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Editor's Letter The Future of the
Finding the ideal MBA MBA
scenario for you An analysis of how
07 0 MBA programmes are Looking forward
From the CEO adapting to prepare The MBA is evolving to prepare
Some advice when leaders for a changing world
leaders for an ever-
choosing your MBA
0 changing world
0
08
33
Your Career
Leading Lights
How the MBA
will transform Two winners of
your professional AMBA's Student of
experience the Year Award share
12 0 their own insight on
Decision Factors how they are using
Leading admissions their qualification to
professionals share affect change 3
their advice on the 37 0
factors that will help Graduate Insight
you choose the right
MBA programme
How MBA graduates
Case studies
from the US, South
16 0 Africa and Bulgaria
MBA graduates from across the
world share their experiences
Admissions are shaking up the
What are the world's business world
leading Business 42 0
Schools looking for The MBA
from MBA applicants? unbundled
21 0 Generating a life-
Applications changing return on
Advice investment from
Some insider your MBA
information on
crafting the perfect
MBA application
26 0
Innovation
PLUS
How the changing
MBA landscape
Our insiders'
is moulting the
creative innovators Innovation guide to selling
yourself to
of tomorrow How the MBA is nurturing
Business Schools
global creativity
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Editorial
Editor
David Woods-Hale
d.woods@mbaworld.com
@davidpaulwoods
Art Editor
Sam Price
Corporate
Welcome to AMBA’s MBA requires investment leave you with her thoughts
Commercial Executive
inaugural report, designed for of time and money – not on why she decided to Emily Wall
people considering an MBA. least in navigating the maze complete an MBA: e.wall@mbaworld.com
No other qualification of information to find the 'The MBA gave me a
Client Relations
can prove to employers and right Business School and platform to rely on for the rest Executive (Events)
4 clients that you know how to programme. That's why of my life. If I wanted a job in Victor Hedenberg
v.hedenberg@mbaworld.com
run a strategic business. And AMBA is here to help. California or Bangladesh, I
a disproportionate number Over the following knew my qualification would Employer Relations Manager
of the world's business high- pages, renowned experts be recognised. It also suited Aarti Bhasin
fliers, thriving entrepreneurs from businesses and world- me because I’m interested in Head of Events
and effective consultants class AMBA-accredited lots of things. Putting all this Leah Carter
have those three letters after business schools will guide together, I had the ideal MBA
Head of Marketing
their name. But the MBA you through the process of experience, so my advice Alison Price
is more than just a quality application and answer a lot would be to go through
Marketing and
mark. It shows that the bearer of questions you might have the MBA with the same
Communications Manager
has spent time exploring and MBA graduates from all outlook, thinking about Lorna Green
the facets of business – over the world will share their your ideal experience.
Marketing Manager
from finance and HR, to experiences and offer advice. ‘This isn’t about anybody Cristina Mihaiescu
sustainability and innovation. Last month, I had the else and it might be the most
MBAs share ideas with the pleasure of interviewing Dr indulgent thing you do for Membership and
Communications Director
most diverse thinkers in the Amy Jadesimi, Managing yourself. Embrace this and Adam Bolton
world and build life-long Director of Nigerian industrial figure out the ideal MBA
Finance and
networks of thought leaders. free zone LADOL. Amy is scenario. Go for it 100%.’
Commercial Director
Most MBAs will say their an MBA graduate who is Enjoy the magazine and Catherine Walker
qualification has enabled not only leading economic don’t forget to drop me a line
Chief Executive
them to do things they could growth in West Africa, but if you have any questions, Andrew Main Wilson
never have imagined. also working with the UN on thoughts or feedback. Good
But it’s a challenge as well sustainability and trailblazing luck with the next steps. Executive Assistant
to the CEO
as an opportunity and the the way for female leaders. I’ll David Woods-Hale, Editor Amy Youngs
a.youngs@mbaworld.com
Copyright 2016 by The Association of MBAs (AMBA). All rights reserved. Material may not be reproduced without the permission For membership enquiries contact
of the publisher. While we take care to ensure that editorial is independent, accurate, objective and relevant for our readers, AMBA membership@mbaworld.com
accepts no responsibility for reader dissatisfaction rising from the content of this publication. The opinions expressed and advice
given are the views of individual commentators and do not necessarily represent the views of AMBA. Whenever an article in this Accreditation enquiries
publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. AMBA makes every accreditation@mbaworld.com
opportunity to credit photographers but we cannot guarantee every published use of an image will have the contributor’s name.
If you believe we have omitted a credit for your image, please email the editor.
