December 5 2016 CON Editor FT Business Jerry Andrews December 2016 Work and Careers editor Helen Barrett Education Head of magazine production TENTS George Kyriakos Production editor European Business Ruth Lewis-Coste Sub editor Philip Parrish School Ranking 2016 Art director 14 32 10 Konstantin Penkov www.ft.com/bized-europe Picture editor Michael Crabtree

Special Reports editor Leyla Boulton Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing Account manager Emily Lucas Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

December 5 2016 CON Editor FT Business Jerry Andrews December 2016 Work and Careers editor Helen Barrett Education Head of magazine production TENTS George Kyriakos Production editor European BusBusiinneessss Ruth Lewis-Coste Sub editor Philip Parrish School RRaankinnking 20201616 OPENINGS INSIDE Art director 14 32 10 Konstantin Penkov www.ft.com/?????????? Picture editor Michael Crabtree

Special Reports editor Leyla Boulton Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing 4 editor’s letter 32 courses on horses Account manager Emily Lucas Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

October 17 2016 CONTENTS Editor FT Business Jerry Andrews December 2016 Work and C ar ee rs e di to r Helen Barrett Education Production editor Ruth Lewis-Coste Sub editor ExecutiveExecutive MBA Philip Parrish Art director Konstantin Penkov Ranking 20162016 OPENINGS INSIDE Picture editor 14 32 10 Michael Crabtree www.ft.com/emba

Special Reports editor Leyla Boulton Head of magazine production George Kyriakos Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing 4 editor’s letter 32 courses on horses Account manager Emily Lucas The Brexit result raises questions about A new Liverpool MBA is preparing Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

OPE NING S INSIDEINSI DE 4 editor’s letter 32 courses on horses The Brexit result raises questions about A new Liverpool MBA is preparing The Brexit vote raises questions about A new MBA is preparing students where is best to pursue a career for life in the rapidly modernising 6 introduction horseracing business How will the EU referendum play 34 appetite for growth out for schools at home and abroad? Classmates who launched an online ON THE COVER 10 on management chef-booking service are finding Illustration by Adrian Johnson Why the UK economy is dangerously customers have started to bite dependent on foreign management 42 meet the dean 12 dean’s column Bringing disciplines together is A Russian businessman’s winning tactics important to Gianmario Verona’s where is best to pursue a career students to negotiate careers in the CONTRIBUTORS HELEN BARRETT Wo rk a nd in both business and football strategy for Bocconi University Careers editor; KATE BEVAN freelance technology journalist; FEATURE S REVIEWREVI EW WAI K WE N C HAN business education communities editor; 14 a material difference 47 books SIMON CAULKIN freelance An MBA gave Megan McGill the skills Joseph Badaracco’s Managing in the writer; JANINA CONBOYE to build on her expertise and tailor a Gray explores how best to get to business education communities career in sustainable fashion grips with some of the most difficult editor; EMMA JACOBS 18 French schools go global decisions in business and life 34 6 introduction rapidly changing horseracing business writer, Work and Careers; French schools respond to globalisation 49 technology ADAM JONES freelance journalist; by playing to their strengths in new Newer is not necessarily better. KONSTANTIN KROTOV markets Kate Bevan asks what makes a Dean, St Petersburg GSOM; 21 traditional thi nking worthwhile innovation ALISON LANGLEY freelance Insead dean Ilian Mihov 53 communities journalist; JONATHAN MOULES As the US election nears, we asked business education correspondent RAN KI NG EMBA alumni which business person LAURENT ORTMANS has what it takes to be a world leader business education statistician 24 analysis 54 hopes and fears MORGEN WITZEL management What the 2016 tables tell us A trip to India as part of a global EMBA How will the EU referendum vote play 34 the right ingredients author and lecturer 26 executive education 2016 inspired graduate Harald Trautsch to The top 90 European business schools rethink his world view PHOT OS: G ETT Y IMAG ES; IAN WYLIE freelance journalist Citroën CEO Linda Jackson’s route to the top, plus survivingFT.COM/BU SINE study SS- EDUCATION stress stress3 out for schools at home and abroad? Foodies are developing a taste for an ON THE COVER 10 on management online chef-booking service cooked up Illustration by Adrian Johnson Why the UK economy is dependent by two former ESCP masters classmates on foreign management 36 well-connected 12 dean’s column Bringing disciplines together is central where is best to pursue a career students to negotiate careers in the CONTRIBUTORS A Russian businessman’s winning for Gianmario Verona, new rector of HELEN BARRETT Work and tactics in business and football Bocconi, Italy’s most plugged-in school Careers editor; KATE BEVAN freelance technology journalist; FEATURESFEATURES REVIEW WAI KWEN CHAN business education communities editor; 14 a material difference 41 books SIMON CAULKIN freelance How an MBA helped an ecologically Reorganisations can be catastrophic and writer; JANINA CONBOYE minded graduate tailor a career costly if you get them wrong. Reorg: business education communities switch into sustainable fashion How to get it Right sets out to editor; EMMA JACOBS 18 France’s global ambitions help readers avoid the pifalls 34 6 introduction rapidly changing horseracing business writer, Work and Careers; French schools are responding to 42 technology ADAM JONES freelance journalist; pressures at home by stepping up Start-ups are often slow to realise the KONSTANTIN KROTOV expansion in new markets abroad dangers of data — from both criminals Dean, St Petersburg GSOM; 21 Insead’s internationalism and regulators ALISON LANGLEY freelance ‘We don’t consider ourselves French’ 45 communities journalist; JONATHAN MOULES We asked European business school business education correspondent RANKING alumni: what is the most important skill LAURENT ORTMANS or trait to future-proof your career business education statistician 24 analysis 54 hopes and fears MORGEN WITZEL management What the 2016 tables tell us The arrival of triplets partway though How will the EU referendum vote play 34 the right ingredients author and lecturer 26 European schools 2016 an executive MBA required a mother

PHOTOS: ANNE MORGENSTERN; TOM PILSTON; PAOLO BONA; MAGALI DELPORTE PHOTOS: ANNE MORGENSTERN; TOM PILSTON; PAOLO IAN WYLIE freelance journalist The top 90 European business schools of invention and extraordinary stamina Britain after BrexitBr | A futurfuture in sustainabiabilitylity | FranFT.COM/BUSINce looklooksESS-s abraEDUCbroadATION 3 out for schools at home and abroad? Foodies are developing a taste for an ON THE COVER 10 on management online chef-booking service cooked up Illustration by Adrian Johnson Why the UK economy is dependent by two former ESCP masters classmates on foreign management 36 linked in 12 dean’s column Gianmario Verona’s Bocconi University CONTRIBUTORS A Russian businessman’s winning claims a calibre of elite connections HELEN BARRETT Work and tactics in business and football few business schools are able to match Careers editor; KATE BEVAN freelance technology journalist; FEATURES REVIEW WAI KWEN CHAN business

BONA; MAGALI DELPORTE MAGALI BONA; education communities editor; 14 a material difference 41 books

LO SIMON CAULKIN freelance How an MBA helped an ecologically Reorganisations can be catastrophic and AO writer; JANINA CONBOYE minded graduate tailor a career costly if you get them wrong. Reorg: business education communities switch into sustainable fashion How to get it Right sets out to editor; EMMA JACOBS 18 France’s global ambitions help readers avoid the pifalls 34 writer, Work and Careers; French schools are responding to 42 technology ADAM JONES freelance journalist; pressures at home by stepping up Start-up businesses are often slow to KONSTANTIN KROTOV expansion in new markets abroad realise the dangers of data — from Dean, St Petersburg GSOM; 21 Insead’s internationalism both criminals and regulators ALISON LANGLEY freelance ‘We don’t consider ourselves French’ 45 communities journalist; JONATHAN MOULES We asked European business school business education correspondent RANKING alumni: what is the most important skill LAURENT ORTMANS or trait to future-proof your career? business education statistician 24 analysis 54 hopes and fears MORGEN WITZEL management What the 2016 tables tell us The arrival of triplets partway though author and lecturer 26 European schools 2016 an executive MBA required a mother IAN WYLIE freelance journalist The top 90 European business schools of invention and extraordinary stamina PHOTOS: ANNE MORGENSTERN; TOM PILSTON; P Britain after exBr it | A future in fashion | FranceFT.CloOMok/BUSsINabESS-roEDUCadATION 3

CON Editor JerryAndrews December 2016 Work and Careers editor Helen Barrett

Head of magazine production TENTS GeorgeKyriakos Production editor Ruth Lewis-Coste Sub editor Philip Parrish Artdirector 14 32 10 Konstantin Penkov Picture editor Michael Crabtree

Special Reports editor Leyla Boulton Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing Account manager Emily Lucas Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

December 52016 CON Editor FT Business Jerry Andrews December 2016 Work and Careers editor Helen Barrett Education Head of magazine production TENTS George Kyriakos Production editor European Business Ruth Lewis-Coste Sub editor Philip Parrish School Ranking2016 OPENINGS INSIDE Art director 14 32 10 Konstantin Penkov www.ft.com/bized-europe Picture editor Michael Crabtree

Special Reports editor Leyla Boulton Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing 4editor’sletter 32 coursesonhorses Account manager Emily Lucas Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

December 5 2016 CONTENTS Editor FT Business Jerry Andrews December 2016 Work and C ar ee rs e di to r Helen Barrett Education Head of magazine production George Kyriakos Production editor European Business Ruth Lewis-Coste Sub editor Philip Parrish SchooSchoollR Rankinganking2 2016016 OPENINGS INSIDE Art director 14 32 10 Konstantin Penkov www.ft.com/?????????? Picture editor Michael Crabtree

Special Reports editor Leyla Boulton Global sales director Dominic Good 18 Global director of FT career management 46 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing 4 editor’s letter 32 courses on horses Account manager Emily Lucas TheBrexit result raises questions about Anew Liverpool MBAispreparing Publishing systems manager 6 Andrea Frias-Andrade Advertising production Daniel Macklin

October172016October 17 2016 CONTENTS Editor FTBusinessFT Business Jerry Andrews December 2016 Work and Careers editor Helen Barrett Education Production editor Ruth Lewis-Coste Sub editor ExecutiveExecutiveMBA MBA Philip Parrish Art director Konstantin Penkov OPE NING S INSIDEINSI DE Ranking2016Ranking14 201632 10 Picture editor Michael Crabtree www.ft.com/emba

Special Reports editor Leyla Boulton Head of magazine production George Kyriakos Global sales director Dominic Good 18 Global director of FT career management 4646 36 Steve Playford Head of business education sales Gemma Taylor Account director Allie Besing 4 editor’s letter 32 courses on horses Account manager Emily Lucas Publishing systems manager The Brexit result raises questions about A new Liverpool MBA is preparing 6 Andrea Frias-Andrade Advertising production Daniel Macklin

OPOPENINGSENNGS I INSIDEINSIDE 4 editor’s letter 32 courses on horses The Brexit result raises questions about A new Liverpool MBA is preparing The Brexit vote raises questions about A new MBA is preparing students where is best to pursue a career for life in the rapidly modernising 6 introduction horseracing business How will the EU referendum play 34 appetite for growth out for schools at home and abroad? Classmates who launched an online ON THE COVER 10 on management chef-booking service are finding Illustration by Adrian Johnson Why the UK economy is dangerously customers have started to bite dependent on foreign management 42 meet the dean 12 dean’s column Bringing disciplines together is where is best to pursue a career students to negotiate careers in the CONTRIBUTORS A Russian businessman’s winning tactics important to Gianmario Verona’s HELEN BARRETTWork and in both business and football strategy for Bocconi University Careers editor;KATE BEVAN freelance technology journalist; FEATFEATURESURES REVIEW WAI KWEN CHAN business education communities editor; 14 a material difference 47 books SIMON CAULKIN freelance An MBA gave Megan McGill the skills Joseph Badaracco’s Managing in the writer; JANINA CONBOYE to build on her expertise and tailor a Gray explores how best to get to business education communities career in sustainable fashion grips with some of the most difficult editor; EMMA JACOBS 18 French schools go global decisions in business and life 34 6 introduction rapidly changing horseracing business writer, Work and Careers; French schools respond to globalisation 49 technology ADAM JONES freelance journalist; by playing to their strengths in new Newer is not necessarily better. KONSTANTIN KROTOV markets Kate Bevan asks what makes a Dean, St Petersburg GSOM; 21 traditional thinking worthwhile innovation ALISON LANGLEYfreelance Insead dean Ilian Mihov 53 communities journalist; JONATHAN MOULES As the US election nears, we asked business education correspondent RANKING EMBA alumni which business person LAURENT ORTMANS has what it takes to be a world leader business education statistician 24 analysis 54 hopes and fears MORGEN WITZELmanagement What the 2016 tables tell us A trip to India as part of a global EMBA How will the EU referendum vote play 34 the right ingredients author and lecturer 26 executive education 2016 inspired graduate Harald Trautsch to IAN WYLIE freelance journalist The top 90 European business schools rethink his world view CitroënCEOLindaCitroën CEO Linda Jackson’s Jackson’sroutetothe route to the top,plus plussurviving survivingFT.COM/B USINESS-EDUCATI study studystress stress ON 3 out for schools at home and abroad? Foodies are developing a taste for an ON THE COVER 10 on management online chef-booking service cooked up Illustration by Adrian Johnson Why the UK economy is dependent by two former ESCP masters classmates on foreign management 36 well-connected 12 dean’s column Bringing disciplines together is central A Russian businessman’s winning for Gianmario Verona, new rector of where is best to pursue a career students to negotiate careers in the CONTRIBUTORS HELEN BARRETT Wo rk a nd tactics in business and football Bocconi, Italy’s most plugged-in school Careers editor; KATE BEVAN freelance technology journalist; FEATURE S REVIEWREVI EW WAI K WE N C HAN business education communities editor; 14 a material difference 41 books SIMON CAULKIN freelance How an MBA helped an ecologically Reorganisations can be catastrophic and writer; JANINA CONBOYE minded graduate tailor a career costly if you get them wrong. Reorg: business education communities switch into sustainable fashion How to get it Right sets out to editor; EMMA JACOBS 18 France’s global ambitions help readers avoid the pifalls 34 6 introduction rapidly changing horseracing business writer, Work and Careers; French schools are responding to 42 technology ADAM JONES freelance journalist; pressures at home by stepping up Start-ups are often slow to realise the KONSTANTIN KROTOV expansion in new markets abroad dangers of data — from both criminals Dean, St Petersburg GSOM; 21 Insead’s internat ionalism and regulators ALISON LANGLEY freelance ‘We don’t consider ourselves French’ 45 communities journalist; JONATHAN MOULES We a sk ed European business school business education correspondent RAN KI NG alumni: what is the most important skill LAURENT ORTMANS or trait to future-proof your career business education statistician 24 analysis 54 hopes and fears MORGEN WITZEL management What the 2016 tables tell us The arrival of triplets partway though How will the EU referendum vote play 34 the right ingredients author and lecturer 26 European schools 2016 an executive MBA required a mother IAN WYLIE freelance journalist of invention and extraordinary stamina PHOT OS: A NNE M ORGE NSTER N; TO M PILS TON; PAOL O BON A; MA GALI DE LPORT E The top 90 European business schools Britain after BrexitBrexit |A | A futurefuture in sustainability |F| FranceranceFT.COM looks/BU SINE SS- abroad EDUCATION 3 out for schools at home and abroad? Foodies are developing a taste for an ON THE COVER 10 on management online chef-booking service cooked up Illustration by Adrian Johnson Why the UK economy is dependent by two former ESCP masters classmates on foreign management 36 linked in 12 dean’s column Gianmario Verona’s Bocconi University where is besttopursue acareer students to negotiate careers in the CONTRIBUTORS A Russian businessman’s winning claims a calibre of elite connections HELEN BARRETT Work and tactics in business and football few business schools are able to match Careers editor; KATE BEVAN freelance technology journalist; FEATURESFEATURES REVIEW WAI KWEN CHAN business education communities editor; 14 a material difference 41 books SIMON CAULKIN freelance How an MBA helped an ecologically Reorganisations can be catastrophic and writer; JANINA CONBOYE minded graduate tailor a career costly if you get them wrong. Reorg: business education communities switch into sustainable fashion How to get it Right sets out to editor; EMMA JACOBS 18 France’s global ambitions help readers avoid the pifalls 34 6introduction rapidly changing horseracing business writer, Work and Careers; French schools are responding to 42 technology ADAM JONES freelance journalist; pressures at home by stepping up Start-up businesses are often slow to KONSTANTIN KROTOV expansion in new markets abroad realise the dangers of data — from Dean, St Petersburg GSOM; 21 Insead’s internationalism both criminals and regulators ALISON LANGLEY freelance ‘We don’t consider ourselves French’ 45 communities journalist; JONATHAN MOULES We asked European business school business education correspondent RANKING alumni: what is the most important skill LAURENT ORTMANS or trait to future-proof your career? business education statistician 24 analysis 54 hopes and fears MORGEN WITZEL management What the 2016 tables tell us The arrival of triplets partway though Howwillthe EU referendum vote play 34 theright ingredients author and lecturer 26 European schools 2016 an executive MBA required a mother

