Network Magazine 2015 issue
Page 5
Pages 6 - 7
Pages 10 -11
Page 12
Alliance MBS
Feature
John Everard
IFRS
Re-naming follows landmark donation
Start-up funding
A bird’s eye view of the world
Harmonising accounting practice
Welcome 2-3
open
for business
A warm welcome to the latest alumni magazine Another year has flown by and I write this having recently attended our graduation ceremonies, which are one of the most rewarding parts of my role.
Want to stay connected with Alliance MBS? Our Executive Education team draws on more than 50 years of internationally renowned business research and extensive industry experience to create programmes tailored for you that have a real impact on individual and business performance.
Our ambitious plans are progressing, working to achieve The University of Manchester’s three strategic goals of generating world-class research, an outstanding learning experience for our students and ensuring we promote social responsibility and awareness across all of our activity. Our 50th anniversary year has been particularly memorable for Alliance MBS and I am delighted with everything we have achieved together.
ESSENTIALS FOR SUCCESSFUL LEADERSHIP
WANT TO FIND OUT MORE?
In 2015, we conducted research with 180 current and potential clients about what they were looking for from their training and development – both for employees and for themselves as individuals. Over 90% of respondents said that it was essential to have leadership and strategy as part of any development programme.
If you would like to speak to us about our programmes please contact the team and don’t forget to mention that you’re an alumnus to receive your 15% discount from all Executive Education programmes.
Dr Mark Batey, Senior Lecturer in Organisational Psychology and Programme Director of the Manchester Leadership Development Programme at Alliance MBS, agrees: “There are three key areas that anyone within an organisation needs to have a handle on. Leadership and working with teams; strategy – what we’re doing; and commercial skills, around project management, negotiation, legals and financials, provide the bedrock for all those great learning experiences.”
We have a rich history of designing and delivering successful customised programmes for clients including BP, Al-Futtaim, Industrial and Commercial Bank of China and the NHS, among many others. Now, following on from detailed research and development, we’re extending our open programmes, and fundamental to these are the three areas. People from all over the world can come together around similar themes and benefit from the opportunity to network and share best practice while they learn. As Dr Batey says, they are a “fabulous, thriving melting pot of ideas and inspiration.” So, although your degree programme at Alliance MBS may be complete, we’re still open for business and are here to support you with all your leadership and development needs.
+44 (0)161 820 9674 executive@mbs.ac.uk www.mbs.ac.uk/executive-education
The Lord Alliance donation received last year will support the biggest transformation the School has seen since it was established: helping us to pursue our global research agenda, playing an active role in the Northern Powerhouse debate, and by supporting the development of a world class building with enhanced facilities for our staff, students, alumni and delegates. Generating world-class research is at the core of our activity and I was pleased that the Research Excellence Framework (REF 2014) recognised Alliance MBS’ strong presence in the business school world. We were rated 2nd in terms of research power out of 101 business school submissions. Our academic colleagues continue to be recognised across the world by policy makers, industry, think tanks and the media for their outstanding achievements.
This year we have strengthened our links with the BBC in particular, and our academics such as Ismail Ertürk, Cary Cooper, Naomi Chambers and Kieran Walshe, have provided expert commentary on a range of subjects to BBC Breakfast, Sunday Politics, Radio 4, Panorama and BBC international, national and regional news. We have welcomed a host of world class colleagues to join the School, including our Eddie Davies Chair in Enterprise, Innovation and Strategy - Professor Joseph Lampel and it was fitting that, in our anniversary year, we were able to welcome back Cary Cooper, as our 50th Anniversary Professor of Organizational Psychology and Health. Alliance MBS and The University places significant emphasis on social responsibility and I am delighted with the impact we have made in this area. This year we launched Business Class, working with Whalley Range and Levenshulme High Schools. As a result of that initiative, over 350 pupils and 107 teachers have so far received support from our professional and academic staff. We are always keen to stay in touch with you and share your successes. As part of this year’s graduation ceremonies, I was thrilled to present the University’s Outstanding Alumni Award to Lisa Ronson (BSc Management
Sciences 1990). Lisa was recognised for her contribution to business, her services to charity and community, as well as her commitment to the University and our School. I am pleased to say that another alumnus Matt Wells (MBA 2012), has recently been appointed as the Head of Global investment company Bank of New York Mellon’s new Manchester base. Matt will lead the firm’s 1,100-strong team here in the city. In the last year we have welcomed high profile business leaders to Manchester including Sir George Bain, economist Jim O’Neill and the Financial Conduct Authority’s John Griffith-Jones. We also welcomed Alex Poots, founding Director of Manchester’s International Festival in conversation with Mancunian designer Peter Saville, while Alastair Campbell gave us a pre-election insight into the 2015 campaign. I hope to welcome you back to Alliance MBS in the near future as a guest or perhaps as a speaker!
