FT EMBA Rankings

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    October 20 2014

    FT BusinessEducation

    Executive MBA

    Ranking 2014www.f.com/emba

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

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    October 2014

    o p e n i n g s

    4 mC inese anti-corruption measures raisequestions for business education6 T e EMBA is no longer just a corporatedegree – entrepreneurs are signing up10 a ’ l mSir Andrew Likierman of LondonBusiness Sc ool on successful leaders12 ma a mSimon Caulkin asks if listed companies

    are becoming an endangered species

    e M B A r A n k i n g s

    22 a aly W at t e rankings tell us24 aT e top 100 EMBA programmes

    i n s i d e

    33 m a W arton’s new leader Geoffrey Garretton is plans for t e sc ool. Plus video36 lSwaady Martin-Leke says business can

    elp quas stereotypes about Africa 41 aS ould you stay wit your employerafter your EMBA or move on?

    e n d i n g s

    47 bCorporate et ics under t e spotlig t49 l yT e Android wars are raging as rivalsc allenge Google’s dominance53 mm Are EMBAs wort t e fee? Readerstake to social media to ave t eir say

    54 & a An American is learning some valuablelessons from is classmates in Singapore

    c o n t r i B u t o r sKATE BEVAN is a freelance

    tec nology journalistDELLA BRADShAW is t e FT’s

    business education editorSIMON CAULKIN is a

    management writer WAI KWEN ChAN is editor of

    FT NewslinesChARLOTTE CLARKE is t e FT’s

    business education onlineand social media producer

    ANDREWENGLAND is t e FT’sSout Africa bureau c ief

    EMMA JACOBS writes forFT Business Life

    LUCY KELLAWAY is an FTassociate editor and

    management columnistSIR ANDREW LIKIERMAN isdean of London Business Sc ool

    LAURENT ORTMANS is t e FT’s business education statistician

    ROChELLE TOPLENSKY is anFT Lex data journalist

    DAVE WOODWARD is LinkedIn’sdirector of legal, Asia-Pacic,

    anda participant on t eUCLA-NUS EMBA

    Special reports editorMic ael Skapinker

    Business education editorDella Brads aw

    Head of editorial contenthugo Green alg

    Magazine commissioning editorJerry Andrews

    Head of productionLeyla Boulton

    Production editorGeorge Kyriakos

    Art director S eila Jack Picture editor

    Mic ael CrabtreeSub-editor

    P ilip ParrisGlobal sales director

    Dominic GoodGlobal director of

    FT career managementSteve Playford

    Head of business education salesSara Montague

    Account managersGemma Taylor,

    Ade Fadare-C ardPublishing systems manager

    Andrea Frias-Andrade Advertising production

    Daniel Lesar

    o n t h e c o v e rIllustration by Adrian Jo nson

    f eAtu res

    14 wFamous for is uncompromising style as boss of

    General Electric, Jack Welc is bringing t e samep ilosop y to bear in business education

    18 a l y...Is doing an executive MBA fair on my family?S ould I let my company c oose my business

    sc ool? And do online courses offer better value?

    f t . c o m / B U S i n e S S - e d U c a t i o n

    14

    36

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    e di t or’ s

    l e t t e r

    04

    Della Bradshaw

    f t . c o m / B U S i n e S S - e d U c a t i o n

    i was at a conference of South American business schools lastmonth where one of the hottopics was how important itis, particularly in developing

    economies, for business students tolearn about government policy and the broader context of business as well asaccounting, marketing and strategy.

    How ironic, then, that the Chinese

    government, at exactly the same time, banned its ofcials from acceptingscholarships on executive MBA programmes – MBAs for workingmanagers. In a move designed to beatcorruption, the government has barred“leading cadres” in the Communistparty, the government and state-owned enterprises from signing up forcostly business training unless they have ofcial approval and pay the feesthemselves.

    Talking to those who run EMBA programmes in China, it is clear thereare some practices that need to bepublicly stamped out. In particular,there is a custom endemic in some business schools to give full scholarshipsto government ofcials and theneffectively use those ofcials as a marketing tool to attract students fromthe commercial sector. The concernis that the business people attend theprogramme specically to make contact with the ofcials – contacts they canturn to their advantage in the future.

    But the ban raises a multitude of questions. For example, isn’t one of themain reasons for studying for an MBA or EMBA to develop a network? Alumni who responded to our EMBA rankings

    questionnaires this year reported thatnetworking is more important to themthan increasing their earnings or gettingpromotion in their company.

    Does not the inclusion of government, non-governmentalorganisation and charity participantson these programmes improve the

    learning experience of those from business? John Quelch, former dean of China Europe International BusinessSchool in Shanghai, puts it succinctly:“The general principle of having thegovernment sector and the civil society sector in the room with the corporatesector strikes me as very worthwhile.”

    Indeed, many business schools in theUS and Europe try to encourage morepublic sector participants to join theirprogrammes by offering scholarships tothese individuals or organisations – notdissimilar from the customs that theChinese government is frowning upon.

    A bigger issue relates to the inclusion

    of state-owned enterprises in theruling. Should their practice of usingtheir corporate budgets to pay forexecutives to study at business school be banned? Surely the effect of this could be simply to prevent these companiescompeting effectively in the future withcommercially run organisations?

    So far there have been more questithan answers, but there is one centralissue here that increasingly needs to baddressed in China: quality. Is one of concerns that government ofcials onEMBA programmes are bypassing enrequirements? And is another that thedo not have to complete coursework apass exams to graduate?

    Those involved in the EMBA mark

    in China say there are concerns thisis often the case. As one dean says, if government participants are not up toscratch, it reduces thelearning experienfor everyone on the programme.

    Whenever I have spoken to Chine business school deans in the past theyhave emphasised one thing: the thirst fcredentials that is so peculiar to Chinexecutives. For many Chinese EMBAparticipants it is the credential ratherthan the learning that is important.

    If the Chinese government is tryinto address this issue and promotegrowth in academic rigour and high-quality teaching, it can only be a goodthing. After all, this talk about qualityprogrammes is not unique to China. Inthe US, for example, there is an ongoidebate about the quality of some onlindegrees, and for-prot universities areunder re over perceived quality.

    Western business schools running joint-venture EMBA programmes inChina have cautiously welcomed theedict, particularly where the programmis taught in English. As a general rulegovernment ofcials are likely to studfor Chinese-language degrees.

    Nonetheless, there are concernsthat the government’s move will take

    the gloss off the EMBA market in theshort term. Indeed, there are rumoursin Beijing that many ofcials are alreaexpunging their EMBA qualicationsfrom their letterheads.

    So at least there is one group that benet: the companies that print the business cards.

    Ch na’sant -corrupt onmovra s s qu st ons. isn’t on of

    th ma nr asons forstudy ngforaneMBAton twork?

    B

    For th lat st d v lopm nts n bus n ss ducat onfollowus @ b z d P H o T o : E D r o B I N S o N

    I L L U S T r A T I o N : N I C k L o W N D E S

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    i nt r od u

    c t i on

    Steppingstones

    E ben Up n is a Cambridgeman hr ugh and hr ugh.I was n surprise, hen,

    ha af er he s udiedengineering and c mpu er

    science a he universi y, i was i sJudge Business Sch l ha he serialen repreneur urned when he wan eds me business kn w-h w.

    Up n sh fame in 2012 as heinven r f he Raspberry Pi, hepr grammable credi card-sizedc mpu er b ard designed inspirechildren learn c mpu erpr gramming. this was a year af erhe gradua ed fr m Judge wi h anexecu ive MBA.

    Up n is ne f a gr wing numberf en repreneurs wh are urning

    EMBAs as a way f helping hem buildheir business. once he degree f he

    c rp ra e w rld, wi h par icipan ssp ns red by heir c mpany, he EMBA was f en seen as a s epping s ne he b ard. N l nger: i is n w he d main

    f he aspiring heal hcare pr fessi nal,g vernmen fcial r mili ary fcer wh wan s change career r bui ld

    heir wn business.this diversica i n has led a fall

    in he number f c rp ra e-sp ns reds uden s d ing an EMBA. the Whar nSch l a he Universi y f Pennsylvania,runs i s EMBA pr gramme in

    06

    Peggy Bish p Lane, vice-dean f Whar n’s EMBA pr gramme. “In g d ld days i was upwards f 80cen ,” she adds.

    this decline in sp ns rship is n jus a US rend. A Insead, which hcampuses in France, Abu Dhabi andSingap re, he dr p has been jus asgrea , acc rding Marie C ur ishead f career devel pmen f r Inseexecu ive degrees. In 2006, jus 7 pe

    cen f par icipan s n he InseadEMBA paid f r hemselves; in 2014gure was 70 per cen .

    C ur is p in s he nanciaf 2008 as a wa ershed f r hese deg

    N nly did nancially s rugglingc rp ra i ns cu back n sp ns rins uden s f r hese very expensivedegrees, bu aspiring managers realise

    he need inves in heir wnpr fessi nal qualica i ns give

    Execut ve MBAs areexpens vebuttake youto anotherlevel.Bydella Bra shaw

    f t . c o m / B U S i n e S S - e d U c a t i o n

    Bearing fruit: anEMBAwas a

    springboardforRaspberryPi

    inventorEbenUpton

    ‘inthegoo ol ays,upwar sof80percentof EMBA stu entsweresponsore bythe rcompany’Peggy BishoP-Lane, Wharton

    Philadelphia and San Francisc ; jus per cen and 22 per cen respec ivel

    f par icipan s are sp ns red by heir c mpany. Five years ag 50 per

    cen f s uden s n he Philadelphpr gramme were sp ns red, acc rdin

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    i nt r od u

    c t i on

    emselves an advan age in anincreasingly c mpe i ive j b marke .

