September 14 2015 FT Masters in ranking 2015

www.ft.com/mim

Running France’s top football club | Does education pay? | Degrees for mature managers

Commissioning editor Jerryandrews con Special Reports editor leyla Boulton September 2015 Special Reports deputyeditor helen Barrett

Business education editor tents della Bradshaw Production editor georgeKyriakos Artdirector Jonathan saunders Picture editors michaelCrabtree, andy mears, emily lewis openings Sub-editors 14 Philip Parrish, ruth lewis-Coste 4editor’sletter Global sales director della Bradshawasksifourpoliticians dominic good are academically qualified to lead us Global director of 6introduction FT career management atraditionally european degree is steve Playford finding favour in the Us and beyond Head of business education sales 10 onmanagement gemma taylor themarch of technology demands that Account director helen Wu we rethink the nature of work Account managers 12 dean’s column ade Fadare-Chard, emily lucas Frank Vidal of audencia Nantes finds Publishing systems manager inspiration in jazz radicalmiles davis andrea Frias-andrade Advertising production rankings daniel lesar

September 14 2015 22 analysis FT Business Education Masters in Whatthe 2015 tables tell us management ranking 2015 www.ft.com/mim 24 rankings thetop 80 masters in management

insiDe 30 mature thinking Running France’s top football club | Does education pay? | Degrees for mature managers masters in management are no longer on thecoVer justfor younger students —degrees are illustration by adrian Johnson being offered to older managers too 34 meetthedean contributors Fiona devine on manchester Business Kate BeVaNisafreelance school’s overseas adventures and the technologyjournalist importance of its home-town roots della BradshaWisthe Ft’s 36 fromthedrawingboard business education editor howaPeruvian graduate’s cosmetics simoN CaUlKiN is a start-up remodelled aUsbusiness management writer concept for the latin american market WaiKWeNChaNiseditorof Ft Newslines features reVieW Charlotte ClarKe online and social media producer 14 interview 39 books emmaJaCoBs writes forFt From the Winter olympics to tennis and football at does students’ investment in an Business life; lUCy KellaWay Juventus and Psg, Jean-Claude Blanc’s journeyto expensive education really add up? is an Ft associateeditor and the pinnacle of sports 41 technology management columnist Whatacontroversial artisttells us about reBeCCa KNight is a 18 dearLucy… changing ideas of intellectual property freelancejournalist agonyaunt lucyKellawayontackling 45 communities simoNKUPer is an Ft writer class loudmouths and coping with are business schools doing their bit for andcolumnist sexual tension in the classroom gender equality? Plus what’sonft.com JoNathaN moUlesisFt 46 hopesandfears business education correspondent howaChinese student learned about laUreNt ortmaNs is the Ft’s the world —and business —inCanada business education statistician FraNK Vidal,deanofaudencia ViCtor XU is chief executiveof liakada Capital Photos: magali delPorte; getty images 12 ft.com/BUSineSS-edUcation 3 EDit Della Bradshaw ‘Premierstendtobe career politicians with a Master minds degree in laworpolitics’ or ’s lEttEr

Do worldleaders have theacademicand businessqualifications to runacountry?

fewweeks agoIcame justbelowprofessorial rank. Ofcourse, across an academic he hasbeen president andprime working paper that, minister,sonoone cansay he has not likemanyscholarly been successful, despitethe peculiarities A works, had aparticularly of the Russian electoral system. unwieldy title: “United States Monetary So on this admittedly sparse Policyinthe Post-Bretton Woods Era: survey, it would seem those few Did it cause the Crash of 2008?” A with academic credentials do well worthytopic, Iamsure you agree, even in high office. Whatmight be more if the 74-pagepaper is not everyone’s useful in running acountry, of idea of agood bedtime read. course, would be some business Farmore interesting for me, though, credentials or experience. Aglance at was the name of the author: Yanis the aforementioned countries shows Varoufakis, the erstwhile Greek finance premiers tend to be career politicians minister.Given thesorrysequence with adegreeinlaw or politics. of events thatled to Dr Varoufakis’s Of course, French president François political exile, and the revelations Hollande did achieve amasters in thatsucceeded it, it setmethinking management from HEC Paris before about whether anyother modern-day becoming acareer politician. or business academics had But Iamimpressed by the business held government posts and, if so, how background of Dutch prime minister successful theyhad been. Mark Rutte. He had alongcareer in Of course, the man who springs to at Unilever before he mind is Mario Monti. Afterserving as moved over to the dark side. Managing an economics professor at several Italian people and appointments sounds like universities —including Bocconi, where alittle closer,being just one step away good credentials for running acountry. he is still president —hewent on to from academia—his wife,Maria Alves Even more impressive is Finnish have averysuccessful career as an EU da Silva,has lectured at theCatholic prime minister Juha Sipilä, who came to commissioner.Heeven became prime UniversityofPortugal. It is hard to office in May. An engineer by training, minister of Italy in 2011, asafe pair judgehow useful herspecialist subjects, before he turned to politics, he became of hands at the height of the financial Portuguese languageand literature, amillionaire as aresult of his successful crisis. So, aclear success there. might be in runningacountry, though. business dealings. But looking at the leaders of the Canadian prime minister Stephen But to return to Greece, perhaps score of other countries whose business Harper shows alittle more promise. the mostinteresting thing about schools are represented in the masters in He goes againstthe grain in Canada Dr Varoufakis’spaper is that it was management ranking, there is little sign in thathestudied economics, not law published as partofthe European- of alove of academia. —asusuallyseems to be the case for wide Fessud project(Fessud stands Ireland’s Taoiseach Enda Kenny political leaders there. He also taught for financialisation, economy, society worked as aprimaryschool teacher occasionally at his alma mater,the and sustainable development). The for four years, but thathardly counts UniversityofCalgary. In politicalterms programme, launched in 2011, is headed

—though trying to engageseven-year- he has been relatively successful —he by scholars at Leeds UniversityBusiness WnDES olds maybegood training for running a has been in power since 2006 in spite of School in the UK.The projecthas been LO government in anycountry. losing avote of no confidence in 2011. funded by the EU to the tune of ¤10m. Portugal’s prime minister,Pedro Then we come to Russia. Prime Given the recent historybetween the Passos Coelho, workedasamaths tutor minister DmitryMedvedevgraduated in members of the EU and Dr Varoufakis, for awhile, too, but again Iamnot sure lawfrom whatisnow SaintPetersburg Iamtempted to ask whether this is TRATIOn: nICK

he can scorepoints there. Thepresident State Universityand then took arole for another occasion on which theymight US

of Portugal, Aníbal Cavaco Silva,comes awhile at his alma mater as adocent, want to ask for their moneyback. B ILL Forthe latest developments in businesseducation follow us @ftbized

4 ft.com/BUSineSS-edUcation

inT ro Riding DUC high Ti on

Masters in managementhavecometothe rescueofsomeUS schoolsand arefindingatoeholdinChina.By Della Bradshaw

he masters in management at mendozacollegeinIndiana, for at london , which degree, once the best- example, which started its programme launched its mimdegree in 2009. “we kept secretofeuropean twoyears ago, 40 per centofstudents are are seeing thatusrecruiters recruit business schools, is still graduates of the parentuniversity manyofour grads. newYork has T becoming the star of 21st- of notre dame, says mary Goss, become ahotspot for us. Fifty of our centurybusiness education. though senior director of graduate business mims are working there, especially in still apassporttothe boardrooms of programmes.“whatthe mimhas done is finance and consulting.” France and northern europe, it is also open up those undergraduate recruiters while big-brand us schools such proving to be the saviour of manynorth to other students on campus.” as Fuqua, kelloggand michigan ross american business schools and atool this growing recognition and chartthe popularityofthis newbreed to build international reputations in acceptance of the miminthe us is also of business degrees, others are more countries as far afield as china. increasing the country’spopularityas concerned about the knock-on effecton In the us,where applications to adestination for mimgraduates from other programmes. mBaprogrammes have fallen, masters europe, says leilaGuerra, executive mark Vandenbosch, associate dean for degrees have provided awelcome source director of early career programmes programmes at canada’sIveyBusiness of revenue while giving those leaving school at western university, says the undergraduate degrees aleg-up in the ‘new York has been ahotspot plethoraofdegrees on the market may job market during the greatrecession. mean mimgraduates find themselves as such, masters in management forLondonBusinessSchool competing for jobs with those from (mim) in the us were frequently graduates. Fifty of ourMiMs undergraduate business programmes. designed for liberal arts graduates from he argues thatmasters need to have the parent university. areworkingthere’ areal distinguishing feature or “spike”, as he calls it, to differentiate them. “wecan’t continue to create students Topfor careersrank unless there are recruiters ready to Topofthe class Indian Institute of Management, accept them.” Calcutta Topfor thegrowing international acceptance Topfor value international of the mimmeans thatfor French formoney course experience business schools, which have dominated wnes photo: dreamstIme Topfor salary Sun Yat-Sen University of the Financial times mimranking since lo Indian Institute BusinessSchool St Gallen of Management, its inception in 2005 with their Grandes Ahmedabad: $99,544 ecoles programmes, the degree can (weighted) Topfor increasingly attracthigh fee-paying placement international students to France. success schools such as skema are even tratIon: nIck WHU Beisheim us exporting the degree to the us. > Ill 6 ft.com/BUSineSS-edUcation