Professor Fiona Devine, Head, Alliance Manchester Business School
School News 4-5
Rajesh Garg wins first MBA Citizen of the Year Award Rajesh Garg (MBA 1995) was presented with the inaugural MBA Citizen of the Year award in recognition of his contribution to the MBA programme by providing International Business (IB) projects for full-time MBA students for 20 years. Rajesh said “I am delighted and humbled to receive this award. I have remained a strong supporter and advocate of the School which explains the high amount of IB projects I have sponsored over the past two decades. I have also hired several graduates. A business school and its alumni should have a very strong symbiotic relationship.
Lisa Ronson awarded the Outstanding Alumni Award for 2015 This summer, alumna Lisa Ronson returned to campus to accept her Outstanding Alumni Award in recognition of her significant achievements in business and her support of the University and its students. Lisa graduated with an honours degree in Management Sciences in 1990 and is a member of the School’s Advisory Board, advising on its strategy and engagement with business. She is currently the Commercial Director for high-end property development firm, Ronson Capital Partners, one of Europe’s leading companies in this industry.
“I’d like to say a huge thank you to Manchester for providing me with the confidence, support and skills to achieve my early goals.”
“I encourage all alumni to give their all-out support to Alliance Manchester Business School - do it for very selfish reasons; first you get great talent, second if you sponsor an IB project you get a great amount of strategic work done very quickly and you end up taking all the credit for it, and finally please remember you will always be known as an Alliance MBS alum, so the higher the brand soars the better it is for you. “I thank the School and the committee who selected me for this award. You can count on my continued support.”
She has forged a successful career in several sectors, first in banking and latterly in real estate. She arrived at The University of Manchester in 1987, attracted by the strong reputation of our business and management courses. After graduation, Lisa spent eight years at BZW Investment Bank, including two years in New York, before returning to London in 1998 to take up the role of Commercial Director at Heron International. As a great supporter of the University, which she credits with helping to prepare her for the world of work, Lisa has returned to speak to undergraduate students about the property development and marketing sectors. She devotes considerable time and resources to helping undergraduates from universities across the UK, including Manchester, to prepare themselves for the workplace, and she has placed hundreds of students into business placements in recent years. The Ronson Family’s connection with the University also spans generations. The Gerald Ronson Foundation, set up by her father, property developer Gerald Ronson CBE, has, in the recent past, been a generous supporter of the University.
Outstanding Alumni Award 2014 presented to David Gregson
Alliance Manchester Business School
David Gregson (MBA 1983) returned to the School to speak to current MBA students as part of the Guest Speaker Series. David spoke about his 30 year career in UK private equity firms and the not-for-profit sector.
In recognition of this support and Lord Alliance’s long-standing relationship with the University and the Business School, the School will be named ‘Alliance Manchester Business School’ or ‘Alliance MBS’. The re-naming comes at a pivotal time in the history of Alliance MBS, as we celebrate our 50th anniversary and look to progress our ambitious plans for the future. The donation will support the biggest transformation the School has seen since it was established: helping us pursue our global research agenda, playing an active role in the Northern Powerhouse debate, and by supporting the development of a world-class building with enhanced facilities for our staff, students, alumni and delegates.
