December52016 FTBusiness December 2016 …im.ft-static.com/content/images/60ec311c-b789-11e6-961e-a1acd97f...KONSTANTIN KROTOV Dean, St Petersburg GSOM; ALISON LANGLEY freelance journalist;

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ON THE COVERIllustration by Adrian Johnson

C O N T R I B U T O R SHELEN BARRETT Work and Careers editor; KATE BEVAN

freelance technology journalist; WAI KWEN CHAN business WAI KWEN CHAN

education communities editor; SIMON CAULKIN freelance SIMON CAULKINwriter; JANINA CONBOYE

business education communities editor; EMMA JACOBS

writer, Work and Careers; ADAM JONES freelance journalist;

KONSTANTIN KROTOV Dean, St Petersburg GSOM;

ALISON LANGLEY freelance journalist; JONATHAN MOULESbusiness education correspondent

LAURENT ORTMANSbusiness education statistician

MORGEN WITZEL management author and lecturer

IAN WYLIE freelance journalist

O P E N I N G S

4 editor’s letterThe Brexit result raises questions about where is best to pursue a career 6 introductionHow will the EU referendum vote play out for schools at home and abroad? 10 on managementWhy the UK economy is dependent on foreign management12 dean’s columnA Russian businessman’s winning tactics in business and football

F E AT U R E S

14 a material differenceHow an MBA helped an ecologically minded graduate tailor a career switch into sustainable fashion 18 France’s global ambitions French schools are responding to pressures at home by stepping up expansion in new markets abroad21 Insead’s internationalism‘We don’t consider ourselves French’

R A N K I N G

24 analysisWhat the 2016 tables tell us26 European schools 2016The top 90 European business schools

I N S I D E

32 courses on horsesA new Liverpool MBA is preparing students to negotiate careers in the rapidly changing horseracing business 34 the right ingredients Foodies are developing a taste for an online chef-booking service cooked up by two former ESCP masters classmates 36 linked inGianmario Verona’s Bocconi University claims a calibre of elite connections few business schools are able to match

R E V I E W

41 booksReorganisations can be catastrophic and costly if you get them wrong. Reorg: How to get it Right sets out to How to get it Righthelp readers avoid the pifalls42 technologyStart-up businesses are often slow to realise the dangers of data — from both criminals and regulators 45 communitiesWe asked European business school alumni: what is the most important skill or trait to future-proof your career?54 hopes and fearsThe arrival of triplets partway though an executive MBA required a mother of invention and extraordinary stamina

December 2016Editor Jerry Andrews

Work and Careers editorHelen Barrett

Head of magazine production George Kyriakos

Production editorRuth Lewis-Coste

Sub editorPhilip Parrish

Art director Konstantin Penkov

Picture editor Michael Crabtree

Special Reports editor Leyla Boulton

Global sales directorDominic Good

Global director of FT career management

Steve PlayfordHead of business education sales

Gemma TaylorAccount director

Allie BesingAccount manager

Emily LucasPublishing systems manager

Andrea Frias-AndradeAdvertising production

Daniel Macklin












O P E N I N G S


F E AT U R E S


R A N K I N G


I N S I D E

32 courses on horsesA new Liverpool MBA is preparing students to negotiate careers in the rapidly changing horseracing business 34 the right ingredients Foodies are developing a taste for an online chef-booking service cooked up by two former ESCP masters classmates 36 well-connectedBringing disciplines together is central for Gianmario Verona, new rector of Bocconi, Italy’s most plugged-in school

R E V I E W

41 booksReorganisations can be catastrophic and costly if you get them wrong. Reorg: How to get it Right sets out to How to get it Righthelp readers avoid the pifalls42 technologyStart-ups are often slow to realise the dangers of data — from both criminals and regulators 45 communitiesWe asked European business school alumni: what is the most important skill or trait to future-proof your career54 hopes and fearsThe arrival of triplets partway though an executive MBA required a mother of invention and extraordinary stamina
















Daniel Macklin



freelance technology journalist; WAI KWEN C HAN business









O P E N I N G S

4 editor’s lette rThe Brexit vote raises questions about where is best to pursue a career 6 introduct ionHow will the EU referendum play out for schools at home and abroad? 10 on managementWhy the UK economy is dangerously dependent on foreign management12 dean’s columnA Russian businessman’s winning tactics in both business and football

F E A T U R E S

14 a material diffe renceAn MBA gave Megan McGill the skillsto build on her expertise and tailor a career in sustainable fashion18 French schools go g lobalFrench schools respond to globalisation by playing to their strengths in new markets21 traditional thi nkingInsead dean Ilian Mihov

R A N K I N G

24 analysisWhat the 2016 tables tell us26 executive education 2016The top 90 European business schools

I N S I D E

32 courses on hors esA new MBA is preparing students for life in the rapidly modernising horseracing business34 appetite for growthClassmates who launched an online chef-booking service are finding customers have started to bite 42 meet the dea nBringing disciplines together is important to Gianmario Verona’s strategy for Bocconi University

R E V I EW

47 books47 booksJoseph Badaracco’s Managing in the Joseph Badaracco’s Managing in the Gray explores how best to get to Gray explores how best to get to grips with some of the most difficult grips with some of the most difficult decisions in business and lifedecisions in business and life49 technology49 technologyNewer is not necessarily better. Newer is not necessarily better. Kate Bevan asks what makes a Kate Bevan asks what makes a worthwhile innovation worthwhile innovation 53 communit ies53 communit iesAs the US election nears, we asked As the US election nears, we asked EMBA alumni which business person EMBA alumni which business person has what it takes to be a world leaderhas what it takes to be a world leader54 hopes and fea rs54 hopes and fea rsA trip to India as part of a global EMBA A trip to India as part of a global EMBA inspired graduate Harald Trautsch to inspired graduate Harald Trautsch to rethink his world viewrethink his world view


Work and Careers e ditorHelen Barrett














Daniel Macklin

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October 17 2016

FT Business December 2016FT Business December 2016EducationDecember 2016EducationDecember 2016

Executive MBA Ranking 2016Ranking 2016Ranking 2016Ranking 2016Ranking 2016Ranking 2016Ranking 201614 Ranking 201614 32Ranking 201632

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December 5 2016


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December 5 2016



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CONTRIBUTORSHELEN BARRETT Work andCareers editor; KATE BEVAN

freelance technology journalist;WAI KWEN CHAN business

education communities editor;SIMON CAULKIN freelance writer;

JANINA CONBOYE businesseducation communities editor;

EMMA JACOBS writer,Work and Careers;

ADAM JONES freelance journalist;KONSTANTIN KROTOV

Dean, St Petersburg GSOM;ALISON LANGLEY freelance

journalist; JONATHAN MOULESbusiness education correspondent

LAURENT ORTMANSbusiness education statistician;

RACHEL SANDERSON Milancorrespondent; MORGEN WITZEL

management author and lecturer;IAN WYLIE freelance journalist

OPENINGS

4 editor’s letterThe Brexit result raises questions aboutwhere is best to pursue a career6 introductionHow will the EU referendum vote playout for schools at home and abroad?10 onmanagementWhy the UK economy is dependenton foreign management12 dean’scolumnA Russian businessman’s winningtactics in business and football

FEATURES

14 amaterialdifferenceHow an MBA helped an ecologicallyminded graduate tailor a careerswitch into sustainable fashion18 France’sglobalambitionsFrench schools are responding topressures at home by stepping upexpansion in new markets abroad21 Insead’s internationalism‘We don’t consider ourselves French’

RANKING

24 analysisWhat the 2016 tables tell us26 Europeanschools2016The top 90 European business schools

INSIDE

32 coursesonhorsesA new Liverpool MBA is preparingstudents to negotiate careers in therapidly changing horseracing business34 theright ingredientsFoodies are developing a taste for anonline chef-booking service cooked upby two former ESCP masters classmates36 linkedinGianmario Verona’s Bocconi Universityclaims a calibre of elite connectionsfew business schools are able to match

REVIEW

41 booksReorganisations can be catastrophic andcostly if you get them wrong. Reorg:How to get it Right sets out tohelp readers avoid the pitfalls42 technologyStart-up businesses are often slow torealise the dangers of data — fromboth criminals and regulators45 communitiesWe asked European business schoolalumni: what is the most important skillor trait to future-proof your career?54 hopesandfearsThe arrival of triplets partway thoughan executive MBA required a motherof invention and extraordinary stamina

December 2016EditorJerry Andrews


Head of magazine productionGeorge Kyriakos



Art directorKonstantin Penkov

Picture editorMichael Crabtree

Special Reports editorLeyla Boulton


Global director ofFT career management






Daniel Macklin

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CitroënCEOLinda Jackson’sroutetothe top,plussurviving studystress

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32 courses on horsesA new Liverpool MBA is preparing students to negotiate careers in the rapidly changing horseracing business 34 the right ingredients Foodies are developing a taste for an online chef-booking service cooked up by two former ESCP masters classmates 36 linked inGianmario Verona’s Bocconi University claims a calibre of elite connections few business schools are able to match

R E V I E W

41 booksReorganisations can be catastrophic and costly if you get them wrong. Reorg: How to get it Right sets out to How to get it Righthelp readers avoid the pifalls42 technologyStart-up businesses are often slow to realise the dangers of data — from both criminals and regulators 45 communitiesWe asked European business school alumni: what is the most important skill or trait to future-proof your career?54 hopes and fearsThe arrival of triplets partway though an executive MBA required a mother of invention and extraordinary stamina
















Daniel Macklin



freelance technology journalist; WAI KWEN C HAN business









O P E N I N G S

4 editor’s lette rThe Brexit result raises questions about where is best to pursue a career 6 introduct ionHow will the EU referendum vote play out for schools at home and abroad? 10 on managementWhy the UK economy is dependent on foreign management12 dean’s columnA Russian businessman’s winning tactics in business and football

F E A T U R E S

14 a material diffe renceHow an MBA helped an ecologically minded graduate tailor a career switch into sustainable fashion 18 France’s global ambitions French schools are responding to pressures at home by stepping up expansion in new markets abroad21 Insead’s internat ionalism‘We don’t consider ourselves French’

R A N K I N G


I N S I D E

32 courses on hors esA new Liverpool MBA is preparing students to negotiate careers in the rapidly changing horseracing business 34 the right ingre dients Foodies are developing a taste for an online chef-booking service cooked up by two former ESCP masters classmates 36 well-connectedBringing disciplines together is central for Gianmario Verona, new rector of Bocconi, Italy’s most plugged-in school

R E V I EW

41 booksReorganisations can be catastrophic and costly if you get them wrong. Reorg: How to get it Right sets out to How to get it Righthelp readers avoid the pifalls42 technologyStart-ups are often slow to realise the dangers of data — from both criminals and regulators 45 communitiesWe ask ed European business school alumni: what is the most important skill or trait to future-proof your career54 hopes and fea rsThe arrival of triplets partway though an executive MBA required a mother of invention and extraordinary stamina


Work and Careers e ditorHelen Barrett














Daniel Macklin

ON THE COVERIllustration by Adrian JohnsonCONTRIBUTORSHELEN BARRETT Work and Careers editor; KATE BEVAN freelance technology journalist; WAI KWEN CHAN business education communities editor; SIMON CAULKIN freelance writer; JANINA CONBOYE business education communities editor; EMMA JACOBS writer, Work and Careers; ADAM JONES freelance journalist;KONSTANTIN KROTOV Dean, St Petersburg GSOM;ALISON LANGLEY freelance journalist; JONATHAN MOULESbusiness education correspondentLAURENT ORTMANSbusiness education statisticianMORGEN WITZEL management author and lecturerIAN WYLIE freelance journalist

OPENINGS4 editor’s letterThe Brexit vote raises questions about where is best to pursue a career 6 introductionHow will the EU referendum play out for schools at home and abroad? 10 on managementWhy the UK economy is dangerously dependent on foreign management12 dean’s columnA Russian businessman’s winning tactics in both business and footballFEATURES14 a material differenceAn MBA gave Megan McGill the skillsto build on her expertise and tailor a career in sustainable fashion18 French schools go globalFrench schools respond to globalisation by playing to their strengths in new markets21 traditional thinkingInsead dean Ilian MihovRANKING24 analysisWhat the 2016 tables tell us26 executive education 2016The top 90 European business schools

INSIDE32 courses on horsesA new MBA is preparing students for life in the rapidly modernising horseracing business34 appetite for growthClassmates who launched an online chef-booking service are finding customers have started to bite 42 meet the deanBringing disciplines together is important to Gianmario Verona’s strategy for Bocconi UniversityREVIEW47 books47 booksJoseph Badaracco’s Managing in the Joseph Badaracco’s Managing in the Gray explores how best to get to Gray explores how best to get to grips with some of the most difficult grips with some of the most difficult decisions in business and lifedecisions in business and life49 technology49 technologyNewer is not necessarily better. Newer is not necessarily better. Kate Bevan asks what makes a Kate Bevan asks what makes a worthwhile innovation worthwhile innovation 53 communities53 communitiesAs the US election nears, we asked As the US election nears, we asked EMBA alumni which business person EMBA alumni which business person has what it takes to be a world leaderhas what it takes to be a world leader54 hopes and fears54 hopes and fearsA trip to India as part of a global EMBA A trip to India as part of a global EMBA inspired graduate Harald Trautsch to inspired graduate Harald Trautsch to rethink his world viewrethink his world view

December 2016Editor Jerry AndrewsWork and Careers editorHelen Barrett Production editorRuth Lewis-CosteSub editorPhilip ParrishArt director Konstantin PenkovPicture editor Michael CrabtreeSpecial Reports editor Leyla BoultonHead of magazine production George KyriakosGlobal sales directorDominic Good Global director of FT career management Steve PlayfordHead of business education sales Gemma TaylorAccount director Allie BesingAccount manager Emily LucasPublishing systems manager Andrea Frias-AndradeAdvertising production Daniel Macklin

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Citroën CEO Linda Jackson’s route to the top, plus surviving study stress3 surviving study stress3FT.COM/B USINESS-EDUCATI ON surviving study stressFT.COM/B USINESS-EDUCATI ON

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Estella Kolobaeva knowswhat she wants. Theambitious 21 year old wantsto start a career in wealthmanagement next summer

following a masters in internationalfinance at HEC business school in Paris.

