financial times: business education (jan-2013)

7/27/2019 Financial Times: Business Education (Jan-2013)

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FTbusiness education

Problempage

LucyKellaway,

MBAagonyaunt

Culture

Theart ofcommerce

fromLowry toBanksy

Q&A

Coca-Cola chief

MuhtarKent

January28 2013

GlobalMBA ranking 2013www.f.com/business-education/mba2013


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PHOTOS:JON

SUPER,C

ORBIS,

DANIELJONES

contentsJANUARY 2013 03

CONTRIBUTORSTRACY ALLOWAY is the FTs

US financial correspondent;PETER ASPDEN is the FTs artswriter; DELLA BRADSHAW is

the FTs business educationeditor; SIMON CAULKINis a

management writer;AVANTIKA CHILKOTI is an

FT writer based in Mumbai;CHARLOTTE CLARKE is theFTs business education online

and social media producer;

ANDREW HILL is the FTsmanagement editor;

DEZS J. HORVTH is dean ofYork: Schulich; EMMA JACOBSis assistant editor of FT Business

Life; LUCY KELLAWAY is theFTs management columnist;

REBECCA KNIGHT is a freelancejournalist; JEREMY LEMER is an

MBA student at Wharton;SARAH MURRAY is a freelance

journalist; CHRIS NUTTALL isFT technology correspondent;LAURENT ORTMANS is FT

business education statistician;ADAM PALIN is an FT business

education researcher; IAN WYLIEis a freelance journalist

Special reports andsupplements editor

Michael SkapinkerBusiness education editor

Della Bradshaw

EditorHugo Greenhalgh

Lead editor

Jerry AndrewsArt director

Sheila JackPicture editor

Michael CrabtreeProductioneditor

George KyriakosSub editors

Jearelle Wolhuter, Philip ParrishPublisher, EMEA

Dominic GoodHeadofB2C

Elli PapadakiHead of business education

Sarah MontagueAccount managers

Ade Fadare-Chard, Gemma TaylorAccount executive

Pierre Abouchahla

PublishingsystemsmanagerAndrea Frias-Andrade

Advertising production

Daniel Lesar

on the coverIllustration by Neil Webb

OPENINGS

4 from the editorAre deans listening to the market?

6 upfrontStudying with penguins; networkingpoll; architecture; top of the class

8 introductionSchools are rethinking the MBA

11 meet the dean

Zeger Degraeve of Melbournes MBS

12 on managementIs leadership more art than science?

14 deans columnA shoemakers bold steps abroad

FEATURES

16 q&a

Coca-Cola chief executive Muhtar Kenton how delivery runs started his

journey to the top and what hewants from an MBA graduate

20 cultureFrom Lowry to Banksy,artists changing pictureof the business world

26 dear lucy

Can I get a spouse with myMBA? Lucy Kellaway

answers students questions

28 interviewBrian Derksen, former ice-hockeybruiser, reveals how he becamenumber two at Deloitte

RANKINGS

36 analysisA new school at the top,plus the MBA board game

38 the rankingsThe top 100 MBA programmesaround the world in 2013

TOP25

42 the top mbaWhat took the number one programmeto the peak of the 2013 ranking?

REPORT

46 consultancy

How a practical project helped turn amuseum piece into an attraction

50 personal developmentStudents are increasingly learningabout themselves as well as business

55 study tripsImmersion in foreign cultures is key togaining a truly global perspective

61 careers servicesHow schools help MBA students geta return on their investment

ENDINGS

65 booksAn author asks why companies do nottap into the knowledge of frontline staff

67 books round-up

Management editor Andrew Hillspicks of the past 12 months

69 technologySoftware heavyweights aregetting into the hard stuff

73 mba challengeApply what you have

learnt to helpvulnerable children

46 hopes& fears

A former FTjournalist goesback to school Wharton

TolearnaboutFT

businesseducation

onsocialmedia

seepage52

46

16

26


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Photo:edrobinson

;illustration:nicklowndes

fom t itodella bradshaw

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Themarket speaks

f t . com / BU S i n e S S edUca t ion

b

TopUSschools are reluctant toembraceone-yearMBAs,even thoughemployers are keen

0 4

Eventhebest

schools

acknowledge

thatmuchof the

moreformulaic

learningcanbedone online

Dedicated

institutions

HarvardBusiness

Schoolandthe Tuck

SchoolatDartmouthCollegearetheonly

topUS business

schoolsthat teach just

onemasters degree,

thefull-timeMBA.


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Poll shows that alumni networks really dolead to job oers

PHOTOS:DREAMST

IME

Britishbusinessschools argue

that students havebeen puto

studying for anMBAin theUK

inrecentyears bya tightening

of immigrationrulesthat limit

their stay aer they graduate.

Now theUK government has

announcedthat from April 2013

itwilladd a further1,000places

to itsExceptional

Talent scheme,specically for

MBA graduatesto stay inBritain

tostart their ownbusinesses.

Theschemewill doublein

sizefromthe current1,000

workvisas forgraduates from

various disciplines, including

MBAalumni.

We have always beenclear

that wewantBritainto attract

thebrightestand besttalent

from aroundthe world,saysTheresaMay, the home

secretary. Charlotte

Clarke

upfront

F T . COM / BU S I N E S S EDUCA T ION

Despite talk ofa shi todistancelearning,it seemsthere isnosubstitute for bricksandmortar, with business schools keen tocreatedramaticnewarchitecture. FudanUniversitySchool ofManagementisa prime example,withplansfor a new Shanghai campus (below)Fora slideshow ofrecent andplanned projects,

go to www..com/business-education/mba2013

It is not what you know but

who you know, goes theold saying. The truth of the

adage is borne out by thesupport that recent MBA

graduates have given each other

since leaving the classroom.In a survey of 1,390 MBA

graduates from the class of2009, almost half (47 per cent)

reported having received a joboffer through their MBA alumni

network since completing theirstudies. Nearly one-third (32 percent) of poll respondents havethemselves employed someone as

a result of contacts made throughtheir alumni network, andthree-quarters expect their

connections to open doorsfor them in the future.

The strength of MBAalumni groups which

were cited by 51 per centof graduates as the mostimportant network to their

career prospects is illus-trated by continued com-munication between peers.

Of those polled, 72 per cent

reported regular contact with

their fellow students three yearsafter graduation.

The importance of networking

was not lost on graduates evenwhen they were choosing businessschools. Three-quarters (76 percent) told the FT that networking

was an important factor in theirdecision to study for a full-timeMBA. For the majority (52 per

cent), networking played a signifi-

cant part in determining whichschools they applied to. Among

alumni of the top 10 schools of2013, this figure was 66 per cent. Adam Palin

ASK THE EXPERTSAreyouthinkingof studying

foran MBA?On WednesdayJanuary 30 between 14.00 and

15.00GMTa panelof experts

willansweryourquestionslive

onFT.com.Sendyourquestions

[email protected]

0 6

TalentschemeextendsgraduatesUKstay

$102,060

The average

tuition fees of

thetop 10 ranked

schools


7/76F T . COM / BU S I N E S S EDUCA T ION

China,India

andBrazilhave

been the trendydestinations forMBA study trips

until now.In December

a group of students

from StanfordGraduate Schoolof Business made

Antarctica their

destination of choice.So novel was the ideathat Stanford dean

Garth Saloner decidedto go too.

The aim of thetrip was to investi-

gate climate changeand business issues around it, in anenvironment that is being affected

more than most. David Shackelton,a distant relative of Ernest Shackle-ton, the Antarctic explorer, was one

of the student organisers of the tripand brought together speakers fromindustry and policy as well as climate

activists to talk on the subject.What the trip brought home most

forcibly to him was that climate

change is often difficultto take seriously becauseit cannot be seen on a

day-to-day basis. It is stillvery intangible, he says.

For Shackelton, one

of the most compellingissues is that companieshave to act. A lot of these

problems can be solvedprofitably. You can call it corporatesocial responsibility, but it alsomakes economic sense.

The students and the dean wereblown away by their visit. There,you really are out in nature. There

are no people. There is no litter. Thepath [you follow] has been made bypenguins, not by people, says Prof

Saloner. Della Bradshaw

Report: study trips, page 55.