Following his talk, Professor Elaine Ferneley, Director MBA programmes presented David with the Outstanding Alumni Award in recognition of his considerable achievements in his profession, exemplary service to the School, the wider University and his contribution of time and experience to a range of charitable causes. David co-founded Phoenix Equity Partners, one of the UK’s leading mid-market private equity groups, in 2001. Until recently David was part-time Chairman of Phoenix and he currently serves as Senior Advisor to the company. In 2009, he was chosen by the Mayor of London to chair the London Olympics Legacy Board of Advisors and is currently a Director of the London Legacy Development Corporation, which is transforming the Olympic Park following the 2012 Games.
As of 21 September we have become Alliance Manchester Business School, following the long-standing support and £15m landmark donation from Lord Alliance of Manchester and his fellow trustees of the Alliance Family Foundation.
Lord Alliance, one of the North West’s most successful businessmen, founded the international textile group Coats
Global celebrations for our 50th anniversary In celebration of this milestone in the School’s journey, alumni, students, staff and friends have gathered in all corners of the globe. Kick-starting the celebrations in Manchester in January, Sir George Bain delivered the first of an annual series of lectures commemorating the work of the School’s founding director, Professor Grigor McClelland.
Meanwhile, Shanghai’s China Centre invited Phil Roebuck, Executive Director of the British Chamber of Commerce Shanghai, a native Mancunian, to talk about his hometown and celebrated the city with a photo competition. On the same night in Seoul the Alumni Association Korea Chapter organised a get-together at the Savoy Hotel. Senior alumni gathered at Spencer House for a reception on 30 June to meet Lord Alliance, Professor Dame Nancy Rothwell, President of The University of Manchester and Professor Fiona Devine, Head of Alliance Manchester Business School. The reception was an opportunity to celebrate the School’s contribution to
Viyella Plc (now Coats Plc) and currently serves as Non-Executive Director of Manchester-based N Brown Group, one of the UK’s leading internet and catalogue home shopping companies. Lord Alliance was made an Honorary Fellow of the University of Manchester Institute of Science and Technology (UMIST) in 1988 and an Honorary LLD from the Victoria University of Manchester in 1989. Professor Fiona Devine, Head of Alliance Manchester Business School, said: “When we opened our doors in 1965 we were renowned for innovation in business education. Much has changed in the world since then, however our core aims of generating the highest quality research to inspire the business leaders of the future remains the same. Lord Alliance’s continuing support and generous donation means we are poised to embark on the next 50 years of progress.” Lord Alliance commented: “Over many years I have followed with growing admiration and pride the development of Manchester as a world-class centre for business education. I am delighted to support the next major stage in its growth and development.”
commerce since 1965. Special attention was given to Graphene and the role the School is playing in its commercial application and development. Photos are available at www.alumni.mbs.ac.uk/magazine2015
Guests celebrating the 50th anniversary at Singapore’s historic Chjimes Hall
Feature 6-7
Picking your way through the funding crowd Restrictions on traditional sources of start-up funding are breeding a new generation of young entrepreneurs hunting innovative ways of attracting investment to support their business idea.