Like many in her cohort, she isbusy lining up internships. She hasbeen touring prospective employers,attending presentations and networkingevents, meeting her school’s alumni andresearching her options carefully.

Estella is doing all this only inLondon because she believes the Britishcapital is still the best place to startwork — despite the UK’s vote in June toleave the EU.

“For now, London is still the centreof financial life,” she told me soon afterreturning to Paris from a networkingtrip to the UK capital’s City and CanaryWharf financial districts, during whichshe visited Credit Suisse, Barclays,Bloomberg and HSBC, among others.“I talked to people and heard theirstories of fast success — London is a citywhere you can get that.”

As a Russian citizen, Estella will needa visa to work in London regardless ofwhether or not the UK is a member ofthe EU when she arrives. She knows shemay have to move again if her futureemployer decides to leave after the UKquits the EU.

She acknowledges that the Brexitvote has pushed her Europeanclassmates to think about workingin Dublin, Frankfurt or Paris whenthey might otherwise have headed forLondon. And she is well aware thatthe result of the referendum lastJune may indicate that the UK is lesswelcoming to foreigners than she mightimagine.

Nevertheless, London is a risk shesays she must take. “Banks may cut[staff] because of Brexit. But I have tobalance that risk with the opportunityto advance rather than going elsewhereand missing that opportunity,” she says.

The uncertainties of Brexit makeit hard to determine whether the UKcan continue to hold on to its status asa global draw for the brightest youngbusiness minds — students such asEstella. A lot depends on the signalsthey receive.

Will London-based alumni stay inthe UK capital? For how long? Howwill the diminished currency affect theirsalaries? What will be the catalyst forthem to leave? How quickly can the UKgovernment reassure foreign workersthat they are welcome to stay?

The answers to all these questionsare unclear — and will be for some time.So far, Theresa May, UK prime minister,has refused to guarantee the rights ofcitizens from the EU before formalnegotiations begin.

Research by the Financial Timesconducted two months after the UK

voted to leave the EU found nearly afifth of European citizens living in theUK had made firm plans to leave withinthe next two years. A little less than 40per cent were considering leaving. Thelargest category of respondents, 27 percent, worked in financial services, asEstella hopes to do.

Simmering xenophobia and anti-immigration sentiment fuelled by thereferendum result are good reasonsto leave. The free movement of peoplecame under scrutiny in the monthsbefore people went to the polls.According to data from the HomeOffice, hate crimes motivated by race orreligion increased 41 per cent year-on-year in July, the month after the vote.

As Jonathan Moules reports in hisintroduction on page 6, one Dutchbusiness school has struck London fromits itinerary of contact-building trips forMBA students. The programme directorno longer feels visits to the City andCanary Wharf are worthwhile after theBrexit vote.

Estella, meanwhile, is watching UKpolitics closely. If early next year theBritish government triggers Article 50of the Treaty of Lisbon, which will startthe process of the UK leaving the EU,she may rethink. But such an early movelooks unlikely.

She will, in all likelihood, start hercareer in London. But she has calculatedthat she has a window of opportunity todo so before the full effect of Brexit is felt.

Business school graduates often seethemselves as stateless. They are highlymobile and resourceful, prepared to gowherever the “fast success” Estella cravesis most likely to materialise.

She cannot wait for the Brexituncertainty to resolve itself. Her priorityis to shape herself into an internationalcitizen. And London is where shebelieves she has the best chance of doingso — for now.

“It’s important in finance and ingeneral,” she says. “It’s the way to success— to work together.” IL

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Graduatesarepreparedtogowherever ‘fastsuccess’ ismost likelytomaterialise

Where to begin?

TheUK’sBrexitvoteraisesquestionsabout thebestplaces topursueacareer

HelenBarrett

Londonbound:HECParis studentEstella Kolobaevawants to start hercareer in theUKcapital despite thevote to leave the EU

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Somepredictapost-Brexitflightofstudentsandfaculty fromtheUK—butmight therebeadvantages?ByJonathanMoules

London used to be animportant stop on theitinerary of Europeancity visits organised byDennis Vink for his 50

students. But in the wake of the UK’sBrexit vote the programme director forthe international MBA at NyenrodeBusiness Universiteit has had to scratchthe capital off the Dutch school’s list.The visits were as much about

building connections that mightlead to jobs as understanding howCanary Wharf and the City of Londonwork. Those opportunities are nowevaporating, according to Prof Vink, sonext year’s trip will be to Paris.“Since the Brexit vote, it has been

quite impossible for us to go to theinstitutions we visited last time becausethey are all reorganising, cutting jobs,”he says. One of the two investmentbankers who helped organise last year’sLondon trip is now looking to relocateback to the Netherlands.The effects of the UK referendum

vote to leave the EU are rippling acrossthe continent. While some see hope inthe decline of the pound, making feesat UK business schools relatively cheap,most deans see little reason to crowabout the result of the vote. The mainconcern is that internationally mobile

students and faculty staff will move tolocations where they can best safeguardtheir future, which would imply a flightfrom the UK.Institutions running one in six British

business degree courses have noted anincrease in EU-based applicants notturning up to start their studies thisacademic year, according to a surveyconducted after the Brexit vote by theChartered Association of BusinessSchools (CABS) of its 120 members.This was perhaps more concerning

given that a majority of the businessschools surveyed reported an increasein applications from prospectiveEU students before the referendum.However, it is unclear from the results ofthe survey whether students would havechosen schools in other EU countriesover the UK if they had known theoutcome of the vote.Marcos Ramirez, who is from Chile,

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secured places to study for an MBA atCambridge’s Judge Business Schooland Insead, whose Fontainebleaucampus lies near Paris. He chose thelatter. Ramirez does not support theUK’s vote to leave the EU and isconcerned about the uncertainty theBrexit decision has created for himand other students coming to Europeto study. However, it would not havebeen the deciding factor in his choice ofwhere to study. “I’m just a bit concernedabout job opportunities after the MBA,but I would have to go through the samehassle with or without the UK in theEU,” he adds.While the weakening British

currency might make studying in theUK more attractive for price-consciousstudents, this is likely to be a transitorybenefit, according to Sangeet Chowfla,president and chief executive of theGraduate Management AdmissionCouncil, owner of the GMAT businessschool entrance exam.Data from the GMAC show many

international applicants to UKbusiness schools are concerned withjob placement opportunities, but thisis largely because of worries about theavailability of post-study work visas,he notes. Brexit might add to theseconcerns, but the greater threat

Off the itinerary:DennisVinkofNyenrodedroppedLondon froma list ofstudy trips after theBrexit referendum

‘I’mconcernedabout jobopportunitiesbutwouldhavetogothroughthiswithorwithout theUKintheEU’MarcosRamirez, Insead student

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to UK schools is the large number ofEnglish-language graduate degreeprogrammes across Europe that appearhigh up the business school rankings,Chowfla says.

What the effect of Brexit will be onacademic staff and their ability to workin the UK is uncertain. One in 10 ofthe British schools surveyed by CABSsaid they had already lost EU researchpartners or had cancelled plans to bidfor EU research funding.

Almost 7 per cent of respondentssaid they had lost staff as a result of theBrexit vote. This compared with 30 percent who felt this was unlikely to everhappen among their faculty, although12 per cent claimed they had alreadyexperienced difficulty recruiting peoplefrom other EU countries.

The dean of a French business school,who wishes to remain anonymous,says two of the 19 faculty members hehas hired this year became available asa direct result of the Brexit decision.None of the other schools interviewed

for this article reported any suchmovement, however.

Bert De Reyck, the Belgian-bornand educated director of UCL Schoolof Management in London, recentlycompleted his British citizenship teststo gain a UK passport. But this was theresult of a decision taken long before theUK’s EU referendum, he insists.

London benefits from being theworld’s largest cluster of leadingeducational institutions, which meansjob prospects will still be good foracademics based in the city, accordingto Prof De Reyck. “Brexit will involvechallenges, not least economically, but

I don’t think hiring academics will bepart of that,” he says.

Another business school head whodoubts whether Brexit will make itharder for UK institutions to recruit isIlian Mihov, dean of Insead. He notesthat Switzerland has several leadingbusiness schools and appears to havefew problems attracting staff, despitebeing outside the EU.

Location is important to thesuccess of European business schools,according to Nyenrode’s Prof Vink.But he claims that it is the chances ofgetting a job after graduation locallyrather than the quantity of highlyranked schools in the vicinity thatwill decide where students want to bebased. For this reason, he thinks thatbusiness schools in London, and the UKgenerally, will suffer from the countrysplitting up with the EU. “I am sure thatthe decision not to go to London will besad for our students,” he says. “But theaverage MBA student is more interestedin getting a good job.”

‘Brexitwill involvechallenges,but Idon’tthinkhiringacademicswillbepartof that’Bert De Reyck, UCL

The top 25 European business schools

Rank School name

1 London Business School

2 HEC Paris

3 Insead

4 IE Business School

5 University of St Gallen

6= Esade Business School

6= SDA Bocconi/Universita Bocconi

8 Iese Business School

9 IMD

10 Rotterdam School of Management, Erasmus University

11 University of Oxford: Saïd

12 ESCP Europe

13 University of Cambridge: Judge

14 Edhec Business School

15 Vlerick Business School

16 Imperial College Business School

17 Grenoble Ecole de Management

18 Essec Business School

19 Mannheim Business School

20 EMLyon Business School

21 ESMT Berlin

22 Warwick Business School

23= Tias Business School

23= Católica Lisbon School of Business and Economics

23= Nova School of Business and Economics

Full ranking on pages 26 to 29

An unanticipatedsecondary, but important,effect of the UK leavingthe EU may be the long-term consequences for

British management.Some of the best-performing parts

of the UK economy are cars andspecialised manufacturing, finance andtech and creative start-ups. All will beaffected by the terms of Brexit.

The UK needs large inflows of foreigncapital to compensate for its chronictrade gap, which in 2015 hit a record5.2 per cent of gross domestic product,or £96bn. But inward investment isa double-edged sword that leaves thecountry, as Mark Carney, governor ofthe Bank of England, recently put it,precariously dependent on “the kindnessof strangers” to fill the gap whenconfidence in the economy is weak andsterling is under pressure.

Less obviously, the UK has becomeequally dependent on foreignmanagement. The success of the UKmotor industry is only partly British-made. Indeed, “UK motor industry” is amisleading term, since there is no longera volume carmaker in British ownership.Japanese, German, Indian and UScompanies supply not only capital butalso the management skills that theBritish industry, once the second-largestin the world, has lacked. The startlingrevival of the underperforming BritishJaguar and Land Rover brands underthe enlightened governance of TataGroup could hardly be more telling.

Aside from their export exploits, thesecompanies have acted as a vital academyfor UK manufacturing management,both directly and indirectly through thestandards they impose on suppliers.Even with this boost, since 1980 theUK has lost half its share of worldmanufacturing exports. In 2015, theystood at just 2.8 per cent, or $460bn.

The conspicuous lack of bounce afterthe sterling devaluation following thefinancial crisis hardly suggests a revival

of animal spirits — how could there beone if the sector is barely alive? If BMW,Honda and Toyota uproot or downgradetheir UK operations, the UK’s meagrereservoir of modern manufacturingknowhow, along with its depleted supplychain, would surely go with it, makingthe former chancellor George Osborne’s“march of the makers”, or a seriousrebalancing of the economy, a mirage.

The UK’s vaunted leadership infinancial services also dissolves underscrutiny. Much of the City is foreign-owned, with important managementdecisions taken elsewhere. After theBig Bang deregulation of 1986, far fromconquering the world, the City’s famousold brokerage and investment housesquickly succumbed to the ambitionand organisation of US and Europeancompetitors for which London’s positionas a bridge between the two continentswas a powerful attraction. It is thesecorporate “citizens of the world”, touse UK prime minister Theresa May’sterm, that are now pondering where

their loyalties belong. In the light ofBrexit, the hollowing-out of industryand the City leaves the UK economylooking vulnerable. Many argue thatby long maintaining sterling at levelsthat damaged the productive economy,London’s prowess in finance hasoperated as a kind of “resource curse”, sothat manufacturing weakness is the flipside of finance’s strength. An unwelcomerevelation of the financial crisis was thatthe financial sector in its current form isnot a renewable resource. The potentialmobility of its global protagonists onlyreinforces that conclusion.

Where does this leave us? Dutifulimitation of US governance andmanagement models — shareholderprimacy, a vigorous takeover marketand deregulation — have bequeathedthe UK a financialised economy. A fewsuccessful but largely foreign-owned andmanaged businesses conceal the realityof a long tail of companies stuck on themanagement low road of competitionthrough low cost, low wages and lowskills. Hence the growth of top-upbenefit payments to those in low-paid,precarious work in retail, hospitality andsocial care; and hence inert productivity.The UK’s largest manufacturing sectoris now food processing.