PHOTOS: ANNE MORGENSTERN; TOM PILSTON; PAOLO BONA; MAGALI DELPORTE PHOTOS: ANNE MORGENSTERN; TOM PILSTON; PAOLO IAN WYLIE freelance journalist The top 90 European business schools of invention and extraordinary stamina Britain after exitBr |Afuture in sustainability |FrancFT.COM/BUSINelooksESS-EDUCabrAToadION 3 out for schools at home and abroad? Foodies are developing ataste for an ON THE COVER 10 onmanagement online chef-booking service cooked up Illustration by Adrian Johnson Whythe UK economyisdependent by twoformer ESCP masters classmates on foreign management 36 linkedin CONTRIBUTORS 12 dean’s column Gianmario Verona’sBocconi University HELEN BARRETT Work and ARussian businessman’s winning claims acalibre of elite connections Careers editor;KATEBEVAN tactics in business and football fewbusiness schools are able to match freelance technologyjournalist; WAIKWEN CHAN business FEATURES REVIEW education communities editor; ONA; MAGALI DELPORTE SIMONCAULKIN freelance writer; 14 amaterialdifference 41 books OB

OL JANINACONBOYE business HowanMBA helped an ecologically Reorganisations can be catastrophic and

PA education communities editor; minded graduate tailor acareer costly if you getthem wrong. Reorg: EMMA JACOBS writer, switch into sustainable fashion Howtoget it Right sets out to Work and Careers; 18 France’s globalambitions help readers avoid the pitfalls 34 ADAM JONES freelance journalist; French schools are responding to 42 technology KONSTANTIN KROTOV pressures at home by stepping up Start-up businesses are often slow to Dean,StPetersburg GSOM; expansion in newmarketsabroad realise the dangers of data —from ALISON LANGLEYfreelance 21 Insead’sinternationalism both criminals and regulators journalist; JONATHAN MOULES ‘Wedon’t consider ourselves French’ 45 communities business education correspondent We asked European business school LAURENT ORTMANS RANKING alumni: whatisthe mostimportant skill business education statistician; or trait to future-proof your career? RACHEL SANDERSON Milan 24 analysis 54 hopesandfears correspondent;MORGEN WITZEL Whatthe 2016 tables tell us Thearrival of triplets partway though management author and lecturer; 26 Europeanschools2016 an executive MBArequired amother Thetop 90 European business schools of invention and extraordinarystamina PHOTOS: ANNE MORGENSTERN; TOM PILSTON; IANWYLIEfreelance journalist FT.COM/BUSINESS-EDUCATION 3 HelenBarrett Graduatesare prepared to go wherever ‘fast Wheretobegin? success’ismostlikely to materialise LETTER ’S

OR TheUK’sBrexitvoteraises questionsabout thebestplacestopursueacareer

stella Kolobaevaknows voted to leave the EU found nearly a whatshe wants. The fifth of Europeancitizens living in the

EDIT ambitious 21 year old wants UK hadmadefirm planstoleave within to startacareer in wealth the next twoyears. Alittle lessthan40 E management next summer per cent were consideringleaving. The following amasters in international largestcategoryofrespondents, 27 per finance at HEC business school in Paris. cent, worked in financial services, as Likemanyinher cohort, she is Estella hopes to do. busy lining up internships. She has Simmering xenophobia andanti- been touring prospective employers, immigration sentimentfuelled by the attending presentations and networking referendum result are good reasons events, meeting her school’s alumni and to leave. Thefreemovement of people researching her options carefully. came under scrutinyinthe months Estella is doing all this only in before people went to thepolls. London because she believes the British According to data from the Home capital is still the bestplace to start Office, hate crimes motivated by race or work —despite the UK’svote in June to religion increased 41 percent year-on- leave the EU. year in July,the month after the vote. “For now,London is still the centre As Jonathan Moules reports in his of financial life,”she told me soon after introduction on page 6, one Dutch returning to Paris from anetworking business school has struck London from trip to the UK capital’s Cityand Canary itsitineraryofcontact-building tripsfor Wharffinancial districts, during which MBAstudents. Theprogramme director she visited Credit Suisse, Barclays, no longerfeels visitstothe City and Bloomberg and HSBC, among others. Canary Wharfare worthwhile after the “I talked to people and heard their Brexit vote. stories of fastsuccess —London is acity Estella, meanwhile, is watching UK where you can getthat.” politics closely.Ifearly next year the As aRussian citizen, Estella will need British government triggers Article 50 avisa to work in London regardless of Theuncertainties of Brexit make of the Treaty of Lisbon, which will start whether or not the UK is amember of it hard to determine whether the UK the process of the UK leaving the EU, the EU when she arrives. She knows she can continue to hold on to its status as she mayrethink. But such an early move mayhavetomoveagain if her future aglobaldrawfor the brightestyoung looks unlikely. employer decides to leave after the UK business minds —students such as She will,inall likelihood, starther quits the EU. Estella. Alot depends on the signals career in London. Butshe has calculated She acknowledgesthatthe Brexit theyreceive. thatshe has awindow of opportunityto vote haspushed her European Will London-based alumni stay in do so before the full effectofBrexit is felt. classmates to thinkabout working the UK capital? Forhow long? How Business school graduates often see London bound: in Dublin,Frankfurt or Paris when will the diminished currencyaffecttheir themselves as stateless. They are highly HECParis student theymight otherwise have headedfor salaries? Whatwill be the catalystfor Estella Kolobaeva mobile and resourceful, prepared to go London. And sheiswell aware that them to leave?How quickly can the UK wantstostart her wherever the “fastsuccess” Estella craves theresultofthe referendum last government reassure foreign workers career in theUK is mostlikely to materialise. June mayindicate that the UK is less thattheyare welcome to stay? capital despite the She cannot wait for the Brexit vote to leavethe EU welcoming to foreignersthan shemight Theanswers toall these questions uncertaintytoresolve itself.Her priority WNDES imagine. are unclear —and will be for some time. is to shape herself into an international LO Nevertheless, London is arisk she So far,Theresa May, UK prime minister, citizen. And London is where she says she musttake. “Banks maycut has refused to guarantee the rights of believes she has the bestchance of doing [staff]because of Brexit. But Ihaveto citizens from the EU before formal so —for now. balance thatriskwiththe opportunity negotiations begin. “It’simportant in finance and in TRATION: NICK

to advance rather than going elsewhere Researchbythe Financial Times general,”she says. “It’sthe waytosuccess US

and missing thatopportunity,”she says. conducted twomonths after the UK —towork together.” ILL 4 FT.COM/BUSINESS-EDUCATION

6 INTRODUCTION L h nentoa MB international the for director programme the vote Brexit st UK esy.Oeo the of One says. he the las visited we institutions to us for impossible quite year next ev work. th Business So th Na akt the to back Lo las organise helped who bankers Canar how understanding as jobs to lead tha connections building oet vote h otnn.Wiesom While continent. the mos at the of decline the ocr stha is concern vote the of result the about FT dns u ntewak the in But udents. ec apor SneteBei oe thsbeen has it vote, Brexit the “Since Th Th Kb UK dnti snwloigt relocate to looking now is trip ndon .C ya td me apit ev ee OM ol eal re —b yW Th at asseltl reaso little see eans st eea uhabout much as were isits ff usi ea n,acrigto according ing, lof al s potnte r now are opportunities ose ’s Un cso th of ects /B har eteEU the ve lr predict esschool ness rpwl eto be will trip ut Ne US important an be to used ondon ensVn o i 50 his for Vink Dennis cit itinerar vriethshdt scr to had has iversiteit eorganisi ft fa ti therlands. yv eDthschool Dutch he IN migh dth nd trainlymobile nternationally eu isi po ES eUKr tw sognsdby organised ts yofE n,mkn fees making und, ar AatN S- eC ng, oi sr vi er st ED nv eoft ap it el tm po the on op Pa tt ef tt cu pln across ippling es uropean go yof Pr ntoc at estment UC .T erendum ris. m because ime yenrode tt ehp in hope ee ight fVn,so Vink, of he vl cheap, ively othe to eUK’s he n jobs,” ing os emain he Lo AT ’s row ty ndon re list. t- ION ear at Br be ch ’s ga ex ad nkno it loc st th ucm ftevote. the of outcome the from vrteU fthe if UK the over countries EU other in schools chosen surve the Ho EU prospective from applications in increase an reported surveyed schools tha given members. 120 its of (CABS) Schools the Ch by vote Brexit the after conducted to up turning not applicants EU-based in increase an noted have courses degree business cdmcyear academic va udent eir Ma In Th fligh artered at wever st st ion swsprasmr concerning more perhaps was is fu csRmrz h sfrom is who Ramirez, rcos dnsbfr h referendum. the before udents nt ttosrnigoei i British six in one running itutions ue hc ol imply would which ture, op ‘I’ ha or Mar sa sw ,itisu yw tam UK. ag dfa nd mc As tofs here ting ve with portunities hether oito fBusiness of sociation st es ,a ajorit co cu ncle ar cc th on to tt ?ByJ yh lt sR rigto ording ey tu ys rfrom ar st yoft heir ou ad go ca ce dnswudhave would udents taf de mrz Insea amirez, nb nw the known st ebusiness he fw tt ndabo rned thr de this udies es nt on il th as he ts lm er urvey sa afeguard ou at ov Ch es afl bu UK lsof ults eto ile, nd han ight hti with this gh tw nth in fa ut wn ou Mo ut fr culty st Lo Ny Br Dennis th Off ds job ud ex ndon enrod eE ld yt it ules ei tu re isatrthe after rips Vi tinerary: fr fe ed U’ nk de om re ro ndum of al pp om nt is ed tof the ocrs u h rae threat greater the but these concerns, to add might Brexit notes. he the av about worries of because largely is this but opportunities, placement job with concerned are schools business UK to applicants international entrance school GMA the of owner Council, Graduate chie and president eei,acrigtoSangee according benefit, st more UK cu asewt rwtotteU nthe in EU UK the without or with hassle but MB the after opportunities job about entedcdn atri i hieof to choice where his in factor deciding the been to n other and him for created has decision Brexit uncertaint the about concerned UK’ la ca and Cambridg to places secured dns hsi ieyt be to likely is this udents, tt psle near lies mpus ailabilit aafo th from Data hl h eknn British weakening the While rrenc st ,” er sv Iw udy In eadds. he .R t olaeteE n is and EU the leave to ote se udhv to have ould ym .H mrzde o suppor not does amirez ad st yofp at Ma e’ st owever udy ,w sJ gtmak ight tr dnscmn oEurope to coming udents aeetAdmission nagement ac hose udg .“ s-td wor ost-study eG iefo tive ex I’ Pa st eB mj ,i am. fe MA Fo d o nMB an for udy tw ris. go es sns School usiness euieo the of xecutive us nt rp Cs udnthave not ould hog h same the through uyn nthe in tudying tab He aine rice-conscious o many how ch Tb at tconcerned it bleau tC kv os ra usiness howfla, tt et yt isas, nsitory he Aat he he A,