    N even e fees, w ic f enp $100,000 f r many leading

    pr grammes, ave de erred applican s.Indeed, Pr f Bis p Lane believes a

    ffers by c mpanies sp ns r eirexecu ives are f en rejec ed. t e c ange

    as mean a se in c arge f EMBA degrees ave rapidly ad c ange

    e services ey ffer par icipan s. Inpar icular, career supp r and j bsearc pp r uni ies, nce e exclusived main f e y unger full- ime MBA

    s uden , are increasingly an in rinsic parf e EMBA.Indeed, many EMBA par icipan s

    are using e degree c ange careers,ra er an jus climb e c rp ra eladder. “t is is a massive, massive s if ,”says C ur is. “We see an inf rma i n

    ec n l gy direc r r pe ple wi 15 years in e elec ms indus ry w wan

    m ve in c nsul ing.” Execu ivesare using e EMBA c ange eir

    08

    ExEcutivEMBA s

    top 25 e e e MBAs n2014rank S hool name We gh ed

    sala y$ *

    1 Tr ium:HECParis/LSE/NYU:Stern 307,0032 Kellogg/HongKong UST BusinessSchool 403,5603 Tsinghua University/Insead 304,8434 UCLA: Anderson/Nat Universityof Singapore 279,2845 Columbia/LondonBusinessSchool 252,5396 UniversityofPennsylvania: Wharton 223,8097 Washington University: Olin 269,7758 Nanyang Business School 221,6729 Insead 186,21110 Ceibs 283,50311 University of Chicago: Booth 221,58412 Iese Business School 218,43413= NorthwesternUniversity:Kellogg 241,09613= IE Business School 198,40215 IMD 246,39516 ESCP Europe 155,08717 ShanghaiJiaoTongUniversity:Antai 260,70818 NatUniversityof SingaporeBusinessSchool 244,91119= Duke University: Fuqua 236,11819= Warwick Business School 148,68021 University of Oxford: Saïd 205,94222= Georgetown University/EsadeBusiness School 217,87022= Kellogg/WHU Beisheim 176,99824 CUHK Business School 271,13825= London Business School 172,02825= Columbia Business School 197,029*adjustedfor purch singpowerp rity

    l ca i n, eir func i n and even eirindus ry, s e adds.

    t e freed m f self-nancing,c mbined wi e implemen a i n

    f e la es ne w rking and eac ingec n l gy, as mean e p

    pr grammes increasingly are a rac ings uden s fr m u side eir radi i nalca c men area. A NYU S ern,f r example, e sc l’s EMBA isp pula ed by par icipan s fr m Fl rida,Illin is, texas and even Calif rnia, sayshea er Daly, ead f e EMBA.

    W a is als clear is a c ice f EMBA pr grammes is gr wing, wi

    even e m s radi i nal businesssc ls ffering EMBAs in differenl ca i ns r ug j in ven ures rmul iple campuses; C icag B ,f r example, n w eac es i s degree inC icag , h ng K ng and L nd n. t eolin sc l a Was ing n Universi y in S L uis, w ic already eac es anEMBA in C ina wi Fudan Universi y,is launc ing an EMBA in India, wiIndian Ins i u e f tec n l gy B mbay.“once e pr gramme as s ar ed we

    pe crea e e p ssibili y f r any s uden s udy in any ge grap y [C ina, India r e US],” saysMa endra Gup a, dean f olin.

    Sc ls are als in r ducing new f rma s. C lumbia Business Sc l inNew Y rk, f r example, as launc ed a pr gramme aug n Sa urdays – idealf r s uden s w esc ew c rp ra esp ns rs ip, says Mic ael Mal ne,ass cia e dean f e MBA pr gramme.

    F r Up n a Raspberry Pi, eincreasingly diversied backgr unds f

    isEMBAc r a Cambridge didbringc allenges. In par icular,

    e abili y draw ne exper ise f ers

    in a similar eld waslimi ed. “t e friends are

    muc m re imp r anan e businessc n ac s,” e says.

    Bu as Raspberry Pi is a n n-pr

    rganisa i n, e EMBA was par icularly imp r an Up n in de ermining e bes way devel p e licensing m deland nance pr duc i n. Wi cl se 4m Raspberry Pi c mpu ers s ld da e,i was a m del a as b rne frui .

    f t . c o m / B U S i n e S S - e d U c a t i o n

    70%Proportion of

    EMBAstudents atInseadwho fundtheir

    ownstudies

    B

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    A m j i f x cu iv MBag du s p ll d b h Ft b li v h i d g w s w hh m n , bu m n ls f und hchi ving s isf c w k-lif b l nc

    du ing h p g mm w s lch ll ng , writes WaiKwenChan .

    ofm h n1,200 sp nd n s f mh cl ss f 2011, n l 55 p c n f und

    b l ncingw k, s ud nd p s n llif“di cul ” “v di cul ”.Jus und35 p c n s id i w s“s m im sm n g bl ”whil nl b u 11 p c nf und i w s “ s ” “v s ”.

    P ll: s rikinga balance

    f t . c o m / B U S i n e S S - e d U c a t i o n

    Unsociablehours:themajority ofEMBA

    studentsfounditdi cultto balancetheirwork, studies

    andpersonal life

    on g du w n d p sp c ivs ud n s b p p d su viv nf u h u s f sl p nigh im s ndmiss h i child n’s sp ing v n s.

    y h s p ll d pp h vf w g s, s nl 21p c n w uldh v p f d s ud f full- imMBa ndjus 16 p c n w uldh v

    p d f n x cu iv sh c u s .on g du w uld h v p f ds il und h w ldins d.

    r sp nd n s w sk d if h impl p vid d n n- n nci l

    supp du ing h i im s neMBas ud n ,such s im f cus n h i

    s udi s. ab u w - hi dsd sc ib hsupp s “ xc ll n ” “v g d”.

    F m n , h w sligh h ndf h eMBa unn l. ab u 51 p c n

    m n g d s cu j b wi hdi n mpl , whil 41 p c ng in d p m i n wi h h mpl

    h w k d f du ing h i s udi s.

    See Communities, page 53, for views onwhether EMBAsare worththe high fees

    one gradua e resp ndingheFtp llwarned

    pr spec ives uden s beprepared survive nf urh urs fsleepanigh a imes

    P h o t o : P h o t o D I S C / G E t t Y I M A G E S

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    ‘It’smine.Icandesign thefaculty. I canselect the dean.Icancontrolthe product’F me Gene aE e ef Ja k We n eexe u ve MBA

    e ea e nwn mage

    By dEllA BrAdshAWphotoGrAphs By pAscAl pErich

    I nt e rvI e w

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    16 f t . c o m /B U S i n e S S - e d U c a t i o n

    I nt e rvI e w

    idely regardedas one of America’s most inuential business leaders of the past 50 years,Jack Welch, who left General Electricin 2001 after two decades in charge, was never going to slip quietly intoretirement.

    The 78-year-old former chemicalengineer who became GE’s larger-than-life chairman and chief executive has been reinventing himself as a teacher,and he is not doing it by halves.

    In 2009, he eschewed full-timeretirement at his Florida home to set upthe Jack Welch Management Institute, with a view to rolling out the nextgeneration of Jack Welches. His name isupfront and he is proud of it. “It’s mine.

    I can design the faculty. I can select thedean. I can control the product.”

    Nor does the marketing slogan for hisexecutive MBA pull its punches: “MostMBA programmes study great leaders.Ours is taught by one,” it reads.

    Sitting in his central Manhattanapartment, which has some of the best views of New York that money can buy, Welch counters the notionthat becoming a business professor isa reinvention. “I’ve spent 20 years atGE teaching. I taught every month.Then I taught at MIT [Sloan School of Management] for ve years,” he begins.“I love the process – I’ve been hooked onit for 35 years.”

    In truth, Welch, who has lost littleof the penetrating stare of his GE days,displays an enthusiasm for the subject

    of education that few business schoolprofessors can muster. But the man

    known for his pugnacity holds littletruck with the scale, the focus andthe business model of the traditional business school.

    The traditional MBA, he says, is“a gracious way to change jobs becau you made a mistake the rst time”. A business schools are inefcient. “I jussaw overheads everywhere and I saw the cost of tuition racing ahead as theoverheads built up.”

    Yet he insists that the online Jack Welch EMBA is not competing direct with the elite MBA programmes. “Weare not that system; this is not us versthem,” he says.

    Instead, it is all a matter of scale.Previously, on a campus-based

    programme, “I was teaching 35 kids ia classroom”, complains Welch. “I wa

    W

    the radi ionalMBAis‘agraciousway ochange jobs becauseyoumade amis ake hefrs ime’

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    ‘If facul y jus ri e “nice job”on hepaper, i ’s like a dagger

    hroughyourhear . we hadsome“nice job”facul y. they’regone’

    f t . c o m / B U S i n e S S - e d U c a t i o n

    teaching 35 people from 4pm to 5.30pmNow I’m on video with 400 or 500.”

    Welch wrote most of the originalEMBA curriculum himself with the helpof wife Suzy, the author and business journalist and a former Baker scholar atHarvard Business School. That has since been revised, he is quick to point out.“Now it’s been improved, thank God.”

    Central to the pedagogy of the EMBA is Welch’s belief that practice ratherthan theory should be the basis of a degree for working managers. “It’s all theprinciples of business applied,” he says of his degree.