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Be in company
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I
'm very pleased that you are, quite countries across six continents. I know that all our accredited schools
rightly, considering taking an MBA, I passionately believe that having an are at the top of their game in terms of 7
because I know from my own MBA from a respected business school programme content, innovation
experience that it’s an excellent way makes a significant impact to career and employability.
of enhancing career trajectory, personal progression, but those considering this But as you read this supplement and
development and leadership skills. step would be well-advised to research learn more about the dynamics of the
In a fast-changing business the MBA market and make sure they MBA – as well as some of our Schools –
environment, speed and have all the facts in front of them, before think about the factors that are important
entrepreneurship are skills corporate making a decision about where, when to you in making your decision: what are
leaders have to continually learn and and how to study for an MBA. your weakest business skills and which
hone, and I’m no exception. I have run Schools are most focused on these
businesses, both large and small, but aspects? Should you study full-time or
almost 20 years after I completed my 'I passionately believe part-time? Do you want to study abroad
education at Harvard Business School, an MBA from a respected with global placements? What are your
I’m still learning new things every day. I values – and can you find Schools that
believe that the skills I learned Business School makes share your vision and purpose in life?
during my studies nurtured within me a a significant impact The answers to these questions will be
to career progression'
sense of curiosity, which has benefitted vital in helping you find the course that’s
me in ways I could never have imagined right for you – but keep an open mind.
back then. You can find out more about
AMBA is the world’s only truly MBA- It’s a considerable investment in all our accredited Schools at
dedicated organisation. We accredit both time and money, so the more www.mbaworld.com and you can join
238 of the world’s leading, and most impartial advice you can get before our pre-MBA community for a wealth
innovative, Business Schools and we taking the leap, the better. of information and resources at
have a global membership 0f 20,000 AMBA accredits just 2% of the world’s community.mbaworld.com.
MBA students and alumni. MBA Business Schools and our standards Good luck! I look forward to hearing
These high-flying and high-potential are high; our member research of 2,000 from you and welcoming you into our
current and future leaders are based in students and graduates in 2016, found AMBA membership during your
more than 150 countries and have 91% of our members classed their MBA MBA course and throughout your
taken part in MBA programmes in 70 programmes as ‘excellent’ or ‘good’ and subsequent career.
community.mbaworld.com
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How an MBA
impacts on
your career
An MBA is a transformative experience, professionally
and personally, says AMBA employer relations manager
Aarti Bhasin.
S
tudying for an MBA is a 2015 compared to 74% in 2014. In fact, the
considerable undertaking that MBA was the most sought after post-
requires a huge amount of graduate qualification in the opinion of the
discipline, time and money employers surveyed.
– and it can be challenging.
But if you are determined and dedicated, FLEXIBILITY
8 completing an MBA can be life-changing. If you want to stay with your current
The MBA offers high-level insight into company or cannot afford to give up a salary
management strategy and analysis, focusing for year, then an MBA is still a great option
on core areas such as marketing, operations for you. Part-time MBAs allow participants
and finance and specialist topics including to continue working in a job role they like,
sustainable business and innovation. But and may have worked hard to obtain, while
an MBA can offer much more than that: developing their skills and knowledge.
an MBA is a transformative experience, Your employer may even offer to fund
professionally your MBA as these programmes teach
and personally. valuable skills. If you show promise, it could
be in your company’s best interests to train
SO WHAT, IN PARTICULAR, CAN MBA you in this way. You may have to commit
GRADUATES EXPECT TO ACHIEVE? to your organisation long term for them to
invest in your future, so if you are content in
CAREER PROSPECTS your work environment, ask your employer
Completing an MBA is a great way to stand whether this is an option.
out as a candidate for advancement within
your company. AMBA’s 2016 Careers and TRANSFERABLE SKILLS
Salary Survey of 3,355 MBA graduates, Studying for an MBA will give you
found pre MBA 15% of respondents the chance to enhance your skills and
held senior management positions, but knowledge about your industry, and can
a quarter (25%) of respondents were at a offer additional benefits that will span the
senior management level within one year duration of your career. During the course,
of completing their MBA. In 2016, 58% of you will develop leadership proficiency and
the MBA graduates surveyed for this study study in-depth management strategy and
are in senior management, board level or analysis. These are vital skills that can be
CEO roles, following the completing their used in all areas of business and are very
MBA. Research conducted by AMBA’s impressive to prospective employers.
strategic partner, GMAC, found that 84% of The programme will give you the
employers planned to recruit MBAs in opportunity to work on a series of team
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SALARY INCREASE
If you’re looking for a high-earning role, an
MBA could be the route for you. AMBA’s
2014 career and salary survey found the
global average salary of a graduate from
NETWORKING
FOR A HARDWORKING, AMBITIOUS AND
During your MBA course you will meet and MOTIVATED PERSON WHO BELIEVES THAT THEY
ARE SUITED TO SENIOR MANAGEMENT’
10 build relationships with some of the best
business minds in the world. Your tutors
and lecturers will share their knowledge
and experience with you, and there will who have been carefully selected, while your career, an MBA could be the best
be regular talks and guest lectures from benefiting from top-quality connections career direction for you.
