because employees a large amount of group work and opportunities with this competence are likely to help the to work on case studies may find that innovation companies to create new products, processes, is more prevalent. Schools that teach with a case or services which will meet the ever-changing study method, such as Harvard Business School, demand in the market and sustain business Richard Ivey School of Business, The Darden growth.” School of Business at the University of Virginia and IESE Business School, offer their MBA Ng continues, explaining what innovation students the chance to interact with classmates at MBA level involves: “A specialization in on real business cases, often inviting business innovation entails creativity, imagination and leaders to facilitate the learning process. open-mindedness to new ideas. To facilitate Innovation
In North America, MIT: Sloan, Stanford GSB, a Management Innovation Lab following Harvard, Wharton return the highest number research into sources of competitive advantage, of employer votes. They are closely followed and works with companies to experiment and by Kellogg School of Management and NYU innovate around their management practices. Stern who also make the top ten. Each of these schools hold established records at developing In Asia, Indian business schools are again high-profile innovative business leaders across showing their rapid development, with the two 40 industries, often achieved through differing Indian Institute of Managements in Ahmedabad methods. and Bangalore entering the top 15. The Indian School of Business and the Indian Institute Harvard’s case study method allows students of Management in Calcutta also show good to assess and analyze real life scenarios, before progress in the eyes of employers seeking MBA engaging in class discussion. Proving the graduates versed in innovation. institution’s commitment to innovation, The Elsewhere in the Asia-Pacific region, HKUST Business School, the University of Hong Kong In Asia, Indian business schools are again and Melbourne Business School are well- showing their rapid development respected by MBA employers and recruiters.
Other business schools that have gained Wharton School appointed Karl Ulrich to the significantly in employer opinion for innovation new role of vice dean for innovation in 2010. include:
His responsibilities include identifying and s University of Chicago Booth School of developing the most high-potential projects that Business;
emerge from the school. s SDA Bocconi School of Management;
s Thunderbird School of Global Management;
In Europe, INSEAD, London Business School s IPADE Business School;
(LBS) and IE return the highest number of s Joseph L Rotman School of Management;
votes. London Business School (LBS) created s The Fuqua School of Business. 13. International management
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) International management
MBA education evolves with the changing needs desire to gain global exposure and work within of a competitive economic environment, and a diverse and international team. Often they over the past decade, international management have international work experience and look and the need to understand management within to both study and work in a different country a global context has grown significantly in to their own. “The internationalization of importance. business demands a sound working knowledge of the principles of international finance and the 42 Top business schools have seen the necessity operation of international financial markets,” of creating international MBA classroom Crosby highlights. environments that reflect the ever increasing international working environment. A number Employers who responded to the latest of leading business schools have designed their TopMBA.com Jobs and Salary Trends Report curricula to focus on international management, strongly agreed that screening for language while other schools have launched specialized skills is an important part of the hiring process.
Employers value innovation because employees with this competence are likely to help the companies to create new products, processes, or services
MBA programs in this area. The same employers also consider inter-cultural Mark Crosby associate professor of economics communication skills to be of significant worth, and associate dean at Melbourne Business unsurprising therefore that 14 European schools School says that “international management feature in the rating. is increasingly becoming an integrative part of the curriculum as opposed to a standalone With its diverse mix of home nationalities, close concentration featured in MBA programs of the international ties, and a strong global perception past. of MBA education, European business schools prove extremely attractive to international “Understanding the vital role that international applicants, translating to internationally trade plays in the world economy and the diverse classes. The international make up resulting implications for business is a key of the European business school’s full-time objective for an MBA student. Accommodating MBA programs that feature in the top 10 are globalization, dealing with the world financial impressive: crisis, and achieving sustainable development
are among the major challenges facing the world s INSEAD, France: 90% international students;
economy. s London Business School: 90% international students;
“The international trading system for example, s IE Business: 89% international students;
is central to successfully addressing these and s SDA Bocconi: 67% international students. other global challenges,” he adds. US business schools also do very well in this Many students who pursue a specialization in rating – six US business schools take up positions international management are driven by the in the top 10, and overall 24 US business schools International management
are featured in the international management different countries, such as France, India, and specialization rating. Those vying for the top Japan. 10 spots are schools that are globally renowned and have a long-established reputation, Schools rated highly in the international particularly in developing graduates with management rating tend to have multiple solid global business credentials. As a result, campuses across the world. INSEAD’s MBA for instance runs in a dual campus format, graduates from their programs are particularly 43 attractive to employers. For example, Harvard where students are able to study at either of Business School has featured in the top five in their campuses in Singapore or France; while this rating for two years running, most likely Thunderbird School of Global Management has due to its reputable ‘global initiative’ framework locations in Switzerland, China, Russia, and developed in 1996. The initiative builds on Mexico, in addition to its main campus in the global engagement and encourages a global US. outlook in research, study, and practice. The Wharton School has also featured in the By contrast, business schools based outside of top five for the last two years. The school North America and Europe do not perform as well in the international management rating. This is mainly due to the huge interest in Business schools that have made MBA programs amongst local applicants from considerable gains in employer reputation countries in Asia, Latin America, and Africa and for their teaching of the Middle East. In turn, this makes it difficult information management for schools to attract international applicants, as those applicants become concerned that after graduation they might have difficulty finding encourages a cross-cultural approach to employment outside of the country or region business and provides advanced-level language that they studied their MBA in. As a result, many training. Students are encouraged to integrate MBA students attending local MBA programs their learning across disciplinary, linguistic, and in these regions do not receive as much regional boundaries. At Stanford University’s international exposure as their counterparts Graduate School of Business, students have in Europe and North America, and so are less the opportunity to develop international experienced in management at an international management skills by studying abroad in vastly level. 14. Leadership
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Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Leadership
Despite the ongoing academic debate about the He highlights: “To build and sustain a high ability to teach or simply nurture leadership performing organization, a leader must not only skills, many schools have adopted leadership point his or her people in the right direction. development as a primary thrust of their MBA Rather, a leader must also have vision and the programs. ability to connect with and continually nurture a network of relationships with other companies, However, business schools have come under organizations and people.” particular scrutiny in the past few years due 45 to the number of business leaders presiding Once again, business schools in the US and over failed organizations, some of which Europe feature prominently in this rating, with suffered prominent media speculation on 22 US and 17 European schools included. This their organization’s contribution to the global is reflective of the success of businesses in the financial crisis. Many schools have made a US and Europe, with Fortune magazine’s 2011 conscious effort to address and understand Global 500 rankings of the world’s biggest these issues, and consequently have worked at companies listing 133 US and just over 160 redesigning and redeveloping their curriculum European businesses. to reflect the type of student and graduate that they would like to see moving through their For two years running, Harvard Business School programs in the future. takes the top spot in the leadership rating. This does not come as a surprise as historically, David Bach, dean of programs at IE Business the school has produced more chief executive School says, “Students should embrace the crisis officers featured in the Fortune 500 companies as an extraordinary opportunity. Crises make than any other business school.