ILLUSTRATION: NICK LOWDNES

8 INTRODUCTION No Ch school business the up high tha Europe across programmes English-languag larg the is schools UK to ad became year this hired has says anonymous, remain to wishes who countries. EU other from ex the claimed cent per 12 facult their among to happen unlikely was this felt who cent vote. Brexit the said funding. research EU bid for to plans cancelled had or partners the said CABS by surveyed of schools 10 British in the One uncertain. is UK the in academic EU FT 5 6= 4 3 2 Th 6= 1 8 10 9 12 11 15 14 13 18 17 16 19 20 22 21 23= 23= 23= Ra eine difficult perienced Wha Th Almos wl says. owfla irec eo h te col interviewed schools other the of ne .C nk tw ed et OM RO tr tt ooft yh yh a of ean Fu Un Esa IE Insead HE SD Lo Ie Ro IMD ESCP Un Vleri Ed Un Essec Grenob Imperial Mannheim EML Wa ESMT Tias Ca No Sc t7p op es he /B st se Bu dnBu ndon ll dlo ad ad hool tó AB va tterdam he l fteBei decision. Brexit the of ult CP ive PE ive ive rwi af de Th US ef e1 facult 19 he ra yo Bu li sin Bu rcn frespondents of cent er ck cB 25 Sc rsit fa aris Eu led los already fec ca rsi rsi oc Bu nk Be Bu ck aF scmae ih3 per 30 with compared is nB sin es sin le IN olo Bu of hool tst st Bu name dth nd usin yofStG ro AN co yo ty yo ty in eg Lisbo rl sin tofB Coll sin Bu sS Ec Eu ec uiesschool, business rench usin sin es in es ES pe sin gonp ni/Uni Sc Bu ra ch es sin ol es af fO fC sS es sS es yr eg es olof hool S- du i abilit eir ool sS edeM sin nS fasar ro sS es sS sS ambri rexi es xf ch ch eB BU allen sS cutn people ecruiting yh age ED ym sS ch at or ch ve sin ch es ch en sS ch tEUr ool ool pean usin ch ed tw :Saïd d: ool ad ch sS ool rsit ool oo s26to29 y, ool ch es UC av meshe embers me of umber ana ool dg Mana ra es SI ool although ch sa eg lofB ool il already ial as ailable es aB yt e: nkings, l fthe of ult lbeon AT esearch ge ool nd ree ta sS Ju NE oc ow me ge ev bu usin ION Ec ppear ch dge co me er ork ono nt ool ni si es SS nt mi sa ,E ne cs nd ra SC smus ss Ec hlegs o leas not challenges, to cit the in based academics will prospects job means which institutions, educational world UK’ of result ogain to tests citizenship British his completed of School UCL of director educated and however. movement, an reported article this for onomics Lo Ber Ma HOO Pr sc sEUr Un fD Re De of dnbnft rmbigthe being from benefits ndon aeetin nagement ’s tDeR ho ive aUKp larges ‘Br hn hirin think ch Be be will ad rsity ols ef LS cso ae ogbfr the before long taken ecision rnu,h insists. he erendum, ey tDe rt allen ex tc yck ck spr.Bu assport. lu ,t .“ it st st eBelgian-born he rxtwl involve will Brexit Lo te ro leading of er l be ill ilin will pa Re nd conomically ge n recently on, go rt yc tt y, s, ys dfor od i a the was his ga according uch of bu k, vo ca UCL that’ ,b tId ut lve de on mi ’t cs in Id tha is Ilian recruit to institutions UK for harder mak will Brexit whether doubts par av our for sad to not decision the EU the with up splitting ge in schools business based. where decide will ra ra ge tha claims he But to according schools, business European of success EU. the outside being fe have to appears and schools business wp hrta h quantit the than ther kdshosi h vicinit the in schools nked erag nerally tt nte uiessho edwho head school business Another Lo ge on tS toft ing tt aini cation ’t Mi roblems izradhssvrlleading several has witzerland ing eM Fo hn iigaaeiswl be will academics hiring think aj hat, hov ,w rt baft ob ag BA st ,d ”hes i esn etik that thinks he reason, his il si Ny o job.” ood ls udents, st at a of ean pratt the to mportant fe rmtecountry the from uffer rgauto locally graduation er dn smr interested more is udent enro tr ay titist ac st go s. Lo dnswn obe to want udents igsta ting ”hes de In to nd ’s se yofh ecacsof chances he .“Iams Lo Pr n n h UK the and on, ad ay of nd ff .Hen .“u the “But s. yt ighly ,d Vink. nwl be will on hat espite eit r that ure otes

Simon Caulkin ItistheCity’scorporate Thenaked truth ‘citizensoftheworld’that arenow ponderingwhere theirloyaltiesbelong EMENT AG

Brexit will reveal theUKeconomy is dependentonforeign management MAN nunanticipated their loyalties belong. In thelight of secondary, butimportant, Brexit, the hollowing-out of industry effectofthe UK leaving and the Cityleaves the UK economy ON the EU maybethe long- looking vulnerable. Many argue that A term consequences for by long maintaining sterling at levels British management. thatdamaged the productive economy, Some of the best-performing parts London’s prowess in finance has of the UK economyare carsand operated as akind of “resource curse”,so specialised manufacturing, finance and thatmanufacturing weakness is the flip tech and creative start-ups. All will be side of finance’s strength. An unwelcome affected by the terms of Brexit. revelation of the financial crisis was that TheUKneeds largeinflowsofforeign the financial sector in its current form is capital to compensate for its chronic not arenewable resource. Thepotential trade gap, which in 2015 hit arecord mobilityofits global protagonists only 5.2 per cent of gross domestic product, reinforces thatconclusion. or £96bn. But inward investment is Where does this leave us? Dutiful adouble-edgedsword thatleaves the imitation of US governance and country, as Mark Carney, governor of management models —shareholder the Bank of England, recently put it, primacy, avigorous takeover market precariously dependent on “the kindness and deregulation —havebequeathed of strangers” to fill the gap when the UK afinancialised economy. Afew confidence in the economyisweak and successful but largely foreign-owned and sterling is under pressure. managed businesses conceal the reality Less obviously,the UK has become of along tail of companies stuck on the equally dependent on foreign management low road of competition management. Thesuccess of the UK of animal spirits —how could there be through low cost, low wages and low motor industryisonly partly British- one if the sector is barely alive?IfBMW, skills. Hence the growth of top-up made. Indeed, “UK motor industry” is a Honda and Toyotauproot or downgrade benefit payments to those in low-paid, misleading term, since there is no longer their UK operations, the UK’smeagre precarious work in retail, hospitalityand avolume carmaker in British ownership. reservoir of modern manufacturing social care; and hence inertproductivity. Japanese, German, Indian and US knowhow,along with its depleted supply TheUK’slargestmanufacturing sector companiessupply not only capital but chain, would surely go with it, making is now food processing. also the management skills thatthe the former chancellor GeorgeOsborne’s It is hard to see how looseningties with British industry, once the second-largest “march of the makers”,oraserious high-road northern Europe will benefit in the world, has lacked. Thestartling rebalancing of the economy, amirage. manufacturing or finance, or the UK’s revival of the underperforming British TheUK’svaunted leadership in start-up sector,where London’s boasts Jaguar and Land Rover brands under financial services also dissolves under of open, cosmopolitan entrepreneur- the enlightened governance of Tata scrutiny. Much of the Cityisforeign- friendliness starttosound hollow.As Group could hardly be more telling. owned, with important management does the Brexit promise of sovereignty. Aside from their exportexploits, these decisions taken elsewhere. After the With management of such important companies have acted as avital academy Big Bang deregulation of 1986, far from components of the economyeffectively for UK manufacturing management, conquering the world, the City’sfamous outsourced, the principle that“decisions both directly and indirectly through the old brokerageand investment houses about the UK should be taken in the KER. PHOTO: ED ROBINSON/ONEREDEYE standards theyimpose on suppliers. quickly succumbed to the ambition UK” is wishful thinking. In management BA Even with this boost, since 1980 the and organisation of US and European especially,itpaystobecareful whatyou UK has losthalf its share of world competitors for which London’s position wish for.OrasWarren Buffett once put manufacturing exports. In 2015,they as abridgebetween the twocontinents it: “Only when the tide goes out do you stood at just2.8 per cent, or $460bn. was apowerful attraction.Itisthese discover who has been swimming Theconspicuous lack of bounce after corporate“citizens of the world”, to naked.”Asthe European tides beginto the sterling devaluation following the use UK prime minister Theresa May’s turn, the nakedness of British industry TRATION: ANDREW US financial crisis hardly suggestsarevival term, thatare now pondering where is not aprettysight. ILL 10 FT.COM/BUSINESS-EDUCATION

Konstantin Krotov At theacademy’scoreisa Gamechanger devotiontofootball, the UMN club andthe city,creating afoundationfor success COL ’S

Sergey Galitskiy’sboldtactics have deliveredresults in both businessand sport AN

gainstabackground supply chain management. Magnit was Krasnodar,though, the youngest DE of modern Moscow agreatexample of Russian business senior football club in Russia, has through the windows of thatcould be compared to the world- rewritten the rules. Galitskiy founded the Federation Tower, renowned US retailer Walmartand the club in 2008, investing his time and A the tallestskyscraper in Barilla, the food multinational. moneyand achieving the seemingly Europe, stood atall man with enigmatic Thetopic of our first conversation, impossible by using his talent as an eyes and asincere smile. He was in the however,was not retailing but football. entrepreneur. midstof100 of Russia’s most influential Iwas notafootball fan but my attitude Hisultimate goal, however,was not individuals —business owners, top to the game changed dramatically after justtohaveafootball team. He also had managers, politicians and media people. our discussion. Ilearnt how Galitskiy an ambitious plan to improve football in While he was partofthe crowd, he stood had taken on the challengeofdeveloping Russia by changing the whole approach there friendly but somehow different afootball club, FC Krasnodar,not only to the game. He established an academy to the others. by engaging with local business but also at Krasnodar for boys who dream about Imet Sergey Galitskiy at the reception by changing the whole football system. football as he did when he was achild. hosted by AndreyKostin, president of Football is the mostpopular sportin Theacademyhas become acommunity VTB, the Russian bank, and director- Russia. At the same time, it has become of hundreds of prospective footballers general of St PetersburgUniversity’s anational tragedy.The SovietUnion aged 12 to 17,trainingand studying all Graduate School of Management, where enjoyed its greatestsuccess at the Uefa week. Theidea at its core is adevotion Iamdean. Iwas luckyenoughtobe European Nations’ Cup in 1960, which to football, the club and the city, drawninto aconversation with Galitskiy it won, but since then the national team creating afoundation for future success. thatgavemebeliefinasimplemaxim: has had some extremely poor results — Graduates of the academyhavealready everyone should be given achance to and veryfew good ones. However,1960 surpassed expectations, playing in the become greatand changethe world. remains still so strong in the Russian RussianPremier League and in Europe. Whattookmebysurprise was that memorythatitismentioned by the Theclub’s newly finished stadium during our three-hour conversation he media during each big competition. has been another ambitious project. said little about his core business, even TheRussian Premier League is Galitskiy funded the construction of though it definitely merited attention. Winningformula: one of these. Itspopularityhas lured the 34,000-capacityarena,which has One of the mostesteemed businessmen in developing his largeRussian and international been built not for profit but for the in Russia, Galitskiy created Magnit, club,FCKrasnodar, companies to fund the leading teams. dream of giving everyone achance and the country’slargestretail chain, with Sergey Galitskiy Their sponsorship of star players and leaving amarkonhistory. setabout changing aphilosophythatthe regions, rather thewholeapproach experienced coaches has led to some These achievements, which Galitskiy than Moscow or St Petersburg, which to football outstanding results in the recent past. revealedentirelywithout vanityduring dominate Russian business, should our conversation, wererooted in one be the starting point and remain the big commonidea: keep investing in prime focus. He founded Magnit in the the future and it will payyou back, southern cityofKrasnodar and it has both monetarilyand morally.Heis grown largely in provincial centres —an passionate about hiscity, his business, unusual but successful approach. The his football, hishappinessand willdo chainnow has more than 13,000 stores all it takestomovemountains while in 2,400 towns and cities across Russia. giving others the chance to live by the Galitskiy’s successstoryfirstcaught same conviction. my attention10years ago. Istarted my Aman of changeisnot generally career at aRussian aluminium company, recognised as ahero. Thechanges managing marketing and sales of Galitskiy brings about are not seen as household aluminium foil in the north- heroic. They arethe result of athousand westofthe country. simple steps taken by someone who Magnit, our biggest customer,had keeps going with the future in mind. just had its initial public offering. Later, when Ihad switched to an academic Konstantin Krotov is head of the career at St PetersburgGSOM, Iused Graduate School of Management at Magnit as acasestudy in my classeson St Petersburg University PHOTO: BLOOMBERG 12 FT.COM/BUSINESS-EDUCATION

Amaterial difference

BY ALISON LANGLEY PHOTOGRAPHS BY ANNE MORGENSTERN INTERVIEW

An MBAgaveMeganMcGill theskills to buildonher expertise andtailor acareer in sustainable fashion

ooking back,Megan McGill Social Fabric to makeupcycled pillow suspects she was always cases. It was aBYOMparty —bring cutout for acareer in your own material. L the sustainablefashion Next, she enrolled on the University industry—but she took a of St Gallen’s MBAprogramme. Why, circuitous route. with her qualification from Imperial She remembers tagging along as College, would someone seeking to ayoung girl to the chain of shops her work in sustainable fashion enrol on an single mother managed around Mobile, MBA? McGill says she wanted to brush Alabama, whennobabysitter could be up her skills and getajob. found. She would sit in the back rooms Graduates of the university, HSG, as and finish her homework, or help out it is known for short, valueitfor its high bagging clothes at the counter.For a placement rate: 86 per cent of its MBA while clothing stores were almosta students find jobs within three months second home, before the family moved of graduation. to Switzerland in 1999, when McGill “Theyhaveasummer internship was 13 and her mother remarried. and you can use thattoget through the In 2014,and after working for four door of acompanyyou want to work years in information technologyand with,”McGillsays. In her case, she had compliance in Zürich, McGill was her eyeonthe C&A Foundation in Zug, approaching 30 and feeling stuck. near Zürich. Founded in 2011 by the Hergoal had been to work to improve European fashion chain, the foundation the environment. She had, after all, provides grants to organisations thatare earned adistinction in her masters in seeking to improve working conditions environmental technology, with afocus and makethe textile industrymore on pollution management, at Imperial environmentally friendly. CollegeLondon. Foundations, McGill says,can be But her work visa in London expired flexible in terms of the risks theytakein and she ended up at aconsultancy research. Acorporatefoundation such in Zürich advising companies in the as C&A allows McGill tostayclose to a financial sector on US tax regulations. companyinthe sector while still testing But rather than despair,she formed newmodels and ways of doing business. aplan. TheStGallen MBAallowed her First, she joined GreenBuzz, a to spend three months studying the network thatconnects professionals feasibilityofa“circular economy”, working in sustainability. She metthe where materials are kept in the economy founder of Social Fabric, acommunity- for as long as possible or returned to based group thatpromotessustainable nature —atopic shehad firstdelved clothing while working with refugees into at Imperial College. in Switzerland. McGill joined the group, but ‘If youare tryingtochange becoming active in the field meant something, youneed to learning newskills, such as sewing. For her 30th birthday, she invited friends to understandhow it operates’ 14 FT.COM/BUSINESS-EDUCATION Cutting edge: INTERVIEW Megan McGill at Social Fabric in Zürich, where she is on the board

