October 20 2014 FT Business Education Executive MBA Ranking 2014

www.ft.com/emba

Interview: Jack Welch ‘Neutron Jack’, General Electric legend, on launching an EMBA

October 2014 co

Special reports editor ntents Michael Skapinker Business education editor Della Bradshaw Head of editorial content hugo Greenhalgh Magazine commissioning editor Jerry Andrews Head of production Leyla Boulton Production editor George Kyriakos openings Art director Sheila Jack Picture editor 4 fromthe editor Michael Crabtree Chinese anti-corruption measures raise Sub-editor questions for business education Philip Parrish 6 introduction Global sales director The EMBA is no longer just a corporate Dominic Good degree – entrepreneurs are signing up Global director of 10 dean’s column FT career management Sir Andrew Likierman of London Steve Playford Business School on successful leaders Head of business education sales 12 onmanagement Sarah Montague Simon Caulkin asks if listed companies Account managers are becoming an endangered species Gemma Taylor, Ade Fadare-Chard eMBA rAnkings Publishing systems manager Andrea Frias-Andrade 22 analysis Advertising production What the rankings tell us Daniel Lesar 24 rankings The top 100 EMBA programmes on the cover Illustration by Adrian Johnson inside 33 meetthe dean Wharton’s new leader Geoffrey Garrett contriButors on his plans for the school. Plus video KATE BEVAN is a freelance 36 profile technology journalist Swaady Martin-Leke says business can DELLA BRADShAW is the FT’s help quash stereotypes about Africa business education editor 41 careers SIMON CAULKIN is a Should you stay with your employer management writer after your EMBA or move on? WAI KWEN ChAN is editor of FT Newslines endings ChARLOTTE CLARKE is the FT’s 14 business education online 47 books and social media producer Corporate ethics under the spotlight ANDREW ENGLAND is the FT’s feAtures 49 technology South Africa bureau chief The Android wars are raging as rivals EMMA JACOBS writes for 14 interview challenge Google’s dominance FT Business Life Famous for his uncompromising style as boss of 53 communities LUCY KELLAWAY is an FT General Electric, Jack Welch is bringing the same Are EMBAs worth the fee? Readers AY associate editor and philosophy to bear in business education take to social media to have their say TW

management columnist 54 hopes & fears OA SIR ANDREW LIKIERMAN is 18 dearlucy... An American is learning some valuable dean of London Business School Is doing an executive MBA fair on my family? lessons from his classmates in Singapore MES JA LAURENT ORTMANS is the FT’s Should I let my company choose my business business education statistician school? And do online courses offer better value? ROChELLE TOPLENSKY is an FT Lex data journalist DAVE WOODWARD is LinkedIn’s SCAL PERICh; PA director of legal, Asia-Pacific, and a participant on the 36 UCLA-NUS EMBA PhOTOS: ft.com/BUSineSS-edUcation 03 et In and inese od they udy her inese ve st go ina. Ch perience of in the y. rat Ch one of the ying ex Ch e et Is mo neral rule, y. ud k? ge n on inese EMBA a st move will take or Ch io As r ’s vernment is trying one dean says, if go pt tw fo B As vernment officials on isn’t ina: qualit erheads. go deed, there are rumours r many ample, there is an ongoing ru Ch s. tt ne inese In ex Fo vernment or Ch least there is one group that will go to on ern business schools running ams to graduate? , for st inese-language degrees. at netheless, there are concerns ose involved in the EMBA mark asons eryone on the programme. ina say there are concerns this ex ch, it reduces the learning US Ch ev So We No So far there have been more questions Whenever I have spoken to If the Th ina have cautiously welcomed the at Ch vernment officials are likely to vernment participants are not up to punging their EMBA qualifications ecutives. re short term. the gloss off the EMBA mark in Beijing that many officials areex already from their le benefit: the companies that print the business cards. the go debate about the quality of somedegrees, online and for-profit universities are under fire over perceived qualit joint-venture EMBA programmes in Ch edict, particularly where the programme is taught in English. for that the thing. After all, this talk aboutprogrammes quality is not unique to ex to address this issue and promote growth in academic rigour and high- quality teaching, it can only be a than answers, but there is oneissue central here that increasingly needs toaddressed be in business school deans in the pasthave they emphasised one thing: the thirstcredentials for that is so peculiar to EMBA programmes are bypassing entry requirements? And is another that do not have to complete coursework participants it is the credential than the learning that is important. concerns that pass in is often the case. go scr for anti-c us @ftbized ’s ow ises questi r an eMBA ll China ra the main fo fo n io at uc ty e at oms that the s to pay for st business school be siness ed fect of this could et ef cu at bu ternational Business udy In e budg st fectively in the future with hn Quelch, former dean of at ef perience of those from vernment is frowning upon. r issue relates to the inclusion s in Jo ex go ge rikes me as very worthwhile.” neral principle of having the nt st e-owned enterprises in the ge deed, many business schools in the at and Europe try to encourage more In A big inese ina Europe st he vernment sector and the civil socie ecutives to me commercially run organisations? be simply to prevent these companies competing banned? Surely the ex ruling. Should their practice of using their corpor sector US public sector participants to join their programmes by offering scholarships to these individuals or organisations – not dissimilar from the Ch of Ch School in Shanghai, puts it succinctly: “T go sector in the room with the corpor learning business? shaw op el ing tt on y. ge ad inese eg ti nkings dev e- ra Ch rat one of the ca at tend the ork? Alumni st st y. ’t st udents from at udents to e concern tw dU st particular, st te Th In for working S-e tract ing and udying for an MBA As ina, it is clear there ecutive MBA eS vernment has barred at actly the same time, et ises a multitude of st ample, isn ex Ch ex go in ra ex a conference of South vernment policy and the om endemic in some a move designed to beat

r at vernment and US at st go r the la In Fo amped out. go cu /B st American business schools last month where one of the hot topics was how important it is, particularly in developing was Fo ing tool to

w ironic, then, that the lking to those who run EMBA om et , the vernment officials and then orking is more important to them ty Ta But the ban Does not the inclusion of Ho .c go tw vernment, non-governmental vernment, fectively use those officials as a

ft programmes in there is a business schools to give full scholarships to ef mark are some practices that need topublicly be is that the business people owned enterprises from signing up for costly business training unless they have official approval and pay thethemselves. fees the commercial sector. programme specifically to make contact with the officials – contacts theyturn can to their advantage in the future. managers. corruption, the “leading cadres” in the Communist par than increasing their earnings or promotion in their compan go organisation and charity participants on these programmes improve the questions. main reasons for or EMBA to develop a ne who responded to our EMBA questionnaires this year reported that ne go banned its officials from accepting scholarships on programmes – MB economies, for business learn about broader context of business as wellaccounting, as mark i Della Br

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on ti uc od tr in E oebsns know-how. business some wanted he when turned entrepreneur Ju science Executi ex programming. computer learn to children inspire to designed board computer card-sized credit programmable the Pi, Raspberry the of inventor egautdfrom graduated he ft st Step ctv MB ecutive g uiesSho htteserial the that School Business dge .c Up om o htt aei 02a the as 2012 in fame to shot ton at /B h universit the US niern n computer and engineering htatrhe after that It through. and through man ben ve A. on a osrrs,then, surprise, no was th in Up swsaya after year a was is eS MB Ju o saCambridge a is ton S-e g ihan with dge y, As twst its to was it st dU udied ca are ti on ex es pi pensi School usisEB rgam in programme EMBA its runs st ntenme fcorpor of number the in business. own build their or career change to wants who go professional, healthcare aspiring the of board. a fe ena a as seen often was compan their by sponsored the corpor of degree the once business. their EMB to turning are who entrepreneurs of dnsdiga EMB an doing udents enetofiilo iiayofficer military or official vernment th Up ve As sdvricto a e oafall a to led has diversification is o soeo rwn number growing a of one is ton at No at sawyo epn hmbuild them helping of way a as ng ol,wt participants with world, e the bu ogr ti o h domain the now is it longer: Un take t vriyof iversity st epping A. at yo e-sponsored th Pe y, st h EMBA the Wharton e nnsylvania, u n othe to one to an othe Be spr r rn ri:an fruit: aring Ra ingboard EMBA Eb lev sp en in sp of up the ‘in Peg berry ve Upto wa el nt EMBA on fo wa a s gy or Pi n r . By so Bis rd go re hoP el Br della uta just adds. she cent,” go Wharton eto atcpnso the on participants of cent ex etof cent to according sponsored, were programme compan their by sponsored are participants respectively of cent per 22 and cent per San and Philadelphia MApi o hmevs n20 in themselves; for paid EMBA for development career of head to according as great, just been has drop the Singapore, in campuses rfsinlqaictost give to qualifications own professional their in invest to need the realised managers aspiring but degrees, st corpor f20 sawtrhdfrteedegrees. these No for watershed a as 2008 of cent. per 70 was figure s dnsfrteevery these for udents ctv degrees. ecutive st doddy twsuwrso 0per 80 of upwards was it days old od od Pe of nyddfinancially did only t th orospit otefiaca crisis financial the to points Courtois d gg -L ud sdciei pnosi snot is sponsorship in decline is US by at 80 st Bishop y ane ol ions ’s dnso h Philadelphia the on udents rn.At trend. ents MAporme I the “In programme. EMBA da d their per Fr , cu y. ad Whar ne b hb and Dhabi Abu ance, ieyasao5 per 50 ago years Five ako sponsoring on back t La shaw In we ys In e ieda of vice-dean ne, Ma ce comp 06 ut7per 7 just 2006, ed hc has which sead, Fr ton i Courtois, rie , ex nt st re nic;js 34 just ancisco; pensive ruggling In sead any’ In 14 sead the , > ’s