inT ro MaSTerSinManageMenT DUC

Thetop 25 masters in management in 2015 it can admit (including both mimand mBaprogrammes), mostschools prefer Ti School name Weighted to admit more mBastudents than mim salary ($)* students,”saysprof Zhou. 1 UniversityofStGallen 89,600 on In addition, the chinese government 2 HECParis 83,309 requires masters programmes to be at 3 Essec BusinessSchool81,712 leasttwo years in length, which means 4 Cems 68,774 manychinese travel overseas to takea 5 Rotterdam School of Mgmt,Erasmus Univ 80,114 one-year degree, he adds. 6 London BusinessSchool77,006 more promising for chinese 7 ESCP Europe 69,359 schools are mims designed to attract 8 WHU Beisheim 98,123 9 UniversitàBocconi 70,193 international students, which are 10 IE BusinessSchool72,569 outside the quota system and have 11 EBS BusinessSchool85,066 fewer restrictions on fees, continues 12 Esade BusinessSchool65,029 prof Zhou. twoyears agoantai 13 WU (Vienna Univ of Economics andBusiness) 64,699 launched justsuch aprogramme. 14 Mannheim BusinessSchool82,109 “although the initial number was 15 Indian Institute of Management,Ahmedabad99,544 modest, we enrolled 38 students from 16 Indian Institute of Management,Calcutta 92,964 about 20 countries lastyear,”hesays. 17 HHL LeipzigGraduateSchoolofManagement 90,776 “weexpecttohavemore than 50 18 EdhecBusinessSchool57,119 students out of 120-plus applicants 19 Imperial CollegeBusinessSchool56,864 this autumn.” 20 Grenoble GraduateSchoolofBusiness58,499 thetentative growth of the mim 21= HECLausanne63,464 in china is at odds with whatis 21= IésegSchoolofManagement 49,137 happening in India. thepGp,atwo-year 23 Warwick BusinessSchool55,556 pre-experience business masters that 24 City University: Cass 59,665 largely mirrors the French Grandes 25 Skema BusinessSchool51,937 ecoles programmes, has long been *Average salarythree yearsaftergraduation,withadjustmentfor variationsbetween industry sectorsand purchasingpowerparity (see p26). Full rankingp21-27. the flagship programme of the elite Indian Institutes of management. however,all thatischanging. promote the mimthere. kedgeBusiness at IIm ahmedabad, arguably the ‘Wehavetoreinvent school, forexample, hasworked with mostprestigious business school in renmin universityinBeijing to develop India, there are plans to push up the businesseducationforthe athree-year programme after which entryage and work experience of 21stcentury.The French graduates receive abachelor degree students, says ajay pandey, dean for from renmin and amim from kedge, programmes. grande ecoleisaproduct explains thomas Froehlicher,dean of “wewould hope thatinthe next six of the20th century’ kedge. “wehavetoreinvent business to seven years [work experience] would education forthe 21stcentury,” he says. be agiven. we want to get80–85 per “the French Grande ecole is aproduct cent [of students] with work experience of the 20th century.” at least,”hesays. themove to apost- notall chinese business school experience degree will also result in the theschool will go one step further this deans are convinced of the value pGp being renamed an mBa. year when its masters in international of themim. most masters degrees theconfusion in India is unlikely business will be taught in Brazil through in china have an academic focus to hamper the growing recognition an agreement with executive education and are often prerequisites for phd of the mim, however.asmoreand specialistFundação dom cabral. programmes, says Zhou lin, dean of more graduates move up the corporate “weneed to internationalise for our antai collegeatshanghai Jiao tong hierarchy, theywillbegin to recruit growth. In France the fees are frozen,” university. as aresult, china’sministry graduates in their own image, says says alice Guilhon, dean of skema. of education rules thatschools cannot leila GuerraatlBs. “mimsrecruit “It’sverydifficult to think about growth charge high fees. antai, for example, other mims.” in only [the French] market.” charges rmb98,000 ($15,333) for as theydoso, the mimbrand will at the moment skema has 7,000 its mimbut rmb208,000 for its become more established, she says. students. “wewant to reach 8,000 or full-time mBaand rmb568,000 for “For me, the successful moment will be 9,000,”saysprof Guilhon. its executive mBa. when Ican go out and say, ‘I have an skema is one of several French “Given thateach business school has mim’,and people will understand it the schools to have setupinchina andto alimited quota of how manymasters same waytheydothe mBa.” B 8 ft.com/BUSineSS-edUcation inTroDUCTion 9 to is isa. nd eld on w, line to rs lus ess hat ng sor the ti gh eel. av und ea gh ast ,p arship hi is gt go, de go the of und ro le et nc am eP ca nin usin ap yt th fo go en tin of at hol nt dfunding man la ised the sa ex ng nl ll hi ve gb ra sc er ion of on dU ttog ce es ave he Fina ra ow at. im takin te arts s, no ndie eo himself ge le rin of of er lut of dis Tiba un sg rG cr he loca on pass y. bO ma S-e eI ay pi nt to ro qui aren ll th o, yp vo co or Ad of to lu ltoh th is as diti in, th ce os ot eS s, og an ga ac hool aw tc dp ee ty ca ck ee ly g80p to rman ag on on li ce eg in Sc s. Unde ee la gh dn aga ampaign is crucial nt Th born ered hi ib bi nm undraisin it Ge aise di s. ules erin n- ta sn US si gc tpla off ”T 20 per ef aign ea in hangin tonc ia do ee nt e, he ffere ov ed criti nt dfunding bu ke ol /B Mo th barrier gh Indi ng nkfurt nt ,c di ef bu to de xpense ar im ov iop de gh ys ronaf st ,isc ot ra nkfurt ni rs ou e, ss. tt cho tu camp om pr th 00 tu me udotor do sa ad ge han ge ou ra de fe hr gm dfundin ,0 ou ce ,a en es .c rms at ig ge ns es ld rE yo ow ite tt emaini disn eF fIh eatF on ig fo uc dc te at na ow Alth “I Th Fo bs on ft ou eb row ge €20 th hool s er main ac at ss uiti tar re at €8,000 in their bank t his livin fore Iw wh ac it —J of th suffici Cr fills th Th worl we pl Ma sc fundin bel wri fun pl or’ ni ju jobs sof ea ar or ar ye yf ), ly ht- dto ou ). nt al ose nd pp nt .” ug ea han sof imistic ce ppl th )a or gree ce so dl ar er et pt areers er nt ul or de or er ye dtoa tc uni eo ost ce than 80 ir current 4p nify ev rs clude es wo (3 re frai 18 p he seni te eaj eral in em ty. per dtoa eb ve er s( ve sasm ar es ev mo ne bs th 29 ag eint tbea mo jo ion ,o n, ect l( k. Th ,e es ou ecuri ut ir mas it n’ ir ur io or ta sp ed ve frai it man os bs he Do iv ce qu le ro gh ured articipants ar nify jo :“ gw dd et rp re ior al ce ir el sec equir vo te ve ou bp in ep ge ev re fa fe on st ch jo ,e ro th he th .Ina en Chan re hi ey nt is jun ce ssi tbea st nt hr beli of rw on te ther th le ce mana ce ce st si sw Kw their nt n’ ge in ic rofe ro ce perien eo or es ai ce ut ob re il When asked abo Mo per vi perien ap rj 55 per after wh 70 prof per enhan ad mana mo abo fo seni ex —W at ‘Do wh ex ), ed it ome ), er nt ost olled nt) erent nd t. .S sc nt ve ce eat es mto sin iff ce sp ie em ge ). ya ce on ic ates av er he el ti te ar IT and h23p nt er ad Th st it du sh dt 1,470 ua cho ce s. in 2012, 88 per 18 per nd mo 9p ra hs. te te ,w ma mone of 21 per (1 rtob ad g( of sont ro bs )a lar nt ear ar aim eg ge ua of re g( gr jo ea mp ey nt cy pu wa dp es ass oy ). ad ty mo three-quarter nt or ce pp mo an han th ri pro le ankin an po gr urv s, nt ix lt df er jo ms (11 per ankin me ed or or main in their current as ce he cl ts db areer ost ke ion me dac co ge nt sf re 8p ma th db eFTa an ss onsu mt le re (1 so pas oo sect or ac gtoas to th em wa ha an ge r,

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Po 60 per ca try a te ce co le sec gr ce fo sect their ar an were po hts et ImaGes GettY photos: On Simon Caulkin ‘Wherewilltop managers man High anxiety come from nowwehave broken thecareer ladder?’ ag ement

theadvance of technology is transformingthe natureofworkand ourrelationshiptoit

hese are anxious times in is notenough now that, as Prof Gratton the world of work, and not says, “lifetime learning is beginning to justfor individuals fretting be areality”.The idea of competency- over where future jobs will basededucation (buildingthe ability t come from. Organisations to analyse, communicate and think too are waking up to awkward questions critically,for example) is gainingground posed by advancing technology. Where as afoundationfor further specialisation. will top managers come from now Earlyexperience of massive open online thatwehavebrokenthe career ladder courses (Moocs)has been disappointing, by outsourcing or eliminating middle but there is avacuum to fill and there management? Whatjobs are needed will almostcertainly be asecond coming. to lure the brightestyoung talent away Educational disruption has notbeen from the start-up and freelance “gig” eliminated, just postponed. economy? Whatshouldn’t we automate? Theother mismatch is openingupin Whatare these currents doing to companies,and maybeastricky to fix. notions of development, loyalty—and Philosopher Michael Polanyi’sparadox the whole human resources function? (“we can know more thanwecan tell”, or Some of this was explored in arecent our tacit knowledgeofthe world exceeds Future of Work seminar led by Lynda ourabilitytospell it out) posits, fornow, Gratton, London Business School’s some limits to automation —notably the professor of management practice. The qualities humans took millionsofyears goalposts are moving, she says, but it to evolve, such as curiosity, creativity, is clear from mismatches all along the imagination, empathyand morality.But business valuechain thatemployment to yield dividends, thesequalities need policies of the pastare out of date. time,patience and deep attention,all of Theold assumptions are bypassed whichhavebeen expunged from high- by onrushing technologyand changing human qualities such as empathy, pressure, performance-managed offices. attitudes. Big-companyjobs were critical thinking and creativity, that “We’ve designed work thattakes once asellers’ market:corporations computers cannot (yet) emulate. Relying away the only opportunityhumans have picked people theywanted for jobs on old employment practices is arecipe to be different from machines,”says theydefined, in return forpredictable for irrelevance. Theboundaries of the Prof Gratton. “The verytechnologythat careers. Preferred candidates were “the companyhavebecome permeable; the makes creativityimportant is limiting smartestguys [mostly] in the room”, relationship is no longer one of adult to it because of the waywe’rechoosing to often with specialistskills. The“war for child but of nurturing transient alliances makejobswork.” talent”was with other HR teams honing and softer loyalties to reciprocal benefit. In 1936, Charlie Chaplin sethis satire established processes for recruiting, Alongside the need to bridge on humans and technology, Modern developing and keeping the bestpeople. missing steps in the career ladder Times,inafactory. Nowthe locus is But “all thatiswobbling”, says where middle management used to the office, and as computers move up Prof Gratton. From raising capital be (one idea: loan out future stars to the employment valuechain, the stakes to final marketing, everypartofthe other employers, as football clubs do), gethigher.“Humans are underrated,” business valuechain can now be at leasttwo other yawning disjunctures argued arecent article in Fortune. But outsourced to technology-enabled lie ahead, one posing issues for society others think differently.The C-suite will platforms (Kickstarter,social media, 3D as awhole, one internal. not be ahidingplace for much longer, KER printing…), multiplying the forms of First, the education system, which warned ablog from asoftware company BA jobs and options for ageneration already assumes learning is an intensive,costly, on Harvard Business Review: “The favouring start-ups, or working for one-offinvestment in preparation for same cost/benefit analyses performed by themselves, over established employers. work,atwhichpoint itstops, is out of shareholders againstlineworkers and Meanwhile, as machine intelligence, sync with the logic of change.University- office managers will soon be applied to improving almostexponentially, type learning is still essential —Silicon executives and their generous salaries.” eats into higher-level specialistjobs, Valleyneeds arts graduates to supply the Thename of the company, in case you TRATION: ANDREW US intelligence by itself no longer trumps creative spark machines cannot —but it wondered: iCEO. B ILL 10 ft.com/BUSineSS-edUcation

de Frank Vidal ‘Heconstantlyreinvented

an himself,alwayslookingto Miles ahead relate to anew generation’ ’s col umn adeanand jazz trumpeterfindsintriguinglessons in thelifeofamusicaladventurer

he firstjazz concertin from which improvisation can evolve. mainlandEuropeis However,toreach this level is not easy thoughttohavebeen and requires years of dedication. played not in abohemian To improvise within anygroup, TParis cellar or aBerlin musicalorotherwise, you mustbea nightclub, but in Nantes, western France. good listener.Your improvisation is By ahappy coincidence for me, as a guided by those around you. Youneed jazz trumpeter as well as adean, agroup to be able to pick up the signals thatwill of black US soldiers performed in the determine how and when your own solo citymyschool calls home at the end of will begin, develop and end. the firstworld war. Improvisation also entails alarge While some dwell on the jazz world’s dose of risk allied to awell-honed nocturnal sleaze, ego-fuelled infighting technique, especially in the case of the and the partdrugs and drink have trumpet, ademanding instrument. played in the downfall of some artists, Business school deans, even those Iwouldmakeacase thatthere is much who do not follow jazz, are more than thatabusiness school dean can learn likely to be able to identifywithsuch from the jazzgreats. Andtheydonot an approach. Thesecurityofasolid come much greater than MilesDavis. base is whatallows those moments of Nearly aquarter of acenturyafter innovation and improvisation thatcan his death he is still the standard by makeadifference in the competitive which anyso-called jazz genius has to be management education market. measured. However,defining Davis is no Theloveaffair between France and simple task. unbearable moods, jazz thatbegan with thatfirstconcertin To begin with, his output is so he fostered many Nantes continued with Davis and many diverse. Likeany top business school, young musicians other US jazzgiants. In thelate1950s and consequently anydean, he who would later and early 1960s, France welcomed Afro- constantly reinvented himself,always become stars, such American jazz musicians likenoother looking to innovateand relate to anew as Herbie Hancock, countryatatime when such players still generation. In this way, he was able John McLaughlin sought recognition back home. to renewhis music over more than 35 and Marcus Miller. While in Paris, Davis recorded a years, moving from bebop to cool and Besides magnificent original soundtrack for the modal jazzand integrating electro and teaching, he was film Ascenseur pour l’échafaud,aclassic even rap. He never wanted to playthe an avid student, byFrench director Louis Malle, and same thing twice. always seeking fell for the chanteuse Juliette Gréco: a Such relentless innovation makes to learn.One romance thatcould qualifyasthe jazz Davis hard to label. He maybejazz by example was his versionofRomeo and Juliette.Hemet definition but his style could bestbe use of technology. When Davis began Pioneers: Miles Davis adulation wherever he went and for that described as hybrid. Likethe schools his career,musicians played live in at Ronnie Scott’sin reason, being aware of the danger of thattoday look beyond business to the studio ratherthan recording London,1969; the comfortzones,hereturned to the US. bandofthe Harlem give their students individual, atypical parts individually andchoosing the Hellfighters 369th Davis never chose the easy path. OD ARcHIvES/GETTY IMAGES profiles, he looked beyond jazz to besttakefor an instrument, as is the Infantry Regiment, He was motivated by challenges and include influences from diverse cultures. normtoday.Hewas one of the first to France,circa 1918 pushed himself and others to surpass WO Truly international in outlook, he was rejectlivestudio recording and search themselves, leaving behind abody of one of the precursors of whatwenow for perfection through amulti-track work thatseems timeless in its appeal call world music. approach. and influence. If tisntha ot an ideal for Davis was also aremarkable teacher, To innovation we can add abusiness school dean to aspire to Ido perhaps in spite of himself.Renowned improvisation. Ibelieve jazzcorresponds not know whatis. B for being extremely self-critical, he well to whatbusinesses should aspire did not spare the feelings of those to. It is based on aset series of chords Frank Vidal is dean of Audencia Nantes around him. Yetdespite his sometimes and atheme thatprovideasolid base School of Management. PHOTOS: REDFERNS; UNDER 12 ft.com/BUSineSS-edUcation

interview

Biggameplan Jean-Claude Blanc’s business education has helped him guide PSG to the top of French football