industry with alumni from some of the world's best AMBA is here to support you throughout
thought leaders. Business Schools. Some of your fellow your entire MBA journey, from researching
The people you study alongside study students are likely to become life-long courses to offering support during and after
make excellent networking contacts. During friends your studies, through knowledge sharing,
your course, they can help as a sounding AMBA has a membership network networking and learning events.
board as they will be experiencing the same of more than 18,500 MBA students and As an AMBA member, you will have
things as you. Afterwards, they will be likely graduates in some 100 countries across the access to our Career Development
to be successful in their field, so will be world, who regularly connect via our online Centre, where you will find e-learning
useful contacts throughout your career. Community or at our social events across tools and guidance to help you with your
Studying for an AMBA-accredited MBA the globe, to innovate and collaborate. employability and candidacy for your next
gives you an exceptional platform for step. The Career Development Centre also
networking at the highest level. You will be AFTER YOUR MBA has an MBA Jobs portal, updated daily with
part of a diverse and experienced group of Completing an MBA is a solid investment relevant jobs to help you make the most of
professionals, studying alongside people for a hardworking, ambitious and motivated your qualification.
person who believes that they are suited You can sign up to receive regular
to senior management. Studying for an newsletters and updates on our activities,
‘YOU WILL DEVELOP MBA can help you advance up the career including international learning events.
STUDY IN-DEPTH
Although it’s a considerable commitment, partnerships. Get the best out of this
if you know you’re the type of person who by becoming involved with our varied
MANAGEMENT can handle the challenge of holding a programmes and helping to run events.
Visit us at www.mbaworld.com for
STRATEGY ANALYSIS’
leadership position, and are prepared to
learn and develop new skills throughout more information
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Q: What factors sense for you to wait a little bit longer, but if
you’d like a career move, it might be better to
should you consider do it sooner rather than later.
before applying You’ll have to talk to a lot of people to
ascertain whether or not it will address your
LUIS JOVER, ASSOCIATE career goals. I tell candidates that if you live
DIRECTOR, MBA ADMISSIONS, in a tiny village and apply to study in the
IESE BUSINESS SCHOOL same place, your aspirations are unrealistic.
Honestly and transparency will be key.
The key thing to ask is: ‘why do you want Think about fees and culture. Culture and
to do it?’ There are many things you can community vary between Business Schools.
get out of an MBA but what is it you’re There are open days and events through
looking for? which you experience organisations and find
Is it gaining an holistic perspective on the out whether they’re the right school for you.
business world? Is it acquiring new skills and I’d also look at rankings per sector, as this is
knowledge? Do you want to expand your a good indicator of how companies value a
business network? Do you want to explore particular MBA. Some schools are particularly
new career opportunities? Or is just that strong in marketing or entrepreneurship, for
you would like to earn more money? You need example, so be really clear about what you
to reflect on your true motivation because this want from your MBA.
is what the admission people want to know Location is vital, because you’ll have to
from you. They will want authenticity in your spend a lot of time in that place and build
reasoning, so it’s important to be sincere. a network there, and international scope is
Another important factor is whether or important as well because you’ll learn as
not it’s the right time. The MBA is a great much from your peers as from faculty.
investment if you do it at the right time, in
the right place. It is not good to do it if you MICHAEL WORT, ASSISTANT DIRECTOR, 13
don’t have enough experience. If you’d like to MARKETING & RECRUITMENT, INSEAD
have a say in your own industry, it might make
It’s really important to consider what your
‘Full-time MBA
objectives are when you come to do an MBA
programme. For some people in their current
people want to
role, it’s that they’ve hit a ceiling and they want
to make more of their potential and take their
want to progress
or industry. Because of the nature of the
programme, you’ll get a lot of perspectives
internally’
and this will help you with both these issues.
The network is important as it can help you
both professionally and on a personal level.
People make life-long friends on
MBA programmes, so you’ll meet interesting
people and be exposed to new ideas. In
terms of an example, I liken it to a radar:
be aware of yourself and your strengths
and weaknesses. You might be an expert
in one particular area, but the MBA will
give you exposure to new experiences and
information.
The length of the programme will be
something you might want to consider; also
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internally’
The main thing to think about when companies (either sponsored or not) but are
choosing a Business School will be about fit. going back to these in a more senior position.
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recruitment process be clear that your objectives are realistic. LUIS JOVER If you want to change careers,
and finding jobs and Lots of MBA students are exposed to many
new things after just two weeks, and this
make a decision and think long term. There is
no other programme that will enable you to
how are connections made reshapes their thinking. You’ll quickly know change careers, so I think it’s worth investing
with employers? what you’re good at and what you enjoy and
this will frame your career goals; then you’ll
in a full-time MBA if this is the case. Main
message: look long term.
look at the market and understand the key
STEPHANIE THRANE Recruitment is a players. It’s no longer about just uploading your STEPHANIE THRANE
machine that happens from day one, and CV onto a website. Look at rankings and alumni research to find
finance careers recruitment kicks off at the It’s definitely advantageous to be located out how salaries compare five years after MBA
beginning of the academic year. Lots of within interview distance. Many recruiters will completion; for most people, it works out
companies will visit the campus, have coffee, visit campuses globally, but it can be good to very well.
interview people, present and offer internships. build a network in the area in which you want
Recruitment for consulting comes next, then,
throughout the first year, we have fast-moving
to work.