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y. y, B on the e aw at tracting iversit A. particular, en their iversity lone, at Un ndon. arted we ev dia, with In he friends are Un Ma st Lo In ography EMBA is “t in different dan ],” says ge ’s icago Booth, pertise of others Fu As chnology Bomba en California, says chael US ex Cambridge did bring Ch But as Raspberry te ev Mi at shington orking and teaching Raspberry Pi, the ample, has launched a challenges. the ability to dr the in a similar field was limited. much more important than the business contacts,” he says. Pi is a non-profit ton in determining the tw ex Wa at Up ina with udy in any ng Kong and has meant the top at itute of st xas and dia or the ton Ch y, st she adds. ho te In uis, which already teaches an rk, for y, In Up e freedom of self-financing, ample, the school r ample, now teaches its degree in udents who eschew corpor Yo Lo her Daly, head of the EMB at st ex ex hendra Gupta, dean of olin. What is also clear is that choice of Fo th Schools are also introducing new at w icago, dian en the most traditional business udents from outside their traditional udent to ents Ch olin school EMBA programmes is growing, with ev schools offering EMB locations through joint ventures or multiple campuses; for best way to develop the licensingand model finance production. With close to 4m Raspberry Pi computers sold toit date, was a model that has borne fruit. populated by participants from Florida, Illinois, in St EMBA in is launching an EMBA in In he sponsorship, says increasingly diversified backgrounds of his EMBA cohort organisation, the EMBA was particularly important to technolog “once the programme has hope to create the possibility forst any [China, programme taught on Saturdays – ideal for associate dean of the MBA programme. combined with the implementation of the latest ne programmes increasingly are location, their function and industr st catchment area. At NYU Stern, for Ma formats. Columbia Business School in Ne on of udies ti ud o fund their st or st n wh op ow Pr 11 87 42 ed 28 84 03 98 EMBA 911 ,2 775 672 395 434 870 029 560 003 096 ,9 ,2 ,5 ,0 ,0 ,708 1,138 4, ht Insead 9, 7, 2,539 7, 6, 7, 8,402 3, 6,9 8,680 86 21,584 41, 79 ig 04,843 27 24 236,118 221, 70% 21 19 172 218, 155 17 26 25 19 14 24 283 205 30 223,809 40 salary $ * We e2 hool or Sc hool s gap Sc es hool s Sin on Sc es sin of s g2 in 2014 Antai 260 e hool y sin Bu es og at In ll Sc on Bu rsit de sin et. h2 s As d3 s e in rsity: clusive Ke ti e change ot es ive Bu ty or Esa nia: Whart Ol ex ive T NYU: Stern Bo th ca y/ hool sin Un : MB hool hool ua Insea rsity: : Saïd gap BA E/ hool Un US r pari Sc ylva at go y/ rsit Sc Sc rsity: hool s rd dU Sc s ive s Sin we Fuq ng /N ng ve isheim ca s fo hool es Sc rsit nns ive ne believes that ive es es of s ris/LS To Un on Be es Ko hool S-e Sc Chi Pe EM y sin La ive Un Un s es rs sin sin Pa ondon Bu Sc rsity: rn ao ng sin of Ox of of eS pe s Bu es rsit Ji e see an information Un de on Bu sin Bu y y y wn ste ive hasing po ecuti ro WHU Ho es in pidly had to change name sin to rc ive “W Bu ck g/ g/ rsit rsit rsit we Un Eu d1 ra ang sin ol ge mbia mbia/L pu Bu ex m: HEC US og og Un A. r rwi shingt LA: An ive ive ive rth ny or t lu lu ll ll ndon Bu utiv of Bishop Bu inghua iu ho se his is a massive, massive shift,” fo en the fees, which often /B d 25 Pr Sc IMD ESCP Na Na Ceibs No IE Un CUHK Lo Co Insea Un Ie Shanghai Duke Wa Ge Ke Co Un Wa UC Tr Ke Ts “t ev te t p om deed, many EMBA participants Ec us nk dj In No .c her than to just climb the corpor deed, ecutives are often rejected. udent, are increasingly an intrinsic part 15 16 18 8 10 13= 13= 21 24 25= 25= *a 9 11 12 17 19= 19= 22= 22= 5 6 7 4 ra 1 2 3 to ft ladder. says Courtois. technology director or people with 15 years in the telecoms industry whoto want move into consulting.” Executives are using the EMBA to change their has meant that those in chargedegrees of have EMBA are using the degree to changerat careers, offers by companies to sponsor their ex the services they offer participants. particular, career support and job search opportunities, once the domain of the younger full-time MBA st of the EMB themselves an advantage in an increasingly competitive job mark top $100,000 for many leading programmes, have deterred applicants. In Ex

oduction tr in 08 introduction 09 : s it to rs ce on er to udie their es und nt EMBA hou on ti nal life s. ve on and st ve fo fe oy nt balan , le uld ce so ie on od”. h ws pl ve to es ca ve ce ents. ty of urse. the end wo ents ciab go pecti ha work hig ev rvi cus stud tim co eferred dU at scribe that r vie so uld ha ud e nt os t er with a to fo and per su ad. st pr at fo t 51 per th r a full-time Un de ce pr or their difficult ting wo off te financial to “very S-e to h fo ve b sh the majori rt ile 41 per asked if their nt pear y s light or off jo eS spor abou rned with the em ce ve non- d ins wo ap wh 21 per ring their wa ’s in d e page 53, stud o-thirds uld ha wa ly were er, epared ion du s, per worl to US r ellent” ide ecuti te tw ie pr ot on oy wo as time 16 t it sleep a night there As ar fo ildren xc ex ov secure a /B ua pl ents the be y, ring their time as an eMBa e polled “e ch of n ate ch pr ed to ad to prom os su du ra om d abou du , s er eferred t as t urs mmun fo s. ce grets, as .c ge ra spond ound nt nt r man t th pr oy work ho ie re Co ed pl re Fo ye one gr eg ether EMB ft ve the eMBa tunnel. ined a e ey ur w different em suppor on sail ar ga Se wh stude em stud of mana th opt suppor MBa and just fe ha miss their stude fo lan ce nt om ba rth und ce fo der wo . nt s ur al es ents fr un 11 per y”. MBa ce re -life balan be wa the Ft st times und that ut fo ve e Chan etim s a ing fo Ju by re to at spond abo en work wa om 55 per on re ecuti ly “s ry deg “very eas Kw ly y and personal life s i ex to on ond ar or mme ve wa s polled of ac Wa ile ents y” ne stud riking a it s ra rned te , ty sp e their t many also as te ri wh og ua “e rvi ev “very difficult”. jo than 1,200 ud bu 2011, st said s re pr le” wri ad work wa , y, re or of nt gr ma beli st ab wa su ge te ce it mo ge ll: ving a satisf ass ie mone cl to ve of ring the allen ua und ifficult” sleep a night the ch balancing the ach du “d 35 per mana fo A Po ad of pecti urs the Ft poll os

one gr to pr prepared ho ht:PooICGtYIMAGES PhotoDISC/GEttY Photo: DE Andrew AN Likierman ’S A successful leader is successful

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re you a successful taken or lost as well as what has actually Ingvar Kamprad, the founder of Ikea, is leader? How would you happened – witness the depressingly one. He revolutionised his industry by know? Probably even regular discovery of ex-presidents’ developing a radically different business more importantly, how offshore bank accounts. model. Most leaders don’t have such a Awould others know? There is also a danger of confusing clear track record. Indeed it may be the These are questions every leader needs success with luck. A rising tide lifts all opposite, with success coming from the to answer. Before becoming dean of boats and enhances all leaders. It is opportunities that were wisely turned London Business School I worked on easy to make a great property deal in a down. Better for Hank Greenberg at AIG performance measurement issues, one booming property market, but successful not to have hired those hotshot Drexel of which was on successful leadership. leadership in property is managing Burnham Lambert derivative specialists What I found was that there was through the slump as well as the boom. and for Fred Goodwin of RBS not to a lot in the literature about what you have paid cash for ABN Amro. need to do to be a good leader but very The answers little about measuring success. So I Measuring success has to overcome, Personal lessons used historic figures such as Julius or at least mitigate, these challenges. So what should you do to show that Caesar, Simón Bolívar and Napoleon. Doing so starts with acknowledging you are a successful leader? Make I also used modern politicians such as that successful leaders are defined not Follow the leaders, sure there are clear comparisons with Nelson Mandela, Margaret Thatcher by what they do or by the success of the clockwise from top: others. Coming first in a race with one and Vladimir Putin and business leaders organisations they lead, but by three Li Ka-shing, Margaret competitor isn’t all that impressive. Thatcher, Napoleon, such as Bill Gates, Carlos Slim and keycomparisons. Then set out your objectives clearly. Jack Ma, Bill Gates, Li Ka-shing. One is with relevant peers. Jeff Bezos Carlos Slim and It is riskier than keeping quiet about of Amazon and Jack Ma of Alibaba are Winston Churchill them, but if you do the latter, nobody The problems successful because at the time they will know what you want to do, never Faced with these questions about such started there were many companies mind whether you have succeeded. people, the problems become clear. aspiring to the dominance these two Finally, make clear the basis of the The first is, success for whom? Julius have achieved. They have outstripped key choices you make. Life is full of Caesar wasn’t a success for the tribes their peers. But this comparison is possibilities. As a leader you will want he conquered, or Margaret Thatcher not enough to define success. Many to show how you have made the for those put out of work through leaders have set themselves, or been key choices and why. her policies. Next, what is success? A set, objectives to measure their Now, going back to the successful leader is successful in relative, success. John Browne’s was questions at the beginning, not absolute, terms. That means to take BP into the league who would you vote for among measuring against stated objectives. of top oil majors. This was the good and the great of Lee Kuan Yew, first prime minister of realised through a series history, politics and business? NIEL Singapore, had clear objectives about of huge takeovers. For me, Nelson Mandela can DA ; transforming the country – and did so. The third key be taken for granted; my other PA Some leaders don’t tell us what their comparison votes go to Winston Churchill objectives are, so it is difficult to know is about (war years only) and, in the whether they have succeeded. the handling of business category, Herb Relative success is also measured opportunities. Kelleher of Southwest Airlines against others. This is reasonably This is usually (who transformed a whole straightforward for companies, as long identifiable industry). Now try the question as there is a similar enough organisation. only after the on your friends. It is more complex for politicians, but for leader has Have fun. B all leaders it is also a question of what left, though might have happened but did not. Not there are Professor Sir easy to get the facts here, since leaders exceptions. Andrew are in charge of the information. To Likierman is paraphrase Joseph Stalin, “it’s not who dean of votes that counts, it’s who counts the London votes”. Only after a leader steps down Business KER AND CHRIS GOODNEY/BLOOMBERG; AFP/GETTY IMAGES is it clear what opportunities have been School PHOTOS: CHARLIE BIBBY; GEORGIOS/DREAMSTIME; AC 10 FT.COM/BUSINESSEDUCATION

”, B ly ion least ed at e or ic at e life- ock at at st iversity of ion, Un at notic be ld Davis, who publ ructures that ra art of a historic engine st ne spectacularly st to ve Ge er the Corpor ’s go ft e consequences are arving themselves of “A ha st ockholders from any Th st lue, such as Enron and ) health benefits, as well as ”. ofessor for “inversions” (tax-driven to the very least its long- ere the va US Pr and endangered retirement at ’s , as a “distinctly 20th century y, is is the view of the rage numbers reflects a Darwinian wh rgers are also playing a part – the US Th is too soon to class the public et able employment and the provision any used pitalism st derneath wealth and power on the It Bright managers know this, says If this is right, we are witnessing Me chigan rrent ca already visible in declining employment prospects, rising insecurity and inequalit and (in the indirectly in social pressures emanating from the likes of the Occupy movement. company with the dodo. But unthinkable as it was 25 years ago,of with western the capitalism triumph seemingly complete, term prospects are in serious question. Business schools would appear to havebit a of new – and fast – thinking to do. phenomenon” that had been rendered “unnecessary for production, unsuited for of social welfare services, and incapable of providing a reliable long-term return on investment in the described the public corpor process of weeding out a corpor shift. mark several banks, have bust. A plausible conclusion for this argument is that the decline in reverse takeovers) is a classic financial- engineering ploy, while some of theenthusiastic most champions of maximising shareholder the real nutrients of success. Stout, so those with long-term ambitions are either taking companies priv not floating them, or, if theycare do, to they do take so via share Un surface, they are form that is no longer viable. not just a blip but the Mi semblance of control. cu disenfranchise in a 2013 article, e seem in pl comp id artment affairs @nikluac ed vo ic ot w peo Fe comp qu the onom y. e. ’.” at and ec iversit in August. omers or y function nt Un st ke FT cu nn Stout, ising prices – to me lmost nothing Ly ra “A Cornell ge lf in the at lue maximisation lue damages not only tention to Wo va mess has a name: it is va at in at ing companies to maximise rt at mana as a whole, but also companies’ Th ing costs and Ma have forgotten their ty tt Oper ey cu on hareholder professor of law shareholder own health, believes Companies do not invest enough, do enough research and development or pay enough (ironically) most shareholders and socie share price – and that maythe be trouble where begins. workers – although they pay farto too much “Unfortunately, we have made a mess of this. ‘s in economics is more important than thinking through how companies should be managed and for whatwrote ends,” survive in the long term inwith competition rivals that do all thoseTh things. and asset is their ability to innov f, ock y’s st at a on en neral s new : the ock ti y’ ev ge st et least, the Caulkin er, what are ca seems at with normal y. the tt t all around It y, ructure of dU In Ye ise capital for st ra ock mark cebook or Apple, S-e ill use the st Caulkin tweets st ird, unlike their Fa eS on Th in on ogle,