By Simon kuPer PhotoGraPh By maGali DelPorte 14 J Antipolis: ‘Foreign companies come ean-Claude Blanc, now an impeccably international football here, so the world is not justinFrance.’ executive, had veryprovincial French Then you need to open the window beginnings. “I grewupinSavoy until I more, and allow yourself to leave.” was 18; Inever travelled,”Paris Saint- In 1986, justashegraduated, Germain’s general manager recalls. Albertville in Savoy was named hostof We aresitting in PSG’sheadquarters in the 1992 Winter Olympics. “That’smy Boulogne, on the southwestern outskirts region,”saysBlanc. “I told myself:‘It’s of Paris. On aphoto by Blanc’s television, obvious, this is for me, and Iwill work PSG players brandish last season’s four there.’The difficultyisthatlots of people French trophies. ApaintingofDavid said, ‘This is for me, Iwill work there.’I Beckham, who finished hiscareerat had to show Iwas more motivated.” PSG, adorns awall. Blanc has come far. He metAlbertville’s organisers. After high school, he went on to take They told him to come back in ayear. amasters in management programme “So IwenttoLos Angeles, on my at Ceram in Nice —now partofSkema own initiative.”In1984, the highly Business School. Blanc knewNice from commercial LA Olympics had been the visits to relatives, but the campus at firstmodern Games to makeaprofit. Sophia Antipolis was alure too. “Itwas Blanc hoped to find lessons there. afairly innovative zone for the time, He arrived in LA with no connections. where in one place you had companies, “I wasn’t abad tennis player,soI research centres and universities or played tournaments. Through tennis I schools. Theconjunction of the three metthe people who organised the Los interested me. ‘Here things musthappen thatmaybe don’t happen elsewhere.’” ‘in three,four, five Thestudent Blanc already aspired to work in sport. Back then, in the mid- years[working 1980s, it was atinysector “in which I on theOlympics] had no connections”,hesays. “But the idea thatasignificant business side youencounter the could develop around sports always problems acompany guided me. At the time you had people encounters in 20’ likeMark McCormackof[talent management group] IMG, who was the king of thatbusiness, who had Angeles Olympics.”When he returned practically invented it, firstbybecoming to Albertville, he told the organisers: the agent of greatathletes before “Listen, I’mback, but Ihaven’t wasted starting to represent events.” my time —I’vebeen to LosAngeles, “AtCeram, there was absolutely I’veseen whattheydid, I’ve written a nothing on the business of sport. So I reportthatmight help you.’Theysaid, mainly chose courses on law, marketing, ‘When do you want to start?’ Isaid, international commerce, to leave all ‘Tomorrow.’” doors open to trytoenter aworld TheOlympics proved an ideal first that was then verynarrow.” Ceram, job. “Lots of things need doing, so he says, “allowed me to put down people placed confidence in you very bases, helped the young student Iwas young. In three, four,five years you then to understand thattoenter the encounter the problems thatacompany business world you had to know law, encounters in 20.” finance, , how to conduct Next, Blanc did an MBAatHarvard negotiations. Youneed acomplete Business School. Hisclassmates had paletteofknowledge.” “done only impressive things: US Air Theschool, he adds, “was my first Force pilots, people who do non- melting pot. There were no foreigners in profits in South America, Chinese my graduating class. But it was the first engineers, NewYork traders. After time Iencountered people from other thinking you were really good in your French regions. ‘There are Parisians, sector,you realise, ‘Pfff,the world theydon’t think likeus, there are is incredibly big, with talents Bretons…’ It helped me understand, also everywhere.’” Harvard’s teaching through the environment around Sophia method —analysing casestudies in > ft.com/BUSineSS-edUcation 15

groups —trained him to listen to other people’s views. When he graduated, his professors told him: “Success is hard to define. Whatdoyou want to do, at your core?” He knew: “Not manyHarvard MBAs go into sport. In fact,I’venever metone. But my profound conviction was sport.” In 1994, he joined AmaurySport in France, which managed sporting events. In 2001, he moved to the French tennis federation, the FFT. Then, in 2006, Juventus made him chiefexecutive. Thestoried Italian football club had justbeenrelegated to Serie B, Italy’s second division, after amatch-fixing scandal. “You arrive in this environment thatisnecessarily dynamic, because you have amountain of problems to deal with at once,”Blanc says. “Practically 100 days are decisive for the club’s future. If you makeabad decision in those 100 days” —heslaps his hands —“it’s over.Then it would take20years to return.Inthose 100 days we took manygood decisions.” ‘the ambition is not to France’s finest: adds, PSG’sproject“is more than simply Above all, Juve persuaded mostof PSGcelebrate their winning trophies. It’s to build asporting their stars to stay.Goalkeeper Gianluigi be thelastofthe great four-trophy haul property.The ambition is not to be the lastseason Buffon, Blanc recalls, “had decided to clubs,not to catchup lastofthe greatclubs,not to catch up leave even before the club was relegated”. with Real, Manchester,Barcelona, but But after relegation, Blanc recalls the with real or Barça, to be —and with humility, eh? —the player telling him he would stay one buttobethe first great firstgreatclubofthe digital era. We are year to help the club gain promotion. club of thedigital era’ Biography luckytobeinamoment of social media, Buffon added thatafter thatyear,the 1985 Masters in when globalisation of information is general manager had to lethim leave if management degree instantaneous. Astatement by [PSG he had an offer. in international striker Zlatan] Ibrahimovic crosses the Ayear later,after Juve’s promotion, firstbig Italian club to build their own businessand world in seconds —for better andworse.” Buffon duly came to tell Blanc: “I have stadium. But in 2010, Andrea Agnelli, marketing, Ceram. Presumably he is recalling Ibrahimovic’s an offer from Milan.”Blanc replied: of Juve’s owning family,became the 1994 MBA, Harvard comment in March thatFrance was “a “Give me one hour and I’ll explain why club’s hands-on president. “Itwas a BusinessSchool s**t country” thatdidn’tdeserve PSG. you should stay.” disappointment,”Blanc admits. “But 1987–1992 Salesand However,Blanc’s larger point is that Blanc recalls: “Wedid apresentation when the owner wants to manage, marketingdirector thanks to newmedia, PSG can gain a for Gigi in the big trophy hall. We didthe it’s legitimate.”Fortuitously,in2011, anddirectorofthe global fanbase much quicker than Real same work as for convincing asponsor to Qatar Sports Investments bought PSG, openingand closing Madrid, say, managed lastcentury. join us. We built apresentation around planning to turn the mediocre club into ceremoniesofthe PSG’srevenues hit ¤474.2min him. Whyhewas significant in the world-beaters. They hired Blanc. AlbertvilleWinter 2013–14,the fifth-highestinEuropean club’s history. Whyhewould be the next “Whatwedoisn’t drinking tea with Olympics football, according to business advisers captain. Whywewere going to return to Beckhameveryday,” he cautions. “It’salso 1994–2000 Chief Deloitte. Revenues will rise further, the top of Serie Aand win everything. lots of professionalism, managing 350 executive of Amaury partly because PSG has remodelled its Whyhewould playanother Champions people, managing abrand worldwide, Sport, organising stadium to dedicate nearly 10 per cent of League final. Theplace of the goalkeeper welcoming 1.3m people ayear to arenas events such as the the 47,000 seatstocorporatehospitality. in Juve’s history. And whyhewas fairly in Paris. If tomorrow somebody falls on Tour de France Paris is full of businesses keen to buy central to our project.” the stairs at the Parc des Princes [PSG’s 2001–2006 Chief expensive seats. Many PSG fans grumble Afterwards Buffon said he wouldstay stadium], the responsible person is me.” executive of the thatBlanc has over-commercialised the if Juve offered the same deal as Milan. PSG aim to win the Champions French tennis club. He seems unbothered. “What’s Blanc agreed. Today, Buffon is still at League. Last season Barcelona federation (FFT) thrilling is thatyou feel this is akey Juve, and Blanc notes: “Some weeks ago overwhelmed them in the quarter-finals 2006–2011 Chief moment in the club’s life. Tomorrow,or he played aChampions League final.” —but, says Blanc, Barça had the luck executive of Juventus the dayafter,when somebody else is in Blanc loved Italy.Heand hischildren of avoiding injuries and suspensions. football club this office, it’s up to us to makesure they became dual French-Italian citizens. PSG lostplayers and lacked strength 2011 General will say, ‘Well, in 2012, 2013, 2014,2015 He helped Juventus to become the in reserve to replace them. Anyway, he manager, PSG theyusedthatmoment well!’” B PHOTO: AFP/GETTY IMAGES ft.com/BUSineSS-edUcation 17 FEATURE Dear Lucy...

By Lucy Kellaway

Ihavefound there is alargedifference been longing to do amasters ever since in my classmates’ levels of confidence, you were in shorttrousers(hard to meaning afew students dominate believe, but let’ssuppose), it might have group work to the detriment of been atrickydecision. But you only others. While Ihavebeliefinmyown applied out of desperation, and now judgment,Idonot seem to be able to something else has fallen into your lap convince others to listen and take my —hooray!Quite possibly the internship perspective as seriously.Whatcan won’t lead to ajob.But the masters Idotoget myself heard? Should I wouldn’t necessarily lead to one either. tackle the loudmouths? If at the end of the internship you find Ihavesome greatnewsfor you: the yourself jobless again, you could always world doesn’t belong to the confident, as do an MBAlater —this time with the everyone tells you it does, it belongs to knowledgethatbanking is something the competent. If you don’t believe me, you want to do… or is something you read Confidence by Tomas Chamorro- have gotout of your system. Premuzic, professor of business psychologyatUniversityCollege Is it really worth paying yet London. He argues thatthe unconfident more moneytogain another outperform because theyare driven by qualification? Thequestionis anxiety (which you displaybywriting on my mind because my brother to me). And unlikethe loudmouths, has only an undergraduate people likeyou listen to criticism and degree yethas landed ajob with trytoadjustaccordingly.Bestofall, amultinational because it was youare less likely to become arrogant impressed by his CV,which includes monsters. Theconfident have only one working as adiving instructor in true advantage: theyget others to listen. So whatyou mustwork on is aveneer of confidence —learn how to do it by Thatyou’vetaughtpeopletodive watching them —while at the time will impressemployers less than knowing thatyour lack of confidence is what you’ve learntfromit likely to makeyou succeedinthe end.

