OTETS ENT CONT Editor Jerry Andrews May 2016 Wor k and Car eer s editor Adam Jones Production editor Rut h L ewi s- Cost e Art director Konstantin Penkov Designer HarrietThorne Picture editor Michael Crabtree 14 38 Speci al Repor t s edi t or LeylaBoulton Global sales director DominicGood Global director of FT career management St eve Pl ayf or d H ead of business education sales 10 Gemma Taylor Account director HelenWu 54 Account manager s Ade Fadar e-Char d, Emily L ucas Publishing systems manager AndreaFrias-Andrade Advertising production Daniel Macklin

May 23 2016 FT Busi ness Educat i on Executive education rankings2016 www. .c om /e x ece d 06

OPENI NGS INSIDE 4editor’sletter 36 meet thedean McKinsey’sleadership factory | USfootball starsgo back to school We m ust fi nd ways t o hel p m i d-car eer Peter Todd hasatough act to follow at ON THE COVER workers fit formal study into busy lives H EC Par i s, t aki ng over af t er pr edecessor Illustration by Adrian Johnson 6introduction Bernar d Ramanant soa’s 20-year tenure Consultanciesare reshaping business 38 learningtoleadNGOs education with their own offerings Busi ness school s ar e i ncr easi ngl y /GETTY IMAGES. ILLUSTRATIONSBY ANDREW BAKER; NICK LOWDNES CONTRIBUTORS 10 o n m a n a g e m e n t tailoringshort leadership coursesto KATE BEVAN freelance End-of-year spending madnessisnot meet theneedsof charitiesand other technologyjournalist theonly problem with annual budgets non-governmental organisations SI M ON CAU L K I N fr eel ance wr i t er 12 d e a n ’s c o l u m n 43 drawingboard WAI KWEN CH AN business Thesteely integrity of South Africa’s The shape of foodie things to come: education communitieseditor corruption watchdogisalesson for all Vaiva Kalnikaitethinksshehasfound RENÉE DINEEN former executive theright recipefor 3D food printers education student, IMD FEATURES HAOHONGisCEOofAsymchem REVIEW and st udied at Guanghua School of 14 a er thegame Management in Beijing NFL playersaregoingto business 47 books EMMAJACOBSwriter, school to learn how to tacklelife An author asks if we are in danger of Busi ness L i f e beyond American football becom i ng obsessed wi t h di sr upt i on ADAM JONES 18 i n t e r v i e w 48 technology work and careers edit or Viridor CEO Ian McAulay on how How to get themost from crowdfunding NICOLA KLEYN,deanof a H ar var d shor t programme at —and thedangersto look out for 12 Pretor ia Gibs thetimeof9/11helpedhisclasssee 51communities JONATH AN M OULESbusiness theworld through different eyes Executive education studentspick the education correspondent famousperson they would like to LAURENT ORTMANS RANKI NGS have asa businesspartner busi ness educat i on st at i st i ci an 53 businesseducationonline KIRAN STACEYenergy 24 analysi s From ‘Guffipedia’ and Mooc trackers correspondent What thetablestell us to podcasts and M BA bloggers ROSS TI EM AN fr eel ance j our nal i st 26 executive education 2016 54 hopesandfears LINDSAYWHIPPChicago TheFT’srankingsofcustomisedand How aleadership programmeled

PHOTOS: DAVID PARRY; MAX WHITTAKER; GIANFRANCO TRIPODO; WESLEY HITT, AFP correspondent open enr ol m ent pr ogr am mes acorporatehigh-flyertogoitalone FT.COM/BUSINESS-EDUCATION 3 Adam Jones Thechangestheinternet will fashioncouldbe Mind the gap evolutionary or blow the wholesystemapart

We must ndwaystohelpmid-career workers t formal study intotheir busylives

arlier thisspringI attended Pr ogr am for execut i ves used t o l ast 13 my mother-in-law’s weeks but needed t o be condensed t o a

EDI TOR’SLETTER graduation ceremony at the mor e manageabl e ei ght weeks (at a cost University of Buckingham, of about $80,000 a course nowadays). where she wasbeing Meanwhile,areport bytheUK’s EawardedanMAinhistoryofart. Instituteof Directorsin April illustrated The individual chosen to addresshis how patchy the provision of education to fellow graduandswastheretiredBritish m i d-car eer st aff i s acr oss t he wor kfor ce, j udge Si r Ol i ver Poppl ewel l , who rather than just at thetop of the chairedtheinquiry into theBradford hierarchy.It pointedout that UK Citystadiumfireandpresidedoverthe company spending on in-work training libel casethat ledto theformer UK haddeclinedbybetweenaquarteranda minister Jonathan Aitken going to half sincethe 1990s, albeit with a bit of prison for perjury. an uptick recently. The88-year-old wascollecting Would-be mature students are nothinglessthan hisfifth degree,a t ur ned off by t he sheer di ffi cul t y of mast er s i n m i l i t ar y hi st or y. H i s speech fittingformal study into their busylives, began with ajoke,recounting how,when t he r epor t obser ved, addi ng t hat embarkingon hisphilosophy,politics busi nesses wer e under st andabl y keen t o and economics degree at Oxford, he was reduce spending on education. givenalectureonitbeingmerelya TheIoD recommended tax breaksto pr elude t o a lar ger obli gat ion — t he encouragecompaniesto allow staff to solemn duty of givingback to the keeplearning —with evenbigger community.Thepunchline: hewasin incentivesdangledin front of smaller hismid-seventiesat thetimeand had empl oyer s t hat can fi nd i t especi al l y rather felt that hewasall doneon the difficult to let workerstaketimeout to giving-back front. and theretired.For theformer, it isa study for even the odd day or two. It washard not to beinspired. Sir meansto advancement; for thelatter, it Thatmighthelp.Buttechnology, Ol i ver st ar t ed accumul at i ng degr ees i n isanobleleisurepursuit. another preoccupation of the I oD 1950 with aBA in law at Cambridge, For t he dr eam of l i f el ong l ear ni ng r epor t , i s l i kel y t o hel p mor e. The which wasfollowed by an LLB at the to berealisedfully,thosein the35-60 internet isallowing new and old sameuniversity (hisother degreeisa age gr oup must al so be gi ven t he educational providers to experiment mastersin thehistory of international opportunity to refineand revisetheir with waysof teachingthat arebetter relations from the London School of skillsthroughout their careers,which attuned to today’sworking patterns. Economics). coul d wel l st r et ch i nt o t hei r sevent i es. Thechangesit will fashion could be Likewise,theenergyof the Thisisnot happening enough. evolutionary or theycould blow the twentysomethingspickingup their first Executiveeducation hastraditionally whole system apart and replace it with degr ees was st i r r i ng, especi al l y t he beenonenichein which themiddle something radicallydifferent. Sir Bosnians who had come over as part of a aged have been abl e t o pol i sh t hei r ski l l s. Anthony Seldon, theUniversity of partnership between Buckingham and But the supercharged intensity of the Buckingham’sreformist vice-chancellor, the Sarajevo School of Science and modernofficemakesit hard to get away f eel s t hat si gni fi cant change i s necessar y. Technology.Yet therelativelack of from daily duties. Whilewewait toseehowthetrend fortysomethingsand fiftysomethingsin Glenn Hubbard, dean of Columbia playsout, I can only hope that his gowns and mor tar boards meant that BusinessSchool, ruefully observesthat i nst i t ut i on keeps off er i ng i t s mast er s i n therewasalsosomethingslightly itsMBA graduateshavealifetime gardenhistory.On thegraduation dayI depr essi ng about t he occasi on. ent i t l em ent t o com e back and si t i n on attended, it wasoneof thecourses Per haps i t was sel f-i nt er est on my any class — but they almost never fi nd where participation wasmost skewed part as I am a member of the thetime.“Peopledon’t takemeup on it towardstheover-60s. fortysomething group myself, but it becausethey are busy,” he says. Good for them —my wifewould love strongly suggested that education now L i kewi se, H ar var d Busi ness School ’s to follow suit when sheretiresfrom the

straddlestwo age groups — young adults venerable Advanced M anagement st r esses of execut i ve l i fe. ILLUSTRATI ON: NI CK LOWNDES. PHOTO: CHARLI E BI BBY 4 FT.COM/BUSINESS-EDUCATION

6 int r oduct ion C roaste in nagsyo thepresenceof McKinsey s in themse f op to off s parapherna educationwithitsowncourses.ByAdamJonesConsultancy McKinsey ispushingintobusiness factory Theleader ft. c om / B U S i ne S S - e dU ca ti on gno h mo the on ogan Ro two It tria i r st hwoo gh ofe h ahom the bathroom, the n I coffee. ” ysh ay e with ves o“pitch afresh i to fee eeasy to be afstart-iaof pc t2 roa Br 25 at space in r etn the renting are theWeWork share into move that ompanies f% an ntab t en eboar wrManhattan M ower atbeerraft an thwash tenantscan break es ,orrefresh ismiss p en an ispenser ea”. s an . way ch “micro- a of#ce hasgen asenior McKinseycons However,thepro on b ihb with o in nhreisprto en r t a of t par s i e her on ng ki wor o opn nomore into company provi inc to s w taeycons strategy own rro rse ins e ness si “Wearea hWWr spacehasheTheWeWork ntann servicethatinetraining bringsthe ves,” rso exec of s er n aeMKne Aca McKinsey bate ins schoo ness si inepotentia ingsasj ec ainmarket. cation ea rsChar ares rsipfato y or act f p shi er tivee tg st tta h b the that ct ,th a r t he t s, athasbeentant irect competition oreshapetheto bsymboib teRe otte atantant cation. m,an emy, pe itiona ism. yea, ttone that - Manahattan,below o shared WeWork and McKinsey,above, of Relyea Charlotte Thecompetition: esaein space ce s McNerneyat Boeing,Ti G rjc.Abo project. oexistingcto rm21,wt h raino the of creation McKinseyAca the with 2013, from c re Cr havenot ch o h omr ti to is it former, the For nrevenin o insi for Co Vittorio Harvar ea eve eca eve ha no’ efSki Jeff Enron’s as ch to se i om st t,tefre cisyhea McKinsey former the pta, h e ic e gofe e er off ng bei s i ce vi ser The Thecons rnso raiain ihmr hn$1bn than more with organisations tS it ope co a for work opment sb es rtra r t er B graMBA dean,Columbia Hubbard, Glenn list’ my on is,McKinsey is competition my where ‘Asked s,O sse, i a she es, tfa se yMI an IT M by tthec oa Vo at ao eso ftee the of version ientsan t4 0 0f o r m e rM c K i n s e y i t e s atha tant McKinseybefore. ing.) ty m on emy iver Bäteat A ea rn effortrrent .Te nc i They s. teinvo i e at fn.(h factory (The afone. r o,o co of too, ers opne that companies Harvar te inep one ingan janeThiam of saway a as p softwareX ea tfrm—a — m for at ve eof both ianzan tes at . Rajat rsip shi er nthe in eJim jai rse, e

Il l uSTRATION: NICK l OWd NES

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Thecontent ten stobebroken pinto3-5min tesnippetsto re#ect the fact that participants are n ike y to have m ch timeto spare—there Top for aims achieved i s even an option to wat ch vi eos at (customised Top for o b espee .McKinseycons tants ranking) international ser ve as “t eachi ng assi st ant s” an top HECParis clients st ent s ar e r ewar e with a p ace on (customised a ea er boar .Thereisaso a “gr o p ranking) Iese work” e ement wher e par t i ci pant s ar e broken pintosma teams. New skills and learning B si ness schoo sarewatching the (open ranking) Top for value riseof thisnewriva c ose y. “ W h en IMD for money peop e ask me where my competition (customised Top for ranking) is,McKinseyAca emy i s on t he ist,” international Shanghai Jiao Tong says G enn H bbar , ean of Co mbia participants University:Antai B si ness Schoo in NewYork. (open ranking) B tMcKinsey,whichr nsan ann a Insead b si ness book awar joint ywiththe Financia Times,isby no meansa one schoo I ese’s c st om i se exec tive in itsp sh i nt o e cation. Other e cation programmes,whichtop the ‘The p v s f cons tanciesmakingsimi ar moves FT rankings. inc eKornFerryan PwC, says Va or is more o tspokenabo t ma ageme te ucat w ll dominiq eT rpin, presi ent of I M d , McKinsey’sinc rsionthanthetypica ccu ma ym ef ms theSwissb si ness schoo . b si ness schoo ea er. I n par t i c ar, Meanwhi e, ot her newcomer s he c aims that it co even amage by ma ym ep v e s’ provi ingcorporatetrainingco rses McKinseycientswho sign p. Nitin Nohria,dean,Harvard inc el inke In’sl yn a.com an an If acompany isreceivingboar - eve a iancebetweentheFT an IE,the st r at egi c a vice from a cons tant, he Span i sh b si ness schoo . arg es, i t mi ght be p tting too many competitors,shesays.Therearein ee Prof T rpin’sIMd toppe the eggs in one basket to a ow the same m tip ewaysinwhichit area yworks open enr o ment section of theFT company to train the eche ons be ow. with b si ness schoo s—not east i n 2016 r anki ngs of exec tivee cation “Yo mayen pbeinghan c ffe therecr its it scoops peachyearfrom provi ers,anno nce to ay. by theseg ys. A n mber of arge MBAprogrammes. Thearriva of the cons tancies organisations ofee that way,”hesays. Itsaca emi c a visory co nci meansthat there arenow moreriva s “If theseg ysmakea mistakeyo are inc es fac ty membersfrom MIT tryingto knock theschoo off its ea .” B tevenashecriticisesthe S oan an Rotman b si ness schoo s, as perch b thesaysitaso pr esent s new newcomer, Va or cre itsMcKinsey’s we as Sir John H oo ,theformervice- opport nitiesfor partnerships. abi ity to bringtogether chiefexec tives Blurred lines: chance or of the u niversity of Oxfor . IMd teame p with management from ifferent companiesan in st r i es Nitin Nohria Nitin Nohria, ean of H ar var cons tant BCGto e iver ac st om i se as being eq a to theconvening power of saysboundaries B si ness Schoo , eans i n a si mi ar are breaking exec tivee cation programme to b si ness schoo s, wher e i nt er -com pany irection to Reyea, s ggestingthat the down between Singapore’sChangi airport, for instance. networking is an impor tant par t of consultantsand market isbig eno gh to accommo at e However,hes ggeststhat exec tivee cation offerings. business schools fresh p ayer s. cons tanciesan other new entrants Char otte Re yea is a amant that Heaso poi nt s o t that the“tho ght wi facea cha engemaking moneyin McKinsey oes not face a con#ict ea ership” magazines an websites exec tivee cation, ass ming theycan of interest, sayingthat itsteaching create by management cons tants so rceeno gh professoria ta ent . isc st omi se to re#ect thec ient’s areanother sign of how bo n aries