US arted around the millennium, Go ese companies do not /B st for measuring success, via the less and less to Sim preoccupation with propping up the financial s it a blip? Or something permanent? If the la the implications? tuned to the Th

ring 2-3 per cent of gross domestic fact, companies are using the the anglophone world at om et et ge and the UK. Could this be temporar Companies also In In .c her than capital-intensive production ag

ft the globe, listed companies are dyingif of not like flies then perhapsother more things like no longer suited toenvironment their – dinosaurs, sa product, according to City economist Andrew Smithers. mark productive ends, instead employing it for the opposite reason: retiring equity capital via share buybacks running st service resumed once business has finally recovered after the crash? unlikely. First, the decline in quoted numbers resources – investors’ funds from one side, entrepreneurial animal spirits from the other – for 150 years. well before the financial crisis. Second, although the shrinkage is worldwide, it is greatest – nearly 50 perhigh cent point since in the 1998 – inmost the economies US intangible assets dwarf tangibles, which mostly consist of offices and computers, rat plants. publicly quoted company has been the central institution of modern capitalism, the marshalling yard for the econom 20th-century predecessors, toda companies have little appetite for public capital. At need to own them. capitalism since 2008, few people seem to have noticed the void openingin up the engine compartment where the publicly quoted company used to be. mark I Sim

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nagement BA ma on 12

IntervIew

‘It’s mine. I can design the faculty.I can select the dean. I can control the product’ Former General Electric chief Jack Welch on the executive MBA he created in his own image

By dEllA BrAdshAW photoGrAphs By pAscAl pErich

IntervIew

W Nor does the marketing slogan for his known for his pugnacity holds little idely regarded as one of America’s most influential executive MBA pull its punches: “Most truck with the scale, the focus and business leaders of the past 50 years, MBA programmes study great leaders. the business model of the traditional Jack Welch, who left General Electric Ours is taught by one,” it reads. business school. in 2001 after two decades in charge, Sitting in his central Manhattan The traditional MBA, he says, is was never going to slip quietly into apartment, which has some of the “a gracious way to change jobs because retirement. best views of New York that money you made a mistake the first time”. And The 78-year-old former chemical can buy, Welch counters the notion business schools are inefficient. “I just engineer who became GE’s larger-than- that becoming a business professor is saw overheads everywhere and I saw life chairman and chief executive has a reinvention. “I’ve spent 20 years at the cost of tuition racing ahead as these been reinventing himself as a teacher, GE teaching. I taught every month. overheads built up.” and he is not doing it by halves. Then I taught at MIT [Sloan School of Yet he insists that the online Jack In 2009, he eschewed full-time Management] for five years,” he begins. Welch EMBA is not competing directly retirement at his Florida home to set up “I love the process – I’ve been hooked on with the elite MBA programmes. “We the Jack Welch Management Institute, it for 35 years.” are not that system; this is not us versus with a view to rolling out the next In truth, Welch, who has lost little them,” he says. generation of Jack Welches. His name is of the penetrating stare of his GE days, Instead, it is all a matter of scale. upfront and he is proud of it. “It’s mine. displays an enthusiasm for the subject Previously, on a campus-based I can design the faculty. I can select the of education that few business school programme, “I was teaching 35 kids in dean. I can control the product.” professors can muster. But the man a classroom”, complains Welch. “I was

the traditional MBA is ‘a gracious way to change jobs because you made a mistake the first time’

16 ft.com/BUSineSS-edUcation teaching 35 people from 4pm to 5.30pm He has called on former colleagues Now I’m on video with 400 or 500.” and other executives to teach on his Welch wrote most of the original programme, including Carlos Brito EMBA curriculum himself with the help of Anheuser-Busch InBev, James of wife Suzy, the author and business McNerney of Boeing and Jeff Immelt of journalist and a former Baker scholar at GE, as well as several retired executives Harvard Business School. That has since “We have a faculty that talk about the been revised, he is quick to point out. stuff they do every day. We’re not taking “Now it’s been improved, thank God.” on research papers.” Central to the pedagogy of the EMBA The question that really gets under is Welch’s belief that practice rather his skin is whether retired executives are than theory should be the basis of a best placed to teach the latest corporate degree for working managers. “It’s all the structures and management strategies. principles of business applied,” he says of “The biggest mistake that people View from the top: Part of the review process is the his degree. make in strategy is assuming the Jack Welch talks to level of engagement between professors “I’ve got my own principles of competition sticks to the same strategy. Della Bradshaw in his and their students. Welch describes a Manhattan apartment management,” he adds. “We have the It’s the classic mistake,” he says. “We scenario in which an EMBA student philosophy: we teach it on Monday, talk about it all the time in class. The would stay up all night to write a paper, you practise it on Tuesday, you share it competitive environment is dynamic.” kids crying, spouse wanting attention. on Friday.” His voice rising a little, Welch explains “You need faculty who will pick up the that his EMBA teaches a “five-slide” phone and talk through the challenges presentation model that begins with with you,” he says. “If faculty [just] write defining the playing field. “In my bones I ‘nice job’ on the paper, it’s like a dagger know it works,” he says. through your heart. Professors who teach the programme “We had some ‘nice job’ faculty. are not tenured, nor do they have They’re gone.” contracts, but are employed on a day-to- Four years into the programme, day basis. Welch has a personnel style Welch admits that even he has been that has mellowed little since his payroll- subject to student rejection. He wanted paring days at GE, where following jobs to bring participants together in one cuts in the 1980s he was dubbed Neutron place at the start of the programme. “The Jack, after the bomb that eliminates answer was a resounding no,” he recalls. people without damaging buildings. “When you demand they meet When choosing the dean, he together they don’t like it. They’ve got interviewed tenured professors from lives, they manage businesses, they own some of the world’s top business schools businesses. ‘Asynchronous’ is why they but proposed a very different regime for join. They should get three degrees for them. “Three out of four of them asked doing this course. These people are me about tenure policy,” he recalls. “That juggling incredible loads.” was the end of the interview. I can get Determined as ever, Welch is not the people I want – I don’t need people giving up on his attempts to bring the who hang around and want to teach 40 EMBA participants together. The lack hours a semester.” of socialisation is the school’s “Achilles At GE, Welch was famous for heel”, he says. “You don’t go the bar and saying that it was not companies that talk about it afterwards.” His next move guaranteed jobs but their customers, is to organise dinners for participants in and it is a mantra he still holds dear. the cities in which they work. Professorial longevity depends on the Welch brushes aside the question satisfaction of students, who are polled about whether his business school, and three times during every course. “We the for-profit Strayer University, which monitor the heck out of [faculty].” Bad has a majority stake in it, will make reviews mean they are replaced. money. “I’m not going to get rich. I don’t need the money.” The views from the apartment’s corner office underline his point: Central Park through one window ‘If faculty just write “nice job” and Roosevelt Island through the other. on the paper, it’s like a dagger “There is no amount of money that through your heart. we had some will beat [great] student feedback,” he continues. “The story we get is like a “nice job” faculty.they’re gone’ needle in the vein.” B ft.com/BUSineSS-edUcation 17

ILJONES NIEL DA PHOTO: ? r go ge my I want In ions of the y. A, said, I at ing above at choice. at tt somewhere a ill want to less your ge Th st to the local my relationships go ople with Un go lues you my cy... y. Pe pensive than the local va ecutive MB ex ex . If your colleagues and want to ’t a school of ’t employer and senior at are fairly likely to jump As my company has an od sense after all. perience colleagues tend not to lose arrangement with a local business school, but if I amcommit to to an My enough to invest in you, perhaps you should wonder whether defecting makes go ship after graduating. Equally, if your employer employer is utterly foolish, it will know this already. EMB to do so Should I try to force thenot issue worth or risking is it earliest opportunit colleagues? If you don with the people around you. ex much sleep over which EMBA their peers sign up to. Of course,question the is big whether your employer will pay for your choice of school,if especially it is more far one. If you have to coughcourse up yourself, for do the you think you overestimate how interested they are likely to be either wa know that you plan to quit school, don employer think you are yourself in wanting to bit grander, that is their problem:should you not have to shape yourto ambitions fit in with the lesser aspir go her e my fect et ION t your It Th ef ge then AT employer pensive. art an y A, st wever, ex om the UC er, when you my ere will be Fr ev wa Ho ecutive MBA ar Lu Th ex all. SED for on cruises tog lla children have at ES ay s than you and has ahead when to do so into the small hours,

go st et my IN Ke ay go e-wateringly US aw fect the workload will have ey not quite yet. ef cy

/B is nice of your husband to fret st

It Ju OM Lu

.C , it is not unfair suming you and your husband are it unfair to

s, you should certainly try to De FT By only thing you must not dothat is you pretend plan to a vested interest in training you. company to foot some of thehas bill. deeper pock it is you who must makeAs the decision. in reasonable health, you will probably both live till your 90s. Should I try to persuade to pay some of the costsdeep when down I that know I will notwork want for to the company for morecouple than of a years afterwards? Ye plenty of time to then. An EMBA may be transformative but is also husband is sceptical about the the workload would have on ourIs lives. would consume much of the timehave we so recently regained? No wording of your message it soundsyou as have if spent many years tendingyour to children; now that they areup grown it is your time tothat suit involves yourself. doing If an EMB about the on both of you, but asbe it slogging is you who will grown up I think an would be right for me. I have wanted for years to MBA and now for it.