Finding cold, hard facts about climate change

TOP25

0 7

Top of the class

Seekey (p39)and methodology (p41)for criteria

Top forMBA salary

(Threeyears afer

graduation)

Stanford

Graduate

School ofBusiness,

US

($194,645)

Top foraims

achieved

(Threeyears afer

graduation)

London Business

School, UK

Top forfemale

students

(54per cent)

Fudan University

School of

Management,

ChinaTopfor international experience

(Basedoncourseelements overseas)

Universityof SouthCarolina: Moore

* The average salary three years after graduation, with adjustment for salary

variations between industry sectors

You really areout in nature.The path hasbeen madeby penguins,not by people

Rank Schoolname Weighted

salary

($)*

1 Harvard Business School 187,223

2 Stanford GraduateSchoolofBusiness 194,645

3 Universityof Pennsylvania: Wharton 180,772

4 London Business School 160,988

5 Columbia Business School 174,347

6 Insead 153,992

7 Iese Business School 146,049

8 HongKongUSTBusinessSchool 132,685

9 MIT: Sloan 160,414

10 University o f Chicago: B ooth 162,363

11 IE Business School 157,054

12 University of California atBerkeley:Haas 151,952

13 NorthwesternUniversity:Kellogg 161,269

14 Yale S chool o f Management 159,370

15 Ceibs 131,362

=16 Dartmouth College: Tuck 156,765

=16 UniversityofCambridge:Judge 145,169

18 Duke University: Fuqua 145,147

=19 IMD 147,380

=19 New York U niversity: S tern 144,586

21 HEC Paris 123,571

22 Esade Business School 126,699

23 UCLA: Anderson 147,125

=24 University of Oxford: Sad 136,609

=24 Cor nellUniversity: Johnson 147,7 99

FT GLOBAL MBA RANKINGThe top25 in2013


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You can enrich MBA studentsa tremendous amount if yougo beyond business. I amtrying to burst the MBA bubblePETER TUFANO, DEAN, OXFORD SAD

introduction

Exploding theMBABusinessschoolsare rethinking the degree. ByDellaBradshaw

14Thenumberof newor returningbusiness

schoolsintheFT2013Global MBArankingandthenumbertodropoutofit.Ofthelatter,sevenare USschools andve UK

08

ILLUSTRATION:NICKLOWNDES

Stanford biology graduateKevin Baum had not con-

sidered an MBA when heenrolled on his masters in

water science

policy and managementat the University ofOxford. But during the

programme it becameclear to him that a busi-ness degree might be

just what he needed.There are a lot

of people with greatknowledge and skills

who do not really knowhow to take [them] tothe next level, he says.

So the former teacherand technology con-sultant enrolled onthe 1+1 MBA programme at Oxfords

Sad Business School. The programmecombines the in-depth study of a spe-cialist masters degree education

or environmental studies, forexample with the breadth ofa one-year MBA.

For Sad dean Peter Tufanothe programme is one of themost visible manifestations

of his attempts to get thebusiness school to work closely

with the university. You canenrich MBA students a tremen-

dous amount if you go beyondbusiness, he says. I amtrying to burst the

MBA bubble.Oxford is

still a novice

in develop-ing thesealliances,

but eventhough the1+1 pro-gramme

is in itsfirst year,6 per cent

of the 200 students on the Sad MBAare part of the scheme.

Other business schools are moreadvanced in promoting combined and

dual degrees MBAs with engineer-ing, medicine and law are particularlypopular. In the US, Michigan Ross

School of Business and Stanford Grad-uate School of Business both promotethemselves on this at Stanford one insix MBA students is also studying for

another Stanford degree and the schoolplans to raise this figure to one in four.

At Yale School of Management three

out of four MBA students take at leastone course outside the managementschool, says David Bach, senior associ-

ate dean for global programmes.Prof Tufano is using students, who

operate at a social as well as a content

level, to help develop these links. If Ihad a bunch of professors who wanted

to make that happen, it wouldnt have


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09


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introduction


People are thinking carefully

about what it is going totake for them to give up

their job for two years

ALISON DAVISBLAKE, DEAN,

MICHIGAN ROSS

10

happened so quickly Students dontrespect institutional boundaries. Thats

what makes them special.

Other schools are using differenttools to bridge the gap. In the US, theUniversity of Chicago Booth School of

Business is using its focus on entrepre-

neurship, says dean Sunil Kumar, inparticular the expansion of its entrepre-

neurship activities across the university,creating new ventures and helping tocommercialise innovation. We are

broadening the definition of what goes

into a business school, he says.In the UK, Warwick Business School

dean Mark Taylor is redesigning the

MBA programme to put behaviouralscience at its core, bringing disciplines

such as psychology and anthropologyinto the business school. That is the

way business and management teach-ing has to go, he says.

Urgency for this type of broadereducation is driven by business needand student demands, says AlisonDavis-Blake, dean of Michigan Ross.

Students are not interested in learningabout business in isolation, she says,noting a profound shift to interest

in the intersection between business,society and government.

We are never going to solve our

problems in the US without theinvolvement of business.

For Baum at Oxford, changing the

social impact of business is a priority.We operate the way we do becausethere is no impetus to change. If yourgoal is to do the most social good you

can, you can be handicapped because

there is no funding there. If you cansustain yourself and make a profit, you

can expand as much as you like.There are a number of other signifi-

cant trends that are set to accelerate in

2013. All top schools are experiment-ing with action learning and how toaddress globalisation and soft skill

development.There is also an increasing demand

among students for entrepreneurship

programmes. Employment in a singlecorporation is no more, says ProfDavis-Blake. Ilian Mihov, deputy deanof faculty and research at Insead, based

in Singapore, adds: Over the past fiveto 10 years the number of entrepre-neurship courses has doubled.

The good news for MBAs in 2012was an improvement in student place-

ments and an increase in internships,particularly at the top schools. AtChicago Booth, ranked 10th in the FT

Global MBA ranking 2013, 95 per centof last years graduating class had a job

offer within 90 days of graduating. Themedian salary was $115,000, says Prof

Kumar, while at Olin Business Schoolat Washington University in St Louis,ranked 54th, the median salary in 2012

was $95,000.But applications to business schools

are still down across the board. Prof

Davis-Blake says there is a growingbifurcation in the market, with one-yearmasters degrees, often in

accounting, marketingor finance, proving moreattractive than a two-

year MBA. And those

who do pursue an MBAare increasingly lookingat part-time, executive

or online options.People are thinking

carefully about what it is

going to take for them to

give up their job for two

95%thepercentage of

ChicagoBooths

MBA class of2012

whohad received a

job oer within 90

daysof graduating

years, she says. The two-year formatis not as robust as it was.

Following the success of the online

MBA launched by the Kenan-FlaglerBusiness School at the Universityof North Carolina in July 2011, the

past year has seen a flurry of similar

technology-enhanced and online pro-grammes, particularly from US schools.

Tepper School of Business at Car-negie Mellon has recently relaunchedits FlexMBA, which combines onlinelearning with weekend teaching. US

students who want to do an MBA wantto do so without leaving their job, saysRobert Dammon, Tepper dean.

He believes the classroom-onlymodel is losing its

appeal the sage onthe stage model doesnt

work as well as it usedto and speculates

schools could launchmany different modelsfor the MBA. He says:[Students] could do

the first year at theirown pace and thencome to campus for the

second year.

PHOTOS:DREAMSTIME,SHAUNCURRY,CHARLIEBIBBY

Sunil Kumar,

dean of Chicago

Booth: We are

broadening the

denition of

whatgoesinto a

business school

B


11/76

Z

egerDegraevedoesnothang

around.It is littlemore thanayear since thequietlyspoken

Belgian leEuropefor Australia to

becomedean ofMelbourneBusi-

ness School(MBS), but inthattime

hehas certainlyprovenhiscreden-

tialsas a decision-makingguru.

Hehas revampedtheMBA

andexecutiveMBAprogrammes,

increasedthe facultyof thebusi-

ness schoolby20per centand

resolved the long-standinggov-ernanceconictthat dividedthe

Universityof MelbourneandMBS.

Itis allpartofProfDegraevesplan

tobuilda businessschool inAustra-

liawitha world-classreputation.

Therst peoplehehadto con-

vincewere theMBS board,where55

percentof thevotingrightsbelong

toAustraliancorporations.With the

Universityof Melbourneholding

thebalanceof thevotingrights,thenewlyappointed deanhad tobring

thetwosidestogether. Itdidnt

makeanysense tohave competi-

tionacrossthe street,he says. Our

competition is global.

Theoriginalplanstomerge

theschoolwiththeuniversity fell

apartin September 2009, following

concernsvoicedbymembersof the

boardofMBS that theschoolwould

be swallowedupbythe largeruniversity. Even todayMBShas just

42 professorsand

teachingsta,com-

paredwithmore

thanfour times

that numberin the

universitys depart-

ment of economics

andcommerce.

Butwith new

bosses at bothMBSandtheuniversitys

commerce

department,the

alliancereceived

thegreenlight.

For ProfDegraevethepactis

a personaltriumph.Hehas beenappointedjointdeanof thedepart-

mentof commerce aswellas

deanofthebusiness school. The

latterwillnowhouse allthepost-

graduate businessdegrees,such

asthemastersin nanceandmas-

tersinmanagementprogrammes.

ThiswillmeanMBS,which

isfamous for itscorpo-

rate courses,will be

ableto rebalanceitsrevenuesso that

halfwill comefrom

degree teaching,up

frombetween30

and40percent.

Retainingthe

majorityof the

votingrights

forMBSin

thehands

ofbusiness,ratherthan

academia,

alsohasits

advantages.

This guarantees

our independence

for taking initiatives,

saysProf Degraeve.

Thedetailsof the

merger, suchas cur-

riculum,governanceandbranding,are still being

formulated

by 11work-

inggroups,

each

comprising

veorsix

facultyand

stafrom

theuniver-

sityand busi-nessschool.

Oneissue is

howMBScan

workmore

closelywith

universityscience,engineering

andmedicinedepartments.Dualdegreesmayfollow. Everythingis

up forreview, says thedean.

August 2012saw

therst intake of

68studentson the

revampedMBA

programme,nowjust

12months in length.

ThoughProfDegraeve

previously spent 12

years teachingat Lon-donBusinessSchool,

whichrunswhat is

arguablyEuropesmost respected

two-yearMBA programme,he is

adamant thecurriculumcanbe

covered in 12months.