    “I’ve got my own principles of management,” he adds. “We have thephilosophy: we teach it on Monday,

    you practise it on Tuesday, you share iton Friday.”

    He has called on former colleaguesand other executives to teach on hisprogramme, including Carlos Britoof Anheuser-Busch InBev, JamesMcNerney of Boeing and Jeff Immelt of GE, as well as several retired executives“We have a faculty that talk about thestuff they do every day. We’re not takingon research papers.”

    The question that really gets underhis skin is whether retired executives are best placed to teach the latest corporatestructures and management strategies.

    “The biggest mistake that peoplemake in strategy is assuming thecompetition sticks to the same strategy.It’s the classic mistake,” he says. “Wetalk about it all the time in class. The

    competitive environment is dynamic.”His voice rising a little, Welch explainsthat his EMBA teaches a “ve-slide”presentation model that begins withdening the playing eld. “In my bones Iknow it works,” he says.

    Professors who teach the programmeare not tenured, nor do they havecontracts, but are employed on a day-to-day basis. Welch has a personnel stylethat has mellowed little since his payroll-paring days at GE, where following jobscuts in the 1980s he was dubbed NeutronJack, after the bomb that eliminatespeople without damaging buildings.

    When choosing the dean, heinterviewed tenured professors fromsome of the world’s top business schools but proposed a very different regime forthem. “Three out of four of them askedme about tenure policy,” he recalls. “That was the end of the interview. I can getthe people I want – I don’t need people who hang around and want to teach 40hours a semester.”

    At GE, Welch was famous forsaying that it was not companies thatguaranteed jobs but their customers,and it is a mantra he still holds dear.Professorial longevity depends on thesatisfaction of students, who are polled

    three times during every course. “Wemonitor the heck out of [faculty].” Badreviews mean they are replaced.

    Part of the review process is thelevel of engagement between professorsand their students. Welch describes a scenario in which an EMBA student would stay up all night to write a paper,

    kids crying, spouse wanting attention.“You need faculty who will pick up thephone and talk through the challenges with you,” he says. “If faculty [just] write‘nice job’ on the paper, it’s like a daggerthrough your heart.

    “We had some ‘nice job’ faculty.They’re gone.”

    Four years into the programme, Welch admits that even he has beensubject to student rejection. He wantedto bring participants together in oneplace at the start of the programme. “Theanswer was a resounding no,” he recalls.

    “When you demand they meettogether they don’t like it. They’ve gotlives, they manage businesses, they own businesses. ‘Asynchronous’ is why they join. They should get three degrees fordoing this course. These people are juggling incredible loads.”

    Determined as ever, Welch is notgiving up on his attempts to bring theEMBA participants together. The lack of socialisation is the school’s “Achillesheel”, he says. “You don’t go the bar andtalk about it afterwards.” His next moveis to organise dinners for participants inthe cities in which they work.

    Welch brushes aside the questionabout whether his business school, and

    the for-prot Strayer University, whichhas a majority stake in it, will makemoney. “I’m not going to get rich. I don’tneed the money.” The views from theapartment’s corner ofce underline hispoint: Central Park through one window and Roosevelt Island through the other.

    “There is no amount of money that will beat [great] student feedback,” hecontinues. “The story we get is like a needle in the vein.”

    View from thetop:Jack WelchtalkstoDellaBradshawin hisManhattanapartment

    B

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    F E AT URE

    Dear Lucy...

    I have wanted for years to start anMBA and now my children havegrown up I think an executive MBA would be right for me. However, my husband is sceptical about the effect the workload would have on our lives.Is it unfair to go ahead when to do so would consume much of the time we have so recently regained?No, it is not unfair at all. From the wording of your message it sounds as if you have spent many years tending to your children; now that they are grownup it is your time to suit yourself. If that involves doing an EMBA, then gofor it. It is nice of your husband to fretabout the effect the workload will haveon both of you, but as it is you who will be slogging away into the small hours,it is you who must make the decision. Assuming you and your husband arein reasonable health, you will probably both live till your 90s. There will beplenty of time to go on cruises togetherthen. Just not quite yet.

    An EMBA may be transformative but is also eye-wateringly expensive.

    Should I try to persuade my employer to pay some of the costs when I know deep down that I will not want to work for the company for more than a couple of years afterwards? Yes, you should certainly try to get yourcompany to foot some of the bill. Ithas deeper pockets than you and hasa vested interest in training you. Theonly thing you must not do is pretendthat you plan to stay for ever, when you

    know that you plan to quit at theearliest opportunity. Unless youremployer is utterly foolish, it willknow this already. People withEMBAs are fairly likely to jumpship after graduating. Equally,if your employer values youenough to invest in you,perhaps you should wonder whether defecting makesgood sense after all.

    My company has anarrangement with a local business school, but if I am tocommit to an executive MBA, I want to do so at a school of my choice.Should I try to force the issue or is itnot worth risking my relationships with my employer and seniorcolleagues?If you don’t want to go to the localschool, don’t. If your colleagues andemployer think you are getting above yourself in wanting to go somewhere a bit grander, that is their problem: youshould not have to shape your ambitionsto t in with the lesser aspirations of

    the people around you. That said, Ithink you overestimate how interestedthey are likely to be either way. In my experience colleagues tend not to losemuch sleep over which EMBA theirpeers sign up to. Of course, the biggerquestion is whether your employer willpay for your choice of school, especially if it is more far expensive than the localone. If you have to cough up for thecourse yourself, do you still want to go?

    18

    ByLucy Kellaway

    P H O T O :

    D A N I E L J O N E S

    F T . C O M / B U S I N E S S E D U C AT I O N

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    It has become obvious that twocolleagues on my programme – whoare both married to other people – have started an affair. This is affecting the dynamic of the group and makingsome people feel uncomfortable.Should I raise the matter with them? And what exactly would you say?“Excuse me, but it has not escaped my notice that you appear to be fornicating with X, and this in turn is upsettingsome of our classmates – not myself, of course, as I’m far too broadminded…”?No, of course you can’t say anything.The good news is that you don’t needto: bad things are likely to happen tothis pair if you give it time. If everyoneknows what they are up to, both of them will suffer hideous fallout to theirmarriages – and their dalliance will not be helping their studies one b it either.If I were you I would try to enjoy it asspectator sport. There can be longueurson any course, so such gossip can spicethings up no end.

    I am aware the best EMBAs offer the top professors and opportunities for

    high-level networking, but I struggle to believe the price differential between these programmes andonline courses teaching much of thesame content is really justied. I am tempted to sign up for the latter –should I?It depends on what you want to getout of your EMBA. If your purpose isto learn a few things, I would take theonline route. As you say, the content is

    fairly similar and if you apply yourself you can pick up a lot. But if what you want to do is make friends and inuencepeople, you should go to the mostexpensive school you can afford. Thefees may be extortionate, but in termsof the doors it can open, and the warmglow it will give you every time youexamine your own CV, it might well be worth it.

    I’m studying for an executive MBA that involves study sessions abroad.Many of my colleagues bring theirpartners along for the trip. I would like mine to come along sometimes, but despite having a successful careershe fears she will feel out of place andinadequate mingling in what is quite a high-powered group.If your partner feels that she wouldhate it, she probably would. Mingling with a lot of high-powered EMBA students is not most women’s idea of fun. Do you feel that your position will be lessened by not having a woman on your arm? Surely not. If I were you, I would go on my own and

    keep my powder dry for when I really needed her to be with me. Then by all means beg her to come along. But when you do so, promise in return togo somewhere with her that helps hercareer – however grim you think theevent is likely to be.

    Lucy Kellaway is an FT associate editor and management columnist, and writesthe weekly DearLucy advice column

    Ifyouwanttolearnafewthings, taketheonline route.Ifyouwanttomakefriendsandin uence people, goto themostexpensive school youcana ord

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    r ank i n

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    i l l u s t r a t i o n :

    a d r i a n j o h n s o n

    EMBA 2014

    Analysis,p22

    What the 2014surveys reveal

    Rankings,p24-29

    Full tables of 100 schools

    Methodology, p28

    How the listswere compiled

    Theworld’s topprogrammesforworkingmanagersandhowtheycompare

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    36

    27%

    $114,000

    Femalestudents

    None

    FAge before

    41%

    44%Internationalexperience**

    Salary before*

    RANKI N G

    S

    Triumnds a

    winningformula

    For the rst time in six years,a new challenger has toppedthe FT’s ranking of executiveMBA programmes.

    The 2014 ranking of 100 programmes for working seniorexecutives is headed by Trium, run by HEC Paris, the London School of Economics and Stern School of Businessat New York University. The top veplaces continue to be dominated by intercontinental EMBAs.

    Trium jumped three places toovertake the joint programme taught by Kellogg School of Management nearChicago and Hong Kong University of Science and Technology, which had beentop of the ranking for ve years. It is therst time Trium has headed the rankingand it is only the fourth programme todo so in 14 years.

    Trium is ranked rst for the work

    experience of its alumni before theprogramme, second for aims achievedand third for international courseexperience. The programme is secondfor average salary ($307,003) of alumnithree years after graduation, just behindthe Kellogg/HKUST programme.

    Trium’s alumni value studyingalongside senior and internationalclassmates. “It allowed us to exchange[ideas] among ourselves and derive

    as much additional knowledge as [wegained] from the course itself,” says one.

    The ranking is based on surveys of schools and alumni who graduated in2011. This edition gives a snapshot of alumni’s situation compared with whenthey started the programme.