With company formations in the UK continuing to rise, the popularity of entrepreneurship is high. Barely a week goes by without statistics evidencing the growth in entrepreneurialism: 55 per cent of 16-25 year olds want to set up their own firm or that 80,000 UK students currently run a business and 25 per cent plan to turn it into a career when they graduate. The growing appetite for alternative funding models and increased global connectivity has given young entrepreneurs greater possibilities of connecting quickly and cheaply with a global pool of potential investors; but has the web made it any easier to get the money you need to start and grow your business? “For young people it is becoming easier in terms of there now being greater acknowledgement that young people can be successful in starting and growing a business,” said Dr James Hickie, Lecturer in Enterprise at Alliance MBS. Funding for businesses in the North West, as everywhere, is changing. Crowdfunding platforms and asset finance platforms, such as MarketInvoice, are beginning to establish their credentials in a complicated and, as yet, unregulated marketplace. “It’s estimated that crowdfunding contributes approximately 30 per cent of total start-up funds,” added Dr Robert Phillips of the Manchester Enterprise Centre. “This is opening up funding from many potential small investors who will have very different criteria from larger institutions, including philanthropic reasons. “It is unlikely that a newly created business will get a large investment from a venture capital company or bank straight away, so many alumni and student businesses have found
ways to de-risk their idea by taking small steps forward using smaller pots of money such as the University’s Venture Out and Venture Further business plan competitions, as well as other similar initiatives. “Unfortunately there are more good ideas than there is money to take them forward to a real business. “Those most successful in obtaining crowdfunding have a realistic funding target, a transparent pitch (normally a YouTube clip) and an interesting backstory to the business or product which creates large social media interest opening it out to a large number of potential backers.” The entrepreneurial North West provides a proliferation of support in the shape of mentoring programmes, incubator facilities, business plan competitions and “speed networking” type events. The roots of Manchester graduate Andrew Jervis’ ClickMechanic, which connects car owners with mechanical problems with the UK’s top mobile mechanics, were firmly based in his MEnt thesis at Alliance MBS. Since graduating three years ago he has been successful in raising more than £500,000 through a variety of investment rounds. “It’s a steep learning curve and you have to remember that you’re dealing with investment professionals who do this for a living,” said Andrew. “Whoever they are and however you find them, investors still want the same things. They want to know about your team, what you’re all about and the market conditions. They want to see traction through demonstrations of people wanting to buy your product and social validation from others who are also interested in your idea.” But the new and more diverse range of options open to young entrepreneurs
is providing a few distinct advantages, according to Dr Hickie. “The range of funding options, including crowdfunding, mean that entrepreneurs can decide which funding mechanism they will be most likely to be successful at obtaining, depending on their own skills. For example, some of the online finance raising options are very useful for entrepreneurs who are good at making a case on paper, but may worry about forgetting their figures when sat in a face-to-face meeting. “It is still a considerable challenge for young people to raise significant amounts of finance, as it should be,” added Dr Hickie. “But for those with a great idea, who’ve shown some traction with their business, it is possible. Having high profile young business founder role models certainly is useful both to encourage the next generation of entrepreneurs and to give confidence to business angels, VCs and other funders to lend”.
Obtaining funding can be the biggest barrier to starting a business. Manchester Enterprise Centre (MEC) aims to ease this burden for start-ups and small businesses. Alumni are invited to exchange details about their business idea and industry in which it would operate. MEC will produce a list of approximately 50-100 potential funding opportunities. MEC uses a large searchable database of funding sources which includes small grants and awards, such as Shell Livewire and the Prince’s Trust, through to crowdfunding platforms, loan guarantee schemes and large multinational venture capital companies. For more information, please contact Dr Robert Phillips by email at Robert.Phillips@manchester.ac.uk
Setting the Scene: DBA
Career Reflections 8-9
The part-time Doctorate in Business Administration (DBA) enables global executives to pursue a high level postgraduate qualification without putting their careers on hold. First introduced in 1990, Manchester’s DBA quickly established itself at the top end of The Financial Times’ Doctoral Ranking.
“The DBA fulfilled my desire for formal training in academic research, which not only turned me into an expert in my focus area, making me a better practitioner, but also opened doors to a career in academia.” Dr Antonio Torres (DBA 2014)
“The programme is distinctive because it fulfils an intellectual curiosity and meets a business need that the DBA candidate has been grappling with. Using a collaborative approach, the issue is tackled with academic input rather than from a purely business perspective.” says DBA Director, Dr Matthew Allen. It is this collaboration between academia and the corporate world that underpins the DBA at Alliance MBS: “We really value the contribution the students make to the School. By resolving business issues together, it helps us to remain at the forefront of the latest developments in industry.” The DBA is currently over-subscribed, a fact that doesn’t worry Dr Allen - “We aren’t in the business of mass production here. We are very selective in our approval process and ensure that candidates understand the rigours of the programme before we accept their application.”