Students should embrace the crisis as an extraordinary opportunity. Crises make leaders. Anybody can succeed when things are easy. But real leadership is required when things get tough
leaders. Anybody can succeed when things are Other top schools are adopting innovative easy. But real leadership is required when things approaches. The Wharton School for example get tough.” provides leadership development training at a military academy in Quantico, Virginia as an Richard Ivey School of Business and executive optional part of its program, while other North director of the Ian O Ihnatowycz Institute for American schools such as the Tuck School of Leadership adds: “Crises often emerge in an instant Business have designed programs that are and are usually unexpected. There are no fast and tailored to each MBA student. easy answers, no simple rules to guide actions, and no pat solutions to the myriad of evolving issues that At Tuck the curriculum is designed as such that face organizations on a daily basis. In this vibrant MBA students can develop their leadership and volatile environment, the need for effective skills over two years, and each students has a leadership has never been greater.” personal leadership plan. The Richard Ivey Leadership
School of Business has also tailored its program Business schools located in emergent BRIC to appeal to MBA students keen to develop their countries (Brazil, Russia, India and China) do leadership skills. not feature prominently in the rating, compared to their North American and European UK business schools account for the majority counterparts. Of the four countries, India has of European business schools featured in this the most schools:
rating. These include: s Indian Institute of Management, Ahmedabad; s 46 s London Business School; Indian Institute of Management, Bangalore;
s Indian Business School; s Saïd Business School; s s Lancaster University Management School; Indian Institute of Management Calcutta.
s Cranfield School of Management;
s Ashridge Business School; China has one business school in the leadership
s Henley Business School; rating, CEIBS, while business schools based in
s Judge Business School; Russia and Brazil do not currently feature. As business education in these countries is
s Warwick Business School. still developing, employers continue to favor INSEAD and London Business School have graduates from business schools in the long- a longstanding reputation for leadership standing markets of the US and Europe. development on their MBA programs. Both However, as schools in the BRIC countries offer very different approaches; however they continue to develop their business education also have similarities in that both schools offerings, it is likely that international have widened and developed their executive employers will look more to these schools education curriculum, allowing their MBA students to benefit from interaction with senior business leaders. schools in the BRIC countries continue to develop their business education offerings, Other European schools featured in the ratings it is likely that international employers will include Spanish schools IE and IESE, as well as look more to these schools IMD in Switzerland. Like Tuck, IMD has a very good global reputation for its ability to develop individual leadership skills in its small class of in order to hire leaders that are capable of MBA students. spearheading the growth and development that their organizations will need in order to operate in the global economies of the future. 15. Marketing
47
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Marketing
The fast paced technological evolution over Many of the top business schools in marketing the past few decades has changed the shape of are renowned not only for producing world- marketing for ever, heightening its importance class MBA graduates in the field, but also for in the business world. In order to meet their strong marketing faculty and research. these demands, many business schools have Many widely-available marketing journals emphasized the nurturing marketing skills in publish work from the top business schools their curricula. featured in the rating. 48 In particular, the growth of the internet, online The Kellogg School of Management has social media platforms, and the collation of retained the top spot for the last two years. The databases containing detailed customer profiles, school’s research output delivered by its world has heightened the value and sophistication class faculty can be found in the top business of marketing tools for achieving competitive marketing journals, and the school continues advantage. The latest QS TopMBA.com Jobs and to be among the most sought after for MBA Salary Trends Report shows that the majority graduates with an expertise in the field of of employers across the world find marketing marketing. skills among MBA graduates important, and over the past few years business schools are Two other US business schools, Wharton and building on this competitive advantage through Harvard, as well as Kellogg all scored 100 in the offering their students an increase in the amount employer index. The schools are well known for and variety of marketing focused courses and their published marketing research, as well as electives as part of their MBA programs. their analytical tools.
The fast paced technological evolution over the past few decades has changed the shape of marketing for ever, heightening its importance in the business world
Nitin Pangarkar, associate professor and In Europe, marketing expertise is dispersed academic director of the MBA program at across many countries. The Judge Business NUS Business School explains that marketing School at Cambridge University is once again is a hugely important aspect of business the European school most highly rated by management. Students taking an elective in employers in the field of marketing, also scoring marketing study a range of disciplines, says 100 in the employer index vote. SDA Bocconi Pangarkar: “Students pursuing the marketing and the University of Oxford continue to be specialization take courses addressing aspects held in high regard for their marketing electives such as consumer behavior, marketing research, among employers, both featuring in the top 20. channel management and pricing, plus product Spanish schools are also well thought of among and brand management. Through these MBA employers seeking MBA graduates with courses, students come to acquire an in-depth a prowess in marketing. Of the three Spanish understanding of classic concepts as well as business schools in the rating, IE Business new ideas in marketing. Students also acquire School is rated the highest, followed by IESE insights into the practice of these ideas.” and ESADE. Marketing
Nine business schools in the Asia-Pacific region experience in marketing issues in companies.” feature in the marketing ratings. Of them, NUS The nine schools from the Asia-Pacific region Business School in Singapore received the featuring in the marketing specialization rating include:
Students come to acquire an in-depth NUS Business School; understanding of classic concepts as well Melbourne Business School; Indian Institute of Management, Ahmedabad; as new ideas in marketing 49
s The University of Hong Kong’s Faculty of Business and Economics; highest rating, and is the only business school Indian Institute of Management, Bangalore; s
from Asia-Pacific region to come in among the s S P Jain Institute of Management and top 20. Pangarkar explains that the school boasts Research;
“several faculty members who have authored s UQ Business School;
books on marketing in the Asian context. We s The Chinese University of Hong Kong; also have practitioners who have considerable s Nanyang business School. 16. Operations management
50
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Operations management
An MBA specialization in operations management with 15 business schools featuring in the rating. Again, looks at the underlying concepts of the production this is reflective of the advancement of business in the and operations function of an organization, and developed markets of the US and Europe. are generally divided into two areas – the study of By contrast, the emerging markets of Asia, Latin service operations, and manufacturing or production America, Africa and the Middle East feature fewer operations. This may encompass study in the following business schools. Of the three regions, Asia-Pacific areas: design-related activities that form the function has the most, with six business schools featuring in of a particular operation; the planning and control the rating. Once again, Indian business schools are 51 activities necessary to run the operation; and/or particularly prominent, with four highlighted: improving the way a particular operation performs its
function. Operations management is often an attractive s Indian Institute of Management, Ahmedabad; specialization for MBA students interested in following Indian School of Business; s
management careers in engineering, manufacturing, s Indian Institute of Management, Bangalore;
and logistics. s S P Jain Institute of Management and Research. Professor Miguel Angel Heras, director of ESADE’s department of operations management and innovation NUS Business School at National University of explains that careers in this field can be broken Singapore and Melbourne Business School make up down to simple key processes that are vital to many the other two business schools from the Asia-Pacific organizations. region.