FEATURE 18 If you want to learn a few things, take the online route. If you want to make friends and influence people, go to the most expensive school you can afford

It has become obvious that two fairly similar and if you apply yourself colleagues on my programme – who you can pick up a lot. But if what you are both married to other people – want to do is make friends and influence have started an affair. This is affecting people, you should go to the most the dynamic of the group and making expensive school you can afford. The some people feel uncomfortable. fees may be extortionate, but in terms Should I raise the matter with them? of the doors it can open, and the warm And what exactly would you say? glow it will give you every time you “Excuse me, but it has not escaped my examine your own CV, it might well be notice that you appear to be fornicating worth it. with X, and this in turn is upsetting some of our classmates – not myself, of I’m studying for an executive MBA course, as I’m far too broadminded…”? that involves study sessions abroad. No, of course you can’t say anything. Many of my colleagues bring their The good news is that you don’t need partners along for the trip. I would to: bad things are likely to happen to like mine to come along sometimes, this pair if you give it time. If everyone but despite having a successful career knows what they are up to, both of she fears she will feel out of place and them will suffer hideous fallout to their inadequate mingling in what is quite a marriages – and their dalliance will not high-powered group. be helping their studies one bit either. If your partner feels that she would If I were you I would try to enjoy it as hate it, she probably would. Mingling spectator sport. There can be longueurs with a lot of high-powered EMBA on any course, so such gossip can spice students is not most women’s idea things up no end. of fun. Do you feel that your position will be lessened by not having a I am aware the best EMBAs offer the woman on your arm? Surely not. If I top professors and opportunities for were you, I would go on my own and high-level networking, but I struggle keep my powder dry for when I really to believe the price differential needed her to be with me. Then by between these programmes and all means beg her to come along. But online courses teaching much of the when you do so, promise in return to same content is really justified. I am go somewhere with her that helps her tempted to sign up for the latter – career – however grim you think the should I? event is likely to be. B It depends on what you want to get out of your EMBA. If your purpose is Lucy Kellaway is an FT associate editor to learn a few things, I would take the and management columnist, and writes online route. As you say, the content is the weekly Dear Lucy advice column FT.COM/BUSINESSEDUCATION 19 rankings iled are p28 y, mp og co ol ey comp w the lists thod wth Me Ho were ho and rs ge of 29 s le hools ingmana ll tab nkings, p24- work Ra Fu 100 sc r fo mmes ra og al ppr EMBA 2014 to ve s re d’ s is, p22 ey worl ys rv The

Anal su What the 2014

rto:ara johnson adrian tration: us ill RA The alumni experience: the class of 2011

NKI Trium Age before Financial sponsorshi

Partial NGS None 32% finds a 41% winning 36 formula

Female students 27% Course duration (months) 22 A new leader has emerged. By Laurent Ortmans

or the first time in six years, as much additional knowledge as [we a new challenger has topped gained] from the course itself,” says one. the FT’s ranking of executive The ranking is based on surveys of MBA programmes. schools and alumni who graduated in F The 2014 ranking of 2011. This edition gives a snapshot of 100 programmes for working senior alumni’s situation compared with when executives is headed by Trium, run they started the programme. by HEC Paris, the London School of Salary three years after graduation $114,000 Economics and Stern School of Business and salary increase are the main criteria, at New York University. The top five each accounting for 20 per cent of the places continue to be dominated by ranking’s weight. Most schools in the intercontinental EMBAs. top 25 score well on at least one of Salary before* Trium jumped three places to these criteria. The top 10 schools would overtake the joint programme taught mostly also rank in the first 10 if salaries by Kellogg School of Management near and their increases were excluded. The Chicago and Hong Kong University of only exceptions are Nanyang Business 44% Science and Technology, which had been School and China Europe International International top of the ranking for five years. It is the Business School, both underperforming first time Trium has headed the ranking in the doctoral and research ranks. experience** and it is only the fourth programme to The ranking includes schools from do so in 14 years. Trium is ranked first for the work experience of its alumni before the Footnotes programme, second for aims achieved * Before starting EMBA. PPP ‘Trium allowed us to adjusted (see methodology, and third for international course T, experience. The programme is second p28). ** Worked in at least exchange [ideas] among two countries overseas for average salary ($307,003) of alumni ourselves and derive as much for more than six months three years after graduation, just behind before EMBA. *** Set up the Kellogg/HKUST programme. own company during

additional knowledge as [we SSELL BIRKET EMBA or since. **** Three

Trium’s alumni value studying RU gained] from the course itself’ years after adugr ation. alongside senior and international Source: surveys of EMBA classmates. “It allowed us to exchange alumni who graduated in [ideas] among ourselves and derive 2011 and business schools. GRAPHIC: LAURENT ORTMANS 22 FT.COM/BUSINESSEDUCATION nsorship Full 27%

9.0 8.18.2 6.6

Main motivations (out of 10)

Proportion nt nt within 15% of teaching any me mp ion king

overseas gs ge ot or co lopme na tw ur ve om Ne Pr Increased earnin yo de 31% Ma

Entrepreneurship***

Current seniority**** 00 ,0

Main course strengths 11% $175 (out of 10) 20% Professional Chief 9.0 8.9 8.8 executive/ board Finance Corporate General 29% member strategy management Senior Director/ manager 39% partner Current salary****

26 countries, including 35 in the US, 10 Management and leadership skills are family to raise all or part of their start-up in the UK and nine in China. Renmin just one aspect of EMBAs. “It actually funds. Angel financing was also a source University of China School of Business in made an entrepreneur of me,” says one for a quarter of entrepreneurs. Beijing rose furthest, climbing 18 places graduate. Nearly a third (31 per cent) An EMBA also boosts corporate to 43rd. Four schools made it into the of graduates have set up their own careers. “The skills I acquired were key ranking for the first time. These are led company, or are about to, since enrolling to my promotion,” said one graduate. A by Cambridge Judge Business School on their EMBA four or five years ago. fifth are now chief executives, managing at 36th. France’s Grenoble Business FT data show that 91 per cent of the directors or board members three years School is ranked 70th, Turkey’s Sabanci businesses are operating today. after graduation. Average salaries were University School of Management is at Most entrepreneurs (78 per cent) up 52 per cent from $114,000 before the 99th, and Brazil’s Coppead is at 100th. used savings or relied on friends and programme to $175,000 five years later. B FT.COM/BUSINESSEDUCATION 23 ra EMBA 2014 nki ngs

top programme: trium top for research: Wharton First taught in 2001, the Trium programme is With 240 full-time professors – one of the run jointly by three very different business largest groups of business academics in the schools. NYU Stern is a specialist in finance, world – the Wharton school at the University of the London School of Economics in political Pennsylvania has top-ranked researchers across 1 science and economics, and HEC Paris in 6 all departments. Originally known as a finance general management and high-level school, Wharton focuses on research that is executive teaching. data driven, be it in the fields of accounting, The programme is not for the travel-shy. operations or marketing. The cohort of 85 students study two modules in Ranked number six in the table overall, emerging markets as well as courses in London, Wharton is the only top-10 school that New York and Paris. The average age of students teaches its EMBA on two campuses in the on the 17-month programme is 40. US – Philadelphia and San Francisco. The Although this is the first time the programme programme also stands out from the rest of the has taken top spot in the FT EMBA rankings, it competition in that it requires all EMBA students has never been placed outside the top four in to complete the same number of contact hours the nine years it has been assessed. as the school’s full-time MBA students.

financial times executive mba 2014 The top 100 EMBA programmes (continued overleaf)

three- year 20142013 2012 averageschool name country Programme name 1 43 3Trium: HEC Paris/LSE/New York University: SternFrance/UK/US Trium Global EMBA 2 111Kellogg/Hong Kong UST Business School China Kellogg-HKUST EMBA 3 243Tsinghua University/Insead China/Singapore/UAE/FranceTsinghua-Insead EMBA 4 555UCLA: Anderson/National University of SingaporeUS/SingaporeUCLA-NUS EMBA 5 323Columbia/London Business School US/UK EMBA-Global Americas and Europe 6 787University of Pennsylvania: WhartonUSWharton MBA for Executives 7 697Washington University: Olin China Washington - Fudan EMBA 8 13 -- Nanyang Business School SingaporeNanyang EMBA 9 11 69 Insead France/Singapore/UAE Insead Global EMBA 10 10 79 Ceibs China Ceibs Global EMBA 11 91010University of Chicago: Booth US/UK/China EMBA 12 12 14 13 Iese Business School Spain GEMBA 13= 24 23 20 Northwestern University: Kellogg US Kellogg EMBA 13= ---IE Business School Spain Global EMBA 15 19 20 18 IMD Switzerland EMBA 16 25 21 21 ESCP Europe France/UK/Germany/Spain/Italy European EMBA 17 32 -- Shanghai Jiao Tong University: Antai China EMBA 18 17 26 20 National University of Singapore Business School SingaporeNUS Asia-Pacific EMBA 19= 81614Duke University: Fuqua US Duke MBA - Global Executive 19= 21 24 21 Warwick Business School UK Warwick EMBA 21 23 38 27 University of Oxford: Saïd UK Oxford EMBA 22= 15 19 19 Georgetown University/Esade Business School US/Spain Global EMBA 22= 18 18 19 Kellogg/WHU Beisheim GermanyKellogg-WHU EMBA 24 13 17 18 CUHK Business School China EMBA 25= 20 15 20 London Business School UK/UAE EMBA 25= 30 32 29 Columbia Business School US EMBA 27 43 48 39 Kedge Business School France/China Global MBA 28 22 12 21 Korea University Business School South KoreaEMBA 29 28 21 26 Arizona State University: CareyChina Carey/SNAI EMBA 30 29 40 33 ESMT – European School of Management and Technology GermanyESMT EMBA 31 39 46 39 Rice University: JonesUSRice MBA for Executives 32 38 35 35 Fudan University School of Management China Fudan EMBA 33 26 27 29 Kellogg/York University: Schulich Canada Kellogg-Schulich EMBA 24 ft.com/BUSineSS-edUcation top for international experience: Duke The Fuqua school at Duke University was key to the 2014 rankings one of the pioneers of the multi-country programme, launching its Global Executive MBA in 1995. Today, the business school 19 maintains its global edge, with 73 per cent of the programme’s course credits earned in Weights for ranking criteria are shown modules outside the US. in brackets as a percentage. Based in Durham, North Carolina, the Duke Salary today US$ (20): average MBA – Global Executive, ranked 19th in 2014, alumnus salary three years after enrols some 50 executives a year, each with an graduation, US$ PPP equivalent (see average of 15 years of work experience. Methodology, page 28).† With tuition fees of $166,000, the programme Salary increase (20): average difference is one of the most expensive in the FT rankings. in alumnus salary between before the However, the fees include books, class EMBA and now. Half of this figure is materials, accommodation and meals at the five calculated according to the absolute BLES: JOHN BRADLEY residential sessions. salary increase, and half according to TA PHOTOS: UNDREY, PRESSMASTER, BURIY/DREAMSTIME the percentage increase relative to the pre-EMBA salary – the figure published in the table.† Careers progress (5): calculated Career progress School diversityIdea generation according to changes in the level of seniority and the size of company s

te alumni work in now, versus before their nk nk ra ra nk

ra EMBA.† to urse culty (%) udents ra nk nk nk fa st co d

ess Work experience (5): a measure ra ra ra l ve culty (%) udents (%) ra day (US$) of the pre-EMBA experience of perience fa st to to ex