NICK l OWd NES Whi eacceptingthat the approach rather than j st t he with b si ness schoo s—bigp b ishers cons tancies’moveinto training cons tant’s.“Thefactthatweknow themse ves,with the ikesof Harvar re#ectsmarket eman ,hearg es t hat themsowe makesthec stomisation so B si ness Revi ew — ar e b rring. som e c ientsmight fear that signing m ch more effective.” “Theprovision of management pfors ch a co rsefrom acons tant Sh e a so eni es any s ggestion that e cation wi occ rinmanymore wo ea to asa es pi t ch f or ot her McKinseymight be si ng exec tive formsbymanymoreprovi er s,” pro cts an ser vi ces when t he t r ai ni ng e cation as a oss ea er t o pi ck p he pre icts. isover: “Thecons tanciesarenot seen big change management cons ting At thevery east , i t seems, t he as bei ng as ne tra as b si ness schoo s.” contracts. The cons tant sees pheava in the market has t he maki ngs

HTSITC;MACIEK905,ARSGERA/dREAMSTIME; PHOTOS:ISTOCK; TOd d GI EG. Il l u STRATI ON BY Josep Va or hea sSpanishb si ness b si ness schoo smoreaspartnersthan of a ! ne b si ness schoo case st y. FT.COM/BUSINESS-EDUCATION 9 Si m o n Cau l k i n Under the March mantra, Dumbsums ‘use it or lose it’,pressure tohit thenumbersmeans thatnotrick iso limits

End-of-year spendingmadnessisfar from theonly problem with theannual budget

iewedfrom space,the Budgeti g, a major ge er at or of plague of roadworks that red tape, also ties it all together. So i blooms o Lo do st r eet s freei g themselvesfrom the straitjacket, on management as M arch 31looms might “positivedevia t” compa iessuchasWL look likea effect of Gore,themaker of high-tech fabrics,a d Vature, such as tuli p &elds or the arr ival Sve sk a H a delsba ke ,theSwedish of the &rst spri gswallows.I fact, the ba k, ot o ly shrugoff bureaucratic cause of this a dotherma ifestatio s overheads, they also allow lea er, mor e of e d-of-year mad ess (f r e zied sales 'exiblema ageme tmodelstobebor . activity, a boom i & a ce-depar tme t If youdo ot budget, what do you do overtime) istheritual k ow as the i stead?Very little—but everythi gelse corporate budget. cha ges, i cludi gremu er at i o a d The budget isso i grai ed i busi ess the locus of ma ageme tco trol, says that eve fresh-mi tedma agers ca A dersOlese ,directoroftheBeyo d hardly imagi elifewithout it. For 99 Budgeti gI stitute,which campaig s per ce tofcompa iesthebudget is o t he i ssue. theexoskeleto of ma ageme t: a Take H a delsba ke , which has framework of pla i ga dco trol i ope ed t he equi val e tofmoretha o e which a ear i gs commitme tmade ew U K br a ch a mo th i thepast 10 by top ma ageme tiscascadeddow years.Itsphilosophy issimple:it aims throughtheorga isatio i apyramidof to be more pro&table tha itspeers performa ce co tractswith u derli gs, through customer satisfactio a dlower backed up with i ce tivesa dvaria ce costs, which iswhat itsdece tralised, checks agai st t he f or ecast . sel f - ma agi gbra ches ar e measur ed Thepervasive ess of budget i gis o .Theba k has met its goal si ce 1972, matched by the fear a dloathi gthat from which year it hasbee budgetless surrou ds i t . For mer GE chi ef execut i ve cautio over i ovatio .Si ce it works a d largelyforecastlesstoo. Jack Welch said it was “the ba eof as a ratchet based o thepreviousyear Just as ma ageme ta dredtape corporateAmerica.It ever shoul d have (he ce the M arch ma tra“useit or lose feed o each ot her, t he r ever se i s al so existed.”For astart, it ishugely costly. it”), it effectively setsa' oor o cost a d true.I just 10 years, Buurtzorg, which Budgeti gco sum es up t o 30 per ce t aceili go improveme t, therebei g o bega as a Dutch team of four ur ses, of ma ageme t’stime.Eve arou dthe i ce tiveto beat it. hastur ed i t sel f i to amultiplewi er mille ium, Ford reportedly calculated AsWelch complai ed, co ve tio al of atio al empl oyer of t he year awar ds, that the process cost it $1.2b ayear. budgeti gisa exer ci se i corporate supplyi g high-quality care t o half the Worse,it iscou ter-productive.Bor gami g“becauseeveryo eis egot i at i g cou try’shomecarepatie tsat lower ace turyagotoguide asce t m ass- f or t he l owest [ t ar get ] ”, whi l e pr essur e costs tha rivals. Buurtzorg does ot do ma ufacturi g, the budget was seized to “hit thebudget umbers” mea sthat budget or H R, a d ot much ce tral o by the accou ta tswho movedi to o trick isoff limits.Quality guru W. ma ageme teither.Accordi gtoJosde topjobsi the1960sasamea sof Edwards Demi g’s observatio that Blok, its fou der, with teamsbei gself- ma agi gcompa ies“bythe umbers”. “peoplewith targetsa djobsdepe de t ma agi g, i cludi g& a cially,thereis Butwhatmadese se i astablesellers’ upo meeti gthemwillprobablymeet ot much ma ageme ttodo. market, whe complia cewith the thetargets—eve if theyhaveto destroy For some busi esses, such as schedule was paramou t, hasbecome thee terpriseto do it”,wascorroborated agriculture, a a ual cycle makes aliabilitywhe thepriority iscreative by eve tsat E ro a dWorldComa d at ural se se.For therest,it tur s respo se t o r api d cha ge(oil prices, the2008 & a cial crisis. ma ageme ti to a e dlessa d egat i ve i terest rates,tech ology). Gary H amel a d MicheleZa i i, of u wi ablebattleto makereality &t the The budget isa i st r um e tofce tral theMa ageme tI ovatio Excha ge umbers.Themore at ur al way i s t o pla i ga dco trol that would ot project,saycutti g bureaucracy could ru a orga isatio arou dits eeds as have looked out of place i Sovi et Russi a. add $3t toUSa ual GDP.Amo g abusi essrather tha the accou ti g A&xedco tract i a volatile world, their solutio sare“radically simpli&ed cycle.A liberatio that would likely

it hi dersswift reactio a drewards pla i ga d budgeti g pr ocesses”. pleaseLo do ’s r oad user s, t oo. ILLUSTRATIOn : An DREW BAKER. PHOTO: ED ROBIn SOn 10 f t .co m/BUSineSS-edUcat io n

Nicola Kleyn Sh e i s so -spok en ,y et l i k e Morality tale a magnet.People are drawn inandengagewithher

South African publicprotector Thuli Madonsela’ssteely integrity isalesson to us al l

eadership isasmuch about theycannot just servethemastersof DEAN’SCOLUMN thewaythat you leadas t he day. M adonsel a al so off er s som e t he r esul t s t hat you del i ver. important lessons for managers and the AdvocateThuli Madonsela busi ness wor l d. embodiesboth sidesof W hen we consi der her r ecor d and Lthat equation asSouth Africa’spublic attributes,sheepitomisessomany of protector, responsiblefor investigating thetraitsthat weassociatewith good allegationsof misconduct in publiclife leaders. Put simply, shepractiseswhat to thehighest levels. she pr eaches, al t hough she has done so Consider her recent victory in the in her own way, which is important in Constitutional Court against President an environment whereweacknowledge Jacob Zuma over thelong-running diversity,look beyond leadership saga of whet her he should r epay some stereotypesand valueauthenticity. of themillionsof dollarsof taxpayers’ Businessleaders talk frequently money spent upgrading hisprivate about theimportanceof being strategic, home. Through her leadership shehas which meanssticking with your choices positively shapedthefutureof this through thick and thin. Shehascertainly nation — that isa significant impact. done that and also managed to deploy I have met her t wi ce and what I found her energy in an underfunded, under- remarkable,despiteher near cult-like resourced officefacing extraordinary st at us wi t h so m any Sout h Afr i cans demand. Shehaschosen to focuson acrossbusiness,government and civil issuesintegral to South Africa’sfuture. society, was her unassuming posture She says of Nelson M andela: “We will and willingnessto engage.Shedoesnot always admire him for gladly submitting havethephysical staturenor doesshe hisadministration to thescrutiny of r adi at e t he ener gy of t en associ at ed Takingthe high road: littleneed for protection. But, when checks and balances such as the cour ts with leadership. Thuli Madonsela called upon to act, she roseto — and and institutionssupporting democracy Forallherobviousthorough hasbeen un inching beyond — thejob. Shehascertainly put whenitsactionscameinto question.” in her investigations pr epar at i on for ever y engagement , of allegationsof her offi ce on the map and epitomises the Thisdemonstratesher grasp of the Madonsela is very human and willing misconduct notion of responsible leadership. importanceof balancingeffective to speak off-the-cuff. Asshebeginsto Thebattlewith President Zuma deci si on-m aki ng wi t h t he need t o assess talk, sheissoft-spoken and quiteslow. over public money spent on his home thosedecisions.Thisappliesto usall, ThefirsttimeI heardher,I thought continuedfor several years,during whether in higher education or business. that theaudiencemight loseinterest. whi ch she endur ed much abuse, even Weneed to welcomeinput from Thereverseistrue;sheislikeamagnet from cabinet ministers.Great leadership multiplestakeholders.Theimportance and peoplearedrawn in and engage cannotbeaflashinthepanandthose of good governance has been a source of with her and theinevitably intelligent who godown in history asiconicleaders inspiration for mein my roleasdean. cont ent of her di scour se. haveinevitably shown their mettleover Moreimportantly,welivein Admirerspoint to her past asatrade longperiods, in good timesand in bad. environmentswhereit iseasytoput the unionist and asoneof theteam that Thecritical issuehereisresilience. shor t t er m above t he l ong t er m . drafted the new constitution in the mid- M adonsela was for many years a Thuli Madonsela remindsmeof the 1990s. No doubt that gave her a strong loyal,card-carrying member of the courage it takes to lead, to expect times sense of purpose, which any great leader Af r i can N at i onal Congr ess. To go when it isgoing to belonely and tough, needs.ButwhatIfindinterestingare against such an organisation, onewith butattheendofthedaytobeableto theassignmentsshehasdeclined. which you have had a deep affiliation, inspirethoseworkingwith you to serve For example,Madonselahas cannot be easy. Yet she navi gat ed t hi s thegreater good —anoftenunderstated repeatedly said no to political office.She by standing for what shebelievesis imperative. i s not an at t ent i on seeker and I bel i eve right. She has always looked beyond that shewould havepreferredto have influential figuresin theANCand Pr ofessor Ni col a K l eyn i s dean of had alow profileaspublic protector, as towardsthegreater good. Ultimately, PretoriaUniversity’sGordonInstitute

t hat would have meant that t her e was that iswhat leadersmust think about: of BusinessScience(Gibs) PHOTOS: AFP/GETTY IM AGES; GARETH JACOBS 12 FT.COM/BUSINESS-EDUCATION

A er the gam e feature

NFLplayersaregoingtobusinessschool tolearn about lifebeyond football.By Lindsay Whipp

quashed int a meet i n r m St ephani e, a spee htherapist,wh says at a r eal est ate f einAnn the urse penedupalls rts f pti ns Arb r, Mi hi an, 44 brawny f rthe uple. men —many far n rth fsix Nearly 16per ent fNFLplayers feet —listent exe utives have led f r bankrupt ybytheir12th Sexpl ai n t he busi ness fbuyin and year fretirement,a rdin t resear h sel l i n pr perty. published last year by the Nati nal It isunfamiliar territ ryf rmany Bureau f rE n mi Resear h. Ed ftheseNati nal F tball Lea ue But wsky,a wealth mana er wh advises pl ayer s. They have m st likely spent the pr f essi nal athletes,wasfeaturedin maj rity f their livessin estartin hi h the2009 Sp rtsIllustratedarti lethat s h lintentlyf used n nethin : exp sed t he ext ent fthepr blems s me pr fessi nal Ameri an f tball. NFL playersfa e. H e says hi s dat a sh w Yet f r a few days, i nst ead fvi r us that afterrem vin thet p10per ent trainin sessi nsf rnextseasn, they fNFLwa eearners,theremainin 90 aresat behind desksat theUniversity f per ent ar e i n s mef rm f nan ial Mi hi an’s R ss S h l fMana ement , di st r ess ve year s af t er r et i r i n . learnin ab ut thepr perty market, Thest ries f nan ial w es have fran hisin and pr du tinn vati n. They diminished ver the past few years, are bein tau ht h wt ne tiatedeals, whiletheNFLandtheNFLPlayers read a balan e sheet and make a busi ness Ass iati nhaveeahin r eased t hei r plan. It isa b t amp t help players f us nhelpin players transiti n st ar t t hi nki n ab ut lifeafter f tball. ut fthe ame. B th w rk with Thereisa dreas nf rthis.NFL uni ver si t i es t pr vide business ur ses, players may have far hi her earnin s— b t amps and less nsin nan ial ran in fr m hundreds fth usands f plannin ,whiletheNFLPA’sPlayers d llarsint themilli ns— than their Trust pr ramme,setupin2013— peers uld ever h pe t amass in s pr vides$25m ayear in fundin f r littletime.But after theyretirefr m players w rkin ut their transiti n. sh rt areers (an avera e f3.5years) It isanintenseexperien ef r therearemany tales fth se wh have theplayerswh are used t livin let their savin sdwindle.Evenifthey and breathin f tball t suddenl y ar e areful, m st wi l l n thaveearned en u ht retire mpletely after leavin theLea ue. “We’retryin t ure ut h wt take thebit f wealthwehaven wandmake it last, r wl n term and try n tt et st u kinw rkin 8-10 h urs a day f rtherest f ur y un lives,”saysEri Kush, 26, wh plays f rtheL sAn el es Ramsandattendedthef ur-day

urseat the R ss S h lwithhiswife HAgEN PHoToS:AP;gETTYIMAgES;NIcK 14 ft.com/BUSineSS-edUcation eture r u Feat Getting ahead: Marshall Newhouseof the New York Giants, le and below,on thecourse;bottom le ,EricKushat hisold club,the Kan sas Cit y Ch iefs have t facea w rld with ut l cker- r m camaraderi e, glam ur, pe ple clam uring f rtheirattenti nand, f c urse, the hefty pay cheques. “I can’t imaginewhat that future might havel kedlike,if, whenI nished my PhD I wasthen t ld ‘right, n wy uhavet d s mething c m pl et el y di ff er ent ’,” says Fr anci ne Laf ntaine,seni rassciate dean f r faculty and resear ch at t he R ss Sch l. A f r anchi si ng speci al i st , she t aught playerstheinsand uts f the industry during the c urse. Th se wh are enduring l ng-term injuriescan facehigh medical c st s. Thelure f indiscriminatespending can be dif cult t r esi st , as i s pr essur e fr mplayers’ent ur ages keen t enj y theg d t i m es. M any a f ai l ed busi ness investment by an NFL player hasarisen fr mbetting n a venture set up by s me netheykn w.o ther playersrely t heavily ntheiragentst handle their nances,whilethereareplenty f nancial adviserswith questi nable skills fferingup their services. “F tball players are the w rst t deal with and baseball players are the best,” says But wski. “A l t f thetimethese y ung NFL players rely nagentsf r ever yt hi ng. Basebal l and N BA [ N at i nal Basketball Ass ciati nplayers]have l nger car eer s, wher eas N FL pl ayer s d n’t have the chance t gr wup thr ugh their sp rt.” Thisiswherec ursessuch asthe NFL BusinessAcademy at Michigan R ss c mein. (Thesch lisnamed after StephenR ss, wh wns the Miami D lphins NFL team.) UnlikePeyt n Manning, the

