CEO Magazine - Volume 18

The CEO’s Tech Survival Guide

The ISEG MBA: Putting the student first Making Mistakes a key part of your Career Success CEO18_OFC_Cover.indd 1

Equipping students for success in the Modern Business World

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CONTENTS

Table of Contents 10 12 14 17 12

Deans’ Predictions CEO Magazine

The CEO’s Tech Survival Guide Amber Callender

Global MBA Rankings CEO Magazine

Student Insights: The ISEG MBA ISEG

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25 22

19 20 22 25

Women in Business Amber Callender

What’s Cooking in Paris?

Alon Rozen

The Diversity Dean Alex Frino

Make Mistakes Part of Your Career Success Jane Williams

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CONTENTS

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26 30

Colin Higgins

10 Leadership Strategies That Millennials Need to Know and Execute

Emad Rahim

Infusing a Project Management Consultancy With the Benefits of Work-Applied Learning

Australian Institute of Business

Developing Globally Responsible Leaders for the 21st Century

Nick Barter and Jessica Yuen

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The Wordly Business School

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44

42 44 48

Motivated Students + Industry Experience x World-Class Faculty = Success Nordakademie

Why Engagement Happens in Employees’ Hearts, not Their Minds Mark Crowley

Equipping Students for Success in the Modern Business World Timothy Mathews

Flexible, Practical, Global International University of Monaco

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51 52 54 56

Entrepreneurship CEO Magazine

Engaging Emerging Leaders in the Emirates Dr Abhilasha Singh

Games Countries Play and Implications for Business Carlos A. Primo Braga

List of Contributors

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CONTENTS

Published by the International Graduate Forum: Head Office: Communications House, 26 York Street, London W1U 6PZ (UK) Telephone: Fax: Email: Web:

+44 (0) 870 067 2077 (UK) +44 (0) 870 067 2078 (UK) a.skinner@graduate-forum.com www.graduate-forum.com

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© 2015 All rights reserved. No part of this publication may be reproduced without the expressed approval of the copyright owner. Whilst every effort has been made to ensure the accuracy of the information in this publication, the Publisher accepts no responsibility for errors or omissions.

The Publisher disclaims responsibility for the views and opinions expressed herein by the contributors. Furthermore, the Publisher does not give any warranty regarding the accuracy thereof.

CEO

Victor J. Callender

Group Editor-in-Chief

Alexandra Skinner

Designer

Matt Dettmar

Financial Controller

Anthony Gordon

Head of Production

Steven Whitaker

Features Writer

Amber Callender

For further information on annual subscription rates, please visit:

Price per issue, including web access: £10.00 | €12.00 | $15.00

CEO MAGAZINE

9

DEANS’ PREDICTIONS

The MBA in 2015

Deans’ Predictions

With the market’s thirst for the MBA continuing, the global pool widening and the number of MBA programmes available on the increase, there is tough competition amongst business schools for top applicants. To this end, the on-going evolvement of a business school’s MBA programme is crucial. In this feature, CEO Magazine’s Alexandra Skinner speaks to those charged with overseeing this, and asks them what developments and key trends they see emerging in the 2015 MBA landscape.

Dr Alon Rozen

École des Ponts Business School

Back to business As traditional recruitment (B2C) has become hypercompetitive, the way forward for business schools will be to reconnect with businesses as partners, i.e. move to a more B2B-oriented model. This blends the advantages of openand closed-enrolment programmess for schools, offers partners semi-tailored training programmes without the full budgetary onus, and allows participants to benefit from marketrelevant course content, full degree-bearing programmes and at attractive price points.

MOOCs as textbook-killers While everyone seems to be thinking that MOOCs will completely disrupt traditional (offline) learning, I see MOOCs as being the

ultimate nail in the coffin of the billion-dollar paper-based textbook market. As MOOCs become ubiquitous, and high quality MOOCs remain more or less free, instead of assigning chapters to read, professors will assign MOOCs to watch. In other words, as MOOCs simply become another tool in the academic toolbox, it displaces the classic textbook. And as all professors know, it has become increasingly harder to get students to read before class... at least with MOOCs there are ways to know if they at least made the effort to connect. Not a prediction but a wish: let’s hope too that someone will figure out how to ensure watching each video carefully is necessary to validate the associated quiz.

Online courses create a secondary ‘same’ degree market A few underlying trends – the continued rise of MOOCs (for now), new certification solutions and an increasing number of degree-granting online courses – will combine to create a new market: the upgrade degree market. I have already seen, but expect to see more applicants looking to pursue an MBA despite already having one. In other words, online degrees become antechambers for their offline counterparts. I can already see CVs in which online learning is differentiated from offline.

The rise of hybrid programmes The already ‘classic’ hybrid that has entered the higher education market by storm is the onlineoffline degree-granting programme. Online content as a percentage of total programme content has started low in many cases, but it

I see MOOCs as being the ultimate nail in the coffin of the billion-dollar paper-based textbook market.

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should continue to increase quickly towards parity for many ‘serious’ programmes. I especially see online displacing offline electives offered in most courses.

In addition to the online-offline ‘hybridisation’ going on, as schools look for new ways to boost the value proposition of post-graduate degrees, we should see an increase in hybrid programmes like specialised MBA programmes. These offer the advantages of an Executive Master’s degree together with those of an MBA degree, at a more competitive price point. These kinds of programmes will appeal to those with technical backgrounds looking to refresh their skills and ensure upward mobility into management, as well as the non-technical who are being asked to manage technical experts.

Alon Rozen is Executive Dean at the École des Ponts Business School, Paris.

Dr Colin Higgins Deakin University

 GREATER EMPHASIS ON SOFT SKILLS – leadership, communication, decision-making  GREATER INTEGRATION – firms have much more of a ‘stakeholder’ orientation rather than a ‘functional’ orientation now – new structures are emerging (other than traditional functional structures) – and these require new skills  CREATIVITY AND COMPLEXITY – organisations are becoming much more complex and their processes of value creation much more creative (e.g. Facebook).

Dr Colin Higgins is MBA Director at Deakin University.

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DEANS’ PREDICTIONS

Quality and competition

Dr Rajaram Veliytah Kennesaw State University

The MBA market today is both very differentiated and segmented.

The differentiation can be based on mode of delivery, timing and location.  MODE OF DELIVERY: DELIVERY: This can range from in-classroom face-to-face encounters to completely online delivery, with hybrid formats in-between. The traditional in-class formats impose both time and location specific constraints which may be difficult for working students – whose jobs require constant travel – or for non-local students. However, the in-class format provides an interactive, stimulating, and hands-on learning environment that is beneficial for some learners. The hybrid format offers a balance between the above two types of benefits.

At Kennesaw State we offer MBA degrees under all three formats.  TIMING TIMING:: MBA courses can be offered on weekdays during regular working hours, in the evenings or on weekends. These timings cater to the convenience and needs of different student types. The regular weekday schedule meets the needs of non-working students, who typically comprise a younger group (both age-wise and experience-wise). By contrast, the weekday evening programme appeals to working professionals who do not exit the workforce and who are free to attend classes only in the evenings (after completing that day’s work). The typical attendee in such a ‘part-time’ or ‘non-traditional’ MBA programme is an older student with betweent 5-10 years of professional work experience. Finally, late week/weekend meeting formats are characteristic of Executive MBA programmes, which impart more soft skills such as leadership, motivational and networking skills. These programmes cater to individuals with much more work experience and seniority who are reaching the level of upper management. Our portfolio of MBA programmes at Kennesaw State include both the part-time and the weekend meeting formats.  LOCATION LOCATION:: MBA education is also delivered offsite to geographically dispersed locations.

These programmes are designed to meet the needs of locationally dispersed clients, organisations or communities. For many years Kennesaw State has offered locationally dispersed MBA programmes as well as on-site delivery or customised MBA programmes to corporations like BellSouth and Synchrony Financial.

At Kennesaw State we also offer multiple dual-degree programmes like the MBA-MPA (Masters in Public Administration), the MBA-MSIS (Master of Science in Information Systems) and the MBA-MSCM (Master of Science in Conflict Management) degrees, for students who seek to apply business skills in specific sectors. The market demand for these segmented programmes is sometimes short-lived and transient. Business schools need to be responsive and rapidly ramp-up and introduce programmes to meet specific types of demand when they appear and also be prepared to shut them down when those needs have been met.