An important differentiator between Manchester’s DBA and programmes delivered by other institutions is the broad scope of our programme. Delivered by the University’s research development centre, it’s a key factor in our consistently high accreditation. “Other programmes don’t offer such breadth of training. We help people prepare for the practical aspects of the thesis, such as practising for a viva. We offer systematic training in research and epistemology too.” Students must have a minimum of six years’ managerial experience prior to entering the programme, and a large proportion of candidates are CEOs or hold senior positions in their organisations. Despite having the top of the career ladder firmly in their reach, the DBA can help stimulate a new way of thinking. “The Alliance MBS DBA can be an outstanding experience. The purposely-designed structure, diverse faculty, support infrastructure and high-calibre participants are elements that an experienced practitioner can leverage to develop a completely new mind set in approaching business issues” adds Antonio, now Director, Portfolio Management at Vistaprint.
3 130 rd
in the world in The Financial Times’ Doctoral Ranking
Age Range
28 - 35
41 - 45
46 - 50
51 - 55
My first career steps were along a relatively safe and well-trodden path. As the first person in my family to attend university, science beckoned and with a PhD in organic chemistry behind me I joined Zeneca Plc. I was fulfilling the ‘golden triangle’ – pursuing a career I was good at, one I enjoyed and one that offered a good living. But four years later I realised this particular vessel was heading in the wrong direction for me; I had lost my passion and so I disembarked. This was an early important lesson. To be master of your own destiny requires self-awareness to recognise when things are not right, and courage to make changes. To recalibrate, I dropped anchor for two years at MBS, studying full-time for the MBA, before setting out again in an entirely new direction of strategy consulting at McKinsey. With my passion reignited I learned a great deal about business and people. A key lesson was that talent and hard work are necessary companions for success: neither on its own will be sufficient.
A few years later and with an antipathy to moving up a corporate hierarchy, I charted yet another route to become an entrepreneur. I found myself initially as a solo traveller, running my own dotcom, which failed, before co-founding Techtran, an intellectual property commercialisation company, overseeing its growth from start-up in 2002, through acquisition to now FTSE 250 as IP Group Plc. I am still on this pathway, although I have added new skills of coaching and mentoring and now focus my energies more on helping CEOs to navigate their journeys.
Career highlights:
Female:
28
No. Students 15 31 38 20 14
Throughout my personal odyssey, the golden rule of “Do unto others as you would have them do unto you” has resonated with me and worked well for me in business. After all, we are all fellow travellers.
Of course there have been hurdles and challenges along the way, not least a personal battle with cancer, but I have always been sustained along the path both by Friedrich Nietzche’s observation:“that which does not kill us makes us
Dr Alison Fielding
102
56 - 60
stronger” and the Chinese proverb:“fall down seven times, get up eight”. My cancer experiences taught me that time is our scarcest commodity. A wise person prioritises what is meaningful and gives fulfilment both in and outside of work.
In tandem with my paid career, I have also taken fulfilling and life enhancing diversions as a trustee for Care International UK and UnLtd, and now volunteer for Breast Cancer Care.
Male:
students currently registered on the DBA
36 - 40
“I view my career as a series of legs on a lifetime journey. To be honest, I’m not entirely sure where the final destination will be. I have taken major changes along the way. But, for me at least, that is a great part of the allure.”
61 - 65
7 5
1986 BSc Chemistry The University of Glasgow
1989 – 1993 Chemist Zeneca Plc
1993 – 1995
2011 – 2013
Full-time MBA The University of Manchester
Chief Operating Officer IP Group Plc
June 1994 – April 2000
2013 – 2016
Engagement Manager McKinsey & Company
MSc Mindfulness University of Aberdeen
Interview: John Everard 10 - 11
A bird’s eye view of the world During a distinguished career with the Foreign Office spanning more than 30 years and four continents, John Everard (MBA 1986) found his Manchester skills invaluable when it came to analysing the economies of nation states. A few months after arriving in Pyongyang to serve as the British Ambassador to North Korea, the country conducted its first-ever nuclear test. John spent the next two-and-a-half years meeting with North Korean government officials, living and working in what is widely regarded as one of the world’s most secretive and fascinating countries. It was a post, like many of his previous politically sensitive roles, which would take all his skills of diplomacy, business management and team leadership.