Out of desperation —Ihavebeen Indonesia and ayear teaching in unemployed for several months —I Africa.With so manypeople having applied to awell-known European similar academic credentials, business school to study for amasters wouldn’t it be better to do something in management.Iwas delighted to be different so thatIstand out? accepted and was looking forward to An MBAinitself doesn’t getyou the starting the course. Now, however,I job of your dreams. But neither does have been offered along internship at doing something bravefar away.To abig-name bank and have been told teach people to dive because you think

thatifIdowell there is the chance of a it will land you ajob at Google would NIEL JONES full-time job. Whatshould Ido? be insane. To do it because you want to, DA This is the easiestproblem Ihaveever and because you know how much you

seen. Take the internship. If you had will learn from it, makes more sense. PHOTO: 18 FT.COM/BUSINESS-EDUCATION Askyourbrother.Ibet whatimpressed idea of how companies work or whatit his employers was not whathehad done feels liketowork in them. If you have but whathemade of thatexperience. some experience of the 9to5before you Can you do the same?Doyou want to? startacourse, you know whatyou are interested in and whatyou are good at. During my undergraduate studies And you never know —ifyou getajob we were repeatedly told of the now,you might find you likeitsomuch, importance of thinking globally and you progress so well thatyou don’t and gettingexperience of living need an MBAatall. and working abroad. Iplan to do a masters in management next year and I’dexpected some sexual tension on acourse with alot of young, single students but there is so much in the Sexual tension is part of office life air between some classmates thatit —you canignoreitbut getting interferes with the dynamics of the course. Ienjoy an occasional flirtas indignantwill makeyou look silly much as anyone but people don’t seem to have grown up since undergraduate am torn between agood programme days. Am Ibeing aprude —and is in an overseas location Iparticularly there anythingtobedonewithout likeoraslightly more highly regarded appearing likeone? course at home.Isitreally as simple Yes, you are being aprude and, worse as “gofor the bestcourse”? than that, you are failing to learn one If the overseas course is only slightly of the mostimportant things thatyour less esteemed than the local one, I’d course has to teach you. Flirtation go for that. Then even if you find the at business school is an intense masters itself on the dull side, you’ll preparation for the world of work. In have the fun of living somewhere mostofficesthere are plentyofyoung, new. Who knows, you couldalways attractive people flitting around (as teach kids or become adiving well as manyolder,less attractive instructor on the side (see above) ones)all of whom are passing the days and have the bestofall worlds. in an atmosphere of boredom and competitiveness thatcan only lead one Would Ibebetter offpreparing way. Sexual tension is as much apartof for aflying starttoacareer in office life as cardboard coffee cups and business by taking amasters in photocopiers. Youcan ignoreit. Youcan management as soon as Ifinish my refuse to join in. But to work yourself , or by getting up into astate of indignation over it is a agood job and experience before waste of energy—and makes you look going back to school for an MBAina verysilly indeed. B fewyear’stime, when Ihaveaclearer idea of my direction? Lucy Kellaway is an FT associate editor I’dsay getajob first.Idowonder about and management columnist, and writes the wisdom of setting out to become a the weekly Dear Lucy advice column in manager when you don’t have the first the newspaper and online FT.COM/BUSINESS-EDUCATION 19 rankings ead e r a p ata m p26 wtor 2015 o ed y, c y Ke Ho th e h t w nt o h sin d n a s e hools -27 sof er m 24 le sc m me ,p a r op st g o ll tab r et nkings p 0 th Fu Ra ge 8 g n i d Ma a e l e h als

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Thealumni of St Gallen University have continuedtoenjoy remarkable careersuccess.ByLaurent Ortmans

14% Ireland56 8% 54UK Canada48 49 88 0.3% 1,520 Mappingthe masters in management (bycountry of study) Number of graduates*

Graduates whostudied abroad on exchanges

Averagesalary ($’000)** 87%

Fran57ce he UniversityofSt Gallen 11,113 in Switzerland has topped the Financial Times ranking of the bestmasters Tin management (MiM) programmes worldwide for the fifth consecutive year.HEC Paris, which topped the ranking four years in arow between 2005 and 2008, is in second 67 place. France’s Essec Business School in Spain third place completes the podium. 27% St Gallen retained the top spot in the 44 face of growing competition. The2015 Portugal ranking features the top 80 masters 618 programmes for students with little or 80% no previous work experience, up from 70 programmes ranked in 2014. 275 TheMiM ranking is based on data collected from twosurveys —one of the participating business schools and the other of alumni who graduated *Graduatedbetween May2014and April 2015 from ranked schools 22 FT.COM/BUSINESS-EDUCATION three years ago(the class of 2012). Theranking is in partbased on how successful alumni have been in their careers, as reflected in salarydata. St Gallen’s alumni had an average salaryofnearly $90,000 three years after graduation, third-highest in Europe behind WHU Beisheimand HHL Leipzig of Germany. Theschool is ranked firstfor international experience and aims achieved, thirdfor jobplacement and fourth for valuefor money. Nova School of Business and Economics in Portugal and La Rochelle Business School in France are the two highestclimbers, up 17 and 16 places respectively to rank 31stand 48th. Eight schools are ranked for the first time; IIM Bangalore is the highest 57 58 52 entrant, at 26. Theranking also contains Norway Sweden Finland its first joint MiM: theprogramme from 61 Spain’s IQS, Fu JenUniversityofTaiwan Netherlands 103 and the UniversityofSan Francisco is in 53% 50% 58th place. 57% British and French business schools 57% especially continue to dominate, 777 688 accounting for 42 per cent of ranked institutions. Thenumber of British Be56lgium 828 schools rose by twoto13, while French schools were up by three, taking the total to 21. While French schools are 63% distributed across the ranking, British 28% schools are mostly in the bottom half, 577 56China with nine out of 13 ranked 49 or below. 50 Only London Business School (fourth) 661 61 Russia and Warwick Business School (23rd) Denmark 35% 83 moved up the ranking. Germany 50 One reason is the poor performance 293 of British schools in international course 59% 100% experience. London Business School 44% 54 is 41stbythis criterion,the highest Poland UK school. While 87 per centofrecent 688 280 graduates in French schools took partin exchanges withoverseas schools,almost no UK-based students didso. 96India International exchanges provide 26% exposure to different environments and achance to learn from other faculty 38 32% 403 Czech from top schools at little costand to gain Republic jobs abroad. “I am extremely satisfied 65 with the international aspectofmy Austria school,”saidone surveyrespondent. S

1,210 N “I did twoexchangeprogrammes (in 100% 72 A 24% M the US and in Hong Kong) and spent T R asemester in Germanyoninternships. 193 O T My school definitely helped me getan 47% N E

39% R international career.” 152 41 U Hungary A Notall international experiences are L ;

T purely business related; some are about T E personal development. Students at La 229 K R I Rochelle Business School in France do B 59 49% about asemester of humanitarian Italy work in France or abroad. “The strength Swit79zerland 84 SSELL 56 RU of my school was to makemerealise Australia thatbusiness management could be applied in humanitarian activities,”said ** Three yearsaftergraduation,purchasingpower parity equivalent onegraduate. B GRAPHIC: FT.COM/BUSINESS-EDUCATION 23 ran Thetop MiMs ki

Topoverall: st gallen Topfor careers: iiM Calcutta ngs Nestledbetween theAlpsand Lake Constance, IIM Calcutta is first in thecareersrank, justahead theUniversityofStGallen, in Switzerland, has of itssisterschoolsinBangalore andAhmedabad. developed amasters in management degree Therank is based on seniorityofgraduates and thatisprovingattractive to bothstudentsand sizeofcompany. Calcutta’s graduateswork recruiters.Asaresult, itsMiM is topfor thefifth mainlyinthree sectorsdominatedby consecutive year.Ahallmarkofthe degreeisthe multinationals: IT/software/telecoms, finance/ requirementthatstudentscompletea bankingand consultancy.Two-thirds of Calcutta sustainability project. Theschool nowruns graduatesworkincompanies with more than close to 10 pre-experience masters degrees in 5,000 employeescompared with justunder half English. —Della Bradshaw of allgraduates on average. —Laurent Ortmans

FinanCial TiMes global MasTers in ManageMenT2015 Thetop 80 masters in management programmes (continuedoverleaf)

3-year 2015 20142013 averageSchool nameCountry Programmename 1111 UniversityofStGallen Switzerland masterofartsinStrategy and international management 2243 HecParis france HecmSc in management*** 3385essec Business School france mSc in management*** 4575 cems See footnotesopposite* masters in international management 5856 Rotterdam School of management,erasmus Universitynetherlands mSc in international management 610- -London Business School UK masters in management 7725eScP europe france, UK,Germany,Spain,italy eScP europe master in management*** 8435 WHU Beisheim GermanymSc in management 9121713Università Bocconi italy mSc in international management 10 958ieBusiness School Spain masterinmanagement 11 14 -- eBSBusiness School Germanymasterinmanagement 12 6109 esade Business School Spain mSc in international management 13 22 22 19 WU (Vienna Universityofeconomicsand Business)austria masterininternational management 14 18 16 16 mannheim Business School Germanymannheim masterinmanagement 15 16 18 16 indian instituteofmanagement,ahmedabad india Post Graduate Programme in management 16 13 19 16 indian instituteofmanagement,calcutta india Post Graduate Programme in management 17 11 912HHL Leipzig GraduateSchool of management GermanymSc in management 18 16 14 16 edhec Business School france edhec masterinmanagement*** 19 19 12 17 imperial college Business School UK mSc in management 20 15 13 16 Grenoble GraduateSchool of Business france masterininternational Business 21= 26 27 25 HecLausanne Switzerland mSc in management 21= 21 24 22 iéseg School of management france mSc in management*** 23 31 -- Warwick Business School UK Warwick masters in management 24 24 14 21 cityUniversity: cass UK mSc in management 25 28 29 27 Skema Business School france, US, china, Brazil Global masterinmanagement*** 26 --- indian instituteofmanagement,Bangaloreindia Post Graduate Programme in management 27 29 20 25 eada Business SchoolBarcelonaSpain masterininternational management 28= 27 -- audencia nantes france mSc in management-engineering 28= 37 41 35 maastricht UniversitySchoolofBusiness and economicsnetherlands mSc in international Business 30 20 11 20 emLyonBusinessSchool france mSc in management*** 31 48 54 44 nova School of Business and economicsPortugal international masters in management 32 37 40 36 copenhagen Business School denmark mSc in General management 33 25 34 31 télécom Business School france masterinmanagement*** 34=344237antwerp management School Belgium masterofGlobal management 34=403938neoma Business School france masterinmanagement*** 36= 44 47 42 Shanghai Jiao tong University: antai china masterofmanagement Science and engineering 36= 30 26 31 toulouse Business School france masterinmanagement*** 38 39 31 36 SolvayBrusselsSchool of economicsand management Belgium masterinBusiness engineering 39 47 49 45 UniversityofSydneyBusiness School australia masterofmanagement 40 36 29 35 Vlerick Business School Belgium masters in Generalmanagement 24 ft.com/BUSineSS-edUcation ran ki

Topfor placementsuccess: WHU beisheim Footnotes(keyoverleaf) Lack of supportfromthe careersofficeisa *The Cems programme wastaught in 26 different countriesin2012. ** Data in these ngs common complaint from students.Not so at columns arefor information only and arenot used in the rankings.*** Grande Ecole programme. ‡Limited access at masters level. Undergraduatedegree in management, WHU Beisheim. Thestudentsratetheir school business or economicsrequired. Although the headline ranking figures showchangesin highlyfor theeffectiveness of itscareersservice the data year to year,the patternofclustering among the schools is equally significant. in helpingthemfind jobs.The school has Some 215pointsseparatethe topprogramme,UniversityofStGallen, from the school been topsince it made therankingin2010.All ranked number 80.The top12participants, from UniversityofStGallen to Esade Business studentscompleteaninternshipduringtheir School, form the topgroup of masters in management providers.The second group, headed by WU (Vienna UniversityofEconomicsand Business), spans schools ranked 13th masters.About three-quartersofstudentsfrom to 41st. Differences between schools aresmall within this group.The 26 schools within the theclass of 2012 received ajob offer following thirdgroup,headed by Kozminski University, aresimilarly close together.The remaining 13 their internship, half of them acceptingit. —LO schools,headed by Corvinus UniversityofBudapest,makeupthe fourth group.