Wemaximise thetime spenton

theprogramme.Wehave an inten-

siveprogramme,wherestudents

work throughoutthe day. Thekey to

makingitworkwasto havea validpedagogicalexperience.

Thismeansvarying theteach-

ingmethods throughout theday

lectures, groupworkand interper-

sonalskills coaching.Studentscan

take anoptional internshipaswell

asanexchangeprogrammewith

anoverseas businessschool anda

consultancyprojectin Shanghai.

ProfDegraevesconviction

haspersuadedthemarketplace,withdomesticapplicationsto the

programmeup300percent.The

percentageof womenonthepro-

grammehasrisento 40per cent.

Whatdoes thenext 12months

holdfor ProfDegraeve? Iwould like

todowhat Iwantedtodo intherst

place,he says,whichis tobuilda

globallyrecognisedbusinessschool

inAustralia. Inthe past therehas

been little sense of urgency, headds,butnowthereis a realisationthat

thereismore atstake than just the

business schoolcommunity. It is

aboutAustralias place in theworld.

Della Bradshaw

Meet the dean

Zeger Degraeve of Melbourne Business School on his plans to build a world-class reputation


11

Seepast

proles at

www..com/

business-

education

On videoDella Bradshaw talks

with ProfDegraeve

aboutthe challenges

of buildinga world-

class school outside

thetraditional US andEuropean heartlands

of businesseduca-

tion. See www..com/

business-school

Prof Degraeve

is adamant

an intensive

12-month MBA

will work

It didntmake senseto havecompetitionacross the

street


12/76

geetsimon caulkin

in his 1989 book, TheNewRealities, the late Peter Drucker,

described management as a lib-eral art that is, the applicationof knowledge, self-knowledge

and wisdom to achieve an effectiveresult. The context, argued Drucker, thefirst serious chronicler of modern busi-ness, was that management, ubiquitous

and essential for any kind of humanendeavour, had become a social and

not just a business function. Redefiningmanagement in this way, drawing onthe insights of the humanities to illu-minate present needs and how to meet

them, would help solve the existentialcrisis brought on by managements verysuccess: what gives it its legitimacy? To

whom is it accountable, and for what?If it has not turned out quite like

that, and the idea of management as aliberal art seems somewhat quaint, it

is because Drucker, far-sighted as hewas, made one spectacular miscal-culation: he believed the power and

wealth of capitalists were declining,to the point where if all the super-rich of the developed countries

suddenly disappeared, the worldeconomy would not even notice it.

How wrong can you be? In fact,the power and wealth of business have

increased so much that the business

form of management has driven outany other possibility. Non-governmen-

tal organisations, social enterprise, theNHS, schools and universities are allsubject to the accountants calculus of

rankings, audit and performance man-agement even though when anyonelast looked it was not clinical, medical

or academic management systems thatproved so fallible in 2007 and 2008.

Ironically, the failure of the liberal

art project endangers business asmuch as the other institutions to whichmanagement is applied. As Drucker

was well aware, shareholder value does

not confer management legitimacy another of his sayings was that freeenterprise could not be justified as an

end in itself, only as the means to agood society all too often encouragingthe accumulation of corporate powerand takeovers sacrificing long-range,

wealth-producing capacity to short-term gains. Outsourcinghas denuded economiesof skills and jobs; innova-

tion peters out in trivialitywhile the planet heats andresources run dry.

In terms of creativity,it takes a positive outliersuch as Apple, the technol-

ogy company, to show whatbusiness is miss-

ing. Steve Jobs, the

former chief execu-tive, was explicit

that Applesdistinctive-

ness and

successwere in

large partdue to itsconscious

marry-ing of

the liberal

arts andthe physi-

cal sciences.

Although atfirst glance there

may have been little incommon between the

California hippy andthe European-bornintellectual, Drucker

would have appreci-ated the photo of Jobsgiving a presentation

beneath a mocked-up

street signpost whosearms bore the wordstechnology and

liberal arts. EchoingDrucker, Jobs oncedescribed the role of

technology as solving

The art of leadership


B

It is timewerevisited thediscarded ideaofmanagement that is informedbythehumanities

12

problems that the humanities decidedshould be solved. As for products, he

said: Part of what made the Macintoshgreat was that the people working onit were musicians and poets and artists

and zoologists and histori-ans who also happened to

be the best computer scien-tists in the world. It is in

Apples DNA that technol-ogy alone is not enough it

is technology married withliberal arts, married withthe humanities, that yieldsus the results that make

our hearts sing.By now management has long

abandoned the search for legitimacy

it just assumes it, with consequencesthat often make hearts sink rather thansing. Drucker thought that in an infor-mation-based society, size and scale in

business would no longer rule. While inmechanical systems bigger is better, in

biological ones size follows function, so

that in an information-based society,bigness becomes a function and adependent, rather than independent,

variable. The smallest effective sizewould be best. Here, too, though, hewas wrong. In fact, companies havejust gone on getting bigger, like cancer

cells replicating beyond control until,

as the financial sector did in 2008, theyimperil the economy and wider polity

as a whole.That the great questions of legiti-

macy and accountability still needed

to be asked was for Drucker both ameasure of managers success andtheir great indictment. Had he lived

to see the crash (he died in 2005) hewould have considered them even moreurgent. Now more than ever, the world

needs his concept of management asa liberal art, to focus the wisdom and

beauty of the past on the needs andugliness of the present and to make

the humanities again what they oughtto be: lights to make us see and guidesto right action.

Musicians,poets, artistsandzoologists

workedontheAppleMackintosh

IlluSTRATION:ANDR

EW

BAkER

Business ideasTheidea that a great

corporationis endowed

withtheprerogativesofa

free individual is asessen-

tialto theacceptanceofcorporaterulein temporal

aairsas thedivineright

ofkingsin anearlierday.

ThurmanArnold,The

Folkloreof Capitalism (1937)


13/76


14/76

deans columnDEZ S J. HORVTH

When Thomas Batadied aged 93 in

2008, he had notonly rebuilt the shoe-making business that

his father started in 1894 in what wasthen the Austro-Hungarian empire.He had also turned it into the worlds

leading footwear retailer and manufac-turer, with 30,000-plus employees atproduction facilities in more than 30

countries. It is not only what he did,however, but how he did it that shouldinspire any manager.

To begin with, Tom decided to go

global when the world seemed benton going the opposite way. He movedto Canada to establish a Bata presence

after the Nazis invaded Czechoslovakiain 1939. From Canada, he witnessedthe 1945 nationalisation and confisca-tion of the headquarters of the business

his family had already built intoan international powerhouse.Unable to return to a coun-

try now under the influenceof Stalins Soviet Union, Tomrebuilt the business from a new

base in a town near Toronto thatstill bears his name.

Under his leadership,

the company con-tinued the tradition

started by his fatherof expanding into

markets aroundthe globe:

Asia, Latin

America,the Mid-dle East

and Africa.Tom went tocorners of the

world where noone else wantedto go, some-times against

great odds, andoften in less-than-favourable

circumstances. But he went there first,stuck it out for the long haul, and builta powerful brand that has galvanisedloyalty among generations of custom-

ers and employees. It isestimated that his companysold more than 20bn pairs

of shoes over the course ofhis lifetime.

In large part, Tomachieved this by serving

customers at the bottomand middle of the societalpyramid long before the

notion became popular.For him, making and selling qual-

ity, affordable products to people on

the lowest rungs of theeconomic ladder wasone of the companys

core tenets. He was notjust selling to c ustomers

he was creating newcustomers.

Tom liked to tell thestory about the time thecompany was eyeing

expansion into Africa.He dispatched one ofthe senior members of

his management teamto get the lie of the land. After a weekor so, the manager reported to Tom:

Why on earth would we go to Africa?No one wears shoes. Tom replied:Thats exactly why were goingthere! This pioneering preoccupa-

tion with expanding the customerbase went hand-in-hand with his

companys focus on expanding

into emerging markets. In bothrespects, he was clearly ahead ofthe curve.

But Tom not only cared

about his customers. In hisview, and in his own words:the real role of business is

to give a service by makingand selling products thatsatisfy the want and needs of

society, and in doing so to be a

Stepping into the unknown

B

ThomasBata, shoemaker to theworld, strode intonewmarketswithaclearmoral purpose

Viewproles

oftopdeans at

www..com/

deans

14

caring organisation in partnership withcommunity and government. I do not

know of any business text taught in anybusiness school that better describes

what business ought to be.

Putting these ideasinto action won Tom andhis company the endur-

ing respect and loyalty oftheir employees, suppli-ers, customers and other

stakeholders.To commemorate this

business philosophy, hisfamily created the Thomas

J. Bata Lecture Series on ResponsibleCapitalism. It is a fitting tribute toa man who believed that business is

a public trust and that corporationsought to contribute to the wellbeingof the communities in which theyoperate. The lecture series alternates

between the Schulich School at YorkUniversity in Toronto, and the TomasBata University in Zlin, the small town

in the Czech Republic where the Batabusiness empire was born. Ratan Tata,the Indian industrialist who is a like-

minded business pioneer and long-time Bata family friend, delivered thefirst lecture.