Overlaying all of the above is the trend towards the globalisation of business education, both in terms of competitors as well as in terms of student and business demands. The critical requirements for business schools to survive in today’s hypercompetitive environment are flexibility, innovativeness, resourcefulness and relevance. At Kennesaw State we are also constantly engaging with the business community.

Dr Rajaram Veliytah is Associate Dean for Research and Graduate Programs at Kennesaw State University’s Coles College.

Joel Abraham

Australian Institute of Business

Flexible delivery Advances in technology matched with greater demand for flexible learning from students has seen advances in the way MBA programmes are delivered, and this is a trend I see continuing throughout 2015. Innovative MBA providers are already offering multiple entry points throughout the year and flexible exit points for both online and on-campus study, providing students with more options and flexibility than they’ve ever had before. MBA students are now able to start, stop and pause their study to fit around their life. This offers a real advantage to those who are studying while working full-time who are now able to slow their study to a pace that suits them or accelerate their learning through a fast-tracked degree.

With so many strong MBA providers competing for students, the focus on the quality of the course and business school is increasing, pushing out lower quality providers. While global and national rankings play a part in students’ choice of school, I expect accreditation will become a significant factor behind MBA enrolments, increasing competition between programmes but in turn ensuring each graduate receives the highest standard of learning possible. 2015’s MBA student must also add value to their own MBA experience, whether it be by getting to know their facilitators, doing pro bono work for local non-profit organisations, or getting involved in networking activities, they must go beyond what is required in the classroom. This will not only increase their own competitive edge, but show the worth of themselves and their MBA degree to the world.

Lifelong learning Increased competition for students will ensure they benefit from further support following graduation, with greater resources placed on lifelong learning as a point of difference in comparison to other schools. Such initiatives, designed to support students’ professional and personal growth for their lifetime, may include conferences that bring together world-class faculty and thought leaders for discussion of pertinent topics as well as online seminars and networking sessions featuring experts to improve career development and maintain students’ professional edge. Such events help graduates to keep their skills sharp and broaden their professional network, further increasing the value of their MBA degree.

Government standards As the push to retain globally competitive practices for MBA degrees continues worldwide, we’ve seen an increased focus on government standards and compliance requirements - globally.

This will mean business providers have to work harder to ensure their learning outcomes measure up to national and international benchmarks, providing greater security for students of accredited courses. As online and blended delivery becomes more common in 2015, international accreditation bodies will need to continue to assess courses’ learning requirements and providers will need to show how learning outcomes can be achieved in these changing circumstances.

It’s not all one-sided though, the pressure will also be on regulatory authorities to ensure they implement policies that ensure high quality education, while not limiting innovation programme design and delivery.

Joel Abraham is Joint-CEO of the Australian Institute of Business.

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TECHNOLOGY FOR CEOs

The CEO’s

TECH SURVIVAL GUIDE

In the fast-paced and ever changing business world, it can be tough to take a break, let alone remember what day of the week it is. Luckily, there’s the technology to help with this, acting as your own personal assistant...

Biography

 Amber Callender is Features Writer at CEO Magazine.

NightWave Sleep Assistant

The Livescribe 3 Smartpen

Another sleep related gadget is the NightWave

The Livescribe 3 Smartpen allows

Sleep Assistant. However, instead of waking

your hand written notes to appear

you up, this piece of technology helps you to

instantly on your tablet or smart

fall asleep – something that can prove difficult

phone, using the Live Scribe

during the busier times at work. This nifty little

Dot Paper via the Bluetooth

gadget, which is roughly the size of a small gift

smart technology. The wireless

box, projects a pulsing soft blue light onto the

Bluetooth technology allows

ceiling, which you synchronise your breathing

you to quickly pair to your

with – breathing in when the blue light becomes

tablet or smartphone,

bright, and out as it gets dark. As the pulse of

extending the battery

the light slows down, your breathing will too,

life to over 14 hours of

allowing you to fall asleep within seven minutes

continuous writing

(at which point the light will automatically cut

between charges. Once

out.) The pulsing light is also said to mimic our

on your device, you

sensitivity to night and day, so when we see

can convert your

the blue light fading, the brain interprets this

handwritten notes into

as the time to sleep. The Sleep Assistant doesn’t just aid in taking a break from work via sleep, however.

The breathing routine also

them off to your colleagues, meaning that tasks are completed as you go. You can even transfer your notes to the calendar on your device, so

reduces thought stressors

that you never miss an appointment. The smart

and the production of

pen works not only with handwritten notes, but

catecholamine, which

also with sound. Your tablet or smartphone can

cause us to feel tense,

record audio as you write, using the Livescribe+

thus NightWave acts as

app to capture the things you miss; and if you

both a sleep assistant and

need a quick reminder, you can tap your notes

a stress reliever.

The NightWave Sleep Assistant retails at £49.00 12

text and easily send

to play back audio from that moment in time.

The Livescribe 3 Smartpen retails at £129.99

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TECHNOLOGY FOR CEOs

The VK200 Keyfob® Virtual Keyboard The VK200 Keyfob is a small device with laser technology which projects a keyboard onto any opaque surface, be it your work desk or a coffee shop table. The advanced optics track your fingers, acting as an all-in-one mouse and keyboard, taking merely a single swipe to turn on. What’s more, the Bluetooth wireless technology enables you to easily connect with your tablet, laptop or smartphone, meaning you no longer have to go to battle with the minute keys on your mobile. The Bluetooth connectivity also makes working on-the-go that much easier, as instead of lugging your laptop around, you can simply pocket your virtual keyboard along

Sony SmartWatch 3 SWR50

with your tablet or smartphone. The VK200 allows up to 180 minutes of continual typing on a single charge and even features a built-

The Sony SmartWatch is an Android-powered

in screen showing your last three keyboard

watch which allows you to see all your mobile

presses, along with simulated keyboard sound

notifications on the 1.3 inch touchscreen.

feedback, giving you the smallest keyboard

You can manage your phone’s calls, texts and

in the world, with the feeling of typing that

emails, allowing you to be discreetly notified

you’re used to.

of incoming emails and calendar events during a meeting while your smartphone is in your pocket or bag. When a call or notification does

The VK200 Keyfob® Virtual Keyboard retails at £149.99

come in, the Sony SmartWatch gently vibrates on your wrist to let you know, so you will never miss an important call. You can even choose between digital or analogue interface and

Jawbone® UP24 Activity Tracker

from a range of coloured wrist straps. Not only is the SmartWatch useful for work, but it lets

The Jawbone UP24 Activity Tracker is a

you stay connected during leisure time – gone

wearable band with advanced sensors to

will be the days of slipping out of the cinema

capture how you move, eat and sleep. After

half-way through a film to check your phone

connecting to the UP app, you can log your

as, if something comes in, your smart watch

meals and use a food score to find out the

will let you know. You can even use the watch

information you need to correct your diet

to listen to music and track your fitness.

– perfect if you’re short on time but want to stay healthy. The band will even sync

The Sony SmartWatch 3 SWR50 retails at £149.99

with other dietary apps like MyFitnessPal, automatically filling in all the data stored on the UP wristband. You can also use the tracker to reach your fitness goals as it monitors how many steps you take each day and helps you develop a routine. The Jawbone UP24 doesn’t just track your waking moments, it observes your sleeping patterns too, enabling you to track your sleep cycles and find out if you’re getting the right amount of sleep. One of the most useful features of the wristband is the smart alarm, which you can set to wake you within a window of 10 to 40 minutes of your optimal waking time, which the band senses, leaving your deepest sleep undisturbed.

The Jawbone® UP24 Activity Tracker retails at £89.99 CEO MAGAZINE

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MBA REVIEW

CEO MAGAZINE

2015 MBA Rankings CEO Magazine’s annual MBA rankings have been compiled based upon key performance indicators considered to be of interest and value to potential students. Thus, international diversity, class sizes, student work experience, faculty-to-student ratios, and faculty qualifications – both academic and professional – have been given considerable weight. With competition between business schools continuing to increase, it is important for schools to understand what students really want. Schools ranked highly by CEO Magazine have been successful in this goal.