15 feature

‘Ifall theother studentsI’vebeen aroundcamein with thisdesireto learn it would beamuch more enjoyable teaching experience’

Denver Br n squarterba kwh is nallyretirin after 18 years and numer uslu rativeend r sem ent s, i t israref rNFLplayerst retire ut f h i e. I t happens m st l y when t hey ar e ei t her t badly injured t ntinue r teamsd n t want them anym re. Theaim fthe urseist ive Star students: players a br ad ran e f areer pti ns (main picture) whi l e em phasi si n theimp rtan e f Andrew DePaolaof theTampaBay makin busi ness pl ans, h si n the Buccaneers,centre, le al stru ture fy ur mpany and andKonradReuland trustin businesspartners. of theBaltimore Speak i n t f rmer playerswh Ravens,right;(below) JuliusPeppersof were makin asu ess ftheirp st - theGreen Bay retirement ar eers is ne fthebi est Packer s w it h h i s inspirati ns,many attendeessaid. girlfriend,model Bradie James, 35, wh retiredtw Cl au d i a Sam ped ro seas nsa ,a rees.Heset up his wn fran hiseM yah, a fast-f dbur er hain, and hasab ut 100 st res.He als w rksf rtheNFLPAPlayersTrust and sp keat there ent R ss S h l b t amp. “g uys et i t when t hey see f rmer [NFL] uys bein su essf ul ,” Br adi e James says, addin that devel pin a new areer t akes t ime and t hat he is st i ll d in s . Hebelievesthat thereisn wbetter a ess t inf rmati n nh wt make asu essful t r ansi t i n ut fNFL,but that thereisstill r mf rimpr vement. St ries f nan ial d mthatwere m reprevalent afewyearsa are diminishin while th se ab ut players bein fru al and su essf ul af t er transiti nin are r win . Dallasc wb ys runnin ba kAlfred M r r i s has made headl i nes i n r e ent years n t nly f rhisf tball skillsbut bein ext r em el y ar eful wi t h his m ney,

drivin an ld Mazdainstead fashiny HAgEN;AP PHoToS:NIcK 16 ft.com/BUSineSS-edUcation feature

The long game: retirin NFL players because it provides (above) Bradie James, aplaybook for them to follow instead who launched a of havin t o st ar t a busi ness fr om franchisefast-food chain,before his scratch, not dissimilar to thecoach retirement from and player environment insideNFL. NFL;Prof Francine However,sheaddsthatteachin the Lafontaine (below) importanceof miti at i n riskisan helpsplayersto inte ral part of thecourse—such as makethetransition to new careers investin in awell-known franchise asopposed to a newer one— thou h thechoiceand responsibility is ultimately theirs. “You just need to oalon with that formula and thin saremorelikely to o well in thesensethat you won’t make thesamemistakethatthefranchisor already made, or franchisees already made,” she says. “I spent som e t i m e tellin themthat thisdoesn’t ivethem a uaranteethat it will work.It’spart of Franchisingissuitedtoretiring my job to tell them that.” Property investor Brian Khoury,who playersasitprovidesa ave a talk on his business, says the NFL playbook for them to follow st udent s and at t en di n spouses wer e themost attentiveof any classhehas sports car, or ridin a bicycle to work. att ended over year s of ivin lecturesat Marshall Newhouse, offensivetackle universities. for theNew York g iants,saysthat “They’ve been ivensomuch one of the bi est l essons for hi m on prosperity earlyon and only hear thecoursewashowimportantitis“to stories about people who have been protect yourself, rst and foremost, unsuccessful. There’sa desireto learn. whether that be le ally, wi th an I’veneverbeenaroundasituation attorney,company-wise[ in termsof the likethisbefore.If all theother type of company you form] , as well as under raduate students I’ve been bein well researchedbeforeyou jump around camein with thistypeof passion into anythin ”. anddesiretolearnitwouldbeamuch Newhouse, 27,who hasseveral ideas mor e enj oyabl e t eachi n exper i ence.” aboutwhattodowhenheleavesNFL, It isperhapstheseskillsof football — saysthatthecoursetau ht him aspectsof passi on, focus, st r at e y, teamwork and franchisin hehad not considered before, endurance — that they can brin to their whichmadeit moreappealin . post-football lives, ivin themsome Prof Lafontainebelievesthat amein aworld wheretheyareplayin franchisin isparticularly suitedto catch-up. ft.com/BUSineSS-edUcation 17 A a f s

BY K i r A n St Ac e Y

int er view ph o t o g r Aph SBYdAv id pAr r Y

HowaHarvardprogrammeatthetimeof9/11helpedViridor CEOIan McAul ay ’s cl assmates see the world di erently

ne week i nt o I an completely changed.” One of the things McAulay’sintense, three- M cAulay believes is most important mont h management in businessisbringingin outsidersto courseat Harvard, challengetheway a group thinks— at everything changed. Viridor, hehasbrought in managers OAbout 9am on a Tuesday morning, a from theenergy sector and consumer lecturer interruptedlessonsto tell the industries. studentsthat an aeroplanehad own He saw that in action during those into oneof NewYork’stwin towers.As weeks at Harvard. The brutal eventsof theygatheredto watchthe9/11attacks 9/11forced membersof what hesaw as unfold liveon television, it becameclear anotherwiseoccasionally insular group that theworld from which these100 of American businesspeopleto confront or so high achievershad comewasnot aworld they did not fullyunderstand. goingtobethesamebythetimethey “Thedaywasobviouslyvery were due to leave. emotional,”hesays.“But it also “You could see the scale of that event r epr esent ed a st ep-change i n t hei r on thenational psyche,theimpact it had execut i ve educat i on. They r eal i sed t hey on theAmericansthere,who then spent had to open up to what washappening a lot of time contemplating and opening in therest of theworld. up,”herecalls. “Wesat in our livinggroup lateat McAulay isnow thechief executiveof night and peoplewereactually asking Viridor, theBritishwastemanagement the foreign studentsamong us: ‘Where company that ispart of Pennon, the isAfghanistan?WhereisIraq?’ FTSE250-listedgroup.Butatthe “Oneprofessor said it wasa reversal time he was an ambitious 36-year-old —insteadofHarvardteachingthe executive, makinghisway up theranks rest of the world how to do things, of M WH Global, t he US wat er company. Americanswerecoming and asking the Thethreemonthshespent at world what washappening.” Harvard, working 17-hour days and Talking to McAulay,theeffectsof that livingwith hisfellow studentson the day 15years ago are obvious, but the fact Advanced Management Program, seen hewaseven thereshowshow far hehad by some as a “mini MBA”, shaped much come in hisshort career until then. of how he now approaches business. Born in Glasgow in 1965, his father Nothingleft aslong-lastingan wasa boilermaker in the city’sfamous impression, however, aswatchinghis but notoriously tough shipyards. American fellow studentscome to terms Despiteshowing an early interest in wi t h t hei r gr i ef and adj ust t hei r vi ews of engineering, hisfather insisted he theworld. should look instead at amoredesk- “Many of thesepeoplehad friendsor bound car eer. family who diedin theattacksand some of t hem had t o l eave,” he says. “Ther e ‘Theday wasobviously emotional. were discussionsabout whether we should stop thecourse. Wedecided to They hadtoopenuptowhatwas keepgoing,butthetoneafterthathad happeningintherestoftheworld’ 18 ft.com/BUSineSS-edUcation n rview er int

ft.com/BUSineSS-edUcation 19 “My dad always said to me: ‘Don’t be in just under threeyears,which would CV — something he thinkshelped an engi neer, son. You’l l t r avel ar ound t he beunheard of thesedays.” 2013CEO,Viridor, him survive the gruelling schedule that worldandyouwon’tmakeanymoney,” Asa result, McAulayiskeen to executive director, wasto come. Days involved starting int er view hesays. “Hewanted meto bealawyer or promote apprenticeships in his present Pennon;2010-13,chief classes soon after a 7am breakfast and an accountant.” role—despitethefact that from next strategy o cer,MWH working until theearly hoursanalysing Following thispaternal advice, year, largecompanieswill haveto start Gl obal ; 20 0 7-10 case st udi es. McAulayembarkedon alawand paying thegovernment to help fund executive director, “I couldn’t get enough of it, so I would accountancydegreeat Strathclyde them. Viridor currently employs230 United Utilities; do extra casestudiesbecauseI had a University in hishomecity.But he appr ent ices. 2005-07MD,MWH thirst for learning,”hesays.“Someof adm i t t ed defeat j ust a year i n and H aving completed his professional UK;1994-0 5 business theolder peopleon thecourseprobably switched to civil and environmental quali! cations,McAulayworkedat director,Montgomery found that just a little bit draining.” engi neer i ng. “I n t hose days, wat er was Crouch, H ogg, Waterman until 1994, Watson;1988-94 One of thosecasestudiesin particular j ust st ar t i ng t o em er ge as qui t e a bi g whenhejoinedtheUS-ownedcompany senior engineer, stayedwith theyoungwater executive. issuein theUK, never mind around MontgomeryWatson.It washerethat Crouch , Hogg, “WelookedattheturnroundofSAS[the theworld,”hesays.“I remember in he met Bob Uhler, a former soldier Waterman Scandinavian airline] . Executives were the1970swehadhosepipebansand turned executive, who wasto becomea driven bytheir new chief executiveto droughts, even in Scotland. There wasa mentor. I t was U hler who encouraged Educati on undergo the customer experience, learn sensethatweneededtomanagewater himtogotoHarvard. Degree in civil and from it and implement change. resourcesdifferently.” “H e committed, regardless of good environmental “They then droveit into the Whilestudying,McAulayalso timesor bad, that thecompany would engineering; organisation with little comic-book workedduringhissummerholidaysat havetwo peopleper year attendingthe Harvard Advanced pr esent at i ons t hat m ade i t ver y vi sual .” Cr ouch, H ogg, Wat er man — a Glasgow [ H ar vard] AM P course and he never Management Viridor isalsoexperiencing aperiod engi neer i ng consul t ancy founded i n t he st epped back f r om t hat .” Program ; Cam bridge’s of upheaval as it moves away from 19 t h cen t u r y. On arriving at the I vy League Business and the traditional wastedisposal towards “I was doing summer vacation work institution, McAulayrealisedthat he Env ironm ent recycling and burning wasteto generate whileI wasat university,soeffectively it was by f ar t he youngest per son t her e Program m e electricity.Despitethedifferences wascombining thepractical experience between the two businesses, McAulay of an apprenticeship with thetheory ‘I coul dn’t get enough...I woul d thinks his company can learn from taught at university,” hesays. “It was SA S’s exper i en ce. ideal and it meant I wasableto #y doextracasestudiesbecause “One of thebiggest hurdlesisthe fear through my professional quali! cations Ihadathirstforlearning’ of change. We’ve had to make it more personal for our staff,” he says. “We’ve m oved away fr om t he st er eot ypi cal 25 bullet pointson aPowerPoint slide.Now we have passionate people who stand up and explain what thenewfacilities do, why they are good for society and what i t means for the development of thecompany.” A Glaswegian shipbuilder’sson, who studied at H ar vard and went on to run oneof thebiggest wastemanagement companiesin Britain, McAulayhasseen ! rst hand what a varied background can br i ng t o m anagem ent . H e al so saw i t i n action at Harvard itself, whereAfrican ministersmixed with corporatebankers and even an astronaut. N ow, at Vi r i dor, he i s keen t o make suremanagement doesnot become toomonocultural, which isonereason why t wo of t he peopl e i n t he successi on plan for his job do not have university degrees. “We’ve got people in our Lastinglessons: company who havesomeincredible Ian McAulay still experiences.Our job isto turn that into applieswhat he learnt at Harvard aprocessthatcanbeusedtodetermine in hiscurrent role thecompany’sentirestrategy.” 20 ft.com/BUSineSS-edUcation

Introduction p24-25 Customised programmesp26 Open programmesp30 What the2016 Full tablesof the Thetop 75schools survey reveals leading85providers around theworld Executive education rankings2016

s l , il l ustr ation:adr ian johnson Reputations ridehigh

RANKINGS Est abl i shed sc ools makesigni cant str ides whi le strong new entrantss ap at their heels.By Laurent Ortmans

pai n’s I ese Busi ess School Relativeperformanceof executive hasachieved th best performancein theFinancial education programmes by region Timesrankingsofexecutive education prog ammes, Scoming closest of any scho lsincethe survey waslaunched in 19 9totopping e uare)* both rankings. Cu stom ised c q an f s Iesenot onlyheld ontotopplacein programmes the ranking of customised rogrammes r perform(=area o e e b aimed at corporate custom rs,but FT r alsoclimbedoneposition t second scor lnum e ta b in the ranking of open-enr lment m To u programmes. I n doing so, t eschool of schoolsln s ta ent 82 also tops the 2016 FT com inedranking To l f cli o o o of the leading 50 schools f r executive rica h ia e As education, calculated from both tables m 12 3 Top sc g (seepage8). Swissschool I D climbsto n o second placeafter coming hird for four orth A T N years, relegating H EC Pari into third. iao 7 ai J Executive education offe snon- h degreeprogrammes, either tailor- 331 1 Sh an giversity:Antai rate n madefor corporatecustomers o U (customised) or available t all working 24 rp o n 14 managers(open-enrolmen ). This tio 1,498ukeC 18t h edi t i on of t he FT’s exe utive D education rankingsinclud sthebest duca E Eu rope 85 customised programme and the best 75 open pr ogr am mes orldwide. chool Therankingsarebased on riteria rica 1 S e 7 0 5 includingparticipants’and clients’ 4 6 satisfaction, thediversity o participants th Am u ,7 and faculty, as well as the s hools’ So 2 international teachingand students. ral b Iese Business WhileIeseistopforonl one criterion Ca — international clients— i theranking Dom 7 o of cust om i sed pr ogr ammes, t he Spani sh çã 62 schoolisinthetopfivefor 1out of15 740 Funda criteria.Itsclientsparticul rly value Africa the academics’ expertise. “ fter many years working with I ese, I ontinue to be a 68 impressed with the freshnessof faculty 5 7 andtheirapproachtoeachandevery 8 ersity of Pretoria, programme,” commented neclient 1 v Oceani Uni LBIRKETT,LAURENTORTMANS ss respondingto theFT surve .“Their L Gibs ine knowledge of our industry nd of the Bu s za 2 e li challengesand opportuniti swefaceis tE ourn exceptional.” 93 b l,M oo Mel h HECParisremainsin se ond place c S

in thecustomisedranking,aposition GRAPH I C: RUSSE 24 FT.COM/BUSINESS-EDUCATION RANKINGS European schoolsoccupy thetoptwoplacesin both the customised and open rankings