“These processes are made up of interrelated, sequential In Europe, UK business schools once again lead the activities through which the components and actors way in operations management with a total of six out of required (raw materials, labor, capital, information, the 15 European business schools situated in the UK:
client, and such) are transformed into products. The key s London Business School;
is the value added through the process as perceived by s Cranfield School of Management;
the customer, i.e. the end product has a greater value s Warwick Business School;
than the elements pre-process.” s Manchester Business School;
s Judge Business School;
Nitin Pangarkar, associate professor and academic s Saïd Business School. director of the MBA program at NUS Business School adds that business management skills in operations INSEAD, France is the highest rated European business management will be vital for some employers. “Some school and has done consistently well, holding its firms might have strategies built around specific position in fifth place for two years running. Judge strengths. For instance, operations are one of Walmart’s Business School and IE Business School have shown the greatest strengths and, clearly, they would like to most improvements, moving up seven and six places employ managers who have a good understanding of respectively. key issues in that area.” For two years in a row, MIT: Sloan has retained the title as the top MBA program specializing in operations The US appears to be leading the way in operations management, according to employers. Three other management. Compared with other regions, there are US business schools, Harvard, Wharton, and Stanford higher numbers of US business schools in this rating, feature prominently, and in line with MIT scored 100 in with 27 featuring. Europe does comparatively well the employer index score. 17. Strategy
52
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com) Strategy
As the ratings that make up the QS Global 200 Business Business schools in North America, Europe and Asia- Schools Report are based on MBA recruiters’ opinions of Pacific feature prominently in the ratings. There are 21 MBA graduates’ abilities in strategy, MBA programs business schools from North America, 17 from Europe that include elements of strategy, as well as those that and 11 from the Asia-Pacific region. specialize in it are included in the ratings. Business schools that emphasize strategy as part of their Due to the innovative nature of strategy in business standard programs, and MBA programs specifically school teaching, business gurus have a big influence specializing in strategy can place successful alumni in on the perceived excellence of institutions. Harvard 53 careers focusing on new commercial avenues, as well Business School continues to hold the top spot in the as modernizing the management of existing business rating. Its strategy unit, faculty and research department structures. puts it in a favorable light among employers who are looking to recruit MBAs with a strong focus in strategy. Lydia Price is associate dean and MBA director at CEIBS, which has featured prominently in the strategy The Wharton School, Stanford University’s Graduate rating for two years running. She explains that an MBA School of Business, and The Kellogg School of specialization in strategy will equip a graduate with Management are the three US business schools that join the required skills to prosper in a career in business Harvard in scoring 100 in the employers’ index vote. All management: four schools have a strong presence in the teaching of strategy, with many of their professors authoring books “Key lessons would include: industry and on strategy, or writing thought provoking analysis for environmental analysis, internal analysis and world renowned academic journals. competitive advantage, organizational structure, design and alignment, market evolution and European business schools are considered by dynamics; in addition to many specialized topics for employers to perform very well in arming their MBA specific industries, world regions or stages of market graduates with an in-depth knowledge of business development. Strategy draws upon all of the business strategy. Six European schools appear in the top 20:
and market fundamentals, so it is important that a s INSEAD, France;
specialized strategy curriculum also includes a solid s London Business School;
grounding in topics such as economics, accounting, s IMD;
finance, marketing, organizations, and operations.” s IE Business School;
s IESE Business School;
She says that in today’s “competitive market place, s HEC Paris. strategy is a critical management resource. A strategy specialization trains students to see the enterprise as a Once again in the Asia-Pacific region, India appears to whole, and to understand how and why a manager be leading the way in the strategy specialization. Of the can make a difference to the performance of the entire 11 business schools in the Asia-Pacific region featured in firm. Strategy helps to align the company’s activities to the rating, four are located in India:
ensure long-term success. It also takes a holistic view of s Indian Institute of Management, Ahmedabad;
the organization and its industry in making decisions. s Indian School of Business;
MBAs with a solid grounding in strategy will be valued s Indian Institute of Management Bangalore;
for their ability to drive the business forward and to take s S P Jain Institute of Management and Research. the firm into new directions.” 18. Conclusion
Region Average GMAT >5 years work >40% >40% female >200 class size >=700 experience international students students
Asia-Pacific 2% (2%) 9% (10%) 10% (10%) 3% (3%) 3% (3%) Europe 1% (1%) 18% (21%) 31% (32%) 8% (9%) 3% (3%) North America 6% (8%) 3% (4%) 8% (11%) 5% (9%) 13% (13%)
54 Latin America 0% (0%) 2% (1%) 2% (2%) 1% (1%) 0% (0%) Africa & Middle East 0% (0%) 1% (1%) 0% (2%) 1% (1%) 0% (0%) Worldwide 9% 33% 51% 18% 19%
Source: QS Global 200 Business Schools Report 2012 (TopMBA.com)