It is hard to see how loosening ties withhigh-road northern Europe will benefitmanufacturing or finance, or the UK’sstart-up sector, where London’s boastsof open, cosmopolitan entrepreneur-friendliness start to sound hollow. Asdoes the Brexit promise of sovereignty.With management of such importantcomponents of the economy effectivelyoutsourced, the principle that “decisionsabout the UK should be taken in theUK” is wishful thinking. In managementespecially, it pays to be careful what youwish for. Or as Warren Buffett once putit: “Only when the tide goes out do youdiscover who has been swimmingnaked.” As the European tides begin toturn, the nakedness of British industryis not a pretty sight. IL

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Against a backgroundof modern Moscowthrough the windows ofthe Federation Tower,the tallest skyscraper in

Europe, stood a tall man with enigmaticeyes and a sincere smile. He was in themidst of 100 of Russia’s most influentialindividuals — business owners, topmanagers, politicians and media people.While he was part of the crowd, he stoodthere friendly but somehow differentto the others.I met Sergey Galitskiy at the reception

hosted by Andrey Kostin, president ofVTB, the Russian bank, and director-general of St Petersburg University’sGraduate School of Management, whereI am dean. I was lucky enough to bedrawn into a conversation with Galitskiythat gave me belief in a simple maxim:everyone should be given a chance tobecome great and change the world.What took me by surprise was that

during our three-hour conversation hesaid little about his core business, eventhough it definitely merited attention.One of the most esteemed businessmenin Russia, Galitskiy created Magnit,the country’s largest retail chain, witha philosophy that the regions, ratherthan Moscow or St Petersburg, whichdominate Russian business, shouldbe the starting point and remain theprime focus. He founded Magnit in thesouthern city of Krasnodar and it hasgrown largely in provincial centres — anunusual but successful approach. Thechain now has more than 13,000 storesin 2,400 towns and cities across Russia.Galitskiy’s success story first caught

my attention 10 years ago. I started mycareer at a Russian aluminium company,managing marketing and sales ofhousehold aluminium foil in the north-west of the country.Magnit, our biggest customer, had

just had its initial public offering. Later,when I had switched to an academiccareer at St Petersburg GSOM, I usedMagnit as a case study in my classes on

supply chain management. Magnit wasa great example of Russian businessthat could be compared to the world-renowned US retailer Walmart andBarilla, the food multinational.The topic of our first conversation,

however, was not retailing but football.I was not a football fan but my attitudeto the game changed dramatically afterour discussion. I learnt how Galitskiyhad taken on the challenge of developinga football club, FC Krasnodar, not onlyby engaging with local business but alsoby changing the whole football system.Football is the most popular sport in

Russia. At the same time, it has becomea national tragedy. The Soviet Unionenjoyed its greatest success at the UefaEuropean Nations’ Cup in 1960, whichit won, but since then the national teamhas had some extremely poor results —and very few good ones. However, 1960remains still so strong in the Russianmemory that it is mentioned by themedia during each big competition.The Russian Premier League is

one of these. Its popularity has luredlarge Russian and internationalcompanies to fund the leading teams.Their sponsorship of star players andexperienced coaches has led to someoutstanding results in the recent past.

Krasnodar, though, the youngestsenior football club in Russia, hasrewritten the rules. Galitskiy foundedthe club in 2008, investing his time andmoney and achieving the seeminglyimpossible by using his talent as anentrepreneur.His ultimate goal, however, was not

just to have a football team. He also hadan ambitious plan to improve football inRussia by changing the whole approachto the game. He established an academyat Krasnodar for boys who dream aboutfootball as he did when he was a child.The academy has become a communityof hundreds of prospective footballersaged 12 to 17, training and studying allweek. The idea at its core is a devotionto football, the club and the city,creating a foundation for future success.Graduates of the academy have alreadysurpassed expectations, playing in theRussian Premier League and in Europe.The club’s newly finished stadium

has been another ambitious project.Galitskiy funded the construction ofthe 34,000-capacity arena, which hasbeen built not for profit but for thedream of giving everyone a chance andleaving a mark on history.These achievements, which Galitskiy

revealed entirely without vanity duringour conversation, were rooted in onebig common idea: keep investing inthe future and it will pay you back,both monetarily and morally. He ispassionate about his city, his business,his football, his happiness and will doall it takes to move mountains whilegiving others the chance to live by thesame conviction.A man of change is not generally

recognised as a hero. The changesGalitskiy brings about are not seen asheroic. They are the result of a thousandsimple steps taken by someone whokeeps going with the future in mind.

Konstantin Krotov is head of theGraduate School of Management atSt Petersburg University P

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Winning formula:in developinghisclub, FCKrasnodar,SergeyGalitskiyset about changingthewhole approachto football

At the academy’s core is adevotion to football, theclub and the city, creatinga foundation for success

Game changer

Sergey Galitskiy’s bold tactics have delivered results in both business and sport

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Looking back, Megan McGillsuspects she was alwayscut out for a career inthe sustainable fashionindustry — but she took a

circuitous route.She remembers tagging along as

a young girl to the chain of shops hersingle mother managed around Mobile,Alabama, when no babysitter could befound. She would sit in the back roomsand finish her homework, or help outbagging clothes at the counter. For awhile clothing stores were almost asecond home, before the family movedto Switzerland in 1999, when McGillwas 13 and her mother remarried.In 2014, and after working for four

years in information technology andcompliance in Zürich, McGill wasapproaching 30 and feeling stuck.Her goal had been to work to improvethe environment. She had, after all,earned a distinction in her masters inenvironmental technology, with a focuson pollution management, at ImperialCollege London.But her work visa in London expired

and she ended up at a consultancyin Zürich advising companies in thefinancial sector on US tax regulations.But rather than despair, she formeda plan.First, she joined GreenBuzz, a

network that connects professionalsworking in sustainability. She met thefounder of Social Fabric, a community-based group that promotes sustainableclothing while working with refugeesin Switzerland.McGill joined the group, but

becoming active in the field meantlearning new skills, such as sewing. Forher 30th birthday, she invited friends to

Social Fabric to make upcycled pillowcases. It was a BYOM party — bringyour own material.Next, she enrolled on the University

of St Gallen’s MBA programme. Why,with her qualification from ImperialCollege, would someone seeking towork in sustainable fashion enrol on anMBA? McGill says she wanted to brushup her skills and get a job.Graduates of the university, HSG, as

it is known for short, value it for its highplacement rate: 86 per cent of its MBAstudents find jobs within three monthsof graduation.“They have a summer internship

and you can use that to get through thedoor of a company you want to workwith,” McGill says. In her case, she hadher eye on the C&A Foundation in Zug,near Zürich. Founded in 2011 by theEuropean fashion chain, the foundationprovides grants to organisations that areseeking to improve working conditionsand make the textile industry moreenvironmentally friendly.Foundations, McGill says, can be

flexible in terms of the risks they take inresearch. A corporate foundation suchas C&A allows McGill to stay close to acompany in the sector while still testingnew models and ways of doing business.The St Gallen MBA allowed her

to spend three months studying thefeasibility of a “circular economy”,where materials are kept in the economyfor as long as possible or returned tonature — a topic she had first delvedinto at Imperial College.

‘If youare trying tochangesomething, youneed tounderstandhowitoperates’

AnMBAgaveMeganMcGill theskills tobuildonherexpertiseandtailoracareer insustainable fashion

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“I decided to go to HSG becauseI realised some skills were missing,particularly around finance and strategy,which I think are fundamental skillsevery person should have.” Also, sheadds, “I was trying to be strategic.”

McGill is a determined woman,dressed in tailored wool trousersbelted at the waist, topped with ared sweater. Everything she wears ismade from natural fibres, although acasual observer might not realise this.She does not fit the stereotype of anenvironmental activist.

This was important to McGill:her goal was to work on sustainabilityand improve the environment but todo so within the business community.That is why the MBA was so important.“If you are trying to change something,you need to understand how itoperates,” she says.

One lesson McGill took from the MBAwas that improving the environmentalfootprint of a company must be doneon the basis of sound business practice.It is hard to do good, she says, if aproject is not viable. “I now understandbusiness cases and financial models, sonow when we are looking at potentialprojects, we have to ask, can these scale?

You need to understand the numbersbehind them,” she says. “Strategy is coreto what I do now.”

She pauses and adds: “Everyonewants to do good, but not everyone hasthe right strategy. They exaggerate theimpact they think the project will have.Our job is to help them refine theiridea so that it will achieve what theywant it to achieve.”

McGill’s work is at the cutting edge ofenvironmental technology in the fashionbusiness. Her MBA thesis assessed

the scalability of chemical recycling— an innovation with the potential totransform the apparel sector. The goalis to keep materials in the economyperpetually, or safely returned tonature, so clothes are not thrown awayor donated after they have gone out offashion. The process is also intended toeliminate many of the environmentallyunsafe chemicals used to make clothes.

The idea is that fabrics can be brokendown using a safe chemical solutioninto yarn which can be reused, eitherin clothing or other textiles such asupholstery. This begins to create thecircular system.

There are still difficulties, such ashow to use only environmentally safechemistry in production — a problemthe foundation is working on so thatthe sector can become truly sustainable.“Our vision is that fashion can be aforce for good for apparel workers andconsumers,” McGill says.

The C&A Foundation was soimpressed with the assessment McGillmade during her internship that it hiredher to begin a new programme focusedon circular systems. “I do believe successis a mixture of timing and hard work.The timing was right: C&A was startingto look at my topic,” she says.

Perhaps surprisingly for someoneinterested in sustainable fashion, McGilladmits unabashedly that she has not readany of the bestsellers by Naomi Klein,author of No Logo and This ChangesEverything: Capitalism vs the Climate.

She does, however, believe there isa role for activist non-governmentalorganisations. “They basically bringrisks and issues to light. They are goodat consumer engagement, but theirs isnot the only solution.”

One of the first things McGill didwhen she joined the C&A Foundationwas to secure a small grant for SocialFabric from Cofra, C&A’s holdingcompany. Cofra allows employees toapply for money to work on projectsthey are involved in. So now McGill sitson Social Fabric’s board.

“I really believe business can change,”she says. “I believe they are the waywe as a society will be able to change.So working with business for me isincredibly important.”

‘Everyonewantstodogood, butnoteveryonehas theright strategy’

CV

2007BA ininternationalrelations andpolitics, Universityof Sheffield2008Volunteeredwith the World WideFund for Nature inPakistan and helpedfundraise withFriends of the Earthin London2009MSc inenvironmentaltechnology, ImperialCollege London2010-14Workedin informationtechnology andcompliance in thefinancial sector inZürich2015MBA, Universityof St Gallen, includingan internship at theC&A Foundation2016-presentProgrammemanager for circulareconomy at the C&AFoundation andboard member ofSocial Fabric

Made to measure:refugee and tailor

Sekou Cisseat Social Fabric

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With the politicalmood in the USand UK growingmore introspective,French business

schools are sensing an opportunity toattract more international studentsto their campuses at home and abroad.

In recent years the focus ofFrench business schools has been onconsolidation and mergers, such asthose that created both Neoma andKedge in 2013. Some have been moresuccessful than others and the trendmay be coming to an end. “I don’t thinkwe will see many more mergers,” saysJean-Michel Blanquer, dean of Essec.“The mergers that made sense havebeen done.”

This return to greater stability athome is one factor encouraging someFrench schools to look outward. Thereis also pressure from government.French higher education lags behindthe world’s main providers of generaltransnational education — the US, UKand Australia — and a recent reportby government-affiliated think-tankFrance Stratégie, highlighted an“urgent” need for a new approach.

While French business schoolsare among the more active highereducation institutions overseas,teaching some 3,000 students outsideFrance, there is awareness that thereis potential for growth. In order fora French school to gain accreditation

from the ministry of national educationfor its academic awards, it must nowdemonstrate a clearly defined strategyfor international expansion.

But being international is notenough, says Bernard Belletante,director-general of EMLyon. “We’vebeen sending students abroad for manyyears and internationalisation is nota problem thanks to the EU,” he says.“Now we have to move to globalisation.”

Financial pressures are also animportant driver pushing Frenchschools to seek new markets. There areseveral categories of business school inFrance: those part of a public university(the Institut d’Administration desEntreprises network); privately-runbusiness schools that operate likecompanies with shareholders; somethat operate as non-profits under thestatus of etablissement d’enseignementsupérieur privé d’intérêt général(private higher education institutionswith a public interest); and the écolesconsulaires, a final group that includesbig schools such as HEC and ESCPEurope, which are overseen, in part, bythe French Chambers of Commerce.

“Although each category has itsspecific challenges, all are faced with thesignificant decrease of public funding,”

explains Frank Bournois, dean of ESCPEurope, referring to cuts in funding fromthe French Chambers of Commerce andthe local apprenticeship tax. Also, whileFrance offers attractive tax incentives tophilanthropists, French business schoolfoundations are still learning the art ofattracting wealthy donors.

French schools therefore spy newrevenue opportunities abroad. “Thedomestic market is already mature,so growth lies in the recruitment ofinternational students,” says Jean-GuyBernard, the dean of EM Normandie.