Global MBA Rankings Arizona State University: Carey

North America

Ashridge Business School

Europe

Audencia Nantes

Europe

Australian Institute of Business

Australia

Birmingham Business School

Europe

Brunel Business School

Europe

Carnegie Mellon University: Tepper

North America

Ceibs

Asia

North America

North Carolina State University: Poole

North America

Northwestern University: Kellogg

North America

Northwestern University: Kellogg/Hong Kong UST

Asia

Ohio State University: Fisher

North America

Reykjavik University

Europe

Rice University: Jones

North America

Rollins College

North America

SBS Swiss Business School

Europe Asia

CENTRUM Católica Graduate Business School

South America

Shanghai JiaoTong University: Antai

Columbia Business School

North America

Southern Methodist University: Cox

North America

Cornell University: Johnson

North America

Stanford Graduate School of Business

North America

Darmstadt University of Applied Sciences

Europe

The Lisbon MBA

Europe

Dartmouth College: Tuck

North America

The University of Adelaide

Australia

Duke University: Fuqua

North America

The University of North Carolina at Greensboro: Bryan

North America

Durham University

Europe

Trium: HEC Paris/LSE/New York University: Stern

Europe/North America

École des Ponts Business School

Europe

Tsinghua University/INSEAD

Asia/ U.A.E./Europe

Elon University: Love

North America

Emory University: Goizueta

North America

UCLA: Anderson/National University of Singapore

N America/Singapore

ESCP Europe

Europe

European University

Europe

Fordham University

North America

Georgetown University: McDonough

North America

Georgia Institute of Technology: Scheller

North America

University of California, Berkeley: Haas

North America

University of California, Los Angeles: Anderson

North America

University of Cambridge: Judge

Europe

University of Chicago: Booth

North America

University of Maryland: Smith

North America North America

Griffith University

Australia

University of Massachusetts, Amherst: Isenberg

Harvard

North America

University of Michigan, Ann Arbor: Ross

North America

Europe

University of Minnesota: Carlson

North America

HKUST Business School

Asia

University of Nebraska, Lincoln

North America

IE Business School

Europe

University of North Carolina, Chapel Hill: Kenan Flagler North America

IESE Business School

Europe

University of Notre Dame: Mendoza

North America

IfM Institut für Management

Europe

University of Pennsylvania: Wharton

North America

IMD

Europe

University of San Diego

North America

Indiana University: Kelley

North America

University of Southern California: Marshall

North America

Europe

University of Texas: Austin

North America

International University of Monaco

Europe

University of Virginia: Darden

North America

Kennesaw State University: Coles

North America

University of Washington: Foster

North America

Lancaster Management School

Europe

University of Wollongong Sydney Business School

Australia

Lehigh University

North America

Victoria Graduate School of Business

Australia

London Business School

Europe

Vilanova University

North America

Lorange Institute of Business

Europe

Wake Forest University

North America

North America

Warwick Business School

Europe

Macquarie Graduate School of Management

Australia

Washington University in St. Louis: Olin

North America

MIT: Sloan

North America

Winthrop University

North America

Asia

Worcester Polytechnic Institute

North America

Asia

Yale School of Management

North America

HHL Leipzig Graduate School of Management

INSEAD

Loyola Marymount University

Nanyang Business School National University of Singapore

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New York University: Stern

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Data Sourced from the Financial Times Global MBA Rankings 2014, Business Week MBA Rankings 2014, US News & World Report MBA Rankings 2014 and CEO Magazine MBA Rankings 2015. ‘Top 20’ full-time, part-time and EMBA programmes have been considered.

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MBA REVIEW

Global EMBA Rankings Ashridge Business School

Europe

Jack Welch Management Institute

North America

Audencia Nantes

Europe

Jacksonville University

North America

Australia

Kennesaw State University: Coles

North America

South America

Kent State University

North America

Lancaster Management School

Europe

Lorange Institute of Business

Europe

Europe

Millsaps College: Else

North America

Europe

MIP Politecnico di Milano

Europe

North America

Porto Business School

Europe

Fordham University

North America

Queens University of Charlotte: McColl

North America

HHL Leipzig Graduate School of Management

Europe

Reykjavik University

Europe

IE Business School

Europe

RMIT University

Australia

IfM Institut f眉r Management

Europe

SBS Swiss Business School

Europe

INDEG-IUL-ISCTE Executive Education

Europe

University of North Alabama

North America

International University of Monaco

Europe

University of Washington: Foster

North America

IESE Business School

Europe

University of Wollongong Sydney Business School

Australia

Australian Catholic University CENTRUM Cat贸lica Graduate Business School Durham University

Europe

ENPC Fox Executive MBA

Europe/North America

ESADE Business School European University Florida International University

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MBA REVIEW

NORTH AMERICAN MBA RANKINGS

ONLINE MBA RANKINGS

TIER 1

RANK

SCHOOL

REGION

Appalachian State University

1

European University

Europe

California State University, San Bernardino

=2

The Open University Business School

Europe

Colorado Technical University

=2

Durham University

Europe

Florida International University

3

IE Business School

Europe

Fordham University

=4

International University of Monaco

Europe

Jacksonville University

=4

CENTRUM Católica Graduate Business School

South America

Kennesaw State University: Coles

5

Australian Institute of Business

Australia

Kent State University

6

SBS Swiss Business School

Europe

Le Moyne College: Madden

7

Jack Welch Management Institute

North America

Millsaps College: Else

8

Deakin University

Australia

Queens University of Charlotte: McColl

9

Griffith University

Australia

Simmons College

= 10

Georgia WebMBA

North America

University of North Alabama

= 10

University of the Sciences

North America

11

Colorado Technical University

North America

= 12

MIP Politecnico di Milano

Europe

University of West Georgia

= 12

RMIT University

Australia

Winthrop University

= 13

Appalachian State University

North America

= 13

Queens University of Charlotte: McColl

North America

University of the Sciences University of Washington: Foster

NORTH AMERICAN MBA RANKINGS

= 14

La Trobe University

Australia

TIER 2

= 14

Swinburne University of Technology

Australia

Fairfield University

15

University of California, San Bernadino

North America

Northwest Missouri State University: Booth*

16

Florida International University

North America

Syracuse University: Whitman*

17

University of North Alabama

North America

University of Alabama in Huntsville

18

University of Memphis: Fogelman

North America

University of Florida: Hough

19

University of Nebraska, Lincoln

North America

University of Memphis: Fogelman

20

Northwest Missouri State University: Booth

North America

University of Nebraska, Lincoln

21

Syracuse University: Whitman

North America

Wake Forest University*

22

University of Florida: Hough

North America

AUSTRALIAN TOP10 MBA RANKINGS

EUROPEAN MBA RANKINGS

1

University of Wollongong Sydney Business School

Ashridge Business School

2

Macquarie Graduate School of Management

Audencia Nantes

3

Victoria Graduate School of Business

Birmingham Business School

4

Australian Institute of Business

Brunel Business School

5

The University of Adelaide

6

Griffith University

=7

RMIT University

=7

Australian Catholic University

8

La Trobe University

9

Swinburne University of Technology

10

Deakin University

Carlos III University of Madrid Darmstadt University of Applied Sciences Durham University École des Ponts Business School ESADE Business School European University HHL Leipzig Graduate School of Management IE Business School IESE Business School IfM Institut für Management INDEG-IUL-ISCTE Executive Education International University of Monaco ISEG Lancaster Management School Lorange Institute of Business MIP Politecnico di Milano Porto Business School Reykjavik University SBS Swiss Business School The Lisbon MBA *Incomplete data

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ISEG

STUDENT INSIGHTS:

The ISEG MBA Alexandra Skinner talks to students of the ISEG MBA I decided to study for an MBA at a turning point in my life at which it made perfect sense to invest in, and to develop, my leadership and management skills. After six years as a consultant in a Global 500 company, I took up a new challenge to work for the largest private provider of healthcare in Portugal.