FT.COM/BUSINESS-EDUCATION 15 CV

2007 BA in international relationsand politics,University of Sheffield 2008 Volunteered with theWorld Wide Fund forNaturein Pakistan andhelped fundraisewith Friends of theEarth in London the scalabilityofchemical recycling 2009 MScin —aninnovation with the potential to environmental INTERVIEW technology, Imperial transform the apparel sector.The goal CollegeLondon is to keep materials in the economy 2010-14 Worked perpetually,orsafelyreturned to in information nature, so clothes are not thrown away technologyand compliance in the or donated after theyhavegone out of financial sector in fashion. Theprocess is also intended to Zürich eliminate manyofthe environmentally 2015 MBA, University unsafe chemicals used to makeclothes. of St Gallen, including Theidea is thatfabrics canbebroken an internshipatthe C&A Foundation down using asafe chemical solution 2016-present into yarn which can be reused, either Programme in clothing or other textiles such as managerfor circular upholstery. This begins to create the economyatthe C&A Foundation and circular system. boardmember of There are still difficulties, such as Social Fabric how to use only environmentally safe chemistryinproduction —aproblem ‘Everyonewants the foundation is working on so that the sector can become truly sustainable. to do good,but not “Our vision is thatfashion can be a everyonehas the force for good for apparel workers and consumers,”McGillsays. rightstrategy’ TheC&A Foundation was so impressed with the assessment McGill “I decided to go to HSG because made during her internship thatithired Irealised some skills were missing, her to begin anew programme focused particularly around finance and strategy, on circular systems. “I do believe success which Ithink are fundamental skills is amixture of timing and hard work. everypersonshould have.”Also, she Thetiming was right: C&A was starting adds,“Iwastryingtobestrategic.” to look at my topic,”she says. McGill is adetermined woman, Perhaps surprisinglyfor someone dressed in tailored wool trousers interested in sustainable fashion,McGill belted at the waist, topped with a admitsunabashedly that she has not read red sweater.Everything she wears is anyofthe bestsellers by NaomiKlein, made from natural fibres, although a authorofNo Logo and This Changes casual observer might not realise this. Everything: Capitalism vs theClimate. She does not fit the stereotype of an She does, however,believe there is environmental activist. arole for activistnon-governmental This was important to McGill: organisations. “Theybasically bring her goal was to work on sustainability risks and issues to light. They aregood and improve the environment but to at consumer engagement, but theirs is do so within the business community. not the only solution.” That is whythe MBAwas so important. Youneed to understand the numbers Made to measure: One of the firstthings McGill did “If you are trying to changesomething, behind them,”she says. “Strategyiscore refugeeand tailor when she joined the C&A Foundation you need to understand how it to whatIdonow.” SekouCisse was to secure asmall grant for Social at Social Fabric operates,”she says. She pauses and adds: “Everyone in Zürich Fabric from Cofra, C&A’s holding One lesson McGill took from the MBA wants to do good, but not everyone has company. Cofraallows employees to was thatimproving the environmental the right strategy. Theyexaggeratethe apply for moneytowork on projects footprint of acompanymustbedone impacttheythink the projectwill have. theyare involved in.Sonow McGill sits on the basis of sound business practice. Our job is to help them refine their on Social Fabric’s board. It is hard to do good, she says, if a idea so thatitwill achieve whatthey “I really believe business can change,” projectisnot viable. “I now understand want it to achieve.” she says. “I believe theyare theway business cases and financial models, so McGill’s work is at the cutting edgeof we as asociety will be able to change. now when we are looking at potential environmental technologyinthe fashion So working with business for me is projects, we have to ask, can these scale? business. HerMBA thesis assessed incredibly important.” 16 FT.COM/BUSINESS-EDUCATION

French schools takeaglobal view FEATURE

Developmentsathomedrive explorationof alternative markets overseas.ByIan Wylie

ith the political from the ministryofnational education mood in the US for its academic awards, it mustnow and UK growing demonstrateaclearly defined strategy more introspective, for international expansion. W French business But being international is not schools are sensing an opportunityto enough, says Bernard Belletante, attractmore international students director-general of EMLyon. “We’ve to their campuses at home and abroad. been sending students abroad for many In recent years the focusof years and internationalisation is not French business schools hasbeenon aproblem thanks to the EU,” he says. consolidation and mergers, such as “Now we have to move to globalisation.” Outwardlooking: those that created both Neoma and Financial pressures are also an Jean-MichelBlanquer Kedge in 2013. Some have beenmore important driver pushing French wantsEssec to have acampusatevery successful than others andthe trend schools to seek newmarkets. There are businesshub of each maybecoming to an end. “I don’t think several categories of business school in continent we will see manymoremergers,”says France: those partofapublic university Jean-Michel Blanquer, dean of Essec. (the Institut d’Administration des “The mergers thatmade sense have Entreprises network); privately-run been done.” business schools thatoperate like This returntogreater stabilityat companies with shareholders; some homeisone factorencouraging some thatoperate as non-profits under the French schools to look outward. There status of etablissement d’enseignement is also pressure fromgovernment. supérieur privé d’intérêt général explainsFrank Bournois, dean of ESCP French higher education lags behind (privatehigher education institutions Europe, referring to cuts in funding from the world’s main providers of general with apublic interest); and the écoles the French Chambers of Commerce and transnational education—the US,UK consulaires, afinal group thatincludes the localapprenticeship tax.Also, while and Australia —and arecent report big schools such as HEC and ESCP Franceoffers attractivetax incentivesto by government-affiliated think-tank Europe, which are overseen, in part, by philanthropists, French business school France Stratégie, highlighted an the French Chambers of Commerce. foundations are still learning theart of “urgent”need foranew approach. “Although each category hasits attractingwealthy donors. ORDON; REUTERS While French business schools specific challenges,all arefaced with the French schools therefore spy new AG are among the more active higher significant decreaseofpublic funding,” revenue opportunities abroad. “The education institutions overseas, domestic market is already mature, teaching some 3,000 students outside French businessschoolsare so growth lies in the recruitment of France, there is awareness thatthere amongthe more active higher international students,”saysJean-Guy is potential for growth. In orderfor Bernard, the dean of EM Normandie. aFrench school to gain accreditation Forsome, thatrecruitment strategy

educationinstitutionsabroad PHOTOS: ISTOCK; ANN 18 FT.COM/BUSINESS-EDUCATION FEATURE

Hopes forfavourable falloutfromBrexit

ESCP Europe graduateMichelBarnier,the EU’s chiefnegotiatorinits Brexit talkswith Britain, will be cheered on by some French businessschools whohopehedelivers adeal thatwill makethemmoreattractive to UK and international students. About 436,000 students in all subjects, including125,000 from EU nations, go to the UK forhighereducation each year.Brexit andthe British government’stoughstance on studentvisas mayofferanopportunity to presentFrenchschools as an alternative. Some French schoolsalready have offices or campuses in theUK, forexample Essec, Grenoble andToulousehaveapresencein London,whileEMNormandiehas opened a campus in Oxford.Others, suchasEMLyon, believetheir Paris campuses areclose enough to temptstudentsfromthe UK andelsewhere. Most of thelargerschools offer classes in English. Fees,evenatsome of thetop French schools, comparefavourablywiththose chargedbyUKcompetitors. Much maydependonhow British schools respond,saysJean-François Fiorina, vice- dean of theGrenobleEcole de Management. “Brexit couldbeanopportunity forus. But paradoxically, it couldalsobeathreat,” says Fiorina. “Maybe,toavoid consequencesof Brexit,UKuniversitiesand businessschools will open campuses in France.” However, Jean-MichelBlanquer,dean of Essec,seesopportunities forcollaboration.“We means opening campuses in different Polytechnique Félix Houphouët-Boigny know thatsome UK universitiesand business continents. Thelatesttoopen, at was announced earlier this year. schoolsare thinkingabout comingtothe the end of September,isShenzhen In September,Paris-based Essec continent,” he says.“Perhapsit’stimetocreate linksand partnerships between French and Audencia Business School (SABS), began teaching in Rabat, Morocco, UK businessschools andshowthatthere is no ajoint venture between Audencia where its newAfrica-Atlantic campus Brexit in ourhearts.” —IW business school, based in Nantes, and opens next year,withthe aim of Shenzhen Universityinsouthern China’s attracting students from across west Guangdong province. Africa, complementing its eastAfrica- Launching three programmes in Indian Ocean campus in Mauritius. 2017 —anMBA,aDBA andamasters “Our goal is to be multi-polar,present —SABS aims to attract500 students in the business hubs of each continent,” in three years. Audencia also plans says Prof Blanquer,its dean. Opportunities: to launch acampusinLatin America EMLyon,which alreadyservesAfrica Michel Barnier is duetonegotiate within three years, while an agreement withacampus inCasablancaand is Brexit on behalf with the IvoryCoast’sInstitut National steppingupits partnership with East of theEU 19 FEATURE

China Normal Universitytocreateajoint schoolinShanghai named Asia-Europe Business School, is now targeting South America,accordingtoits dean. “I’mconvincedthatin10years the international accreditation bodies will be demanding evidence of the internationalisation of aschool’s graduates, for example, 50 per cent of graduates who are not French,”predicts EMLyon’s Belletante. “That’simpossible if you are not going abroad.” French schools must beware of acopy-and-paste approach, says François Bonvalet, dean of Toulouse Business School, which nowhas international campuses in London, Barcelonaand Casablanca. “Weneed topull fromthe French savoir-faire,”saysProf Bonvalet, French businessschools tend to programmes thathavebeen introduced but appliedwork and teaching practices be more multi-disciplinary than alongsidethe classes préparatoires.“It’s mustbeadapted to local norms. He also drastically changing the game,”says cautions that the cost of establishing their US or British counterparts ESCP’s Prof Bournois. “This newtrack campuses abroad canbedetrimental is becoming more attractive to non- to thehome campus. programmes in France, often using French students.” “It’sexpensive to operateabroad overseas offices and fairs. According to EloicPeyrache, especially in areas where tuition fees Whatever their strategy, globalisation associatedeanofHEC, many French cannot be raised,”heexplains. “Aswe is causing manyschools to reflecton business schools tend to be more want to have harmonisation within our their French identity, consider how best multi-disciplinarythan their US or programmes taught across multiple to market the strengths thathavecachet British counterparts andoffer more campuses, the expenses of one campus abroad and discard French specifics that academic contentand greater contact limits whatweare able to do in France. hold them back. timewith faculty. So our business model mustbewell Forexample, the traditional French Prof Peyrachethinks French schools defined.” system of classes préparatoires also excel in thepersonal developmentof Other schools, such as HEC Paris, (preparatoryclasses), which organises Lookingabroad: students. “Weworkonthreedimensions are stopping shortofinvesting in new the selection and preparation of (clockwisefrom at HEC. Know yourself,know the market campuses abroad, choosing instead to students for competitive examsinto top right) work on and match yourself with the market,” Essec’s newcampus partner with business schools around theleading business schools, is not in Rabat, Morocco; he says. “French business schoolsspend the world to offer joint and double accessible to international students. Essec in Mauritius; moreonthe know yourself.Wetendto degrees and student and faculty All classes are in French, with a plans forEMLyon’s have slightly longer programmes, which exchanges. Schools thatperform well in strong emphasis on maths and French newcampus leaves more time forbroadening horizons global rankings can leveragethe power humanities or liberal arts. in Casablanca; and opportunities to learn.Wegive ShenzhenAudencia of their international brand to attract But agrowingnumber of students BusinessSchoolin studentslonger to ask questionsand moreinternational students to their are nowentering bachelor degree southern China find answers.” 20 FT.COM/BUSINESS-EDUCATION Insead’s earlyinternationalism FEATURE

Standalone: Inseaddean Ilian Mihov,on arecentvisitto London,seesthe school’scultural free-for-all as astrength

hen it wasset up in 1957, is under strain.Can Insead remain quite closer association between Insead and its the French businessschool so aloof fromits host country? other members but Prof Mihov is keen to W Insead had asimilar goal to French politicians tend nottobeshy keep collaboration at an academic level. the European Common Market thatwas of grabbing apiece of local successes that Afull-blooded tie-up with the launchedinthe same year. canproject softpower,orrayonnement, broader universitygroupingwould Theaim was to breed managers who overseas, but Prof Mihov says there has hamper Insead’sfreedom to manoeuvre, had aEuropean rather than national been no pressure to follow adomestic he says, arguing thatthe opening of outlook to exploit the newopportunities agenda. It has deepened its local roots its second campus in Singapore would for cross-border trade. in one respect, however,through have been trickyinatighter alliance. Thefounderwas aFrench-born membership of acluster of Parisian “Wewere able to do thatexactly because naturalised American,GeorgesDoriot, higher education institutions known as we were standalone. It gives you the who had been an influential faculty Sorbonne Universités. freedom to do things.” member at Harvard BusinessSchool. Thecluster is an attempt to reverse He feels thatthe cultural mix “His idea wastobuildaninternational someofthe fragmentation that has remains astrength, preparingstudents school —aninternational school based hampered France’stop universities for working in diverse international in France,”saysIlian Mihov,Insead’s internationally,while also making more groups. “When theyarrive at Insead we current dean.Students had to speak of the underexploited Sorbonne name. put theminteamstomaximisefriction French, German and English. Prof Mihov says the partnership deliberately. So there is this French Six decades years later,Doriot’s dream allows Insead facultytocollaboratewith engineer withaBritish historian — is areality.The school topped theFT’s specialists theywould notfind in-house, the perfectcombination for all kinds 2016 globalMBA ranking andisproud such as nutritionists for work on obesity of fights. of its cosmopolitan identity, boasting of and marketing. “Inthe beginning theydon’t likeit, trainingpeopletofeel at home anywhere Sorbonne Universités talksofanever- theycomplain, but over time if you ask ORDON in theworld.“We don’tconsider our alumni theywillsay this is one AG ourselves French,”saysProfMihov. TheEuropeanproject is under of the most important experiences in However,this statelessnessisatodds strain. Can Insead remain quite the school.” with thenationalist moodofthe times. TheEuropeanprojectitaccompanied Adam Jones PHOTO: ANN so alooffromits host country? FT.COM/BUSINESS-EDUCATION 21

Analysis p24 Rankings p26 Keyp27 ra Whatthe 2016 Full tablesof Howtoread survey reveals thetop schools thedata

European Business nk Schools2016

the Netherlands. The French school EU key climbed nine places to 20th, recovering Total from a drop of 15 places the previous year, while the Dutch school is back in Non-EU the top 10 for the first time since 2013. Because this is a relative ranking om the UK based upon the aggregated

performances across five rankings,in a good score in one or two does not automatically mean a better placing overall. So for example Stockholm EU-27 School of Economics moved up eight 21,197 and 13 places respectively in the Number MiM students European ranks for EMBA and MiM but still fell two places overall. SSE does of schools not have a ranked MBA and so is ranked on four courses instead of the maximum five, limiting its overall score.