For some, that recruitment strategy

Developments at home drive exploration ofalternative markets overseas. By Ian Wylie

French schoolstake a global view

Frenchbusinessschoolsareamongthemoreactivehighereducationinstitutionsabroad

Outward looking:Jean-Michel Blanquerwants Essec to havea campus at everybusiness hubof eachcontinent

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means opening campuses in differentcontinents. The latest to open, atthe end of September, is ShenzhenAudencia Business School (SABS),a joint venture between Audenciabusiness school, based in Nantes, andShenzhen University in southern China’sGuangdong province.Launching three programmes in

2017 — an MBA, a DBA and a masters— SABS aims to attract 500 studentsin three years. Audencia also plansto launch a campus in Latin Americawithin three years, while an agreementwith the Ivory Coast’s Institut National

Polytechnique Félix Houphouët-Boignywas announced earlier this year.In September, Paris-based Essec

began teaching in Rabat, Morocco,where its new Africa-Atlantic campusopens next year, with the aim ofattracting students from across westAfrica, complementing its east Africa-Indian Ocean campus in Mauritius.“Our goal is to be multi-polar, presentin the business hubs of each continent,”says Prof Blanquer, its dean.EMLyon, which already serves Africa

with a campus in Casablanca and isstepping up its partnership with East

Hopes for favourablefallout from BrexitESCPEuropegraduateMichelBarnier, theEU’s chiefnegotiator in itsBrexit talkswithBritain,will becheeredonbysomeFrenchbusiness schoolswhohopehedeliversadealthatwillmake themmoreattractive toUKandinternational students.

About436,000students inall subjects,including 125,000 fromEUnations, go to theUK forhighereducationeachyear. Brexitand theBritishgovernment’s toughstanceonstudentvisasmayofferanopportunity topresentFrenchschools asanalternative.

SomeFrenchschools alreadyhaveofficesor campuses in theUK, for exampleEssec,GrenobleandToulousehaveapresence inLondon,whileEMNormandiehasopenedacampus inOxford.Others, suchasEMLyon,believe theirParis campusesarecloseenoughto tempt students fromtheUKandelsewhere.

Mostof the larger schoolsoffer classes inEnglish. Fees, evenat someof the topFrenchschools, compare favourablywith thosechargedbyUKcompetitors.

MuchmaydependonhowBritish schoolsrespond, says Jean-FrançoisFiorina, vice-deanof theGrenobleEcoledeManagement.“Brexit couldbeanopportunity forus. Butparadoxically, it couldalsobea threat,” saysFiorina. “Maybe, toavoidconsequencesofBrexit,UKuniversities andbusiness schoolswill opencampuses inFrance.”

However, Jean-MichelBlanquer, deanofEssec, seesopportunities for collaboration.“Weknowthat someUKuniversities andbusinessschools are thinkingabout coming to thecontinent,” he says. “Perhaps it’s time tocreatelinksandpartnershipsbetweenFrenchandUKbusiness schools andshowthat there isnoBrexit inourhearts.”— IW

Opportunities:Michel Barnier isdue tonegotiateBrexit on behalf

of the EU

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China Normal University to create a jointschool in Shanghai named Asia-EuropeBusiness School, is now targeting SouthAmerica, according to its dean.

“I’m convinced that in 10 years theinternational accreditation bodieswill be demanding evidence of theinternationalisation of a school’sgraduates, for example, 50 per cent ofgraduates who are not French,” predictsEMLyon’s Belletante. “That’s impossibleif you are not going abroad.”

French schools must beware ofa copy-and-paste approach, says FrançoisBonvalet, dean of Toulouse BusinessSchool, which now has internationalcampuses in London, Barcelona andCasablanca. “We need to pull from theFrench savoir-faire,” says Prof Bonvalet,but applied work and teaching practicesmust be adapted to local norms. He alsocautions that the cost of establishingcampuses abroad can be detrimentalto the home campus.

“It’s expensive to operate abroadespecially in areas where tuition feescannot be raised,” he explains. “As wewant to have harmonisation within ourprogrammes taught across multiplecampuses, the expenses of one campuslimits what we are able to do in France.So our business model must be welldefined.”

Other schools, such as HEC Paris,are stopping short of investing in newcampuses abroad, choosing instead topartner with business schools aroundthe world to offer joint and doubledegrees and student and facultyexchanges. Schools that perform well inglobal rankings can leverage the powerof their international brand to attractmore international students to their

programmes in France, often usingoverseas offices and fairs.

Whatever their strategy, globalisationis causing many schools to reflect ontheir French identity, consider how bestto market the strengths that have cachetabroad and discard French specifics thathold them back.

For example, the traditional Frenchsystem of classes préparatoires(preparatory classes), which organisesthe selection and preparation ofstudents for competitive exams intothe leading business schools, is notaccessible to international students.All classes are in French, with astrong emphasis on maths and Frenchhumanities or liberal arts.

But a growing number of studentsare now entering bachelor degree

programmes that have been introducedalongside the classes préparatoires. “It’sdrastically changing the game,” saysESCP’s Prof Bournois. “This new trackis becoming more attractive to non-French students.”

According to Eloic Peyrache,associate dean of HEC, many Frenchbusiness schools tend to be moremulti-disciplinary than their US orBritish counterparts and offer moreacademic content and greater contacttime with faculty.

Prof Peyrache thinks French schoolsalso excel in the personal development ofstudents. “We work on three dimensionsat HEC. Know yourself, know the marketand match yourself with the market,”he says. “French business schools spendmore on the know yourself. We tend tohave slightly longer programmes, whichleaves more time for broadening horizonsand opportunities to learn. We givestudents longer to ask questions andfind answers.”

French business schools tend tobe more multi-disciplinary thantheir US or British counterparts

Looking abroad:(clockwise fromtop right)work onEssec’s newcampusinRabat,Morocco;Essec inMauritius;plans for EMLyon’snewcampusinCasablanca;ShenzhenAudenciaBusiness School insouthernChina


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W hen it was set up in 1957,the French business schoolInsead had a similar goal to

the European CommonMarket that waslaunched in the same year.

The aim was to breed managers whohad a European rather than nationaloutlook to exploit the new opportunitiesfor cross-border trade.

The founder was a French-bornnaturalised American, Georges Doriot,who had been an influential facultymember at Harvard Business School.“His idea was to build an internationalschool — an international school basedin France,” says Ilian Mihov, Insead’scurrent dean. Students had to speakFrench, German and English.

Six decades years later, Doriot’s dreamis a reality. The school topped the FT’s2016 global MBA ranking and is proudof its cosmopolitan identity, boasting oftraining people to feel at home anywherein the world. “We don’t considerourselves French,” says Prof Mihov.

However, this statelessness is at oddswith the nationalist mood of the times.The European project it accompanied

is under strain. Can Insead remain quiteso aloof from its host country?

French politicians tend not to be shyof grabbing a piece of local successes thatcan project soft power, or rayonnement,overseas, but Prof Mihov says there hasbeen no pressure to follow a domesticagenda. It has deepened its local rootsin one respect, however, throughmembership of a cluster of Parisianhigher education institutions known asSorbonne Universités.

The cluster is an attempt to reversesome of the fragmentation that hashampered France’s top universitiesinternationally, while also making moreof the underexploited Sorbonne name.

Prof Mihov says the partnershipallows Insead faculty to collaborate withspecialists they would not find in-house,such as nutritionists for work on obesityand marketing.

Sorbonne Universités talks of an ever-

closer association between Insead and itsother members but Prof Mihov is keen tokeep collaboration at an academic level.

A full-blooded tie-up with thebroader university grouping wouldhamper Insead’s freedom to manoeuvre,he says, arguing that the opening ofits second campus in Singapore wouldhave been tricky in a tighter alliance.“We were able to do that exactly becausewe were standalone. It gives you thefreedom to do things.”

He feels that the cultural mixremains a strength, preparing studentsfor working in diverse internationalgroups. “When they arrive at Insead weput them in teams to maximise frictiondeliberately. So there is this Frenchengineer with a British historian —the perfect combination for all kindsof fights.

“In the beginning they don’t like it,they complain, but over time if you askour alumni they will say this is oneof the most important experiences inthe school.”

Adam Jones

The European project is understrain. Can Insead remain quiteso aloof from its host country?P

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Standalone:InseaddeanIlianMihov, ona recent visit toLondon, sees theschool’s culturalfree-for-all asa strength

Insead’s early internationalism


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Rankings p26

Full tables ofthe top schools

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How to readthedata

The continent’s leading 90 institutions and how they compare

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What the 2016survey reveals

European BusinessSchools 2016

the Netherlands. The French school climbed nine places to 20th, recovering from a drop of 15 places the previous year, while the Dutch school is back in the top 10 for the first time since 2013.

Because this is a relative ranking based upon the aggregated performances across five rankings, a good score in one or two does not automatically mean a better placing overall. So for example Stockholm School of Economics moved up eight and 13 places respectively in the European ranks for EMBA and MiM but still fell two places overall. SSE does not have a ranked MBA and so is ranked on four courses instead of the maximum five, limiting its overall score.

Four schools are ranked for the first time: two from France and one each from the UK and the Netherlands. Université Paris-Dauphine is the highest new entrant, in 74th place.

The UK is a leading centre for business education in Europe, alongside France. Following the UK’s referendum vote to leave the EU, how does business education in the UK compare with the rest of the region? In terms of numbers, the ranking features 20 schools from the UK, 61 from the 27 EU nations and nine from the rest of Europe. UK schools are far more international than their EU counterparts, with British faculty and students in a minority.

Half of the 54 per cent of UK faculty who are from overseas come from the EU. Only 2 per cent of the faculty in the EU-27 are from the UK. Student numbers follow the same pattern. About 90 per cent of MiM students and 80 per cent of MBA students in the UK are not British. They are mostly from Asia but nonetheless EU-27 students account for 18 per cent of MiM students and 13 per cent of MBA participants. Meanwhile, less than half a per cent of MiM students and 2 per cent of MBA participants in the EU-27 are from the UK.S

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The continent’s leading 90 institutions and how they compareless than half a per cent of MiM students

The continent’s leading 90 institutions and how they compareand 2 per cent of MBA participants in The continent’s leading 90 institutions and how they compareand 2 per cent of MBA participants in

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London Business Schoolhas topped the Europeantable for the third yearrunning — but continentalrivals lead the European

schools in the individual rankings usedto compile it.

The FT European Business SchoolRanking 2016 measures the qualityand breadth of schools’ postgraduateprogrammes. It is based on theirperformance in the five main rankingspublished by the Financial Times eachyear: MBA, Executive MBA (EMBA),Masters in Management (MiM) and thetwo rankings for executive education.Only schools that take part in all five areeligible for a full score.

In this ranking of 90 Europeanbusiness schools, Insead in Franceleads the field for full-time and EMBAprogrammes, while the University of StGallen in Switzerland is top for MiM.Iese of Spain and IMD of Switzerlandwere ranked number one for customisedand open-enrolment executiveeducation programmes respectively.

London Business School (LBS)performed strongly across all fiverankings. All of its programmes arein the European top 10, including itsfull-time MBAs, ranked second, and itsjoint EMBA programme (taught withColumbia Business School in the US)and customised executive educationcourses, both in fourth place.

One of the main strengths of theLBS programmes is the wide range ofstudents from different countries. Morethan 90 per cent in its 2015 MBA cohortwere from overseas, coming from about60 different countries.

“LBS has a great student body,very diverse in terms of nationality,competitive and intelligent,” commentedone American graduate from the class of2012. “It also gave me the opportunity tostudy in the US [on exchange] withouthaving to do a purely US-focusedAmerican MBA.”

London leadsbut rivals riseA UK school heads the ranking but continentalcontenders are closing in. By Laurent Ortmans

2,629

How the UKow the UKoand EU comparerer

UKMiM studentsntsn

Numberof schools

Ranked schoolked schoolk s

20Averagragr e

ranking poinranking poinr tsntsn

104

2,044

350 . . . . . (13%. . .. . . . of all

students)611 . . . (28. . .. . .. . . % of all

faculty)

1,199

2,220

1,658

. . . . . . (18. .. . . .341 . % of all

students)

1,893

from theEU

Non-UK

UK keyTotal

Faculty MBA + EMBA studentsntsn


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Several French schools showedprogress, some regaining ground theylost last year. Edhec Business Schoolrecorded the greatest rise, climbing 11places to 14th. The school dropped eightplaces last year when it did not appear inthe EMBA ranking due to a low responseby alumni to the survey. Its 2016 positionis its highest in Europe since the rankingbegan in 2004.Other notable performances

include EMLyon Business School andRotterdam School of Management, inthe Netherlands. The French schoolclimbed nine places to 20th, recoveringfrom a drop of 15 places the previousyear, while the Dutch school is back inthe top 10 for the first time since 2013.Because this is a relative ranking

based upon the aggregatedperformances across five rankings,a good score in one or two does notautomatically mean a better placingoverall. So for example StockholmSchool of Economics moved up eightand 13 places respectively in theEuropean ranks for EMBA and MiMbut still fell two places overall. SSE doesnot have a ranked MBA and so is rankedon four courses instead of the maximumfive, limiting its overall score.Four schools are ranked for the first

time: two from France and one eachfrom the UK and the Netherlands.Université Paris-Dauphine is the highestnew entrant, in 74th place.The UK is a leading centre for

business education in Europe, alongsideFrance. Following the UK’s referendumvote to leave the EU, how does businesseducation in the UK compare with therest of the region? In terms of numbers,the ranking features 20 schools from theUK, 61 from the 27 EU nations and ninefrom the rest of Europe. UK schools arefar more international than their EUcounterparts, with British faculty andstudents in a minority.Half of the 54 per cent of UK faculty

who are from overseas come from theEU. Only 2 per cent of the faculty inthe EU-27 are from the UK. Studentnumbers follow the same pattern. About90 per cent of MiM students and 80 percent of MBA students in the UK are notBritish. They are mostly from Asia butnonetheless EU-27 students account for18 per cent of MiM students and 13 percent of MBA participants. Meanwhile,less than half a per cent of MiM studentsand 2 per cent of MBA participants inthe EU-27 are from the UK.