MBA classroom and graduate statistics management education, as the sector struggles Throughout the QS Global 200 Business Schools to appeal to women. This is an issue that both Report 2012 regional ratings, for added reader- business schools and organizations such as QS value, supporting data for many of the full-time are striving to correct. MBA programs that are featured is included. While this data does not directly affect a Internationalization of the MBA business schools placing in any of the ratings, it In a world that is growing more integrated by can be very useful in portraying the significance the year, the importance of future business of aspects such as gender diversity, and the leaders having an international outlook cannot average work experience of a business school’s be underestimated. In their quest to ensure MBA MBA intake. students are given the international exposure needed to operate in the heavily globalized In terms of the average GMAT score that world that they work in, many business schools a school’s intake possesses, there is a clear place a high importance on international class correlation with the employer index scores, as diversity. schools appearing in the top clusters generally have higher average GMAT scores. Though As shown in the QS Global 200 Business Schools there are some anomalies, the same is true with Report 2012, European schools are particularly the average years work experience of admitted good at attracting an internationally diverse students, as both signify the quality of enrolled applicant pool, which translates into high MBA students. The average salary on the other percentages of international diversity in their hand is reflective of the value employers place MBA classes. Employers clearly value this, as is on graduates from a particular school, and so represented by many European schools scoring is for the most part reflective of the index of well in the index of employer votes shown in the employer votes a school receives. international management rating.
The percentage of female students enrolled on Meanwhile, many business schools in Asia MBA programs rarely reaches equality among struggle to attract international students to their the 200 business schools featured in this report. programs, particularly in mainland China and This is reflective of a long-standing trend in India. With such globally influential economies, Conclusion
this is an area that some schools will need to other specializations, they are still climbing work on in order to ensure that the region’s and showing promise in developing a greater future business leaders are able to operate in international outlook among their MBA the internationalized environment that they are graduates. needed in. Mainland China follows its special At the same time, it should be noted that for the administrative region, Hong Kong in gaining 55 most part, business schools in Asia are still very greater prominence among employers of the much in the developing stages. In fact, the rapid country’s business schools. With close ties to rise in the number of schools meeting the criteria the UK, and a financial powerhouse of the for the QS Global 200 Business Schools Report in world, Hong Kong has long been considered recent years is very impressive, and points to a to house some of the region’s most respected fast-paced increase in the quality of the region’s business schools, and features strongly in the QS MBA programs which are increasingly being Global 200 Business Schools Report. However, recognized by international employers. Since of recent years business schools located in 2004, 26 extra business schools based in the mainland China are being viewed on a similar Asia-Pacific region have achieved an index of level to those in Hong Kong, representing a employer vote score high enough for inclusion rapid rise in international employer reputation in the report, bringing the total number of for China’s top business schools. In part this schools from the region to 36. is due to close working ties with some of the most respected institutions in Europe, but also Though at an even earlier stage of development, as a result of China’s huge economic expansion institutions from Latin America and Africa and creating a need for international businesses to the Middle East are also showing promise in hire executives with a strong understanding of terms of employer opinion of their graduates. Chinese business. In Latin America, the fast-growing economies of Brazil and Chile have encouraged MBA Though the region’s management education employers to consider hiring from business sector is still developing, economic expansion schools located there. While in Africa and the is also the reason that we can see countries Middle East, government investment and in Latin America improving their reputation political change is likely to attract more schools among employers. Chile, though not one of the to the region. BRIC nations, and Brazil are home to the top four business schools in the region, showing Rise of the BRIC nations significant improvements since last year. At Throughout the QS Global 200 Business the same time, both counties’ economies have Schools Report, one theme in particular stands undergone major expansion in the past decade, out: Indian business schools are fast gaining which has encouraged international employers popularity among MBA employers. In almost to look to local business schools when hiring all specialization ratings, Indian schools have MBA graduates. climbed considerably when compared to last year. This is even the case for international Russia is the only BRIC nation not represented management, as while Indian business schools in the QS Global 200 Business Schools Report feature lower down the rating than they do in 2012, a result of the strong focus among Russian Conclusion
business schools on local markets. While local in order to reflect the needs of global business markets are important to the country in order and the world they operate in, and the trend of to ensure it caters for internal business needs, an increased emphasis in the nurturing of CSR a greater international presence in Russian values is reflective of that. business school curricula could help the Innovation and entrepreneurship have become internationally reserved country to achieve greatly valued by MBA employers around the greater global economic prominence. world. The two specializations, which are so 56 closely linked that some business schools merge Specializations in MBA education the two fields into one department, are also Recent months have seen huge public protests valued by governments as they look to business around the world against the perceived greed innovation and the entrepreneurial mindset of of many high-level business executives and future business leaders to create economical the organizations they run. Further, business growth during a tough economic climate. In schools received a degree of blame for what Europe in particular, MBA graduates with some believe to be a failing in the teaching of innovative and entrepreneurial ideas in the field corporate social responsibility (CSR) in their of finance will be of great use in helping the programs. Whether or not the blame was rightly continent to avoid its own ‘Lehman moment’, placed, MBA programs have evolved since the which if it happens could plunge the global current global economic difficulties began economy into previously uncharted financial towards the end of the last decade. Business difficulties. schools constantly alter their MBA programs 57 19. Appendix: participating recruiters