    Salary three years after graduationand salary increase are the main criteria,each accounting for 20 per cent of theranking’s weight. Most schools in thetop 25 score well on at least one of these criteria. The top 10 schools wouldmostly also rank in the rst 10 if salariesand their increases were excluded. Theonly exceptions are Nanyang BusinessSchool and China Europe InternationalBusiness School, both underperformingin the doctoral and research ranks.

    The ranking includes schools from

    22

    A new leader hasemerged.ByLaurentOrtmans

    ‘Triumallowedustoexchange [ideas]amongourselves andderiveas muchadditional knowledge as [we gained]from the course itself’

    F T . C O M / B U S I N E S S E D U C AT I O N

    Footnotes* Before startingEMBA.Padjusted (see methodologyp28).** Workedin atleasttwocountriesoverseasformore thansixmonths before EMBA.*** SetupowncompanyduringEMBAor since.****Thryearsa ergraduation.Source: surveysof EMBAalumniwhograduatedin2011and businessschools

    Thealumniexperience: theclassof 2011

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    6.68.18.29.0

    P r o m o t i o n w i t h i n

    y o u r c o m p a n y

    I n c r e a s e d

    e a r n i n g s

    N e t w o r k i n g

    M a n a g e m e n t

    d e v e l o p m e n t

    Full

    7%

    Corporatestrategy

    Proportionof teaching

    overseas

    Entrepreneurship***

    31%

    8.9

    15%

    Maincoursestrengths(out of 10)

    Main motivations (out of 10)

    Finance

    9.0

    Generalmanagement

    8.8

    11% 20%

    29%

    39%

    Chief executive/

    boardmember

    Director/partner

    Seniormanager

    Professional

    Currentseniority****

    $ 1 7 5

    , 0 0 0

    C u r r e n t s a l a r y * * * *

    26 countries, including 35 in the US, 10in the UK and nine in China. RenminUniversity of China School of Business inBeijing rose furthest, climbing 18 placesto 43rd. Four schools made it into theranking for the rst time. These are led by Cambridge Judge Business Schoolat 36th. France’s Grenoble BusinessSchool is ranked 70th, Turkey’s SabanciUniversity School of Management is at99th, and Brazil’s Coppead is at 100th.

    Management and leadership skills are just one aspect of EMBAs. “It actually made an entrepreneur of me,” says onegraduate. Nearly a third (31 per cent)of graduates have set up their owncompany, or are about to, since enrollingon their EMBA four or ve years ago.FT data show that 91 per cent of the businesses are operating today.

    Most entrepreneurs (78 per cent)used savings or relied on friends and

    family to raise all or part of their start-upfunds. Angel nancing was also a sourcefor a quarter of entrepreneurs.

    An EMBA also boosts corporatecareers. “The skills I acquired were key to my promotion,” said one graduate. A fth are now chief executives, managingdirectors or board members three yearsafter graduation. Average salaries wereup 52 per cent from $114,000 before theprogramme to $175,000 ve years later.

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    financial times executive mba 2014The top100 EMBA programmes (continued overleaf)

    ranki n g

    s

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    EMBA 2014

    2014 2013 2012

    thr -y r

    r g s hoo co ry Progr1 4 3 3 Trium: HEC Paris/LSE/New York University: Stern France/UK/US Trium Global EMBA2 1 1 1 Kellogg/Hong Kong UST Business School China Kellogg-HKUST EMBA3 2 4 3 Tsinghua University/Insead China/Singapore/UAE/France Tsinghua-Insead EMBA4 5 5 5 UCLA: Anderson/National University of Singapore US/Singapore UCLA NUS EMBA5 3 2 3 Columbia/London Business School US/UK EMBA Global Americas and Europe6 7 8 7 University of Pennsylvania: Wharton US Wharton MBA for Executives7 6 9 7 Washington University: Olin China Washington - Fudan EMBA8 13 - - Nanyang Business School Singapore Nanyang EMBA

    9 11 6 9 Insead France/Singapore/UAE Insead Global EMBA10 10 7 9 Ceibs China Ceibs Global EMBA11 9 10 10 University of Chicago: Booth US/UK/China EMBA12 12 14 13 Iese Business School Spain GEMBA13= 24 23 20 Northwestern University: Kellogg US Kellogg EMBA13= - - - IE Business School Spain Global EMBA15 19 20 18 IMD Switzerland EMBA16 25 21 21 ESCP Europe France/UK/Germany/Spain/Italy European EMBA17 32 - - Shanghai Jiao Tong University: Antai China EMBA18 17 26 20 National University of Singapore Business School Singapore NUS Asia-Paci ic EMBA

    19= 8 16 14 Duke University: Fuqua US Duke MBA - Global Executive19= 21 24 21 Warwick Business School UK Warwick EMBA21 23 38 27 University of Oxford: Saïd UK Oxford EMBA22= 15 19 19 Georgetown University/Esade Business School US/Spain Global EMBA22= 18 18 19 Kellogg/WHU Beisheim Germany Kellogg-WHU EMBA24 13 17 18 CUHK Business School China EMBA25= 20 15 20 London Business School UK/UAE EMBA25= 30 32 29 Columbia Business School US EMBA27 43 48 39 Kedge Business School France/China Global MBA28 22 12 21 Korea University Business School South Korea EMBA29 28 21 26 Arizona State University: Carey China Carey/SNAI EMBA30 29 40 33 ESMT – European School of Management and Technology Germany ESMT EMBA31 39 46 39 Rice University: Jones US Rice MBA for Executives32 38 35 35 Fudan University School of Management China Fudan EMBA33 26 27 29 Kellogg/York University: Schulich Canada Kellogg-Schulich EMBA

    top or r r h: Wh r oWith240 full-timeprofessors– oneof thelargest groups of business academicsin theworld – theWhartonschool at theUniversity of Pennsylvania has top-rankedresearchersacrossall departments. Originallyknownas a nanceschool, Wharton focuses on research thatisdata driven,be itin theelds ofaccounting,operationsor marketing.

    Ranked number six in thetable overall,Wharton is theonly top-10 school thatteaches itsEMBAon two campusesin theUS – Philadelphia and SanFrancisco.Theprogramme also standsoutfromtherestof thecompetition in thatit requiresall EMBAstudentsto complete thesame number of contacthoursas theschool’s full-timeMBA students.

    topprogr :trFirst taught in 2001,the Trium programmeisrun jointly bythreevery different businessschools.NYU Sternis a specialist innance,theLondon School of Economics in politicalscience andeconomics, andHEC Parisingeneralmanagement and high-levelexecutive teaching.

    Theprogrammeis notfor thetravel-shy.Thecohortof 85studentsstudy two modules inemergingmarkets as wellas courses in London,NewYork and Paris. Theaverageage of studentson the17-month programme is 40.

    Althoughthis is therst timethe programmehastakentop spot inthe FTEMBArankings,ithasneverbeenplacedoutsidethe top fourinthenineyearsit hasbeenassessed.

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    key o he2014 ran ings

    Weights for ranking criteria are shownin brackets as a percentage.Salary today US$(20): averagealumnus salary three years aftergraduation, US$ PPP equivalent (seeMethodology, page 28).†Salary increase (20): average differencein alumnus salary between before theEMBA and now. Half of this gure iscalculated according to the absolutesalary increase, and half according tothe percentage increase relative to the

    pre-EMBA salary – the gure publishedin the table.†Careers progress (5) : calculatedaccording to changes in the level of seniority and the size of company alumni work in now, versus before theirEMBA.† Work experience (5): a measureof the pre-EMBA experience of alumni according to the seniority of positions held, number of years in eachposition, company size and any priorinternational work experience.† Aims achieved (5): the extent to whichalumni fullled their goals or reasons fordoing an EMBA.†Female faculty (3): percentage of female faculty. For the three gender-related criteria, schools that have 50:50(male:female) composition receive thehighest possible score.Female students (3): percentage of female students on the programme. Women on board (1): percentage of female members of the advisory board.International faculty (5): calculatedaccording to the diversity of faculty by citizenship and the percentage whose

    f t . c o m / B U S i n e S S - e d U c a t i o n

    Career progress School diversity Idea generation

    S a l a r y t o d a y ( U S $ )

    S a l a r y i n c r e a s e ( % )

    C a r e e r p r o g r e s s r a n k

    W o r k e x p e r i e n c e r a n k

    A i m s a c h i e v e d r a n k

    F e m a l e f a c u l t y ( % )

    F e m a l e s t u d e n t s ( % )

    W o m e n o n b o a r d ( % )

    I n t e r n a t i o n a l f a c u l t y ( % )

    I n t e r n a t i o n a l s t u d e n t s

    r a n k

    I n t e r n a t i o n a l b o a r d ( % )

    I n t e r n a t i o n a l c o u r s e

    e x p e r i e n c e r a n k

    L a n g u a g e s

    F a c u l t y w i t h d o c t o r a t e s

    ( % )

