IESE Business School About This Guide The Clear Admit team has prepared this reference guide to the IESE Business School (“IESE”) to assist you in your research of this program. Our comments are designed to be of use to individuals in all stages of the admissions process, providing information relevant to those who are determining whether to apply to this program, looking for in-depth information for a planned application to IESE, preparing for an interview or deciding whether to attend. The guide is unique in that it not only addresses many aspects of life as an IESE MBA student and alumnus, covering school- specific programs in depth, but also compares IESE to other leading business schools across a range of criteria based on data from the schools, the scholarly and popular presses, and Clear Admit’s conversations with current MBA students, alum- ni, faculty and school administrators. We have normalized the data offered by each business school to allow for easy side- by-side comparisons of multiple programs. www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. Applying to business school? Learn more from Clear Admit! The Leading Independent Resource for Top-tier MBA Candidates Visit our website: www.clearadmit.com Stay up-to-date with the latest news on the world’s best business schools and sharpen your approach to your applications with insider advice on MBA admissions Want this information--and more exclusive content--delivered straight to your inbox? Sign up for our Newsletter Check out our unique offerings to guide you through every step of the admissions process... Publications Live Wire Interview Archive From a school’s curriculum Track the ebb and flow of Receive an invitation for an to universal admissions decisions with interview? We have col- b-school Live Wire: application re- lected thousands of in- strategy, sults in real time, submitted terview reports from MBA each of our by site visitors. candidates. Sort reports by publica- school and know what to tions series expect in your admissions provide a interview. centralized source of informa- tion that is crucial to an effective application. ...and come find us on social media Table of Contents | v Applying to business school? Learn more from Clear Admit! Contents 1 Introduction to IESE 1 Program Highlights . 1 Brief History of the MBA . .1 IESE History . .3 Religious Affiliation . 5 Student Demographics. 5 2 Academics 7 Academic Calendar . 7 Pre-Term . 8 Student Body . 8 Visit our website: www.clearadmit.com Teaching Methods. 9 Core Curriculum . 9 Stay up-to-date with the latest news on the world’s best business schools Electives . 9 and sharpen your approach to your applications with insider advice on MBA admissions Language Requirement. 10 Want this information--and more exclusive content--delivered straight to your inbox? International Opportunities . 10 Curriculum Comparison . 11 Sign up for our Newsletter Grading System . 11 Faculty . 12 3 Life at IESE 15 Campus Spaces . 15 Life in Barcelona . 15 Housing . 16 Additional Campuses . 16 Clubs . 17 Conferences . 18 4 Life After IESE 20 MBA Career Services . 20 Recruiting/Interview Procedures. 20 Career Statistics . 21 Industry . 21 Geography . 21 www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. vi | Table of Contents Alumni Network . 23 5 Admissions 24 Visiting IESE . 24 Application Requirements . 24 Interviewing with IESE . 25 Deadlines . 25 Young Talent Program . 26 Alternative MBA Programs. 26 Executive MBA . 26 Global Executive MBA . 27 6 Financing the IESE MBA 28 Tuition & Expenses . 28 Financial Aid . 28 7 Appendix 30 Essay Topic Analysis . 30 8 Further Resources 32 Publications. 32 IESE Research Centers & Institutes . 32 Contact Information . 33 www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. Table of Contents | vii www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. Introduction | 1 Introduction to IESE 1 Program Highlights International Community – Though IESE is located in Spain, students from outside the country make up 80 percent of IESE’s student body and represent over 50 countries. In ad- dition, the school’s faculty includes over 180 scholars from 28 countries. This highly diverse community exposes students to varied perspectives on international business and familiarizes them with business cultures from around the world. Personalized Approach – With a student-to-faculty ratio of 4:1, IESE offers a personalized approach to business educa- tion. The school’s small class size, coupled with professors’ open-door policies and active mentoring, facilitate close work- ing relationships between students and faculty. Consequently, alumni frequently cite IESE’s personal and friendly atmo- sphere as one their primary reasons for attending. Bilingual Education – Although the language of instruction at IESE is English, the school’s Business Spanish Program, Span- ish elective courses and location in Barcelona enable every student to gain functional fluency in one of the world’s most widely spoken languages. Case Method – The primary teaching technique at IESE is the case study method, in which students analyze and discuss so- lutions to real-world business problems. Throughout the MBA program, students examine over 600 cases, learning about real business issues from a wide array of industries and geo- graphic areas. Brief History of the MBA Originally conceived as an extra year of undergraduate train- ing in finance, economics and accounting, business schools shifted around the start of the 20th century to begin offering managerial training for the U.S.’s new industrialized compa- nies (see Figure 1.1). Their prestige grew throughout the Great Depression of the 1930s, when the research and train- ing generated by business schools was seen as a key to the country’s economic recovery. The unprecedented managerial needs of World War II further increased the demand for for- mal business education, and after the war, U.S. veterans used their G.I. Bill funding to finance their business studies and move into management jobs. By the 1950s, the MBA was a two-year, post-graduate pro- www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. 2 | Clear Admit School Guide: IESE Business School Figure 1.1 Notable Developments in MBA History MBA Degree IESE • Business schools are established in the U.S. to 1880s train managers for the new industrialized world, especially the railroad industry. • Academic focus is on accounting and book-keeping and most professors are professionals in these fields. 1900s • Association of Collegiate Schools of Business is 1910s founded in 1916 to provide resources for the grow- ing number of U.S. business schools, which by 1919 enroll over 36,000 students. • On-campus recruiting by industry rises. 1920s • Curricula begin to include policy issues. • The research and training conducted by business 1930s schools during the Great Depression is popularly seen as a key to the U.S.’s economic revival, sig- nificantly raising public opinion of business schools. • WWII sharply increases demand for trained man- 1940s agers and WWII veterans return to U.S. business schools in droves. • Most professors now hold Ph.D.s in business and 1950s • IESE is founded in Barcelona in 1958 as the gradu- academic research begins to form the basis of ate business school of the University of Navarra. business school curricula. • Continuing Education programs for alumni and • Strategic decision making and quantitative and Executive Development Programs are introduced in statistical analyses become the focus of many cur- 1959. ricula. • INSEAD is founded. 1960s • In 1964, IESE launches its MBA program, the first • London Business School opens. two-year MBA program in Europe, under the guid- ance of an advisory committee set up by IESE and Harvard Business School. • IESE helps establish IPADE, the business school in Mexico City, in 1967. • The IESE Ph.D. in Management is established in 1969. • MBA starting salaries rise 5-10% per year at some 1970s • To meet demand for executive education, IESE schools, even during stagflation. opens its Madrid campus in 1974. • Entrepreneurship enters most curricula. • INSEAD establishes Asian Business Program. 1980s • In 1980, IESE becomes the first school in the world to offer a bilingual MBA program. • The Executive MBA kicks off in Madrid in 1982. • The International Advisory Board is established in 1989. • Business schools focus on leadership, ethics and 1990s • IESE launches the International Faculty Develop- interpersonal skills, altering course content and in- ment Program in 1992. creasing classroom emphasis on working in teams. • The International Center for Financial Research, IESE’s first research center, opens the same year. 2000s • In 2001, the Global Executive MBA program is established. • High profile corporate scandals prompt call for • The new IESE Madrid campus is inaugurated in greater ethics education in business schools. 2004. • INSEAD’s Singapore campus opens. • IESE celebrates its 50th anniversary in 2007; its • By 2004, 447,000 students are enrolled in U.S. new campus buildings in Barcelona are inaugu- business programs. rated by the King and Queen of Spain. 2010s • In 2010, IESE’s New York Center opens its doors. www.clearadmit.com © 2006-2014 Clear Admit, LLC. All rights reserved. Introduction | 3 gram that turned business into a professional discipline on par with medicine and law, and the degree was seen as a ticket to a better, more secure career. The MBA continued increas- ing in popularity, from 21,000 business management master’s degrees awarded in the 1969-1970 academic year to 139,000 in 2003-2004. This rise came in conjunction with a growing demand for MBA graduates in the workplace and with rising starting salaries for those graduating from top schools. Since the early days of the MBA, there have been conflicts over the purpose of a business education. Initially, tension between a classical education in economics and more “practi- cal” training in business dominated the debate, and in some ways this remains the central conflict.