ARGENTINA Jugos SA Ascanio Aceitera General Deheza Kimberly Clark Latinoamérica Australia Post AES Laura Jordan & Asoc. Australian Broadcasting Corporation ARSAMA SA Lexmark Australian Commonwealth Assist Card M.I.C y T Government 58 Bagatini Consultora MANPOWER Australian Prudential Regulation Bagatini Consultora RRHH Molina y Asociados Authority Betamotor Argentina S.A. Mon Stage En Argentine Australian Taxation Office Burgwardt y Cía. S.A. Organización Médica Atlántica S.A. Avaya Cable express Paradigma Bellissimo Coffee CaridianBCT PROMOSTAR SA BHP Billiton Cementos Avellaneda S.A. Prosperar Bicycling Australia CLEAN BAIRES S.A. Provincia ART Bluescope Steel Conextube SA Proyecto Sur RR.HH. BlueScope Steel Limited Consultora en RRHH Shima SA BlueScopeSteel Limited Consultoras Staff de Ventas/ Staff SIPROSA Booz & Company Domestico Sur Contact Center S.A. BOS International CONSULTORIA TANDANOR SA Bunnings Building Supplies Deloitte Taranto San Juan S.A Business Quality Management Dia Argentina Techint Cadist Consulting DMD Compresores S.A. Tecnología Energía Generación S.A. CBA DOMPRA S.R.L. The Clorox Company CEA Technologies El Porteño Apartments llc TOTVS CEA Technologies Pty Limited Empleos Online UGOFE. S.A City of Greater Dandenong ESTUDIO MALUFI UMaza Community Alliance Credit Union ESUCO World Games S.A. CPA Australia Falabella YPF S.A. Delta Electricity FRIC ROT SAIC DeltaSBD Limited GCI SA AUSTRALIA Department of Broadband, GPTW Abbott Communications and the Digital Grupo DARC ABC Economy Grupo Ibermática Accenture Department of Communities Grupo Seguridad Norte AECOM Department of Employment, Economic GRUPO TEAMSEG S.A. ahm Development and innovation Hotel Intercontinental Alcatel-Lucent Department of Primary Industries Huella Laboral Alinta Energy Department of Sustainability and Instituto de Rehabilitacion Integral AMP Environment, Victoria Instituto Provincial de Juegos y ANISE Consulting Dr Jason Dixon Clinical Counsellor Casinos- Mendoza ANSTO E & M GREENFIELD Interservices APRA Elegant International Pty Ltd Intersys SRL APSC EMC Ergon Energy Ramsay Health Care European Commission Ernst & Young Redflex Traffic Systems Pty Ltd Federal Public Service Home Affairs ETSA Utilities RMB Lawyers Federal Public Service Justice EYELIGHT FILM PTY LTD RMHRVS Flemish government fdghd Royal Botanic Gardens Board GDFSUEZ FMCG Royal Children’s Hospital Brisbane Institut Destrée G. J. Ryland & Co. Pty Ltd SCE Group KPMG Gilbert + Tobin Seamless (Aust) Pty Ltd manafer Goldsworthy Ivestments Pty Ltd Shellharbour Village Pharmacy MIVB Good Beginnings SKM MIVB-STIB GSK Southern Hospital Network PKS bvba 59 Hatch Associates SP AusNet PricewaterhouseCoopers HBM Group Pty Ltd Sugar International / Talent2 Procter & Gamble Huon Management Services Pty Ltd Sydney Water QUALITY PARTNER SA IBM Australia Synergetics Environmental Tractebel Engineering Illawarra Coal Engineering Univeg Internetrix TAFE NSW - Illawarra Institute VIB Kellogg Brown & Root Target Australia KPMG The Sunshine Coast Private Hospital BULGARIA Lander & Rogers Treasury Alpha Bank Bulgaria Branch LDB Accountants & Advisors UniCentre Assamblea Nazionale (Parlamento) Lexis Nexis URAC Ltd Axway Lifeline Australia UTC Fire and Security BEIED McKays Solicitors VEKTA Pty Ltd Bella Modbury Hospital Victorian Aboriginal Health Service British American Tobacco Navitas Workforce Solutions Virbac Australia Britsh American Tobacco Bulgaria norman disney & young WHK Bulgaria NSW Treasury WilsonHTM Investment Group Bulwork OneSteel Wollongong Hospital C3i Europe OneSteel Ltd WorleyParsons C3i Europe EOOD Orica Wynnum Adult Community Mental Confidential Parks Victoria health/Metro South/Bayside Curtis/Balkan Partners In Performance Yarra Valley Water DANONE Bulgaria PeakCare Dr. Pendl & Dr. Piswanger, Bulgaria Permasteelisa Pty Ltd BELGIUM Economedia phillipsgold pty ltd Act2act Ernst & Young Procter & Gamble BASF ANTWERP NV HILL International BG Ltd. Productivity Commission Belgacom Human Relations Consulting Professional Public Relations BLOSO Recruitment Profitable Business Development BNP Paribas Fortis Interminds LLC Project Management Services (NSW) Buurtsport Brussel International Healthcare and Health Pty Ltd Centre for R&D Monitoring Insurance Institute pureprofile communauté française de belgique Intersnack Bulgaria Ltd. Qld Department of Environment and Consortium XIII Webros vzw JAR-MM Resource Management CSR Europe Key Success Indicators - Tailor made Queensland Emergency Medicine Ctac belgium business solutions Ltd. Research Foundation (QEMRF) Electrabel, Groupe GDF SUEZ Kraft Foods Bulgaria Queensland Health Ernst & Young Bedrijfsrevisoren Market Trend Ltd. Mercurius Sofia JSC Keystone Labs Inc. Ripley Corp MKB UNIONBANK KPMG Roi Human Consulting Mobiltel EAD Manulife Financial Rvc inmobiliaria y construccion Monday Ltd. Mosaic Sales Solutions sadf Moto-Pfohe GmbG newcomer centre of peel Sandvik Nemetschek Ltd Nova Scotia Business Inc. Siemens S:A Nestle Bulgaria Orion Health Limited Soc. Concesionaria Centro de Justicia Oracle Propipe Group de Santiago PRO.BG Media Group RBC Ryal Bank Sociedad Industrial Romeral SA PROFI CREDIT Bulgaria EOOD Rolls Royce Solvencia S.A. Reed Personel Services Rolls-Royce UHY Ossandón Consultores 60 Roche Bulgaria Royal Bank of Canada Viña Concha y Toro S.A. Sandvik Stream-Flo Industries Ltd VIPROSEG LTDA. Siemens Sylvite Holdings Inc. Weir Minerals Sofiyska Voda TD Bank Financial Group Software AG Town of Richmond Hill CHINA SU UltraIT AEGON-CNOOC Life Insurance Synectica Consult Ltd. West Monroe Partners Co. Ltd. Transal Services GmbH APRIL China uzr CHILE B&Q China VIVACOM APL Logistics Chile S.A. Bain & Company Yavlena Ltd. Asociación Chilena de Seguridad Bank of Canada Zentiva Atisae CApacitación SA Bertelsmann AG, China CAPREDENA Capital Eight CANADA CDO CONSULTING GROUP Cisco Aaa Chesta Ingeniería S.A. Cisco Systems Alberta Envirofuels Inc. Constructora Independencia S.A Fluke ANGAD INFO OVERSEAS Distal S.A. Medtronic IMMIGRATION CONSULTANTS Dow AgroSciences Novartis PVT LTD DUOC OPR media BioTilt EMBOTELLADORA ANDINA SAP Bleublancrouge Empremar Starbucks China Brampton Engineering Entel Servicios Móviles Sunshine 100 Real Estate Group Cameco escuela militar ejercito de chile Vermilion Partners Capgemini Facultad de Medicina Comfort Keepers FALABELLA COLOMBIA Enbridge Pipelines Inc. fghfg Aranda Software Corporation Ericsson Forestal Colombiana Kimberly Colpapel Ernst & Young fundacion integra Genesis G4S Cash Solutions (Canada) Ltd Guerrero, Olivos, Novoa y Errázuriz Global Ledsa Hatch HOTEL MILITAR GRANADEROS Golosinas Trululu S.A Health Canada IQUIQUE Grupo Corporativo EFICACIA S.A. HSBC Bank Canada Indra Sistemas INTEC OTM IBI Group MARKET LINE CHILE SA lloreda ITL Minera Mantos de Oro medicos sin fronteras iWeb INC. Ohl Concesiones Chile S.A. MRI NETWORK ANDINA Jonas Software Ripley Municipio de Tenjo O-I PELDAR COLOMBIA Logica BOUYGUES TELECOM Progen S.A. Ministry of Education in Denmark