Q: Are there differences
consumer goods (FMCG), healthcare and tech. LUIS JOVER All schools have professional between MBAs in the
It’s something we manage within the school
with a careers department.
careers services, but it’s up to you to
take ownership of your career. Your
US and Europe?
Some jobs come on the back of internships, ultimate responsibility is to land the right STEPHANIE THRANE All European
but otherwise the machine kicks off in opportunity; reflect on what you’re good at and programmes offer a truly global experience
the second year, for full-time hires. More exploit that. with an international cohort. We attract local
and more jobs are sourced through our alumni talent. US programmes are amazing and have
community.
Q: How would you advise great reputations but have a very domestic
approach and I would claim that the class
MICHAEL WORT Pre-programme, you should someone who wants to profile there is mainly American. That’s right for
be thinking about your reasons for taking
change careers but is a lot of people, but it’s not what we offer.
‘Lots of MBA students are exposed challenge each other on assumptions and
this can be interesting when discussing ideas
their thinking
Regarding teaching methodology, some
US schools tend to accept people onto
MBA programmes quite soon after doing an
undergraduate degree, whereas in Europe
there is more work experience. US schools
are keen on the case method for teaching,
but in European schools there is a mixture of
approaches – discussion, group work, varied
and interactive.
There is a need to be adaptable and
change direction and try new things. The
diversity allows you to fit in with cultures and
travel post MBA.
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B
determination, and creativity); and career
your admissions profile. awareness and planning.
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interesting and diverse class. This means recruiters seek from MBA graduates,
that you may be valued particularly positively making it hard for them to find a suitable
(or negatively), depending upon how you job on graduation.
compare with others in terms of nationality,
religion, race, ethnicity, family background, THE NEW REALITY
gender, career, and functional background. Does this mean that young
This desire for diversity is based, in part, on applicants cannot hope to
the need to have a sprinkling of experts – for be accepted on to an MBA
example, in accounting, technology, and so course? Hardly. Many MBA
on – able to teach fellow classmates their programmes, including some of the very top
specialty beyond what is taught in class. ones, have a track record of taking at least a
handful of applicants directly from university.
EXPERIENCE COUNTS These have traditionally been students with
MBA programmes value substantial experience in a family business
work experience in their or within large student organisations with
students. Students with work some of the characteristics of a business or
experience can contribute non-profit enterprise.
real-world experience to class and case- Business Schools have changed their
team discussions. They know enough about admissions policies dramatically in recent
how organisations function; the role of years and now admit substantial numbers of
technology in their industry; what is required applicants who have limited experience.
to succeed in a given job; the prerequisites
for progressing within their industry, and so This change is the result of two
on, to provide a major career resource for related factors:
their classmates. 1. The growth of the tech sector and
Similarly, students with work experience its interest in hiring knowledgeable
will have learned a great deal about their candidates still in their (early) twenties.
own strengths and weaknesses, values and 2. Many talented people, of the sort
interests. They are likely to know what sort of who formerly manoeuvred to work for
career path makes sense for them. traditional MBA employers (investment 17
As a result, they know what classes to banks, consulting firms and so on) now
choose, projects to undertake, and seek careers offering personal fulfillment,
student groups to join. In other words, not just money. Thus, they want to work
they are ready to get the most out of their in non-profit organisations, socially-
MBA programmes. orientated enterprises and start-ups.
By contrast, students without practical MBA programmes have responded
work experience tend to have a number by admitting substantially more young
applicants with sterling undergraduate of substantial weaknesses, from the applicants (especially those who are
records, high GMAT scores and impressive perspective of a serious MBA tech-oriented) and those who aim to work
work experience, which eliminates the programme. They: in non-profits.
need to accept applicants with any • cannot teach other students about their
substantial weaknesses. own jobs/organisations/industries WHEN IS THE BEST TIME
Schools value specific criteria differently, • are not effective participants in class, TO DO AN MBA?
depending on the applicant. For example, especially in case-orientated courses, where Timing your MBA
if you have worked for less than three years, real-world experience is particularly valued programme can be a tricky
your undergraduate record, extra-curricular • are generally regarded as adding time business. As highlighted
activities and GMAT score will count very inefficiency to student-learning teams and above, there is a good argument for waiting
heavily because your work experience is are therefore often avoided by those with until you have substantial work experience
too slight to provide definitive information. practical experience before doing an MBA, particularly for
By contrast, if you have ten years’ of work • lack sufficient self-knowledge and career candidates able to make good use of their
experience, you can expect less weight to perspective to know which elective courses time, post-Bachelor’s degree. For those
be placed on academic measures. to select and student organisations to join who gain useful work experience and
Each programme is looking to shape an • may not fit the profile traditional develop their skills (including ‘soft’ skills
such as handling office politics, satisfying a
demanding boss and working within teams),
‘A LACK OF CAREER DATA FOR APPLICANTS identify their personal needs, improve
FORCES ADMISSIONS OFFICES TO GIVE their understanding of the job market and
develop a professional network, it is time
EXTRA WEIGHT TO THE DATA THEY DO HAVE’ well spent.