“I was offered a place at Stanford but turned it down in favour of Manchester. I was particularly attracted by the project-based course and the grant that was available.”
“The days when you could conduct diplomacy over a bowl of Ferrero Rocher are long gone,” said John. “Diplomats have to work very, very hard in physically dangerous places, including war zones and people are working way out of their comfort zones. “The positives are that you get to travel a lot, meet all kinds of people and are constantly challenged. And you do get a bird’s eye view of the way the world works and not many jobs give you that view. Just sitting in meetings, knowing how decisions are made, what the pressures are, what drives people, why things don’t happen and what’s possible and what’s not.”
“You may come out cynical but you also come out worldly wise and when things go right and you’re able to make a difference, it’s tremendous.” Seven years after leaving MBS, John established the British Embassy in Minsk becoming the UK’s youngest ever ambassador. That was followed by stints in Beijing in the late 1990s and a spell in charge of the British Embassy in Uruguay before arriving in North Korea in 2006. More recently John has been the Coordinator of the UN Security Council’s Panel of Experts on Sanctions on North Korea and his experience means he is often the go-to expert for media commentary on both North Korea and Latin America. So what drew this Cambridge graduate to a Manchester MBA? “I’d been working in international affairs for some time and decided I wanted to develop numeracy, business management and team leadership skills and an MBA was the obvious route,” said John. “I was offered a place at Stanford but turned it down in favour of Manchester. I was particularly attracted by the project-based course and the grant that was available. “I learned a lot about the basics of business numeracy and accounting and how to forecast things.”
When he left Manchester he realised that many of the skills he’d learned could be used in central government. “I joined the Foreign Office and was involved in research, writing papers on nuclear energy and the UK’s relations with various major players in Latin America. I remember having to make sense very quickly of the Brazilian economy, which at that time was quite a challenge and the economic analysis skills I learned at MBS came in very useful. “I was also forced to deal with complex national accounts and, although there are important differences between the ways nation states and companies draw up their accounts, the basics are very similar and you can conduct the kind of accounting analysis taught at the School to very good effect. “But I think the main skill transfer was the MBA project work where you ran teams and led people under pressure. I did an awful lot of that in diplomacy.” Serving the British Government in North Korea offered him a rare privilege of going behind the veil to see the real country and in 2012 he wrote Only Beautiful, Please about life in the Democratic People’s Republic of Korea. “I do have an affection for the country and its people but I’m under no illusions. North Korea on the international stage misbehaves appallingly. It remains an area where things could go badly wrong and by that I mean a war, possibly with nuclear weapons. “But at the same time at street level North Koreans are actually very nice people. They’re charming, they’re talkative and very friendly and I enjoyed being amongst them. “We can talk to North Korea. It’s very difficult to find areas of agreement but we have talked to them in the past and I’m sure we will do in the future. I continue to hope that at some stage it will be possible to do the kind of deal with North Korea that we saw completed with Iran earlier this year and bring North Korea back into the international fold.”
Research 12 - 13
Called to account A decade since International Financial Reporting Standards (IFRS) were first introduced across Europe, Alliance MBS is gaining a growing global reputation for its research and questioning of the drive to harmonise accounting practice. IFRS are a principles-based set of standards aimed at providing a common global language for business so that company accounts are understandable - and comparable across international boundaries.
“You only have to look at the alumni who have studied this subject here in Manchester to see that Alliance MBS really is at the global forefront in this area.” Ersa Wahyuni, PhD student and IFRS Technical Advisor, The Indonesian Financial Accounting Standard Board
The drive towards IFRS was borne out of growing international trade and the fact that large companies increasingly operate across many countries. Today IFRS are progressively replacing the many different national accounting standards. Alliance MBS’ status in this whole field has been advanced by a number of papers that have examined aspects of IFRS adoption internationally and which have appeared in globally recognised academic journals.