, Corporat e Educat i on complet es t he podium. Antai Collegeof Economics& Management entersthetop 10 on its second participation in therankingof customised programmes, jumping six placesto ninth. TheShanghai school cametop for valuefor moneyand likelihood of future use. AllianceManchester BusinessSchool continuesitsprogression, rising 12 placesto 36th. Fiveschoolswereranked for the first time, with thehighest new e)* ar e u entrant, theUniversity of Tennesseeat nc q a s Knoxville,entering in 45th place. Open-enrolment aof orm e Theranking of 75 open-enrolment rf e programmes (=ar programmes was l ed by I M D of Tp ber F re Sw i t zer l and for thefifth year running. sco r Both Ieseand Harvard BusinessSchool tal num e o b movedupaplacetosecondandthird T ants of schools p respectivel y, benefi t i ng f r om H EC Par i s’s tal numrtici 75 fall of six placesto eighth. 6 o a T l fp a o Questrom School of Business in ric choo st on r ecor ded t he bi ggest r i se, movi ng e Asia m 14 op s T 7placesto 35th, whiletheUK’s ridge Judge Busi ness School North A ed 18 placesto 32nd. Only three 5 llegeof o lsfeaturefor thefirst time,with t C s 7,626is nd’sSm ur fi t Gr aduat e Busi ness ines Ka hool highest in 69th place. 0 l Bu s 441 European schools occupy the top two 2 , hoo c 13 6 d S placesof each ranking. H ar vard Business ar 62 v ss Sch ool i n the open ranking and Duke Har Eu rop e Cor por at e Educationinthecustomised Busine ranking are the top North American schools, both in third place. 6 How do theregionscompareoverall ca ri on performa ce?Therelativestrength e 3 feachregion(showninthegraphic)is Am 70 th 67,839D 48 c ulated by averaging school ranking u o r then addingthetotal scoresby S IM iddleEast M in n ivided by the average rank. bral ss a ity C ne rs si e lativescoresshowNorth 61 u B 735Dom f ic nschools as a group fare 7 , o a 1 ol o ic o r veral t han t hei r Eur opean fr rican Unive 15 A 2,932e Sc h Am ro un rparts for open-enr ol ment Fundaçã a, i Cai r rammes, whileEuropean schools 04 ay ahead forcustomisedprogrammes. 4 8 0 Asia comest ird in both cases,followed 9, ia 7 by South Amer i ca, Oceani a and Afr i ca. University of Pretor an ibs G ce I n each of t hese l ast t hr ee r egi ons, O one school dominates in executive ess education. Fundação Dom Cabral near 7 usin Belo Horizontein Brazil, Mt Eliza 2 Busi ness School i n M el bour ne and t he ,81ourneB 1 b Gordon Instituteof BusinessScience *Based on schools’rankingscores,number Mel in Pretorialead their regional peersin School,Mt Eliza of schoolsand averageregional ranks bothrankings. FT.COM/BUSINESS-EDUCATION 25 Cu stom ised program m es

Top for customised programmes:Iese Topfor faculty diversity:HECParis Spain’sIeseBusinessSchool,having Thisistheeighth successiveyear that HEC knocked DukeCorporateEducation from Parishascomesecond in thecustomised rankings thenumber onespot in 2015,haskept ranking.Theschool hasbeen consistently in itsplaceat thetop of theranking.In a thetop 10for faculty diversity but it isthe rst consistently strongperformance,theschool timeit hascometop on thisfront.Women wasinthetop10onall15criteriaandamong account for about half of theteachingsta the rst vefor 11of them.Theschool came for customised programmesand nearly two- close to beingthe rst to “do thedouble”, thirdsof thefaculty arefrom overseas.HEC’s comingsecond in theopen-enrolment faculty are also ranked rst for the quality of ranking.–Laurent Ortmans their teaching.–LO

Financial TimesExecutiveEducation 2016 Co r p o r at e su r v ey Thetop 85customised programmeproviders(continued overleaf)

3-year

20 16 20 15 2014 average School Country Preparation Program me design methods Teaching & materials Facu lt y New skills & learning Follow-up Aims achieved 1 1 3 2 Iese Business School Spain 5 4 6 4 2 6 3 2 2 2 2 HECParis France 1121111 3 3 1 2 Duke Corporate Education US/UK/South Africa 9 3 9 8 11 15 12 4 655IMD Switzerland3212452 5 4 9 6 London Business School UK 2 9 8 3 5 25 6 6 7 11 8 SDA Bocconi Italy 4 6 5 6 10 3 11 7 8 4 6 Center for Creative Leadership US/Belgium/Singapore/Russia 10 10 4 148 7 10 8 112113Insead France/Singapore/UAE15161511132413 9 15 - - Shanghai Jiao Tong University:Antai China 7 7 7 9 17 2 14 10 10 7 9 Cr a n ield School of Management UK 6 8 11 12 14 19 15 11 5 12 9 Mannheim Business School Germany 19 18 3 5 9 4 7 12 16 - - National University of Singapore Business School Singapore 14 12 16 13151019 13 9 9 10 University of North Carolina:Kenan-Flagler US 12 5 12 7 7 43 5 14 181817HarvardBusinessSchool US 1619141018459 15 25 25 22 Essec Business School France/Singapore 13 11 20 20 12 22 20 16 - 8 - Stanford Graduate School of Business US 8 27 13 15 6 77 4 17 183122MIT:Sloan US 20241730161422 18 126 12EsadeBusinessSchool Spain 29282527302733 19 22 16 19 Ashridge Executive Education at Hult UK 23 17 23 22 29 17 24 20= 131315IpadeBusinessSchool Mexico 1113101636016 20= 27 51 33 ESMT - European School of Mgt and Technology Germany 17 15 19 18 26 28 18 22 13 15 17 University of Chicago:Booth US/UK/Singapore 21 20 21 25 25 21 17 23 232323UniversityofOxford:Saïd UK 1814181919238 24 202222ThunderbirdSchoolofGlobalMgtatASU US 22263529223236 25 24 19 23 Babson Executive Education US 25 22 30 21 28 29 29 26 32 33 30 UniversityofMichigan:Ross US 38 39 24 23 24 26 21 27 28 56 37 ESCP Europe France/UK/Germany/Spain/Italy 39 36 38 33 35 37 41 28 332729FundaçãoDomCabral Brazil 24212934273538 29 17 19 22 Edhec Business School France 28 25 39 17 20 18 25 30 31 29 30 StockholmSchoolofEconomics Sweden/Russia/Latvia 35 29 34 37 43 3628 31 38 47 39 Universidad de los Andes Colombia 26 30 22 32 21 38 45 32 40 55 42 Incae Business School Costa Rica/Nicaragua 32 32 26 40 33 51 47 33= 29 50 37 Henley Business School UK 43 38 31 39 36 12 30 33= 43 38 38 Vlerick Business School Belgium 36 33 42 38 31 41 32 26 ft.com/BUSineSS-edUcation rankings Key to 2016 customised programmes

The rst10criteria,under theheading “corporate survey”,are rated by the companies that commissioned executive courses;the last ve are based Top for overseasprogrammes:Cran eld on datareported by businessschools. Cran eld School of Management isthe Thesecriteriaarepresented in rank second best UK school for customised form,with theleadingschool in each programmesand hasbeen in thetop 10for column rankednumberone.The nal thepastfour years.Theinternational reach two criteriaarefor information only and ofitscourseshasbeenoneofitsstrengths. do not contributeto theranking. Since2009,theschool hasconsistently been among the top vefor itsprogrammes,taking Figuresinbracketsshowtheweight thetop slot threetimesin that period.Nearly each criterion contributestotheoverall half of itscoursesaretaught in locations ranking.Theweightingaccorded to the outside the UK.–LO rst nine criteria,from preparation to value for money,accounts for 72 per cent of thetotal ranking’sweight.It is Business school sur vey determined by thelevel of importance that clientsattach to each on average.

Preparation (8.3):level of interaction between client and school,theextent to On l i n e which clients’ ideas were integrated into Methodology the programme and the e ectiveness available online of theschool in integratingitslatest at .co m /ex eced research.

Facilities Value for money Fu t u r e u se International clients International participants Overseas programmes Par t ner schools Facu l t y d iv er sit y ‡ Total Responses Cust om r evenu($m) e † Rank i n 20 16 Programme design (8.5): exibility 4261722237(3)-1 of thecourseand thewillingnessof 20 4 5 16 8 18 20 1 32(3) - 2 schoolsto complement their faculty 18127431541(3)-3 with external experts. 9 7 3 11 2 22 44 4 43(3) - 4 Teachingmethodsandmaterials 2591112948651(3)37.5**5 (7.9): extent to which teaching methods 759243340111834(3)-6 and materialswerecontemporary and 3 13 7 34 1 25 66 22 29(3) - 7 appropriate,and included asuitable 12 14 2 1 5 5 14 5 4 9 4 9 ( 3 ) - 8 mix of academic rigour and practical 361153546677619(2)-9 relevance. 3 5 19 17 3 2 12 1 5 2 8 4 1( 3 ) - 10 Faculty (8.4):quality of teachingand theextent to which teachingsta 37152 583010155822(3)-11 worked together to present acoherent 10 10 8 10 4 8 4 6 9 3 5 3 0 ( 2 ) - 12 programme. 2 6 15 71 42 42 59 42 34(3) 24.4** 13 Newskillsandlearning(8.3): 5 12 34 15 18 38 55 46 57(3) 176.7*** 14 relevanceof skillsgained to the 30 20 18 33 21 13 12 24 35(3) - 15 workplace,the ease w ith which they 634195163665210(2)-16 were implemented and the extent to 17 23 14 8 49 21 45 51 27(3) - 17 which thecourseencouraged new ways 23 31 33 9 11 6 6 17 31(3) - 18 of thinking. 18 2 9 3 0 3 0 10 11 4 0 14 4 3 ( 3 ) - 19 Follow-up (7.3):extent and 81125526571668041(3)-20 e ectivenessof follow-up o ered a er 14 22 45 37 19 20 17 32 42(3) - 20 thecourseparticipantsreturned to their 19 16 22 26 22 48 60 55 31(3) - 22 workplaces. 51 34 39 42 24 17 62 43 56(3) 24.5** 23 Aimsachieved (8.4):extent towhich 54 40 49 4 6 8 61 10 35(3) 22.4* 24 academic and business expectations 46 24 19 13 61 31 10 48 27(3) - 25 weremet and thequality of feedback 42 17 13 22 63 36 38 54 24(3) - 26 from individual participantsto course 483824283 12281334(3)-27 commissioners. Facilities(7.2):ratingof thelearning 29 35 16 39 45 34 29 44 46(3) - 28 environment’squality and convenience 33 26 23 84 73 56 65 41 27(3) - 29 and of supporting resourcesand 45 25 54 35 13 15 3 56 44(3) - 30 facilities. 11 2 1 10 5 7 7 2 6 9 6 6 7 8 4 2 ( 3 ) - 3 1 Valuefor money (7.8):clients’rating 24 47 47 3 37 35 48 7 27(3) - 32 oftheprogramme’sdesign,teaching 40 27 59 6 56 43 56 53 36(3) - 33 and materialsin termsof valuefor 41 30 26 44 20 24 14 50 56(3) 7.0 33 Foot n ot es: p age 29 money. ft.com/BUSineSS-edUcation 27 Financial TimesExecutiveEducation 2016 Co r p o r at e su r v ey Thetop 85customised programmeproviders

rankings 3-year

20 16 20 15 20 14 average School Country Preparation Programme design methodsTeaching & materials Facult y New skills & learning Follow-up Aims achieved 35 26 40 34 Melbourne Business School,Mt Eliza Australia 33 31 32 35 41 13 35 36 48 62 49 Alliance Manchester Business School UK 30 34 33 51 37 20 37 37 37 43 39 UniversityofStGallen Switzerland 27 23 43 26 23 75 23 38 34 34 35 Ceibs China 34 41 44 45 48 30 46 39 472637UniversityofPennsylvania:Wharton US 41494541455831 40 36 32 36 University of Virginia: Darden US 37 35 36 24 34 67 26 41 51 61 51 Católica Lisbon School of Business and Economics Portugal 51 52 52 48423144 42= 50 41 44 EMLyon Business School France 46 45 28 36 40 48 42 42= 44 - - Peking University:Guanghua China 40 47 27 31 38 33 27 44 30 39 38 IAEBusiness School Argentina 44 54 41 47 47 49 52 45= 53 53 50 University of Pretoria, Gibs South Africa 31 40 53 44 50 68 43 45= - - - University of Tennessee at Knoxville US 48 42 37 49 54 8 50 47 57 - - IndianInstituteofManagementBangalore India 49 46 46 52 53 47 48 48 38 36 41 UCLA:Anderson US 52 43 40 50 39 57 40 49 45 45 46 Western University: Ivey Canada/China 45 37 48 28 49 81 39 50 42 37 43 Columbia Business School US 47 48 47 43 32 54 34 51 - 57- YorkUniversity:Schulich Canada 5556595755951 52= 49 52 51 Insper Brazil 42 44 49 46 46 73 53 52= 64 69 62 IrishManagementInstitute Ireland 56 51 57 59 56 11 57 54 61 66 60 Eada Business School Barcelona Spain 53 50 50 54 44 44 55 55 67 - - University of Cambridge:Judge UK 62 53 68 67 51 42 62 56 65 79 67 BI Norwegian Business School Norway 58 62 56 62 52 39 59 57 52 30 46 Carnegie Mellon:Tepper US 50 55 51 53 66 66 63 58 - - - Fundação Getúlio Vargas - EAESP Brazil 57 63 74 42 64 40 60 59 66 67 64 Tias Business School Netherlands 60 60 62 61 61 46 58 60 55 24 46 Washington University: Olin US 54 59 58 55 60 74 49 61 58 54 58 Aalto University Finland/Singapore 69 61 54 60 58 62 54 62 60 60 61 Imperial College Business School UK 59 58 61 66 59 69 56 63 69 73 68 Nova School of Business and Economics Portugal 68 68 60 58 62 71 61 64 70 63 66 Porto Business School Portugal 61 65 66 65 70 34 70 65 68 72 68 Rotterdam School of Mgt,Erasmus University Netherlands 66 57 55 56 63 72 67 66 62 42 57 University of Toronto:Rotman Canada 64 66 63 63 57 65 65 67 56 64 62 University of Cape Town GSB South Africa 63 67 73 68 69 70 64 68 73 78 73 Wits Business School South Africa 72 71 69 73 75 59 66 69 70 77 72 University of Alberta Canada 65 70 70 64 73 55 73 70 82--Esan Peru74766479671677 71 63 70 68 QUT Business School Australia 67 69 67 71 74 63 75 72 77 76 75 Nyenrode Business Universiteit Netherlands 73 72 71 74 65 61 69 73 78 71 74 NHH Norway 75 74 72 69 76 84 68 74 83 - - Indian Institute of Management Ahmedabad India 70 82 75 70 71 78 72 75 79 - - Lagos Business School Nigeria 79 73 76 75 77 64 79 76 85 - - Frankfurt School of Finance and Management Germany 71 64 65 72 68 52 71 77 76 65 73 Politecnico di Milano School of Management Italy 77 75 79 77 72 53 74 78 80 74 77 Grenoble Ecole de Management France 78 77 77 78 79 79 78 79 757576UniversidadAdolfoIbañez Chile 76787876787676 80 73 68 74 USBExecutive Development South Africa 84 81 81 81 82 56 80 81 - - - Queen's University:Smith Canada 81 80 80 80 80 83 81 82 - - - Yonsei University School of Business South Korea 80 79 82 83 81 50 82 83 81 - - Kedge Business School France 83 84 83 82 84 85 85 84 84 80 83 Skema Business School France 82 85 84 84 85 80 84 85 - - - EBSBusiness School Germany 85 83 85 85 83 82 83 28 ft.com/BUSineSS-edUcation rankings Business school sur vey Key (continued)to2016 customised programmes