I analysed the market for MBAs, and decided to only apply to ISEG, not only because of the prestige of the university, but also on account of the excellent price/quality ratio, together with the positive feedback that I had received from a great friend of mine who had studied for the previous year’s MBA.

I could not be more satisfied with the investment that I made.

In addition to the development of hard-skills within a framework of excellence, I would like to draw attention to the soft skills programme, the highlight of which was the weekend at the Air Force Academy where, together with my colleagues, I gained a great deal from the experience in a non-academic setting. I also appreciated the immersion week at the University of San Francisco and Silicon Valley, which was an unforgettable trip.

These were 18 intense and challenging months which were very demanding, not only for me, but also for those around me (friends, colleagues and family). However, I could not be more satisfied with the investment that I made, not only because of the friendships that I developed, which will last for life, but also for the positive return achieved.

Filipa Freitas de Azevedo is IT Project and Supply Chain Manager at José de Mello Saúd, Portugal.

Filipa is a graduate in Economics and a student of the 29th Edition of the MBA at ISEG. CEO MAGAZINE

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27/04/2015 14:27

ISEG

After having worked in the area of technology for more than 13 years, the ISEG MBA was the ideal way to supplement my knowledge in the fields of management, strategy, marketing, economics and finance. As it is part-time, the programme allows one to work at the same time, although a great deal of effort is required to reconcile both schedules.

The quality and demands of the professors are worth highlighting, both of which lead to a hard pace of study and learning, which demands that all give of their best. The distribution between ‘soft’ and ‘hard’ skills is very well balanced, alternating between pressurised periods and times that are more relaxed.

The class is carefully chosen so as to bring together several differing points of view during the discussions in the lectures, and much is learned from the exchange of professional experiences. Most of the disciplines include group work where one can practice leadership and negotiation skills.

An additional bonus was the fact that I was the class representative, allowing me the privilege to have lively debates (some heated!) with some of the other members of the class. I leave the MBA having gained a class full of friends from this highly memorable, 18-month long adventure!

João Marques Silva is an Aerospace Engineer and University Professor of IT. João holds a PhD in Telecommunications and is a student of the 30th Edition of the MBA at ISEG.

A highly memorable, 18-month long adventure!

Mission accomplished!

The 2013-2015 ISEG MBA was one of the biggest challenges of my life. It involved both mental and physical gymnastics, which were absolutely necessary for my growth, not only as a professional, but also as a human being.

I was enticed ‘out of my comfort zone’, which led me to benefit from the learning, reflection and knowledge of several extremely important areas of the business, social and political worlds. It was also a period that allowed me to be innovative and creative in what appeared, at first, to be remote fields of my professional environment, but in the end were in fact very close in conceptual terms.

It was a fantastic experience in going ‘back to school’, particularly in terms of the feelings of camaraderie and of helping each other out between a group of colleagues.

These colleagues are now friends, whom I will have the pleasure of knowing and counting on for the rest of my life! Mission accomplished!

Bruno Fazenda is CEO of ZTE in Portugal. He is a student of the 30th Edition of the MBA at ISEG.

Biography  ISEG‘s mission is to create and share knowledge and culture in the fields of Economics, Finance and Business, and to enhance its socio economic value by using an approach of plurality, guaranteeing freedom in intellectual and scientific expression and respect for ethical principles and social responsibility.

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WOMEN IN BUSINESS

Women in Business Russia has the highest proportion of women in senior management positions, with 43% of women occupying high level roles. Whereas the USA has one of the lowest proportions, with only 22%, falling below the global average of 24%.

The top three female CEOs in the Wall Street Journal’s 2014 pay survey 1. Carol Meyrowitz Firm: TJX Cos. Compensation: $20.6 million Shareholder return: +28%

Source: Grant Thornton’s 2014 International Business Report a survey of around 6,600 private companies in 45 different countries.

2. Phebe N. Novakovic In January 2014, Mary Barra became the first woman to lead a major automotive company when she took over as CEO of General Motors.

She first joined the company in 1980 at the age of 19.

Firm: General Dynamics Compensation: $18.5 million Shareholder return: +41%

3. Indra Nooyi Firm: PepsiCo Compensation: $18.1 million Shareholder return: +25.1%

In 2013, France introduced quotas imposing a minimum of 40% of women on corporate boards.

A recent report from the US Census Bureau shows that female CEOs in the US make on average 258 times more than their employees, whilst male CEOs make roughly 331 times more.

24 The number of female CEOs running Fortune 500 companies reached a historic high in 2014, up from 20 in 2013, to 24.

CEO positions at S&P 500 companies that are held by women

Photo @ Asa Mathat

I always did something I was a little not ready to do. I think that’s how you grow.

When there’s that moment of ‘Wow, I’m not really sure I can do this,’ and you push through those moments, that’s when you have a breakthrough.

MARISSA MAYER, CEO OF YAHOO!

IBM broke its 100 year tradition of hiring male CEOs by hiring Ginni Rometty as its CEO in 2012.

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ÉCOLE DES PONTS BUSINESS SCHOOL

What’s cooking in Paris?

The École des Ponts Business School is serving up some innovative dishes...

Alexandra Skinner speaks to Alon Rozen, Executive Dean at the École des Ponts Business School as part of her ongoing investigation into innovations in progressive business schools.

What can you tell CEO Magazine readers about your attempts to innovate across your executive programmes?

This is quite a list. Can you give us some specific examples?

lead over two semesters. The class is free

One programme that is benefiting from our

projects to be implemented during the first

Getting our MBAs increasingly out of the

efforts to evolve, renew and rethink what we

nine months of the programme. The idea will

classroom is one focus. Innovation gurus, like

do is the MBA. Next year our MBA participants

be to create a project, to manage it, to suggest

Steve Blank, remind innovators to “Get out of the

will travel to Bordeaux, where participants

a method to measure the social reach, and to

building.” Steve we have heard you... and we are

will learn about wine, winemaking, and the

document the project from start to finish.

applying this approach to our programmes.

wine business. The participants will then

While an MBA is about personal development,

have to create a class wine and a wine brand,

we hope to demonstrate that you can help

experiential”, i.e. arbitrating in favour of action

crowdfund the project, market the wine via

yourself by helping others, while learning

over talk and experience over theory. We are

digital and traditional marketing methods

important soft and hard skills.

creating new courses that allow participants

and commercialise the wine. An example of

to gain first-hand experience in business,

experiential and applied learning, of getting

management and leadership on projects that

out of the classroom, of putting ideas into

ensure ongoing ‘learn-apply-test-iterate’

action and testing actions for efficiency.

A second slant we are taking is to “Get

loops throughout their programme.

As your readers may know, we offer a full-

to choose one big project or several smaller

You spoke about hybrid products earlier, a word we associate with electric cars, not business schools.

Indeed, this is a different kind of hybrid. As

time MBA that we call the Solvay-Ponts MBA

you know, job markets are still tight in Europe,

slant, which we are introducing in select

(in partnership with the Solvay Brussels

and some candidates are hesitating between

programmes, is a social impact dimension.

School.) The class of 2016 will be the first

investing in a ‘horizontal degree’, like the

Make it experiential, but also make it count!

to have its own class wine.

MBA, and a ‘vertical degree’, like a specialised

Another aspect, linked to the experiential

In other words, allow participants to learn the

Master’s programme. To offer candidates the

That sounds like fun, and more commercial than social. What about the social aspect you mentioned?

advantages of both, i.e. a ‘T-shaped degree’,

– creating new MBA ‘products’ rather than

Using the same principles, each MBA cohort

Global Executive MBA for some years now (in

programmes. These are based on product

will have a social impact project that will be

partnership with Fox (Philadelphia) and Solvay

hard and soft skills they need while making a difference in the world.

A fourth path we are taking is hybridisation

we are introducing a full array of specialised Executive MBAs. We have been offering a

extensions, creating programme options that are new, value-creating and unique, yet completely in line with who we are.

Another approach we are taking is to introduce a traditional programme like an Executive DBA, but with a twist. In this case, we are taking an innovative approach to the doctoral thesis.