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Which essays
opportunity to probe any areas that were
Interview
insufficiently explained in the application.
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I
f you’re considering applying to full-time differently and tells you something different analysis in one place.
MBA programs, you’ve probably looked about how programs compare. Although rankings can be helpful, for
at business school rankings to help you years, GMAC has maintained that they don’t
gather information and decide where to Understanding the Rankings tell the entire story. 'We’ve always cautioned
apply. For many soon-to-be applicants, rankings To help you better understand the nuances of prospective students that school rankings are
are appealing because they provide some level the different approaches taken by the five most best viewed skeptically. They don’t necessarily
of clarity and order to a marketplace of business popular business school rankings (Bloomberg take into account the unique attributes of a
schools that is highly complex. Rankings curate Businessweek, The Economist, The Financial program’s curriculum, culture, relationship
diverse data points from a variety of sources Times, Forbes and U.S. News & World Report), with employers and alumni, etc., or how these
into a simple, easily comparable measure of GMAC, the maker of the GMAT® exam and the attributes may meet your needs,' according to
12 overall quality. leading association of more than 6,000 GMAT GMAC President and CEO Sangeet Chowfla.
The inherent issue with rankings, however, accepting business programs worldwide, has The reality is that no one ranking
is that quality is highly subjective and there is developed The User’s Guide to Full-Time methodology will speak to all of your
no universally agreed upon measurement. For MBA Rankings. individualised needs and aspirations. In short,
that reason, multiple rankings exist for full-time The guide clearly lays out what goes into the rankings won’t necessarily tell you which
MBA programs, each with its own methodology five methodologies, breaks them down across schools are the best fit for you.
that draws upon a different mix of data standardised weighting categories, identifies Business school admissions professionals
indicators and weights. What this means is that aspects of each that make them distinctive agree. 'The key to using institution or program
each ranking judges full-time MBA programmes and compiles useful ranking information and rankings offered by various publications is
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Guiding the
and possibilities for change that those
in more established organisations and
institutions might miss. They are willing
to try things out and push them through
entrepreneurs
where others might give up. This is the kind
of attitude that is required and the kind of
approach that Business Schools need to do
more to promote.
of the future
In emerging markets where the challenges
are much more visible, in the form of
excessive inequality, flux and uncertainty,
the need is, if anything, greater and so
the solutions that are emerging require
26 significant innovation to integrate socio-
MBAs are encouraging innovative thinking that is
economic value creation.
instrumental in changing the way the world works, South Africa, and the rest of the continent,
writes Francois Bonnici, Founding Director of the Bertha is a hotbed of social innovation. New
research from the Global Entrepreneurship
Centre for Social Innovation and Entrepreneurship at the Monitor (GEM) indicates that sub-Saharan
University of Cape Town Graduate School of Business.
T
Africa has one of the highest numbers of
entrepreneurs in the world who explicitly
include social impact in their business
he digital economy is rewriting There is plenty of evidence that members models. This stems from a mix of significant
the rules of the game. In an of the millennial generation, those currently social challenges on their doorstep, high
era of disruptive forces – aged between 18 and 33, are hungry for unemployment, a youth bulge and a high
technological, social, political change and eager to be at the forefront of level of entrepreneurial ambition among
and environmental – the shaping it. The Deloitte Millennial Survey these young people.
elements that made you successful in 2016, found that millennials want businesses Tapping into this, the University of Cape
business even a few years ago are different to focus more on people (employees, Town Graduate School of Business has,
to the elements needed now. customers, and society), products, and for several years, been developing an
Today, the call is for a new way of thinking, purpose – and less on profits. Respondents increasing focus on social innovation and
a new way of doing, and a new way of being agreed that ‘the success of a business should entrepreneurship. It was the first on the
in business and more than that – entirely new be measured in terms of more than just continent to set up an academic centre
kinds of businesses. As global challenges its financial performance, with a focus on dedicated to advancing these ideas on
mount and become interdependent, we improving society among the most important the continent (the Bertha Centre for Social
need an extraordinary effort to overcome things it should seek to achieve’. Innovation and Entrepreneurship), and in
them, involving unprecedented levels of Business Schools are starting to heed 2016, became one of the first in the world
collaboration, cooperation and innovation.