Alumni career progress School diversityInternational Additional notes** experience andresearch %) %) %) s( culty ncy) hree US$)** nk y( d( fa re %) ra oney y( ve %) s( cult udent ith ank ank datt rm st fa te s( oda yr sr nt degree‡ ye fo yw ra yt er va local cur to men on board ighted salary re le lue nguages lar male male cult perience nk nk e( udent fe Wo (%) international aims achie months (%) fe (%) international st international board (%) international mobilit Sa We (US$) Va ra ca Placement success ra emplo international course ex La fa doc maximum course fe course length (months) number enrolled 2014/15 Re company internships (%) Rank in 2015 89,600 89,600 423953 100(92) 11 40 31 77 89 50 71 1100 Sfr9,978 25 47 Yes100 1 86,354 83,309 34 12 93 597(68) 22 41 13 65 44 65 662100 €36,000 18 489no100 2 82,150 81,712444 92 11 94(80) 29 49 10 51 33 50 99198€38,000 21 702no100 3 68,48668,7741034902895(65) 33 47 33 98 94 95 54292€11,086 12 1,182no100 4 80,114 80,114 16 22 91 20 87(98) 25 35 32 47 70 34 152100 €16,400 18 60 Yes815 78,814 77,006 37 64 94 997(96) 27 40 33 86 96 67 3411 100 £27,500 12 176 no 75 6 69,472 69,359 53 26 91 12 88(63) 35 48 35 71 76 52 13 10 295€35,800 18 804 no 100 7 98,123 98,123 14 20 94 195(93) 15 27 14 25 21 26 46 34 0100 €22,800 20 94 Yes100 8 70,193 70,193 42 19 91 893(49)3648153022554 22 190€24,922 28 128 no 100 9 70,644 72,569 50 7893695(88) 37 38 46 58 65 84 15 45 197€32,200 10 483no3410 85,066 85,066 33 9951085(86) 21 39 50 24 42 043300 100 €23,850 20 96 no 82 11 65,029 65,029 38 16 90 17 94(95) 29 34 20 31 79 87 2241 95 €25,800 13 146 no 46 12 64,79364,6992143896695(100) 37 61 33 23 48 72 14 2296 €2,907 24 75 Yes100 13 82,094 82,109 742922596(80) 36 45 20 22 23 20 66 21 087€540 32 265no9614 99,049 99,544 65 3862 100(97) 18 29 10 30072560 100 Rs1,375,000 22 394 no 100 15 93,122 92,964 45 1874 100(98) 20 25 13 10059590 99 Rs1,650,000 22 462no100 16 90,776 90,776 32 60 94 690(89) 10 23 919182263132 100 €25,000 24 87 Yes100 17 57,183 57,119 61 32 88 19 96(87) 35 48 27 38 37 80 26 18 289€32,000 24 998 no 100 18 58,310 56,864 73 41 90 29 90(96) 28 53 45 92 86 64 12 78 0100 £24,000 13 230 no 10 19 59,210 58,4995217857293(73)4151564590568 39 182€23,55324261 no 85 20 63,464 63,464 810846894(83) 28 46 20 79 56 50 35 58 1100 Sfr2,520 24 153Yes 87 21 49,644 49,137 77 15 85 47 86(92) 44 47 10 84 24 70 17 14 199€17,782 24 747Yes 10021 55,556 55,556 76 14 87 18 96(90) 34 52 20 78 90 20 39 80 1100 £26,000 14 73 no 023 59,596 59,665 48 52 89 50 64(92) 29 52 45 69 91 55 16 60 096£18,000 12 151no0 24 52,040 51,937 68 28 85 48 88(70)465739394267188 178€22,420 24 482no100 25 92,565 93,025 58 28515100(100) 20 23 25 7012 78 55 099Rs2,500,000 21 406 no 100 26 60,086 60,086 47 8913990(82) 37 39 43 50 86 48 27 38 163€21,200 12 84 no 100 27 57,776 57,776 36 6883599(100) 41 23 20 40 15 53 34 25 281€16,950 16 104 no 100 28 60,296 60,499 12 53 87 69 97(89) 23 42 21 50 65 64 23 40 197€13,500 16 541 no 828 57,962 57,858 71 31 87 33 83(54) 35 68 11 46 46 89 21 15 295€32,000 24 801 no 100 30 46,736 46,903 40 73 87 22 87(98) 40 51 33 29 77 33 28 12 2100 €15,967 20 124no6431 61,474 61,624 345897681(97) 34 46 36 41 62 922520 90 Kr12,500 32 550Yes 932 52,389 52,683 24 48 86 26 88(68) 50 48 36 53 31 45 37 33 176€12,400 31 397no100 33 50,120 50,120 30 24 85 41 86(93) 29 43 36 42 64 73 57 7086 €10,750 10 67 no 100 34 51,694 51,534 59 18 85 31 91(77) 44 54 38 51 33 38 52 19 286€20,400 23 1,369no100 34 64,54764,547238 88 7100(100) 30 51 16 3554279641 91 Rmb50,000 30 69 no 81 36 51,744 51,702 70 25 84 54 91(63) 42 51 40 43 33 30 38 16 292€18,200 20 692no100 36 55,352 55,428 536882195(79) 21 33 55 41 10 45 49 27 298€9,36025187 Yes100 38 56,266 56,266 46 47 86 51 78(81) 38 50 12 31 72 011470 85 a$60,000 15 145 no 100 39 60,999 60,000 15 30 86 13 97(97) 29 43 17 24 15 92 60 50 190€14,000 10 134no100 40 ft.com/BUSineSS-edUcation 25 ran Thetop MiMs ki

and theircompany’s sizeinterms of the numberof that is female.For all gender-relatedcriteria, schools

ngs Key employees worldwide.† with a50:50 (male/female) composition receivethe Aimsachieved(5): extent to which alumni fulfilled highest score. Weights forranking criteriaare shown in brackets as a their goalsfor doingamasters.† Female students%(5): percentage of women on the percentage. Placement success(5): effectiveness of thecareers masters programmeatMay 1. SalarytodayUS$: average salarythree yearsafter serviceinsupportingstudent recruitment, as ratedby Women on board%(1): percentage of women on the graduation, US$ PPPequivalent(seemethodology).† alumni.† school advisoryboard. Weighted salaryUS$ (20):average graduate’ssalary Employedatthree months %(5): percentage of International faculty %(5): contribution to ranking withadjustmentfor salaryvariations between industry themostrecentclassthatfound employment within is basedonthe mix ofnationalitiesand the percentage sectors,US$ PPPequivalent.† threemonths of completingtheir course. The figure in of faculty members at May1whose citizenship differs Value formoney (5): calculated accordingtoalumni bracketsisthe percentage of the class forwhich the from theircountry of employment (the figure published salariestoday, course length, fees andothercosts. school wasable to provide data. § in thetable). Careers(10): calculatedaccordingtoalumniseniority Female faculty %(5): percentageoffacultyatMay 1 International students%(5): contributiontoranking

FinanCial TiMes global MasTers in ManageMenT2015 Thetop 80 masters in management programmes

3-year 2015 20142013 averageSchool nameCountry Programmename 41 32 36 36 eScmontpellier france masterinmanagement*** 42 35 25 34 Kozminski UniversityPoland masterinmanagement 43 40 28 37 Louvain School of management Belgium masterinBusiness engineering 44 33 23 33 Stockholm School of economicsSweden mSc in international Business 45 42 38 42 Kedge Business School france masterinmanagement*** 46 56 65 56 St PetersburgStateUniversityGSm Russia masterinmanagement 47 -44- Sun Yat-Sen Business School china masterinmanagement 48 64 -- La Rochelle Business School france masterinmanagement*** 49 43 33 42 UniversityofStrathclyde Business School UK Strathclyde mBm 50 51 60 54 icn Business School france masterinmanagement*** 51 --- esscaSchool of management france esscamasterinmanagement*** 52=65- -tongji UniversitySchool of economicsand management china masterinmanagement 52=49- -UniversityofBritish columbia: Saudercanada masterofmanagement 54 46 43 48 aaltoUniversityfinland mSc in economicsand Businessadministration 55 54 54 54 iae aix-en-Provence, aix-marseille UniversityGSm france mSc in management 56 45 56 52 Universitycollege dublin: Smurfit ireland mSc in Business 57 57 50 55 durham University Business School UK mSc in management 58 --- iQS/fJU/USf Spain, taiwan, US masterinGlobal entrepreneurial management 59 49 52 53 católicaLisbon School of Business and economicsPortugal international mSc in management 60 66 64 63 nyenrode Business Universiteit netherlands mSc in management 61 59 45 55 BradfordUniversitySchoolofmanagement UK mSc in management 62 -63- Universityofedinburgh Business School UK mSc in management 63 61 58 61 Leeds UniversityBusiness School UK mSc in international Business 64 60 61 62 nHH norwaymSc in economicsand Businessadministration 65 52 53 57 tias Business School netherlands international mSc in 66 53 59 59 Universityofcologne,facultyofmanagement GermanymSc in Business administration 67 --- Hanken School of economicsfinland mSc in economicsand Businessadministration 68 70 68 69 corvinus UniversityofBudapestHungarymSc in management and Leadership 69 --- normandy Business School france masterinmanagement*** 70 55 46 57 manchesterBusiness School UK mSc in international Business and management 71 58 51 60 UniversityofBath School of management UK mSc in management 72 69 66 69 Universityofeconomics, Prague czech Republic Business administration and management 73 67 70 70 Bi norwegian Business School norwaymSc in Business 74 62 67 68 LancasterUniversitymanagement School UK mSc in management 75 68 69 71 Warsaw School of economicsPoland mSc in management 76 --- Burgundy School of Business france masterinmanagement*** 77 --- eScclermont france masterinmanagement*** 78 63 62 68 Politecnico di milano School of management italy mSc in management engineering 79 -57- aarhus School of Business denmark mSc in finance and international Business 80 --- UniversityofexeterBusiness School UK mSc in international management 26 ft.com/BUSineSS-edUcation ran ki

is based on themix of nationalitiesand the percentage Languages(1): number of extralanguages required on Relevant degree: whether an undergraduatedegree ngs ofmasters’studentsatMay 1whose citizenship differs graduation. § in management,business or economicsisrequired to fromtheir country of study(figureinthe table). Faculty with %(6): percentage of faculty enrol on themasters. International board%(2): percentageofthe with doctoral degrees at May1. Company internships (%): the percentage of thelast boardwhose citizenshipdiffers from theschool’s Course fee(local currency): maximumpossible graduating classthatcompleted companyinternships home country. programme fees paidbythe most recently enrolled as partofthe programme. § Internationalmobility(10): calculated according class, inthe currencyofthe countrywhere theschool to changesinthe country of employment of alumni is based. †Includes datafor the classof2012 and one or two between graduation and today.† Course length (months):average length ofthe preceding classes whereavailable. Internationalcourseexperience (10): calculated masters programme. §Graduated between May2014 andApril 2015 according to whether themostrecent graduatingclass Numberenrolled 2014-15: number of students who undertook exchanges, companyinternships or study enrolled on the firstyear of the masters programme in trips in countriesotherthanwhereschool is based.§ the pastyear. Methodologyavailable onlineatft.com/mim

Alumni career progress School diversityInternational Additional notes** experience andresearch %) %) %) s( culty ncy) hree US$)** nk y( d( fa re %) ra oney y( ve %) s( cult udent ith ank ank datt rm fa st te s( oda yr sr nt degree‡ ye fo yw ra yt er va local cur to men on board ighted salary re le lue nguages lar male male cult perience nk nk e( udent We (US$) Va aims achie Sa ra ca Placement success ra emplo months (%) fe fe Wo (%) international (%) international st international board (%) international mobilit international course ex La fa doc maximum course fe course length (months) number enrolled 2014/15 Re company internships (%) Rank in 2015 46,134 46,150 74 39 83 45 99(91) 48 51 53 43 44 33 47 17 289€20,000 30 439 no 100 41 66,690 66,690 22 44 85 23 94(88) 33 49 15 22 14 69 76 35 188Zloty20,800 24 76 no 42 42 53,173 53,586 18 37 85 56 97(71) 35 35 31 23 10 54 44 23 2100 €7,690 23 229Yes 10043 58,231 58,231 968883493(90) 25 42 14 31 52 045432 96 SKr300,000 21 40 Yes0 44 47,330 47,344 69 29 81 55 86(86) 24 50 36 44 36 39 30 20 291€22,400 30 1,398 no 100 45 50,090 50,090 26 33 89 58 87(78) 53 62 11 5112829321 92 Rub770,000 22 90 no 100 46 55,288 55,288 135881499(100) 30 44 14 9117180631 95 Rmb16,000 26 75 no 87 47 43,825 43,200 75 21 84 60 82(83) 49 51 12 43 14 33 53 3274 €19,000 29 293no100 48 49,875 49,875 80 5856390(79) 35 38 35 45 95 47 32 61 082£15,000 12 60 no 049 48,612 48,171 72 58 86 42 90(61) 47 51 15 47 20 15 31 31 283€18,60033483 no 100 50 49,013 48,741 57 50 87 32 90(86) 33 52 33 48 39 56 70 26 288€9,190 22 452no100 51 49,819 49,819 13 11 85 16 99(100) 36 61 33 4174275481 89 Rmb90,000 30 183 Yes100 52 47,927 47,927 39 67 85 27 73(96) 25 49 29 80 53 20 24 68 099c$39,595 11 49 no 052 55,293 54,979672 87 57 98(93) 34 43 43 21 20 43 73 37 295€114 24 490no1654 47,566 47,788 19 13 82 49 87(82) 40 57 31 17 20 748421 88 €4,255 24 471no100 55 55,958 55,975 25 77 86 62 58(59)36441750616119720 100 €17,400 12 93 Yes0 56 52,401 52,065 41 69 87 38 92(71) 34 68 39 66 88 39 51 73 097£18,000 14 327no0 57 60,600 60,600 62 80 91 65 n/a30497058847010360 88 €26,000 12 37 no 100 58 40,256 40,312 43 65 83 24 98(99) 33 56 29 38 36 24 62 29 298€13,120 18 144 Yes5359 56,894 56,894 49 49 88 37 70(78) 26 44 11 18 13 33 64 51 095€17,250 12 94 no 34 60 45,555 45,555 54 55 87 46 89(40) 42 36 27 31 96 45 25 71 085£13,500 12 105 no 061 42,944 42,944 64 61 89 53 84(63) 34 66 35 58 90 47 41 66 094£21,3501259no2 62 39,925 39,925 79 51 90 30 87(70) 39 57 40 48 91 50 61 76 088£19,000 14 149no8 63 57,880 57,701 11 71 87 64 79(42) 26 39 36 27 11 968461 96 nKr3,120 25 639Yes 10 64 49,820 49,820 56 76 86 71 92(87) 26 59 20 40 56 042540 92 €19,900 14 71 no 11 65 66,943 67,037 28 27 86 78 60(22) 20 40 50 6810 67 67 188€98225278 no 21 66 48,840 48,232 20 79 85 77 98(89) 40 55 50 22 11 056530 94 €240 26 337no5667 40,80240,8021746864097(41) 43 63 12 7338 50 57 179ft3,160,000 21 172no0 68 41,937 42,046 60 70 81 70 75(59)4849273820273611269 €17,980 28 549no100 69 42,430 42,430 66 57 80 80 94(52)36583839931533770 86 £18,500 15 103no0 70 37,274 37,274 78 62 85 52 98(69) 30 64 27 66 72 971700 99 £18,000 14 99 no 071 37,401 37,572 27 56 82 74 93(80) 48 51 19 10 19 33 58 62 184€3,800 28 424no1372 55,733 55,682 35 66 88 73 96(90) 25 40 62 24 18 12 77 49 070nKr85,400 23 323Yes 16 73 39,392 39,392 67 74 90 44 76(58) 28 66 33 51 86 33 55 74 093£17,000 12 73 no 61 74 41,104 41,104 23 40 82 59 96(31) 44 56 67 1151174691 96 Zero 23 290 no 84 75 43,114 42,261 55 75 84 79 90(81) 40 50 45 37 24 30 65 28 177€17,600 30 495no100 76 44,985 44,564 51 54 80 67 87(79) 56 41 25 41 13 840442 72 €16,500 24 106 no 100 77 43,47043,4703159834397(67) 29 31 33 3237320750 71 €6,717 25 533no4178 54,456 54,456 29 78 85 61 76(35) 41 26 33 23 10 56 54 65 084€20,000 29 84 Yes2379 39,172 39,172 63 63 82 75 91(27)36582949862469790 78 £18,000 11 159no0 80 ft.com/BUSineSS-edUcation 27