search alumni according to the seniority of er progr men on board (%) rk re doc re nk 2014 lary lary increase (%) perience male male culty with doc nk positions held, number of years in each Ra FT Sa Languages Fa (%) FT Sa Ca Fe ex Fe Wo International International ra International board (%) International Wo Aims achie 307,00360391 22718189119883 1991015 1 position, company size and any prior 403,56033123 11 22 16 18 77 15 82 30 1993 17 2 international work experience.† 304,843 65 441226247 48 10 73 10 1964 33 3 Aims achieved (5): the extent to which 279,284787 12 32914187218954 1944541 4 alumni fulfilled their goals or reasons for 252,539718 29 4181718719 46 12 198187 5 doing an EMBA.† 223,80960177825212813363546801 100 116 Female faculty (3): percentage of 269,775 51 49 11 34 20 49 12 90 84 98 40 1978211 7 female faculty. For the three gender- 221,67271624545332126661458122 99 65 55 8 related criteria, schools that have 50:50 186,211 58 59 6161524149017818 19619109 (male:female) composition receive the 283,503475 20 43 11 31 17 70 46 50 20 1989371 10 highest possible score. 221,58447501844162013772342281 96 9311 218,434 51 56 522181423588 86 61 100 78 43 12 Female students (3): percentage of 241,09653353651222421419522641 99 11 8 13 female students on the programme. 198,40250708 1352528567 82 7297 71 64 13 Women on board (1): percentage of 246,395 46 46 248141717942 87 18 1100 93 70 15 female members of the advisory board. 155,087 70 2348 36 28 35 67 21 52 2295738516 International faculty (5): calculated 260,708 81 73 85 78 29 26 14 39641771 90 57717 according to the diversity of faculty by 244,911 59 89 27 66 34 23 0561333151 91 70 65 18 citizenship and the percentage whose 236,118 29 86 7301616144644411 1100 17 5 19 Key continued overleaf 148,680 94 38324351722772622581 100 23 48 19 205,942 55 13 14 13 17 21 46 59 671351 98 35 58 21 footnote 217,870546115383014226640834 196745222 Although the headline ranking figures show 176,998 57 47 25 7212416762467281 99 15 16 22 changes in the data year to year, the pattern 271,138 50 88 38 93 21 36 50 53 53 100 36 197773024 of clustering among the schools is equally 172,02847213341241731861 77 24 1100 27 9 25 significant. Some 210 points separate Trium at 197,02958238732142513613935801 97 22 6 25 the top from the school ranked 100th. The first 171,052112 11 95 71 23 45 33 40 71 0331 91 60 92 27 17 business schools, from Trium to Shanghai 229,060743289268 16 18 99118312 100 41 73 28 Jiao Tong University: Antai, form the first tier 194,796 77 66 40 73 25 35 89697100 86 1905027 29 of schools. The second tier is headed by the 150,498 55 1196 27 33 25 82 27 12 24 1100 93 59 30 National University of Singapore Business School, about 90 points above HHL Leipzig 218,3406064351427141929290 77 193922331 Graduate School of Management at the bottom 228,8847594625331254 78667861 95 24 75 32 of this group. Vlerick Business School heads the 157,779 36 58 17 37 24 32 19 83 16 69 16 199131433 third tier. ft.com/BUSineSS-edUcation 25 e. ulo/Egade ar, Pa e, es ch rk o ye hools, s nt. nmin, of es Sã asise Yo mu ge the ticing mm ry Re s sc GV s me ised ther ph nmin ra ac to by es ge or New aw Re Pr og em his hool th sin of pr t riser this to s are Chin M/UNC/F the au o langua bu ty s sc 14 es nt signed RS rldwide 4, long ers in n mme name M EMBA tw be es of al mana A: mme dr st ersi ra Wo ca A& to ra EMBA s ob iv sin ast EMBA e, de og thinker ec & Mannheim EMBA ekend EMBA Ma stude tman EMBA mbridge EMBA st gl xa obal EMBA obal MBA le ey neMB YU Stern EMBA og orporate MBA s ss MU Cox EMBA ox bu Un Pr e has a nt Strathclyde EMBA Illinois EMBA Miami EMBA Te EMBA EMBA We Gl EMBA Cornell-Queen's EMBA Iv EMBA HKU-Fudan IMBA EMBA HSG Gl BI-Fudan MBA EMBA Ca Smith EMBA Ro EMBA Cornell EMBA EMBA EMBA Henley EMBA EMBA EMBA g’ of . at pr y mm re te it te ra me nmin 2013. One the fir nked in 201 rs eak rth Ameri the 214 ua ge deg og ra of re ve sp of om pr ad e No nking, is the high day the fr e st l aspects gr nt ra on nmin oO fiv To es s ca . ey t mu ti nry Mintzber ing uni me ac Re lo ij in China wa bu ey ac ge pl He e th ing with ffa in the Be ht pr na or The All t th public rd Bu ug om Re fr work up 18 Highest riser: The EMBA at Ma initially with the Sta 43 ta bef Canadian mana the bu yE aC re rland Ko nada ria ze Ca it st nada/China nada lgium/Russia uth ance/German etherlands etherlands/US/Brazil/Mexic SS SF SN oland eru/Colombia country US UK US US Be US Au US/ Ca Fr US China Sw So US UK US Ca US/Brazil/Czech US US China UK UK/UAE UK rlson af) Ca le er 43 43 yN ss 14 hool of Management China rsit ov Sc ve 16 of ks es s. d es. 20 ile ss er oc the rsity )/Uni of Minnesota: ev ve ministration nu it time ss bl s. ve ov , at a wh ue nked g Ad hool of Busine e st nking. ekend ve al beli es on ra hool Sc ss ecuti ra ti on t- dg we ric ss tin ion e EMBA is hool nking. es it mm mb to ss Sc hool ra ek-l eakers Sc dg ch loca hool of Busine ra r the fir sy ex s ad hool on in the sp e Sc ea tz we fo og s his es ss hool/Fudan Uni hool s tr nU tman es Ka (c y’ e McDonough ur pr on it ss Sc Ro ote Sc of bu it Mays sin hool of Busine Ro y: ng ey erseas xU fo Ster onomics and Busine ss Sc dg y: d in Cambri rs hool of Busine Iv Sc yn yP mm hs. The sc Ko hool nking y: Fo Johnson/Queen's Johnson es Bu Ec rsit Goizueta ov ss re y: eds nto: Sc s up e is the high rsit Ju ve y: in the 2014 ke ra y: y: e rsit ra nt ve the Cambri aP y: mbridge: Judge rsit ro Ca utiv ve ay rsit ve ne ss Sc ve dg lic rsity of China 9, to rsit hool of Management, Erasmus Uni og dg rsit rsit es y: ve Ca To li rsit rsity ve w EMBA pl mo tó ve n ve ltiple Sc n Uni ve ve pr ve ve Ju rsit de mm Ca gian Busine Management M Uni te ne ec xU ow 20 st mm the uni ve rk Uni AN is mu rp ienna Uni of we A& rsity of Strathclyde Busine rsity of Illinois at Urbana-Champaign rsity of Miami rsity of Michigan: rsity of Hong rsity of St Gallen rsity of Pittsburgh: rsity of rsity of Maryland: Smith rsity of ekends and ra ra ets the ool name of Yo ern Uni of s Cambri e also (V we in we ve ve ve ve ve ve ve ve ve ve ec/Mannheim on st d in 200 e tterdam zminski Uni nmin Uni nsei Uni w entrant: mple Uni xa og em: participants ch we ni of ex dg me will lis ne ht Te Uni Uni Uni WU SMU: Co Ro Te We Emory Uni Ess Uni Uni Yo Uni Uni Georget Ko Imperial College Busine Re Uni BI Nor Henley Busine og pr on ne ty che ial s ug , tuiti syst ion w the es nt pr e un mber 36, the ad ersi ring the FT EMBA t ta ne ag of at dency de eg Cambri La te iv te e er a period t unlike many ar ll er si si no ur me Uc three- ye av co is Ye re re Ins this better dining in ov on fo Un at nu En Highest 65 67 71 53 73 61 45 52 36 Uni 51 57 65 57 -U 37 34 34 38 Cornell Uni 30 OneMB 36 City Uni ti S-ed l eS 3- 1- 63 63 76 -- 51 41 50 34 54 77 64 Centrum 62 35 46 46 35 -- 24 30 33 New -- 32 39 41 UCLA: Anderson ia in

US p 100 EMBA nc 013 2012 /B to 48 75 72 72 58 46 77 79 65 58 55 50 55 Ant 404351 45 43 44 Cornell Uni 57 49 49 40 31 45 41 45 64 56 63 70 70 -- 27 36 29 47 -5 33 31 37 61 -5 34 54 35 42

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36 36 36 rankings 26 most female students: bi/fudan Given Norway’s pioneering stance to promote key continued women in business, in particular requiring a 40 per cent quota of women on corporate boards, it is perhaps no surprise that the 55BI/Fudan programme has a higher percentage of women on its programme that any other citizenship differs from their country of EMBA ranked by the FT this year. employment – the figure published in Fifty-nine per cent of the students on the the table. degree, taught jointly by the Norwegian business International students (5): the school and Fudan, are women. percentage of current EMBA students The BI programme is one of three degrees whose citizenship and country of taught on the Fudan campus in Shanghai. residence differs from the country Ranked at seventh in the world, the programme in which they study, as well as their taught by the Olin school at Washington diversity by citizenship. University in conjunction with Fudan is the International board (2): percentage of highest ranked of the three. the board whose citizenship differs from PHOTOS: PETER MACDIARMID/GETTY IMAGES; NELSON CHING/BLOOMBERG; ELWYNN/DREAMSTIME the country in which the business school is situated. International course experience (5): percentage of classroom teaching hours Career progress School diversityIdea generation that are conducted outside the country in which the business school is situated.

s Languages (1): number of languages te nk nk ra ra nk required upon graduation. ra to urse culty (%) udents ra nk nk nk fa st co d Faculty with doctorates (5): ess ra ra ra l ve culty (%) udents (%) percentage of full-time faculty with a ra day (US$) perience fa st to to ex