That change will be driven by people. So
‘The MBA is constantly changing
to meet the needs of students,
what does this new generation of business
leaders look like and how can Business
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CA S E ST U DY
Solving business
problems creatively
ALBA Graduate Business School’s Associate Dean of Academic Programmes,
Kyriakos Kyriakopoulos, outlines his award-winning projects to help students
develop their management practice.
I
n an ever-changing world, innovation TELL US ABOUT ALBA’S WINNING relevant artistic media such as theatre,
is just as important in a Business INNOVATION: CREATIVE EXPRESSION that cuts across time and culture, as well
School setting as it is in the IN BUSINESS as utilising the creativity of the younger
corporate sector, and a School’s The idea relates to the challenges managers generation, which is more familiar with video
innovative ideas can have a dramatic face nowadays. These don’t fit neatly with technology, such as YouTube. We wanted to
effect on the outcomes of its students the existing paradigms of how we educate make it easier for students to experiment.
and their experiences. business leaders. There’s too much bias, The idea can be great and inspiring, but
ALBA Graduate Business School emphasis on the analytical side, but we know the devil is in the detail. Professors carefully
was the 2015 winner of the The MBA that more and more leaders are having to created a set of experiences that allow
28 Innovation Award, presented to the make decisions that embrace contradictory students to use these traditional settings to
AMBA-accredited MBA programme demands. In these cases, analysis is not make sense of management problems.
that best demonstrates its dedication the best way to make educated decisions.
to new practice, risk and creativity. In business education, we have to allow HOW DO YOU SEE THIS EVOLVING?
ALBA was recognised for two new people to explore their creative side and We’re exploring how to move this into other
MBA modules: 'Creativity and Innovation' other traditions. So we allow MBA students programmes – such as Masters courses. They
and 'Management Acts: A to explore management dilemmas through have to be adapted to the needs of different
Theatrical Integration'. student groups, so we’re full steam ahead on
Both modules use creative processes to
help students develop their management
‘It’s about creating exploring these prospects.
practice. In the former, student groups new, immersive COULD THIS BE ADOPTED BY OTHER
direct, edit and produce a ‘creativity experiences for MBA PROGRAMMES GLOBALLY?
chronicle’, a short video that artfully
students, so they We need to use new tools to explore old
narrates a story of creativity.
In the latter, they explore the notion can find new answers problems. The fact that the challenges
to old problems'
companies face are becoming more
of management as a performance of ambiguous, uncertain and high velocity, will
roles, casting light on the inner and outer force Business Schools to think in new ways
performance dimensions of leadership. theatre or video production, for example. to deliver these skills to leaders.
Students are introduced to theatrical It’s about creating immersive experiences for The idea is to enable leaders to become
tools and learn dramaturgical methods to students, so they can find new answers to reflective and understand the challenges for
craft their characters, prepare and enact old problems. HR, for investors and for society. This trend
their roles. is here to stay and I expect many Business
In this exclusive interview, Kyriakos WAS IS DIFFICULT TO CONVINCE Schools to look at this going forward. The
Kyriakopoulos, Associate Dean of MANAGERS AT THE UNIVERSITY question is how we utilise theory to solve
Academic Programmes at ALBA THAT THIS WAS THE RIGHT DIRECTION practical problems. What will students do if
Graduate Business School at The TO TAKE? they’re wearing the shoes of real managers?
American College of Greece, outlines There are many risks in embedding these This is a very important element of the
how he convinced the School to non-traditional ways of teaching in MBA MBA. When graduates have to manage a
carry out the project, and its curricula. How easy is it for students to company, a product or a process, they will
subsequent evolution. access these skills? We used university- know what to do.
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KENT BUSINESS SCHOOL
THE KENT MBA
Redefine leadership
The future
of the MBA
MBA programmes that successfully adapt to the
changing world will have a place in the economic
future of business, developing responsible global
30
leaders, writes Dr Richard McBain, Head of the
Post-Graduate, Post-Experience Programmes
Area at Henley Business School
T
he MBA has been successful in more functional and specialist knowledge programmes were stalling or declining.
providing career development for and skills among corporate recruits, because Within this broad picture, there is
managers, but has undoubtedly only those at very senior levels within an considerable variation, with premium-
faced significant challenges over organisation, or in consultancy, need to branded MBAs from leading Business Schools
recent years, within a volatile marketplace. understand all aspects of the business. taking a larger share of a tightening market.
If Business Schools can face up to these In addition, a difficult economic context, There appears to have been a significant
challenges and adapt their MBA programmes following the economic crash in 2008, decline in levels of corporate sponsorship,
accordingly, the MBA will continue to play and a slowdown in China, plus ongoing which may reflect the difficult economic
an important role in business and society uncertainties, including the UK’s vote to leave context as well as changes in the perceived
– in particular, by creating global leaders. the EU, have accompanied increasing levels value of MBAs and the appeal of
However, this will require a focus on the of globalisation, and are shaping an ever competitor programmes.
needs of future students and sponsors, as well more competitive and unpredictable world. MBA programmes must adapt to these
as investment in adapting MBA programmes Recruiting students into MBA programmes changes and the process should focus on the
to provide fresh content, up-to-date skills is a growing challenge. AMBA’s Intake and key challenges Business Schools are facing.
development and more blended and online graduation Report, 2014, found that, on The first is recognising that prospective
learning materials. average, Business Schools in Western Europe applicants may have different needs.