LBSperformedstronglyacrossallfiverankings.Allof itsprogrammes

are intheEuropeantop10

SOURCE:FTDATA;GRAPHIC

:RUSSELLBIR

KETT

Numberof schools

EU-27

61Averagragr e

ranking poinranking poinr tsntsn

100

4,825

2,558

112112 . . . . . . . . . . (2%. . . . . .. . . . . of all

students)11499 . . . . . . . (2%. . . . . . .. . . . of all

faculty)

1,292

7,599

77 . . . . . . . (. . . . . . . . . (6 . . . . . . .6 0.4% of all

students)

4,226

21,197

from theUK

Non-EU

EU keyTotal

MiM studentsntsn

Faculty MBA + EMBA studentsntsn


RANKINGS

TopinSpain: IEBusinessSchoolTheMadrid school is top in Spainoutperforming its twomain competitorsfromBarcelona, Esade and Iese. IE andEsade shared joint fifthplace in 2015 but IEmoveduponeplace to fourthwhile Esadefell to sixth. IEmaintained its position intheMBA ranking anddroppedonly oneposition in theEMBA ranking,while Esadelost places in both. Iese, on theother hand isrankednumber one for Executive Educationbut lost points for not having aMasters inManagement.—LO

Europeanbusiness schoolsTopEuropeanschool:LondonBusinessSchoolThis is the third year in a rowat the topof theranking for LBS,whichheld onto its Europeanleaddespite twoof its programmesdroppingbehind Insead’s. LBS lost its claim tooffer thebestMBA inEurope in January after Inseadtopped that ranking, and its joint executiveMBAcamebelow Insead’s joint and singleprogrammes. Nonetheless, LBS recordedavery strongperformance across all FTrankings,with all its programmesmaking theEuropean top 10.—LaurentOrtmans

MBA2016 EMBA2016 #

Rank2016

Rank2015

Rank2014

3-yearaveragerank Business school Country Eu

ropeanrank

Salarytoday

($)

Salaryincrease

(%)

Europeanrank

Salarytoday

($)

1 1 1 1 London Business School UK 2 154,150 100 10 (4)*** 205,661 (227,510)

2 2 2 2 HEC Paris France 6 134,299 108 2 328,668

3 3 5 4 Insead France 1 166,510 96 3 (1)*** 255,233 (327,140)

4 5 3 4 IE Business School Spain 4 159,266 104 6 244,817

5 4 6 5 University of St Gallen Switzerland 21 112,940 60 25 161,523

6= 5 4 5 Esade Business School Spain 8 132,119 117 17** 205,320

6= 7 8 7 SDA Bocconi/Universita Bocconi Italy 9 122,955 116 36 145,697

8 8 7 8 Iese Business School Spain 7 140,185 121 7 255,542

9 9 9 9 IMD Switzerland 5 157,439 83 14 272,444

10 13 11 11 Rotterdam School of Management, Erasmus University Netherlands 17 107,998 81 28 (15)*** 127,482 (204,112)

11 10 10 10 University of Oxford: Saïd UK 10 136,959 81 5 244,828

12 11 12 12 ESCP Europe France/UK/Germany/Spain/Italy 8 202,554

13 14 29 19 University of Cambridge: Judge UK 3 156,323 95 9 208,539

14 25 17 19 Edhec Business School France 26 106,761 66 48* 106,428

15 15 16 15 Vlerick Business School Belgium 33* 97,976 70 34 127,487

16 12 13 14 Imperial College Business School UK 11 112,301 83 18 142,772

17 20 26 21 Grenoble Ecole de Management France 28 93,680 80 33 114,589

18 16 15 16 Essec Business School France 23** 145,224

19 18 18 18 Mannheim Business School Germany 19 109,622 79 23** 145,224

20 29 14 21 EMLyon Business School France 36* 86,136 43 40 125,251

21 16 21 19 ESMT Berlin Germany 23 107,234 62 18 164,650

22 19 19 20 Warwick Business School UK 18 112,287 70 12 155,488

23= 23 23 23 Tias Business School Netherlands 32* 90,167 74 41 119,042

23= 26 25 25 Católica Lisbon School of Business and Economics Portugal 15** 123,584 100 52*,** 109,110

23= 28 28 26 Nova School of Business and Economics Portugal 15** 123,584 100 52*,** 109,110

26 21 19 22 City University: Cass UK 13 121,402 82 16 168,312

27 24 24 25 Eada Business School Barcelona Spain 39* 88,448 72 51* 91,480

28 26 26 27 Stockholm School of Economics Sweden/Russia 29 135,012

29 36 35 33 University College Dublin: Smurfit Ireland 25 107,185 73 42 119,770

30 21 22 24 Cranfield School of Management UK 20 116,604 64 47 124,834

31 32 29 31 Aalto University Finland 30 142,113

32 37 34 34 WHU Beisheim Germany 35* 98,861 50 13** 186,522

33 30 29 31 Kedge Business School France 11 197,229

34 31 32 32 University of Strathclyde Business School UK 22 99,450 91 21 171,277

35= 41 38 38 BI Norwegian Business School Norway 44 (20)*** 142,623 (195,681)

35= 34 45 38 Copenhagen Business School Denmark 34 99,145 32 27 147,517

37 35 36 36 Henley Business School UK 26 150,299

38 40 38 39 NHH Norway 49* 110,886

39 39 37 38 Manchester Business School UK 14 117,918 96

40 33 32 35 HHL Leipzig Graduate School of Management Germany 41* 82,918 41 39 114,430

41 38 47 42 Nyenrode Business Universiteit Netherlands 38* 82,582 43

42 45 38 42 Politecnico di Milano School of Management Italy 42* 69,990 48 50* 111,378

43 43 42 43 WU (Vienna University of Economics and Business) Austria 22** 157,377

44 45 42 44 Antwerp Management School Belgium 42 152,265

45= 44 44 44 HEC Lausanne Switzerland 45 118,456

FTEUROPEANBUSINESSSCHOOLRANKING2016The top schools (continuedoverleaf)


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Top inPortugal:Católica&NovaThe twoPortuguese schools are rankedjoint 23rd (withTias in theNetherlands). Theschools are less than 2kmapart in Lisbonandare friendly rivals. They jointly delivera full-timeMBA— the flagship programme,ranked 15th in Europe—andanexecutiveMBA. Católica does better in executiveeducationwhileNova leads in theMastersinManagement. Católica has previouslyoutperformNova in theEuropean rankingbut the gaphas been closing and they couldnot not be separated this year.—LO

Masters inManagement 2016†

ExecutiveEducation2016 Faculty‡

Salaryincrease

(%)

Europeanrank

Salarytoday

($)

Open

programmes

Customprogrammes

Femalefaculty(%)

Internationalfaculty(%)

Facultywithdoctorate

(%)

Rank20

16

47 (54) 6 78,156 7 4 27 86 100 1

54 2 89,793 4 2 19 69 100 2

52 (63) 6 6 16 95 97 3

45 7 81,491 11 38 62 98 4

41 1 101,502 19 20 15 80 100 5

38 9 67,810 3 10 35 40 92 6

50 11 69,982 20 5 37 30 95 6

64 2 1 26 76 100 8

43 1 3 16 95 100 9

50 (74) 5 73,364 34 31 24 49 100 10

70 5 13 18 58 100 11

73 4 73,592 12 14 35 73 97 12

71 15 24 20 84 98 13

30 15 61,138 25 15 36 41 89 14

52 28 61,748 13 17 31 22 96 15

63 18 60,531 28 30 93 100 16

72 13 60,840 27 36 44 47 83 17

46 3 85,365 9 9 32 53 99 18

46 14 82,710 8 36 24 85 19

27 23 60,044 22 22 31 46 97 20

53 8 12 20 80 100 21

96 32 53,618 32 77 100 22

45 53 51,488 31 26 25 40 90 23

48 46 44,989 21 21 30 40 95 23

48 16 50,715 29 29 37 35 100 23

69 34 58,601 26 80 94 26

46 28 58,804 23 23 35 55 71 27

55 25 60,681 14 16 26 35 99 28

43 20 58,377 32 38 48 100 29

42 16 7 28 53 94 30

50 45 56,717 18 27 35 21 97 31

58 9 98,360 27 29 100 32

103 47 50,182 35 37 26 44 92 33

78 51 51,027 37 46 80 34

32 (89) 63 58,234 28 25 25 29 74 35

44 32 65,089 33 40 90 35

60 75 48,456 10 17 47 48 88 37

38 57 61,029 23 33 28 29 95 38

67 46,896 19 37 43 89 39

53 19 87,800 18 18 100 40

53 61,295 26 32 26 13 95 41

61 69 42,144 37* 35 35 12 77 42

39 8 63,948 39 26 96 43

32 26 55,696 27 43 92 44

22 27 64,447 24 80 100 45

Weights for ranking criteria are shown in brackets as apercentage.

MBA(25)Europeanrank:position amongEuropean schools that tookpart in the 2016 FT globalMBA ranking.Salarytoday$:average alumni salary three years aftergraduation, inUS$ adjusted for purchasing power parity (PPP).Includesweighteddata from the current and twopreviousyears,where available.Salary increase:percentage increase in average alumnisalary pre-MBA to today, three years after graduation. Includesweighteddata from the current and twoprevious yearswhereavailable.

EMBA(25)Europeanrank:Position amongEuropean schools that tookpart in the 2016EMBA ranking.Salarytoday$:average three years after graduation, inUS$adjusted for purchasing power parity. Includesweighteddatafrom the current and twoprevious yearswhere available.Salary increase:percentage increase in average alumni salarypre-EMBA to today, three years after graduation. Includesweighteddata from this and twoprevious yearswhereavailable.

Masters inManagement (25)Europeanrank:position amongEuropean schools thatparticipated in 2016 FTMiM ranking.Salarytoday$: average salary three years after graduation,US$ adjusted for purchasing power parity. Includesweighteddata from the current and twoprevious yearswhere available.

ExecutiveEducationOpenprogrammes(12.5):Position amongEuropeanschools that participated the FT ranking of open-enrolmentprogrammes in 2016.Customprogrammes(12.5):Position amongEuropeanschools that participated the FT ranking of customisedprogrammes in 2016.

FacultyFemale faculty:percentage of female full-time faculty.International faculty:percentage of full-time facultywhosecitizenship differs from their country of employment.Facultywithdoctorates:percentage of full-time facultywithadoctoral degree.

Keytothe2016ranking

Footnotes

‡Data are provided for informationonly;most recent publisheddata aregiven. # Figure in brackets refers to data fromsecondprogramme for schoolswithmore thanoneprogramme ranked.

* Schoolwasnot included in the published 2016 ranking.

** School participated in this ranking on the basis of a joint programmeonly.Underlying score basedonproportionof total score.

*** School participatedwithmore thanoneprogramme in this ranking.Underlying score basedon combined scores.

Theheavier horizontal lines denote thepattern of clustering among theschools, basedon significant differences in ranking scores. The top 13business schools, fromLBS toUniversity of Cambridge: Judge, form thetop group. The second group is headedbyEdhecBusiness School, about100points aboveBirminghamBusiness School at the bottomof this group.The 17 schools in the third group are headedbyUniversité Paris-Dauphine.Some 185 points separate LondonBusiness School at the top from the schoolrankednumber 90.