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side Mature thinking

Masters in management forexperienced leaders aregrowinginpopularity. By Rebecca Knight

ark Allen admits executive, about 50 years ago, target he never had much mature candidates who have held senior use for an MBA. positions in their organisations. “I didn’t think they Unlikeexecutive MBAs,which M were necessary,”he managers typically complete while says. Besides, being in his mid-40s, working, these are full-time, residential “there was no wayIwas going to go back programmes. And unlikemanyother anddoatwo-year course with people in masters in management degrees, which their 20s”. focus on an industryorfunction and are But acouple of years ago, Allen, who designed for pre-experience candidates, worked in Cape Town as an engineering these programmes fall into the category manager for an oil and gas exploration of “general management”and are company, was becoming restless. He targeted at mid-career professionals. was ready to leave South Africa but was Theresult, says Mike Hochleutner, not interested in asideways move to his director of the Stanford MSxprogramme, company’sLondon headquarters. is “a veryrichlearningenvironment” “I began to look into one-year mid- in which “students offer their distinct career breaks thatwould give me time perspectives and experience” both inside to reflectand reconsider the plan for the the lecture hall and beyond. second half of my career,” he says. “The world of business education ForAllen, the solution was Stanford’s has been pushing people to getbasic MasterofScience in Management management education at ayounger for Experienced Leaders programme. andyounger age, but someone who is Students on the Stanford MSx, as the 23 or 24 yearsold mayhavedifficulty programme is also known, have on appreciating some of the subjectmatter average12years of work experience. [compared with] someone who has been “Inclass therewas always someone in the workforce for 10 or 12 years and who had been there and done thatin who’s already faced tough management aleadership role —whether we were issues,”hesays. Entrepreneurial talking about how Swarovski develops “The core curriculum is similar to ambition: Mark Allen is thinkingof its crystal, how the militarydrops its the core of our MBA, but because of startingabusiness bombs or whyWall Streetblewup,” the nature of who is in the room — after doingthe says Allen, who graduated from the as well as our customised content > StanfordMSx MSx in June. “Everyone had adifferent perspective and different expertise.” As MBAprogrammes around the world pursue younger applicants, ‘In classthere wasalways some leading business schools — someonewho hadbeen including Yale,MIT Sloan, London thereand done thatina Business School and Stanford —are heading in the opposite direction leadershiprole’ with specialistmasters programmes. MarkAllen These programmes, some of which were inspired and initially funded by Alfred PSloan, the General Motors chief PHoTo: CHArLIE BIBBY 30 ft.com/BUSineSS-edUcation ft.com/BUSineSS-edUcation 31 in EMAIL ALERTS Keep up to date with business side education news. www.ft.com/ bized-alert

thattargetsthis demographic —the conversation is different,”headds. In recent years, MBAproviders have turned their attention towards younger, less experienced candidates in an effort to increase applications and lure the beststudents away from other subjects, such as lawand public policy. Many top schools have done away with their admissions prerequisites of four years of work experience and increasingly have admitted recent collegegraduates and “early career”professionals. But this strategycan excludemid- career professionals. Indeed, most applicants with eight or more years under their belts maybeconsidered “too old”and “too experienced”for a traditional MBA. Stephen Sacca, director of the MIT Sloan Fellowsprogramme, says candidates are aself-selecting group. “This programme is about introspection, PHoToS: CHArLIE BIBBY and that’snot for everyone,”hesays. “These are people who see themselves as Shared experience: global network, comprising 27 member to see you have US experience but also awork in progress. They’vedone well, theaverage ageof schools, including IE Business School in thatyou can work with people from Sloan Fellowsat but theyknowtheycan do better,so London Business Spain and FudanUniversitySchool of different countries and cultures,” he says. theystep back and takestock.” School,above,is42, Management in China.) Many students are attracted to the Students are drawntothese courses says Silvia McCallister- “Wecreated this programme in direct “liberal arts element”ofthis programme, for avariety of reasons, says Silvia Castillo, below response to whatwewerehearing according to Prof Bach. Therequired McCallister-Castillo, director of London from recruiters,”saysDavid Bach, core curriculum is about 20 per cent Business School’s course,also known senior associate dean at Yale School of the programme; students spend as the Sloan Fellowsprogramme. Some of Management. “ManyUSbusiness the remaining 80 per cent of their wish to switchcareersorchange location; graduates are not as interested in coursework on electives, which they some are keen to startsomething opportunities around the world as you takeacrossthe university. “The vast entrepreneurial. others are unsure what would hope. recruiters are looking for majorityofstudents have not had a theywantthe restoftheir professional talent thathas the benefit of having liberal arts experience where theycould lives to look like, but the opportunityfor been in aplace likeYale but also, for study disparatefields and explore the open-ended study with other mature, instance, really knows Indonesia, or connections between them,”hesays. like-minded students is compelling. has adeepunderstanding of Turkey.” Muriel Schwab,arecentgraduateof “For manySloan Fellowsfromabroad, Juan Cogorno received his MBA the programme, earnedher executive the year at London Business School from Incae in Costa rica and MBAfrom Insead in Singapore. During becomes afamily adventure —achance graduated from Yale’s MAM her yearatYale, she took classes in to introduce their partners and children programme twoyears ago. A photographyand architecture —two to anew culture, anew languageand a Venezuelan, he now works in subjects she’s “verypassionate” about. different lifestyle,”she says. Miami with Visa,the credit card “Those classes werenot necessarily This year,the averageage of the Sloan company, as digital marketing related to my job,”saysSchwab, who Fellows class at LBS was 42, with an manager for Latin America. works in commodities in NewYork, averageof18years of work experience. “It’sveryvaluable for recruiters “but they didbolstermycreativityand “The valueofhaving ayear out [of the also helped me tolook at things from a workforce] in your 30s, 40s or even 50s different perspective.” is thatitgives you time to reflectonyour These MiMs are often career-altering. personal and career development goals ‘Havingayear outinyour Take Allen, for instance.“Inever thought and explore newideas in asupportive 30s,40s or even 50s gives I’dstartabusiness,”hesays. “I thought: yetcompetitive environment,”adds you timetoreflect on your ‘I’ve been an employee for 20 years; McCallister-Castillo. I’mnot an entrepreneur.’” But as the Yale launched its one-year Master personal andcareer goals’ MiMprogressed, he reconsidered. “I am of Advanced Management (MAM) Silvia McCallister-Castillo thinking about starting abusiness,”he degree three years agowithrecruitersin says. “[The programme gave me] the mind. (Its programme is exclusively for connections, contacts and confidence international MBAgraduates of Yale’s thatIcoulddosomething like that.” B 32 ft.com/BUSineSS-edUcation

rry Pa viD Da Photo: ’s w. FT sha ine m/ he deo ad ev co vi ot aD d- st on talk Della Br www.ft. bize VIDEO Fi and n.” arning ritical tofa le ei ac nd the at ion of the pec e) degrees. nes most at ourses at ople come in ex d… aa per eo tc Pe an yo eput th t. or me was he er doctor st ne f a( ne might et ion shor is grea perience at yo DB wo ex Ba nd at eD he mark aa uthorit th ose products are of Devine has the demeanour and ta a. Pr th woft he really ne ecutive educ vie quie with all th DB the MB about the world of the MB school, particularly in global business — ex “t likely to influence th she ed two ,” at ternal ’t unning ex gtome tr he says of her ”s rikin st een always collabor degree. sb e’d t’ ha “W l the business school] has andard school and then —toa way t a l “W st s o n ride. tit[ he . u st o o “Business schools have an y tt i h t t m school is something she has takenher in with the business school, one academic department is similar to another profilewhich other schools don old department, adding tha admits. is tha additional products.” go i c a t c g i S n da n e s s r i s h y he e d t t e a a on s n w n at n tint i e ts i i ti t a l f s s u an h s ca t o nchester u i b s dupi o a B s dU e d Ma udents. ea r o ears since r st a p n r e i i r S-e e yof ean oy t p ttoh v h B w tw eS s e s e e a e r in e oving to the business l eD iversit D n l h e

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FionaDevinestudied on realigning the overseas activities of consultancy, international business sociologyand the business school, closing its Miami and athird working with anot-for- governmentasan campus, where the school had run one profit organisation, whichet “g sthem to undergraduateatthe leg of its Global MBaprogramme. look at the world differently”. all need UniversityofEssex although the school has its own facilities corporatesupport. in theUK, whereshe alsocompleted an MA for teaching the Global MBainDubai, From this year all undergraduate andPhD. Singapore, Shanghai and hong Kong as students will also have to go on a