Futureuse(8.0):likelihood that clients On l i n e would reusethesameschool for other Sear c h t h e customisedprogrammesin thefuture, FT’sinteractive and whether they would recommission rankingsat .co m / r an k i n gs thesameprogramme. International clients(5.0):percentage of clients with headquarters outside thebusinessschool’sbasecountry and

Facilities Value for money Fut ur e use International clients International participants programmes Overseas Par t ner schools Facult y diver sit y ‡ Total Responses Cust om revenue ($m ) † Rank i n 20 16 region. 39 28 44 48 55 29 22 15 38(3) - 35 International participants 21 41 40 21 47 71 66 33 26(3) - 36 (3.0):extent to which customised 16 48 61 47 25 23 48 57 40(3) 5.1* 37 programmeshaveparticipantsfrom 52 43 35 16 70 64 42 12 52(3) - 38 morethan onecountry. 26 55 62 23 38 5 51 29 42(3) - 39 Overseasprogrammes(4.0): 32 18 56 59 41 55 34 77 35(3) - 40 international reach of theschool’s 50 46 27 27 23 27 13 23 51(3) 4.7 41 customisedprogrammeteaching. 68 59 20 46 40 9 53 26 26(3) - 42 Partner schools(3.0):quantity and 31 42 37 73 67 50 30 74 11(2) - 42 quality of programmesdeveloped 15 5 0 4 8 14 16 3 9 2 7 3 6 3 3 ( 3 ) - 4 4 or taught in conjunction with other business schools. 44 44 32 53 32 32 23 37 43(3) - 45 Faculty diversity (5.0):diversity of 22 33 36 78 64 68 66 69 5(1) 2.1** 45 school faculty accordingto nationality 38 32 28 18 77 28 24 79 28(2) 3.9** 47 and gender. 43 49 51 49 27 26 18 39 27(3) - 48 27 45 58 31 34 47 57 25 36(3) - 49 Total responses:number of individual 60 71 65 25 26 61 32 34 27(3) - 50 surveyscompleted by theschool’s 65 53 52 63 14 59 41 11 21(2) - 51 clients.Figuresin bracketsindicatethe 13 37 46 56 81 71 66 82 25(3) - 52 number of yearsof survey datacounted 63 61 31 51 17 52 19 40 52(3) - 52 towardstheranking. 78 57 43 36 29 70 36 47 34(3) - 54 62 62 60 2 44 44 16 20 30(2) - 55 Custom revenues:incomefrom 49 52 64 77 39 19 26 65 48(3) 9.4* 56 customisedprogrammesin 2015in 57 39 72 29 46 54 66 59 31(3) - 57 $m,provided optionally by schools. 70 36 53 43 81 71 66 70 10(1) - 58 Revenuesareconverted into US$using 81 54 42 62 43 41 33 60 40(3) - 59 the average dollar currency exchange 34 51 63 85 76 71 66 66 17(3) 3.4** 60 ratesfor 2015. 59 56 77 64 35 16 66 62 41(3) 4.6 61 73 76 68 40 31 45 66 3 32(3) - 62 66 63 55 38 68 71 21 38 60(3) - 63 69 74 50 55 69 52 4 73 89(3) - 64 79 64 69 41 15 61 35 31 47(3) - 65 58 58 81 69 80 71 47 21 23(3) - 66 82 60 29 64 57 71 66 30 21(3) - 67 80 65 38 73 81 57 63 49 17(3) 4.3* 68 61 70 80 70 74 71 39 27 38(3) 4.5* 69 74 66 41 76 78 71 64 67 10(2) - 70 53 81 73 64 66 58 66 16 33(3) 4.9 71 Foot n ot es 72 67 67 79 60 71 52 63 47(3) 8.3** 72 †Thesedataareprovidedforinformationonly.Forschoolswhosemainheadquartersare outsidetheUS, guresarebased on averagedollar currency exchangeratesfor 2015. 47 68 74 83 58 30 43 64 30 (3) - 73 ‡The rst gurerefersto thenumber of individual surveyscompleted by clientsof the 64 69 66 60 79 60 50 81 15(2) 3.9** 74 businessschool.The gurein bracketsindicatesthetotal number of yearsof survey data 67 72 57 81 75 71 58 61 25(2) - 75 included in thisranking.Dataareretained for thoseschoolsthat participated in the2014or 83 82 79 75 53 67 46 84 22(2) - 76 2015rankingbut werenot ranked in either or both. 75 75 75 49 62 65 25 68 41(3) - 77 *Includesrevenuefrom food. 77 80 76 61 36 7 37 19 61(3) - 78 **Includesrevenuefrom food and accommodation. 56 77 84 20 50 48 66 72 26(3) - 79 ***Aggregate total for open and customised programmes. 28 79 71 68 81 71 66 75 27(3) - 80 Althoughtheheadlineranking gures show changes in the data year to year,the pattern 76 73 82 67 71 71 66 45 10(1) - 81 of clusteringamongtheschoolsisequally signi cant.About 400 pointsseparatethetop school,IeseBusinessSchool,from theschool ranked number 85.Thetop 12business 71 78 78 80 81 71 66 85 7(1) - 82 schools,from Ieseto theNational University of SingaporeBusinessSchool,form thetop 55 83 70 82 59 37 66 71 24(3) - 83 group of custom providers.Thesecond group islead by University of North Carolina: 84 84 83 45 28 33 31 8 28(3) - 84 Kenan-Flagler and thethird by WitsBusinessSchool.Thetop and bottom schoolsin thesecond group areseparated by 170 points;in thethird group thereisa145-point 85 85 85 72 52 51 66 83 13(1) - 85 gap between the top and bottom. ft.com/BUSineSS-edUcation 29 Open-enrolment programmes

Top for open programmes:IMD Top for faculty:Darden “It wasaperfect impactful programme,”says Darden School of Business,number onein asurvey participant of their experience 20 10,has uctuated at thetop of theopen rankings atSwitzerland’sIMD.Thisisthe h ranking.With ahigh scorein theparticipant consecutiveyear IMDhastopped the survey,theUSschool isranked fourth open-enrolment ranking.It isranked rst for a er going from h p l a c e i n 2 0 12 t o 11t h new skillsand learning.Despitethestrong in 2015.Oneconstant hasbeen thequality Swissfranc,theschool remainsattractive of teaching—top for thethird year.“They outsideSwitzerland.It isranked sixth for the went out of their way to ensurethat every international diversity of itsparticipants, participant gained somethingfrom the

down from second thepreviousyear.–LO course,”saysonestudent.–LO t abl es: j oh n br adl ey

Financial TimesExecutiveEducation 2016 Participant survey Thetop 75open-enrolment programmeproviders(continued overleaf)

3-year

20 16 20 15 2014 average School Country Preparation Course design Teach i n g m et&materials h o d s Facult y Quality of participants New skills & learning Follow-up 1 1 1 1 IMD Switzerland 2444317 2 3 6 4 Iese Business School Spain 10 7 9 15 21 3 3 3 4 6 4 HarvardBusinessSchool US 45231618 4 11 3 6 University of Virginia:Darden US 1 1 1 1 12 9 26 5 9 118 UniversityofMichigan:Ross US 32527211 6 5 9 7 Center for Creative Leadership US/Belgium/Singapore/Russia 7 3 3 5 11 812 7 7 9 8 Es a d e Bu s i n e s s Sc h o o l Sp a i n 12 10 13 11 2 6 4 1 8 2 3 4 HEC Paris France 17 14 6 20 17 5 10 9 10 15 11 UniversityofOxford:Saïd UK 19 12 8 7 6 11 5 10 12 23 15 Fundação Dom Cabral Brazil 5 9 7 17 29 7 4 11 7 5 8 Insead France/Singapore/UAE 23 11 10 13 5 20 21 12 17 13 14 L o n d o n B u s i n e s s Sc h o o l U K 2 2 16 14 8 8 2 1 19 13 13 18 15 ESMT - European School of Mgt and Technology Germany 14 21 11 12 14 23 9 14 5 2 7 University of Chicago:Booth US/UK/Singapore 9 8 20 16 9 19 27 15 15 8 13 Stanford Graduate School of Business US 13 24 28 10 4 22 38 16 25 30 24 MIT: Sloan US 16 18 17 6 2 18 50 17 23 19 20 UniversityofPennsylvania:Wharton US 18 15 26 21 10 25 23 18 = 15 12 15 Essec Business School France/Singapore 26 28 23 40 18 14 6 18 = 3 1 2 0 2 3 U CL A : A n d e r s o n U S 11 6 15 18 16 13 4 0 20 19 20 20 University of Toronto: Rotman Canada 8 17 16 14 28 10 28 21 20 24 22 Kaist College of Business South Korea 15 22 19 23 37 17 2 22= 242925Ceibs China 6 232225341513 22= 33 31 29 Henley Business School UK 28 13 12 19 31 12 31 24 20 25 23 Columbia Business School US 33 20 18 22 19 30 17 25 20 22 22 WesternUniversity:Ivey Canada/China 20 25 21 9 30 38 45 26 27 28 27 Queen's University: Smith Canada 31 29 30 24 33 39 20 27 29 35 30 IE Business School Spain 35 36 49 50 32 24 8 28 29 41 33 ESCP Europe France/UK/Germany/Spain/Italy 39 38 39 43 27 16 25 29 32 36 32 Vlerick Business School Belgium 37 30 25 42 41 26 14 30 26 14 23 Thunderbird School of Global Mgt at ASU US 25 35 33 29 20 51 35 31 37 37 35 StockholmSchoolofEconomics Sweden/Russia/Latvia 21 26 27 32 54 3224 32= 50 - - University of Cambridge:Judge UK 27 34 32 36 13 42 52 32= 353935YorkUniversity:Schulich Canada 34273427235663 34 33 26 31 Cran ield School of Management UK 32 39 38 37 24 43 16 35 62- - BostonUniversity:Questrom US 30192426354656 36 36 33 35 Ashridge Executive Education at Hult UK 36 40 31 30 22 54 22 37 43 52 44 Aalto University Finland/Singapore 29 32 41 51 56 28 34 38 27 27 31 UniversityofStGallen Switzerland 24 42 29 31 36 44 44 30 ft.com/BUSineSS-edUcation rankings Key to 2016open- enrolment programmes

The rst10criteriaarerated by programmeparticipants;thenext six are based on data submitted by the businessschools.Thesecriteriaare Topfor international participants:Insead presented in rank form,apart from Insead,in11thplace,hasdroppedoutofthe femaleparticipants(%),with theleading top 10for the rsttimesince2011.However, school in each column ranked number it isranked rst for international participants one.Revenuedataareprovidedfor for theninth successiveyear,partly thanks information only and do not inform the to thefact it operatesout of threecampuses ranking. —in France,Singaporeand theUAE.“Ile with an enriched understanding of people Figuresinbracketsshowtheweight and how tomanagerelationshipsin a each criterion contributestotheoverall multicultural environment,”oneparticipant ranking.Theweightingaccorded to recalls.–LO the rst 10 criteria,from preparation to facilities,accountsfor 80 per cent of the total ranking’sweight.It isdetermined Business school survey by the level of importance that participantsattach to each.

Preparation (7.7):provision of advanced information on programme On l i n e content and theparticipant selection Methodology process. Aims achieved Fo od & accommodation Facilities Fem al e participants International participants Repeat business &growth International location Partner schools Faculty diversity Open revenue ($m) † Rank i n 20 16 available online Co u r se d esi gn (8 .6 ): exibility of the 23524%61343384- 1 at .co m /ex eced courseand appropriatenessof class 811842%174212- 2 size,structureand design. 1 4 2 24% 5 34 23 22 37 176.7*** 3 Teachingmethodsandmaterials 41140%2410595365- 4 (8.3):extent to which teachingmethods 3 5 4 40%3871151850-5 and materialswerecontemporary and 58340%2532123030- 6 appropriateand included asuitable 11221550%1937223- 7 mix of academic rigour and practical 13251945%293171- 8 relevance. 918936%767162331- 9 Faculty (8.8):quality of theteaching 7 171141%3173347 21- 10 and theextent to which teachingsta 10 15 7 2 4 % 1 2 1 18 13 8 - 11 worked together to present acoherent 17 4 0 12 2 4 % 4 19 3 5 15 6 3 4 .4 * * 12 programme. 610633%4029524325- 13 Quality of participants(7.9):extent 18 9 13 24% 22 39 37 26 53 - 14 to which other participantswereof the 12 2 2 0 3 2 % 15 4 3 2 6 3 6 4 9 - 15 appropriate managerial and academic 15 16 10 18 % 11 2 7 7 2 5 8 4 4 - 16 standard,theinternational diversity 22 7 16 27% 16 31 36 14 41 - 17 of participantsand thequality of 24281843%29495918- 18 interaction amongpeers. 26 31 27 36% 30 35 41 49 47 - 18 Newskillsandlearning(8.8): 14 14 56 53% 60 33 48 31 24 - 20 relevanceof skillsgained to the 19 3 9 14 18 % 7 5 3 6 13 12 74 - 2 1 workplace,the ease w ith which they 25 34 17 30%49 63 33 39 7 - 22 were implemented and the extent to 16 21 44 40%37 22 25 63 38 - 22 which thecourseencouraged new ways 21 44 34 35% 12 66 53 50 17 - 24 of thinking. 23 13 23 31% 41 60 8 65 33 - 25 Follow-up (7.3):level of follow-up 27122144%5747285748- 26 o ered a er participantsreturned 43262639%141121423 - 27 to their workplacesand networking 31 46 24 51% 9 64 11 29 15 - 28 opportunitieswith fellow participants. 28 38 32 37% 54 44 50 46 42 9.6 29 Aimsachieved (8.5):extent towhich 36 42 30 84% 18 72 6 62 12 3.8* 30 personal and professional expectations 20 29 53 47% 61 46 57 33 61 - 31 weremet and thelikelihood that 30 45 39 24% 8 54 64 65 22 - 32 participants would recommend the 47 24 25 37% 43 48 24 11 9 - 32 programme. 32 35 35 32% 45 55 69 65 28 - 34 Foodandaccommodation(6.6): 29 27 38 50 % 46 74 62 65 46 - 35 ratingof thequality of food and 35 36 46 34% 26 51 63 65 27 - 36 accommodation. 34 33 31 54% 50 12 44 32 57 4.1 37 Facilities(7.4):ratingof the 42192830%476829375620.138 Foot n ot es: p age 33 learningenvironment’squality ft.com/BUSineSS-edUcation 31 Open-enrolment programmes