Finally, we are offering innovative services such as giving each participant a personal coach for the duration of their MBA. With a wink to history, we can say to each his own (coach), according to his/her need.

Our MBA is benefiting from our efforts to evolve, renew and rethink what we do.

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ÉCOLE DES PONTS BUSINESS SCHOOL

the strongest need for coaching, especially

engineering school) and Tsinghua University,

I like this idea of T-shaped degrees offering depth and breadth. Are you taking a similar approach for the Executive DBA you are introducing?

in Beijing. This approach is similar to the

Not yet. To begin with we are launching what

be appointed CEO and needs help planning

automobile industry you alluded to. We take

looks like a traditional Executive DBA targeting

the first 100 days; another needs help with

a similar chassis and use it to build several

candidates with at least 10 years’ of experience

negotiation skills to request international

products, allowing us to better meet specific

and looking to add a doctorate to their CV in

mobility; while a third might be challenged

customer needs while ensuring economic

order to teach, to consult and/or to formalise

trying to find a work-life balance. As soft skills

efficiency. In the coming months, we will be

and share the wealth of business experience

are increasingly THE key success factor for a

adding specialisations in line with the strategic

and insight they have garnered during their

manager, coaching is now seen as a ‘need to

areas developed by our mother school, the Ecole

career. Doctoral students will learn the

have’ rather than a ‘nice to have’. Long story

des Ponts: big data, smart cities, sustainable

necessary research methods with a stress on

short, we now offer candidates an individual

development, rail and transport management,

case study methods. Where we are innovating

coaching package, and the ability to choose

value chain management, and finance.

is in the doctoral thesis, which will be based

from a pool the professional coach that best

Additional specialisations will be introduced

on three articles – a research case study, a

matches their needs and preferred style.

with other academic partners – leveraging

teaching case study and a published article (in

renowned expertise in each domain.

a listed journal). In a second phase only, we will

(Brussels)), and last year we also launched an Executive MBA in Aviation Management in partnership with ENAC (French civil aviation

individual coaching. Each EMBA participant is in a very different place in his or her career, with very different needs. One is about to

add the ability to specialise, but that is a bit

And what about MOOCs, simulations and the whole online learning movement?

further down the road.

While we see online learning increasingly and permanently blended into the pedagogical

You spoke about coaching as an innovative service. Is it really that innovative?

horizon, we see this as a supplement to, rather

You may be surprised to learn that the

learning. Many players in higher education

coaching we now offer is a great example

are trying to integrate MOOCs as part of a

of market-inspired innovation in action!

‘low-cost’ education model that doesn’t really

Our marketing team has spent a lot of time

fit our philosophy or that of our alma mater,

listening to our customers and our prospects,

the Ecole des Ponts. While we are happy to

to understand what they care about and how

leverage MOOCs created for generic courses,

to help them get the maximum value from their

including business and management courses,

Ecole des Ponts MBA. One aspect came up

to help participants prepare for programmes,

time and again – the need for individualised

we prefer a high-value-added SPOC (small

coaching. We have been offering career

private online course) approach. One example

services to our MBAs, mixing individual and

is a project we are developing in partnership

group career coaching, for many years now.

with the design school of Paris-Est University to

Executive MBAs could opt-in to this, but rarely

create a 100 per cent online Executive Master’s

felt the need. What we were surprised to learn

degree programme in design leadership. This

is that today it is our Executive MBAs who have

programme will include a full series of design

than a replacement for, teacher-facilitated

thinking courses oriented to top managers, decision-makers and leaders in the public and private sectors. You probably won’t be surprised to learn that, if all goes as planned, we plan to leverage this effort to create a specialised EMBA in design leadership. An innovative programme that will give leaders the skills required to innovate effectively in their own companies and institutions, and an example of ‘innovation generating innovation’. It is also, I hope, an apt final word for this article.

Biography  Alon Rozen is Executive Dean at the Ecole des Ponts Business School, Paris.

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MACQUARIE UNIVERSITY

The Diversity DEAN

Dr Alex Frino has certainly been making waves since his 2013 appointment as Dean at Macquarie University’s Graduate School of Management. Alexandra Skinner finds out more about what makes this progressive professor tick, and where he believes his biggest challenges lie.

Please tell us about your background and what you have brought to this new role?

Fulbright Scholarship, which I undertook in

I went to Cambridge University on scholarship,

Washington DC. Interestingly enough, while

graduating with a Master of Philosophy in

I was invited to a leading business school,

Finance, and returned to Australia to undertake

I spent all my time with a regulator in DC:

a PhD in Finance at the University of Sydney.

The Commodity Futures Trading Commission.

My first job post-PhD was in stockbroking with

My academic “finishing school” was a

Before taking on the role of Dean at

Credit Suisse, alongside work as an industrial

Macquarie Graduate School of Management

analyst. A key part of my role was to determine

(MGSM), I was the CEO of a Capital Markets

what I thought made a good management team

Cooperative Research Centre – an Australian

and a bad management team – vitally important,

government-backed research and development

as that is the key to a good or bad business and

installation with a budget of more than $100

investment decision. What I discovered is that if

million. We developed software solutions for

you get the team right, then they will make the

the financial services sector, and one of my

choices that create value for business owners –

accomplishments was the development and

no matter how challenging the product, product

commercialisation of a piece of software that was

market or economic circumstances. The right

eventually sold to NASDAQ for a nine figure sum.

team will find a way to create value and protect your investment.

I have a somewhat unusual background to your usual “pure breed academic” variety of Dean, but I have a unique understanding of academics and of

My view is that the right team is always a diverse one.

academe, which enables me to better understand

After a few years at Credit Suisse, I

MBA, the students and my competitors.

returned to academe, and worked my way up the ranks through focusing on research that genuinely changed the way we thought about finance and the market. For me, the key was always about staying relevant and staying in touch with industry.

the product, client and market – in this case, the

I am passionate about diversity and the need to give people a fair go.

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MACQUARIE UNIVERSITY

Is there anything that you feel very passionate about, that you have driven hard at MGSM? I come from a tough, working-class, ItalianAustralian background. I was brought up in Port Kembla – famous for its steel mill and pollution, and was probably not expected to go to university.

I experienced racism of the worst variety as a kid.

This has made me passionate about diversity and the need to give people a fair go. It doesn’t matter who you are or where you come from.

If you have ability and tenacity, I think you can achieve anything given the right know-how and opportunities.

I have pursued a diversity agenda from the minute I arrived at MGSM, and possibly even before.

When I took on the job, I undertook a sector review. From this, I discovered that only one in three students in MBA programmes in Australia is female. I also discovered that only one in three students in MBA programmes ranked in the top 100 globally are women. I am determined to fix this – not just for MGSM, but also for Australia and one day the world. We are well on our way to making changes at MGSM. Our Women in

Dr Alex Frino

MBA programme has had more media coverage in the MBA sector than any other issue over the

you an understanding of current evidence-based

last 12 months. In the first three months of the

thinking on the most important issues facing

programme alone we have partnered with 20

business leaders. The better programmes also

of the biggest companies in Australia, creating

help you practice what you learn – to decide

25 scholarships for women to undertake MBA

what works for you and discard what doesn’t.

studies at MGSM. We won’t stop until we get 200

But, an MBA is not for everyone. Leaders are

of these funded. At that point, we would have

both born and made. You have to have ability as

achieved gender balance in our programme.

well as tenacity and ambition.

Last month I took the programme to the

I see a lot of people waste money signing

Australian Business Deans Council – it is

up for MBA programmes with stars in their

now on the national agenda. This problem

eyes thinking they want to become “leaders”.

can be solved nationwide with a $60 million

Some of them are throwing money down the

investment – that’s not a lot to create gender

drain. Not everyone is made to be a leader.

balance in the classroom.

It’s a lonely pursuit and you have to be self-

You see, this is not just about getting the

driven, disciplined and have a cool head under

best stock of leadership capital in the country

pressure. Not everyone possesses those skills.

– it’s also about getting MBA students the best possible experience. There is no point

The better programmes try to sort out who can make it and who cannot.

in having 20 white blokes sitting around in need diversity in the classroom to get the best

How important is it for MBA faculty to have “real-world” experience?

educational outcomes. It’s no different to

Many business school faculty talk-the-talk,

circles talking about business problems. You

when they meet one, and are frightened to go to a meeting with an industry person.