Club Med Gym R.H Recursos Humanos Ministry of Finance Coface RAINPOWER Ministry of Justice Cofely SECANCOL LTDA NIRAS CREDIT AGRICOLE SUD RHONE SERVIBOY LTDA Nordea ALPES TAG FLOWERS S.A. Nordea AB DECATHLON SA TELEDATOS Novo Nordisk DEKRA INDUSTRIAL TH plus TALENTO HUMANO Novo Nordisk A/S FastBooking Top Management OFS Fitel Denmark Fresenius Kabi Pressalit Group A/S HP 61 DENMARK Ramboll Management Consulting HSBC FRANCE APMoller Foundation Region North Jutland hygena B&b Rigshospitalet INSTITUT LAUE-LANGEVIN Capital Region of Denmark rigshospitalet, national hospital of logica cbs denmark LVMH Center for Rehabilitation of Brain Rockwool International A/S MFPMICHELIN Injury Society for Danish Language and NEODIALOGUE Coloplast A/S Literature Nouvel Obs DAAC, Udkaersvej 15, DK-8200 Statistics Denmark OPEN Aarhus N svendborg loeve apotek Orange DanChurchAid The Danish National Centre for Social Prada danfoss Research PricewaterhouseCoopers Danisco A/S Vestas Wind Systems Procter & Gamble Danish Arts Agency Workz Rakon France Danish Cultural institute Zealand Pharma sanofi aventis Danish EPA Schneider Electric Danish Medicines agency EGYPT SODEXO France Danish Meteorological Institute Distance Studio Consultant Sopra Group Danmarks Nationalbank Geographic Information System Sullivan & Cromwell LLP Danmarks Nationalbank (Central Center of the Supreme Council of THALES Bank) Antiquities The Boston Consulting Group DONG Energy Hyatt Regency Sharm El Sheikh TOTAL Fødevarestyrelsen starwood Unilever Frederiksberg Gymnasium Xceed contact center vivendi GateHouse FRANCE Bombardier Transportation Grundfos Management ABBOTT France Computer Futures H. Lundbeck A/S Accenture Daimler AG IctalCare ACCOR dimari IT Services India Pvt. Ltd. Innovation Center Denmark, Silicon Alcan CRV Draftfcb Valley Allianz ElringKlinger AG Institute of governmental research Alma Consulting Group ESA Jubii.dk ALTEN grip gmbh Justitsministeriet AREVA Hellmann Worldwide Logistics GmbH Justitsministeriet (Ministry of Justice) AXA Private Equity & Co. KG KL azf Horbach Wirtschaftsberatung Law firm Poul Schmith Bouygues Construction IBM Institut für Angewandte L’Oreal Hellas SA INDIA Wirtschaftsforschung Mellon Group of Companies 24x7 Consultants Kraft Foods RD&Q Munich National Bank of Greece 360 Degrees HR Consulting Services LGI Logistics Group International NESTLE 3i Infotech Limited gmbH Pernod Ricard Hellas 3M Ministerium für Wissenschaft, Piraeus Bank 3vconsultants Forschung und Kunst Baden- PIRAEUS BANK GROUP 7Management Staffing Solution Württemberg PricewaterhouseCoopers A M TRADE LINK PVT LTD PERI GmbH Process Engineering Solutions A WPP company Robert Bosch GmbH REMACO SA A.H Wheeler & Co Pvt Ltd Sartorius Stedim Biotech GmbH SARA LEE Aadhavan Couriers Pvt Ltd 62 Seton Company SARACAKIS GROUP OF Aalim Muhammed Salegh Group of Siemens COMPANIES Educational institutions Simba Dickie Group The Swatch Group Greece S.A. AAR KAY MANAGEMENT smartSpeed VIVARTIA CONSULTANTS SWEP Wurth Hellas SA Aarmed Forces Vestas Deutschland GmbH HONG KONG Aayan InfraTel Pvt Ltd Analogue Group of Companies ABC GREECE Atlantic-Pacific Capital Abel Software and Consultants Pvt. Ltd. AB VASILOPOULOS CAI Business Indepth AC Nielsen Aldemar Hotels & Spa Citi ACC LIMITED ALUMIL S.A. Creator Metro Limited ACCEL Frontline Services Ltd Boehringer Ingleheim Ellas AE ERM-Hong Kong Limited Accel IT Resources Ltd BSH Healthpro Accenture BSH OIKIAKES SYSKEVES Jardine Matheson Ltd Accord Group of Companies Cadbury KJ Interational (HK) Ltd Ace Computer Services Cadbury Hellas Liquavista Acesoft Labs (India) Pvt. Ltd. Careerbuilder L’Oreal Hong Kong Ltd. ACH Management Consultants Pvt. CLUB HOTEL CASINO LOUTRAKI Manulife (International) Limited Ltd. COLGATE PALMOLIVE Razorfish (HK) Co. Ltd. ACRO HR Solutions (I) Pvt. Ltd DANONE Dairy Products Schneider Electric Asia Pacific Ltd. Active Management Consultant EPIFANIS GROUP OF COMPANIES SHKF Adani logistics ltd. Ericsson Hellas S.A. Tyco Electronics H.K. Ltd. Adecco India Eurobank EFG Aditya Birla Group Fourlis Group HUNGARY Aditya Birla Retail Ltd GRAND SOLUTIONS S.A Bay Zoltan Foundation for Applied Adityabirla Minacs Grand Solutions S.A. Research, Baygen advance nanotech Hellenic Shipyards SA BAYGEN Institute Advantage India Henkel Hellas Bonafarm Co. aegon religare life insurance House Market S.A. (IKEA) Commerzbank AGP INTERNATIONAL SERVICES INTERAMERICAN IBM Agra Engineering Company INTRACOM IT SERVICES InCa Informationtechnology Ltd. Ahalia Group Janssen-Cilag Kontaktia Ltd. Ahura Builders Johnson & Johnson Hellas SA KPMG Aircel telecom Pvt. Ltd. KLEEMANN KPMG-BME Academy AKB Industries Ltd. KOSMOCAR SA MCL Consulting Ltd. Alamelu Chemical Products KRAFT FOODS Sanoma Budapest ALCHEMIST HR SERVICES PVT. LTD. AllanaSons Ltd. BACE Marketing Pvt. Ltd. Career Avenues (I) Pvt Ltd Allen Homoeo & Herbal Products Ltd. Bajaj Polyblends Pvt. Ltd. Career Path Consultant Al-Osais Bajaj Processpack Maschinen Pvt. Ltd. Career Point ALPS Industries Ltd. Balaji Telefilms CAREER WORKSHOP Ambition Advtg. & Mktg. Balishtha eTech Pvt. Ltd. Careerbridge Consultants Ambitious Films Co. Bangalore Management Academy Castrol India Ltd AMERICAN EXPRESS Bank of India CBay Systems American Solutions Pvt Ltd Barodawala Properties Private Limited CBS Amrapali Institute BAT CEMEX Anandaloke Hospital & Neuroscience BCPL CESC LTD Centre, Siliguri, West Bengal, India Bcube IT Services (P) Ltd Cethar Vessels Ltd 63 Anchorage HR Solutions BEML Ltd. CfBT Education Resource Anjali Mukerjee Health Total Pvt Ltd bengal shawal reparing house Management Pvt. Ltd. Ansaldo Caldaie Boilers India Bhagya laxmi Enterprices Chiron Panacea Vaccines Private Ltd (P) Ltd. BHARAT FASHIONS & APPARELS Cholamandalam MS General any motors Bharat Heavy Electricals Limited Insurance Anyone BHARTIYA CONSORTIUM PVT Clearway Advisors Apex consultant LTD CMC Technologies India Pvt Ltd APM TERMINALS-PIPAVAV Bhavya Group CMS Apollo Hospitals Ent.Ltd Bhushan Steel Limited Cognizant Apollo Tyres Ltd BIG M Tecnologies college Applied HR Services BINARY LOGICS Colortek (Megahalya) Pvt. Ltd. Aptech Ltd Binary Softzone Pvt.Ltd. COMMON WEALTH GAMES aray offshore BIPM DELHI 2010 Architects Birlasoft Ltd Company Arctern Biztran Solutions Compugra System Inc ARCTERN:VOLT Blossom Tech Solutions Confidence Ariba blue chip placements Confidential ARIHANT ELECTRICALS BLUEMAN SUPPORT SERVICES Connect Global ASAP Automation India Pvt.Ltd BOC India Ltd. CONSTRUCTION Aster Teleservices Bonace eng CONSULTING ENGINEERS ATLANTA LTD. Books for Change LIMITED AUM Organization BORDER SECURITY FORCE Consumer Links Mktg Pvt. Ltd. 