search doctoral degree. er progr men on board (%) rk re doc re nk 2014 lary lary increase (%) perience male male culty with doc nk FT doctoral rank (5): calculated Ra FT Sa Languages Fa (%) FT Sa Ca Fe ex Fe Wo International International ra International board (%) International Wo Aims achie 193,32336246882192815533217491 100 14 2 34 according to the number of doctoral 215,183 42 18 54 36 28 21 23 34 79 8861 87 16 13 35 graduates from each business 189,35658167329282516326316401 100 93 26 36 school during the past three years. 192,83454272159122317691233481 96 57 44 36 Additional points are awarded if 167,98754533227251921304228111 97 12 46 38 these graduates took up faculty 139,343 59 10 77 35 30 34 38 90 25 50 55 1100 44 28 38 positions at one of the top 50 full-time 148,97060296542302647801153451 96 54 42 40 MBA schools of 2014. 182,554 42 25 44 18 21 28 19 48 50 12 49 1100 34 20 41 FT research rank (10): calculated 213,51342226170212117414135751 91 68 21 42 according to the number of articles 200,394 58 98 53 93125135 94 23 57 2882 88 43 published by a school’s current full- 172,964 38 34 43 28 29 29 17 36 51 9861 98 81944 time faculty members in 45 academic 138,67225433750243241723053271 98 6445 151,910 84 31 92 56 34 30 18 22 36 64 64 288619945 and practitioner journals between 159,940 53 28 64 55 28 25 19 47 20 44 61 1935531 47 January 2011 and August 2014. The 183,98246754186262915644933641 99 79 34 48 rank combines the absolute number of 123,840 99 76 93 87 29 45 9379327862 97 47 56 49 publications with the number weighted 131,037 45 37 28 20 29 23 15 71 33 62 14 199386650 relative to the faculty’s size. 147,2404715165 11 12 50 77 85 50 33 2100 85 67 51 † Includes data for the current year and 195,325 45 84 31 77 18 28 31 58 43 69 9280 93 98 52 the one or two preceding years where 171,34037364633282610629222201 92 52 37 53 available. 135,08260386310413636472836861 84 33 91 53 151,57685488699275912227862391 79 42 79 55 footnote 166,825619 99 72 12 32 50 11 98 50 72 2100 56 87 56 Although the headline ranking figures show 177,099 45 40 67 61 22 20 21 18 73 3771 92 64 29 57 changes in the data year to year, the pattern 156,426 48 83 26 90 28 32 22 35 45 51 23 187315358 of clustering among the schools is equally 147,777 51 19 39 19 31 20 20 28 57 90 24 285939359 significant. Some 210 points separate Trium at 179,0364263301529182421540 86 180693660 the top from the school ranked 100th. The first 118,828 44 45 66 68 23 21 30 43 530402 100 43 24 61 17 business schools, from Trium to Shanghai 147,25230749 40 35 16 29 45 37 91 16 190406262 Jiao Tong University: Antai, form the first tier of 177,001 41 26 57 49 22 23 11 29 68 3731 92 93 54 63 schools. The second tier is headed by the National University of Singapore Business School, about 121,42270557589362835982247861 80 58 84 64 90 points above HHL Leipzig Graduate School of 144,111 42 51 56 46 24 27 21 16 60 2841 94 37 25 65 Management at the bottom of this group. Vlerick 168,640 44 41 98 91 26 30 12 40 34 0861 96 76 47 65 Business School heads the third tier. ft.com/BUSineSS-edUcation 27 p* nt hool me Sc ge s es hool : Saïd ime MBA sin Mana ne EMBA nes rd Sc -T rt s isheim ay Bu fo Jo e Pa es ol on Be mme name St Gallen es eg rs ho hool of sin ra me MBA me MBA at of of Ox rsity: de s EMBA ham EMBA Ti Ti sc on EMBA Sc zig GSM y y Bu og t- t- WHU tgers EMBA rlson EMBA rich EMBA ylor EMBA anghai International MBA rd banci EMBA xa ive adu odular & ip n ar ar MBA MBA MBA Pr g/ rsit rsit EMBA EMBA Ca Ba EMBA CBS EMBA EMBA EMBA SSE MBA EMBA Sa Fo Zu Alberta/Hask Queen's EMBA EMBA EMBA EMBA EMBA EMBA EMBA Ru Te Bost Cranfield EMBA Sh EMBA Le Un yo og rentrepreneurshi LA: An ive ive siness ll ce 2011 gr bu Un UC Ri HHL Imperial Coll Ke Un EML Cranfield Insead fo by d p te nk ra s ra 1 2 5 7 4 6 to 3 8 9 10 *A a/Singapore/Poland Aalto EMBA re Ko aM rland ric yP ze rland rland Af nE eE eP ey ey ze ze den it it wa nmark nada nada lgium uth rk rk anc anc SE inland/South we ai country US Sw Netherlands Tu US US US Ireland Tu Fr US Ca De Sw Ca Brazil US US/Swit So German US Be Italy US Fr US US UK China US , “salary 14 ne y” ay ss 20 Hask ss y: nked, 20 per cent a offered jointly by ra lgar ss 17 nking is collected Ca hool of Busine ra mb least 20 fully completed sS er yT Sc st e at binson rlson rsity of hool of Busine rsit Broad in: McCombs Fo uer ss Ro hool Sc ve Ca hool of Management st ve y: bs sU onomic y: Ba o online surveys – one Sc Gi hool of Busine Au hool of Management cle er: Simon with rsit Ec hool of Management n: eeman hool ss Sc hool rsit st Sc tw Sc hool Ec es r schools to be ve y, to Fr Sc en Uni Hankamer s at ENPC ve shington: y: hool y: che rich y/ t-S xa Fo Alumni responses inform five Data for the rsity Graduate ss Sc ss Sc utiv yF gy ss Sc rsity nking criteria: “salary toda hool of rsity Zu Ro Te Wa Ya rsit ve rsit rsit hool of Management ve rsit increase”, “career progress”, “work of their alumni must respond tosurve the completed by participating schools and one by alumni who graduated from their nominated programmes in 2011. responses. A total of 4,983 alumni completed the survey – 51 perrespondents. cent of ra using more than one school. process, including ss Sc Sc ve hool of Busine ni ve ve rsity Graduate ve mm Sc ve Sc ec ve cco ipzig Graduate n Busine rsity of Minnesota: rsity College Dublin: Smurfit rsity of Utah: rsity of rsity of rsity of Pretoria, rsity of Hous rsity of Alberta/Uni rsity of rsity of ra ool name Le Bo ham Uni on Uni yo noble Graduate ve ve ve ve ve ve ve ve ve ve ç Uni tgers Busine ylor Uni lane Uni rd ngji Uni ch as Busine ni re oppead abanci Uni ex EML Michigan State Uni HEC Lausanne Stockholm Tu National Sun Copenhagen Busine Uni Ko Ba Queen's Uni Uni Aalto Uni Fo HHL Uni Georgia State Uni Ru Uni Cranfield Bost To Uni og on s olo es pr ti ag top 100 ar er ca nking nking of me The ’s three- ye av ra 78 92 -U 92-S Ti 87 70 93 -C 87 89 84 72 -G 71 65 SDA 61 69 72 78 71 ra dU ti S-e nking. l ra eS 0- 8- 60 80 85 Uni -- 96 -- 86 -- 92 60 100 90 Uni 92 99 -- -- 70 66 75 66 70 ia th annual ecutive MBA degrees in thod he Financial Times’ 14 programmes for senior ex lists the world

riteria in order to be US p 100 EMBA sociation to Advance nc least four consecutive years. tc 013 2012 /B As to 84 97 70 89 87 8199 -- 8893 -- 88 Uni 92 -8 89 68 79 -7 98 96 94 -- 99 9681 80 85 83 86 90 86 Vlerick Busine 66 73 69 72 51 63 63 -- 59 56 54 59 75 81 79 86 at ric ’s

st om na 42 US EMBA programmes must .c eir programmes must also have is year, 134 programmes from 32 fi The 201 91= 79 80 90 93 94 95= 95= 97 98 77 88= 99 83= 91= 78 88= 100 83= 86 87 83= 82 76 81 70= 75 70= 70= 74 73 67 69 68 Me

ft t considered for the schools must be accredited by either the Collegiate Schools of Business or the European Equis accreditation bodies. Th run for Th countries took part in the working managers. meet

ngs nki ra 28 interactive rankings at www.ft.com/ rankings

experience” and “aims achieved”. They “Salary increase” is calculated for available, the weighting is split 60:40 account together for 55 per cent of the each school according to the difference if data are from 2014 and 2013, or ranking’s weight. The first two criteria in average alumni salary before the 70:30 if from 2014 and 2012. For salary about alumni salaries are the most EMBA to three years after graduation figures, the weighting is 50:50 for two heavily weighted, each counting for 20 – a period of typically four to five years’ data, to negate any inflation- per cent. years. Half of this figure is calculated related distortions. Salaries of non-profit and public according to the absolute increase, Information provided by the sector workers, as well as full-time and half according to the percentage business schools themselves inform the students, are removed. Remaining increase relative to pre-MBA salaries. remaining 10 criteria that collectively salaries are converted to US dollars Where available, data collated by the account for 35 per cent of the final using the latest purchasing power FT for the two previous rankings are ranking. These measure the diversity parity (PPP) rates supplied by the used for all alumni-informed criteria. of teaching staff, board members International Monetary Fund. The Responses from the 2014 survey carry and EMBA students, according to very highest and lowest salaries are 50 per cent of the total weight, and gender and nationality, as well as the subsequently removed, and the mean those from 2013 and 2012 each account international reach of the programme. average “current salary” is calculated for for 25 per cent. Excluding salary-related For gender-related criteria, schools that each school. criteria, if only two years of data are have a 50:50 (male:female) composition receive the highest possible score. In addition to the percentage of schools’ students and faculty that are Career progress School diversityIdea generation international – the figures published – the composition of these groups

s by individual citizenship informs a te nk nk ra ra

nk diversity-measuring score that feeds ra to urse culty (%) udents ra nk nk nk fa st co d into the calculation. ess ra ra ra l ve culty (%) udents (%) The FT research rank, which ra day (US$) perience fa st to to

ex accounts for 10 per cent of the ranking, search er progr men on board (%) rk re doc re nk 2014 lary lary increase (%) perience male male culty with doc nk is calculated according to the number of Ra FT Sa Languages Fa (%) FT Sa Ca Fe ex Fe Wo International International ra International board (%) International Wo Aims achie 161,1223652748530312120768 85 191362267 articles published by schools’ full-time 127,962839572963742177 80 58 86 187289468 faculty in 45 internationally recognised 208,011 28 81 23 97 31 24 10 35 74 63 58 181893869 academic and practitioner journals. The 133,796 52 85 51 98 37 19 33 27 82 67 36 289265070 rank combines the absolute number 169,010 49 33 58 88 18 30 17 30 66 0801 80 30 68 70 of publications, between January 2011 100,506 72 90 94 67 43 50 53 44 55 53 20 180329070 and August 2014, with the number of 125,71842715565254319523 27 49 292298973 publications weighted relative to the 149,8534144709226171129643 64 185201274 faculty’s size. 165,095 42 67 50 81 33 24 16 30 58 21 49 180663975 The FT ranking is a relative ranking. 161,898 52 78 88 95 35 34 24 28 31 15 49 183937276 Schools are ranked against each other 125,011 24 65 13 21 92417855250552 100 21 45 77 by calculating for each criterion their 131,406 51 77 69 83 45 38 18 42 89 82 86 194878278 Z-score. Z-scores represent the number 147,6953260426929312924698 73 182621879 185,982 56 68 79 76 29 40 75 0100 0541 71 90 95 80 of standard deviations each school’s 109,963636 100 52 18 20 10 23 38 15 64 2100 49 100 81 data is away from the mean. Z-scores 115,946 56 20 84 58 29 13 17 24 48 100 63 190838382 allow the ranking to be based on very 130,963 46 92 47 75 35 27 43 17 70 86 40 194398183 different criteria (salary, percentages, 155,071 53 100 90 23 25 28 21 7990 71 297519683 points) since they are unitless. These 141,298 48 72 80 60 28 24 18 27 59 5751 85 72 57 83 scores are then weighted as outlined in 127,622 43 69 48 47 18 27 11 26 47 13 19 181483586 the ranking key, and added together for 130,627 45 87 59 64 26 26 20 51 67 8801 87 80 40 87 a final score. 132,729 58 42 81 62 33 37 14 4876 58 179888088 After removing the schools that did 151,53434547180362911347227641 87 86 63 88 not have a sufficient response rate from 130,730 44 30 91 84 34 25 29 24 83 0861 88 67 32 90 the alumni survey, a first version is 102,5982914241733160 50 61 83 40 295817891 calculated using all remaining schools. 113,7123480525433232739569 38 1927 60 91 109,49218791031272427814 55 64 1100 46 86 93 The school at the bottom is removed 109,697 46 96 49 63 30 25 20 46 75 41 86 1100 63 74 94 and a second version is calculated. And 122,9174282225723167 31 77 0321 96 53 76 95 so on until we reach the top 100. The 138,280 41 93 60 74 31 32 13 30 81 6471 82 59 49 95 top 100 schools are ranked accordingly 105,380 44 57 82 39 25 18 17 42 65 0861 90 25 61 97 to produce the 2014 list. 117,986 39 91 97 94 43 29 21 27 88 100 46 1100 91 69 98 123,48833977679332719526250611 95 75 51 99 Judith Pizer of Jeff Head Associates 134,799499996100 44 28 30 19 90 40 86 1100 84 97 100 acted as the FT’s database consultant ft.com/BUSineSS-edUcation 29