The best professors have tenacity. They

high-performing teams.

but they don’t walk-the-walk.

Should all aspiring leaders study for an MBA?

that you create good research and business ideas

business problems people face, and they seek

by dreaming-up issues in your office-closet back

to challenge existing practices by developing

Without a doubt, MBA schools are the finishing

at the ivory tower, and then solving them with

evidence-backed ideas. These are the best

school for aspiring leaders. They provide you

data downloaded from the internet. They barely

types of academics, and the ones that are

with an organised framework for looking at

leave their offices, often don’t know the difference

most successful and loved in business

financial, HR and strategic issues. It helps give

between a stock broker and an investment banker

school faculties.

There are also many academics who believe

get out there and impose themselves in order to discover the important contemporary

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This is something that I am absolutely driving

Building a global mindset is a challenge with

industry, but often so too does the money to

busy part-time students – but we are trying to

solve them if the idea is important enough.

push it wherever we can. We are working hard at

In fact, if there is no money around to solve

the moment to open up overseas opportunities

the problem, chances are, its more than likely

for our students, so they can gain experience in

not a significant business problem.

foreign business cultures.

We have an outstanding industry-backed

The clever and engaging professor will not be replaced by a machine.

a realised risk, can come from anywhere.

at MGSM. Not only do the best ideas come from

One course that we have just piloted is called

programme at MGSM. Over the last 12 months,

Raising Capital in Global Markets. The course

we have raised over $2 million from industry

takes a group of MBA students to four of the

to fund PhD students working on significant

world’s major financial capitals: New York,

industry-related problems in partnership with

Hong Kong, London and Sydney. The students

the providers of funding. To my knowledge, this

go around the world in 20 days, spending

is the biggest engagement of its kind across

four days in each city receiving instruction

Australian business schools.

from the best academics from some of the best universities in the world, and learning

What is the craziest project you are working on at the moment?

from our industry partners in each of those

We have just partnered with a TV show producer,

Financial Conduct Authority and the Australian

the former business manager of the Wiggles, to

Securities Exchange. The course is designed

produce an MBA challenge which is a cutting-

to get students to learn the opportunities and

edge, experiential learning experience. Based on

obstacles to raising capital globally. Students

a TV show, it takes a group of students through

go through a high-pressure, intense learning

a series of challenges originally designed for

experience, where they fight jetlag, flight

a race around the world-type TV show – so the

delays and the tediousness of travel, to try and

props are sensational.

pick up as much information as possible before

We have provided online intellectual content

cities: NASDAQ, Hong Kong Exchange, the

returning to Australia to sit an exam.

around the programme to produce probably the most challenging leadership programme

What will the MBA of the future look like?

in the world. The programme is made up of 10

I don’t believe in an online information-

challenges in which students compete with

download type of delivery for MBA programmes.

each other over three days. Each challenge is

It’s all about developing the individual, and this

designed to get students to test the evidence-

can only come through working and interacting

based ideas that I spoke about earlier, and work

with the student, human-to-human.

out what really works and what doesn’t. In one

The best programmes will help students

of the challenges, the students have to organise

self-diagnose themselves as leaders, and

their team and select a leader. They are given

identify their strengths and weaknesses, so

four barrels, eight logs and 20 pieces of rope

that they can allow their strengths to propagate

and have to build a craft and take their entire

and develop strategies for mitigating their

team on the craft out into the surf and back.

weaknesses. They will be full of experiential

This is all done in a high-pressure, information-

learning, where a student can test out ideas and

poor environment. The first run of this course

work out for themselves what they like or don’t

was sold out with 50 students signing-up.

like. The classrooms will be diverse – people

The students involved in the pilot thought it

from different sectors, ethnic persuasions and

was the best thing they had ever done at school.

cultures. They will also be gender balanced

We intend to take this programme to our

– I will make sure of that. Interaction with

Hong Kong campus, and then help our partner

the instructor will increasingly be facilitated

push it out to the global MBA community.

with technology, which is probably not quite

We have an exclusive contract, but it’s too good to keep for ourselves.

good enough yet, but the clever and engaging professor will not be replaced by a machine.

Good leaders cannot be mass-produced.

So MBAs are about building leaders. How do you build leaders that can succeed in a global environment?

That’s our “global mindset” mantra!

We try and instill in our students a sense of the globe and the idea that

Biography  Dr Alex Frino is Dean of the Macquarie Graduate School of Management at Macquarie University, Australia.

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CAREER SUCCESS

Make Mistakes Part of Your Career Success Exposing yourself to risk and failure can help push you up the career ladder.

Just make sure someone’s watching.

Jane Williams

D

uring his 48-year career from owner of a small student newspaper to the head of a multinational conglomerate with over 400 companies, Virgin CEO Richard Branson copped the misses along with the hits, noting that every error in judgment, whether a foray into cosmetics or a push into the high stakes cola market, brought with it valuable lessons. "I'll never again make the mistake of thinking that all large dominant companies are sleepy," he blogged about his failed attempt to break the Coca-Cola and PepsiCo duopoly.

Learning to use mistakes well is an important leadership trait. In fact, looking at how an executive responds to failure can be more telling than assessing their success when weighing up a person’s ability to take on the leadership mantle. Great leaders learn from their errors. They are quick to recognise when a mistake has been made and are able to efficiently assess what can be salvaged or gained from the fallout. In many cases, feedback is immediate for anyone astute enough to learn from it.

Leave room for mistakes to happen At every stage of their career, high performers like Branson are prepared to take on assignments or challenges that have a reasonably high probability of failure. While moving outside their comfort zone – whether geographically or through the adoption of new technology or processes – undoubtedly exposes them to a certain amount of risk, it also brings new avenues for growth and the opportunity to develop valuable leadership abilities.

“By continually putting yourself in a situation where you minimise risk, when bad things happen – and bad things do happen from bad luck if nothing else – your ability to learn and recover is reduced,” Gilles Hilary, INSEAD Professor of Accounting and Control and The Mubadala Chaired Professor in Corporate Governance and Strategy noted at the side of a recent Global Business Leaders Conference in Abu Dhabi.

Of course, when taking on risk, there is the need to be careful. “You have to be strategic about it, taking sufficient risk to grow while avoiding catastrophic failures that will destroy you.”

And make sure that when you bounce back people recognise you have learned valuable lessons.

Owning your mistake When turning mistakes into opportunity, the first step is accepting accountability. Too often, when projects or ideas don’t go as planned, managers will look around for someone or some occurrence out of their control on which to lay the blame. Strong leaders can admit when (and where) they were wrong.

“This is a difficult thing to do,” admits Hilary.

“People have a tendency to assign blame to others and high performance to their own actions.” By accepting mistakes, executives can show they have a willingness to try new things. They are able to emphasise lessons learned and implement steps to prevent the mishap happening again. In this way they are able to turn mistakes into a positive, and show superiors what they are capable of.

Mistakes could be the making of your career Being a standout in your current role isn’t enough to secure your promotion or future success. In fact, it could be an impediment, notes Hilary.

“Strong recent performance can be an indicator of over-confidence. In fact, our research has shown that strong past performance, controlling for underlying skill, can actually be a negative predictor of future performance and financial markets often see through this.”

Executives have to show they can adapt to new positions and overcome adversity if they want to move into higher roles.

It’s this learning agility that separates “high potential” leaders – those recognised for senior executive roles – apart from their

Looking at how an executive responds to failure can be more telling than assessing their success. equally high performing colleagues, Jonathan Holmes, Managing Director, Middle East for international talent consultancy Korn Ferry noted when discussing CEOs’ career paths at the Abu Dhabi conference.

“Senior executives are promoted, not on their past success, but on their learning agility.

This is very easy to assess. There are two traits: self-awareness, someone who is able to sit down and ask ‘How can I do better?’ and the ability to respond to change in different situations.”

As business magnate Bill Gates once noted, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” For wouldbe leaders the lesson is simple, put yourself out there, don’t shy away from responsibility, make mistakes, learn from your errors; it’s the only way to truly test (and prove) yourself.