Four schools are ranked forgs the first 61 time: two from France and one each from the UK and the Netherlands. Université Paris-Dauphine is the highest Average new entrant, in 74th place. anking points 4,226 The UK is a leading centre for business education in Europe, alongside France. Following the UK’s referendum vote to leave the EU, how does business 100 education in the UK compare with the 76 ...... (0.4% of all rest of the region? In terms of numbers, the ranking features 20 schools from the students) UK, 61 from the 27 EU nations and nine from the rest of Europe. UK schools are Faculty MBA + EMBA students far more international than their EU counterparts, with British faculty and students in a minority. 7,599 4,825 Half of the 54 per cent of UK faculty who are from overseas come from the EU. Only 2 per cent of the faculty in

SELL BIRKETT the EU-27 are from the UK. Student

US numbers follow the same pattern. About 90 per cent of MiM students and 80 per 2,558 cent of MBA students in the UK are not 1,292 British. They are mostly from Asia but nonetheless EU-27 students account for A; GRAPHIC: R

AT 18 per cent of MiM students and 13 per cent of MBA participants. Meanwhile, 149 ...... (2% of all 112 ...... (2% of all less than half a per cent of MiM students TRATION: ADRIAN JOHNSON ThTheec continent’tinent’ssl leadindingg90i 90 institutinstitutionsas andnd hohowwt thheeyyc compaand re2 per cent of MBA participants in US facultyy) students) tthee EU-27U 7 area e fromo the UK. SOURCE: FT D ILL London leads butrivals rise RANKINGS AUKschoolheads therankingbut continental contenders areclosingin. By LaurentOrtmans

ondon Business School How thethe UUKK has topped the European UK key table for the thirdyear and EU compare running —but continental Total L rivals lead the European Rankeedd scchoolhools schools in the individual rankings used Non-UK to compile it. TheFTEuropean Business School from the EU Ranking 2016 measures the quality and breadth of schools’ postgraduate programmes. It is based on their performance in the five main rankings published by the Financial Times each UK year: MBA, Executive MBA(EMBA), Masters in Management (MiM) and the Number tworankings for executive education. Only schools thattakepartinall five are of schools MiM studenttss eligible for afullscore. In this ranking of 90 European 1,893 business schools, Insead in France leads the fieldfor full-time and EMBA 20 programmes, while the UniversityofSt Gallen in Switzerland is top for MiM. 1,658 Iese of Spain and IMD of Switzerland Averraagge were ranked number one for customised raankingnking poinpoints and open-enrolment executive education programmes respectively. 341 ...... (18% of all London Business School (LBS) students) performed strongly across all five 104 rankings. All of its programmes are in the European top 10, including its full-time MBAs,ranked second, and its joint EMBAprogramme (taught with Columbia Business School in the US) Faculty MBA+EMBA studenttss and customised executive education courses, both in fourth place. One of the main strengths of the 2,220 2,629 LBS programmes is the wide rangeof students from different countries. More than 90 per cent in its 2015 MBAcohort were from overseas, coming from about 60 different countries. 2,044 “LBS has agreatstudent body, 1,199 verydiverse in terms of nationality, competitive and intelligent,”commented one American graduate from the class of 2012. “Italso gave me the opportunityto 611 ...... (28% of all 350 ...... (13% of all study in the US [on exchange]without having to do apurely US-focused faculty) students) American MBA.” 24 FT.COM/BUSINESS-EDUCATION LBS performedstronglyacrossall RANKINGS fiverankings.All of itsprogrammes areinthe European top10

Several French schools showed progress, some regaining ground they lostlastyear. EdhecBusiness School recorded thegreatestrise, climbing11 places to 14th. Theschool dropped eight places last year when it did not appear in the EMBAranking due to alow response by alumni to the survey. Its2016position is its highestinEurope since the ranking began in 2004. Other notable performances include EMLyon Business School and Rotterdam School of Management, in the Netherlands. TheFrench school EU key climbed nine places to 20th, recovering Total from adrop of 15 places the previous year,while the Dutch school is back in Non-EU the top 10 for the firsttime since 2013. Because this is arelative ranking from the UK based upon the aggregated performances across five rankings, agood score in one or twodoes not automatically mean abetter placing overall. So for exampleStockholm EU-27 School of Economics moved up eight 21,197 and 13 places respectively in the Number MiM studenttss European ranks for EMBAand MiM but still fell twoplaces overall. SSE does of schools not have aranked MBAand so is ranked on four courses instead of the maximum five, limiting its overall score. Four schools are ranked for the first 61 time: twofrom France and one each from the UK and the Netherlands. Université Paris-Dauphine is the highest Averraagge newentrant, in 74th place. raankingnking poinpoints 4,226 TheUKisaleading centre for business education in Europe, alongside France. Following the UK’sreferendum vote to leave the EU,how does business 100 education in the UK compare with the 76 ...... (0.4% of all restofthe region? In termsofnumbers, the ranking features 20 schools from the students) UK,61fromthe 27 EU nations and nine from the restofEurope. UK schools are Faculty MBA+EMBA studenttss far more international than their EU counterparts, with British facultyand students in aminority. 7,599 4,825 Half of the 54 per cent of UK faculty who are from overseas come from the EU.Only 2per cent of the facultyin the EU-27 are from the UK.Student SSELL BIRKETT numbersfollow the same pattern. About RU 90 per cent of MiMstudents and 80 per 2,558 cent of MBAstudents in the UK are not 1,292 RAPHIC: British. They aremostly from Asia but ;G nonetheless EU-27 students account for TA 18 per cent of MiMstudents and 13 per DA cent of MBAparticipants. Meanwhile, FT 149 ...... (2% of all 112 ...... (2% of all less than half aper cent of MiMstudents and 2per cent of MBAparticipantsin faculty) students) the EU-27 are from the UK. SOURCE: FT.COM/BUSINESS-EDUCATION 25 European business schools

TopEuropeanschool: TopinSpain: IE BusinessSchool London BusinessSchool TheMadridschool is topinSpain This is thethird year in arow at thetop of the outperformingits twomaincompetitors rankingfor LBS, whichheldonto itsEuropean from Barcelona, Esadeand Iese.IEand lead despite twoofits programmes dropping Esade sharedjointfifth placein2015 butIE behindInsead’s. LBSlost itsclaim to offer the movedupone placetofourth whileEsade best MBAinEuropeinJanuary after Insead fell to sixth. IE maintained itspositionin RANKINGS topped thatranking, andits jointexecutive theMBA rankingand dropped only one MBAcamebelow Insead’sjointand single position in theEMBAranking, whileEsade programmes.Nonetheless,LBS recorded lostplacesinboth. Iese,ontheother handis averystrongperformance across all FT ranked number onefor Executive Education rankings,withall itsprogrammes makingthe butlost points fornot havingaMasters in European top10. —Laurent Ortmans Management. —LO FT EUROPEAN BUSINESSSCHOOL RANKING 2016 Thetop schools(continuedoverleaf) MBA2016EMBA2016# $) $) nk nk y( y( ra ra oda oda 3-year ncrease (%) yt yi yt pean Rank Rank Rank average pean ro ro lar lar 2016 2015 2014 rank Business school Country lar Sa Eu Sa Eu Sa 1 111London Business SchoolUK2154,150 100 10 (4)*** 205,661 (227,510) 2 222HEC Paris France6134,299108 2328,668 3 354Insead France1166,510963(1)*** 255,233 (327,140) 4 534IEBusiness School Spain 4159,266 104 6244,817 5 465UniversityofStGallen Switzerland21112,940 60 25 161,523 6= 545Esade Business SchoolSpain 8132,119 11717** 205,320 6= 787SDA Bocconi/Universita Bocconi Italy 9122,955 116 36 145,697 8 878IeseBusiness SchoolSpain 7140,185 121 7255,542 9 999IMD Switzerland5157,4398314272,444 10 13 11 11 Rotterdam School ofManagement,Erasmus UniversityNetherlands 17 107,9988128(15)*** 127,482(204,112) 11 10 10 10 UniversityofOxford: Saïd UK 10 136,959 81 5244,828 12 11 12 12 ESCP Europe France/UK/Germany/Spain/Italy 8202,554 13 14 29 19 UniversityofCambridge:Judge UK 3156,323 95 9208,539 14 25 17 19 Edhec Business SchoolFrance26106,761 66 48*106,428 15 15 16 15 Vlerick Business SchoolBelgium 33* 97,976 70 34 127,487 16 12 13 14 Imperial College Business SchoolUK11112,301 83 18 142,772 17 20 26 21 Grenoble Ecole de Management France2893,680 80 33 114,589 18 16 15 16 Essec Business SchoolFrance23** 145,224 19 18 18 18 Mannheim Business SchoolGermany19109,622 79 23** 145,224 20 29 14 21 EMLyonBusiness SchoolFrance36* 86,136 43 40 125,251 21 16 21 19 ESMT Berlin Germany23107,234 62 18 164,650 22 19 19 20 Warwick Business SchoolUK18112,287 70 12 155,488 23= 23 23 23 Tias Business SchoolNetherlands 32*90,1677441119,042 23= 26 25 25 CatólicaLisbon SchoolofBusiness andEconomicsPortugal 15** 123,584100 52*,** 109,110 23= 28 28 26 Nova SchoolofBusiness andEconomicsPortugal 15** 123,584100 52*,** 109,110 26 21 19 22 CityUniversity: Cass UK 13 121,4028216168,312 27 24 24 25 Eada Business SchoolBarcelona Spain 39*88,4487251* 91,480 28 26 26 27 Stockholm SchoolofEconomicsSweden/Russia 29 135,012 29 36 35 33 UniversityCollege Dublin: Smurfit Ireland 25 107,185 73 42 119,770 30 21 22 24 Cranfield SchoolofManagement UK 20 116,604 64 47 124,834 31 32 29 31 AaltoUniversityFinland 30 142,113 32 37 34 34 WHU Beisheim Germany35* 98,8615013** 186,522 33 30 29 31 Kedge Business SchoolFrance11197,229 34 31 32 32 UniversityofStrathclyde Business SchoolUK2299,450 91 21 171,277 35= 41 38 38 BI Norwegian Business SchoolNorway 44 (20)*** 142,623(195,681) 35= 34 45 38 Copenhagen Business SchoolDenmark 34 99,145 32 27 147,517 37 35 36 36 HenleyBusiness SchoolUK26150,299 38 40 38 39 NHH Norway 49* 110,886 39 39 37 38 Manchester Business SchoolUK14117,918 96 40 33 32 35 HHL LeipzigGraduateSchool of Management Germany41* 82,918 41 39 114,430 41 38 47 42 Nyenrode Business Universiteit Netherlands 38*82,58243 42 45 38 42 PolitecnicodiMilanoSchool of Management Italy 42*69,9904850* 111,378 43 43 42 43 WU (Vienna UniversityofEconomicsand Business)Austria 22** 157,377 44 45 42 44 Antwerp Management SchoolBelgium 42 152,265 45= 44 44 44 HECLausanne Switzerland 45 118,456 26 FT.COM/BUSINESS-EDUCATION RANKINGS Keytothe 2016ranking

Weightsfor rankingcriteria areshown in brackets as a TopinPortugal: Católica&Nova percentage. Thetwo Portugueseschoolsare ranked joint23rd(with Tias in theNetherlands). The MBA(25) schoolsare less than 2km apart in Lisbon Europeanrank: position among European schoolsthattook andare friendlyrivals.Theyjointlydeliver part in the2016FTglobal MBAranking. afull-timeMBA —the flagshipprogramme, Salary today$:averagealumnisalary three yearsafter ranked 15th in Europe —and an executive graduation, in US$adjustedfor purchasingpower parity (PPP). MBA. Católica does better inexecutive Includes weighted data from thecurrentand two previous education whileNova leadsinthe Masters years, whereavailable. in Management.Católicahas previously Salary increase: percentageincreaseinaverage alumni outperformNova in theEuropeanranking salary pre-MBAtotoday, three yearsaftergraduation.Includes butthe gap hasbeen closingand they could weighted data from thecurrentand twopreviousyearswhere notnot be separatedthis year. —LO available.

EMBA(25) Executive Masters in Education Europeanrank: Position among European schoolsthattook Management2016† 2016 Faculty‡ part in the2016EMBAranking. Salary today$:averagethree yearsaftergraduation,inUS$ %) te adjustedfor purchasingpower parity.Includes weighted data y( ra to

%) from thecurrentand twopreviousyearswhere available. cult $) y( fa nk

grammes Salary increase: percentageincreaseinaverage alumni salary y( ra cult ro ith doc

fa pre-EMBAtotoday, three yearsaftergraduation. Includes oda ncrease (%) yw mp yi yt pean weighted data from this andtwo previousyearswhere to nk 2016 ro lar lar male cult available. Sa (%) Ra Eu Sa Open programmes Cus Fe International Fa 47 (54) 678,156 7427 86 100 1 54 289,7934 21969100 2 MastersinManagement (25) 52 (63) 6616 95 97 3 Europeanrank: position among European schoolsthat 45 781,491113862984 41 1101,50219201580100 5 participatedin2016FTMiM ranking. 38 967,810 3103540926 Salary today$:averagesalary three yearsaftergraduation, 50 11 69,982 20 53730956 US$adjustedfor purchasingpowerparity.Includesweighted 64 2126 76 100 8 data from thecurrentand twopreviousyearswhere available. 43 1316 95 100 9 50 (74) 573,364 34 31 24 49 100 10 Executive Education 70 5131858100 11 73 473,592121435739712 Open programmes (12.5): Position among European 71 15 24 20 84 98 13 schoolsthatparticipatedthe FT rankingofopen-enrolment 30 15 61,138 25 15 36 41 89 14 programmes in 2016. 52 28 61,748 13 17 31 22 96 15 Custom programmes (12.5): Position among European 63 18 60,531 28 30 93 100 16 schoolsthatparticipatedthe FT rankingofcustomised 72 13 60,840 27 36 44 47 83 17 programmes in 2016. 46 385,365 9932 53 99 18 46 14 82,710 836248519 27 23 60,044 22 22 31 46 97 20 Faculty 53 8122080100 21 Femalefaculty: percentageoffemalefull-timefaculty. 96 32 53,618 32 77 100 22 International faculty: percentageoffull-timefaculty whose 45 53 51,488 31 26 25 40 90 23 citizenshipdiffersfromtheir country of employment. 48 46 44,989212130409523 Faculty with doctorates: percentageoffull-timefaculty with 48 16 50,715 29 29 37 35 100 23 adoctoral degree. 69 34 58,60126809426 46 28 58,804 23 23 35 55 71 27 55 25 60,681 14 16 26 35 99 28 Footnotes 43 20 58,377323848100 29 ‡Dataare providedfor information only;mostrecentpublished data are 42 16 728539430 given. #Figureinbrackets refers to data from second programmefor schools 50 45 56,717 18 27 35 21 97 31 with morethan oneprogrammeranked. 58 998,3602729100 32 1034750,182353726449233 *Schoolwas notincludedinthepublished2016ranking. 78 51 51,027 37 46 80 34 ** School participated in this rankingonthe basis of ajointprogrammeonly. 32 (89) 63 58,234282525297435 Underlyingscore basedonproportion of total score. 44 32 65,089 33 40 90 35 *** School participated with morethan one programmeinthisranking. 60 75 48,456 10 17 47 48 88 37 Underlying scorebased on combined scores. 38 57 61,029 23 33 28 29 95 38 Theheavier horizontal lines denote thepattern of clustering among the 67 46,896 19 37 43 89 39 schools, basedonsignificant differencesinrankingscores. Thetop 13 53 19 87,800 18 18 100 40 businessschools,fromLBS to UniversityofCambridge: Judge, form the 53 61,295 26 32 26 13 95 41 top group. Thesecond groupisheadedbyEdhec BusinessSchool, about 61 69 42,144 37*3535127742 100 points above Birmingham BusinessSchoolatthe bottom of this group. 39 863,94839269643 The17schools in thethirdgroup areheadedbyUniversité Paris-Dauphine. 32 26 55,696 27 43 92 44 Some 185pointsseparateLondon BusinessSchoolatthe top from theschool 22 27 64,4472480100 45 ranked number 90. FT.COM/BUSINESS-EDUCATION 27 European business schools