    F T d o c t o r a l r a n k

    F T r e s e a r c h r a n k

    R a n k 2 0 1 4

    307,003 60 39 1 2 27 18 18 91 19 88 3 1 99 10 15 1

    403,560 33 12 3 11 22 16 18 77 15 82 30 1 99 3 17 2

    304,843 65 4 4 12 26 24 7 48 10 73 10 1 96 4 33 3

    279,284 78 7 12 3 29 14 18 72 18 95 4 1 94 45 41 4

    252,539 71 8 29 4 18 17 18 71 9 46 12 1 98 18 7 5

    223,809 60 17 78 25 21 28 13 36 35 46 80 1 100 1 1 6

    269,775 51 49 11 34 20 49 12 90 84 98 40 1 97 82 11 7

    221,672 71 62 45 45 33 21 26 66 14 58 12 2 99 65 55 8

    186,211 58 59 6 16 15 24 14 90 17 81 8 1 96 19 10 9

    283,503 47 5 20 43 11 31 17 70 46 50 20 1 98 93 71 10

    221,584 47 50 18 44 16 20 13 77 23 42 28 1 96 9 3 11

    218,434 51 56 5 22 18 14 23 58 8 86 6 1 100 78 43 12

    241,096 53 35 36 51 22 24 21 41 95 22 64 1 99 11 8 13

    198,402 50 70 8 1 35 25 28 56 7 82 7 2 97 71 64 13

    246,395 46 46 2 48 14 17 17 94 2 87 18 1 100 93 70 15

    155,087 70 2 34 8 36 28 35 67 21 52 2 2 95 73 85 16

    260,708 81 73 85 78 29 26 14 3 96 41 77 1 90 5 77 17

    244,911 59 89 27 66 34 23 0 56 13 33 15 1 91 70 65 18

    236,118 29 86 7 30 16 16 14 46 44 41 1 1 100 17 5 19

    148,680 94 3 83 24 35 17 22 77 26 22 58 1 100 23 48 19

    205,942 55 13 14 13 17 21 46 59 6 71 35 1 98 35 58 21

    217,870 54 61 15 38 30 14 22 66 40 83 4 1 96 74 52 22

    176,998 57 47 25 7 21 24 16 76 24 67 28 1 99 15 16 22

    271,138 50 88 38 93 21 36 50 53 53 100 3 6 1 97 77 30 24

    172,028 47 21 33 41 24 17 31 86 1 77 24 1 100 27 9 25

    197,029 58 23 87 32 14 25 13 61 39 35 80 1 97 22 6 25

    171,052 112 11 95 71 23 45 33 40 71 0 33 1 91 60 92 27

    229,060 74 32 89 26 8 16 18 9 91 18 31 2 100 41 73 28

    194,796 77 66 40 73 25 35 8 96 97 100 8 6 1 90 50 27 29

    150,498 55 1 19 6 27 33 25 82 27 12 24 1 100 93 59 30

    218,340 60 64 35 14 27 14 19 29 29 0 77 1 93 92 23 31

    228,884 75 94 62 53 31 25 4 7 86 67 86 1 95 24 75 32

    157,779 36 58 17 37 24 32 19 83 16 69 16 1 99 13 14 33

    foo no e

    Althoughthe headline ranking gures showchanges inthedatayearto year,thepatternofclusteringamongthe schools is equallysigni cant.Some 210pointsseparateTrium atthetop from theschoolranked100th.The rst17 business schools,from Triumto ShanghaiJiaoTongUniversity:Antai,formthe rsttierofschools. Thesecondtieris headedbytheNationalUniversityof SingaporeBusinessSchool, about90 points above HHLLeipzigGraduateSchoolof Managementat thebottomofthis group.VlerickBusinessSchoolheads thethird tier.

    Key continued overleaf

    T A B L E S : J O H N B R A D L E Y

    P H O T O S : U N D R E Y , P R E S S M A S T E R

    , B U R I Y / D R E A M S T I M E top or in erna ionalexperience: Du e

    TheFuqua schoolat Duke University wasoneof thepioneers ofthe multi-countryprogramme, launching its GlobalExecutiveMBAin 1995. Today, thebusiness schoolmaintainsits globaledge,with 73 percent of theprogramme’scourse creditsearnedinmodulesoutside theUS.

    Basedin Durham, North Carolina, theDukeMBA– GlobalExecutive, ranked 19thin 2014,enrols some 50executives a year,each with anaverage of15 yearsof workexperience.

    With tuitionfees of $166,000,the programmeis oneof themostexpensivein theFT rankings.However, the fees include books,classmaterials, accommodationand meals at theveresidential sessions.

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    g s hoo co y P og34 34 30 33 New York University: Stern US NYU Stern EMBA35 40 34 36 University of Michigan: Ross US EMBA36= 31 35 34 Georgetown University: McDonough US EMBA36= - - - University of Cambridge: Judge UK Cambridge EMBA38= 27 24 30 OneMBA Netherlands/US/Brazil/Mexico OneMBA: RSM/UNC/FGV São Paul38= 33 31 34 Imperial College Business School UK EMBA40 35 32 36 City University: Cass UK/UAE EMBA41 42 39 41 UCLA: Anderson US EMBA

    42 37 35 38 Cornell University: Johnson US Cornell EMBA43 61 - - Renmin University of China School of Business China EMBA44 - 51 - University of Maryland: Smith US Smith EMBA45= 36 29 37 University of Toronto: Rotman Canada Rotman EMBA45= 47 46 46 Kozminski University Poland EMBA47 40 45 44 Cornell University: Johnson/Queen's School of Business US/Canada Cornell-Queen's EMBA48 43 43 45 Western University: Ivey Canada/China Ivey EMBA49 51 54 51 University of Hong Kong China HKU Fudan IMBA50 45 41 45 Essec/Mannheim France/Germany Essec & Mannheim EMBA51 64 56 57 University of St Gallen Switzerland EMBA HSG

    52 63 77 64 Centrum Católica Peru/Colombia Global MBA53= 57 62 57 University of Pittsburgh: Katz US/Brazil/Czech Republic EMBA Worldwide53= - 53 - Henley Business School UK Henley EMBA

    55 54 - - BI Norwegian Business School/Fudan University School of Management China BI Fudan MBA

    56 70 70 65 Yonsei University School of Business South Korea Corporate MBA57 49 49 52 Emory University: Goizueta US Weekend EMBA58 75 63 65 Temple University: Fox US Fox EMBA59 55 50 55 Antwerp Management School Belgium/Russia EMBA60 65 58 61 Texas A&M University: Mays US Texas A&M EMBA61 48 41 50 Rotterdam School of Management, Erasmus University Netherlands EMBA62 46 51 53 WU (Vienna Uni of Economics and Business)/Uni of Minnesota: Carlson Austria Global EMBA63 77 79 73 SMU: Cox US SMU Cox EMBA64 58 - - University of Strathclyde Business School UK Strathclyde EMBA65= 72 63 67 University of Illinois at Urbana-Champaign US Illinois EMBA65= 72 76 71 University of Miami School of Business Administration US Miami EMBA

    financial times executive mba 2014The top100 EMBA programmes (continued overleaf)

    H gh w : J dgEnteringtheFT EMBA ranking for therst timeatnumber36, theJudgeBusinessSchoolat theUniversityof Cambridgeis thehighest-ranked of four newprogrammesin the2014 ranking.

    Launchedin 2009, theCambridge EMBAisoneof thenewestprogrammesin theranking.Yet unlike many newEMBA programmes,itis nottaughtin multipleoverseaslocations.Instead,tuitionis delivered in Cambridgeover 16residential weekends and fourweek-longblocksover a periodof 20 months.The school believesthisbettermeets theneeds of busyexecutives.

    Cambridgealso plays up itstraditionalcollegesystem: participants on each weekendresidency will listen to keynote speakerswhilediningin oneof theuniversity’shistoricvenues.

    H gh : rTheBeijinguniversitybusinessschool Renmin,43rd inthe ranking,is the highest riser this year,up18 placesfrom 2013.Oneof 14programmestaught in Chinaranked in 2014, theRenminEMBA was oneof the rst tobe authorised there.

    TheRenmindegreehas a long history of workingwith NorthAmerican business schools,initiallywith theStateUniversityof NewYorkat Buffalo.Today theprogrammedrawsmuchfromHenryMintzberg’s Mastersin PracticingManagement programme,designedby theCanadian managementthinkerto emphasisethepractical aspects of global management.

    Allbut ve ofthe 214 studentsareChinese, but theymust speak at least twolanguages beforethey graduate.

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    f t . c o m / B U S i n e S S - e d U c a t i o n

    keycont nued

    citizenship differs from their country of employment – the gure published inthe table.International students (5): thepercentage of current EMBA students whose citizenship and country of residence differs from the country in which they study, as well as theirdiversity by citizenship.International board (2): percentage of the board whose citizenship differs fromthe country in which the business school

    is situated.International course experience (5):percentage of classroom teaching hoursthat are conducted outside the country in which the business school is situated.Languages (1): number of languagesrequired upon graduation.Faculty with doctorates (5):percentage of full-time faculty with a doctoral degree.FT doctoral rank (5): calculatedaccording to the number of doctoralgraduates from each businessschool during the past three years. Additional points are awarded if these graduates took up faculty positions at one of the top 50 full-timeMBA schools of 2014.FT research rank (10): calculatedaccording to the number of articlespublished by a school’s current full-time faculty members in 45 academicand practitioner journals betweenJanuary 2011 and August 2014. Therank combines the absolute number of publications with the number weightedrelative to the faculty’s size.† Includes data for the current year andthe one or two preceding years whereavailable.