Courtesy of INSEAD Knowledge.

Biographies  Gilles Hilary is Professor of Accounting and Control and The Mubadala Chaired Professor in Corporate Governance and Strategy at INSEAD.  Jane Williams is Editor of Knowledge Arabia.

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DEAKIN BUSINESS SCHOOL

THE

WORLDLY BUSINESS SCHOOL

Alexandra Skinner speaks to Colin Higgins at Deakin Business School The balance of fitting an MBA into an already busy lifestyle will be a key consideration for many students.

Please can you tell us more about the accessibility of your programme?

to come to on-campus classes if they can. The – students studying remotely, often completely

How do you ensure that you are creating leaders who are able to succeed in a globally competitive environment?

online – get their ‘fix’ of interaction by dedicating

The Deakin MBA has a strong experiential

a full week to their studies in residential mode.

component. In addition to the recent

The Deakin MBA is one of the most flexible MBA

We have a purpose-built residential facility

appointment of a Chair in Leadership and the

programmes available in the Australian market.

on our Geelong campus, with four star hotel

establishment of a Leadership Centre, the

There are three intakes per year (March, July and

rooms, dining and recreational facilities.

expertise from this investment contributes to

November) and students are able to study face-to-

See: www.managementcentre.com.au

the teaching programme through experiential

face (on campus), completely off-campus (online)

residential option is an ideal mix of both modes

Some students also take advantage of our experiential options – our ‘Audacious

programmes such as the ‘social construction

students take advantage of all of these options,

Leadership’ option is regarded as one of the

of leadership’, where students make films to

with most studying some of their programme

most ‘daring’ educational opportunities in

represent different aspects of leadership and

via our award-winning online platform, coming

the MBA market, and students describe the

leadership behaviour. Final year MBA students

to class for one or two units where they can,

adventure of sailing a tall ship from Geelong

gain real-world business experience when

or complementing their online study with the

to Tasmania as “life changing”. See: www.

they run a computer-simulated chocolate

significant networking opportunities available

youtube.com/watch?v=i5LAy8Qbf9I

manufacturer – requiring leadership capability

through our residential programme.

The Deakin MBA is also highly flexible in its

to co-ordinate a team of professionals, make

studies. Students have four electives, and some

crisis decisions, and respond to various

especially our ones, so we aim to fit around

choose to bundle these together to complete one

management ‘incidents’.

them. There are no compulsory attendance

of 23 specialisations. Popular specialisations

requirements, but there are opportunities for

include finance, innovation, business

students to interact with the teaching faculty,

consulting, and leadership. Other students

and with other students, as and when they can.

use their four electives to customise their

We even allow off-campus (online) students

programme experience – one recent student

We know that MBA students are busy,

Cohort Overview

resources company, completed her electives by

The number of MBA graduates starting their own businesses upon graduation has increased exponentially over the last few years. To what extent does the Deakin MBA cater to professionals seeking an entrepreneurial career path?

selecting a marketing, analytics, governance

About 20 per cent of our students and

AVERAGE AGE: 40

and a sustainability unit.

graduates are self-employed, and given the

with a marketing background, who works for a

AVERAGE WORK EXPERIENCE: 10 years; at least in a management/professional role GENDER MIX: 35% male; 65% female

26

exercises (e.g. audacious leadership) and

or via residential or study-tour mode. Most of our

We have three campuses – Melbourne, Geelong

diversity of our programme (about 16 per

and Warrnambool in Victoria, Australia – but our

cent are in the government and not-for-profit

MBA is worldly. In any one year we have students

sector), students in most core units can

SECTORS:  20% Finance and accounting  22% Products and services – corporate  16% Government and not-for-profit  12% Energy and Utilities

studying abroad in multiple locations (particularly

choose how they structure their assessment.

the UK/Europe, the USA, and South East Asia).

Mostly, students are able to select their

We have offices in India, China and Indonesia.

own organisation, their own sector, or their

Students enjoy unprecedented support, often

own interests upon which to complete their

ROI: Upon graduation 34 per cent are in general management and senior management positions, earning at least $143,000 AUD and spending more than 50 per cent of their time in leadership and decision-making roles

with online synchronous lectures, via our a

assessment. Students are also able to tailor

ward-winning ‘Cloud’ learning platform.

their assessment and gain solid feedback in a

The Deakin MBA is one of the most cost-

way that suits their sector. Amongst the

effective programmes in the market, with

23 specialisations we offer, innovation and

generous bursaries and scholarships (of 20 per

business consulting are popular with our

cent) available to most international students.

entrepreneurial students.

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DEAKIN BUSINESS SCHOOL

STUDENT PERSPECTIVE Global Standing The Deakin MBA is internationally recognised and EPAS accredited by the European Foundation for Management Development (EFMD).

In addition to achieving Tier One status in CEO Magazine’s 2015 MBA Rankings, the Deakin MBA also ranked as one of the Top 10 programmes in Australia. The online MBA ranked 8th in the 2015 Global Online MBA Rankings

The Importance of internationalisation Students have the opportunity to enhance their MBA experience through a number of study tours offered in Australia, China, Europe, India and the United States.

These tours involve small cohorts of students travelling together to undertake three activities:  Site visits to leading international companies  Lectures and seminars at overseas business schools  Experiences that challenge cultural perceptions and raise inter-cultural awareness Our industry advisory board and international accreditation agencies describe internationalisation as ‘critical’.

Everyone works globally now – about 50 per cent of our students work for multinational companies and others are dealing with global suppliers and global customers. The world is global now – and Deakin’s branding is all about ‘worldly’.

“My only regret is that it took me five years to build up the courage to commence.”

Choosing to study an MBA at Deakin University has been one of my best decisions. Initially, I was doubtful of the value of an MBA, and the thought of returning to study with my work and family commitments was daunting. Now in my final subject, my only regret is that it took me five years to build up the courage to commence. The MBA has been both a personal and professional journey of development, and Deakin offers flexibility that means you can study anywhere, anytime.

As an engineer making a transition to management, I initially thought I could enhance my business skills through my own reading and workplace experiences. However, it was difficult to choose resources that were worth my precious time with the proliferation of reading material available.

Additionally, the ‘trial and error’ approach in the workplace was very unsettling given that I was working on large safety-critical navy aviation projects, worth several hundred million dollars.

I was in country NSW when I commenced my studies and chose Deakin due to the extensive off-campus support provided by their online environment. I was also impressed by Deakin’s reputation amongst my colleagues and the GMAA rating. I have since moved to Melbourne but have remained an off-campus student due to work commitments. The online portal, the Deakin library, and the academic staff have exceeded my expectations for support with online learning resources, recorded and online lectures, and electronic assignment submission and feedback. The academic staff have also been very inspiring and highly committed, including responding to discussion board queries and emails while off duty.

The best things about the MBA have been the knowledge, tools and perspectives that I have acquired. The MBA is like a guided tour of key lessons drawn from a multitude of organisational triumphs and failures.

Now when confronted with organisational challenges, I feel like I’ve seen them before and have a sound body of knowledge to draw from in solving them, rather than inventing my own ways and hoping for the best. Without a doubt, I have learned far more from my MBA than I could have hoped to achieve on my own in my lifetime. I highly recommend that anyone pursuing a career in management consider studying a Deakin MBA. Corinna Reid is Engineering Process Group Leader, Air Traffic Management for Thales, Australia. Corinna is currently studying the Deakin MBA online.

The modern business world is becoming increasingly focused on the value of corporate social responsibility and ethical decision-making. Do these elements of contemporary business play an important role in your curriculum?

the ‘add-on’ flavour that often occurs in

As outlined above, we have industry adjunct

business, but to integrate them across the

professors – real working industry professionals

core units. Students consider these issues in

– aligned in a meaningful way to each core unit.

economics, accounting, marketing, and the

We also have a dedicated industry advisory board

strategy capstone.

specifically for the MBA. All new unit proposals

Ethics, CSR and sustainability are key

Deakin University boasts strong relationships with corporations.