The main changes in the business saw applications for all types of MBA fall by Overall, prospective full-time MBA
landscape have been well-documented: they 20% that year, with enrolments below 2009 students, who take time out to complete
include rapidly evolving ways of working, levels, after a peak in 2011. Furthermore, the their degree, typically seek immediate
due to new technologies, associated Graduate Management Admission Council career outcomes. Applicants for Executive
changes in organisational structures, and (GMAC) identified growth in full-time MBA MBAs increasingly require MBAs that equip
the development of a knowledge-based programmes in 2015, as well as in online them with knowledge and skills to enhance
economy. These have driven demand for programmes, but concluded that executive their careers, as well as programmes that
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fit with their busy work and personal lives. Business Schools must also respond to and working across cultures. The importance
The requirement for greater flexibility will be the need for some specialisation in MBA of values should not be underestimated,
one of the drivers for greater use of online programmes and hold off the challenge and MBA programmes need to pay greater
materials and blended delivery. from specialist Masters and Masters in attention to ethics, responsibility and
Some commentators believe online Management programmes, which may be sustainable leadership.
programmes will come to dominate the completed immediately after undergraduate The MBA of the future needs to adapt to a
MBA market, but I believe this is unlikely, for study, and can be seen as more suited to changing world, while retaining its successful
several reasons. There is evidence that most functional or specialist roles. attributes such as experiential learning
students prefer a blend of face-to-face and The MBA should retain a broad coverage though consultancy projects, and providing
online provision and that cost and flexibility and a ‘general’ management perspective, a transformative experience that helps to
considerations tend to play a part in the while allowing functional or sector tailoring. facilitate personal growth and development.
selection of purely online study. It seems likely This will help to provide an ongoing relevance MBA graduates value the salary uplift and
that the proportion of online components for the MBA, including to potential sponsors. employability benefits that typically follow
in all modes of delivery, including full-time, Specialist Masters programmes may be an MBA, including access to networks and a
will increase, without replacing face-to-face cheaper than MBAs, but they don’t provide broad understanding of business.
experience and interaction. This interaction the same opportunities for skills development According to GMAC (2016), an average
seems to be a critical part of the truly or the application of knowledge that alumni of graduate management education
transformative experience that has become Executive MBAs, in particular, provide. recoups their investment within four years
the hallmark of a good MBA, and it is likely to New content and subjects will be required, of graduating; however, increasing MBA
be essential for skills development. to address the needs of the new economy programme costs are having an impact. The
Meeting the needs of sponsors and and the impact of advancing technology, such MBA may not be the only passport to success
employers will be critical. There is evidence as big data, analytics and entrepreneurship. but more personalised and relevant MBA
(for example, a report by the Chartered In addition, this new world will place greater programmes will help maintain their appeal
Association of Business Schools in 2013) that emphasis on skills development alongside to potential applicants. MBA programmes
Schools play a vital role in driving innovation knowledge development and its application that successfully adapt to the changing world
and growth, but there is also concern that to the workplace. Important skills will include will continue to have a place in the economic
they are not always producing graduates with critical and innovative thinking, problem future of business and to be valued over other
the skills required by industry and business. solving and the softer skills of coaching, postgraduate business qualifications.
Organisations need graduates who are networking, team building, motivating others The principal means by which MBA 31
self-aware and possess a wide range of hard programmes may add value to business
and soft skills, plus the knowledge to improve ‘Some commentators and society is by helping to develop the
believe online
organisational performance. Furthermore, responsible global leaders of tomorrow.
as a 2015 Henley Business School survey An MBA offers a learning environment
of corporate learning priorities indicates, programmes will come that is almost uniquely placed in terms of
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The business
world is evolving
Lead the change
with a Surrey MBA
D
uring the MBA, and specifically challenging experience of my life; never has more than paid itself back, to the extent
as a result of undertaking before had I been outside my comfort zone that I published my first academic paper in
the personal development for such an extended period of time. 2015, and have two more going through the
module, I realised I had never Learning to be comfortable with the review process in top-tier business journals.
determined what motivates challenges that arise in such a scenario What I enjoyed most about the MBA
me. Previously, my incentives were around has very much impacted (positively) on my was the support we gave one another, as a
making money, feeling valued by others, desire to continue focusing on my own student cohort, whether coming together to
and attaining greater levels of responsibility. personal development, post-MBA. As a revise for our exams, or working in teams
Post-MBA, my thinking has radically altered, on assignments.
because of my greater understanding of
‘Post-MBA, my thinking Meeting like-minded individuals,
what truly motivates me. from wholly different walks of life,
This change in understanding is has radically altered, industries and countries, also provided
perhaps best exemplified by my decision because of my greater an important context when considering
to undertake a PhD. I am now finishing a
Doctorate in Management Information
understanding of what alternative perspectives within the MBA
learning environment.