    Career progress School diversity Idea generation

    S a l a r y t o d a y ( U S $ )

    S a l a r y i n c r e a s e ( % )

    C a r e e r p r o g r e s s r a n k

    W o r k e x p e r i e n c e r a n k

    A i m s a c h i e v e d r a n k

    F e m a l e f a c u l t y ( % )

    F e m a l e s t u d e n t s ( % )

    W o m e n o n b o a r d ( % )

    I n t e r n a t i o n a l f a c u l t y ( % )

    I n t e r n a t i o n a l s t u d e n t s

    r a n k

    I n t e r n a t i o n a l b o a r d ( % )

    I n t e r n a t i o n a l c o u r s e

    e x p e r i e n c e r a n k

    L a n g u a g e s

    F a c u l t y w i t h d o c t o r a t e s

    ( % )

    F T d o c t o r a l r a n k

    F T r e s e a r c h r a n k

    R a n k 2 0 1 4

    193,323 36 24 68 82 19 28 15 53 32 17 49 1 100 14 2 34

    215,183 42 18 54 36 28 21 23 34 79 8 86 1 87 16 13 35

    189,356 58 16 73 29 28 25 16 32 63 16 40 1 100 93 26 36

    192,834 5 4 27 21 59 12 23 17 69 12 33 48 1 96 57 44 36

    167,987 54 53 32 27 25 19 21 30 42 28 11 1 97 12 46 38

    139,343 59 10 77 35 30 34 38 90 25 50 55 1 100 44 28 38

    148,970 60 29 65 42 30 26 47 80 11 53 45 1 96 54 42 40

    182,554 42 25 44 18 21 28 19 48 50 12 49 1 100 3 4 20 41

    213,513 42 22 61 70 21 21 17 41 41 35 75 1 91 68 21 42

    200,394 58 98 53 9 31 25 13 5 94 23 57 2 88 2 88 43

    172,964 38 34 43 28 29 29 17 36 51 9 86 1 98 8 19 44

    138,672 25 43 37 50 24 32 41 72 30 53 27 1 98 6 4 45

    151,910 84 31 92 56 34 30 18 22 36 64 64 2 88 61 99 45

    159,940 53 28 64 55 28 25 19 47 20 44 61 1 93 55 31 47

    183,982 46 75 41 86 26 29 15 64 49 33 64 1 99 79 34 48

    123,840 99 76 93 87 29 45 9 37 93 27 86 2 97 47 56 49

    131,037 45 37 28 20 29 23 15 71 33 62 14 1 99 38 66 50

    147,240 47 15 16 5 11 12 50 77 85 50 33 2 100 85 67 51

    195,325 45 84 31 77 18 28 31 58 43 69 9 2 80 93 98 52

    171,340 37 36 46 33 28 26 10 62 92 22 20 1 92 52 37 53

    135,082 60 38 63 10 41 36 36 47 28 36 86 1 84 33 91 53

    151,576 85 48 86 99 27 59 12 22 78 62 39 1 79 42 79 55

    166,825 61 9 99 72 12 32 50 11 98 50 72 2 100 56 87 56

    177,099 45 40 67 61 22 20 21 18 73 3 77 1 92 64 29 57

    156,426 48 83 26 90 28 32 22 35 45 51 23 1 87 31 53 58

    147,777 51 19 39 19 31 20 20 28 57 90 24 2 85 93 93 59

    179,036 42 63 30 15 29 18 24 21 54 0 86 1 80 69 36 60

    118,828 44 45 66 68 23 21 30 43 5 30 40 2 100 4 3 24 61

    147,252 30 74 9 40 35 16 29 45 37 91 16 1 90 40 62 62

    177,001 41 26 57 49 22 23 11 29 68 3 73 1 92 93 54 63

    121,422 70 55 75 89 36 28 35 98 22 47 86 1 80 58 84 64

    144,111 42 51 56 46 24 27 21 16 60 2 84 1 94 37 25 65

    168,640 44 41 98 91 26 30 12 40 34 0 86 1 96 76 47 65

    footnoteAlthoughtheheadlineranking guresshowchangesin thedatayear toyear, thepatternofclusteringamongthe schoolsis equallysigni cant.Some 210pointsseparateTriumatthetopfromthe schoolranked100th. The rst17businessschools,fromTriumto ShanghaiJiaoTong University:Antai,formthe rsttierofschools.Thesecondtieris headedby theNationalUniversity of Singapore BusinessSchool, about90pointsabove HHLLeipzigGraduateSchool ofManagement atthe bottomof thisgroup. VlerickBusinessSchoolheadsthethirdtier.

    P H O T O S : P E T E R M A C D I A R M I D / G E T T Y I M A G E S ; N E L S O N

    C H I N G / B L O O M B E R G ; E L W Y N N / D R E A M S T I M E

    most e ale students:bi/fudanGivenNorway’s pioneering stanceto promotewomen in business,in particularrequiring a40 percent quotaof womenon corporate boards, it is perhapsno surprise that theBI/Fudan programme has a higher percentageof women on its programme thatany otherEMBA rankedby theFT this year.

    Fi y-nine percent ofthe studentson thedegree,taughtjointlyby theNorwegianbusinessschool and Fudan, arewomen.

    TheBI programme is oneof threedegreestaught on theFudan campus in Shanghai.Ranked at seventhin theworld,the programmetaught bythe Olinschool atWashingtonUniversity in conjunctionwith Fudan is thehighest ranked of thethree.

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    financial times executivemba 2014The top 100 EMBAprogrammes

    2014 2013 2012

    th -y

    g s hoo co y P og67 75 70 71 University of Washington: Foster US EMBA68 79 86 78 Tongji University/ENPC China Shanghai International MBA69 81 66 72 Boston University School of Management US Boston EMBA70= 59 66 65 SDA Bocconi Italy EMBA70= 72 70 71 Rutgers Business School US Rutgers EMBA70= - - - Grenoble Graduate School of Business France Part-Time MBA

    73 59 75 69 Cran ield School of Management UK Cran ield EMBA74 56 54 61 University of Texas at Austin: McCombs US Texas EMBA

    75 51 63 63 Georgia State University: Robinson US EMBA76 66 73 72 Fordham University Graduate School of Business US Fordham EMBA77 92 100 90 University of Zurich Switzerland Zurich EMBA78 - 78 - Koç University Graduate School of Business Turkey EMBA79 97 80 85 University of Minnesota: Carlson US Carlson EMBA80 70 60 70 University of Pretoria, Gibs South Africa Modular & Part-Time MBA81 69 - - HHL Leipzig Graduate School of Management Germany Part-Time MBA82 86 90 86 Vlerick Business School Belgium EMBA83= 85 83 84 Aalto University Finland/South Korea/Singapore/Poland Aalto EMBA83= 68 - - National Sun Yat-Sen University Taiwan EMBA

    83= 99 - - University of Houston: Bauer US EMBA86 96 80 87 University of Rochester: Simon US/Switzerland EMBA87 81 99 89 University of Alberta/University of Calgary: Haskayne Canada Alberta/Haskayne EMBA88= 98 96 94 Baylor University: Hankamer US Baylor EMBA88= - 80 - Tulane University: Freeman US EMBA90 89 - - Michigan State University: Broad US EMBA91= 84 60 78 EMLyon Business School France EMBA91= 79 92 87 Copenhagen Business School Denmark CBS EMBA93 87 96 92 HEC Lausanne Switzerland EMBA94 81 88 88 University College Dublin: Smur it Ireland EMBA95= 99 - - Stockholm School of Economics Sweden SSE MBA95= - - - University of Utah: Eccles US EMBA97 93 86 92 Tias Business School Netherlands EMBA98 - - - Sabanci University School of Management Turkey Sabanci EMBA99 89 92 93 Queen's School of Business Canada Queen's EMBA100 - - - Coppead Brazil EMBA

    the Financial Times’14th annual ranking of executive MBA degreeslists the world’s top 100programmes for senior

    working managers.EMBA programmes must

    meet strict criteria in order to beconsidered for the ranking. Theschools must be accredited by eitherthe US’s Association to AdvanceCollegiate Schools of Business or theEuropean Equis accreditation bodies.Their programmes must also haverun for at least four consecutive years.This year, 134 programmes from 32countries took part in the ranking

    process, including 17 offered jointly by more than one school.

    Data for the ranking is collectedusing two online surveys – onecompleted by participating schoolsand one by alumni who graduatedfrom their nominated programmesin 2011.

    For schools to be ranked, 20 per centof their alumni must respond to thesurvey, with at least 20 fully completedresponses. A total of 4,983 alumnicompleted the survey – 51 per cent of respondents.

    Alumni responses inform veranking criteria: “salary today”, “salary increase”, “career progress”, “work

    r k b s hoo

    1 Universityof St Gallen2 UCLA:Anderson3 Universityof Oxford: Saïd4 RiceUniversity:Jones5 HHLLeipzigGSM6 ImperialCollege BusinessSchool7 Kellogg/WHU Beisheim8 EMLyon BusinessSchool9 Cran eldSchoolofManagement10 Insead

    top o p h

    *As ratedby 2011graduates

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    f t . c o m / B U S i n e S S - e d U c a t i o n

    Career progress School diversity Idea generation

    S a l a r y t o d a y ( U S $ )

    S a l a r y i n c r e a s e ( % )

    C a r e e r p r o g r e s s r a n k

    W o r k e x p e r i e n c e r a n k

    A i m s a c h i e v e d r a n k

    F e m a l e f a c u l t y ( % )

    F e m a l e s t u d e n t s ( % )

    W o m e n o n b o a r d ( % )

    I n t e r n a t i o n a l f a c u l t y ( % )

    I n t e r n a t i o n a l s t u d e n t s

    r a n k

    I n t e r n a t i o n a l b o a r d ( % )

    I n t e r n a t i o n a l c o u r s e

    e x p e r i e n c e r a n k

    L a n g u a g e s

    F a c u l t y w i t h d o c t o r a t e s

    ( % )