Tom was a friend, a mentor and atrusted adviser, the former head of my

schools international advisory council.The last time I saw him before he died

was at a business lun cheon. He was 92.He still had an iron handshake thegrip of a 10th-generation shoemaker

and an infectious optimism. While hedied just months before the economicmeltdown that transformed the world

of business, Tom had warned a fewyears earlier, in a magazine inter-view, that capitalism was becoming

too greedy, too self-confident. Hispredictions proved accurate, but moreimportantly, in the aftermath of thecrisis, the business philosophies that

Tom Bata pioneered and put into prac-tice have gained newfound currencyand relevance.

Hewasnotjust sellingtocustomershewas

creatingnewcustomers

PHOTO:AFP

About thecolumnist

DezsHorvth(top)isdeanandTannaH.

SchulichChairin

StrategicManagement

oftheSchulichSchool

ofBusiness,York

University,Toronto

ThomasBata

warnedthat

capitalismwas

becoming too

greedy


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PHOTO:CORBIS


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Q&A


17

Pop quizCoca-Colas chief executiveMuhtarKent

answersquestions about hiscareer,fromearlymorningdeliveries to

runningthecompany, plus hisviews

onbusinesseducationandwhyaspiring

leaders shouldnevereatalone

What attracted you to a life in business?

Growing up, I had a sense of the importance of com-

merce and trade to everyday life. Our family lived inseveral countries, and I was fascinated by the freeexchange of goods and services between individuals and

companies the way both parties could benefit. Thatstuck with me as I moved on to university.

Why did you decide to study for an MBA after your

undergraduate degree in economics?Ive always believed in the importance of education and

continuing to learn throughout every stage of life. WhenI had the opportunity to study for my MBA [at CassBusiness School in London], it was not something I wasgoing to pass up. I knew I had so much more to learn

after my undergraduate studies, and I was thankful tohave the chance to continue my formal business educa-tion. My MBA studies have proven to be truly invaluable.

Given Casss focus on finance teaching, was this app-

ropriate to leading a top consumer goods company?To my mind, finance is fundamental to understand-ing the nuts and bolts of economies, entrepreneurshipand business [and] being able to sustain and grow any

organisation. Business leaders can never allow moneyto become an abstraction, a pitfall thats all too common

with todays technology. I always encourage our peopleand young business people that I meet to have a respect

for cash, keeping some in their pockets and purses at alltimes. To me, thats essential.

You started working for Coca-Cola in 1978. What wasyour first job with the company and what lessons havestayed with you?

I spent the first nine months on delivery trucks in Geor-gia, Texas, Massachusetts and California. It wasnt glam-orous work, as you can imagine. I would get up at 4am,

go into supermarkets, bring in products, stock the shelvesand build displays. At the time, I would sometimes askmyself what I was doing, but I now know it gave me a

very fundamental understanding of our business from the

ground up. To this day, I take every opportunity to get out

into markets around the world, visit customers and makesure I know whats happening at the point of sale, where

people choose and purchase beverages.

What would you say are the key characteristics of

Coca-Cola and what values do you aim to instil?

As an organisation, the Coca-Cola system has always beenat its best when our people have remained constructivelydiscontent. This eagerness to change and grow and build

on our heritage goes back to our earliest days and theinvention of Coca-Cola by John Pemberton, an Atlanta

pharmacist. In the years since, our business has consist-ently performed well when our people are rejecting thestatus quo and pushing forward with innovations inproducts, packaging, marketing, distribution, manufac-

turing and more. We also constantly have to successfullyfuse our wonderful, rich heritage with the 21st-centuryneeds of stakeholders then we will succeed.


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18

Much of your career has been at Coca-Cola but in1999 you becamechief executive of Efes BeverageGroup in Turkey, beforereturning in 2005. What didyou learn from leading another company?

One of the best things about leading Efes was gainingthe everyday viewpoint of a Coca-Cola bottling partner.

When youre part of the Coca-Cola Company, you can try

to look at things through the eyes of our bottlers but that

it isnt the same as actually leading a bottling company.I was able to bring that valuable perspective with me

when I moved back to the Coca-Cola Company.

What have been the most striking changes in business

and to the demands on businessleaders duringyour career so far?

Theres been a significant shift in consumer attitudestowards large, global enterprises, particularly those with

brands that are an everyday part of their lives. It used tobe, a generation ago, that businesses were expected to

create value for a narrower group of stakeholders, includ-ing customers, business partners and shareowners. Today,

we need to create value for a broader range of people andorganisations, from governments and non-governmental

organisations to environmental and health-relatedpartners. As we strive to make a positive difference inthe world, we now work with golden triangle partnersacross business, government and civil society.

Who were your role models in business and who doyou admire today?

While my father was a diplomat rather than a businessperson, I count him as a critically important forma-tive role model. He was comfortable living and working

all around the world, wherever he was assigned. Andhe made a point of doing what was right, even when it

wasnt easy. After I joined Coca-Cola, I learnt a great deal

from my colleagues and supervisors, as well as leaders

like Roberto Goizueta [Coca-Cola Company chief execu-tive 1980-97] and Don Keough [former president, chiefoperating officer and director of Coca-Cola, now chair-

man of the board of Allen & Co investment bank].Roberto helped create enormous value for every stake-holder connected to our business. Don, who continues to

serve on our board, has a boundless enthusiasm for ourbusiness and our brands thats infectious. And NevilleIsdell, my immediate predecessor, is an inspiring com-

municator, a great listener and a dear and close friend.

In recentyearsbusiness schools have putgreateremphasis on ethicsandcorporateand socialresponsi-

bility. Is this something that can and should be taught?

In the long view of history, business has been a tremen-dous force for good in the world, connecting people

with needed goods and services, providing employment,creating value and driving innovation. However, over thepast 20 years or so, a limited number of unscrupulous

and, frankly, immoral business people have injured the

reputation of business in the minds of people around theworld. For the future, it is imperative for the businesscommunity including business schools to act in a way

that burnishes the reputation of the private sector andcreates value for all of our stakeholders, from consumersto business partners to the environment and beyond.

Imagine the ideal MBA graduate what qualitieswould you want them to possess?

In my view, the perfect MBA graduate is one with a near-insatiable curiosity and an eagerness to learn something

new every day. In our time, young business peoplealsomust be as comfortable working in Mumbai as Miami,as at home in Lima as they are in London. And the best

young entrepreneurs are genuinely interested in otherpeople andcultures, always eager to sit down and share

a meal with others. Business people and those who arejust starting out in particular should never eat alone.Creating lasting relationships and building on those is

really important. Writing and speaking in simple languageand using fewer PowerPoint slides are also assets today.

What is the biggest weakness of business education?It isnt so much a weakness as it is a structural reality,

but young entrepreneurs and business people often learnmany new lessons once they leave academic life and get

out into the market. The real world has a way of continu-ously adding to our knowledge of business, even when

we have decades of experience.

What has been the most enjoyable aspect of yourcareer, andwhy?

Im thankful that Ive had opportunities to be involved

with markets and societies that are on the move. Thiswas true in the 1990s, when I worked in a number of

the former Soviet bloc nations as they embraced the freemarket and greater political freedom. In 2012, I felt thesame way as Coca-Cola returned to Myanmar after a60-year absence. It was amazing to experience firsthand

the positive changes happening there.

Globalview:

Kentsays young

businesspeople

needtobe asat

homein Lima as

they arein London

Q&A

B PHOTO:BLOOMBERG

BiographyMuhtarKent,60, wasborn

in New York, wherehis

fatherwasTurkish consul

general. Aernishing

highschool inTurkey in

1971,he studiedeconom-

icsat theUniversity of

Hulland for anMBAatCassBusiness School in

London.Kent joined The

Coca-Cola Company in

Atlanta in 1978androse

throughthecompanyvia

a varietyof leadership

positions in itsUS, Europe

andAsia operations.

Aer a stintwithEfes

BeveragesGroupfrom

1999, he returned to

Coca-Cola in2005,

becomingchief executive

in2008andchairmanin

2009.He isactive in the

globalbusinesscom-

munityand charities and

servesonboards includ-

ingSpecialOlympics

International.He is mar-

riedwith twochildrenand

lives in Atlanta.


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20

photo:www.rijksm

useum.nl

Adifcultmeeting


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feature


21

Beginning from opposite ends of

the spectrum, art and business

have over the centuries become

entwined in an increasingly

intimate embrace. ByPeterAspden

v obly-dd a a abl, akg

a bak fo a dcuo. ty av babld a pva oo by ayo of ocy, Ada, o dba u of clo gulao.

t xpo a vad, bu pupo ud.i could b a pa coucl g a eglak o, o a co podg fqucy oflocal fu collco.

no x of ubjc, y ad, akadc ubjc of o of ga pag ofall . rbad 1662 t sydc of Dap

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bu cog og o dcu of

coo coc. Bu po, o , o

gd, poay a dvy of aud. i a co-co of a vg capal cooy, dvdualacv ad popy u b alld o a d

ocal good.rbad pcful pag, c dplayd

Ada rjkuu, a uuually pov

ac poayal of bu pacc. i a o alayb ay. tadoally, A ad mao avoppod ac o udgud vulc. wa

could y av coo, o old a a ofa apa bo ad ubac?