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Brainer Consulting LTD PerformHR Reckitt Benckiser cabinet pari PIC Red Bull CDM Piraeus Bank Romania Seal Concept Polska Sp. z o.o. CEC Bank QUEHENBERGER LOGISTICS shepherd institute CENTROFARM ROU SRL Skanska S.A. Cetelem IFN SA RAUTAKIRJA ROMANIA, R-KIOSK TGMPARTNER CLUBUL DIPLOMATIC ROMANIA SA TUnŻ Cardif Polska S.A. BUCURESTI Renault Technologie Roumanie URSA Combo Trading robot srl WHM Polska CONNECTRONICS ROMANIA SRL Romanian Public Radio LABORAL CONSULTING SAC CRSC Europe S.C. CASA NOASTRA S.R.L. CTM S.C. COVALACT S.A. PORTUGAL Deloitte SAP Romania Blueworks - Medical Expert Diagnosis Electrolux Romania SBS Broadcasting Media DIAGEO PORTUGAL Elmec Romania SC Adevarul Holding SRL Efacec EMPORIKI BANK SC IMSAT SA ISA - Intelligent Sensing Anywhere, Ensight Management Consulting SC PIETROASA SA BUZAU S.A. EUCOM ROMANIA ROMANIA Procter & Gamble de Portugal Forestar SA SC Piritex SA Resiquímica - Resinas Químicas, SA Freescale SC PROFIPET COM SRL SUBIC BAY METROPOLITAN G4S SC Seth & Partner Consultanta srl AUTHORITY GENESYS SYSTEMS RO SC SMART SIGMA SRL Georg Fischer Piping SNACK ATTACK SRL Groupama Asigurari Steilmann Romania QATAR GSK CHC Step Ahead CBM-AFRINA LLC Heineken Romania Supreme Landmark Group hr management club TEHNOELECTRIC SERV SRL Orion Project Services WLL IMSAT SA Telelink Services Romania Shell ING Asigurari de Viata Trenkwalder TFI ING Bank Romania UniCredit Leasing Corporation IFN the look company InnerLook SA Toyota Qatar ITOL UniCredit Tiriac Bank United System of Instant Payments Ro Nestle ОАО “МДМ Банк” Vimetco Nestle Russia ОАО “НК “Роснефть” Vodafone Romania newspaper rostov don ОАО “Ростелеком” Wipro Technologies Novartis Consumer Health, Russia ОАО “ТрансКредитБанк” Novartis Pharma ООО “Мастер Профиль” RUSSIA Otis Eastern Europe ООО “Океан” Adidas Group OTP Bank Russia ООО “РДВ-медиа” Admiral Pharm - Project M ООО “Росгосстрах” aesfasdf asdfasdf Pharmacy chain “36,6” ООО “Технологии Бизнеса” ALICO PricewaterhouseCoopers ООО “Управляющая компания American Express Bank LLC, Russia PricewaterhouseCoopers Russia B.V. “Река-Море” 73 AstraZeneca Russia Renaissance Credit ООО “Эйвон Бьюти Продактс AstraZeneca UK ltd Renault Компани” Barclays Bank Russia RUSFIC LLC ООО “ЭЛИТА-Дон” British American Tobacco Sanofi-aventis ООО “Южный город” CapacityPro Shtokman project ООО Роберт Бош Caterpillar Sistema JSFC РЕСО - Гарантия CBS ERP SPD Рустико CIFAL Sperry Sun СБЕРБАНКА РОССИИ ОАО CiV Life TCHIBO CIS LLC СРЕДНЕРУССКИЙ БАНК Commerzbank Eurasija ZAO Telematics ltd. ТНК-ВР DIEBOLD TNK-BP ТНК-ВР Менеджмент ECRO Research Group Town newspaper Rostov-Don Тройка Диалог EDC UPM-Kymmene Управляющая компания “Гранти”, Eli Lilly WestCall Telecommunications ООО Ernst & Young Аbsolut bank Холдинг RBI Ernst&Young Администрация города Шахты Gazprombank АНО “Агентство кадровых SAUDI ARABIA GEONEFTEGAZ решений” A.M.AL-ISSA CONSULTING GRP-Service КГ КОНСОРТ АО “Конфеты Караганды” ENGINEERS H.J.Heinz Банк ДельтаКредит Abdul Latif Jameel Co. Heineken БДО Россия Abdul Latif Jameel Group Heinz Russia Газпромнефть Марин Бункер Abdullah A.M. Al Khodari Sons Co IBS ГП “РЕСТЭК” Acxiom MENA Intel Corporation Группа Компаний васаби Al Rashed Food company Ltd Olga Группа Си-Ай-Джи ALBAIK Food Systems Kimberly-Clark ГЭНДАЛЬФ Ibn Zahr Knight Frank ЗАО “Грант Торнтон” KPMG KPMG ЗАО “Донская кондитерская Microsoft Arabia Manpower CIS LLC фабрика” OILWELL7.com MegaFon ЗАО “Колгейт-Палмолив” RAPCO GROUP Merck Sharp & Dohme Idea, Inc. ЗАО “НПО “Знамя труда им. И.И. RTFES Mettler Toledo Лепсе” Saleh Hamad Al-Qahtani est. Microsoft Russia ЗАО “Пивоварня Москва-Эфес” SAMSUNG ENGINEERING MLG Келли Сервисез saudi aramco Mobile Telesystems Корпорация “Союз” sbg Morgan Hun Нестле SUMMIT SAUDIA SERBIA AND MONTENEGRO BTS BAT Sweden AB Apatinska pivara CSIR Mannheimer Swartling Human Resource Consulting Edcon Mölnlycke Health Care ICAP Serbia South African Revenue Service nord markets IWA Sulzer Chemtech (Pty) Ltd RUAG Space AB Mediabrands Wine People Trading cc Saab AB Serbian Association of Employers Skanska Sweden Telenor d.o.o. SOUTH KOREA Swisslog AB Telenor Serbia (주)한진해운 Volvo Cars World Vision ASK Now-ETO YUnet Internaional Ernst & Young SWITZERLAND 74 GM DAEWOO Cambridge Technology Partners SINGAPORE Hyundai Corporation Compar Accenture JS & F, Inc. Coty Prestige Ascendas Private Limited KAIST (Korea Advanced Institute of Energie Wasser Bern CB&I Lummus Science and Technology) EPFL Citigroup KT (Korea Telecom) F. Hoffmann-LaRoche AG Egress Recruiters KT(Korea Telecom) General Electric Fitness First LG Display ICRC Johnson & Johnson LS Johnson&Johnson Ministry of Trade & Industry Ministry of Foreign Affars and Trade Mikron Molex Far East South Mgmt Co PTe The Boston Consulting Group Phonak AG Ltd The Prudential Life Insurance Pictet & Cie Nomura Singapore Limited Company of Korea, Ltd. ptr PARKWAY HEALTH TOPPAN Schindler Management Ltd Republic Polytechnic YoungWooHighTech SF Schweizer Fernsehen Rolls-Royce Singapore Pte Ltd 대우일렉트로닉스 Swiss Federal Nuclear Safety Schlumberger 두산그룹 Inspectorate Shell Eastern Trading Ltd. 에코프론티어 Swiss Life Singapore 웹케시(주) VASCO Data Security Singapore Polytechnic 코오롱건설(주) Vectronix AG Singapore Youth Olympic Organizing VISCHER AG Comittee SPAIN Zurich Kantonalbank Standard Chartered Bank A.T. Kearney TOTAL OIL BTS THAILAND Unilever Chiquita International College ESADE Foundation MSIG Insurance SLOVENIA European Software Institute Paul & Co (Thailand) Limited Airport Ljubljana (Aerodrom Mercapital Promass 2001 Co.,Ltd. Ljubljana, d.d.) Schneider Electric T.N. Information Systems Bioiks Somanetics Corp. T.N. Information Systems Ltd. Krka Talent Radar - iCriterion Mobitel, d.d. ubd UKRAINE SLovenia ALD Automotive SWEDEN ALICO Ukraine SOUTH AFRICA Accenture Astelit Altech UEC (Pty) Ltd BAT Sweden Asters AVON Cosmetics Ukraine Unique coefficient Dubai Media Incorporated AXA Winner Imports Ukraine Dubai Petroleum British American Tobacco Ukraine АО “Эрсте Банк” (публичное) Dubai Silicon Oasis Authority CONCERN “NIKO” АСТРА БАНК Emirates National Factory for Plastics DTEK АТ “Райффайзен Банк Аваль” EmiratesNBD EastOne LLC Бош EnviTech Middle East for Energy and Employment Center of KNU of Витмарк - Украина Water T.Shevchenko ДТЭК ETA Ascon Group Ericsson ЗАО “Сегодня Мультимедиа” EXCEL INDUSTRY CO LLC Erste Bank ИНТЕРПАЙП FedEx ИСК “АЗБИ” GHQ Armed forces First Ukrainian International Bank 75 HR Center ЛКГ GLOBAL MANUFACTURING HRD Международный автомобильный GULF Computers IBMUkraine холдинг “Атлант - М” HR Middle East Infopulse Ukraine Мировой центр данных по HSBC Bank INTERPIPE геоинформатике и устойчивому Institute of Management Technology, JSC Farlep Invest развитию Dubai JT International Company Ukraine Мэри Кэй (Украина) Лтд Jumbo electronics KPD: Knowledge, Performance, ООО “Звёзды энтерпрайз” Khalifa Fund for Enterprise Development ООО ДЦ Украина Development LG Electronics ПАО “Платинум Банк” Kharafinational Lviv DELETE of UCU ПЗУ Украина” и “ПЗУ Украина Kwik Steel Structures FZCO Mary Kay страхование жизни Land mark group Melexis Райффайзен Банк Аваль LV Salamanca Ingenieros S.A. Melexis-Ukraine рекрутинговая компания