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CLPerICH SCAL PA PHOTO: 33 on ti ca dU on s. ’s m/ S-e ther deo co y Garrett ersati vi Au re nt eS nv to eO y d- al an as the al off He co hn me in of rsit de on of es on in with the FT Jo www.ft. bize Vid Ge ge y ving ing a nia. el ve US an 4. d and ni Duke rsit or mo ng rnati al CV ow Garrett rnati or de /B ll and te re ive te eU d sA of hool of on om in Fo became cs fo al mana in 201 te th . Pr Sc Un Lo of om rn Calif D fr be , Stanf on at he y, 97 on r s in 2013 and the In s rnati rd the .c 19 he politi poin Ph nia, lian te, on rsit es te of fo on ut at inati ra in or ht ap esso ft s ive st th a sin an le So Whart Ox lati ug int mult Un ta at Calif Bu An in Wi Whart Ya st of wa Au of re de Institu prof aw > sh ool ad s most recent sch Hi Br e le. a Ya th ll een numerous has not only reads like a list of s tw tt de CV top universities: Oxford, perience way beyond that nt ’s ex there in the mid-1990s – he has By an at wa of Garre . t Pr deed, his ed the world Stanford, UCLA, role as dean of the Australianof School Business (now UNSW Australia Business School) means he has taught on three continents. transferred be teaching of the traditional tenured professor. In years et rr nd de Ga mi two y ly re is the al tt off ob iversity of ”. Un Ge gl s the re n’ et the eoffrey Garre first to admit he looks an unusual choice for dean of the Wharton School at to mo

ar ose considering the appointment be

Th nnsylvania. But, adds the equanimous Pe Australian, “it makes more sense the more I think about it might easily come to the same conclusion. Although his knowledge of Wharton is limited – he spent just to Wh

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inside CLPerICH SCAL PA PHOTO: 35 al ce on ew: on on ould ti d vi rl s a ina y Garrett perien rnati t’ ca re B te ex ents sh all Whart Wo Ch in off ud es be too dU ve st acknowledges Ge udents – udents now ev ’t e centre will ha tt st st S-e want to be Th beli first bricks and . ’t ’s eS ecutive courses, ou can is is probably the US rch the school will e long game I see for in ex “Y nn Wharton ecutive of Garre Th Th is certainly pleased Ma ex Pe US Pr tt /B om wever, in .c wise person said to me recently of Garre Pr “A Ho But overall ft udy for a semester in California and best role for me in the world.” [that] if you change 3 perover cent time a you year, will change 50 per cent.” and gracious about his appointment as Wharton dean. “I have no doubtI the had job in Australia was theme best in job Australia. for take a substantial leap forward withopening the of the Center in the central business district of Beijing, the school impatient for change,” he says. “I mortar outside the focus on teaching very long game. Wharton is a wonderful one. Ithe cherish heritage, but I don bounded by that. 70 of the full-time MBA that heading a business school isabout not quick fixes. time as well as st there are plans afoot for undergraduates to do the same. research and career development. y. a her at a rat at on have to be to do a PhD udents,” adds ’t st nt US ian ancisco – wa Fr ou don As erish e location does bring t “Y r Whart periences are, Th . ancisco campus is ex n’ ch fo Fr i tt. – in San do that’ me e. US cific rim. e San he thing that was important for ia to educate t i i see Pa by on Th Wharton already has a second “T As of Garre ternational d bu in Pr increasingly being used to teach full- than overseas. advantages, though, according to the dean. Specifically, the Californian location says that Wharton is afor school entrepreneurship as well as finance, and it gives a different perspectivethe on minimum, mind-expanding and, maximum, life-changing.” campus, but the school chose toin invest the was that I wanted to seeit the was world; both the education andopportunity the to live in another countr In me when I came to the ng ga , me de lo ge erful ry nd ng ga rita ve lo he wo be boun to The the ‘it’s a is a the have . at actly tt ’t of ay ex udents, st Pr ” he asks. udents st top business st he notion o? rrity held vernment ’s od dean “T of Garre go Ge , a political go Pr tt the world today m panding role for at periences can ] and they ex To from talking about ex is, he argues, is to the US ay believes all perience. of Garre Th tt aw ex business school will be e sector-led. Wherever Pr e background for all of this agnant, and the way big at st US Th ill listening to professors and . “If you look , says office (the décor of which has acknowledges that being ercise is complete will he make of Garre netheless, the picture he paints of is may make it more difficult to tt st siveness of business, says ty ’s least ex Pr is va Th He While the 1990s was all about No “Could I have been a Sitting in a leather chair in the Wharton should have some kind of ople come to you. Australia is ing up, the capacity of at nked as one of the world aff there, he says, and only when change your life are personal biography to me,” says the dean. that international Pe but at international imbue a global perspective in the opposite.” very different from being dean ofAustralian an one. “For 100 years thehas world come [to the Garre and into the future, there arecharacteristics: three societal demands are go dean of a is problems will be addressed in thewill future be priv you look you see an business.” will be the growing role ofsocie business in scientist by training. globalisation and the 2000s was the technology decade, the next 10 to 15 years will be dominatedper by the Wharton in the future points towith a a school much more global mindsetan and increased focus on technology-driven learning. decisions. this is swift to point out thatcases his from packing Australia have yet to arrive), the newly appointed dean skilfully shies any plans he may have forHe Wharton. st universities, but in and out of business, academia and not-for-profit organisations. advantage of Wharton, consistently ra schools. Wharton School 10 years ag “I would say no, because I wouldn the post in the 1990s – had the perspective.” dean changed little since

36

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ore hen st she e never ,” ’r ris and “w Pa e”. “we in-Leke at rt et ma ores in europe, st in-Leke says. “It has wara franchise ion, rt ys at n – a mark s made in africa.” ma t’ ja ,” l take it from there – and B ’l [to] ourselves”. go and africa – the continent that ou’re asking me what comes from Us she plans to open “y seeking inspir neral electric… your idea has to make rkhurst.” ing to looked round her house for something she loved that was “from africamade but in not africa”. she came uponrooibos some tea she had bought in thought: “hello… I live in south africa.” the makes her “heart really vibr go Ge sense globally to make sense in africa butsense has globally, to otherwise make 15 years from now we would remain a smallPa shop in is likely to open as aBaku, pilot azerbai next year in something I know already very well and then we something tha I’m here I’m blooming and ifout you of take africa me I’m dying internally says. But the first s easy, in- t’ e ed rt perience. ma ag nt ex ”, he question was, er wa “t re om five I had that sense.” av e i at mo nc arn fr art with something tha He in-Leke traces her business drive st le . ere the rt ry high’ decided to set up a business that o had to ma Being a “factory person ce nce I wanted an mBa where the ke erage age was very high.” wh ve produced something. what product?” she says. “I thoughtneed I to Le from people who had more he av back to her childhood. “I remember saying I wanted to be ashe businesswoman,” says. “I’ve always wanted tothe change world; I think wh s ed e nt wa pl perien e y: wa an MBA ag ‘i peo ex Shaka ’s ra tea wa Zulu Fire in the bell Ys a. orks tw ne udents; my dia. st But it was also which is ris, with In y. een Nigeria and tend a, Pa ndon school of ex tw wara come from Lo ys ina and o things,” she says. “First, she says, adding that most Ch ”, tw een the rk and heC tw in-Leke describes the emBa as yo rt ium Global emB e then 35-year-old found herself w rsions to tr “I wanted th ma Ne ium. some of the research she did for cu udies with living be out of africa again, and I wanted to learn I had already spent quite aafrica, bit so of I time wanted in to tr her business plan was part of the emB “just amazing of her mentors for south africa and helping friends withmobile a banking compan among the youngest of the many of her classmates were in40s their or 50s, some of themsuccessful “extremely entrepreneurs” with “hundreds of millions of dollars”. “extremely difficult” as she juggled her st was during this period that sheher began economics, NyU stern Business school in taught be ex inside

Photos: Zoran Milich/reuters; elite PhotograPhy sh mo Mo could that programme MBa] [executive an st big and acquisitions and mergers finance. beyond skills acceler to wanted singapore, in school Business from management business in degree undergraduate an after company etpol h ol fe ereal-life ex me offer could who people to meet also, side. legal and side commercial years. 10 s rat eine n otcsi [china].” in contacts and periences iwas “i ou gcpoet.iwsvery was i projects. egic ex at oem omr,sc sthe as such more, to me pose e aeraddvlpnew develop and career her e ld ho st erene h a okdfrtepast the for worked had she where group the in prospects greater for officer financial chief rigto arting wever, yo na u ch na a ecapital ge was h ge st n n a bright had and ina ,wojie the joined who h, novdin involved t ay ve ve or ke na nt find to en go ny ang ’s to a ne un oecniudto continued role lmine alumni its of because un colof school Kellogg by jointly run – programme programme. na to off time and anticipated ex eoeasno oper senior a become le she graduation 2011 her after months three and different somewhere work to wanted she decided she ctv B usata investment. substantial a MBa ecutive a ulepoe upr o the for support employer full had h uigteprogramme, the During tr fees, tuition six-figure h hs h Kellogg-hKust the chose she vriyi liosand illinois in iversity vriyo cec and science of iversity em w up on Ma tw st r and ork nagement ay pl st at ogrptto,active reputation, rong n ihge. with ing edcassmk an make classes tend oye ex adadshe and pand ch at ing at after r ns focus. inese ho te no ex av na hooy– chnology gKong ng ho ecutive rt lcosts el h’s hw ft wever, or to estern yo reMB ur after Time mo ve co to d mple on go : three Se A? ting re ne mon he By Nah EMBA r ths Ro at to says funding, about thinking their shifted made. has she the investments” of best “one be to eMBa her considers us the in MBa full-time a considering was group, telecoms uK the Bt, un eMBa the hycnd nete rdaei they if haven graduate they once do what can more they bit little a dictate can “they some conversely and says, she common, less is employment term long- because candidates fewer fund ch da silver ft ohepoesadepoeshave employees and employers Both ct alc,acin manager client a Balloch, scott vriyof iversity hnhsepoe fee ofund to offered employer his when el Pe y, ’t .c ae in based gg enfiacal sponsored financially been le om la Bishop y at ke To /B Pe h hro colo the of school Wharton the priv a , US nyvna companies nnsylvania. ho pl in la gKn,she Kong, ng ensky at eS e ieda of vice-dean ne, qiyhouse. equity e S-e st dU dnsfeel udents ca at ”. ti on >