Topforinternationalparticipants Topforrepeatbusinessandgrowth

Rank Businessschool Rank Businessschool Rank Businessschool Rank Businessschool rankings 1Insead 6IMD 1 Wits Business School 6 Centrum Católica 2HECParis 7UniversityofOxford:Saïd 2 Grenoble Ecole de Mgt 7 Nyenrode Business Uni 3 EadaBarcelona 8 UofCambridge:Judge 3 Esade Business School 8 IIM Bangalore 4 London Business School 9 ESCPEurope 4 Iese Business School 9 HECParis 5 Harvard Business School 10 Incae Business School 5 Frankfurt SFM 10 U of Virginia:Darden

FinancialTimesExecutiveEducation2016 Participantsurvey Thetop 75open-enrolment programmeproviders

3-year

20 16 20 15 20 14 average School Country Preparation Course design methodsTeaching &materials Facu l t y Quality of participants New skills & learning Follow-up 39 393136SDABocconi Italy 46333535573715 40 42 43 42 Incae Business School Costa Rica/Nicaragua 47 60 56 53 15 31 55 41 43 43 42 Melbourne Business School,Mt Eliza Australia 57 46 43 28 40 50 33 42 38 40 40 Católica Lisbon School of Business and Economics Portugal 38 45 44 49495942 43 41 50 45 EMLyon Business School France 45 50 42 46 42 35 39 44= 56 57 52 Eada Business School Barcelona Spain 60 44 53 44 53 34 46 44= 514547NHH Norway 49314733664737 46= 43 49 46 University of British Columbia:Sauder Canada 40 41 50 41 39 58 48 46= 48 42 45 University of Pretoria, Gibs South Africa 42 54 36 48 47 45 41 48 49 46 48 Edhec Business School France 56 66 45 55 44 36 29 49 47 50 49 AGSMat UNSWBusiness School Australia 50 43 46 39 45 53 64 50 51 48 50 Nyenrode Business Universiteit Netherlands 43 58 48 61 55 27 30 51 40 34 42 Universidad de los Andes Colombia 54 48 54 57 60 29 58 52 67 - - Ipade Business School Mexico 41 53 62 54 50 33 32 53 64 - - National University of Singapore Business School Singapore 55 52 61 56256649 54 46 38 46 Insper Brazil 44 37 40 34 65 41 61 55 66 69 63 Fundação Instituto de Administração Brazil 53 49 55 60 58 49 43 56 58 58 57 Grenoble Ecole de Management France 72 67 66 67 52 65 36 57 53 53 54 IndianInstituteofManagementBangalore India 51 59 57 38 71 48 65 58 62 70 63 BI Norwegian Business School Norway 52 57 51 59 70 61 72 59= 685962SaintPaulEscoladeNegócios Brazil 48473745744047 59= 65 66 63 University of Alberta Canada 61 51 59 52 46 62 57 61 55 47 54 IAE Business School Argentina 63 68 71 62 68 71 60 62 57 61 60 USBExecutive Development South Africa 58 55 52 65 48 52 67 63 60 60 61 Nova School of Business and Economics Portugal 64 64 68 58 61 67 51 64 59 55 59 Lagos Business School Nigeria 67 62 67 66 69 60 66 65 61 56 61 Solvay Brussels School of Economics and Management Belgium 59 56 58 64 38 64 62 66 71 63 67 Tias Business School Netherlands 69 61 60 63 64 55 70 67 - - - IndianInstituteofManagementAhmedabad India 66 72 64 47 67 70 69 68 70 62 67 Wits Business School South Africa 62 65 63 69 62 57 75 69 - - - University College Dublin:Smur it Ireland 65636570596868 70 73 64 69 Porto Business School Portugal 68 70 69 72 73 73 53 71 74 68 71 American University in Cairo School of Business Egypt 70 69 70 68 63 6954 72 - - - Rotterdam School of Management,Erasmus University Netherlands 73 71 74 71 43 74 73 73= 756571CentrumCatólica Peru 74747374756371 73= 72 67 71 Kedge Business School France 71 73 72 73 51 72 59 75 - - - Frankfurt School of Finance and Management Germany 75 75 75 75 72 75 74 32 ft.com/BUSineSS-edUcation rankings Key (cont.)to 2016open- enrolment programmes

and convenience,and of supporting On l i n e resourcesand facilities. Sear c h t h e Femaleparticipants(2.0):percentage FT’sinteractive of femalecourseparticipants. Top for partner schools rankingsat .co m / r an k i n gs International participants(3.0): amalgamation of the percentage of Rank Businessschool Rank Businessschool participantsfrom outsidethebusiness school’sbasecountry and region. 1 Iese Business School 6 IAEBusiness School Repeat businessand growth (5.0): 2 Esade Business School 7 Fundação Dom Cabral amalgamation of growth in revenues 3 Centrum Católica 8 EMLyon Business School and percentage of repeat business. International location (3.0):extentto 4 U de los Andes 9 Essec Business School which programmesarerun outsidethe 5 Grenoble Ecole de Mgt 10 Católica Lisbon SBE school’sbasecountry and region. Partner schools(3.0):quantity and quality of programmestaught in conjunction with other business schools. Business school sur vey Faculty diversity (4.0):diversity of school faculty accordingto nationality and gender.

Open-enrolment revenues:income from openprogrammesin 2015in $m,provided optionally by schools. Aims achieved Food & accommodation Facilities Fem al e participants International participants business Repeat &growth International location Par t ner schools Facu l t y d iv er si t y Open revenue ($m) † Rank in 20 16 Revenuesareconverted into US$using 38 51 37 40 % 32 58 56 20 16 - 39 the average dollar currency exchange 44 56 42 46% 10 25 1 21 5 - 40 ratesfor 2015. 40 32 61 39% 39 14 45 35 10 - 41 50 41 54 49% 27 20 20 10 19 5.5 42 37 72 36 39% 23 53 27 8 14 - 43 55 52 41 43% 3 16 30 16 34 - 44 33 6 60 34% 64 52 22 51 59 - 44 46 20 49 52% 58 45 67 65 32 - 46 52432240%4269324451- 46 45 60 33 20% 13 37 4 19 58 - 48 48 50 50 43% 55 23 70 65 20 - 49 41 57 55 28% 73 7 74 64 60 10.8** 50 49 54 40 44% 33 56 40 4 67 - 51 39474517%6961312469-52 68 48 29 33% 21 26 51 34 26 - 53 61 55 58 43% 52 75 66 25 52 - 54 62655940%711560287210.255 59 69 51 47% 20 2 9 5 11 - 56 67 30 52 18% 68 8 65 55 73 6.2** 57 54 53 48 56% 53 30 47 48 55 27.9* 58 51 73 75 37% 70 18 67 40 63 - 59 58 63 64 46% 67 40 71 65 35 - 59 60374337%281717639- 61 53 67 69 46% 36 62 19 47 70 - 62 65 49 65 37% 44 59 10 65 29 - 63 64 58 57 35% 62 28 49 27 45 - 64 56 71 74 32% 34 57 46 52 62 - 65 Foot n ot es 63 62 72 38% 59 41 38 45 54 - 66 †Thesedataareprovidedforinformationonly.Forschoolswhosemainheadquartersare 69234712%66246161714.3**67 outsidetheUS, guresarebased on averagedollar currency exchangeratesfor 2015. 57 59 67 44% 74 1 75 56 40 - 68 *Includesrevenuefrom food. 66 66 73 42% 51 65 42 41 64 - 69 **Includesrevenuefrom food and accommodation. 70 64 62 44% 56 42 58 54 66 - 70 ***Aggregate total for open and customised programmes. 74 70 63 41% 65 70 39 59 35 - 71 Althoughtheheadlineranking gures show changes in the data year to year,the pattern 72616635%3538736543- 72 of clusteringamongtheschoolsisequally signi cant.Some340 pointsseparatethetop 73 75 70 50 % 63 6 14 3 13 - 73 school from theschool ranked number 75.Thetop 11schools,from IMDto Insead,form theelitegroup of providersof open-enrolment programmes.Thesecond group runsfrom 71746859%7250556068- 73 London BusinessSchool to theNational University of SingaporeBusinessSchool,ranked 75 68 71 55% 48 5 54 65 75 - 75 53.Some120pointsseparatethesetwoschools.ThethirdgroupisheadedbyInsper. ft.com/BUSineSS-edUcation 33

Meet the Dean p36 Drawing Board p43 Peter Todd’saims 3D food printing for HECParis takesshape

Do theright thing

Focu sed on resu l t s: Juan Carlos del Olmo, secretary general of conservation NGO How businessschoolsarehelpingnonpro t chiefslearn to lead,p38 WWFSpain,who is

PH OTOS: GI ANFRANCO TRI PODO; M AGALI DELPORTE studyingat Esade Meet the Dean High o ce: Prof Peter Todd istakingHEC Par is i nto t h e Global agenda technology age inside Peter Todd isdetermined that HECParisshould compete withthebestschoolsintheworld,hetellsJonathanMoules

nP t dd b n c nv s nw h v d, CV cc p d f c nv s nw W n, Born 1962,Canada d n heCP s, C c B ,w l nd nBusn ss Educati on w s w Sc nd ins d, w Ph D in business w u d v sc s f w d.” administration at the Wd f! cu nd unusu c f w. P ft dd v d c c University of British t 57-y - dC n d n, ! s m m n f heC s unc d Col u m bi a. n n-F nc d heC, k v p n s pw Un v s éP s- Bachelor degree in commerce, nance nSp mb s y f mB n d S c y, n ws - wn dunv s y and information r m n n s ,w d mp m c dusn s u c sf mF nc system s at McGill s p p w fu cy bus n ss gr andes écol es, s c n s ns University,Montreal, sc .P fr m n n s db n n nd Sys m cP s- r n Can ad a. j bf 20 y sb f n s c n ys -up c us .“W c n Car eer sum m , n y nu v nf bu d n sf n s cf und nw 1989 97:professor at bus n ss sc d n. pqu y s c s, pqu y Queen’s University in Ontario,Canada. t ns u n P f s ud n s, n w k fs m 50,000 1997 2001:professor, r m n n s f w smuc m umn und w d d y,” s ys. then associate n n n yf cus d n n “i m n p c sc n y f dean,theCTBauer n d, v n d s nc d s ff m F nc ,bu s f w d nd Collegeof Business at the University of s c bus n ss b ck s nd y s n n n n y mp n Houston,Texas. xp nd d ssud n n k . w ys nd sc b c us f s 2002 0 5:associate t nsf m n sm s bv us s yw C mb d C mm c dean of graduate n f c s f s ud n s und nP s[w c f und dheC] s programmesat c mpus d y, w c m f m m s s w -c nn c d bus n ss McIntireSchool of Commerce. 10 0 c un s. B y d f c mmun y,” s ys. t sc s University of Virginia. c n s ff w b n nF nc , m n40c p p n s 2005 14:dean of the v s f s u nw nP f ss c dw pbu dn v DesautelsFaculty r m n n s kc . p mm s, s c -sp c !cc !c s of Management at McGillUniversity. g v n d p f c n s s nd pp un sf s ud n s, dds. July 20 15-pr esent : p d c ss m d , sund s nd b on f ! s f u sP ft dd dean of HECParis. P ft dd m k s m m p s p duc , np n s pw Married,no children w k u w c nd m k s P s- S c y nd Éc P y c n qu , m k. h s! s f wm n sw “m d n F nc n n n grande Interests b u s n n n c n”, s ys. écol e, s ¤60m v n u c p fund Theoutdoors, particularly shing. “W w k n c d m c m .” supp s -upsc m n u f F m c mc mf fP ft dd’s s ns u ns. f! c , s sy sp w m en p n u s p sb n c u d un m s w y heC’ssm - buzzw d m n bus n ss sc d ns u 340 c c mpus. f p s d c d .P s ss u d g v n heC dy nj ys m c eu p nc s n s numb w p s n n Ft ’s d v pm n f n n p n u nk n s feu p nbusn ss sc s, c us .h w v ,11 f F nc b nd l nd nBusn ss Sc , c p ’s m s succ ssf u c s -ups s d s w c u dm k w f und dbyheC umn ,P f s n !c n d ff nc c mp dw t dd n s. sc n n n v s. i ns dP f t “ pp un y” s t dd ks fu ! df sp n s b nd c n nheC’s f f nc . t , su s s, s s heC m c b s bus n ss sc s ‘Ifwe’rereally successful,Iwant n w d. “i w n d m nd tobein thatconversation with iwn v p c n b p s n,” s ys. Harvard,with Wharton,with the

“i f w ’ ysucc ssf u ,i w n great schoolsof the world’ o:MagalPhot i Port e Del 36 ft.com/BUSineSS-edUcation VIDEO INSIDE Prof Todd talks to theFT’s Jonathan Moules. www. .co m / bized-video

n r pr n urs ppr r mm sw n n r n nd sc nc xp r s b n n r dbyUnv rs éP r s- S cl y, Pr ft dd s ys. onl n c n s n r r f r xp ns n, l u c uld ls b s n s r by c mpus-b s dbusn ss sc lssuc sh eC.as n xp r n nf rm nsys ms,Pr ft dd sn c n p b nd s s c nc f rheC l d d b nw r d l w rld w ll k us. “ev ryb dy’s nk n b u d sr up n,” s ys. “W v sc l rs n nf rm nsys ms, n p r ns m n m n , nsr y, w d w rk n nn v n nd w w n bu ld u ur c p c y n .” t d y f ur n rv w, h e C s s n c nf r nc n mpl c ns fb d , r c n n ud nc f b u 600 c d m cs. Pr f t dd s ys sc l s ls ld n s m l r v n sf cus d n n nc , f r x mpl n n -fr qu ncy r d n , np r n rs pw F n nc l t c n l s, nind n-b s d n nc l s rv c sc mp ny. Su c n v sb nw l Pr f t dd w ss ll ml y d n spr v us r l sd n fMcg ll Un v rs y’s D s u lsF cul y fM n m n nM n r l. al u s ys ss ll d v l p n ssr yf rheC, rly n d r c rr bl v n s fN v mb r 13 l s y r, w n s r s f rr r s cks n P r ssr sl f 13 0 p pl d d. t v l nc d p rs n l mp c heC,w c l s s ud n n m ss s n . “W ll w n r u v ryd f cul w k,” s ys. “W w s m z n f rm w s w y c mmun y fp pl r sc lc m r, c mmun y f lumn sw ll [ s] ... c mmun y fp r n rs r und w rld. i d m ss sfr md z ns nd d z ns f sc ls r und w rld.” a m m n sl k s , rus c v l c ss mss m w l ss mp r n . FT.COM/BUSINESS-EDUCATION 37 inside