Highestnew entrant: Université Biggestdrop: University of Bradford Paris-Dauphine School of Management Of thefourschoolsranked forthe first time Theschool in northern Englandhas dropped in 2016, theParisian universityishighest 41 places to 83rd.This combined ranking in 74th place. Thesefourschoolsall joined is based on thequality andbreadth of thetop 90 thankstotheir performance postgraduate programmes,soschoolsmust in September’sMasters in Management featureinall rankings to maximise points. RANKINGS ranking. Paris-Dauphine’sMiM is ranked Bradford came 31stlastyearfor itsMBA and 50th inEurope. “MIB Dauphineisincredible 48th forits executiveMBA butdropped outof thankstothe apprenticeship, whichallows both duetoalownumber ofgraduatesanda us to work in prestigiouscompanies such lowalumni survey response rate.Its Masters as Microsoft,HPorLouis Vuitton,” saidone in Management dropped 15 places in the graduate surveyed forthe ranking. —LO. European standingto66th. —LO FT EUROPEAN BUSINESSSCHOOL RANKING 2016 Thetop schools MBA2016EMBA2016# $) $) nk nk y( y( ra ra oda oda 3-year ncrease (%) yt yi yt pean Rank Rank Rank average pean ro ro lar lar 2016 2015 2014 rank Business school Country lar Eu Sa Sa Eu Sa 45= 45 41 44 Kozminski UniversityPoland 35 152,985 47 49 63 53 Toulouse Business SchoolFrance38129,560 48 53 47 49 LancasterUniversity Management SchoolUK11106,638 111 49 50 53 51 Durham UniversityBusiness SchoolUK2498,02977 50= 53 47 50 Neoma Business SchoolFrance37* 68,25080 50= 55 71 59 UniversityofEdinburgh Business SchoolUK2999,144 66 52 48 46 49 Ashridge UK 53 56 54 54 Leeds UniversityBusiness SchoolUK2989,20279 54 51 47 51 EBSBusiness SchoolGermany 55 60 --FrankfurtSchool of Financeand Management Germany37139,022 56 52 47 52 Solvay Brussels SchoolofEconomicsand Management Belgium 57 59 56 57 Skema Business SchoolFrance 58 56 47 54 UniversityofBath SchoolofManagement UK 29 97,908 55 59 58 55 57 Iéseg SchoolofManagement France 60= 63 62 62 Audencia Nantes France 60= 63 65 63 Maastricht UniversitySchool of Business andEconomicsNetherlands 62 62 59 61 PortoBusiness SchoolPortugal 54*78,620 63 -56- ESCRennesFrance 64 60 61 62 St Petersburg State UniversityGSM Russia 65 69 66 67 Louvain School of ManagementBelgium 66 72 72 70 ICN Business School France 67= 66 60 64 Télécom Business SchoolFrance 67= 68 64 66 ESCMontpellier France 67= 66 67 67 KoçUniversityGraduateSchool of Business Turkey 31 172,704 67= 74 75 72 IAE Aix-en-Provence, Aix-Marseille UniversityGSM France 71 73 --ESSCA SchoolofManagement France 72 65 67 68 UniversityofZurich Switzerland32132,494 73 70 69 71 Birmingham Business SchoolUK27103,344 71 74 ---UniversitéParis-Dauphine France 75 75 73 74 Sabanci UniversitySchool of Management Turkey 45 149,244 76= 71 76 74 La Rochelle Business SchoolFrance 76= 79 --Normandy Business SchoolFrance 78 76 74 76 UniversityofCologne, Faculty of Management Germany 79= 83 --Burgundy SchoolofBusiness France 79= 85 --Aarhus SchoolofBusiness Denmark 81 76 80 79 Hanken SchoolofEconomicsFinland 82 79 79 80 Corvinus UniversityofBudapest Hungary 83= 42 58 61 BradfordUniversitySchool of Management UK 83= 82 77 81 WarsawSchool of EconomicsPoland 83= ---EMStrasbourgBusiness SchoolFrance 86 84 --ESC ClermontFrance 87 ---UniversityofExeterBusiness SchoolUK 88 81 77 82 UniversityofEconomics, Prague Czech Republic 89 76 --Nottingham UniversityBusiness SchoolUK39* 77,870 46 90 ---TilburgUniversityNetherlands 28 FT.COM/BUSINESS-EDUCATION Methodology RANKINGS

TopinCzechRepublic: University of his is the13thannual Financial Economics, Prague Times ranking of European business TheUniversityofEconomics in Prague is T schools. It is based on the combined oneofahandful of institutionsfromeastern performance of Europe’s leading schools across Europe in theranking. It is also theonly the main rankings of programmes published institution notaccreditedbyEquisorAACSB, by the FT in 2016: MBA, executiveMBA, normally aprerequisitefor beingranked. masters in management and non-degree However, it is includedasamember of the executive education programmes. Theonline Cemsalliance of 30 businessschoolsthat MBA, masters in finance andtop MBAs for delivers aglobal MastersinManagement. Its entrepreneurship rankings are not included. MiM ranked72ndinEurope, down 10 places AEuropean rank is produced for each type compared with the2015ranking, which of programme. Theschools’ performances in the includedanextra 10 schools. —LO MBA, EMBAand MiMrankings accountfor 25 per cent each. Forexecutive education,the scores obtained for customised andopen programmes Executive Masters in Education each account for 12.5 per cent. Management2016† 2016 Faculty‡ Theranking measures the schools’ quality and breadth of programmes. Schools must %) te participate in all five rankings in order to be y( ra

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fa of the total score. oda ncrease (%) rankings at yw mp yi yt pean ft.com/rankings An indexed scoreiscreated for each ranking. to nk 2016 ro lar lar male cult These scores are then added together,according (%) Ra Sa Sa Eu Open programmes Cus Fe International Fa 56 38 74,664 34 22 90 45 to the weighting outlinedabove, creating a 73 36 54,66340429247 combined total for each school. This overall score 64 38,49631549448 is divided by thenumberofrankings in which a 49 56,570 34 67 98 49 30 53,407 44 57 89 50 school features to calculate an averagescore —a 48 49,731 40 58 91 50 derived measure of quality. This is added to the 17 11 48 36 38 52 combined total score to generateafinal score by 56 41,805 38 48 89 53 which the schools are ranked. 12 82,633 392424100 54 Scores are notsimplybased on aggregation of 38 36 34 16 20 100 55 published ranking positions. They are calculated 40 55,168 30 21 35 94 56 23 54,2823847408157 using Z-scores,formulaethatreflectthe range 73 40,204 34 65 98 58 between the topand bottom school,for the 16 49,776 47 87 100 59 individual criteria thatmakeupeachcomponent 21 62,150 49 40 81 60 ranking. 22 60,978 22 50 99 60 36 33 30 30 77962 Thefollowing rules are specific to the FT 31 53,669 33 85 82 63 35 53,530 50 59164 composite European ranking: 37 57,497 35 24 100 65 • Programmes thatwere ranked outside the 39 50,217 48 48 85 66 published table(outside the top 100 MBA 41 51,434 49 44 80 67 programmes, for example) are taken into 41 45,88448529167 consideration. They are those shown in the table 55 43 27 100 67 with an asterisk; 41 49,170 44 15 90 67 • Schoolsranked with ajoint programme receive 44 51,956 36 51 91 71 30 14 85 100 72 aproportional share of the programme’s indexed 32 46 94 73 score. Forexample, Insead receives50per 50 51,992 40 22 91 74 cent of thescoreachieved by itsjoint EMBA 39 45 10 100 75 programme delivered with TsinghuaUniversity; 52 46,494 55 48 65 76 • If aschool is ranked more than once in the 55 45,669 46 37 72 76 sameranking, acombined weighted score is 58 70,708 20 78878 59 45,580 47 46 81 79 awarded. Forexample, Insead receives 50 per 60 58,506 37 23 93 79 cent of thescore achieved by itsown single 61 49,743 38 19 93 81 EMBAprogramme (already having50per cent 62 45,495 44 68082 of the score achieved by its jointprogramme); 66 38,838 45 33 83 83 • Finally,schools must have aminimumweight 65 45,374 44 19583 of 25 per cent to be eligible. Forexample, schools 68 45,293 55 22 76 83 ranked in onejoint programmeonly will notbe 69 45,919 58 44 72 86 71 44,88932488287 considered. — LO 72 38,74538983 88 40 42 89 89 Judith PizerofJeff Head Associates acted as the 74 49,938 20 40 91 90 FT’s database consultant FT.COM/BUSINESS-EDUCATION 29

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IN on horses

Anew MBAispreparingstudentsfor lifeinthe rapidly modernisinghorseracingbusiness. ByJanina Conboye

hen Mark Goddard proximitytoAintree,home of the was at university world’s most famous steeplechase, the he dabbled in a Grand National, was also aplus. little betting on As thehorseracing industry expands W the horses. As his globally, notably inNorth Americaand fascination grew, he bought aracehorse the UnitedArabEmirates, the BHA —then another.Henow has twohorses andHBLBare keen that the UK in training and an ex-racehorse as a shouldbeaworld leaderinthe broodmare. But he only came across the business. (The University of Arizonain Thoroughbred Horseracing Industries theUShas beenrunning itsracetrack MBAatthe UniversityofLiverpool’s industry programmefor graduates Management School thanks to asharp- since 1974.)Costersaysthere is aneed eyed friend. to develop people withthe business “Hesaw an advertfor it in one of the skills forall aspectsofthe industry, broadsheetnewspapers,”Goddard says. whether it is runningastud farm, “Hetook apicture of it on his phone managingaracecourseorworking in and sent it to me… and it sounded thebetting sector. really interesting.” Thedemands of Britain’s racegoers Goddard hadalreadysoldone have also changed. Racecourses across successful healthcare business and is the UK are looking for newwaysto currentlymarketingdirector at Wright attractcustomers and increase revenues. Medical UK,anorthopaedic supplies TheMBA’s racecourse and event company. He felt the MBAwould management module, for example, complement hiswork experienceto does not simply teach how to put on a help him move into the horseracing race meeting; it makes students aware industry. “Itisdifficult to break into of broader trends in events, focusing when you’re45and haven’t worked in on racecourses and whatmight be it before, so theMBA is agood route done with those venues on non-race in,”hesays. days. Themed race meetings are He has joined in the firstintakeon also becoming popular,withcourses the programme, setupinpartnership providing racing as partofareal ale, with the British Horseracing Authority cheese or music festival, for example. (BHA) and Horserace Betting Levy “There’s aneed to tap into the Board (HBLB). Theaim of thecourse, experience economy,”addsCoster, says Neil Coster,the MBA’sdirector so the MBAequipsfuture managers of studies, “is to bring the horseracing and executives with the knowhow to industryintothe 21stcentury”.This was maximise revenue. the main focus of the BHA and HBLB Thefirstintakeonthe MBAisjust when apartnership to provide the 11. Most are already working in the qualification was put out to tender. industry, but the course is also aimed Liverpool’s Management School at those likeGoddard, who have a was chosen in 2014;its “world-class demonstrable interestinracing but veterinarycentre” was cited as one of the advantages,saysMorag Gray, ‘There’s aneed [for the whoatthe time was an independent industry]totap into the director at theBHA andnow does consulting workfor it. Theschool’s

experience economy’ PHOTO: TOM PILSTON 32 FT.COM/BUSINESS-EDUCATION In thesaddle: IN MarkGoddardhad not workedinthe industry before SIDE startinghis MBA

have not worked in the sector.Fees are significantly lower than for many MBAs,at£15,000 for UK students and £21,500 for those from overseas. In addition to topics likemarketing and finance, the programme gives tuition on horse welfare and ethics in areas such as breeding. Coster says that while students include people from stud farms, who have day-to-daycontactwith horses, others do not work directly with the animals and need further insight. TheMBA includes a“behindthe scenes” race day—ahighlight of the course for Goddard. At Haydock Park, near Liverpool, he had achance to see what, for example, ageneral manager does, or arace-starter or avet. “This access was veryopen and honest,”Goddard adds, “and gave us averygood understanding of the complexities of running arace day.” Thereare downsides. TheMBA is part-timeand Goddard finds balancing afull-time job with coursework a challenge.Healsowishesthatmore information hadbeen available before he started the course about the studyprogramme and potentialjobs. This waslimited because he is inthe first cohort. Theexpectation is thatonce students graduate, theywillsecure a management position, although salaries vary.Ajob in horse welfare is of course likely to command alower salarythan senior roles in organisations such as the BHA and the HBLB. Goddard points out thatifthose positions in the “upper echelons of racing are paying anything less than £100,000, theyare not getting the right people”. TheMBA has not attractedtoo manyvocal sceptics, but there are those in the industrywho are less open to changeand do not see aneed for such aqualification. “Theydothings in acertain wayand think it should always be done thatway,” says Coster. “Racecourses can be alittle less forward- thinking. One course still does not even sell advance tickets.” BHA consultant Gray also highlights the traditionalism of the racecourses at atime when thebusiness has become increasinglyglobaland more sophisticated. “Top-class human resources are needed,”she says. FT.COM/BUSINESS-EDUCATION 33 From thedrawingboard Theright ingredients SIDE IN