Астрагал MAF ORIX Finance JPSC. Metro Cash & Carry Ukraine СЕБ Банк Marina Gulf Trading LLC Miratech Ситроникс ИТ Mashreq Bank Monsanto ЮФ “Саенко Харенко” MBC FZ LLC Mriya AgroHolding MIGT LLC Novartis UNITED ARAB EMIRATES MUSHRIF OBI Ukraine ABC Cons. National Bank of Abu Dhabi OTP Bank abu dhabi commercial bank Pyrotek FZE Procter & Gamble Al Futtaim Group quest Recruitment International Consultancy Al Ghurair Food ROBODH CONTRACTING CO LLC Services Al Zubair General Trading Est ROBODH CONTRACTING CO Salvutich, Carlsberg group American of Sharjah LLC,DUBAI SC Johnson ANCG Rotana Hotels Shell ARABIAN CONSTRUCTION CO. Saipem S.p.A Syngenta Ukraine ARABTEC Samsung Gulf Electronics System Capital Management Asawer Oil & Gas FZE School Transport Services Terrasoft Ascent Business Consultants Shell The PBN Company Bayt.com sun engineering The State Export-Import Bank of bnt sun engineering & contracting L.L.C Ukraine (JSC Ukreximbank) BT The Network Center Trading Ukrne Capitala White and Case LLP Ukrsibbank Crown Prince Court Worley Parsons Ukrsotsbank DUBAI ALUMINIUM CO LTD UNITED KINGDOM Golden Opportunities Pvt. Ltd. - Rothschild A.T. 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Caterpillar HasOffers.com OAS Staff FCU CEMEX Hirtle Callaghan and Co. LLC Omaha Public Power District CIGNA Hitachi Consulting ORSA Corporation Cirrus Logic Inc Honeywell Intl. Ortho Clinical Diagnostics a Johnson Cirrus Logic, Inc HP & Johnson Co. Cisco Systems IBM Osram Sylvania Citibank, NA INPUT, Inc. Owenscorning India Ltd. CITIGROUP Integrated Care Management, Inc PAC LLC City of Boulder, Colorado Integrated Care Management, Inc. Paramount Equity 77 Comcast Integration Point, Inc. Pathfinder Systems Continental Airlines Intel Corporation Polycor Georgia Marble Covidien Johnson & Johnson Polycor Inc. CP Kaplan Test Prep & Admissions PPG Industries, Inc. delta air lince Keyence Corporation Praxair Inc Demarche Consulting Group Kimberly-Clark PREP Intl Diamond Wireless KING COUNTY Professional Engineering Consultants, Donaldson India Filter systems pvt Knightsbridge Asset Management, P.A. Limited LLC Questar Dow Corning KPMG LLP Reed Smith LLP duff & phelps llc LetMePay S.A. Oddział w Polsce Ritzsee.com Eaton Corporation Liberty Mutual Group Rocky Mountain Bank Education Pioneers Lighthouse Financial Services, Inc Royal Danish Consulate General EL Paso County Government Lockheed Martin Aeronautics RSC Equipment Rental EMC Company RSM McGladrey EMC Corporation Lowe’s Companies, Inc. Sage Enterprise Holdings LSI Corp Schneider Electric Envivio Lyon Real Estate SEMS Foundation First Financial Equity Corporation marsh Shea Homes First Midwest Bank Mattress Firm Shell Oil Company FNC, Inc. MAYA Design, Inc. Shepard Associates Fremont Group MBA Shopko Frito-Lay McGladrey SiRF Technology, a CSR company Fujitsu America McGraw-Hill Slalom Consulting G.I.T. LLC Medtronic Starwood Hotels and Resorts GE Microsoft STIHL Inc. GE Capital MidMichigan Medical Center - Sun Life Financial General Mills Midland Swanson Rink General Motors Moveable Feast Mobile Media Synovate Gerson Lehrman Group MREI,LLC Target Ghavater Servcies MWV Tata Consultancy Services Ghirardelli Chocolate Company MyEdu TATA Consultancy Services Ltd GIT LLC Next Step Advisory Group TD Bank Globalquest Solutions inc Nipsco TeamSnap Inc. GOJO Industries None TECMA Government Dept Northwestern Mutual Financial temple The Business Development Company Coca Cola Femsa dd Venezuela CARACAS The CareWoriks Family of Companies coca cola femsa de venezuela PRAXAIR The Modellers Comercial Reyes, c.a. (Centro 99) PRC333 The Whiting-Turner Contracting COMERCIALIZADORA ROMERO PROCA Company 2000 C.A. Productos Mixtos Promix, C.A. The World Bank Group CONSTRUCCIONES ELECTRICAS Protección 2010 TIBCO Software Inc. BYS Quimbiotec tkg storagemart parters, l.p. CONTRALORIA MUNICIPAL DE Seravian, C.A. TMP Worldwide SAN CASIMIRO SERVICIOS GASTRONOMICOS Trimble Navigation Limited Cooperativa Brisas del Lago 991, R.L GISEL Tri-State Generation & Transmission COPROCEL, C.A. SIGN MEDIOS, C.A. 78 Turner CORPORACION ELECTRICA Sociedad Anticancerosa del Estado URP NACIONAL (CORPOELEC) Aragua Vanguard CVC Suministro de Personal, C.A. Verite DIGITALARM C.A. SYMOCA Vertafore Empresas Tapa Amarilla Varias vitaminwater ENVASES VARIOS VENEZUELA MARRIOTT HOTEL Wells Fargo ESTATAL CVG PLAYA GRANDE West Tennessee Healthcare Faramtodo VH EXPRESS Xavor Corporation farmahorro Yahoo!, Inc. F-A-UNO CA OTHER Year Up Gobernacion del Estado Tachira A.P.Moller Foundation General Motors GREENTECH DE VENEZUELA Acer Inc. Grupo Constech Al-Hassan Engineering Co. SAOG. VENEZUELA grupo Mar Amrut distilleries Ltd ACBL DE VENEZUELA Hacienda Chinazon C.A. an-mary Actualmente desempleada Industrias Biopapel, C.A. Artech Information Systems Administradora Lockey, C.A. Inversiones Cofradia, C.A. - Beacon Associates, Inc. Alcatel-lucent Policlínica Guacara Checkmate Services Pvt Ltd AMINA, C.A. INVERSIONES EQUIVALENCIA CMS ANAYANSI Inversiones Jean c.a DNP INFRASTRUCUTRES PVT Anruss Mileniun C.A INVERSIONES PRONAUTICA C.A. LTD Arte Y Ambiente 1826 Punto De INVERSIONES SELVA, C.A DNV Fabrica IVECO DE VENEZUELA,C.A. DSM Atlas Marine Kia´s Muebles C.A. Flextronics Banco Mi Casa Locatel FRESHER Betel+s perfumes C.A ministerio del trabajo genpact BFC Multiservicios de Montacargas Glenrand M I B C.A Metro de Valencia Robinesis, C.A. Goldman Insurance Ltd C.A.Quimica Integrada natural nutrition center Grace Consultancy Carrocerías Andinas C.A. NATURALMENTE BELLA, C.A. idea cellular pvt ltd Cemex Odontoexpress INDO Consultores Cenco-Zotti Ofic-Ase C.A. Institute of Management Study CENTRAL MADEIRENSE, C.A. Optica Caroní Janssen - Cilag Pharam Ceramica Carabobo Pandock, C.A. M.Edison & Company (P) Ltd. Chrysler Financial services Venezuela Pastas Capri C.A mahindra conveyor systems cintigo casa de software ca POLICIA METROPOLITANA DE NTN Offbeat Design DNS Computers Resource Hunt Group Embawood LLC SEGURIDAD Medisis LLC SEVEN SEAS DISTILLERY LTD Azucarera el Viejo S.A Sprint Technologies Pvt Ltd Banco de Costa Rica Staples Future GBM telstra international Platec TIME SUITES AND APARTMENTS SOER Costa Rica URAC The Bridge Group V-Cusomer The Leatherback Trust Global Crossing Barum Continental spol. s r.o. 79 Heidrick & Struggles Freescale, Inc Michael Page Gatema s.r.o. Promon Engenharia Ltda SEM Drásov ArcelorMittal FCE Tieto Czech Brown Brothers Harriman T-Mobile Czech Republic a.s. Dexia BIL Luxair S.A. EUROBANK TEKFEN Opet Petrolculuk A.S. Pirelli Unilever Uzel Mount Meru Group, QURST Bukamal W.L.L. college KPMG Zain Bestway Group Ericsson GASL Ministry of Education, Bangladesh Muslim Aid Shirt Makers Group Catalysts GmbH ERSTE-SPARINVEST EVN Oracle Rhomberg Bau GmbH Rotes Kreuz RZB AG Azercell Telecom LLC Azersun Holding Bank of Baku Open Joint Stock Commercial Bank BP 80 81 X. Xxxxxx
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