    F T d o c t o r a l r a n k

    F T r e s e a r c h r a n k

    R a n k 2 0 1 4

    161,122 36 52 74 85 30 31 21 20 76 8 85 1 91 36 22 67

    127,962 83 95 72 96 37 42 17 7 80 58 86 1 87 28 94 68

    208,011 28 81 23 97 31 24 10 35 74 63 58 1 81 89 38 69

    133,796 52 85 51 98 37 19 33 27 82 67 36 2 89 26 50 70

    169,010 49 33 58 88 18 30 17 30 66 0 80 1 80 30 68 70

    100,506 72 90 94 67 43 50 53 44 55 53 20 1 80 32 90 70

    125,718 42 71 55 65 25 43 19 52 3 27 49 2 92 29 89 73

    149,853 41 44 70 92 26 17 11 29 64 3 64 1 85 20 12 74

    165,095 42 67 50 81 33 24 16 30 58 21 49 1 80 66 39 75

    161,898 52 78 88 95 35 34 24 28 31 15 49 1 83 93 72 76

    125,011 24 65 13 21 9 24 17 85 52 50 55 2 100 21 45 77

    131,406 51 77 69 83 45 38 18 42 89 82 86 1 94 87 82 78

    147,695 32 60 42 69 29 31 29 24 69 8 73 1 82 62 18 79

    185,982 56 68 79 76 29 40 75 0 100 0 54 1 71 90 95 80

    109,963 6 3 6 100 52 18 20 10 23 38 15 64 2 100 49 100 81

    115,946 56 20 84 58 29 13 17 24 48 100 63 1 90 83 83 82

    130,963 46 92 47 75 35 27 43 17 70 86 40 1 94 39 81 83

    155,071 53 100 90 23 25 28 21 7 99 0 71 2 97 51 96 83

    141,298 48 72 80 60 28 24 18 27 59 5 75 1 85 72 57 83

    127,622 43 69 48 47 18 27 11 26 47 13 19 1 81 48 35 86

    130,627 45 87 59 64 26 26 20 51 67 8 80 1 87 80 40 87

    132,729 58 42 81 62 33 37 14 4 87 6 58 1 79 88 80 88

    151,534 34 54 71 80 36 29 11 34 72 27 64 1 87 86 63 88

    130,730 44 30 91 84 34 25 29 24 83 0 86 1 88 67 32 90

    102,598 29 14 24 17 33 16 0 50 61 83 40 2 95 81 78 91

    113,712 34 80 52 54 33 23 27 39 56 9 38 1 92 7 60 91

    109,492 18 79 10 31 27 24 27 81 4 55 64 1 100 46 86 93

    109,697 46 96 49 63 30 25 20 46 75 41 86 1 100 63 74 94

    122,917 42 82 22 57 23 16 7 31 77 0 32 1 96 53 76 95

    138,280 41 93 60 74 31 32 13 30 81 6 47 1 82 59 49 95

    105,380 44 57 82 39 25 18 17 42 65 0 86 1 90 25 61 97

    117,986 39 91 97 94 43 29 21 27 88 100 46 1 100 91 69 98

    123,488 33 97 76 79 33 27 19 52 62 50 61 1 95 75 51 99

    134,799 49 99 96 100 44 28 30 19 90 40 86 1 100 84 97 100

    “Salary increase” is calculated foreach school according to the differencein average alumni salary before theEMBA to three years after graduation– a period of typically four to ve years. Half of this gure is calculatedaccording to the absolute increase,and half according to the percentageincrease relative to pre-MBA salaries.

    Where available, data collated by theFT for the two previous rankings areused for all alumni-informed criteria.Responses from the 2014 survey carry 50 per cent of the total weight, andthose from 2013 and 2012 each accountfor 25 per cent. Excluding salary-relatedcriteria, if only two years of data are

    available, the weighting is split 60:40if data are from 2014 and 2013, or70:30 if from 2014 and 2012. For salary gures, the weighting is 50:50 for two years’ data, to negate any ination-related distortions.

    Information provided by the business schools themselves inform theremaining 10 criteria that collectively account for 35 per cent of the nalranking. These measure the diversity of teaching staff, board membersand EMBA students, according togender and nationality, as well as theinternational reach of the programme.For gender-related criteria, schools thathave a 50:50 (male:female) compositionreceive the highest possible score.

    In addition to the percentage of schools’ students and faculty that areinternational – the gures published– the composition of these groups by individual citizenship informs a diversity-measuring score that feedsinto the calculation.

    The FT research rank, whichaccounts for 10 per cent of the ranking,is calculated according to the number of articles published by schools’ full-timefaculty in 45 internationally recognisedacademic and practitioner journals. Therank combines the absolute numberof publications, between January 2011and August 2014, with the number of publications weighted relative to thefaculty’s size.

    The FT ranking is a relative ranking.Schools are ranked against each other by calculating for each cri terion theirZ-score. Z-scores represent the numberof standard deviations each school’sdata is away from the mean. Z-scoresallow the ranking to be based on very different criteria (salary, percentages,points) since they are unitless. Thesescores are then weighted as outlined inthe ranking key, and added together fora nal score.

    After removing the schools that did

    not have a sufcient response rate fromthe alumni survey, a rst version iscalculated using all remaining schools.The school at the bottom is removedand a second version is calculated. Andso on until we reach the top 100. Thetop 100 schools are ranked accordingly to produce the 2014 list.

    Judith Pizer of Jeff Head Associatesacted as the FT’s database consultant

    experience” and “aims achieved”. They account together for 55 per cent of theranking’s weight. The rst two criteria about alumni salaries are the mostheavily weighted, each counting for 20per cent.

    Salaries of non-prot and publicsector workers, as well as full-timestudents, are removed. Remainingsalaries are converted to US dollarsusing the latest purchasing powerparity (PPP) rates supplied by theInternational Monetary Fund. The very highest and lowest salaries aresubsequently removed, and the meanaverage “current salary” is calculated foreach school.

    interactive

    rankingsatwww.f.com/rankings

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    i n s i d e

    P H O T O : J A M E S O A T W A Y

    Queenof luxury:SwaadyMartin-Leke’s businessde esexpectations

    Continental shif

    Meet thedean,p33

    Wharton’snew leader

    Pro le,p36

    Brewingup a brand

    Post-EMBAcareers, p41

    Should I stayor should I go?

    Swaady Martin-Lekeonhow Africanbusiness canquash stereotypes,p36

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    Meet the dean

    f t . c o m / B U S i n e S S - e d U c a t i o n

    Geoffrey Garrett is the

    rst to admit he looks anunusual choice for deanof the Wharton Schoolat the University of

    Pennsylvania. But, adds the equanimous Australian, “it makes more sense themore I think about it”.

    Those considering the appointmentmight easily come to the sameconclusion. Although his knowledge of Wharton is limited – he spent just two

    years at there in the mid-1990s – he has

    teaching experience way beyond thatof the traditional tenured professor.Indeed, his CV reads like a list of the world’s top universities: Oxford,Stanford, UCLA, Yale. His most recentrole as dean of the Australian Schoolof Business (now UNSW Australia Business School) means he has taughton three continents.

    Prof Garrett has not only transferred between numerous

    Wharton’s G ofr y Garr tt wants th schoolto b mor globally m n . Byd lla Bra shaw

    An nt rnat onalCVWith a PhDfromDukeUniversity, ProfGarretttaughtpoliticsandmultinationalmanagementat Oxford,StanfordandWhartonbefore movingtoYale in 1997. Followingastint atthe UniversityofCalifornia, Los Angeles asdeanof theInternationalInstitute, he becameprofessor of internationalrelations at the Universityof SouthernCalifornia.Hewasappointeddean oftheAustralianSchool ofBusinessin 2013anddeanofWhartonin 2014.

    VideOGeo reyGarrettin conversationwiththeFT’sJohnAuthers.www. .com/ bized-video

    >

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    f t . c o m / B U S i n e S S - e d U c a t i o n

    unive sities, but in and out of business, academia and not-fo -p oto ganisations. This, he a gues, is to theadvantage of Wha ton, consistently

    anked as one of the wo ld’s top businessschools.

    “Could I have been a good dean at the Wha ton School 10 yea s ago?” he asks.“I would say no, because I wouldn’t havehad the pe spective.”

    Sitting in a leathe chai in thedean’s ofce (the déco of which haschanged little since Tom Ge ity heldthe post in the 1990s – P of Ga ettis swift to point out that his packingcases f om Aust alia have yet toa ive), the newly appointed deanskilfully shies away f om talking about

    any plans he may have fo Wha ton.He is still listening to p ofesso s andstaff the e, he says, and only whenthis exe cise is complete will he makedecisions.

    Nonetheless, the pictu e he paints of Wha ton in the futu e points to a school with a much mo e global mindset andan inc eased focus on technology-d ivenlea ning. The backg ound fo all of this will be the g owing ole of business insociety, says P of Ga ett, a politicalscientist by t aining.

    While the 1990s was all aboutglobalisation and the 2000s wasthe technology decade, the next 10to 15 yea s will be dominated by thepe vasiveness of business, says P of Ga ett. “If you look at the wo ld today and into the futu e, the e a e th eecha acte istics: societal demands a egoing up, the capacity of gove nmentis at least stagnant, and the way bigp oblems will be add essed in the futu e will be p ivate secto -led. Whe eve you look you see an expanding ole fo business.”

    He acknowledges that beingdean of a US business school will be ve y diffe ent f om being dean of an Aust alian one. “Fo 100 yea s the wo ld

    has come [to the US] and they stay.People come to you. Aust alia is exactly the opposite.”