Foodiesare findingataste foranonlinechef-bookingservice launched by twoformerclassmates. By Jonathan Moules

tephen Leguillonand them with what Leguillon says was one GiorgioRiccò livedfor a of their biggest assetsatthe time,the year withnosalary, living alumni network. offtheir savings while It was at an annual event thebusiness S trying to figureout the best school holdsfor alumni-led start-ups, business model fortheiridea of fine called Made in ESCP,thatthe pairfound dining booked online.Onthe upside, their first investor,Laurent Sachs. His however,theyate likekings. ¤50,000 chequesupplemented the Thepair hadhit it offasmasters founders’ savings to getthem to launch in managementstudents at ESCP stage. They also found their product Europe business school in Berlin. manager,Frédéric Tan, who graduated a Theydecided aftergraduating to year after them fromESCP’s mastersin launch afood start-up together in Paris, management programme. whereLeguillon had connections and Theservice that the team eventually whichtheyfelt wasanideal market launched in March 2013 was an online for gastronomes. platform for booking privatechefs, Thefirstiteration of theirbusiness which theynamed La Belle Assiette involved deliveringfoodprepared by (meaning “the beautiful dish”). professional chefs, several of which Aturning point came ayear later, Appetite forgrowth: Leguillon knewfrom hisschooldaysin when forthe first timeaclient the StephenLeguillon, France. Whattheylackedwas enough founders did not know spent¤550to main pictures,and GiorgioRiccò,above customers to create acritical mass for book acheffor adinner.“This wasthe testing theservice, so the founders validation thatwewere bringingvalue to wouldinclude themselves on delivery clients andcould buildabusiness from addresses. “Weate alot of chef-prepared there,” Leguillonsays. Untilthen, they mealsfor thefirstcoupleofyears,” had tested thetechnology with orders Leguillon recalls. “I really didn’t cook from friends and family,amuch easier much myself.” group to reachthan outsiders. Leguillon had experience with food Anothersignal that they were doing start-ups, having co-founded atakeaway something right was that chefs were ordering service, Appetise.com, willing to paythe commission on whilestudying for an undergraduate bookingsthe service generated. management degree at Warwick Afew monthslater,the founders had BusinessSchool inthe UK. raisedafurther ¤250,000 fromangel Having returnedtothe student investors. La Belle Assiette nowoperates lifestyle at ESCP,the pair felt prepared in six countries,with 740caterers for the extendedperiodofliving offeringtheirservices to clients. These frugally that is thelot of thosecreating rangefromcatering for dinner parties companies fromscratch. and corporateevents to upmarket lunch “Launching acompanyright after boxes. Thebusiness has 28 employees graduation from universityisperfect,” and has raised ¤3m in three funding Leguillon says, adding that he turned rounds to financefurther expansion. down ajob offer from Bank of America This April,the companylaunched a Merrill LynchinLondon so that second servicefor its Paris andBerlin he couldhaveasecond attempt at customers:amarketplace for deliveries entrepreneurship. “You can always get ajob ayear or twoafter graduating, but leaving acomfortablejob tostarta ‘Food is universal —everyone companyisharder,” he says. understands it andbankers Businessschoolnot only brought the founders togetherbut provided definitely know about it’ PHOTOS: J PHOTOS: MAGALI DELPORTE/PICTURETANK 34 FT.COM/BUSINESS-EDUCATION IN from caterers. Thefounders hope to roll the service outacross La Belle Assiette’s other marketsinthe future. SIDE “Weare stillfocused on growing our business, so we are investing heavily in all markets and in our product,” Leguillon says. “Our main priorityisto bring this service to everyone, as fast as possible, so we are notyet striving to reach break-even, butknow how to get there if and when needed.” Thebiggest challengeishiring good people, according to Leguillon, who says thatthis takes about athird of his time. It is askill he is still learning, he adds, mainly by discussing hiring techniques with shareholders, his fellow founders and by spending alot of time interviewing. Passion,saysLeguillon, is the main ingredient thatmakes thebusinesswork. “It’ssuch hard work, thatyou need to love whatyou are doing,”hesays, adding thathehad been lucky to experience a lot of good cooking through his previous work as an investment banking analyst. “Food is universal, everyone understands it andbankers definitely know aboutit,”Leguillon adds. “That’s probably whybankers either run foodtech or fintech start-ups.”

Jargon buster: ‘. ..preneur’

Entrepreneursdonot makethings.Inventors do that. Butthe entrepreneurial community is responsible formakingalot of newwords,usuallybysnatching bits of old ones andforcingthemtogether. Themostjarringexample of this is thetackingon of “–preneur” to theend of otherwords,usuallyto emphasisesome newlydiscoveredtrend in agroup of peoplestartingbusinesses. An early exampleofthis wasthe useof “mumpreneur”, whichwas notonlyirritatingbut a littlepatronisinginthatitseemed to implyweshould be surprised thatmothers arecapable of doinga productive job whileraisingchildren. Presumably thefounder of the“oldpreneur” blog felt he washelping adisadvantagedgroup in the youth-worshippingworld of tech start-ups. Onecan only wonder what thewebsite foryoungpreneurs —for indeed thereisone —istryingtodofor the worldofstart-ups,given that itisaculturethat seems to idoliseyouth. Iamnot alone in my concern about the“–preneur” invasion.MattSmith, co-founder of theCentre forEntrepreneurs, aUKthink-tank dedicatedto promotingbusinesscreation, recently gotintouchto pointout theuse of theword“homeless-preneur” by aformercontestantonreality show TheApprentice (who saidhewould invest up to £150,000 in the right businessideafromahomeless person). Onecan only guesswhere thepeoplethis made-upwordrefersto wouldbeexpected to work on their businessplan. It feelslikeamoment to endthis madness. Theworld needsentrepreneurstofixproblems. However, theterm “entrepreneur” is notawordin need of improvement, so please, jargon creators, leaveitalone.—JM 35 Meet theDean Linked in SIDE IN GianmarioVerona’sBocconi University claims acalibreof connectionsfew schoolscan match, says Rachel Sanderson

his March, at Bocconi the facultywho began his two-year CV UniversityinMilan, Gucci renewable tenure on November 1. 1970 Born in Milan, chiefexecutive Marco In Italy,Bocconi’scredentials Italy

Bizzarri gave agroup of are second to none in its academic 1994 Graduated T management students a sphere. Alumni include manyofItaly’s with abusiness personal account of one of the biggest ruling class. Vodafone chiefexecutive administration stories in the luxuryindustryinrecent Vittorio Colao and JPMorgan Europe degreefromBocconi times: his turnaround of the famous chairman and former finance minister 1997-98 Research Kering-owned brand. Vittorio Grilli are Bocconi graduates. associate at Inthe front row was Gianmario Former European commissioner and Sloan School of Management,MIT Verona, Bocconi’sprofessor of technocratic prime minister Mario management and former chair in Monti is Bocconi’spresident. Stefano 1999 Obtained his market innovation, who lastmonth Sassi, chiefexecutive of fashion brand PhDinmanagement at Bocconi became rector of the university, one of Valentino, was lastmonth named the the leading institutions in Italy. university’salumnus of the year. 2007-13 Visiting professoratTuck ForVerona, 46, this kind of high- Just before the interview, Tommaso School of Business, level event is quite normal at Bocconi. Nannicini, under-secretaryofstate Dartmouth College Founded in 1902 by an entrepreneur to prime minister Matteo Renzi and 2008 Became as abusiness school and school of aBocconi professor,was to be seen full professorat economics, the privateuniversityhas standing in the courtyard of the Bocconi. His main ties to the country’sbusiness, economic university’smain building. research interests and political elite. MassimoDella Ragione, co-head of areinstrategic management “Family firms, particularly mid-sized Goldman Sachs in Italy and another of technology, firms, have always been connected with Bocconi graduate, argues that“the innovation strategies our business school and [we do] alot peculiarityofBocconiinthe Italian andintellectual of learning with them. This is partof market is thatitisveryprobably the propertyrights our historical legacy,”hesays, speaking only universityfor economics and 2008-10 Director of in his office, where the desk can barely finance with an academic programme thePhD programme, be seen for piles of books. aligned to professional market Bocconi But in changing times, with the requirements”. 2011-13 Director internetdisrupting traditional Della Ragione, amergers and of theMBA industries and education, Verona is keen acquisitions specialistwho holds classes programmeatSDA Bocconi Schoolof to introduce “a series of innovations that on investment banking on Bocconi’s Management give us additional energy”. MSc programme, says the vast majority Central to these is aplan to make of Italians working at Goldman Sachs 2014-16 Dean of faculty at Bocconi more of Bocconi’scombination of a are Bocconi alumni. business school and economics school, Theemployment ratefor MSc November 2016- present Rector creating an interdisciplinarymix graduates is 94.3per cent oneyear of Bocconi better able to generateinnovations in a after graduation, but as competition turbulent world and makethe university among the world’s top schools has Bocconi has 259 agreements with more relevant internationally. become borderless, another of universities, including Yale,Princeton, “You have here economists who Verona’spriorities is to stress Bocconi’s Cornell and the UniversityofChicago speak to political scientists. People in internationalisation. Theuniversity in the US.Itisalso expanding its information management who speak to has found offering courses in English so-called hybrid programmes, which economists, people in computer science is not enough. More students demand offer double degrees. Bocconi offers 26 who speak to people in marketing. This international exposure too. double-degree programmes, on which is crucial for the future,”hesays. To this end, Bocconi is giving many students spend ayear at Bocconiand “Whatisneeded todayare people who students the chance to study in another ayear at apartner institution —in understand big data. That comes from countryfor at leastone semester. China, for example. They graduate ONA not atraditional computer scientistor with twodegrees. OB

amarketing person. We need people ‘You have here economists who Verona sees Milanitself as another OL who have been exposed to both things. speaktopolitical scientists. lure for students and faculty. Thecity, PA This is where we are better than others,” Italy’s capital of business, finance, adds the newrector, aformer dean of This is crucial forthe future’ fashion and food, has been cleaned PHOTO: 36 FT.COM/BUSINESS-EDUCATION New angle: IN Gianmario Verona aims to give Bocconi SIDE “additional energy”

up in the pastfive years, especially in an attraction forstudents and teaching ‘Milan to me is avalue preparation for it to hostExpo 2015. staff, one he says will increase when “Milan to me is avalue proposition Bocconi opens acampus in 2018 that propositionfor peoplewho for people who want to come to Europe. will raisethe number of dorm rooms want to come to Europe’ There is ahighstandard of living in from 1,760 to nearly 2,100. Another terms of qualityoflife, the cost… is not “major opportunityfor continental adding thathehas gotused to students as high as Zürich or London,”hesays. Europe’s top schools” is offered by the looking at their smartphones or laptops There are 180,000 students across UK’sdecision to leave the EU,hesays. continuously while he is teaching them. several universities in Milan, acity On day-to-daybusiness, he muses “I used to have arule in my classes of with apopulation of 1.3m. ForVerona, on the challengeall universities face no computers. Then Irealised it was the student densityisanalogous with in teaching ageneration thathas anachronistic. But their attention is very Boston, where he lived in the 1990s grown up with the internetand sees widespread; they areexpertoneverything as avisiting scholar at Sloan School the smartphone as an extension of the and nothing, so you have to drag their of Management at Massachusetts arm —and brain. “Wehavetofind a attention to tell them whattodo, where Institute of Technology.Hesees this as waytoengagethem better,” he says, to go and how to surf,”hesays. FT.COM/BUSINESS-EDUCATION 37

Technology p42 Hopes &Fears p46 re Start-ups and Motherof data security invention vi

books All shookup

Reorganisationscan be costly if youget them wrong. By Morgen Witzel ew

etend, noted the Roman writer determined and goals for the reorganisation are Petronius, “to meetany new set, then comes the next vital step: getting buy-in situation in life by reorganising; from stakeholders. That means all stakeholders, and awonderful method it can not justshareholders. In theauthors’ view, the first W be for creating the illusion of and mostimportant stakeholders to win over are progress while producing confusion, inefficiency and the employees. demoralisation”. Most people who have been through They describe twocommon blunders: the “wait areorganisation will recognise the sentiment. and see” approach, when the leader tries to keep the As heads of consultancyMcKinsey’sorganisation reorganisation secretuntil all the details have been Reorg: HowtoGet practice, Stephen Heidari-Robinson and Suzanne worked out and then spring it on employees as a it Right, Stephen Heywood have been involved in hundreds of Heidari-Robinson surprise, and “ivorytower idealism”, where leaders reorganisations. They areinclined to agree with andSuzanne trytoo hard to sell the idea and are perceived as Petronius. “Over and over again we have seen the Heywood, Harvard inauthentic. It is important to communicate, but debilitating consequences of bad reorganisation BusinessReview leaders mustfocus on telling staffwhattheyneed to Press, £21.99/$32.00 processes thatled either to poor designs or poor hear,when theyneed to hear it, and on allaying their implementation,”they say. “Badlyrun fears. Honestyand sincerityare keyattributes. reorgs cause massivehuman stress and Gettingbuy-in from employeesisessential if any cost shareholders value.” reorganisationistosucceed; failing to do so will Their response to these disasters is Reorg, result in the disillusionment thatPetronius described. abook thattries todistil the lessons of good Onceemployees are persuaded, similar messages of reorganisation practice. At 256 pages, it is reassurance mustbesent to other stakeholders. not along book; as the authors point out, Thegroundwork having been laid, theauthors the principles are actually quite simple. then setout five steps forasuccessfulreorganisation. Thefirststep is todetermine First, be sure of the profit and loss. Be realistic about whether reorganisation is needed at all. costsand risks, andabout the timeframe. Second, Unfortunately,reorganisation has understand the current weaknesses of the business; become one of thosethings chief this is essentialtoafullunderstandingofrisk. Third, executives reach for when theycannot choose from arangeoptions; never have justone plan think of anything else to do, or in order to on the table. Fourth, “get the plumbing andwiring impose their authority. It is not uncommon right”;thatis,understand how the organisation really for incoming chiefs to reorganise in works and howbesttoimplement the plan. And order to “scent-mark” the business finally,monitor the reorganisation process closely and and makeitclear who is boss. makeadjustments if things seem to be going wrong. This, saythe authors, is It all sounds quite simple, but then as 19th-century amistake.“Reorgs need a Prussian general Carl von Clausewitz famously clear business rationale to said,“everyything in strategyisverysimple, but not

be successful, rather than one everything in strategyisveryeasy”. Doing whatthis Chain reaction:once leader’s desire to reshape the booksayswill be alot harder than reading it. And thebusinesscase world in his or her imageora Reorg is an easy read, digestible on ashortflight forareorganisation general feeling thatthings or train journey, and well written in plain English is clear,the next need to be shaken up.” with not too much consultant-speak. Anyone stageistopersuade stakeholderstobuy Once thatclear contemplatingareorganisation would do well to read into it,beginning business case is this book, if only to avoid the mistakes of the past.