38 Learningto do inside good,better

Busi essschoolsi creasi gly tailor leadership coursesto the eedsof n GOs,saysRossTiema Photograph by Gia fra co Tripodo

hemanagement of a natureconservation, found hefaced a non-governmental daunting management challenge.He organisation, no matter is in charge of an organisation with a itssize,isa“huge small budget relativeto itsambitions,a r esponsi bi l i t y”, says Juan high public pro le,many volunteersand TCarlos del Olmo, secretary general of activistsand an evolving agenda. WWF Spain, theconservation NGO. “In Todevelop hisskills,del Olmo turned an NGO, themission and valuesarethe t o Spai n’s Esade busi ness school , whi ch m ai n t hi ng and we must show r esul t s hasan Institutefor Social Innovation, not only for our ‘stakeholders’, but for headed by Professor Ignasi Carreras. Its soci et y as a whol e.” aim isto collect, develop and transfer It isthisdemand for results—felt knowledgebetween companies,NGOs keenly by charities,international and social entrepreneursto enhancethe agenci es, gover nment s and myr i ad performance of each. other bodies— that issharpening the The school runs two executive focusofNGOsworldwide,prompting education coursesfor NGOmanagers t hem t o seek out t he management and and or gani ses annual gat her i ngs of leadership expertisemost commonly nonpro t l eader s. D el Ol mo has al r eady found in theworld’sbusinessschools. completed theschool’sDirection and Peter Cunningham, of theGeneva Management in NGOsprogramme Centrefor Security Policy(GCSP), a and is now a participant on its Social gl obal hub for secur i t y and peacekeepi ng Innovation and Leadership course. training, saysthat NGO concerns Thisprogramme,comprising and needs are now well understood. ve modulesof threedays spread H owever, problems are sometimes not throughout theyear, totals120 hours resolved becauseof decision-making of “in room” teaching. It alternates par al ysi s, so l eader s want t o l ear n how between Barcelona and Madrid, where to in uenceothers.TheGCSPrecently thisyear 52 participantsareoffered teamedup with theCenter for Creative units in social leadership, advocacy Leadership, an executiveeducation and campaigning, social innovation nonpro t, to bolster thiskind of training. and collaboration betweencompanies Running an organisation where and NGOs. “Thesecoursesare... highly principles are paramount demands adapt ed t o t he N GO sect or,” says high levelsof competence. Del Olmo, del Olmo. Among themost valuable a former documentary lm-maker lessons, hesays, were“theimportance who hashad alifelong fascination with of alwaysmaintaining astrategicvision and aresultsorientation” and “the need t o l ead by exampl e and fr om a Valuablelesso sare place of humility, and the impor tance tomai tai visio a d of promoting a culture of change and transparencywithin theorganisation”. to lead by example AmongthechallengesNGOs a dwith humility faceisthewaytechnologyis ft.com/BUSineSS-edUcation 39 Divide:extremes diversityo courses of wealth and mea snGOsfrom poverty in Hong Kong,whereone arou theworl person in 12is aregistered ca share i eas volunteer.Yet Prof CeciliaChan, bottom,is inside worriedabout futureleadership of NGOs transforminginformation &ows, relationshipswith activistsand funding. Both of Esade’s courses are taught in Spanishand oftenattract participants from Latin America.Prof Carrerassa s affordabilit isacritical issuefor the nonpro t sector. TheDirection and Management programme,with 180 hoursof in-room teaching, costs¤3,000; and the I nnovat ion and L eadership course¤2,000, hesa s. Esade subsi di ses Aterritoryofgivi g t he pr ogr am m es, al so heavi l sponsor ed b theLaCaixaBankingFoundation. HongKongishometo oneof theworld’s In theUS,ChristineLetts,facult most vibrant nonpro t sectors.For more than half acentury,philanthropistsand chair of theStrategicFrameworksfor activistsstepped intogapsle" by the Nonpro t Organisationsexecutive Britishcolonial administration to build education programme at the acradle-to-gravesystem involved in Harvard Kenned School, agreesthat health,welfare,education,culture,the environment,advocacy and more. affordabilit iscritical. Thescaleisstriking.By 2010,amonga TheKenned School has l on g been a population of 7.1m,oneperson in 12was bastion of trainingfor thepublicsector, a registered volunteer,and 2007 08tax but alsorunsdedicatedonlinecourses deductionsfor charitablegivingtopped HK$7.03bn,or more than US$900m.

avai l abl e t o nonpr o t s wor l dwi de. These IMAGES JONASGRATzER/LIGHTROCKET/GETTy PHOTO: Indeed,thegovernment of theSpecial encourage managers to anal se t hei r AdministrativeRegion,recognisingthe own organisations,lookingat mission, government managersamong their signi canceof asector comprising23,300 vision, strategic marketing, positioning executive education participants. organisations,even began marketingthe and the cost-bene tbalance.Accessto Henle BusinessSchool, a one-time territory asan investment location for do-gooders. materialsfor the2.5weekcourseisfree, government staff college, is proud of its Local universities,led by English- but accreditation and other optionscan modular executive education leadership languageHongKongUniversity (HKU), pushthecost towards$2,000, sa sLetts. programme. B starting on a post- havebecomeinvolved in buildingand Man nonpro tsneedhelpto identif graduate certi cate course, par ticipants sharing academic and operational and ar ticulat e what the are tr ingto can pa f ees b instalmentsand add knowledgefor thiscommunity. Thetaskisurgent.CeciliaChan, achieve, sheadds. “Marketing, identit units step-b -step, nall graduating programmedirector of HKU’sMaster of andcommunicationsisoneofthe with an MA. Social Sciencesin Nonpro t Management, weakest m uscl es i n nonpr o ts.We Jean-Anne St ewar t, t he pr ogramme says:“Thereisaserioussuccession haveconditionednonpro tsto describe director, sa scombining participants problem in HongKongand Asia.A large number of CEOsand senior executivesin t hemsel ves i n a wa apotentialdonor from diverseorganisationsenriches theNGOsector aregoingto retirein the will nd att ractive, instead of sa ing: learning. T picall ,shesa s, one-t hi r d coming vetoeight years.” ‘Thisiswhat westand for’.” ar e from nonpr o ts,government or In addition,shesays,many Recent participantsincludethe themilitar ,anotherthirdfromlarge organisationsarerun by social workersor headsof a Chineseenerg bureau, an companies and a third from small and nurses,who need to learn businessskills, fund management,crisis management Australian spinal cord institute,a US m edi um ent er pr i ses. Basi c bui l di ng techniques and other skills. theatrecompan and NGOs in Africa blocks of subjects such as strateg and A new generation of nonpro tsisalso and L at i n Amer ica. nancearecommon to man courses emergingin countriessuch asChina, Su ch d i ver si t bringsopportunitiesfor aimed at leadersof both corporateand Malaysiaand India,driven by family philanthropists. cross-fertilisation of ideas,Lettssa s, f or nonpro t organisations.But likeEsade’s But w ith a dearth of quali ed managers, t her e ar e bi g di ffer ences bet ween N GOs Prof Carreras,Stewart stressesthe they tend to berun by corporate around the world. I n the US, private bene t s of leader shi p that st em from executives who need to plug knowledge social initiativeshavealongtradition; in workingwith managersin NGOsand gapsin areasincludingimpact assessment Latin Americaman aredistrusted; in government as well as companies. and social innovation,shesays. Today,HKU’s! agship Master in Europe the werehistoricall crowded Clear l such l eader s can bene tfrom Nonpro t Management drawsapplicants out b moreinterventionist governments corporateskills.But in aworld where from Africa,Indiaand Sweden aswell — though theUK hasa robust companiesarerequiredto assume asAsiaPaci c.But it isbacked by a philanthropic sector. societal responsibilities, nonpro ts comprehensiverangeof short courses, with titlessuch as“Finding$$to do good”, In Hong Kong man NGOsin thepast har bour knowledge t hat corporat e satisfy ing w hat Prof Chan term s “a m arket lled gaps in social provision (see box). executiveswant — including how to for high-quality trainingat all levelsof the In theUK, businessschoolsincreasingl manage and mot ivate lar ge t eams of NGOsector”.—RossTiema expect a proportion of nonpro tand unpaid or modestl paid workers. 40 f t .co m/BUSineSS-edUcat io n

From the draw ing board inside

VaivaKalnikaitethinksshehastherecipefor 3Dfoodprinters.ByJonathanMoules

k u wn w m dd , ug w d n’ nk High ambition: n n d m nd ndu . m g up d d n ng ng n w p Vaiva Kalnikaite, s m v d c m dg w k “p n u wn f u ” f nd , k n ng m d f m seta£200,000 u xp n n f Ge , fundingtarget to f m x u v du n p ju ,” K n k . pay for the rst n n ng n n g n ud n nd wdfund ng P n u m u d n ud 10 0 p r i n t e r s p w u d g d Pm nuf u 3D f dp n . f u h n m p m .t w f w d V v K n k ,w ud d b um n ,w pu n 10 m n c m dg - dit c m dg Un v ’ Judg bu n w u n ng ff d n ng mp n av v ,w w k d n s , £200,000 fund ng xp n , .t d v m g mpu - d dd gn pp n f g p f n n f100 pp f d n u w Pc nd m d v . p n .t d v w nv n d p n n f xp m n ng m . af mp ng d D v d, d gn ud “t w kp u w f s f dUnv ,K n k u n d f und d, f d f mp - k u ,” K n k . c m dg D v d. p k g d qu d w ng d n . D v d d v p d 3D s p v d f “y u nu w ng d n p n d n u n g und f u n u f p du w w m n ng nn v v n g f u f n g mp n p n .i n nu u d, w z w m 30 n , ng ng f m d m mmun .a f und mu n n pd gn Qu mm pp qu fg du m u n nd n -f -p c m dg p du . n u n u c m dg ’ in dd n 3D f u p n , F zw mMu um. D v d p dd v pv u K n k , l u n n- nP D m d u d ng d gn g du , dD v d v nd p p du n ud ng g f n n p w G n pp ng k nd w nn e nd X x w fm ng nd l eD g w n u ug v nd nv nm n mp f She hopesexperimental celebrity f d u u ng. “M n mp n f u n n g chefsand adventurousfood lovers nd p g u

htos:char lPhot ie bibby could be potential customers xp n w ju pp n,” ft.com/BUSineSS-edUcation 43 inside

Jargon buster: ‘pre-seed’

Scrapingtogether enough money to start a businessis hard enough.But that has not stopped theventurecapital industry muddyingthewater further with an ever- expandinglist of jargon wordsfor the di erent roundsof fundingappropriate Fruitful: .“W w d k p p nd p d u f w for di erent stages of a company’s development. Dovetailed's 3D w w u p du v g n .” Theeasybitisthealphabetical food printer isa und nd w w u d n D v d n w n w d-w nn ng departurefrom rankingsystem.Youngcompaniesat itscorebusiness w [ m] n d - -d .” g n w x mp , n ud ng thestart-up stageraiseaseriesA round, K n k n d nJudg bu n n ndu d gn , n ng n , followedbyaBwhentheymatureintoa s ’ x u v du np g mm , p nd m , ug growth business.But thiscategorisation wasclearly too simplefor sophisticated G n M n g m n c f K n k dm u m n w fund managersto leaveatthat.A er B, a v m n (GMca), mp v k d n. t mp n companies must go for an “expansion” p u n k . n wg w ng p ug g n ng round,then maybeget somemezzanine “i f und u v kn w dg p u n f m n . nancing. ItmighthavebeenOKiftheVC u u j nd gu n K n k k d k np nn ng, industry had le it at that.Theproblem w mg v m pp un u u f n f GM c a wasthat they did not.Themy-round- kqu n m p m un w n u - is-bigger-than-your-round competition u n ,” . g p n. s meant that the sums involved in series t p - m f m m n u d g p f u u m k ng A roundshasbeen growingbigger and bigger over recent years.What if you mp v u un du ng u Judg ug n ndu wanted toraisethesmaller amount that f d ng w u v ng xp ,w m w qu z. people used to think was enough to get a k m w f m u n . “i kn wn ng u m k ng business o the ground not so long ago? “i w p k p w f d ng u u i m A new piece of jargon was needed,so theindustry started talkingup “seed” m u f m u n n w f ng k p fundingrounds. p u m ,” , ng qu n u p m You can guess what came next.Once ng nn g n, n n , nju ud ng ,” . a seed became asbig asa series A round p p nd p j m n g m n “a ug i d d f k , used to be,theinvestment industry p u pfu . m g z n nd ng n n u needed to nd another nameto de ne aninvestment thatwasabit smaller.Asa “i w pp m f u n , w k p p .” result,the“pre-seed”round wasborn. kn w dg g w ,w if t p n d v p3Df dp n Wheredowegonext?Itisaracing m d m u n wn p f w d g f 2016 f certainty that theVCindustry will think d v f ng n n wp du u d up an even sillier term before long.In themeantime,bewary about Googling n , np u nd ng The plan to develop 3D food the term “pre-seed” looking for potential printersispartofawidergoalfor u m n d n m k f backers.You are more likely to get a string w n g nd n n f of linkstofertility clinics.—JM