A a ud o kg bg, follog doy-cac vo a ay o ay o yld fuful ul.Bu popl do pcly oppo, u agu-, pog pagacally ov dal o u alycopv advaag. t a fid bu

paco bog; bu bu a ca ypay fo a gocc ad ulabl ay.

t uual aoy go back a log ay. rl-

gou pag, c doad a of pa olla, a udadably d poaygad poog uay o-aalc caac.

moyakg a a oally upc.w d look o fu a o of raac

favou ubjc, oy of C cag

oy-ld fo pl, o dc aoyb o old. i el Gco gavo, a cuc of sa G madd, adoa, d-obd C dp -akd

F

Seriousbusiness:

Rembrandts 1662paintingportrays

membersof a

Dutchdrapers

guild,watched

overbya servant


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23/76

photo:ChArlieBiB

BY


23

fig c. t d cagad c, ag.

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ady ay a avg acc.

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d ad bg va. i a 19cy, a ckbk ad aa aa by a f pa Gag fld jb, fay

ad cy ak fg

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Thedark side:

L.S. Lowryswork

explored the

humancost of

industrialchange

ccad c. t a d back aa k, aa cc y d aac. t abacx f a ya k y f

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c, wa k da ag daac fy, f-cgaay bd a ac (y

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A f , cfa atacy e ad iv G i A, a ga f

Artists either ignored the industrial

revolutionaltogether or portrayed

itsexcesseswith grimcandour

feature


24/76

eelf e leg de open,clapng ple of ban noe o

e genal. t a aplyacac: nealy all of e eof e o ad old u a e

fa fo avng all.

T

e gaf-

fi aBanyalo evel

n ongconepfo oney,

and epe-cally oe

colleco o ave enoug oney o affod o. h epone o a ale of o a soeby

a o po a dang of an aucon oo on ebe, clen bddng fo a canva caled e od: i Can Beleve You moon


24

feature

B

Acually Buy t s. inevably, e anonyouBany a becoe one of e o collecable of all

ee a.today fule o expec ou o po-

nen a o coen any obecvy on e

bune old. te avve aong e Daenh, jeff koon, taa muaa ave ceaed

bune epe, poeng an nuve gap of

aeng and bandng a ould be e envyof any enepeneu.

indeed, bune a genuflec oad

e eady concepual pace of e conepo-ay a old, n ealaon a need oepond eve oe agnaon o a fu-ouly fa-ovng econoc landcape. A and

maon ae n bed ogee, and no one een e lea b oubled. Ceanly no oe five

augu ebe of reband ade guld,

o can ee day be een poong aele a band of cga. waeve ould ey aveoug of a?

On themoney:

Andy Warhol

knew his dollar

paintingswould

sell (right); Banksys

response to a

Sothebys auction

of his work(below)

photos:AFp/GettY

,BAnksY


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26 Dear Lucy...TheFTs businesseducationbloggers

andtheir classmates consultLucyKellawayoneverythingfrom

makingyourself heard ina study

groupto interviewing for a spouse

How do you focus on the lecture, whenall you can do is focus on the person

giving it?

This is a rather less difficult problem

than focusing on a lecture when theperson giving it bores you to sobs.I suggest you watch their mouth.

If you stare at someones mouth itis hard not to take in what theyare saying.

My fellowstudents andI are chasingthe same jobs. There is tension at

networking events, with battles to getfacetime with the visiting company. Howshould I managethis without walking

over my classmates while hunting

for business cards?

Dont worry smart employerscan spot sharp elbows and dont like them any more

than you do. No one ever got a job by elbowing theirclassmates out of the way at networking events. If these

companies come to see you, they will be interviewinghalf the class anyway. Your interview will be your chanceto shine without the help of your fellow classmates.

Most of my study group are men and when we aretrying to reach an agreement on a project or strategy,my views are completely ignored. The other femalestudent in the group just accepts this but I find it very

difficult. What can I do to make sure my views count?

You are quite right to find it difficult. You have tocontinue speaking up. You may need to speak a bit

louder or lower. Play the role of iron lady: you may needto be harder and tougher than you generally feel like, butyou must steamroller until they listen. It is what they

would do, after all.

Some seemingly trivial decisions have become so

hard to make since starting business school for

Q


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feature


27

and social events per day for the next six weeks.How do I decide what is important and what is not?

I am exhausted just thinking about it. If I were you,I would stick with the classes (you need to learn) andthe social events (you need to have fun, and to network).

Sport is fine too, though not to excess. But as for clubsand activities, I am not so sure. The point of going to

business school is not to join film appreciation societies.

I joined business school after working for many yearsas an accountant. Now, I have to sit through basicaccountancy classes andeffectively teach those in my

group whohave no accountancy knowledge. I feel thisis a complete waste of my time, and will jeopardise mychances of getting a good degree. What shouldI do?

If I was feeling wet I might say that helping othersteaches you to be a great coach. But actually I agree it isa waste of your time and you ought to be tough. You could

say you will take the exam, but do not need the classesand would rather sit in on another module instead.

Is business school a good place to recruit a spouse and could you suggest any business principles I might

apply when considering candidates for the position?

Yes! It is an absolutely terrific place to recruit a spouse.You are about the right age; you are interested in the

same things but dont have the complications of meetingsomeone at work. I suggest you conduct many inter-

views in formal and less formal settings before deciding.Seeking references may be difficult, depending on the

candidates previous histories. You also get the chance tosee them in class, which provides valuable informationon how they relate to others and how smart they are. In

addition to the usual criteria attractiveness, humour,wit, kindness I suggest you give some thought toambition. Marriages between two super alpha types tend

not to last. If you are ruthlessly ambitious yourself, picksomeone a bit less so. If you are a bit more laid-back, gofor the biggest alpha partner you can find. The income

may come in handy later on.

Lucy Kellaway is an FT associate editor and managementcolumnist and writes the Dear Lucy feature.

In thisapparently trivialquestionabout

yourdicultyselecting the rightshoes

lies themostsavage indictment of

business schools that I have ever seen

example, buying a pair of shoes based on the overallcolour scheme in my wardrobe, the brand of shoe,

its depreciation value and the comfort versus stylefactor Help, what should I do?

In this apparently trivial question lies the most savage

indictment of business schools that I have ever seen.It teaches you how to systemise and overcomplicate

all decisions, overriding instinct and common sense.I admire your honestly in owning up, but I fear

for you. Not only will you soon start wear-ing some very odd shoes, but I am not at

all confident that your decisions in the

business world are getting any bettereither. Leave at once!

I chose my business school on thegrounds of its academic repu-tation, but I find many of the

classes are taught by peoplefrom outside the school who

have few academic qualifica-tions but have real-world

experience. Am I rightto complain?

Shouldnt you be

pleased to have somereal-world experi-

ence? Business

and managementshould never be

seen as pureacademic

subjects, butas a wayof under-

standingbetter what

happens in

the real world.So I think you

should welcome these

outside speakers but onlyif they are good. If they are not,

then by all means, complain away! After

all, you are paying enough for the privilege.

I have thrown myself head-first into theMBA experience and love the wealth of

options and activities. Checking my calendarrecently, I realised that I seem to have committed

myself to 28 hours of classes, sports, clubs, activities

B

PHOTO:DANIELJON

ES


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Photos:getty


28 Tough atthe top

Brian Derksen rose from ice hockey bruiser to

number two at Deloitte. What has he learnt along

the way and what advice does he have for those

following in his footsteps? ByTracyAlloway

Photographs byPascal Perich

i i


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interview


29

hr ar n hck ick,

pr jr r hlm in h ffic f Brian Drkn,dpu chif xcuiv f accunin and cnulancian Dli tuch thmau Limid. If u hap-

pnd wandr in ha ffic, n h 42nd flr fh ge buildin h icnic cnrpic f Manha-an Rckfllr Cnr u wuld nvr u haDrkn ard hi prfinal lif a a minr lau

ic hck plar.I wan knwn a a fin plar. I wa mr f h

bruir kind f u, h a, rinnin, f hi ar wih

h sakan Blad in hi naiv Canada, and hn hgrnbr gnral in Nrh Carlina in h Us.

I wa in Durham, Nrh Carlina, ha Drkn

mad h rahr arlin lap frm ic hck accunin, via an MBA frm Duk Univri Fuquaschl f Buin.

Nw, amid h mbr r n f hi Nw yrk

ffic, Drkn, 61, i vr inch h plihd crpraxcuiv. A dpu chif xcuiv f DttL, h parncmpan f an arra f Dli-brandd audi, cnul-

in, advir and ax ubidiari, h ha b.thr ar a l f hin which rquir a Ceo an-

in bu h [Barr salzbr] can i. I pra r

f a hi alr , xplain Drkn.In hindih, i m fiin ha h mall-wn

Canadian wh wuld n bcm h cnd in

cmmand f a cmpan wih Briih, Amrican andJapan r huld hav chn h Fuqua schl fBuin mak hi raniin.

th iniuin bill ilf a h fir rul lbal

buin chl hank a nwrk f ffic arundh wrld includin lcain in Dubai, s Prbur,Lndn, Nw Dlhi and Jhannbur.

W n nl ach in h rin, bu w al brinh knwld larn frm h rin back ur hmcampu, a a Fuqua pkman.

Back in 1976, whn Drkn ban hi MBA, hchl inrnainal ambiin wr much l fr-malid. Bu, h a, hr wa alrad a lbal flavur

h campu, hruh h chl lar inrnainaludn bd.

thv alwa bn a ladr in rm f h udnppulain h brin Durham, h a.