41 side in inside higher levels. ed with at ay st vernment funding go us > hile i have had opportunities during DeVault-smith has “W the programme and after graduation, so far Bosch has been the right place for me,” she says. under the trade adjustment assistance programme. Bosch, which she says has givenchance her to the learn and work with contributions from her old andemployers new and d’ te he re n ua at “t so ca ing to ad go wh plans were on gr ey ’s . she finance re apter 11 bankruptcy ercise in real-world sp ’s ‘th ey us ex ch mo el th fe ly 2009, DeVault-smith ce Ju wever, when the programme t been olved into a rewarding career on ho n’ ev ents niki DeVault-smith terim project work to pay the bills art. ve do monumental projects are position me very well,” he says. he lost his job in ain reorganisation. has as an independent consultant. began in skills i am able to also shaken by the 2008 crisisemployer when entered her weeks before her eMBa was duest to had secured a place on engineering group robert Bosch supplemented her own money leadership development programme in the ud a little bit n ha st r te ca : ars fo ey ne ye ined me La ey decl op funding so dicta th if th te has ra As r the past 20 ggy Bish rpo Pe co EMB ove at ill ick’s ing st en has rw et ev pected to as Wa shington ex Wa wever, y, chose y. pect, but that eg ho he ”. ex rat iversit eMBa but st Bt, Balloch remained healthcare company ’s un at us e funding for eMB o years as senior mark a own ne, and there was “a dramatic at Bt, nor to repay his fees. tw et at Five months into his programme la at org a. ay after corpor st ge udy while working. eamon Bobowski decided to self-fund an eMB at director Dc, and in the depths of the recession, employers that do not fund tuition an eMBa in the uK, sost that he could invest by allowing employees to work flexibly during part-time courses. Business school declined over the past 20 years,Bishop says dive in employer sponsorship after 2008, as you would move companies when he graduated in 2012 as he was under noto legal obligation trend has continued the company and is now headand of environment energy But, having been “impressed” by the opportunities away of Doran right Pr ample of her ex e your career work at ket to B acceler nt work, which can cement rrent employer, w skills to at cu ne the job mar ur re y advantage of an eMBa over a lo yo t en if you do not intend to change jobs, ke tractive alternative offer to encourage full-time MBa is the chance tonew use skills your potential jobs in the future, theybecome can lifelong friends. Pu a new knowledge and impress your employer. niki DeVault-smith (see p43) applied lessons learned in classpropose to an unconventional solution to a problem, impressing her employer and providing a practical new capabilities. exp ev consider all your options, because plans can change. with your recommends graduates use negotiation skills learned on the course “toat create an their pre-degree employer to recognise their new skills”. stme te ve orks pa udying tw st d in the lture, als and rtici work well as cu go of the school. pa to cate as neral benefit e, et lo nt ge will arm you with ork. wa mm ion when juggling et le u tw at ra mme ib yo ra ss og mark og el time is an important ere et e in the mark av as po at wh t ch nt knowledge. alumni ne in the pr ke va ce mu cation will influence the teract and share with classmates – ur EMBA in mar a shortlist that meets your then listen to your heart tofinal make choice. the Choose a pr as Finally, tr practical consider the course, work and family obligations. On being a sounding board and source of in help and learn from them toknowledge build and your ne and work prospects also tend to concentr lo laws, regulations and business practices taught. While there is to building cross-cultural knowledge, eMBa learning is practical, so in your targ rele yo om fr u yo a, ing r a. tt als. fo attend ge eMB go ’s mme most ra og art your own ructure and class art your own business, st ris Doran, academic st pected salary uplift st ures ch nkings and logic to create ex fig ra ion. e ur t the nkings and reputation are at us yo ra ample? Do you want to work in widely in what they offer. you want to ex ina? e a business case to determine sitive return on investment (roi) ry entify your personal career Ge id ch names may be similar, but programmes va While important, they should not be slavishly followed. course the fairs and open days toprogrammes identify that the meet your objectives. Do for the confidence to business or following your passion. Choose the right pr us whether your cautions that some things cannot be measured in roi terms – like director of Kellogg-hKust Check will pay back the cost of an eMB Po is important, though not the only consider inside ironJohn/DreaMstiMe Photo:

review y. y, I ion at He at at B worst as Yet p54 The at e social s, s the recasting his cs at st Whether it is ar In ing creation y. ge hi kia he is referring Fe et ing department. ill unsure. egy and innov No ing and his idea of et st et e-rolling. ern at et ey es & st his theory that business must adapt to the new am serving. profession, he proves econom a conscience econom te emise interesting, is a tad self- Overman was until last his profession, though e department. Rather ited States was seen creating a new mission for ”, mark at ra altered the old model of Un Hop Ea pr ed as wanting to do work of was sent for “cultural is right that social media have egy and mark wever, many of his points are ay success until it was too late. lture shock adapting to British He kia, the mobile phone compan rpo rat es further and sug Billed as a “str Ho cu became complacent with its own st No ”. year vice-president of global brand to in the book as the company that go consultant One assumes it is co are that his bombastic cheerleading yle in the rest with the mark pertise on social responsibility should st aw een the early 1980s and early 2000s – ex of e ways when he came to the UK – he lue but whose commitment to such work tw at rightly calls the death of corpor va Overman ew Overman is familiar with He od: companies can no longer be complacent, yle was over the top for a British audience. “My who are often portr social has been questioned by some observers. born be American had a corpor was made st leadership best as cheerleader-coach-optimist and highly focused and perfectionist,” he writes.in “But the UK, I was perceivedand to overbearing.” be fake, unrealistic reconditioning go and people need to be alertthreats to from new beyond ideas their and own sector. responsibility as a separ than being an add-on, it isintrinsic increasingly to seen all as the functions of a business. a vi to es pect st? r ex ani ost? ou andards mp co st co As nsumers behavi om od of fr Do the right thing: co higher ting angle ion od. lue en ke at rth the c rth the rth the go va ev go The fy ner ey erything ge cheted up wo wo Community,p53 Are EMB Th ev vement for y. rat t this is just fact, the author Mo erything from er way to work, Ye ss In ev ions, he writes. tt be he global wave u pay your money to at od. “T Ma Yo nome.” go ing the spread ner are, the author says, y. ge at business w a e questioning ge ’r ey at e hacking Ho to ey une magazine in 1946 that ’r cally sourced food is important Th bs senses a mar rt erywhere. ey Th lue share,” he writes. Lo pect a lot more toda ev Fo ur want our investments to do va Th co orked warfare (or ex rious forces that with bad behaviour – has long been a ion of privac o British readers there are fewmore things cringe-inducing in business than having a cheerleader psyching them up to do what Steven Overman does in gy,p49 We tw eryday choices in ways that de w Ja va yo t here, Overman says, not at eat for Business. Being bad in business, ay ev lo books aimed go

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books T Conscience Economy: are different to previous Th the author to discover the answers – that is the deal. to woo a book-buying audience. cites a survey by found people wanted business to actconscience. with So a too social the millennials – the fertile source of of a global consciousness – thecu “conscience We just because of the internet butto due a “major conflux” – atog coming drive us towards a tipping point. Th concerns, ne Go he asserts, used to be nota just bit profitable admirable. but “Bad behaviour –ge and particularly traditional logic… from the notion of career consistencyof to money the itself. go of young entrepreneurship is an indicatoronly not of an increase in personalempowerment, self-belief but and a sign of thethat growing there optimism could and will beproduce a and be live.” terrorism), artificial intelligence and people dramatise the sweeping changes facing consumers and workplaces.

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49

TECHN OGY OL

REVIEW DOYLE/BLOOMBERG DENNIS PHOTO: u t ile nal le ch ur at s yo al u d ta so wh it ur ents. ts ar eks yo om mos ople de yo arty de at uch book or yo r a ac se ev off . u disab nd per and Pe n s fr ce p ans fo ow being a d-p nt to ly le/ to ad yo ca ge ve ve it s Fa ap ether co e cale h many te u me cuments ul. The oid – use the on book ocused” and t turn ge . A min ic ssa Dri pl nt “f ef n Yo wh n’ ound do ce Av rnati mobi stop e difficult. le a s r ins ssa od things in ce s the ger ca wh t. t ese te ca t, and the , peo Fa e any w that u in ps in a cr m/ og to u se re ge go th u n’ on en no t ge se mor to nd me ap no co o yo Go om of t ow ss com yo ssa do is or no es to se an thing us yo nd me ain, many thir y: li. s it br Tw mos bu ps to do ch Me me no se ag box, ur email in s mp ur – ion ap ty ebook. linking rms, free r (PIM) to to r has been ar d in and any them until 8am. That rm, is that ger ep op rs yo co the many al u y yo fo ac rmer. ve te ge of fo ge t the last ut t that opt e” add oiding or te .a Dr book at of ts fo the permissi yo at r, wa no fil via ck ssen ke av bu ompli pl ce ers s with Ex pl abo pu ut om ssen te p, d, the mana eatur are Ac iOS and Android, free www One www.f me Fa all hou off one s permanentl p that one d the abili OneDri te “f to suppor ap the ow bsi to Me ully ’s t on le t ey ta work ap on is the la kn n’ ef r an ti on we and it rs will alert arty mail/PIM This andal le fo ps to us shared with them via email. le ca do erns abo mos mati book e. osoft ce ur: st top ove d-p nt nc cuments fr tifi or vi ps ve ents th ce ew ther” inbox, sifting mail fr vo Ap friends has disab within the Co are dreadful infuriating no them as a de Fa quibb wa mobi inf ap spac vi the ev Micr ha thir do “o fa with t ge t ach ea Bezos B re crosoft- ff e tractive. ion for s Je Mi at od fork of ff? st reach. I suspect yl Je go ge le’ ’s an st ogle og of n- a and Go ty rt Go uld be a gr crosoft has a compelling le joint venture would pa of ty a blue-sky sug Mi t mazo e ’s wo della: sit down with re r smaller providers, a ime video but seems unable to -A ou Na w about it, Sa Fo He Pr om Amazon to develop a istent platform for these services, ure consumers to buy its Fire devices. services offering but an almost non- ex despite the quality of the LumiaAmazon handsets. has compelling content with its Amazon-s be a great way to becomeecosystem part out of of an consumers would find that Ho Android. at Mr partnering with it to provide servicespart as of the package makes sense. m nt bec te osoft : ve ys to ly es e on rc dar y t fo os ra no oubl the le, ning ec wa A Micr joint og te on within China s Go ot r om Threa fr there are tr sp fo go. ores st share .” is et et ina, it ogle from Th ncent, crosoft is Ch e. Go Te at Mi SP fork of ina mark AO noted: “Chinese- crosoft is unlikely crosoft chief Ch della has been y, Mi Mi Na a ty t its services – Outlook.com, ogle has lost out in ge triguingly, Go In If en to ecutive Sa ke ex reported as talking to Cyanogen, which maintains a popular to be considering buying Cyanogen, could lose out elsewhere. Bing, Office and OneDrive – intohands, more and while its Windows Phonehas OS been well received, its mark of just 2.5 per cent inof the this second year quarter means it has a long way to Android. While of services delivered via the hardware. At the end of last year,research Gartner, compan the that they themselves oper based internet providers, such as Baidu, Alibaba Group and [are] providing local featured apps, services and content through app participation is preventing being a major beneficiary of smartphone user growth in the

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s &fears AhMED MUNShI PhOTO: hope 54