1994 Joined the well as Manchester,the programme in work placement. thereaction to the Universityof the US,aswell as thatinBrazil, will be announcements led to applications Manchester taught with local partner institutions. soaring by 24 percent. 2001 Promotedto thedean has extended collaboration in spite of the alliance donation to professor with Fundação Getúlio vargas in Brazil the school, Prof Devine is acutely aware and has recently joined forces with the of the financial restraints on all UK 2004 Appointedhead of sociology Kelleyschool at indiana University universities because of expected funding in the US to hostManchester Global cuts over the next fewyears. “it’snot 2009 Head of the School of Social MBastudents. thefirstUSstudents going to be easy for the universitysector. Sciences will enrol in July 2016. Kelleyhas built We’lljustall have to step up. aworldwide reputation as aleader in “the business school needs high fee- 2010 Awardedan OBEfor services to qualityonline MBas,and Prof Devine paying courses,”she says, which means social sciences says this, along with Kelley’sfacilities in high-qualityfacilities to boot. “Wehave 2013 Took over as Washington DC, is verymuch partofthe to makesure thatstudent experience actingheadofthe attraction of the relationship. remains high.”there are already businessschool theschool has to plan for all plans for the whole of the Manchester 2014 Confirmed in contingencies, she says, and online Business School communitytobe therole learning solves manyproblems. “We brought together on asingle campus have overseas students coming to us, but by 2018, with £10m of the alliance thatmight not always be the case.” donation supporting the venture. Prof Devine believes thatoncethis as for money-making courses, network of partnerships is in place, along withthe undergraduate degrees there will be opportunities to build it is the score of specialised masters deeper relationships. “Wecan use this to degrees thatmakethe real moneyfor setupawhole lot of newopportunities,” theschool —dataanalytics is thehot she says, beginning with collaborative topic this year. research. theschool already runs ajoint on topofthat,executive education DBaprogramme with Shanghai Jiao contributes between £10m and £15m tong UniversityinChina as well as a to the business school coffers. Big dual-degree Global MBa clients include the National health this year will see the school Service, oil major BP and the military Forwardthinking: celebrateits 50th anniversaryinthe —Manchester runs an advanced FionaDevine cityofManchester,and the dean management course for those leaving isbuildingthe believes it is still important to stay close the armed forces. “theyhaveanawful school’spresence in newareas such to itsroots. “it’simportant to have a lot of experience, but theyoften don’t as onlinelearning presence in the business communityin speakthe same languageasbusiness,” Manchester,” shesays. points out Prof Devine. theappointment of anew dean often corporatelawyerorsenior executive and ‘The businessschoolneeds high results in an exodus of top professors, it is of little surprise thatshe has taken but not so at Manchester.the school to this external world with alacrity. fee-payingcourses.Wehave has lostalmostnone to competing this is no more evident than in to makesurethatstudent institutions in the pasttwo years, says her fundraising activities. this month the dean, and 11 newones have been the business school will reveal its new experience remainshigh’ appointed. themostrecent arrival is branding as the alliance Manchester Sir CaryCooper,the workplace guru, School of Business. thenaming gift one of the latestinitiatives is to run who previously spent nearly 30 years of £15m from Lord alliance was in coaching sessions with local schools. teaching in Manchester.hereturns addition to several previous gifts he had But there are less altruistic reasons for from Lancaster Universityasthe 50th made to theuniversity —tothe schools staying so close to local business. those anniversaryprofessor of organisational of lawand medicine as well as business. studying on the full-time MBamust psychologyand health. B ft.com/BUSineSS-edUcation 35

36

side in ft Ho g I rvnbsns model. business proven i n created and wha spain management international in masters F .c r tm o om m waP ’s m EBsns col oue on focused school, Business iE os tha tisac idea. original an upon hit to have aP /B a tl rva h opee a completed who eruvian ts US t ionise ab h lo cesu entrepreneurs uccessful eruvian mo misperception ommon in sns tha usiness e re iilsDelgado, Pinillos urdes eS df d m udr culydo actually ounders S- r i a ed w t Uc ti i iae a mitated st n at a art-u g ion b e o at a t pr r d who ab st lmu,a ninspir an as alumnus, 2009. in iE from graduating before long trends business anhdhsown his launched opeigteMB the completing emod i re,fnigotosadnew and options funding ories, iawy ie h dao launching of idea the liked always “i h ie e ubn,as niE an also husband, her cites she usiness, st o re researching arted ”e el pan iilsDelgado, Pinillos xplains le n da st Ap r-pin art-up at rogramme. Us o,having ion, st art-up co Pe uafter ru sm et ic sc on ce pt .ByJ 00adhscetdprnrhp with partnerships created has and 2010 ra n hr hi huhsonline. thoughts their share and cu the platform ecommerce funded Birchbox, on article an own sd$19 ic twsfuddin founded was it since $71.9m ised th it st on Us mr a tr can omers a fe eunn to returning after was st en de tha udies at and ew han ex Yo eddt h UK the to tended rk-base tP yn Mo inill ew ds sDlaoread Delgado os beau as ules atu has tart-up ubscription- Pe ty st ufo her from ru products re in arted ,w hose

Photo: Antonio EscAlAntE Jargon buster: ‘sharingeconomy’

Newideas tend to be viewed more positively in California. Blameitonthe sunshine. It should,therefore,benosurprisethatthe thought leadersofSiliconValley should come up with awarm andfuzzy phrase suchas“sharingeconomy” to describe thenew breed of businessmodels their entrepreneursare creatingbased on the powerofonlinemarketplaces. cent said theywould paytotestabeauty Do youhaveadriveway thatsitsunused productand 75 per cent would buy an forlarge parts of theday andcould be rented item online, especially if theycould test to someone commutingintotown? Thereis nowasmartphone appfor that. Or perhaps it or read reviews. youwould liketoearn some extra money “the results were more positive than as acourier or acabbie.Thenwhy notoffer we thought,”she says, and it was not yourself forhireasanUber driver? long before DeluxeBox.pe was born. Keytoasharingeconomybusinesses is theability foramass of people to Pinillos Delgado’s business lets effectively become sole traders, offering women trynew products thorough themselvesortheir assets forsaleorhire. a“discovery” subscription, buy Theconcern is thatpeoplemight be gaining beautyproducts from well-known thefreedom to work in alessregulatedway brands and be partofanonline at theexpenseofemployeebenefits,such as apension or paid leave. communitythatshares reviews. Forthe Abetter waytodescribe this stateof cosmetics brands, DeluxeBoxbrings affairsmight be the “freelance economy”, newcustomers through the online butthenperhaps thatisabit toonegative for recommendations and endorsements. thosestart-up champions of theValley.—JM “Wewanted to come up with an idea thatcould work in Peru and the region, thatwas scalable and thatcould fit with Wayra’skey benefit is not the money our personal interests,”saysPinillos or office space but the mentorship, Delgado, who quit as afinancemanager Pinillos Delgado says. “Right now,Wayra at accountancyfirm EY to focus on the is the centre of the entrepreneurial business full time. “Wewanted to feel activityinPeru. Being partofitputs me excited about it, and thathappens when in astrategic position inside the digital you do something you love.” ecosystem in the countryand region,” she says her time at iE helped open she says. “Wehavepresented our start- her eyes to different business models up to investors in colombia and Peru, from avariety of countries. “iE is very and are evaluating and negotiating our focused on through second investment round.” all the curricula and activities, so it Fundraising remains achallenge. switched on my entrepreneurial bug and “Peru still lacks angel investors and made me think more seriously about venture capital firms. But the digital launching astart-up,”she says. ecosystem is evolving rapidly,” shesays, “team-building in amulticultural predicting abetter environment for space, facultycoming from different funding in the coming years. backgrounds and countries, and Pinillos Delgado plans to develop participating in averydiverse newbusiness lines, such as business environment really helped me develop intelligence for beautycompanies. softskills and foster leadership abilities “i have seen agreatopportunityinall i[have since] used after the masters in the information thatwecollectfrom my start-up and in my life in general.” customers,”she says —subscribers are in twoand ahalf years of trading, encouraged to complete abeautyprofile DeluxeBoxhas amassed about 10,000 online and answer questions about customers, who subscribe and buy productpreferences. products through the online store, and Pinillos Delgado also wants to offer has built partnerships with 90 beauty more products for men and is looking cosmetics brands such as Kiehl’s,Benefit Eyeopener:Lourdes and personal care brands. last year the at expansion into other latin American and stila. theidea struck achord with Pinillos Delgado companybrokeeven. countries, although she notes there is foundIE’sfocus on Pinillos Delgado and she shared it with seed finance was from the savings still plentyofroomfor growth in Peru. entrepreneurship acouple of friends. they allagreed they an inspiration of the founding members. Afurther “now is agood time to be an would sign up to such aservice if it was $50,000 investment came from being entrepreneur in Peru,”she says. “the available where theylived, so theyset chosen out of more than athousand economyhas been growing continuously about researching the idea among a companies to participate on Peru’s over the last15years.People are open sample of 300 Peruvian women. Wayraaccelerator programme, astart- to consuming newgoods and services.” this added further weight to the up supportservice created by spanish it seems theytoo are open to adopting argument. of those questioned, 70 per telecoms group telefónica. other people’s ideas. B ft.com/BUSineSS-edUcation 37 review er tt ters k- ege.” tit age at uarantee ere, he or ds will bs rites, but tis coll tudents th ra tend ew tm ew ts udy Stem co e, tha ex es, the much- engineering pelli’s eg ha asily have ems ll those es: “Even if it st ,h ical, w at y, B at rof Cappelli eisnog tw ct Ja ob, but it does not erious degree du ill enrich your ampl olleg tending ”P neral abilities b.” ra tase tisa ha nd se tj ould have if they iberal arts, ra ill not earn enough of Cap ex at ys tc jo ge imply not rs ha st gt rl ta yp Pr ajors really be be yw eg es know titw tt tfi ter he not Fo ollege, at essons th fiss ye ob but also to ensure ym eren La rikin mma icular ther el osts of du olleg ing-edge. Such thinking, he ff ,“ aj ividual st e, tha s. rt he argument tha tt ra di ec yc at ay tudents are malleable, that ne to c pa “T cu ind th ard graduates for demonstrable eg romise. rovid ajor could jus and an hrough the programme, would es go ff ny urn from ver ew tt sp .In also discounts the colleg the dp ”hes ym rm ?ByE to them are the ing them tha et yo olleg ttol here are more jobs in those fields… ediocre engineers?” ge idence is dr da at ainly possible tha an tt He Fo st ick the majors where the jobs are tc ar tt ev rt ge 46 Employers are certainly interested in up to pa and skills learnt in an programme, including liberal arts. premium, noting, for coul abilities such as perseverance. “I ce earn more than the acknowledges, “and had not promised pay-of argues of more accur life the claim is based degrees degree mo ould ection, ve fasm ,p the wha beyon ir dtop yc of icularly interesting are dd td ee rt ent those promising histor are often told more people should ears Pa udding histor tn if the ecti ya and maths) subjects versus liberal arts degrees. help them later in the workforce. it helpful in thoughts on Stem (science, technolog subjects not jus economies are jus We points out, is flawed. also assumes colleg ab been an engineer if only hein or tha she had been guided were true tha &F sp iffer all es Hop Ad per ree re re xxxx xxxxxx futu Xx xxxxx xxxxxxx xxxxx xxxxx xxxxx xxxxxxx Xxxxxx xxxxxx xxxxx xxxxxxx xxxxx xxxxx xxxxx xxxxxxx eg their in appelli, ood job, ay Off? rC ag eP te nd focus on er et Pe th ea nd y. rofd ducation? to es ttog yof As il yfi at ee ob. tir when he created a US ye obs fa tin Will Colleg du aj tj as xpense that The ending the Wharton school om ere has nd eers. estments ra easingly s. also ee te ts et yt at ,fi st Th tg ook, ork-based ncr niversit ey ug nv ack loans that ge aused ark to find he grea end universit nnsylvania, challenges these wb his thought-provoking Th ’i ,c tt yb tem but man iel, the libertarian technology tt gs yisi go Pe isks, he argues, riends ym linw 41 pectation is tha at ta ge st Important Financial Decision Th ill is tha al eisah eofau ees. er ef pelli says, this is ex ,p st yof ot lu af er ef ke.Int Mo on rights ents gy va tion sys et fellowship to give promising under-20s $100,000 to skip colleg their own projects. But was he right to investor rom viewing university amilies’ abilit Ma tf of Cap yf lo iversit ydon

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Am bo an Te Ima young people mus professor of management i wh at hurts man higher educa apprenticeships, he sug offered by universit assumptions in his ne AG Yo work, the author notes tha children to colleg the themes are universal. been fees seen as the place to In because fewer companies inves training and instead want graduates to come prepared with skills that were once gained on the job. decline of trade unionism has also contributed to tha to earn enough to pa come with hug who as partners, learn about life and develop our thinking and understanding. Mo increasingly the question the