2016ofdiversifyingintonew areas ng ,K n k . Phot o: ch ar l ie bibby 44 f t .co m/BUSineSS-edUcat io n

crowdfundingp48 student stor i es p54 Netting Acatalyst backers for change

books Su b t l e d i sr u p t i o n How thebuzziestconcept in businesshasbeen disrupted.ByEmmaJacobs

layton Christensenbrought theword With thebenefit of hindsight therewasan “disruption” to thecorporateand inevitability that Netflix,thefilm streamingservice, managerial world in 1997with the would displace Blockbuster’sDVD rental stores. publication of hisbook, TheInnovator’s But of course,thestory ismorecomplex,asGans Di l emma. Today, ever y st ar t -up shows.WhenNetflix emerged, it toorentedout Cproclaimsthemselvestobea“disruptor”,shaking D VD s, t hough i t del i ver ed t hem by post r at her t han up markets and reducing stodgy old corporatesto through thehigh street. Blockbuster in fact offered rubble. Theinnovator’sdilemma isthequandary thesamebusinessand it toowasexperimenting an established company faceswhen dealing with with on-demand viewing. Perhapsit could have technological changeor innovation — to continue completely reshapeditsmodel anticipatingchanges with their good management practicesor let them in technologyand customers’evolvingtastes.But at get in theway of their business’ssurvival. t he t i m e i t f ear ed canni bal i si ng i t s own busi ness. Joshua Gans, pr of essor of st r at egi c m anagem ent Hindsight is, theadagegoes, awonderful thing. at theUniversity of Toronto’sRotman School of AsGanspointsout, “thereisaparadoxical sensein Management, agreed that managersmust beon which, if disruptiveeventscanbepredicted, they thelookout for threatsof disruption and shaken cannot really be disruptive events”. AsChristensen out of their comfort zones. But hestarted tothink highlights,thedilemmaisreally whichinnovation the pendulum had swung too far: many were should beperceivedasthecritical threat. “seeingdisruption everywhereand usedit to justify Gansidentifiestwo kindsof disruption. Demand- managerial decisionsthat wererisky and not, si de, wher e successf ul busi nesses under est i m at e ultimately,in their interests. innovationsthat changewhat customerswant; and “It isgreat to challengeyour beliefs,”hewrites supply-side, wherethosefocused on their existing in TheDisruptionDilemma,“but thatdoesn’t competenciesareincapableof developing new ones. necessarilymeanyoushouldholdnone”. Heinsiststhat thesetwo frameworksshould nuance Gans suggest s that t he term has been swallowed our understanding of threats. uncritically by journalistsand professors,perhaps Ultimately,Gans’messageisnot that corporate becausehigher education and themedia have leaderscan relax and let go of their paranoiabut experienced upheavals. Heisnot thefirst to criticise rather to understand that disruption ismore nuanced thewoolly thinking that hasballoonedfrom than a blind panicthat it isimminent and inevitable. Chr i st ensen’s “di sr upt i on”. Two year s ago, Ji l l L epor e, Managerscanbeproactiveorreactiveindealingwith a hi st or i an, wr ot e a r ebuke t o her H ar var d peer, demand o supply-sidedisruption. arguingin theNewYorker that disruption Thisis an interestingand well-written, pithy “isatheoryaboutwhybusinessesfail.It’s book dealingwith oneof thebuzziest concepts not morethan that. It doesn’t explain in business.However,it isstrangethat Gans change. I t’s not a law of nature…I t omitted toincludeLepore’scriticismsand makesa very poor prophet.” Chr i st ensen’s count er -ar gum ent t hat she This book sets out to clarify the had ignoredhissubtlepointsandevolving meaning of disruption but also t heor i es. Thereisasenseindoingsothat Hazy picture: to identify why someestablished Gans has creat ed a st r aw man ar gument Blockbuster’s busi nesses such as Fuj i fi l m and — that heisthefirst to unpick theseideas. lm rental model wasswept aside Canon have successful ly navi gat ed However, for thosewho havetiredof being by Net ix —but change whi l e ot her s, such as told every product or service isdisruptive, the reality is

HTSRAKYDEMTMIN CINL/ETIAE;A WHITTAKER MCKINNELL/GETTYIMAGES;MAX PHOTOS:RMACKAY/DREAMSTIMEIAN; Blockbuster, havenot. thisisagood—andnuanced—book. morenuanced technology Crow ded m arket REVIEW

How tomakecrowdfundingwork for you —and tohow avoid thepitfalls.By KateBevan

or something that is whichhelpswomentoraisemoneyto consi der ed a ver y “now” pay f or cosm et i c sur ger y. Woul d- be way of raising money, donors are exhorted to “help the women crowdfunding hasits of your dreamsachieve the body of rootsin something their dreams”. Fvery old-school: prog rock. I t is Christian Smith, founder of TrackR, generallyacknowledgedthat modern whichmakesBluetoothtrackingtags crowdfunding wasinvented by Marillion, for itemsfrom keysto pets,harnessing aband better known for “Kayleigh” (and what hecalls“crowd GPS”to locatelost ageneration of girlsbearingthename) i t em s, used I ndi egogo t o r ai se m or e t han than for technological innovation. $1.75m in 2014to fund thebusiness. In 1997, short of cash to make its H owever, that was supplement ar y next album, theband emailed its funding: beforetaking to Indiegogo, 6,000-strong databaseof fansasking if Smith had already done a preliminar y theywould buy thealbum in advance. funding round and hassinceadded Some 12,000 advance or ders later, morethan $10mfrom venturecapital. Theright note:in by Kickstarter and carried out by thealbumwasmadeandtheideaof Meanwhile hehasanother Indiegogo 1997,theband Ethan Mollick of the University of offering perks in return for speculatively campaign under way for further product Marillion asked for Pennsylvania, “careful planning is advanced orders stumping up cash wasborn. development which has raised more from fansto make requiredboth to set thesegoals[of Two decades on and cr owdfundi ng than $210,000 sofar. their next album delivering aproduct on time] and to is part of the financial landscape for Smith stressesthat crowdfunding preparefor a crowdfunding success”. start-upsthat want either to raisecash isnot acaseof putting aproject Smith stressesthepreparation heput additi onal to venture capit al funding, onKickstarterorIndiegogoand in. “Weset up our own crowdfunding or to get a nifty idea off the ground. waiting for thecashto roll in. Indeed, siteto test theresponseand conversion The main platfor ms are Ki ckstar t er accor di ng t o a st udy com m i ssi oned for theTrackR wallet and after wehad and Indiegogo, but therearemany raisedabit of moneyon our site,then others,from GoFundMe,which isused ‘Youwant to bein conversation we took it to I ndiegogo.” for donations to personal projects, and Buildingan audiencebefore JustGiving, which raises cash for causes with hundredsor thousandsof launchingisimportant, hesays. and charities,to MyFreeImplants, “You want to bein conversation with

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hundredsor thousandsof people before If you have done your homework Kickstar ter has resour ces for founder s you launch. I f you can understand and would-be founders, such as the what t hey’r e i nt er est ed i n and get t hem and have a clear strategy you stand online Creator Handbook. The problem i nt er est ed i n what ’s br ewi ng, t hen agoodchanceof hittingyour target with crowdfunding, however, is that peoplewill bemoreinterestedwhen it leavesduediligenceup to backers. you do launch.” thegameshipped in thesummer, it had AKickstartercampaignforShield The“conversation” part of thisis becomethemost backed Kickstarter of “signal-proof hats” achieved itsfunding key.Being well known can propel all time, with 219,382 supporters. goal of £13,000 despiteallegationsthat your project to undreamed of heights. H owever, t her e ar e al so spect acul ar thehatswerebasedonpseudoscience ExplodingKittensisacard gamecreated failures.Zano,amini-drone,raised and fear of “el ect r osmog”. K i ckst ar t er by comput er game desi gner s El an L ee morethan £2m from 12,000 backers, receivedcomplaintsabout theproject andShaneSmall,andMatthewInman, yet failed toget off theground when its butleftitrunning. founder of the hugely popular online creators could not make it work. Failuresinevitably dent confidence comicTheOatmeal.Thegamelaunched Toitscredit, Kickstarter, which i n cr owdf undi ng, yet t he bi g successes last year looking for a modest $10,000. says“activegovernanceisimportant mean it isnonethelessan attractive Theimmediatebuzzon Twitter drove to our platform; trust isimportant”, wayof raising capital.Sowhat isthe supportersstraight to thecrowdfunding Pack leaders:buzz on commissionedMark Harris,afreelance lesson for entrepreneurs?If you have page.Eight minuteslater, Exploding Tw itter helped card journalist, to writea comprehensive done your homework, have a clear gameExploding K i t t ens had exceeded i t s goal and when post-mortem of theZano project, giving strategy for engagement, well-defined Kittensto exceed theproject closed lessthan amonth itsfundinggoal in Harriscompleteeditorial freedom. manufacturing processesin placeand later,ithadraised$8.8m.Bythetime eight minutes Theresult revealed, in hisview,that aproject that catchestheimagination, t her e had been hubr i s and over -r eaching then you stand a good chanceof hitting from the company, as well as poor your target whileavoidingtheneed to financial controls. giveVCfundersastakein your business. And what of TrackR? Problemswith delivery souredtherelationship with its backers, though Smith says: “We did our best t o be ver y open wi t h what was happening on the engineering side.” Hewarns: “Alot of problemsyou’ll face ar e unexpect ed.” But the TrackR devicesare in some waysa metaphor for crowdfunding itself. Thetagswork by checking in with other people’sphonesrunning theapp, which is great if you leave your phone in aNewYork restaurant. However, TrackR clear ly has yet t o cat ch on i n west London, as the app could not locatemy cat.And there’sthething: crowdsourcing hasto tap into enough of theright peopleto bereallyeffective. FT.COM/BUSINESS-EDUCATION 49

Weaskedexecutive COMMUNITIES St ar q u al i t i e s education students: whichfamous gure wouldyoumost likeasabusiness partner —and why? By Wai Kw en Chan

It would be Amancio Ortega, who developed what isnow Prior to his passing,[drug smuggler I igure that as a business and author] Howard Marks —in a partner,you either need a oneof thebiggest retail legal and above board enterprise of person with a creative mind or clothingempiresin the course.Why?Well in his heyday,he someone with a lot of money.I world,Inditex.Hestarted had 40-plus aliases,80-plus phone would pick Elon Musk [founder lines and owned 25 companies and chief executive of the fromnothing,building[the trading all over the world. electric carmaker Tesla]. He business]gradually in line Marketing manager, drinks has both the mind and money, with experiencegained, company which would compensate for me having none of these. when othersweretrying Head of project management, togetrichquickly.Heis aircraft company thekingofsustainable Jimmy Fallon [theUS business.Anonymous comedian and TV host]can makeareally good story [British chef] Heston Blumenthal —the ultimate innovator,who of every boringmeeting. questions everything.With an SirAlexFergusonwouldbemyideal Hewould lighten up every amazing attention to detail,he business partner.A visionary with a meetingandmakepeople did not just disrupt an industry, relentless passion for winning,never think beforetheytalk.If but created a whole new one.

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Could you writethenext bestsellingbusinessbook?

Areyouunder35andhaveagreatideaforabusiness in business,econom ics, nance or management. book?TheFinancial Timesand McKinsey & Theprizeisnamed a er Brendan Bracken, Com pany are o eringa£15,000prizetoencourage chairman of theFT from 1945to 1958,and Marvin youngauthorsto tackleemergingbusinessthemes. Bower,managingdirector of McKinsey from 1950 TheBracken Bower Prizewill beawarded tothe to1967.Themen wereinstrumental in layingthe best proposal for abook about thechallengesand foundationsfor thepresent-day successof thetwo opportunitiesof growth. institutions,which organisetheBusinessBook of Winnersof the 2014and 2015prizeshave struck theYear Award. book dealswith publishers. Proposalsshould belessthan 5,000 wordsand Themain themeshould beforward-looking entrantsmust beunder 35on November 222016.The and theproposed book should aim to providea closingdateforentriesis5pm (BST)onSeptember30 compellingand enjoyableinsight intofuturetrends 2016.For details,visit: .co m / b r ack en b ow er

ft.com/business-education/community | @ftbized | [email protected] FT.COM/BUSINESS EDUCATION 51

.co m FT.COM/BUSINESS Read on,online

From ‘gu ’torankings,podcastsandaMoocTracker,awealth ofresourcesawaits

rom “valueleakage” InteractiverankingsSearchtheFT Lexicon Searchingfor thede nition to “stakebroker”,Lucy rankingsfor MBA,executiveMBA, of abusinessterm?Browsethousands Kellaway’sweekly column mastersin management,executive ofwordsandphrasesandsuggestnew and annual Guff/Golden education and European business termsfor theglossary. .com / l exi co n EDUCATION schools. .com / r an k i n gs Flannel Awards have MBAeditor’schoiceA daily alert Fprosecuted corporate crimesagainst the Star t-up stor i es Tales from the picking ve must-read newsstories English language for two decades. Now entrepreneurial frontline.A seriesof for students and academics,plus a Guffipedia housesthefinest drivel from podcastsin which businesseducation relevant businesseducation featureor thisarchive,aswellasfresh correspondent Jonathan Moules v ideo.Sign up at .co m / n be

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Howaleadershipprogrammepromptedacorporatehigh- yer tostrikeout alone

oe& ears hopes&f was rst e posed to IMD e ecut i ve devel opment t hr ough a session run for my division at RochePharmabyGeorge K ohl r i eser, t he l eader shi p Ie pert and hostagenegotiator. Shortly afterwards, I moved to Europe from the USfor an assignment of several years and was looki ng for a programme t hat would e pand my global leadership perspectiveand skills.Being in the el d of leadership development, I wantedto e per i ence som et hi ng t hat woul d deepl y challengemepersonally.I found it in I M D’s H igh Performance L eadership (HPL) programme,which I describeas “deep t i ssue” l eader shi p devel opm ent . During theprogrammeit became clear that I longed for alifeand acareer outsideof anorganisation. It prompted me t o st ep back and look at what I wanted —how much time,spaceand Renée Di neen is a toadjust.In fact,I’m still adjusting.My ways,but it can alsodepleteyou in equal ener gy I was pr epar ed t o gi ve t o my coach,consultant foremost fear wasabout not succeeding. or greater measure. WhileI would not career and who I waswith or without and group facilitator The rst phaseof my career spanned change a single e perience, lesson or as well as a speaker, it. Thecoursewasacatalyst for meto writer,traveller and 20 years.My worth, identity,ambition, relationship I developed, at a certain st ar t t hi s e ploration. I continued to blogger.Trained ful lment, learning —everything — point I had to decidewhat elseI bene tfromcoachingrelatedtothe as a coach and hadbeentestedinanenvironmentI wantedto contributeto theworld and IMD programmeforsi months,further consultant shehas knew and t r ust ed. I knew how t o be howtodoit. more than 20 years of clarifying my aspirations and con dence successful, and I was.Sothenarrative Oneof my biggest concernsisabout experience in the US in thechangesI would eventuallymake. and Switzerland.Her running through my head during the focus.I know what meaningful work is Theprogrammeinspired meto projectshavetaken monthsI wase ploringmy decision for me and even have a sense of what act on my desire to go out on my own her to morethan wasmostly about that. Could I, would I, si gni cant work I could offer to the and nallyI madethejump. It took 40 countriesin the should I …be successful on my own? world. The question is, what and by high-tech,bio-tech a few years from when I star ted the and pharmaceutical Si monthsinto my own practice when?Will my decision payoff and can e ploration at HPL to my nal decision industries.A er IMD’s I haveahealthy portfolio of coaching I bepatient enough to realiseit? toleave,butthattimewasrichand High Performance clientsand thissummer will launch a One of t he t hi ngs I l ear ned at H PL meaningful to me. I did not take one Leadership (HPL) novel approach to women’sleadership wasabout theimportanceof making programme,she e periencefor granted. Had I not advancement into senior positions tough decisionsand, having madeone, launched a coaching entered the programme, those years and consulting called Women’sLeadership Circles. seeing it through all theway.Good could havebeen depleting. practicein California. I havealsodesigned a programme, leadersdecidebut great leadersmake Part of mycallingtoleavethe Catalyst Coaching Group, designed for that decision work. I remain wholly corporate world was also about people who want to achieve a large and con dent in my decision to move from rebalancing — changing theenergy and meaningful goal. Both of thesetakefrom corporatelifeto my own practice, and

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