    This may make it mo e difcult toimbue a global pe spective in students, but P of Ga ett believes all studentsat Wha ton should have some kind of inte national expe ience. “The notionthat inte national expe iences canchange you life a e pe sonal biog aphy to me,” says the dean.

    “The thing that was impo tant fome when I came to the US to do a PhD was that I wanted to see the wo ld;it was both the education and theoppo tunity to live in anothe count y.Inte national expe iences a e, at a minimum, mind-expanding and, at a maximum, life-changing.”

    Wha ton al eady has a secondcampus, but the school chose to investin the US – in San F ancisco – athethan ove seas. The location does b ingadvantages, though, acco ding to thedean. Specically, the Califo nianlocation says that Wha ton is a schoolfo ent ep eneu ship as well as nance,and it gives a diffe ent pe spective onthe Pacic rim. “You don’t have to be

    in Asia to educate Asian students,” addsP of Ga ett.

    The San F ancisco campus isinc easingly being used to teach full-

    time as well as executive students –70 of the full-time MBA students now study fo a semeste in Califo nia andthe e a e plans afoot fo unde g aduatesto do the same.

    Howeve , in Ma ch the school willtake a substantial leap fo wa d with theopening of the Penn Wha ton China Cente in the cent al business dist ictof Beijing, the school’s st b icks andmo ta outside the US. The cent e willfocus on teaching executive cou ses,

    esea ch and ca ee development.But ove all P of Ga ett acknowledges

    that heading a business school is notabout quick xes. “You can’t be tooimpatient fo change,” he says. “It’s a ve y long game. The long game I see fo

    Wha ton is a wonde ful one. I che ishthe he itage, but I don’t want to be bounded by that.

    “A wise pe son said to me ecently [that] if you change 3 pe cent a yea ,ove time you will change 50 pe cent.”

    P of Ga ett is ce tainly pleasedand g acious about his appointment as Wha ton dean. “I have no doubt the jobI had in Aust alia was the best job fome in Aust alia. This is p obably the best ole fo me in the wo ld.”

    ‘it’s a very long game.ThelonggameiseeforWharton

    sawonderfulone.icher shtheher tage,but i don’t wanttobeboundedbythat’

    Worldview:Geofrey Garrett

    believes allWhartonstudentsshould

    haveinternationalexperience

    B

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    i n s i de

    Afripolitanambition

    i i ig l doub ful s k Zulu,

    w rrior w o bli d pow rful Zulu kingdo in

    19 -c n ur sou afric w ilin illing f r in o i n i ,

    d v r b n lik n d o po of .Bu for sw d m r in-L k i d

    p rf c n . “h ’ l d r, o ’nur uring in w , bu ’ r nd ’sou afric n, o i o b rooibo ;

    r w p pp r,” .t u w born s k Zulu , ric

    ix of rooibo ( rb l indig nouo sou afric ), c illi , v nill , ffronnd ro bud . I i on of 27 bl ndnd vour in Gour coll c ion

    of y w r (pronounc d “ - w r ”), sou afric n bou iqu

    bi ion of in roducing luxur afric nproduc o ou id world.

    t , in i n for ndxo ic fr gr nc (s k Zulu i join d

    in y w r ’ r ng b lik of a ki of song i, P r o tu nd KingL lib l ) i r l y w r ’ ini i loff ring, long id c ndl of o w x

    nd n i l oil c n b u d oi uri r onc v l d.

    t dgling bu in in P rk ur ,

    on of Jo nn burg’ fu n nor rnuburb , i br inc ild of m r in-L k , w o forg d d wi proj cin pi of ini i l c p ici ong rfri nd nd p r . “I did r rc , buno on b li v d in i ,” , ipping

    n w bl nd i ing l g nown ou b n r n for d

    in o c ic or . y b s p b r, 19 on f r

    y w r ’ l unc , bu in d don

    b r n v n m r in-L k nvi g d.so 13,000 in of nd or n3,000 c ndl d b n old ou lin 10 coun ri , fro Nig ri o Norw

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    dir c l o r il cu o r . af r pu ing up n ini i l $280,000

    wi nin p r n r , w o includ d fri ndnd f il , m r in-L k i king o

    r i fur r $1 pr p ro c l up, wi go l of ving 30

    y w r -br nd d or wi in n xd c d . t pl n i l o o xp nd

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    nd r r n d afric – n afric ’ con por r , r pr n ll

    w xp ri nc od in afric i noclic é , no r o p d”.

    Ind d, m r in-L k i bolic of ucc ful, pir n nd n r pr n uri l

    g n r ion of afric n vri n o for o coun r j d dc r c ri ion of afric con in nknown onl for conic nd pov r .

    Ini i ll w r i d in Lib ri b r afric n-a ric n f r nd ro r, w o i p r Fr nc , p r Ivori nnd p r Guin n. Bu w r forc d o ov o s n g l w n m r in-L k

    w r . B i w ix d ov d o Ivor Co , w r r

    o r – w o r i d r nd r bro rf r ir p r n p r d – work d

    afric n D v lop n B nk. a 16, lf-d crib d “afripoli n” ov d

    36

    g in, i i o ni ig cin London, b for fur r udi swi z rl nd nd job wi acc n

    con ul nc , in P ri . abou r l r join d

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    af r K n , ov d o P rn sou afric , w r r l

    r bi ion for Us group onuf c ur in afric . t pp n

    wi in 18 on r r n r m r in-L k d xp c dGe b g n nuf c uring loco o iv wi tr n n , sou afric ’ own d r il op r or.

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    o b rk on n w xp ri ncnd c o o k bb ic l.

    swaadyMart n-L k ymbol an ntr pr n ur alg n rat on.ByAndr w england

    Atth h artofth proj ct‘ howw har th r n dAfr ca – anAfr ca that’cont mporary… that notcl ché ,not t r otyp d’

    f t . c o m / B U S i n e S S - e d U c a t i o n

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    i n s i de

    during i p riod b g nr triu Glob l emBa, ic iug b n London sc ool of

    econo ic , NyU s rn Bu in sc oolin N york nd heC P ri , i

    xcur ion o C in nd Indi .t n 35- r-old found r lf ong oung of ud n ;n of r cl r in ir

    40 or 50 , o of “ x r l ucc ful n r pr n ur ” i

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    . Bu r y r fr nci lik l o op n pilo n x B ku, az rb ij n – rk “ ’rgoing o go [ o] our lv ”.

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    n glob ll ,” m r in-L k o k n in afric bu

    n glob ll , o r i 15 no ould r in ll op P rk ur .”

    fro p opl o d or xp ri nc .h nc I n d n mBa r

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    Fire inthe belly:Yswara’sShakaZulutea

    ‘iwanted to learn frompeoplewhohad moreexper ence.Hence i wantedanMBAwheretheaverageage was veryh gh’

    B

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    eMBa uK, o o ddy w wo k . h o W w k’

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    PeggyBishopLane:corporatefunding forEMBAs hasdeclined

    over thepast 20 years

    some tudent feel ‘theycandictatea littlebit more whatthey cando oncethey graduateif theyhaven’t been pon ored’

    >

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    i n s i de

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    p d f m m b d yk w dg d w k. a w b g d g b d d f

    Get the most from your EMBA investment

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    45/56

  • 8/20/2019 FT EMBA Rankings

    46/56

  • 8/20/2019 FT EMBA Rankings

    47/56

    r ev

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    P H O T O S : F P G / G E T T Y I M A G E S ; F 9 P H O T O S / D R E A M S T I M E

    Technology, p49

    Build yourown Android

    Community, p53

    Are EMBAsworth the cost?

    Hopes& Fears, p54

    Easternpremise

    T

    o British readers there are few thingsmore cringe-inducing in businessthan having a cheerleader psychingthem up to do good. Yet this is just what Steven Overman does in The

    Conscience Economy: How a Mass Movement for Good is Great for Business . Being bad in business,he asserts, used to be not just protable but evena bit admirable. “Bad behaviour – and particularly getting away with bad behaviour – has long been a fertile source of value share,” he writes.

    Consumers expect a lot more today. They are different to previous generations, he writes.They are optimistic. They are, the author says,“rejecting everyday choices in ways that defy traditional logic… They’re questioning everythingfrom the notion of career consistency to the valueof money itself. They’re hacking everything fromgovernment policy to the genome.”

    The signs are everywhere. “The global waveof young entrepreneurship is an indicator notonly of an increase in personal self-belief andempowerment, but a sign of the growing optimismthat there could and will be a better way to work,produce and live.” Locally sourced food is importantto shoppers. We want our investments to do good.

    The internet is accelerating the spreadof a global consciousness – the “conscienceculture” that gives the book its title. We have got here, Overman says, not just because of the internet but dueto a “major conux” – a comingtogether of various forces thatdrive us towards a tipping point.These include environmentalconcerns, networked warfare (or

    terrorism), articial intelligenceand evaporation of privacy.Many books aimed at business

    people dramatise the sweepingchanges facingconsumers and workplaces. You pay your money tothe author to discover theanswers – that is the deal.

    The scale of change, then, may be ratcheted upto woo a book-buying audience. In fact, the authorcites a survey by Fortune magazine in 1946 thatfound people wanted business to act with a socialconscience. So too the millennials – the generation

    born between the early 1980s and early 2000s – who are often portrayed as wanting to do work of social value but whose commitment to such work has been questioned by some observers.

    Overman is familiar with eye-rolling. The

    American had a culture shock adapting to Britishcorporate ways when he came to the UK – he was made aware that his bombastic cheerleadingstyle was over the top for a British