T


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interview


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interview

31

For an ex-ocke plaer wi lile

background in e buine worldand an unorodox undergraduaeexperience (Derken compleed i

bacelor in maemaic in beweenocke eaon), a uden popula-ion could omeime be inimidaing.

I ad a ver dijoined undergrad-uae career, e a. [Fuqua] wa

an environmen were ere were people wo knew wa

more abou buine an I did.Bu i wa a Fuqua a Derken found a wa

o ranlae i love of maemaic ino a career inaccouning, beginning a an audior in Deloie Denver

office. he moved o New york o work on merger and

Multi-tasking:as the

chief executives alter

ego,Derksenhelps

manage a corporate

structurethat has

amultitudeof legal

entitiesandngers in

manyprofessionaland

geographicpies

acquiiion advior before relocaing o Dalla, texa,o evenuall ead e office ax pracice.

From ere, Derken wa nominaed o DttL Us

board of direcor, afer being called in o commen ondevelopmen a e compan. I wen in ere and Icomplained abou managemen and e almo came

back and aid if oure going o be o oupoken mabeou ould be on e board, e explain.

Iwent in there and I complainedabout

management andtheyalmost cameback

and said ifyoure goingtobesooutspoken

maybeyoushouldbeontheboard

interview


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32

t poiion on Us board, oon followd b a poon DttL lobal board, lpd boo Drkn o op

ir of Dloi manamn. A dpu cif xcu-iv, find imlf wicin coninn and buinlin on a frqun bai. I i no mall ak. B an

maur Dloi corpora rucur i daunin, wia muliud of diinc lal nii and finr in manprofional and orapic pi.

sinc 2001, Drkn a commud bwn Dalla,wr liv wi i wif of 37 ar, and midown

Nw york. so inn i i da-o-da ravl a arackd up 10m mil on Amrican Airlin pain frqun flr milon mad famou in 2009gor Cloon film Up in the Air.

Workin acro cii and bordr i no wiou

i calln. In Dcmbr, for inanc, work ofDloi Cin audiin affilia wa uddnl rownundr rulaor poli. t affilia wa ard

in lal acion b a Us rulaor afr alldl rfuino produc audi papr rlad o nin Cin compa-ni undr inviaion for ponial accounin fraud

aain Us invor. Affilia of four or bi audiinfirm facd imilar acion.

I wa ju on rmindr of difficul of runnina lobal buin in a world wr man rul arill implmnd and nforcd alon naional lin.

effor o alin Us accounin andard wi inr-naional on o-calld accounin convrnc i anor.

I volvd rmndoul, a Drkn, wo udi accounin cour a Fuqua o bcom a crifidpublic accounan. t profion ud o b drivn b a

implr of accoun. tr wan lobal conom-

ic, r wrn drivaiv.

T world of buin dr a

bcom mor complicad oo.

Applicaion for MBA ar downovrall and f ar up. A Fuqua,for inanc, a wo-ar MBA now

co $105,800 mor an 10im $10,000 Drkn paid fori wo-ar dr in 1970.

I wan lon ao a r

wa a mallr numbr of cool a did MBA. Now MBA dr i availabl vrwr from man dif-frn calibr of cool, a. If our valu i onl

rconid locall, n b dfiniion, a calln conomic modl [of an MBA] a lil bi mor.

Bu accordin o Drkn, alo a mmbr of Fuqua

advior board, valu of a dr from a op buincool ill old. Dloi ir 17,000 popl a ar in Us and i ir mor Fuqua radua an an

or firm.MBA ar ill vr valuabl o u, a Drkn,

pciall for conulin buin. t MBA udnav bn in workforc nrall, wic a ivn

m a broad ba of xprinc. Now o on and lard on o m a wol nw acadmic oulook.

howvr, in Drkn viw vn op cool ill nd

o wak ir curriculum o dal wi rapidl caninralii in buin world from nw cnoloio ifin rucur of lobal conom.

tcnolo-bad dirupion on buin modli incrain and undoubdl will av a inificanimpac on mo induri and profion, includin our

own, in comin ar, a.Rar an bin a ubjc of para ud, i

ma nd o b mbddd rouou curriculumimilar o ow i i bcomin mbddd in all apc of

buin. Buin dirupion will av o impac owbuin i au.

For i par, Duk Univri a on ino parnr-

ip wi Cina Wuan Univri o build a 200-acrcampu in Kunan, a fa-rowin alli ci juouid sanai. Cla ar xpcd o bin in

nx acadmic ar, and facili will bcom a nwCin ba for om of Fuqua MBA dr.

t in a ll m [Fuqua] undrand wa world a cand i a r no lonr conn

o b op cool in sa, a Drkn.h ma av radd i ic-ock lov for ailor-

mad ui, bu old compiivn ill rmain.

Technology-based

disruptionon

businessmodelsis increasingand

undoubtedlywillhave

a signicant impacton

most industries and

professions

Thebottom line:

Derksen,amember

of Fuquas advisory

board,believesthe

valueof a degree

froma topbusiness

school stillholds

B

interview


33/76


34/76

Analysis, p36 Rankings, p38 Thetop school, p42


35/76

rankings

What the 2013surveys reveal

Full tablesof theleading100schools

Harvards plansfor the future

GlobalMBA ranking 2013 Anewschool at thetopanda full breakdownofhow itscompetitorsscored,plusanalysis

Past schooland

courserankings

atwww..com/

rankings

35

illustration:ne

ilwebb

rankings


36/76

7

1

2

Aver

age

age

Averagesalary

*

28

DuringM

BA

Particip

Start

BeforeMBA

Fewe

rtha

n1i

oer

eda

6GM

AT20

1112**

386

oth

erProf

ession

al/

Se

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%W

omenIn

ternational

$65,00

0

5MBA

cost/fees

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Parti

al

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47%

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lof

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cial

spon

sorsh

ip

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8

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entde

velop

men

t

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dearn

ings

6Chan

geof

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orkin

g

4%

Co

r

Full

Motiva

tions

(out

of10

)

rankings

There is an air of dj vu

about the top of the 2013Financial Times Global

MBA Ranking but with atwist: the same five business

schools retain the hard-won top places,

but the order has changed. The 15thedition of the ranking sees the return ofHarvard Business School to the top spot,

eight years after it last held the position.While eight schools over the past 15

years made it into the top five places,

four schools have dominated thiselite group. Harvard Business Schooland the University of Pennsylvania:

Wharton share the distinction of hav-

ing made the top five in all 15 editions.Columbia Business School and StanfordGraduate School of Business have been

ranked outside the top five only twice.London Business School has been in thetop five 10 times and Insead four.

The FT ranking is based on recent

surveys of businessschools and of alumni

who graduated in 2009.

MBA programmes areassessed according toalumni career progres-

sion, their internationalexposure, diversity ofstudents and staff, and

the quality of facultyand research.

Harvard leads the ranking forresearch and generating ideas. The

schools alumni boast the second-highest average salary behind Stanford,as well as one of the biggest increases

three years after graduation. Harvardis also among the top schools for careerprogression and its MBA was the one

recommended most by graduates ofother schools.

Harvards alumni give a high rating

to the quality of the faculty, fellow stu-dents and the strength of their network.My MBA at Harvard has prepared me

beyond traditional teaching. Its case

method, students and professors havegiven me the skills to succeed in my


36

TheHarvard

MBAwas the one

recommended

most bygraduates

ofother schools

Serious players

B

career goals, says Alfonso Alanis-Cue,

who graduated in 2009 and is now asenior manager.

Esade Business School in Spain andUniversity of Cambridge: Judge in theUK registered the most improved per-

formance in the top half of the ranking,rising 11 and 10 places respectively.

The graphic, right, illustrates the

career progression of an average MBAalumnus from before starting thecourse to three years after graduation.

See www.ft.com/business-education/mba2013 for an interactive version withadditional information.

The average participant was a

28-year-old professional on a salary of$65,000 (purchasing power parity rateadjusted see methodology, page 41).

Three years after graduation, the aver-age alumnus is a now a senior manageror higher on a salary of $134,000.

Places on the best MBAs are subject

to a very competitiveapplication process.Fewer than one in four

applicants are offereda place on the FTs top100 ranked MBAs.

The average GraduateManagement Admis-sion Test score of those

who were accepted wasapproximately 680, compared with the

global average for all those taking theexam of 550 in 2012.

Rigorous selection processes ensureparticipants have the motivation andskills to benefit from an MBA. But

depressed economies and a cost forthose with no financial support averag-ing $100,000 at a top 100 school,

mean these programmes cannot beundertaken lightly.

While 89 per cent of alumni found a

job within three months of graduation,others struggled. A 2011 FT poll of MBAgraduates found the salary on gradua-tion did not meet the expectation of 27

per cent, while 37 per cent were disap-pointed about their level of seniority.