Do P HT:ISTOCK PHOTO:

technology REVIEW Image problems

Comment Socialmediaplatforms must promoterespectforcopyright, says Kate Bevan

thatshe had specifically licensed them only for use in shop windows. Gap explained thatitwas an honest mistakeand the dispute was settled amicably.“Igot quite abit more money, but it wasn’t ahugeamount,”she says. But the damagehad alreadybeen done. AGoogle image searchshows thephotograph hasbeen reposted on Pinterest, Facebook andmyriadother sitesthousands of times—and not all of thoseposts aresocialmedia users innocently sharing an imagetheylike. “I sawagirl claiming to be aphotographer and she’d used allmypictures,” shesays. Theresult is thatshe haslargely lostthe abilitytomakemoneyfrom her image. “Once digital material is out there, you lose control of it,”she says. One problem is thatcopyright, while in principle straightforward, is hedged hen artist We Instagram ourbreakfasts, with exceptions, and those exceptions Richard Prince are different in everyjurisdiction. The screengrabbed Facebookour lunchesand tweet keyprinciple is thatthe person who posts by users on pictures of ourcatsand holidays took the picture automatically owns W Instagram, the the copyright and thus has the right to photo-sharing social media platform decide how their work is used. That goes owned by Facebook,turned them Social media have been encouraging for everything from asnap of your catto into prints and sold them for around us to share our lives ever since the early the work of David Bailey. $90,000, reactions were mixed. days of MySpace. We Instagram our Prince’suse of Instagrammers’ work Some of the Instagrammers were breakfasts, Facebook our lunches and might at first seem clear:hehad no right flattered, some were outraged and tweetour dinners, along with pictures to appropriate photographs, andmaking others shruggedtheir shoulders. of our cats, our holidays and our events. moneyout of them certainly seemed to “Yes, my portrait is currently displayed This in turn has contributed to a add insult to injury. Peter Brownlow, at the Frieze GalleryinNYC.No, Idid situation where copyright isn’t always who specialises incopyright and notgivemypermission and yes, the treated with the respectitshould be. intellectual property at lawfirm Bird & controversial artistRichard Prince put Keri Bevan, aphotographer whose Bird, points out thatunder US law, it up anyway. It’s already sold ($90K work has been licensed to retailers such “transformative use is part of fairuse”. I’ve been told) during the VIP preview. as the John Lewis Partnership andthe In the UK,things might be different. No,I’m not gonnagoafter him,”posted National GalleryinLondon, knows only “If someone tried to sue him in the UK, Instagram user @doedeere. too well whatcan happen whenabig we have fair dealing rather than fair That Prince’s actions infuriated companygetsitwrong. use,”hesays. “Isitpasticheorparody? professionals, who have seen their She was approached by Gap, the Is it quotation?” abilitytomakealiving dwindle as clothes retailer,tolicense three of her “Quotation”usually means quoting businesses around the world seek images of London to use in its in-store from written works, but in cases such as to use cheap or even free material, marketing for shop windows. “Then thatofPrince, you could sayhis prints yetelicited agiant “meh”from many Igot an email from aclient who had “quoted”the work of the Instagrammers. ordinaryusers, saysmuch about bought aprint of one of the pictures I Brownlow points out thatatpresent the dichotomyofopinionaround licensed to Gap saying theyhad seen it Flattery or outrageous in theUKthere is no case lawto liberty? Richard copyright and the appropriation of online.”Her images were being used in Prince’s Instagram clarifythe situation. “Changes were work online. Gap’s online marketing, despite the fact brought in to allow people abit > PHOTO: RICHARD PRINCE. COURTESY GAGOSIAN GALLERY screengrabs,above FT.COM/BUSINESS-EDUCATION 41

‘There is abalancingact to be done: REVIEW howdoweprotect people’srights Apps at your service whileallowingflexibility to others?’ Alarmy iOS£1.49,Android free(ad-supported) or £2.16(ad-free) more freedom of expression, not to businesses thatdoneed to be scrupulous Forthosewho struggletoget outofbed, have copyright sitting as ablock on new about copyright. somethingmorevicious than an alarm is required. artworks,”hesays. “There is abalancing Instagram’s terms and conditions Alarmy,clearly theproductofanevilgenius,makes acttobedone, however: how do we clearly state: “Werespectother people’s it hardertostop thealarm than by merely flailingto protectpeople’s rights while allowing rights and expectyou to do the same.” hitthe snooze button.You canset it to demand you solveamaths problemortakeapicture,which must flexibilitytoothers?” They go on to warn: “If you repeatedly match areference image yousaved earlier —perhaps Businesses, especially small ones with infringeother people’s intellectual of your kettle or bathroomsink —sorequiring youto limited access to copyright lawyers, need property rights, we will disable your getout of bed. Forthe less determined, youcan also to be aware of the rights of copyright- account when appropriate.” setittoturn off if youshakeyourphone…orsimplyhit thesnoozebutton. holders, however big or small. Clear and prominent reminders “Wecomeacross anumber of about who owns images would help, Cortana start-ups thatare very interested rather than being buried in dense Android, free in intellectual property themselves. legalese in the rarely read terms and https://play.google.com/apps/testing/ Sometimesall theyhaveisanidea, or conditions. There should also be com.microsoft.cortana Windows10and WindowsPhone userswill be software and intellectual property is reminders thatcopyright owners —even familiar with Microsoft’s virtual personal assistant; veryimportant to their business,”says if it is your bestfriend —mustbeasked thisisthe officialbetafor Android, technicallyonly Brownlow.“Education for start-ups is before you share one of their pictures available in theUSbut easytofind online. Cortana veryimportant.” with your online friends and followers. works in thesameway as on Windows, butwithakey difference:saying“HeyCortana”doesnot launch it. Perhaps the big sharing platforms — If people regularly sought consentfor Otherwise she—the defaultvoice is Americanfemale Facebook, Instagram, Twitter,Pinterest, images, encouraged to do so by social —works much as shedoesonWindows.She is good the Tumblr blogging platform and media providers, theywould carrythat at natural-language queries —ask herifyou need an others —could be more helpful by respect forother people’s work into their umbrella —and herhumourhas made it to Android. encouraging an atmosphere of consent. workplaces. That would go alongway Ask if shelovesyou, or to beam youup. Thatsaid, the appwas sluggishonmyNexus 10 tabletand feelsasif Most ordinaryusers do not think twice towards making everyone more aware of it coulddowithsome polishing.She is quirkier than about helping themselves to afriend’s their rights and responsibilities. B Google Now, butunlessyou like herhumour, Icannot picture to use as their profile shot seeareason foranAndroid user to switch. —KB —but those users go on to work for Keri Bevan is the author’ssister-in-law

FT.COM/BUSINESS-EDUCATION 43

Do bubusinesssinesss scchhoooollss COM Gender aaggeendanda do enough to atattrtracactt womenn—a — andnd will

today’sday’sf femaleemale MUNITIES students aacchhiieeveve equality at work?work? By CharlottetteC Clarlarke @charlotte_una

Trueequality KerryHealey, president of willtake Kevin Jameson, director of the Babson College, US Macquarie UniversityApplied I’mthe first female president of generations FinanceCentre(MAFC) Babson, which has been around for andconstant Thereismorebusiness schools 100 years. Ithink there’sacertain vigilance. candotosupportfemale students’ symbolic powerinthat... There’s careers, particularly in finance, also been atremendous increase in #FTMiM wherewomen remain the minority [representation] at undergraduatelevel, @Khaled McG in senior positions. MAFCoffers a which highlightsatrend that the next mentoring programme to support generation of women seem to be much women, who,given the right moreconfident in seeking abusiness opportunities, will become the education and going intothose kinds of futureleadersinthe finance sector. programmes —it’sagame changer.

Susan Vinnicombe CBE, professor of women and leadership at Cranfield Nathalie Walker,director of Kristi Jones, School of Management,UK external affairsatCambridge long-term funding manager Business schools need to Judge Business School, UK Business schools areattracting makesuretheir programmes Iasked severalacademic colleagues women and provide great areattractivetowomen and this question. All said theywouldn’t preparation forcareer success. then market them better to feel comfortable saying thereisa However, thereare still many women. Theyalso need to generational difference... Ithink a implicit biases in the workplace introduce moreincentives to lot of [female students] todaywill that prevent or slowcareer attend, such as bursaries. feel aresponsibilitytochampion the progression forwomen and an cause of women because we haven’t even bigger “parent penalty” for made it yet. those with children.

Forthe full article go to ft.com/women

Askthe experts: Areyou Interactive rankings Search theFT interestedintakingamasters in rankings forMBA,EMBA, masters in Read on,online management,executive education management?OnWednesday September 16 2015,apanel of guest andEuropean businessschools. experts will answerreaders’queries. ft.com/rankings ft.comhas awealthofresources Submityourquestionsnow: ft.com/mim Lexicon Searchingfor thedefinition to enhanceyourknowledge of of abusinessterm?Browse thousands businesseducation MBAbloggers More than 20 student of wordsand phrases andsuggest new bloggers around theworld sharetheir terms forthe glossary. ft.com/lexicon experiences. ft.com/mba-blog As well as aliveAsk theExperts online advice session on Editor’s choice Adailyalert picking WednesdaySeptember 16, we offer news, features, videos, Video FT businesseducation editor five must-readnewsstories for interactive rankings, aMooc tracker about massive open Della BradshawinterviewsFiona students andacademics alike, plus a online courses, student blogs, email alerts on relevant stories DevineofManchesterBusiness relevant businesseducationfeatureor and much more. School. ft.com/bized-video video. Sign up at ft.com/nbe ft.com/business-education/community |@ftbized |[email protected] FT.COM/BUSINESS-EDUCATION 45 hop Victor Xu ‘Bybeing open,Icould foster Movingstory friendships beyond barriers es of language andnationality’ &f ears

ComingfromChinato studyinCanada wasavaluable lesson in the strength of diversity

rom an earlyage,Igained Victor Xu is lead and nationalityand couldlearn from a aloveoffinanceand partner andchief much broader network of people. entrepreneurship from executive of Liakada After graduation, Iwas luckytobe Capital, aToronto my parents. My mother,a helped by Ivey alumni who graciously advisory firm. f corporatebanker,brought Beforefounding gave me —still relatively newto me toinformal businessmeetings as my Liakada, he worked Canada —opportunities to learn skills father worked in another cityand she in corporate strategy, and to demonstratemydedication was the solecarerafter school. bankingand private and capabilities. Their supportand equity. Iwas fascinated by theentrepreneurs. He grew up in Xi’an, encouragement, combined with my Iwas intriguedbythe progress of China, andcame Ivey education, empowered me to step their plansand the role that injected to Canada in 2009. outside of my comfortzoneand start capital played in helping turn their Xu graduated with Liakada Capital in May2015. an MScfromIvey visions intoreality. Seeing theevolution Iwas always proud of Ivey’s mission BusinessSchoolin from the idea to funding, to launch,to 2012 andlivesin statement: “Todevelop business leaders execution and,mostimportantly, the Canada. who think globally,act strategically positive impactonsocietycrystallised and contribute to the societies in which my goal of running abusiness helping theyoperate.”Idecided to incorporate entrepreneurs achievetheir aspirations. the themes of thinking globally and Fast forward to 2009, and Idecided making the world abetter place into the thebestplace to pursue my passion for mission statement and cultureofmy finance siwa nCanada. Through my firm. At Liakada, we believe the pursuit research, speakingwith students and of finance should encompass building alumni, Ivey Business School became long-term valuebybringingnew ideas my firstchoice. ItsMSc ininternational to the marketplace for the betterment business provided the ideal entrypoint of society,rather than focusing on given thatIhad undergraduate degrees and group presentations. All types of short-term gain irrespective of its in software engineering and accounting. Ivey assignments require you to work as consequences to the world as awhole. Ivey not only gave me thetechnical ateam andIdeveloped astrong curiosity Our team, including manyIvey skills for complexwork in finance but about different cultures and appreciation students, is building an institution also reshaped my view of theworld. for thediverse talentsofothers. Our focused on helping people with good Aside fromthe left-brain technical skills “United Nations” group also went on ideas to do positive things for their local one can learn at anybusiness school,Ivey trips to Ottawa, Montreal andNew York. and global communities. Forexample, encourages students to enhance their Iremember manyexchanges of we do pro bono consulting work for Devs right-brain softskills,too. Abalanceof opinion and insight thatstretched my Without Borders, an online platform the twoisagreat help when launching thinking. These happened socially,when connecting software developers with acareer.Iveyinstilled the importance of Iwas staying at the exchangestudent international development organisations. diversity, networking, communication, house for aparty or running to Tokyo’s In line with Ivey’s principles, it is our confidence and big-picture thinking. Tsukiji fish market with aGerman goal to create bridges between cultures Being educated in China, Iwas not classmate at 4am. They also took place and countries, and draw the bestfrom used to mingling with peoplefromother in group sessions and during classes each to drive innovation more rapidly by cultures. Iwas alittleanxious when put among students eager to contribute using diverse ideas, visions and skillsets. in aclassofstudents fromaround the their thoughts (40 per cent of the grade Aworld-class education shapes our world. Some classes had morethan 20 came from in-class participation). future by instilling values and beliefs European students andwespokesome Icametoappreciate more fully that thatshape people’s decisions as they

20 languages. During my term inJapanI people from different backgrounds move through their careers and become IME HOGGE wasthe only Chinesestudent. are fundamentally the same. By being leaders. To the professors at Ivey,my JA Idid manygroup assignments, open and unbiased, Iwas able to foster classmates and Ivey alumni from whom including the infamous 24-hour report friendships beyond barriers of language Ihavelearntsomuch, thank you. B PHOTO: forthe latest developments in businesseducation follow us @ftbized

46 ft.com/BUSineSS-edUcation