Martin Walker, Professor of Finance and Accounting at Alliance MBS, is among those at the forefront of this research and says the standards have helped multinationals operating across many jurisdictions. “Typically these companies might want to issue debt and equity securities in different countries, and because of IFRS they don’t have to abide by different accounting standards in different countries. This has had quite an impact.” However, Martin is among those academics at Alliance MBS who have also played a key role in critiquing the application of IFRS and the view that there is an inevitability of pursuing one global standard. For instance, Martin himself has raised the idea in one paper that different forms of capitalism require different forms of accounting standards.
Global standing
PhD interest
Alliance MBS’s standing in this whole field has attracted PhD students from around the world. Hans Christensen is Associate Professor of Accounting at the University of Chicago Booth School of Business and completed his PhD at MBS in 2008 around IFRS adoption and its particular impact across the EU.
Ersa Wahyuni came to MBS in 2011 and will complete her PhD this year. Prior to coming to Manchester she was technical director of the Indonesian Accounting Standards Board, and her studies in Manchester have been sponsored by the Indonesian government.
He says he was particularly drawn to the School by its excellent financial information databases. “It is a definite differentiator that Manchester has compared to universities on the European continent, and also compared to Asian universities which, for the most part, don’t have anything like this. What is also important is that the knowledge to understand these databases is in Manchester, and that shouldn’t be underestimated.” Hans says as well as becoming proficient in managing these data systems, he also built up some excellent industry contacts in Manchester. “From my PhD research one of my big personal selling points was that I could then understand the context of these regulatory issues outside of the US, and particularly across the EU. My work had particular appeal to US business schools because at the time the US was thinking about adopting some of these standards. After completing my PhD I came to Chicago armed with a lot of institutional knowledge about how these standards had worked in Europe.”
As Ersa explains: “I was involved in the whole process of IFRS in Indonesia and wanted to learn more from other countries about what they were doing in this whole area. I specifically came to Manchester because its accounting and finance division has such strength and depth, and such a strong reputation in the field.” Working with Alliance MBS professors Chris Humphrey and Edward Lee, Ersa has extensively studied the IFRS adoption process in several countries including Japan and the US. She says the whole IFRS process is not straightforward and there is much to learn. In particular her study questions how much adoption processes are driven by the quality of international standards, as compared to a cultural commitment to join the global community of IFRS adopters. “In Indonesia we are converging our own standards closely to IFRS but, unlike a lot of emerging nations, as yet we are not adopting them word for word and still reserve our right to diverge from IFRS whenever necessary.”
Ersa says the initial euphoria around IFRS adoption a decade ago has been slowing down somewhat, partly because the US has still not adopted the standards. “At the moment there is not enough demand from US companies to adopt IFRS. But a decision to adopt IFRS is a decision with a lot of political issues such as the sovereignty of accounting standard setting. The US may eventually adopt IFRS in the future, but it is quite difficult to predict at the moment.” Meanwhile, well-equipped with the knowledge she has gained from her research, upon completion of her PhD Ersa will become a member of the Indonesian Financial Accounting Standard Board, a post that runs until 2019. Ersa will also continue as an accounting lecturer at Padjadjaran University in Bandung, Indonesia. She adds: “My PhD has been really exciting and will be useful not only for my career but also for my country. I’ve had a fantastic few years here, and you only have to look at the alumni who have studied this subject here in Manchester to see that Alliance MBS really is at the global forefront in this area in terms of both teaching and research.” Professor Chris Humphrey commented: “In terms of attracting students we want those who are willing to critique and analyse IFRS rather than just promote the whole initiative.”
To read the original research reports visit www.alumni.mbs.ac.uk/magazine2015
Alumni Relations
The impact of a scholarship 14 - 15
The value exchange: why hundreds of alumni remain involved with the School each year “The feeling of returning as an alumnus to speak at one of the oldest international business schools, takes some beating. The experience is challenging in the preparation, enjoyable in the delivery, and gives you a shot of intellectual oxygen.” Paul Ballington (Global MBA 2010)
The knowledge and skills that set you up in your career continue to prove invaluable throughout your professional journey. To enhance the student experience, we encourage alumni to impart the knowledge they have acquired with current classes, to further our shared vision of a world-class business school. Each year, more of you choose to devote your support to getting involved in a range of student-centric initiatives. Mentoring Volunteering as a mentor can help boost your own career by providing opportunities to communicate your professional expertise as well as offering others the benefit of your experience.