Harvard returns tothe top.ByLaurentOrtmans

Find interactive

rankingsonline

atwww.f.com/

rankings


37/76

19

18

4

17nts

Finish

4ace

Own

theirown

company

Seniorman

ager(9

)

iority(%)

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artner

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92

92

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Main

cour

se

strength

s

(outof10)

General

managem

ent

Entrepreneurship

106%

on

pre-M

BA

average

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$134,000

Netw

orkin

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Change

ofcaree

r

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arning

s

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tdeve

lopment

Achie

vem

ent(%)

20% 40%

60%

80%

100%

Average

age

33

Three

yearslater

18%

10

14

1311

Faculty

40%W

omen

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nal 9

2%

25%

PhD

8.7

.6

8.9

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ployment

aerthreemonths

Averagesalary*

9

Average

salary*

7327

24 37

34

66

7663

Didrstjobmeet

expectations?(%)

8

15

Ongraduatio

n

Loc

ation

Salary

Intelle

ctualchallenge S

eniorit

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rity(%)

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8.7orate

strategy

IT/tel

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s

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tancy

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ce/banking

Topsectorsof

employm

ent

11%

19%

23%

Chief

executive

/

board

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r

16%

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tor/

partn

er11%

16

Average

GMATore

Seniority(%)

Profe

ssional/

other37

%Senio

r

manag

er36

%

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1270

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$PPPadjusted(seemethodology, page41)GraduateManagementAdmissionTestAtoverseasbusiness school foronemonthor longer

20

37

g

GRAPHIC:RUSSELLBIRKETTANDLAURENTORTMANS

rankings


38/76

g


3 8

Financial TimesMBA 2013

Thetop 100full-timeglobalMBAprogrammes

table:bobhaslett

Alumnicareer progress

2013 20 12 20 113-yearavge School name Country

Audityear* S

alarytoday(US$)

Weightedsalary(US$)

Salarypercentage

increase

Valueformoneyrank

Careerprogressrank

Aimsachievedrank

Placementsuccessrank

Employedatthree

months(%)

Alumnirecommend

rank

1 2 3 2 Harvard Business School US 2013 187,432 187,223 121 77 5 17 22 89 (100) 1

2 1 4 2 Stanford Graduate School of Business US 2010 195,553 194,645 115 94 2 5 17 88 (99) 2

3 3 1 2 University of Pennsylvania: Wharton US 2013 186,210 180,772 121 95 42 35 30 92 (95) 3

4 4 1 3 London Business School UK 2010 162,570 160,988 124 65 10 1 25 92 (96) 4

5 5 7 6 Columbia Business School US 2009 179,568 174,347 123 96 24 49 29 92 (93) 7

6 6 4 5 Insead France/ Singapore 2009 154,798 153,992 96 13 18 25 46 86 (96) 8

7 9 9 8 Iese Business School Spain 2009 147,495 146,049 141 66 6 9 37 95 (99) 18

8 10 6 8 Hong Kong UST Business School China 2011 132,685 132,685 153 12 48 41 74 95 (93) 37

9 7 9 8 MIT: Sloan US 2009 160,810 160,414 117 93 14 27 24 85 (97) 5

10 12 12 11 University of Chicago: Booth US 2012 164,678 162,363 108 98 63 18 3 92 (98) 9

11 8 8 9 IE Business School Spain 2009 152,471 157,054 117 18 9 69 90 92 (91) 28

12 14 25 17 University of California at Berkeley: Haas US 2012 152,157 151,952 98 82 41 31 10 93 (100) 10

13 16 21 17 Northwestern University: Kellogg US 2008 160,746 161,269 99 100 33 12 4 91 (96) 6

14 20 15 16 Yale School of Management US 2013 159,647 159,370 118 80 32 4 32 86 (97) 17

15 24 17 19 Ceibs China 2011 132,506 131,362 157 24 8 51 69 95 (100) 32

16= 19 18 18 Dartmouth College: Tuck US 2013 159,479 156,765 117 87 53 8 7 93 (100) 12

16= 26 26 23 University of Cambridge: Judge UK 2012 145,948 145,169 98 8 12 6 63 97 (100) 47

18 15 20 18 Duke University: Fuqua US 2012 144,227 145,147 108 92 52 26 14 90 (100) 14

19= 13 14 15 IMD Switzerland 2009 143,049 147,380 65 11 7 2 1 90 (99) 16

19= 17 15 17 New York University: Stern US 2008 146,690 144,586 106 99 40 85 21 90 (95) 13

21 18 18 19 HEC Paris France 2008 124,524 123,571 109 40 38 14 80 89 (88) 26

22 33 21 25 Esade Business School Spain 2009 127,500 126,699 118 42 3 20 49 92 (90) 33

23 32 31 29 UCLA: Anderson US 2012 147,740 147,125 115 71 37 43 34 86 (96) 24

24= 20 27 24 University of Oxford: Sad UK 2013 136,888 136,609 95 17 17 5 4 84 90 (85) 34

24= 24 30 26 Cornell University: Johnson US 2012 150,722 147,799 112 86 50 21 19 90 (97) 23

26 11 11 16 Indian Institute of Management, Ahmedabad India 2011 171,188 171,188 110 34 1 91 23 95 (99) 11

27 28 CUHK Business School China 2011 103,423 103,423 153 27 16 84 41 87 (97) 66

28 27 58 38 Warwick Business School UK 2010 120,111 120,111 89 3 49 7 5 5 94 (92) 40

29 31 29 30 Manchester Business School UK 2010 116,394 114,769 111 48 31 3 62 88 (87) 44

30 29 24 28 University of Michigan: Ross US 2008 141,345 140,195 97 91 72 63 12 81 (99) 15

31 37 University of Hong Kong China 2013 114,119 114,119 114 44 57 50 54 72 (100) 70

32 34 33 33 Nanyang Business School Singapore 2011 102,683 102,683 132 7 28 90 67 92 (87) 63

33 30 36 33 Rotterdam S chool o f Management , Erasmus U niversity Netherlands 2011 105,088 105,546 103 29 34 23 72 81 ( 87) 54

34 20 13 22 Indian School of Business India 2011 123,094 123,470 152 49 30 73 53 100 (100) 21

35 38 41 38 University of Virginia: Darden US 2009 143,988 142,657 110 84 65 29 5 91 (99) 20

36 23 23 27 National University of Singapore Business School Singapore 2012 94,742 94,340 152 1 9 67 48 71 94 ( 97) 45

37 45 44 42 Rice University: Jones US 2008 122,788 122,832 134 61 83 32 15 94 (100) 51

38 36 34 36 Cranield School of Management UK 2013 123,500 127,911 88 20 11 30 36 83 (90) 41

39 42 28 36 SDA Bocconi Italy 2008 112,882 112,673 111 23 47 68 61 75 (91) 59

40= 38 32 37 City University: Cass UK 2012 117,195 117,195 85 33 4 60 40 90 (94) 68

40= 43 38 40 Georgetown University: McDonough US 2010 130,179 130,676 105 85 51 55 39 89 (99) 35

42 46 37 42 Imperial College Business School UK 2013 107,032 107,032 84 25 15 16 76 84 (97) 56

43 35 41 40 Carnegie Mellon: Tepper US 2009 130,764 131,294 100 89 84 13 11 90 (95) 22

44 57 46 49 University of Illinois at Urbana-Champaign US 2010 115,493 115,493 113 58 59 15 73 84 (100) 73

45 56 62 54 University of North Carolina: Kenan-Flagler US 2011 123,229 123,004 98 8 1 88 47 50 84 (100) 25

46= 44 46 45 University of Toronto: Rotman Canada 2010 97,732 97,652 91 59 86 67 91 82 (89) 27

46= 51 49 49 University of Texas at Austin: McCombs US 2010 128,096 128,711 91 83 66 64 31 93 (95) 19

48 41 35 41 Australian School of Business (AGSM) Australia 2011 118,050 118,050 81 43 27 34 79 89 (98) 72

49 40 38 42 Emory University: Goizueta US 2010 124,017 124,918 104 79 74 36 33 96 (100) 39

50 58 40 49 University of Maryland: Smith US 2010 112,552 112,552 92 70 77 62 70 88 (100) 61


39/76


39

Key to the2013 rankingDiversity Ideageneration

Femalefaculty(%)

Femalestudents(%)

Femaleboard(%)

Internationalfaculty(%)

Internationalstudents

(%)

Internationalboard(%)

Internationalmobility

rank

Internationalcourse

experiencerank

Languages

Facultywithdoctorates

(%)