Systems (MIS) at the University of Houston in truly motivates me’ To the prospective MBA graduate I’d say
the US. My desire is to enter academia as an that if you are passionate about disrupting
assistant professor, teaching and researching result of undertaking it, I have learned the status quo, for your organisation or for
MIS here in the US, and this is looking to write: how to express my thinking in yourself, then you could do no better than
increasingly attainable the closer I come to a rigorous fashion so that a reader can to undertake an MBA: you can only benefit
finishing my studies. understand whatever it is I am trying from the positive changes that subsequently
My focus on academic learning and to express. take place.
research developed from the teaching I This ability is a direct result of the desire
received during my MBA. With the PhD to gain high grades in my MBA assignments, Richard completed his MBA at
excepted, study for my MBA was the most which require excellent writing skills. This Henley Business School, UK.
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Sustaining
a social
enterprise
38
I
n 2014, Nokwethu Khojane and Lauren America Merrill Lynch. Few start-ups can and Drake are able to cut each household’s
Drake were two Cape Town students claim this kind of early success – especially grocery bill by between 5% and 10%. In
studying for their MBAs at the University in South Africa. The country is known for addition, families save on the travelling
of Cape Town Graduate School of low entrepreneurial activity. According to costs to supermarkets each month. Crèches
Business (GSB). They met during the the latest Global Entrepreneurship Monitor make a commission on each hamper sold to
course, decided to start a business together (GEM) results, entrepreneurial activity in parents, generating funds for their schools.
and founded Lakheni – a bulk-buying South Africa dropped from 10.6% in 2013 to ‘These are not hand-outs; this is not
grocery-shopping service for parents and 7% in 2014 charity,’ says Drake. ‘This is a for-profit
crèches in underprivileged areas. organisation with very real benefits as well
Within six months, Lakheni was awarded HOW IS LAKHENI BUCKING THE TREND? as a share option in the business for crèches.
third prize in the SAB Foundation Innovation First, it’s a great idea. Cash-strapped parents The name, Lakheni, is a Nguni term that can
Awards. It also came third in the Global in underprivileged areas are offered grocery loosely be translated as “let’s build”.’
Social Venture Competition and received items at a discounted rate and these are It may run like a well-oiled machine now,
seed funding from Alphacode and Bank of delivered to their local crèches. Khojane but it took the two entrepreneurs time
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as a tool or an instrument of
lived experiences.’
This takes the entrepreneur to the next
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How my MBA
changed my life
Martina Petkova an MBA graduate from Bulgaria outlines some of the changes
she has experienced in her career and lifestyle since completing her MBA
B
40
efore taking my MBA, I saw Regardless of your starting point, goals evaluate them outside of the context of my
myself as a successful person and aspirations, the MBA will inevitably organisation. As a result, I started actively
in a multinational organisation, equip you with specific skills and tools setting the direction of my career and am
who only needed more business to move forward. In my view, an equally currently taking steps to transition full-time
knowledge to support further important benefit is the networking aspect, into the non-profit sector, after becoming a
career growth, along a predetermined especially if the MBA programme facilitates member of the United Nations Association
path. Now, I see myself as an individual, and encourages team work. This forges in Bulgaria a few months ago.
fully aware and in control of my own skills. strong working and personal relationships, I regularly use specific tools and models,
I am no longer defined by the organisation which have great professional value due acquired during my MBA, to enable in-
for which I work, but have the ability to to the diversity of industries in a typical depth data analysis or to develop action
determine the direction and field of my MBA cohort, but also tremendous personal plans. However, the main way in which I
development independently. value because of the strong team spirit that use the knowledge I’ve gained is through
The traditional view of an MBA degree develops over time. critical thinking – it has become second
guaranteeing senior positions and keys nature to assess a situation from a strategic
critical thinking’
knowledge acquired during the programme. to the many diverse aspects of the business
A successful modern MBA graduate does world and learning how each of them works
not merely present his or her diploma and and relates to the others. It’s an eye-opening
expect red-carpet treatment followed by a In my current organisation I have been experience, and one that changes the way
linear career path; rather, they identify and promoted three times since I started you engage with your professional life. I also
analyse patterns and have the flexibility to my MBA, mainly because I felt more loved meeting numerous bright, unique
make strategic decisions, dictate and set knowledgeable and sufficiently confident individuals from different countries and
trends, and take full control of the nature to take on decision-making responsibilities. different industries, some of whom have
and direction of their own career. The most significant way in which the MBA become friends for life.
An MBA is applicable to any sector, helped my career, however, was by forcing Martina completed her MBA
industry, organisation and even person. me to identify my own strengths and to at Henley Business School, UK.
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