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MBA2016 EMBA2016 #

Rank2016

Rank2015

Rank2014

3-yearaveragerank Business school Country Eu

ropeanrank

Salarytoday

($)

Salaryincrease

(%)

Europeanrank

Salarytoday

($)

45= 45 41 44 Kozminski University Poland 35 152,985

47 49 63 53 Toulouse Business School France 38 129,560

48 53 47 49 Lancaster University Management School UK 11 106,638 111

49 50 53 51 Durham University Business School UK 24 98,029 77

50= 53 47 50 Neoma Business School France 37* 68,250 80

50= 55 71 59 University of Edinburgh Business School UK 29 99,144 66

52 48 46 49 Ashridge UK

53 56 54 54 Leeds University Business School UK 29 89,202 79

54 51 47 51 EBS Business School Germany

55 60 - - Frankfurt School of Finance and Management Germany 37 139,022

56 52 47 52 Solvay Brussels School of Economics and Management Belgium

57 59 56 57 Skema Business School France

58 56 47 54 University of Bath School of Management UK 29 97,908 55

59 58 55 57 Iéseg School of Management France

60= 63 62 62 Audencia Nantes France

60= 63 65 63 Maastricht University School of Business and Economics Netherlands

62 62 59 61 Porto Business School Portugal 54* 78,620

63 - 56 - ESC Rennes France

64 60 61 62 St Petersburg State University GSM Russia

65 69 66 67 Louvain School of Management Belgium

66 72 72 70 ICN Business School France

67= 66 60 64 Télécom Business School France

67= 68 64 66 ESC Montpellier France

67= 66 67 67 Koç University Graduate School of Business Turkey 31 172,704

67= 74 75 72 IAE Aix-en-Provence, Aix-Marseille University GSM France

71 73 - - ESSCA School of Management France

72 65 67 68 University of Zurich Switzerland 32 132,494

73 70 69 71 Birmingham Business School UK 27 103,344 71

74 - - - Université Paris-Dauphine France

75 75 73 74 Sabanci University School of Management Turkey 45 149,244

76= 71 76 74 La Rochelle Business School France

76= 79 - - Normandy Business School France

78 76 74 76 University of Cologne, Faculty of Management Germany

79= 83 - - Burgundy School of Business France

79= 85 - - Aarhus School of Business Denmark

81 76 80 79 Hanken School of Economics Finland

82 79 79 80 Corvinus University of Budapest Hungary

83= 42 58 61 Bradford University School of Management UK

83= 82 77 81 Warsaw School of Economics Poland

83= - - - EM Strasbourg Business School France

86 84 - - ESC Clermont France

87 - - - University of Exeter Business School UK

88 81 77 82 University of Economics, Prague Czech Republic

89 76 - - Nottingham University Business School UK 39* 77,870 46

90 - - - Tilburg University Netherlands

FTEUROPEANBUSINESSSCHOOLRANKING2016The top schools

Biggestdrop:UniversityofBradfordSchoolofManagementThe school in northern England has dropped41 places to 83rd. This combined rankingis based on the quality and breadth ofpostgraduate programmes, so schools mustfeature in all rankings to maximise points.Bradford came 31st last year for its MBA and48th for its executive MBA but dropped out ofboth due to a low number of graduates and alow alumni survey response rate. Its Mastersin Management dropped 15 places in theEuropean standing to 66th.—LO

Europeanbusiness schoolsHighestnewentrant:UniversitéParis-DauphineOf the four schools ranked for the first timein 2016, the Parisian university is highestin 74th place. These four schools all joinedthe top 90 thanks to their performancein September’s Masters in Managementranking. Paris-Dauphine’s MiM is ranked50th in Europe. “MIB Dauphine is incrediblethanks to the apprenticeship, which allowsus to work in prestigious companies suchas Microsoft, HP or Louis Vuitton,” said onegraduate surveyed for the ranking.—LO.


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Masters inManagement 2016†

ExecutiveEducation2016 Faculty‡

Salaryincrease

(%)

Europeanrank

Salarytoday

($)

Open

programmes

Customprogrammes

Femalefaculty(%)

Internationalfaculty(%)

Facultywithdoctorate

(%)

Rank20

16

56 38 74,664 34 22 90 45

73 36 54,663 40 42 92 47

64 38,496 31 54 94 48

49 56,570 34 67 98 49

30 53,407 44 57 89 50

48 49,731 40 58 91 50

17 11 48 36 38 52

56 41,805 38 48 89 53

12 82,633 39 24 24 100 54

38 36 34 16 20 100 55

40 55,168 30 21 35 94 56

23 54,282 38 47 40 81 57

73 40,204 34 65 98 58

16 49,776 47 87 100 59

21 62,150 49 40 81 60

22 60,978 22 50 99 60

36 33 30 30 7 79 62

31 53,669 33 85 82 63

35 53,530 50 5 91 64

37 57,497 35 24 100 65

39 50,217 48 48 85 66

41 51,434 49 44 80 67

41 45,884 48 52 91 67

55 43 27 100 67

41 49,170 44 15 90 67

44 51,956 36 51 91 71

30 14 85 100 72

32 46 94 73

50 51,992 40 22 91 74

39 45 10 100 75

52 46,494 55 48 65 76

55 45,669 46 37 72 76

58 70,708 20 7 88 78

59 45,580 47 46 81 79

60 58,506 37 23 93 79

61 49,743 38 19 93 81

62 45,495 44 6 80 82

66 38,838 45 33 83 83

65 45,374 44 1 95 83

68 45,293 55 22 76 83

69 45,919 58 44 72 86

71 44,889 32 48 82 87

72 38,745 38 9 83 88

40 42 89 89

74 49,938 20 40 91 90

TopinCzechRepublic:UniversityofEconomics,PragueTheUniversityofEconomics inPrague isoneof ahandfulof institutions fromeasternEurope in the ranking. It is also theonlyinstitutionnotaccreditedbyEquisorAACSB,normallyaprerequisite forbeing ranked.However, it is includedasamemberof theCemsallianceof 30business schools thatdelivers aglobalMasters inManagement. ItsMiMranked72nd inEurope, down10placescomparedwith the2015 ranking,whichincludedanextra 10schools.—LO

Methodology

T his is the 13th annual FinancialTimes ranking of European businessschools. It is based on the combined

performance of Europe’s leading schools acrossthe main rankings of programmes publishedby the FT in 2016: MBA, executive MBA,masters in management and non-degreeexecutive education programmes. The onlineMBA, masters in finance and top MBAs forentrepreneurship rankings are not included.

A European rank is produced for each typeof programme. The schools’ performances in theMBA, EMBA andMiM rankings account for 25per cent each. For executive education, the scoresobtained for customised and open programmeseach account for 12.5 per cent.

The ranking measures the schools’ qualityand breadth of programmes. Schools mustparticipate in all five rankings in order to beeligible for a full score. Schools that take part inone ranking only are eligible for only one-quarterof the total score.

An indexed score is created for each ranking.These scores are then added together, accordingto the weighting outlined above, creating acombined total for each school. This overall scoreis divided by the number of rankings in which aschool features to calculate an average score — aderived measure of quality. This is added to thecombined total score to generate a final score bywhich the schools are ranked.

Scores are not simply based on aggregation ofpublished ranking positions. They are calculatedusing Z-scores, formulae that reflect the rangebetween the top and bottom school, for theindividual criteria that make up each componentranking.

The following rules are specific to the FTcomposite European ranking:•Programmes that were ranked outside thepublished table (outside the top 100MBAprogrammes, for example) are taken intoconsideration. They are those shown in the tablewith an asterisk;•Schools ranked with a joint programme receivea proportional share of the programme’s indexedscore. For example, Insead receives 50 percent of the score achieved by its joint EMBAprogramme delivered with Tsinghua University;• If a school is ranked more than once in thesame ranking, a combined weighted score isawarded. For example, Insead receives 50 percent of the score achieved by its own singleEMBA programme (already having 50 per centof the score achieved by its joint programme);•Finally, schools must have a minimum weightof 25 per cent to be eligible. For example, schoolsranked in one joint programme only will not beconsidered. —LO

Judith Pizer of Jeff Head Associates acted as theFT’s database consultant

ONLINESearch the FT’sinteractiverankings at

ft.com/rankings


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insid

eFeature p32

Coursesonhorses

Meet the Dean p36

Bocconi’snew rector

Anew recipe:StephenLeguillonset up a chef-bookingservice fresh out ofbusiness school

The chef executive

Thealumni start-up connectingfood lovers with thosewho makeit, p34

PHOTOS:M

AGALIDELPORTE/P

ICTURETANK;FOUROAKS/D

REAM

STIM

E;PAOLO

BONA

When Mark Goddardwas at universityhe dabbled in alittle betting onthe horses. As his

fascination grew, he bought a racehorse— then another. He now has two horsesin training and an ex-racehorse as abroodmare. But he only came across theThoroughbred Horseracing IndustriesMBA at the University of Liverpool’sManagement School thanks to a sharp-eyed friend.“He saw an advert for it in one of the

broadsheet newspapers,” Goddard says.“He took a picture of it on his phoneand sent it to me… and it soundedreally interesting.”Goddard had already sold one

successful healthcare business and iscurrently marketing director at WrightMedical UK, an orthopaedic suppliescompany. He felt the MBA wouldcomplement his work experience tohelp him move into the horseracingindustry. “It is difficult to break intowhen you’re 45 and haven’t worked init before, so the MBA is a good routein,” he says.He has joined in the first intake on

the programme, set up in partnershipwith the British Horseracing Authority(BHA) and Horserace Betting LevyBoard (HBLB). The aim of the course,says Neil Coster, the MBA’s directorof studies, “is to bring the horseracingindustry into the 21st century”. This wasthe main focus of the BHA and HBLBwhen a partnership to provide thequalification was put out to tender.Liverpool’s Management School

was chosen in 2014; its “world-classveterinary centre” was cited as oneof the advantages, says Morag Gray,who at the time was an independentdirector at the BHA and now doesconsulting work for it. The school’s

proximity to Aintree, home of theworld’s most famous steeplechase, theGrand National, was also a plus.As the horseracing industry expands

globally, notably in North America andthe United Arab Emirates, the BHAand HBLB are keen that the UKshould be a world leader in thebusiness. (The University of Arizona inthe US has been running its race trackindustry programme for graduatessince 1974.) Coster says there is a needto develop people with the businessskills for all aspects of the industry,whether it is running a stud farm,managing a racecourse or working inthe betting sector.The demands of Britain’s racegoers

have also changed. Racecourses acrossthe UK are looking for new ways toattract customers and increase revenues.The MBA’s racecourse and eventmanagement module, for example,does not simply teach how to put on arace meeting; it makes students awareof broader trends in events, focusingon racecourses and what might bedone with those venues on non-racedays. Themed race meetings arealso becoming popular, with coursesproviding racing as part of a real ale,cheese or music festival, for example.“There’s a need to tap into the

experience economy,” adds Coster,so the MBA equips future managersand executives with the knowhow tomaximise revenue.The first intake on the MBA is just

11. Most are already working in theindustry, but the course is also aimedat those like Goddard, who have ademonstrable interest in racing but

AnewMBAispreparingstudents for life in therapidlymodernisinghorseracingbusiness.ByJaninaConboye

‘There’saneed [for theindustry] to tap into theexperienceeconomy’

Courseson horses

PHOTO:TOM

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have not worked in the sector. Feesare significantly lower than for manyMBAs, at £15,000 for UK students and£21,500 for those from overseas.

In addition to topics like marketingand finance, the programme givestuition on horse welfare and ethics inareas such as breeding. Coster says thatwhile students include people from studfarms, who have day-to-day contact withhorses, others do not work directly withthe animals and need further insight.

The MBA includes a “behind thescenes” race day — a highlight of thecourse for Goddard. At Haydock Park,near Liverpool, he had a chance to seewhat, for example, a general managerdoes, or a race-starter or a vet.

“This access was very open andhonest,” Goddard adds, “and gaveus a very good understanding of thecomplexities of running a race day.”

There are downsides. The MBA ispart-time and Goddard finds balancinga full-time job with coursework achallenge. He also wishes that moreinformation had been available beforehe started the course about thestudy programme and potential jobs.This was limited because he is in thefirst cohort.

The expectation is that oncestudents graduate, they will secure amanagement position, although salariesvary. A job in horse welfare is of courselikely to command a lower salary thansenior roles in organisations such as theBHA and the HBLB. Goddard pointsout that if those positions in the “upperechelons of racing are paying anythingless than £100,000, they are notgetting the right people”.

The MBA has not attracted toomany vocal sceptics, but there arethose in the industry who are less opento change and do not see a need forsuch a qualification. “They do thingsin a certain way and think it shouldalways be done that way,” says Coster.“Racecourses can be a little less forward-thinking. One course still does not evensell advance tickets.”

BHA consultant Gray also highlightsthe traditionalism of the racecoursesat a time when the business hasbecome increasingly global and moresophisticated. “Top-class humanresources are needed,” she says.

In the saddle:MarkGoddardhadnotworked in theindustry beforestarting hisMBA


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Appetite for growth:StephenLeguillon,main pictures, and

GiorgioRiccò, above

PHOTOS:J

The right ingredientsFromthedrawingboard

Stephen Leguillon andGiorgio Riccò lived for ayear with no salary, livingoff their savings whiletrying to figure out the best

business model for their idea of finedining booked online. On the upside,however, they ate like kings.

The pair had hit it off as mastersin management students at ESCPEurope business school in Berlin.They decided after graduating tolaunch a food start-up together in Paris,where Leguillon had connections andwhich they felt was an ideal marketfor gastronomes.

The first iteration of their businessinvolved delivering food prepared byprofessional chefs, several of whichLeguillon knew from his schooldays inFrance. What they lacked was enoughcustomers to create a critical mass fortesting the service, so the founderswould include themselves on deliveryaddresses. “We ate a lot of chef-preparedmeals for the first couple of years,”Leguillon recalls. “I really didn’t cookmuch myself.”

Leguillon had experience with foodstart-ups, having co-founded a takeawayordering service, Appetise.com,while studying for an undergraduatemanagement degree at WarwickBusiness School in the UK.

Having returned to the studentlifestyle at ESCP, the pair felt preparedfor the extended period of livingfrugally that is the lot of those creatingcompanies from scratch.

“Launching a company right aftergraduation from university is perfect,”Leguillon says, adding that he turneddown a job offer from Bank of AmericaMerrill Lynch in London so thathe could have a second attempt atentrepreneurship. “You can always geta job a year or two after graduating,but leaving a comfortable job to start acompany is harder,” he says.

Business school not only broughtthe founders together but provided

them with what Leguillon says was oneof their biggest assets at the time, thealumni network.

It was at an annual event the businessschool holds for alumni-led start-ups,called Made in ESCP, that the pair foundtheir first investor, Laurent Sachs. His¤50,000 cheque supplemented thefounders’ savings to get them to launchstage. They also found their productmanager, Frédéric Tan, who graduated ayear after them from ESCP’s masters inmanagement programme.