Supporting students through internships, projects and recruitment During your time at the School you experienced first-hand the quality of knowledge imparted from alumni to students - now it’s your turn.
The University of Manchester Gold Mentoring scheme has developed into one of the largest Higher Education employability mentoring schemes in the UK. Highly praised by both recruiters and students, the programme provides excellent opportunities for students to meet with professionals from a wide range of sectors and industries.
Assisting with projects By participating in Alliance MBS projects, you will have access to our talented students, many of whom have work experience in global firms. Their course supervisors can help you to design and steer a world-class project that will offer long-lasting benefits.
Global Graduates Programme Each year a select number of students are invited to meet with alumni working in a number of locations around the world. These meetings are designed to give students insight into global business practices.
“I have always been engaged in Alliance MBS activities in New Delhi including representing my alma mater at student fairs encouraging and guiding prospective students.” Rahul Aggarwal (MBA 2010)
Speaking at events Speakers and contributors with relevant experience in industry, are crucial to the development of current students and the success of online and face-to-face events. Sharing your experiences at admission time There are many opportunities for you to help identify prospective students and participate in the recruitment process. Whether representing Alliance MBS at local fairs, interviewing potential candidates or responding to inquiries from prospective students about your experience, your involvement can help influence the final decision making process.
Internships Students carry out a bespoke project during the internship, linked to their degree which offers great value to your organisation. Recruitment Whether as part of a recruitment programme or arising from business requirements, job opportunities are promoted to our various student groups including, undergraduate, masters, MBA and research, by our Postgraduate Careers Service. Advertising is completely free of charge, making it one of the most cost-effective recruitment methods.
For further information, please contact alumnioffice@mbs.ac.uk
Just what the doctor ordered “I realised my skills were quite unique at job interviews. I have probably come across one or two people with similar experience to me in the world.”
Having previously completed an undergraduate degree in medicine at Manchester Medical School in 2010, Dr Basit Altaf graduated from the full-time MBA programme, aged 27, in July 2013. Basit’s rare knowledge made him a real asset in his recent post as Marketing & Strategy Manager at Johnson & Johnson in Dubai. His role relied on him working with healthcare professionals, doctors and government ministers across the Middle East to understand their needs and recommend business goals in response. “Across the health care industry, there are those in managerial positions who are not doctors - they see everything in terms of profit and not patient impact and then there are doctors who have no business skills. The MBA has given me the foundation to understand patient needs from a business perspective.” Fulfilling one of his career aspirations, Basit has recently set up his own
consultancy, Fitzrovia Partners, with a special focus on healthcare. Thanks to the scholarship Basit received as part of the Young Potential Leaders (YPL) Programme, he was able to benefit from the advantages the MBA offers. Despite having five years of study behind him as a medical student, he had no formal business training: “Coming into a cohort with multiple years of business experience, you are seen as someone who may not be as valuable to a project group. However, because I came in as part of the YPL Programme, it helped me stand out and demonstrated I had abilities which would give a fresh perspective to project work.” The YPL Programme nurtures and fast-tracks future British talent at Alliance MBS. Candidates have less than three years’ work experience and can start the MBA programme at 21, compared with the average starting age of 29.
As a bona fide Mancunian and someone who is always looking to challenge himself, Basit hopes to be able to put his capabilities to good use back in the UK one day: “I have always talked about coming back into the NHS and making changes to the British healthcare system – it means a lot to me.” “Manchester has always been a big part of my life and I think that scholarships like the one I benefited from are a great way to give back to Manchester. The person who supported the scholarship I received has had, and continues to have, a big impact on me personally - the results are speaking for themselves now.”
To speak to a Development Officer about how you could support a student, please contact supporters@manchester.ac.uk
A digital version of Network Magazine with access to related research reports, videos and press coverage is available at www.alumni.mbs.ac.uk/magazine2015
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