PHOTOS: TOM PILSTON; ISTOCK; REUTERS with employees 42 REVIEW T h sof the about. concerned be to needs he or she something not are management risk securit protection, tha think to of founder the for tempting as such and hacked been had details tha world the 2012. in compromised logi the however it “until compliance of necessities the about smal Dropb hug some hittin withou by on on Yo It the perhaps the choosing have ge ac n sof and kid forg to tend entrepreneurs fired-up young, founders and area one is there venture, your and disruptive however But Berlin or Shoreditch St fo funk your for hosting ex tech Co FT rt citin ty Ru larg on is focus the When aapoeto n akn is hacking and protection Data opinesud lik sounds Compliance sometime omple .C stow r-p ar art-ups he un uint ou lc as ch softwar eSvre,c-one fCr of co-founder Syversen, ne OM gt ox et tw gm maistn o othink to not tend ompanies grow tw nd tight ’s Dropbo ev eheadlines he ,t In or xs bu:compliance. about: r iesn compan licensing are /B o late” too reve r licensin are oo eb eed ta ns uiggov furniture groovy buying ents, ha os ark et ry ubjec th tt mp n-up US sf sc ohrbgdt breach data big nother ece thi reaches tt iso 8 sr a been had users 68m of ails ag fo rostobei o onot do you if trouble erious yo no ab smar building sexy and fun much so is here udn,dvlpn an developing funding, ts ldi etme th September in aled es et ecmlxte fdata of complexities he sin in aries eel otbal ecomplexit he IN xorY ri n plan, ing out. ome ffi m month, ame t— sr ah to pond sl .Hep ein ce ES st yi tp el at ta ik gg lt uf c tha ack It ’s an nf gasy hal eo .T e hnth than her lo ho tmgtbe might it ahoo, ol,chasing eople, S- ha ead befo able sp ft Fr is as ra ic do Lo at it out, oints eehv been have here ED sy fa ha ec ad iedrichshain. ro es st go atu:hiring tart-up: ap fte ve nd ensin ud on do ou eth ne ay tofa a alone: ear utr and ructure ly tg gy ilo users’ billion UC om ul n oand to ing th ec yof as rotection ex rt ov on never e into oes Ya ex lw appened et ompanies ns y, citing ha AT tart-up stigh as at ’s lthis. ll posed. o told hoo ec hing ord says to yf can ION ool ay at go lo ffi and gasy or on, urniture ce. es wtoa tag me rul with co in at ha Ukranian Risk ou am No mp pa es asur yb pp rip to ve will ani edia do ughe usin mber es es re re co quire to es rs ck .N nferen s: co ecuri cia ers yt ew mp ty ce ly te PHOTO: REUTERS dat ul ti rmthe from in it build ac co edto lead size. their of regardless businesses, all and individuals securit data to concerns equally same apply the But date. to up are licences the whether and licensed is that how organisation, your in used ke sof about as it add esalchang small be £500,000. is ex he sigU aapoeto legislation protection data UK isting pinetnst nraetelonger the increase to tends mpliance aapoeto asapyto apply laws protection Data specifically talking is Syversen pn aso wha on tabs eping ompan as afi ab tw crt dan ecurity yisinb e h aiu ieunder fine maximum the ne; r asse are l-nlater. olt-on price Th ef at or sns,s ti ieto wise is it so usiness, ido u might sum of kind tm st ab ts ar of ngmn — anagement ig tr Ab tw compan at re r sbeing is are e hnto than her y. ac ge hc yb an rs ut ,w ri hudbe should data th after looking “pri is comply. to citizen anEU of data identifiable personally an require businesses UK for only in into force come to due is (GDPR) Regulation ne the investment. of early tranches or funding seed on relying up empt could it compliance te n fth of One Me Th sK o ar you en nhl,Bei notwithstanding, Brexit anwhile, va wEUG cy Ma ew at at yc ydesig by ee y2 regulatio ek ex eB h hea the ompan yt tutdwt as with ntrusted nrlData eneral riere ercise 01 ey es ecfesof coffers he 8. principles ev ecurit n” Th rt yt nisav ,w an sis is of ha adeso the of gardless hich —t yofp you th ac Pr ene he ast of nlsthe andles rc sa as ot ersonal nennot oncern GD ys ab ompan ection tart- wr th usiness PR at ul es y. Compliance anddatasecurity need REVIEW to be at theheart of abusiness: an empoweredchiefinformation officer is as importantasany C-suiterole

size of the business —and it carries Presumably theyare calculating thatit Apps to save youtime much heftier fines for non-compliance is cheaper to buy the crypto-currency than existing UK lawprovides for.The now,when the volatile commodityisnot Alto exactsizeofany fine will depend on the being pushed up by people panic-buying Android, iOS, free severityofabreach, but if it is serious it to payoff cybercrooks, than it is to altomail.com Thereare goodnessknows how enough, abusiness could face afine spend moneystrengthening IT systems. manyemail apps in theapp stores, andas of up to ¤20m or 4per cent of global Businesses grapple with the question someonewho livesand dies by Outlook, Iam turnover,whichever is the higher. of whether it will costmore to build up hardtoconvince on thevirtues of theothers. Data protection is as much arisk- cyber defences, or whether it would be Alto,however, is surprisinglygood, especially management exercise as it is about IT.It cheaper to ignore the complexityand when youconsiderthatitisdeveloped by AOL, acompanythatisthe clunkyepitome of Web1.0. is acommonmistake in organisations of cost of improving their data security It does all theusual things —folders, threaded all sizes not to realise thatand to leave regime and simply cough up if they viewsand so on —but whereitstands outiswith it to the IT department, rather than suffer abreach and are hit with afine. itsCards andStacks. Theformerpulls items such making it central to general strategy. Whichever you decide, thatisnot as receiptsorflight details into onescreen so that youcan seethemwithout havingtosearch your Notall risk management around the sortofdecision you should leave to inbox. Thelatterfilters emails by items such as data securityisaseye-catching as the the IT department. Theyoung founder likephotosand files so that again youcan find news thatbanks have been hoarding needs to put compliance and data them quickly.Itdoesthiswithoutyou havingto bitcoin to payransomware demands. securityatthe heartofthe business: an do anything. It is smart-learningand turns the empowered and knowledgeable chief humble email client into somethingtruly useful. information officer is justasimportant as anyother C-suite executive —even if Google Trips your C-suite is less asuite than acorner Android, iOS, free of awarehouse in Shoreditch. get.google.com/trips As with email apps,there are It is here thatstart-ups have an thousands of travel apps to choose from.Google, advantageover bigger, older businesses, however, has done somethingvery niftywith especially those thathavehad to make Trips: give it access to your email andthe dates the transition from analogue to digital. of your tripand letitsuggest itineraries based Those “legacy” organisations have had to on your information andondatagleaned from millionsofsmartphones. So notonlywillitpull graftdatasecurityand compliance on to together information from your email about established ways of doing business. Or flights dhan otelbookings, it will alsoplan an theyare stuck with aless than ideal set- itinerary to work outthe best route, then factor in up thathas evolved over time and would howlongpeoplegenerallyspendateachlocation andofferthe best ways to travel between them. costafortune to replace. It is perfect if youhaveanafternoon offbetween Atellingparable forthatscenario is meetings andwantaflavourofanew city in an the saga of HillaryClinton’semail server: efficient, geekybut hugely satisfyingway. theClintons started offwith asingleMac in theirbasementinNew York statethat Flio was pressed intoserviceasamail server. Android, iOS, free Afew hardware andsoftware upgrades flio.com If youspendalot of timeinairports and amovetoaNewJersey data centre thismight be helpful. It pulls together airport later,and the Clintons were theownersof information suchashow to navigate an airport aramshackle set-up, oblivioustothe (nosmall feat in some of thesprawlingglobal runningand problemsofit. hubs),placestoeat,location of loungesand That thiscamebacktohauntClinton more. It also offersmoney-off vouchers for airside andlandside shopsand restaurants and during herbid for theUSpresidency is access to WiFi.Under the“Arrivals”tab you’ll find auseful reminderthatprotecting the information on services such as showers,local personal data youare entrusted with cabs and othertransport options. Of course,itis should be at theheart of yourthinking basicallyagiantaffiliate marketingscheme, butit probably providesenough useful, well-organised and your company. If thereisone thinga information andvouchers to makeitworth your funkyyoung business should be,itis whiletohandoveryourdataifyourworkinglife agrown-up about data security. takes youthroughtoo manyairports.—KB FT.COM/BUSINESS-EDUCATION 43

We asked European COM ThinkinThinkingga aheadhead alumni: what is the most importantskill

or traitneeded to MUNITIES future-proofyour career —and why? By WaiKwenChan @waikchan

No career is future-proof.The only Networking. Knowing people in the Abasic understanding of waytostayrelevant is to keep industrywho canhelp youintimes coding and application learning and keep adapting so of change is critical. When Imade a development.Understanding you’re alwaysproviding added recent career change, the network howtocapture[computers’] value above the constantly waswhat mattered. Astrong powerisincreasingly important rising norm. The dayyou stop is supportsystemwill ensureyou will to identifying opportunities. the dayyou accept guaranteed alwayshavefutureopportunities. Director,professional obsolescence. Chief executive Executive vice-president services company

Curiosity—theburning desiretounderstandwhy Salesmanshipisan Stamina —oryou aren’t going essentialtrait[inany anywhere. Financial and thingsarethe waytheyare management consultant andthe drive to usethe career].Ifyou’re able to sell, knowledgetofind abetter you’re more likelyableto way. Managingdirector sellyourselfastheright hire, sellyourbusinessidea to investors, sellyour The most important skill is to be able to balance your health, company’sproductsor Managing up and down effectively.As family and work —with your ORDON youprogress in your career,the ability services. Ifallelsefails, health being the number one AG to lead becomes less about marshalling beingatopsalesperson priority. Youwill have no career if youdonot have your health. forces yourself and enabling othersto willalmostalways pay. succeed. Physician Senior development manager Businessowner PHOTO: ANN

Start-upstories Talesfromthe Video From thefutureoflifelong entrepreneurial frontline. Aseries learningand theimportance of Read on,online diversityinbusinessschools to of podcastsinwhich business educationcorrespondentJonathan leadershiplessons from golf and Moules speaks to founders of interviewswithdeans. ft.comhasawealthofresources newbusinessprojects about their ft.com/bized-video experiences ft.com/start-up-stories to enhanceyourknowledge of Lexicon Searchingfor thedefinition businesseducation MBAbloggers More than 20 student of abusinessterm?Browse thousands bloggers around theworld sharetheir of wordsand phrases andsuggest new experiences. ft.com/mba-blog terms forthe glossary. ft.com/lexicon

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ft.com/business-education/community |@ftbized |[email protected] FT.COM/BUSINESS-EDUCATION 45 Sarah Cook ‘The dean madeagreat pointthat families andclose friends are Motherofinvention essential to ourachievement’ EARS &F ES JugglingEMBAstudies andthe arrivaloftripletsrequired supportand improvisation

HOP was alittleshell-shocked when Iwalked back into my corporate finance class tdtha ay:Iknew Iwould havetostudy while I pregnant, but Ihad justfound out it was triplets. My husband and I were elated but nervous —Iwas afew months into my two-year executive MBA. My school, Oxford Saïd, offered to postpone my graduation by ayear, but Ithought, “You know what? Ilovemy classmates and working with them, so Ijustwanttosee this through.”I had signed up to the course to build cross-cultural relations with people and companies, visit industries worldwide and apply this to my role as global marketing director at Oxford University Press —and Idid not want to delayit. Iwent in with my eyes open, but with afive-month-old daughter and a full-time job, going back to school was challenging. This was before Iknew Sarah Cook is families. Indeed, some of my classmates term, Iwant to explore the intersection Elizabeth, Reid and Benjamin were on global marketing also had babies during the course. between education and technology. their way. director at Oxford Accommodations had to be made. I AprojectIdeveloped for my social UniversityPress. Idecided to front-load my electives Shegraduated with was so heavily pregnant during an exam innovation class, which looks at how to once we gotthe news, so by the time the an executive MBA that Icouldn’t even sit at the normal getmore girls into computer science in babies arrived, the bulk of the work was from theUniversity desks. My collegeset me up in aseparate the UK,particularly in higher education, done. Ialso chose modules thatrequired of Oxford’s Saïd room where Icould stretch my legs. But is something Iamworking on now. less travel. But Istill had to write around BusinessSchool, Ireceived no special treatment for the It is toughtocomebacktowork receivingthe 25 assessed pieces of coursework and dean’s award assignmentsIhadtodo—and rightly so. with four veryyoungchildren.It sit three examsincorporatefinance, foroutstanding Finding time to study was feelslikewe’re still scrambling every accountingand microeconomics. academic challenging. During the pregnancyI morning, butitisjustabout figuring Ifeltluckytowin the dean’s award achievement studied everyday and found it distracted out thenightbeforewhatthe coming for outstanding academic achievement me from the discomfortIwas in.Once daywillbelike. at our graduation in September. the babies were born, Imight have Iamsad thatthe course is over,but Te school took good care of me, wanted to relax one evening, but it quite honestly,Iamlooking forward to academically but also through the wasn’t going to happen. Everyday,there simple things: catching up with friends kindness of individual staff. But the was agolden period between 7pm and and movies, and reading for pleasure. dean made agreatpoint in his speech: 9pm, when the babies had gone to bed, Whatwould Isay to someone in a families and close friends are essential where Iwould justcrack open the situation similar to the one Iwas in? to our achievement. books. Ithink Ibenefited from the sense Apartfrom astrong sense of focus, Iwas luckytohaveanincredible of discipline classical dancing taught me the supportofclose ones and adesire personal network, including my husband from ayoung age. to learn, it is essential to maintain the and our parents. They werethere tocheer Iamback to full-time work after self-beliefthatyou can do it. It seems me on and help me find time to study. my maternityleave. Iamkeen to share insurmountable at times, but having My coursemates were also encouraging. with the team at OUP whatIlearnt in this conviction is extremely important At firsttheywere like, “Oh my God, the strategyand innovation and digital for anyone considering embarking on a triplets, that’scrazy,how are you going marketing classes, think about how we similar programme. to do this?” But EMBAstudents are can develop newtools and services and usually at an agewhere theyhave reach newcustomers. In thelonger As told to LauraGardner PHOTO: TOM PILSTON 46 FT.COM/BUSINESS-EDUCATION