The service that the team eventuallylaunched in March 2013 was an onlineplatform for booking private chefs,which they named La Belle Assiette(meaning “the beautiful dish”).

A turning point came a year later,when for the first time a client thefounders did not know spent ¤550 tobook a chef for a dinner. “This was thevalidation that we were bringing value toclients and could build a business fromthere,” Leguillon says. Until then, theyhad tested the technology with ordersfrom friends and family, a much easiergroup to reach than outsiders.

Another signal that they were doingsomething right was that chefs werewilling to pay the commission onbookings the service generated.

A few months later, the founders hadraised a further ¤250,000 from angelinvestors. La Belle Assiette now operatesin six countries, with 740 caterersoffering their services to clients. Theserange from catering for dinner partiesand corporate events to upmarket lunchboxes. The business has 28 employeesand has raised ¤3m in three fundingrounds to finance further expansion.

This April, the company launched asecond service for its Paris and Berlincustomers: a marketplace for deliveries

Foodiesarefindingataste foranonlinechef-bookingservicelaunchedbytwoformerclassmates.ByJonathanMoules

‘Foodisuniversal—everyoneunderstands itandbankersdefinitelyknowabout it’ P

HOTOS:M

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Jargon buster:‘. . .preneur’Entrepreneurs donotmake things. Inventors do that.But the entrepreneurial community is responsibleformaking a lot of newwords, usually by snatchingbits of old ones and forcing them together.Themost jarring example of this is the tacking on

of “–preneur” to the endof otherwords, usually toemphasise somenewlydiscovered trend in a groupof people starting businesses.An early example of thiswas theuse of

“mumpreneur”,whichwasnot only irritating but alittle patronising in that it seemed to implywe shouldbe surprised thatmothers are capable of doing aproductive jobwhile raising children.Presumably the founder of the “oldpreneur” blog

felt hewashelping a disadvantaged group in theyouth-worshippingworld of tech start-ups. One canonlywonderwhat thewebsite for youngpreneurs— for indeed there is one— is trying to do for theworld of start-ups, given that it is a culture thatseems to idolise youth.I amnot alone inmyconcern about the “–preneur”

invasion.Matt Smith, co-founder of theCentrefor Entrepreneurs, aUK think-tankdedicated topromoting business creation, recently got in touch topoint out theuse of theword “homeless-preneur” bya former contestant on reality showTheApprentice(who said hewould invest up to £150,000 in the rightbusiness idea fromahomeless person). One canonlyguesswhere thepeople thismade-upword refers towould be expected towork on their business plan.It feels like amoment to end thismadness.

Theworld needs entrepreneurs to fixproblems.However, the term “entrepreneur” is not aword inneedof improvement, so please, jargon creators,leave it alone. — JM

from caterers. The founders hope to rollthe service out across La Belle Assiette’sother markets in the future.

“We are still focused on growing ourbusiness, so we are investing heavilyin all markets and in our product,”Leguillon says. “Our main priority is tobring this service to everyone, as fastas possible, so we are not yet striving toreach break-even, but know how to getthere if and when needed.”

The biggest challenge is hiring goodpeople, according to Leguillon, whosays that this takes about a third of histime. It is a skill he is still learning,he adds, mainly by discussing hiringtechniques with shareholders, his fellowfounders and by spending a lot of timeinterviewing.

Passion, says Leguillon, is the mainingredient that makes the business work.“It’s such hard work, that you need tolove what you are doing,” he says, addingthat he had been lucky to experience alot of good cooking through his previouswork as an investment banking analyst.

“Food is universal, everyoneunderstands it and bankers definitelyknow about it,” Leguillon adds. “That’sprobably why bankers either runfoodtech or fintech start-ups.”

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Linked inMeet theDean

This March, at BocconiUniversity in Milan, Guccichief executive MarcoBizzarri gave a group ofmanagement students a

personal account of one of the biggeststories in the luxury industry in recenttimes: his turnaround of the famousKering-owned brand.

In the front row was GianmarioVerona, Bocconi’s professor ofmanagement and former chair inmarket innovation, who last monthbecame rector of the university, one ofthe leading institutions in Italy.

For Verona, 46, this kind of high-level event is quite normal at Bocconi.Founded in 1902 by an entrepreneuras a business school and school ofeconomics, the private university hasties to the country’s business, economicand political elite.

“Family firms, particularly mid-sizedfirms, have always been connected withour business school and [we do] a lotof learning with them. This is part ofour historical legacy,” he says, speakingin his office, where the desk can barelybe seen for piles of books.

But in changing times, with theinternet disrupting traditionalindustries and education, Verona is keento introduce “a series of innovations thatgive us additional energy”.

Central to these is a plan to makemore of Bocconi’s combination of abusiness school and economics school,creating an interdisciplinary mixbetter able to generate innovations in aturbulent world and make the universitymore relevant internationally.

“You have here economists whospeak to political scientists. People ininformation management who speak toeconomists, people in computer sciencewho speak to people in marketing. Thisis crucial for the future,” he says.

“What is needed today are people whounderstand big data. That comes fromnot a traditional computer scientist ora marketing person. We need peoplewho have been exposed to both things.This is where we are better than others,”adds the new rector, a former dean of

the faculty who began his two-yearrenewable tenure on November 1.

In Italy, Bocconi’s credentialsare second to none in its academicsphere. Alumni include many of Italy’sruling class. Vodafone chief executiveVittorio Colao and JPMorgan Europechairman and former finance ministerVittorio Grilli are Bocconi graduates.Former European commissioner andtechnocratic prime minister MarioMonti is Bocconi’s president. StefanoSassi, chief executive of fashion brandValentino, was last month named theuniversity’s alumnus of the year.

Just before the interview, TommasoNannicini, under-secretary of stateto prime minister Matteo Renzi anda Bocconi professor, was to be seenstanding in the courtyard of theuniversity’s main building.

Massimo Della Ragione, co-head ofGoldman Sachs in Italy and anotherBocconi graduate, argues that “thepeculiarity of Bocconi in the Italianmarket is that it is very probably theonly university for economics andfinance with an academic programmealigned to professional marketrequirements”.

Della Ragione, a mergers andacquisitions specialist who holds classeson investment banking on Bocconi’sMSc programme, says the vast majorityof Italians working at Goldman Sachsare Bocconi alumni.

The employment rate for MScgraduates is 94.3 per cent one yearafter graduation, but as competitionamong the world’s top schools hasbecome borderless, another ofVerona’s priorities is to stress Bocconi’sinternationalisation. The universityhas found offering courses in Englishis not enough. More students demandinternational exposure too.

To this end, Bocconi is giving manystudents the chance to study in anothercountry for at least one semester.

Bocconi has 259 agreements withuniversities, including Yale, Princeton,Cornell and the University of Chicagoin the US. It is also expanding itsso-called hybrid programmes, whichoffer double degrees. Bocconi offers 26double-degree programmes, on whichstudents spend a year at Bocconi anda year at a partner institution — inChina, for example. They graduatewith two degrees.

Verona sees Milan itself as anotherlure for students and faculty. The city,Italy’s capital of business, finance,fashion and food, has been cleaned

GianmarioVerona’sBocconiUniversityclaimsacalibreofconnectionsfewschoolscanmatch,saysRachelSanderson

‘Youhavehereeconomistswhospeaktopolitical scientists.This iscrucial for thefuture’

CV

1970Born inMilan,Italy

1994Graduatedwith a businessadministrationdegree fromBocconi

1997-98Researchassociate atSloan School ofManagement,MIT

1999ObtainedhisPhD inmanagementat Bocconi

2007-13Visitingprofessor at TuckSchool of Business,DartmouthCollege

2008Becamefull professor atBocconi. Hismainresearch interestsare in strategicmanagementof technology,innovation strategiesand intellectualproperty rights

2008-10Director ofthe PhDprogramme,Bocconi

2011-13Directorof theMBAprogrammeat SDABocconi School ofManagement

2014-16Deanoffaculty at Bocconi

November2016-presentRectorof Bocconi

PHOTO:PAOLO

BONA


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up in the past five years, especially inpreparation for it to host Expo 2015.

“Milan to me is a value propositionfor people who want to come to Europe.There is a high standard of living interms of quality of life, the cost… is notas high as Zürich or London,” he says.

There are 180,000 students acrossseveral universities in Milan, a citywith a population of 1.3m. For Verona,the student density is analogous withBoston, where he lived in the 1990sas a visiting scholar at Sloan Schoolof Management at MassachusettsInstitute of Technology. He sees this as

an attraction for students and teachingstaff, one he says will increase whenBocconi opens a campus in 2018 thatwill raise the number of dorm roomsfrom 1,760 to nearly 2,100. Another“major opportunity for continentalEurope’s top schools” is offered by theUK’s decision to leave the EU, he says.

On day-to-day business, he museson the challenge all universities facein teaching a generation that hasgrown up with the internet and seesthe smartphone as an extension of thearm — and brain. “We have to find away to engage them better,” he says,

adding that he has got used to studentslooking at their smartphones or laptopscontinuously while he is teaching them.

“I used to have a rule in my classes ofno computers. Then I realised it wasanachronistic. But their attention is verywidespread; they are expert on everythingand nothing, so you have to drag theirattention to tell them what to do, whereto go and how to surf,” he says.

‘Milan to me is a valueproposition for people whowant to come to Europe’

Newangle:Gianmario

Verona aims togiveBocconi“additional

energy”


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Chain reaction: oncethe business casefor a reorganisationis clear, the nextstage is to persuadestakeholders to buyinto it, beginningwith employees

review

Hopes&Fearsp46

Mother ofinvention

Technologyp42

Start-ups anddata security

PHOTOS:TOM

PILSTON;ISTOCK;REUTERS

All shook upbooks

Reorganisationscanbecostly ifyouget themwrong.ByMorgenWitzel

determined and goals for the reorganisation areset, then comes the next vital step: getting buy-infrom stakeholders. That means all stakeholders,not just shareholders. In the authors’ view, the firstand most important stakeholders to win over arethe employees.They describe two common blunders: the “wait

and see” approach, when the leader tries to keep thereorganisation secret until all the details have beenworked out and then spring it on employees as asurprise, and “ivory tower idealism”, where leaderstry too hard to sell the idea and are perceived asinauthentic. It is important to communicate, butleaders must focus on telling staff what they need tohear, when they need to hear it, and on allaying theirffeeaarrsss. HHoonneesstty and sincerity are key attributes.GGGetting buuy-in from employees is essential if any

reorrrganisatioon is to succeed; failing to do so willresuuult in the ddisillusionment that Petronius described.Onccce employyees are persuaded, similar messages ofreassssurance mmust be sent to other stakeholders.The groundwork having been laid, the authors

thennn set out fifive steps for a successful reorganisation.Firssst, be suree of the profit and loss. Be realistic aboutcosttts and riskks, and about the timeframe. Second,unddderstand tthe current weaknesses of the business;this is essential to a full understanding of risk. Third,choose from a range options; never have just one planon ttthe table. Fourth, “get the plumbing and wiringrighhht”; that iss, understand how the organisation reallyworrrks and hoow best to implement the plan. Andfinaaally, monittor the reorganisation process closely andmakkke adjustmments if things seem to be going wrong.Ittt all sounds quite simple, but then as 19th-century

Pruuussian genneral Carl von Clausewitz famouslysaiddd, “everyttty hhing in strategy is very simple, but noteeevvveeerrrryttty hing inn strategy is very easy”. Doing what thisbooook says wiill be a lot harder than reading it. AndReooorg is an eeasy read, digestible on a short flightor tttrain jourrney, and well written in plain Englishwithhh not too much consultant-speak. Anyoneconnntemplatinng a reorganisation would do well to readthisss book, if only to avoid the mistakes of the past.