FTdoctoralrank

FTresearchrank

Rankin2013

24 40 49 40 43 24 43 58 0 92 2 1 1

18 35 17 42 42 23 56 19 0 97 4 6 2

22 42 11 37 38 51 40 34 0** 100 3 2 3

24 33 26 86 94 74 2 10 1** 99 23 13 4

15 37 11 60 45 36 49 56 0** 98 16 12 5

14 31 22 91 95 78 11 5 2 95 13 23 6

21 20 27 56 80 83 9 6 1 100 69 55 7

22 35 23 50 76 68 25 4 1 100 33 25 8

21 33 11 33 50 56 48 32 0 100 36 4 9

16 35 13 3 4 40 38 61 52 0 97 7 6 10

33 29 24 55 89 81 30 38 1 95 44 75 11

23 32 12 44 39 8 45 33 0 100 6 3 12

24 35 9 40 3 8 7 60 18 0 91 9 9 13

20 35 28 35 37 28 73 48 0 100 43 19 14

12 33 17 70 42 50 38 14 1 98 n/a 66 15

22 34 21 22 39 30 70 43 0 100 n/a 19 16

11 29 16 66 95 42 16 46 0 98 30 5 5 16

16 33 10 44 48 40 67 36 0 100 20 4 18

17 28 18 98 99 82 1 42 1 100 n/a 75 19

16 37 9 52 37 15 51 35 0 100 5 6 19

28 36 14 62 86 64 3 13 1 100 52 47 21

27 35 25 32 95 81 12 8 1 91 59 9 4 22

15 34 20 45 33 12 89 53 0 100 37 25 23

15 27 36 62 94 51 14 54 0 100 61 49 24

22 32 23 37 29 28 64 45 0 94 40 2 5 24

13 7 15 1 1 0 37 81 0 98 64 94 26

20 36 29 55 45 57 26 20 0 97 62 42 27

34 33 12 61 96 12 15 41 1 98 14 55 28

32 35 23 37 90 15 13 15 0 90 1 84 29

25 30 20 34 37 7 55 64 0 88 11 9 30

32 49 20 30 68 40 19 2 1** 97 51 61 31

35 43 21 65 86 58 24 37 1 96 63 61 32

19 33 29 38 97 26 4 63 1 100 19 25 33

20 28 6 23 3 59 46 82 0 100 n/a 75 34

22 35 20 13 33 12 7 9 66 0 97 86 49 35

32 35 14 6 0 89 29 6 31 0 89 78 65 3 6

24 29 18 2 6 35 4 81 95 0 93 n/a 23 37

32 32 21 46 82 34 21 70 1** 91 50 91 38

36 32 33 29 72 67 28 17 0 89 22 66 39

25 25 33 67 92 42 32 47 0 94 39 66 40

25 33 13 35 40 17 87 50 0* 100 n/a 37 40

28 38 38 83 87 50 34 85 0 92 38 37 42

20 27 11 41 40 6 88 76 0 95 27 37 43

21 34 23 16 52 2 54 92 0 100 26 42 44

23 29 13 33 39 35 78 44 0 91 34 19 45

25 31 41 74 48 53 41 68 0 98 8 9 46

25 31 12 28 26 2 99 75 0 89 15 18 46

20 33 15 48 79 25 22 23 0 95 75 75 48

22 24 19 17 38 4 71 55 0 94 65 42 49

29 27 11 36 45 23 66 74 0 97 17 15 50

Weig fr rnking crieri re wnin rcke percenge f e ver-ll rnking.

Audityear: indice e m recenyer KPMG udied e cl,pplying pecified udi prcedure

reling d umied e Ft.Salarytoday: verge lumnu lryree yer fer grduin, Us$ PPP

equivlen (ee medlgy, p41). ti

figure i n ued in e rnking.Weightedsalary(20):verge lumnu

lry ree yer fer grduin,Us$ PPP equivlen, wi djumenfr vriin eween ecr.Salary increase(20):verge differ-

ence in lumnu lry efre eMba nw. hlf f i figure iclculed ccrding e lue

lry incree, nd lf ccrding e percenge incree relive pre-

Mba lry e lry percengeincree figure pulied in e le.Valueformoney (3):clculed uinglry dy, cure leng, fee nd

er c, including incme l dur-ing Mba.Careerprogress (3): clculed ccrd-ing cnge in e level f eniriy

nd e ize f cmpny lumni rewrking in nw, veru efre Mba.Aimsachieved(3): e exen wic

lumni fulfilled eir ed gl rren fr ding n Mba.Placement success (2): effecivene f

e creer ervice in uppring u-den recruimen, red y lumni.Employedat threemonths (2):per-

cenge f e m recen grduingcl w d fund emplymen rcceped j ffer wiin ree mnf grduin. te figure in rcke

i e percenge f e cl fr wic

e cl w le prvide d.Alumni recommend(2):clculed

ccrding lumni cice f reecl frm wic ey wuld recrui.Female faculty(2): percenge f femle

fculy. Fr e ree gender-reledcrieri, cl wi 50:50 (mle/femle) cmpiin receive e igepile cre.

Femalestudents(2): percenge ffemle uden n e full-ime Mba.Femaleboard(1): percenge f femle

memer n e cl dviry rd.International faculty(4):clculedccrding fculy diveriy y

ciizenip nd e percenge weciizenip differ frm eir cunry femplymen e figure pulied in

e le.International students(4): clculed

ccrding e diveriy f currenMba uden y ciizenip nd epercenge we ciizenip differfrm e cunry in wic ey udy e figure pulied in e le.International board(2):percengef e rd we ciizenip differfrm e cl me cunry.Internationalmobility(6): clculedccrding weer lumni wrked indifferen cunrie pre-Mba, n grdu-

in nd ree yer fer grduin.International courseexperience (3):

clculed ccrding weer e

m recen grduing Mba clcmpleed excnge, reerc pr-

jec, udy ur nd cmpny inern-ip in cunrie er n were e

cl i ed.Languages(1): numer f exr ln-guge required n grduin.Facultywithdoctorates(5): percenge

f full-ime fculy wi dcre.FTdoctoral rank(5): clculed ccrd-

ing e numer f dcrl grdu-e frm ec uine cl duringe p ree yer. addiinl pinre wrded if ee dcrl grdue

k up fculy piin ne f ep 50 full-ime Mba cl f 2012.FTresearchrank(10):clculed

ccrding e numer f riclepulied y cl curren full-

ime fculy in 45 eleced cdemicnd prciiner jurnl eweenJnury 2010 nd ocer 2012. ternk cmine e lue numer f

pulicin wi e numer weigedrelive e fculy ize.

Includes data for the current and oneor two preceding years where available.

Footnotes: *KPMGreportedonthe resultsof obtainingevidenceandapplyingspeciiedauditproceduresrelatingtoselectedsurveydata

providedfortheFinancialTimes2013MBArankingforselectedbusinessschools.EnquiriesabouttheassuranceprocesscanbemadebycontactingMichellePodhyof [email protected] speciiedauditprocedureswerecarriedout betweenNovemberand

December2012.The auditdatepublisheddenotesthesurveyforwhichthespeciiedauditprocedureswereconducted.

**TheseschoolsrunadditionalcoursesforMBAstudentsforwhichadditionallanguageskillsare required.Theseiguresare includedinthe

calculationsfor therankingbut arenotrepresentedonthe tabletoavoidconfusion.

Althoughtheheadlinerankingpositionsillustratechangesfromyearto year,the patternof clusteringamongschoolsis signiicant.

Atotalof 204pointsseparateallrankedschools.The leadinggroupof 10,fromHarvardBusinessSchooltoUniversityof Chicago:Booth,

areseparatedby 82points.Thesecondgroupistoppedby IEBusinessSchool,whichscored65pointsmorethanImperialCollege,leaderof

thethirdgroup. Thefourthgroup,whichincludesschoolsranked74thto100th,isheadedbyUniversityofCapeTownGSB.

rankings


40/76

Alumnicareer progress

2 013 20 12 20 113-yearavge School name Country

Audityear* S

alarytoday(US$)

Weightedsalary(US$)

Salarypercentage

increase

Valueformoneyrank

Careerprogressrank

Aimsachievedrank

Placementsuccessrank

Employedatthree

months(%)

Alumnirecommend

rank

51 66 Sungkyunkwan University SKK GSB South Korea 2013 106,864 106,864 86 55 26 33 8 1 00 (100) 93

52 59 49 53 York University: Schulich Canada 2009 92,757 93,207 99 39 95 87 99 87 (92) 3 6

53 61 51 55 Vanderbilt University: Owen US 2009 119,881 119,178 98 90 43 39 35 87 (98) 55

54= 46 73 58 Indiana University: Kelley US 2012 111,251 112,932 111 62 90 52 9 89 (100) 3154= 81 53 63 University of California at Irvine: Merage US 2011 107,582 107,582 96 73 99 8 2 51 94 (100) 84

54= 61 Washington University: Olin US 2010 109,128 109,119 97 88 81 80 52 96 (98) 75

57= 65 61 61 Hult International Business School US/ UK/ UAE/ China 2010 113,653 1 12,520 89 35 36 59 94 80 (80) 94

57= 82 80 73 University of British Columbia: Sauder Canada 2011 90,897 90,833 76 45 56 94 81 90 (96) 69

59= 49 52 53 University of Rochester: Simon US 2011 114,312 114,312 117 74 78 74 44 92 (87) 87

59= 74 97 77 Georgia Institute of Technology: Scheller US 2012 111,683 111,683 104 46 55 44 6 94 (100) 58

61 The Lisbon MBA Portugal 132,606 132,606 84 6 54 92 86 59 (97) 99

62= 46 53 54 Melbourne Business School Australia 2011 107,026 106,887 64 28 61 70 96 88 (95) 71

62= 77 Michigan State University: Broad US 2009 107,453 107,453 110 50 93 58 2 89 (100) 48

64= 86 78 76 University College Dublin: Smurit Ireland 2012 110,099 110,099 69 16 2 5 78 89 95 (100) 97

64= 90 Tilburg University, TiasNimbas Netherlands 2012 93,859 93,859 90 10 62 93 100 87 (84) 9 8

66= 51 Coppead Brazil 2013 96,621 96,621 141 1 87 22 43 12 (100) 89

66= 54 Peking University: Guanghua China 2013 77,044 77,044 163 31 45 97 26 100 (95) 65

68 59 74 67 Purdue University: Krannert US 2010 104,362 104,362 105 63 79 79 59 83 (99) 56

69= 51 44 55 Texas A & M University: M

financial times: business education (jan-2013)

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