Reorg:How toGetit Right,StephenHeidari-RobinsonandSuzanneHeywood,HarvardBusinessReviewPress, £21.99/$32.00

We tend, noted the Roman writerPetronius, “to meet any newsituation in life by reorganising;and a wonderful method it canbe for creating the illusion of

progress while producing confusion, inefficiency anddemoralisation”. Most people who have been througha reorganisation will recognise the sentiment.As heads of consultancy McKinsey’s organisation

practice, Stephen Heidari-Robinson and SuzanneHeywood have been involved in hundreds ofreorganisations. They are inclined to agree withPetronius. “Over and over again we have seen thedebilitating consequences of bad reorganisationprocesses that led either to poor designs or poorimplementation,” thhey say. ““BBaddlly runreorgs cause massivve human stress andcost shareholders vvalue.”Their response too these disasters is Reorg,

a book that tries to distil the lessons of goodreorganisation pracctice. At 256 pages, it isnot a long book; as the authors point out,the principles are aactually quite simple.The first step is tto determine

whether reorganisaation is needed at all.Unfortunately, reorrganisation hasbecome one of thosse things chiefexecutives reach for when they cannotthink of anything eelse to do, or in order toimpose their authoority. It is not uncommonfor incoming chiefss to reorganise inorder to “scent-marrk” the businessand make it clear wwho is boss.This, say the authhors, is

a mistake. “Reorgs need aclear business ratioonale tobe successful, ratheeerrr ttthhhaaannn ooonnneeeleader’s desire to reeshape theworld in his or her image or ageneral feeling thaat thingsneed to be shaken up.”Once that clear

business case is

PHOTO:REUTERS

Comply or pay the price

Start-upsareoftenslowtoappreciatedatasecuritydangers,writesKateBevan

technology

There is so much fun andsexy stuff that goes intobuilding a start-up: hiringsmart people, chasingfunding, developing an

exciting marketing plan, going to andhosting events, buying groovy furniturefor your funky office in London’sShoreditch or Berlin’s Friedrichshain.But however disruptive and excitingyour venture, there is one area foundersand young, fired-up entrepreneurs tendto forget about: compliance.Compliance sounds like something

for the grown-ups rather than the coolkids to worry about. It is a dull word anda complex subject — and one that canget you into serious trouble if you do nothave as tight a grip on data protectionand software licensing as you do onchoosing the football table for that office.Data protection and hacking is

perhaps the scariest aspect of all this.It sometimes feels like a day never goesby without another big data breachhitting the headlines. There have beensome huge breaches this year alone:Dropbox revealed in September thatthe login details of 68m users had beencompromised in a hack that happenedin 2012. In the same month, Yahoo toldthe world that some half a billion users’details had been hacked and exposed.When the focus is on large companies

such as Dropbox or Yahoo, it might betempting for the founder of a start-upto think that the complexities of dataprotection, security infrastructure andrisk management are not something sheor he needs to be concerned about.Rune Syversen, co-founder of Crayon,

the software licensing company, sayssmall companies tend not to thinkabout the necessities of compliance“until it’s too late”. He points out,however, that the complexity of

compliance tends to increase the longera company is in business, so it is wise tobuild it in from the start rather than toadd it as a bolt-on later.Syversen is talking specifically

about software asset management —keeping tabs on what software is beingused in your organisation, how thatis licensed and whether the licencesare up to date. But the same concernsapply equally to data security.Data protection laws apply to

individuals and all businesses,regardless of their size. A breach canlead to a fine; the maximum fine underexisting UK data protection legislationis £500,000. That kind of sum mightbe small change for a big company but

it could empty the coffers of a start-up relying on seed funding or earlytranches of investment.Meanwhile, Brexit notwithstanding,

the new EU General Data ProtectionRegulation (GDPR) is due to come intoforce in May 2018. This is a concern notonly for UK businesses — the new rulesrequire any company that handles thepersonally identifiable data of an EUcitizen to comply.One of the key principles of GDPR

is “privacy by design”, which says thatlooking after the security of personaldata you are entrusted with as a businessshould be at the heart of your company.The new regulation is a vast

compliance exercise regardless of the

Riskybusiness:Ukranianhackersat amedia conferenceinNovember. Newruleswill requirecompanies to complywith tougher securitymeasures

Youneedtohaveas tightagriponsoftware licensingasyoudoonchoosinggroovyfurniture

REVIEW


size of the business — and it carriesmuch heftier fines for non-compliancethan existing UK law provides for. Theexact size of any fine will depend on theseverity of a breach, but if it is seriousenough, a business could face a fineof up to ¤20m or 4 per cent of globalturnover, whichever is the higher.

Data protection is as much a risk-management exercise as it is about IT. Itis a common mistake in organisations ofall sizes not to realise that and to leaveit to the IT department, rather thanmaking it central to general strategy.

Not all risk management arounddata security is as eye-catching as thenews that banks have been hoardingbitcoin to pay ransomware demands.

Presumably they are calculating that itis cheaper to buy the crypto-currencynow, when the volatile commodity is notbeing pushed up by people panic-buyingit to pay off cyber crooks, than it is tospend money strengthening IT systems.Businesses grapple with the questionof whether it will cost more to build upcyber defences, or whether it would becheaper to ignore the complexity andcost of improving their data securityregime and simply cough up if theysuffer a breach and are hit with a fine.

Whichever you decide, that is notthe sort of decision you should leave tothe IT department. The young founderneeds to put compliance and datasecurity at the heart of the business: anempowered and knowledgeable chiefinformation officer is just as importantas any other C-suite executive — even ifyour C-suite is less a suite than a cornerof a warehouse in Shoreditch.

It is here that start-ups have anadvantage over bigger, older businesses,especially those that have had to makethe transition from analogue to digital.Those “legacy” organisations have had tograft data security and compliance on toestablished ways of doing business. Orthey are stuck with a less than ideal set-up that has evolved over time and wouldcost a fortune to replace.

A telling parable for that scenario isthe saga of Hillary Clinton’s email server:the Clintons started off with a single Macin their basement in New York state thatwas pressed into service as a mail server.A few hardware and software upgradesand a move to a New Jersey data centrelater, and the Clintons were the owners ofa ramshackle set-up, oblivious to therunning and problems of it.

That this came back to haunt Clintonduring her bid for the US presidency isa useful reminder that protecting thepersonal data you are entrusted withshould be at the heart of your thinkingand your company. If there is one thing afunky young business should be, it isa grown-up about data security.

Apps to saveyou time

GoogleTripsAndroid, iOS, freeget.google.com/tripsAswith email apps, there are

thousands of travel apps to choose from. Google,however, has done something veryniftywithTrips: give it access to your email and thedatesof your trip and let it suggest itineraries basedonyour information andondata gleaned frommillions of smartphones. Sonot onlywill it pulltogether information fromyour email aboutflights andhotel bookings, itwill also plan anitinerary towork out the best route, then factor inhow longpeople generally spendat each locationandoffer the bestways to travel between them.It is perfect if youhave an afternoonoffbetweenmeetings andwant a flavour of a newcity in anefficient, geekybut hugely satisfyingway.

AltoAndroid, iOS, freealtomail.comThere are goodness knowshow

manyemail apps in the app stores, and assomeonewho lives anddies byOutlook, I amhard to convince on thevirtues of the others.Alto, however, is surprisingly good, especiallywhenyou consider that it is developedbyAOL,a company that is the clunky epitomeofWeb 1.0.It does all the usual things— folders, threadedviews and soon—butwhere it stands out iswithits Cards and Stacks. The former pulls items suchas receipts or flight details into one screen so thatyou can see themwithout having to searchyourinbox. The latter filters emails by items such aslike photos andfiles so that again you canfindthemquickly. It does thiswithout youhaving todo anything. It is smart-learning and turns thehumble email client into something truly useful.

FlioAndroid, iOS, freeflio.comIf you spenda lot of time in airports

thismight behelpful. It pulls together airportinformation such as how tonavigate an airport(no small feat in someof the sprawling globalhubs), places to eat, locationof lounges andmore. It also offersmoney-offvouchers forairside and landside shops and restaurants andaccess toWiFi. Under the “Arrivals” tab you’ll findinformationon services such as showers, localcabs andother transport options. Of course, it isbasically a giant affiliatemarketing scheme, but itprobably provides enoughuseful, well-organisedinformation andvouchers tomake itworth yourwhile to handover your data if yourworking lifetakes you through toomanyairports. —KB

Complianceanddatasecurityneedtobeat theheartofabusiness:anempoweredchief informationofficerisas importantasanyC-suiterole


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COMMUNITIES

Thinking ahead WeaskedEuropeanalumni:what is themost importantskillor traitneededtofuture-proofyourcareer—andwhy?ByWaiKwenChan@waikchan

Thinking ahead

ft.com/business-education/community | @ftbized | [email protected]

Curiosity— theburningdesiretounderstandwhythingsarethewaytheyareandthedrivetousetheknowledgetofindabetterway.Managing director

Salesmanshipisanessentialtrait [inanycareer]. Ifyou’reabletosell,you’remorelikelyabletosellyourselfastherighthire,sellyourbusinessideatoinvestors,sellyourcompany’sproductsorservices. Ifallelsefails,beingatopsalespersonwillalmostalwayspay.Business owner

Networking. Knowing people in theindustry who can help you in timesof change is critical. When I made arecent career change, the networkwas what mattered. A strongsupport system will ensure you willalways have future opportunities.Executive vice-president

Managing up and down effectively. Asyou progress in your career, the abilityto lead becomes less about marshallingforces yourself and enabling others tosucceed. Physician

The most important skill is tobe able to balance your health,family and work — with yourhealth being the number onepriority. You will have no careerif you do not have your health.Senior developmentmanager

Stamina — or you aren’t goinganywhere. Financial andmanagement consultant

A basic understanding ofcoding and applicationdevelopment. Understandinghow to capture [computers’]power is increasingly importantto identifying opportunities.Director, professionalservices company

PHOTO:ANNA

GORDON

No career is future-proof. The onlyway to stay relevant is to keeplearning and keep adapting soyou’re always providing addedvalue above the constantlyrising norm. The day you stop isthe day you accept guaranteedobsolescence. Chief executive

Read on, online Start-upstoriesTales from theentrepreneurial frontline. A seriesof podcasts inwhichbusinesseducation correspondent JonathanMoules speaks to founders ofnewbusiness projects about theirexperiencesft.com/start-up-stories

MBAbloggersMore than 20 studentbloggers around theworld share theirexperiences.ft.com/mba-blog

MooctrackerAround-upof freemassive openonline courses onmanagement andbusiness that areavailable onMoocplatforms.ft.com/mooc-tracker

InteractiverankingsSearch the FTrankings forMBA, executiveMBA,masters inmanagement, executiveeducation andEuropeanbusinessschools.ft.com/rankings

VideoFrom the future of lifelonglearning and the importance ofdiversity in business schools toleadership lessons fromgolf andinterviewswith deans.ft.com/bized-video

Lexicon Searching for thedefinitionof a business term?Browse thousandsofwords andphrases and suggest newterms for the glossary.ft.com/lexicon

MBAeditor’schoiceAdaily alertpicking fivemust-readnews storiesfor students and academics, plus arelevant business education feature orvideo. Signup atnbe.ft.com/nbe

ft.comhasawealthofresourcestoenhanceyourknowledgeofbusinesseducation

Mother of invention

JugglingEMBAstudiesandthearrivalof tripletsrequiredsupportandimprovisation

SarahCook

Iwas a little shell-shocked whenI walked back into my corporatefinance class that day: I knewI would have to study whilepregnant, but I had just found

out it was triplets. My husband and Iwere elated but nervous — I was a fewmonths into my two-year executive MBA.

My school, Oxford Saïd, offered topostpone my graduation by a year, butI thought, “You know what? I love myclassmates and working with them,so I just want to see this through.” Ihad signed up to the course to buildcross-cultural relations with people andcompanies, visit industries worldwideand apply this to my role as globalmarketing director at Oxford UniversityPress — and I did not want to delay it.

I went in with my eyes open, butwith a five-month-old daughter and afull-time job, going back to school waschallenging. This was before I knewElizabeth, Reid and Benjamin were ontheir way.

I decided to front-load my electivesonce we got the news, so by the time thebabies arrived, the bulk of the work wasdone. I also chose modules that requiredless travel. But I still had to write around25 assessed pieces of coursework andsit three exams in corporate finance,accounting and microeconomics.

I felt lucky to win the dean’s awardfor outstanding academic achievementat our graduation in September.Te school took good care of me,academically but also through thekindness of individual staff. But thedean made a great point in his speech:families and close friends are essentialto our achievement.

I was lucky to have an incrediblepersonal network, including my husbandand our parents. They were there to cheerme on and help me find time to study.My coursemates were also encouraging.At first they were like, “Oh my God,triplets, that’s crazy, how are you goingto do this?” But EMBA students areusually at an age where they have

families. Indeed, some of my classmatesalso had babies during the course.

Accommodations had to be made. Iwas so heavily pregnant during an examthat I couldn’t even sit at the normaldesks. My college set me up in a separateroom where I could stretch my legs. ButI received no special treatment for theassignments I had to do — and rightly so.

Finding time to study waschallenging. During the pregnancy Istudied every day and found it distractedme from the discomfort I was in. Oncethe babies were born, I might havewanted to relax one evening, but itwasn’t going to happen. Every day, therewas a golden period between 7pm and9pm, when the babies had gone to bed,where I would just crack open thebooks. I think I benefited from the senseof discipline classical dancing taught mefrom a young age.

I am back to full-time work aftermy maternity leave. I am keen to sharewith the team at OUP what I learnt inthe strategy and innovation and digitalmarketing classes, think about how wecan develop new tools and services andreach new customers. In the longer

term, I want to explore the intersectionbetween education and technology.A project I developed for my socialinnovation class, which looks at how toget more girls into computer science inthe UK, particularly in higher education,is something I am working on now.

It is tough to come back to workwith four very young children. Itfeels like we’re still scrambling everymorning, but it is just about figuringout the night before what the comingday will be like.

I am sad that the course is over, butquite honestly, I am looking forward tosimple things: catching up with friendsand movies, and reading for pleasure.

What would I say to someone in asituation similar to the one I was in?Apart from a strong sense of focus,the support of close ones and a desireto learn, it is essential to maintain theself-belief that you can do it. It seemsinsurmountable at times, but havingthis conviction is extremely importantfor anyone considering embarking on asimilar programme.

As told to Laura Gardner PHOTO:TOM

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SarahCook isglobalmarketingdirector atOxfordUniversity Press.She graduatedwithan executiveMBAfrom theUniversityofOxford’s SaïdBusiness School,receiving thedean’s awardfor outstandingacademicachievement

‘Thedeanmadeagreatpoint thatfamiliesandclosefriendsareessential toourachievement’

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December52016 FTBusiness December 2016 …im.ft-static.com/content/images/60ec311c-b789-11e6-961e-a1acd97f...KONSTANTIN KROTOV Dean, St Petersburg GSOM; ALISON LANGLEY freelance journalist;