How do these relationships add value to the school’s offering, and the student experience?

integrating themes integrating theme throughout our MBA. In recognising the critical importance of these issues, we have chosen not to separate them out in to a separate unit, which exacerbates

– with details of learning outcomes, topics, assessment and our teaching assumptions – go before the advisory board before going through the university’s approval processes. We strive to not only consult with industry, but to we systematically incorporate them in to our classrooms.

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DEAKIN BUSINESS SCHOOL

STUDENT PERSPECTIVE “The programme allowed me to ‘reposition myself’ in the job market.”

Personally and academically I have had some of the best years of my life during my time at Deakin. Having worked before commencing the MBA was helpful, as I could bring practical examples into a theoretical setting and share experiences with the class. The benefit of these shared experiences helped the class cement the learning. At Deakin, in many cases, the two-way communication approach helped me to challenge the norm.

The Deakin MBA has had a positive impact on me both professionally and personally. It has improved my credibility, confidence and ability to influence others. The activities and assignments that I undertook whilst studying, encouraged me to interact with people and, in turn, grow as a person.

The MBA and MIB programmes provided a pathway to my current career at EY. The skills and experiences gained from the courses were relevant and easily transferable. Having undertaken the course during the height of the global financial crisis, the programme allowed me to ‘reposition myself’ in the job market. This has given me more leverage and more options in a tough market. I can apply the MBA across different areas and the international business component of the course contributes to this.

The course and case studies were relevant and industry-based.

One of the most exciting units I undertook was the business practicum unit, which included a practical research project with an organisation for four months. Because of my mentor network, I was fortunate to forward this idea to my mentor who championed my project proposal.

As a result, EY sponsored my research project, which was later used as an internal white paper. My research project was also subsequently awarded the best business practicum project for the term. Working with a people-orientated organisation like EY, I thoroughly enjoyed the four-month project where I led multiple internal (EY) and external (client) stakeholder interviews. Over the course of the project, I also came to appreciate the scope of work undertaken by the high profile clients that EY was involved with. Naturally, EY was a preferred option after my MBA. One should never underestimate the power of networking. There is more to gain, both personally and professionally, if you consciously invest in university life. Perhaps one of the most humbling experiences in my life was when I was nominated and subsequently awarded the Deakin Young Alumni of the Year Award for outstanding service to Deakin University, in recognition of my contribution to the Deakin Graduate School of Business in 2012.

Faculty Overview ACADEMIC: 100% of faculty are PhD qualified and are publishing annually in quality international research journals.

PROFESSIONAL: The majority of faculty have had industry experience (consulting or senior management positions) within the past five years. Many faculty continue to consult with industry.

GENDER MIX: Nearly 50% of our teaching staff are female.

We put top class faculty in front of our students. We want staff who understand the realities of ‘here and now’ and the complexities of running modern business organisations.

All of the core MBA units are supported

by Industry Adjunct Professors – who are contracted to make a significant contribution to the teaching in that unit.

Often this is as part of the assessment, sometimes as part of real-world problemsolving and case studies. The Deakin MBA programme blends real-world experience with the latest research uncovered by internationally-renown faculty.

The development and nurturing of behavioural and personal skills, and the provision of careers services, continue to be important to applicants.

What efforts are in place to support students in these areas?

Three times per year the Deakin MBA Alumni Chapter organise topical ‘professional development’ events which are open to all current MBA students and alumni. These events have the specific objective of networking. The feedback from our students is that networking with others, especially those that have completed the same programme, is the key to securing new job opportunities.

Twice per year we run a five-week dedicated ‘career knowledge’ programme.

This facilitated programme is open to all students, allowing them to undertake workshops geared around identifying career goals, developing search strategies, networking, and job interview strategies.

The programme also includes a one-on-one

George Jose is Manager, Portfolio and Program Management at EY (formerly Ernst & Young.) George is a 2009 graduate of the online Deakin MBA and the Masters of International Business.

Our ‘Audacious Leadership’ option is regarded as one of the most ‘daring’ educational opportunities in the MBA market.

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interview with a career counsellor/coach.

We constantly review our core curriculum in conjunction with our industry advisory board, alumni and industry adjuncts.

Biography  Dr Colin Higgins is MBA Director at Deakin Business School, Australia.

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MILLENNIAL LEADERSHIP

3. Hang Out With the ‘Doers’

LEADERSHIP STRATEGIES

s l a i n e Mill That

Need to Know and Execute Emad Rahim

W

hat is a Millennial, really?

You hear this word every now and then, uttered by one pundit after another, relayed by traditional and social media alike. Simply defined, a Millennial is someone born between 1981 and 2000.

Millennials are, in essence, the next generation, preceded by Generation X (1965-1980) and the Baby Boomers (1946-1964). Lately, companies and business leaders have spent much time and effort wooing Millennials – an understandable strategy given that this market is as diverse and forward-thinking as social observers have ever seen.

But now that we know these Millennials are next in line to run the world in the years to come, what leadership skills and strategies must they develop to work and perform effectively?

If you are a Millennial or have children who are Millennials, heed our top 10 leadership tactics to know and execute in the next few years.

“Understand the importance of ceding the limelight to your team members.

30

You should cultivate the company of doers if you want to be a doer one day. Look around your community, at work, in your professional network, and identify those who are the rising stars in their respective areas. Earlier, we said you should read about the leaders of the past; now, we are saying you should emulate the leaders of today, learn from them, and apply the best practices they are implementing at work and in their private lives.

4. Cultivate Patience Author and philosopher Karma Peters says that patience is an important trait in leadership, not only because it appeals to your better angels, but also prevents you from making serious leadership mistakes that might cost you dearly down the road. Learn to wait for the right moment, at the right place, before making an important operational or business move. To be an effective leader, understand your interlocutors' priorities and make sure they mesh perfectly with your own aspirations.

5. Embrace Cultural Diversity 1. Do Your Homework To be an effective leader, do your homework.

Simple as that! There is no shortcut to true leadership, unless you aspire to be a one-time leader, a flop. Go to school, get the education you need, and read as much you can, especially the biographies and leadership styles of those you want to emulate. Besides management skills and charisma, a leader also needs to know a thing or two about literature, culture and society, to name a few. The bottom line is: expand your horizon.

2. Learn the Ropes of True Leadership Learn the ropes of leadership by paying attention to your elders. They can be in your current company, at your local congregation, in your community... or in your house – we mean your parents. The goal is to learn how true leaders react when faced with challenges, from the simple to the complex. Sharon Weinberg, a Professor of Applied Statistics and Psychology at New York University, suggests that true leadership comes from experience, resilience and patience.

Expand your social horizon and learn about other cultures. In today’s economy, globalization is the order of the day. To hone your leadership skills, open yourself up to other foreign lifestyles and learn a thing or two about them.

Familiarize yourself with the most popular leadership traits around the world, so that when your shining moment comes, you can adeptly cope with crossborder challenges and lead a global team.

6. Be Operationally Open-Minded ‘Operational open-mindedness’ means you believe there is more than one solution to a business problem – or a social problem, for that matter. The idea here is to recognize that true leadership does not have solutions to all

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MILLENNIAL LEADERSHIP

problems, but can adroitly shape the right mix of resources and vision to fix all problems. That is what will be expected of you once you become a leader. So get used to that operational mindset.

7. Mimic the Best Millennials Emulate the best Millennials we have today.

From prominent names like Mark Zuckerberg to less-known doers, such as Luis Alvarado and Sam Barnett, you have a wide array of people and leadership styles to mimic. Forbes Magazine publishes an annual list of “30 under 30,” and

this can be a good way to start your research into your own leadership skills and to determine what really matters for you.

8. Act Like a Social Entrepreneur When it comes to leadership, don't just pay attention to business executives. Social entrepreneurs are also doing their fair share of social betterment, changing the lives of millions around the world. Even if you have a business mindset, you should read about the passion and philanthropic bent that most social entrepreneurs possess.

9. Empower Your Team Learn to empower your team – that is a key trait of a true leader. At the end of the day, a winning leader is backed by a winning team of high performers. So understand the importance of ceding the limelight to your team members, so they also can shine and reach their full potential.

Empowerment is, in essence, a byproduct of patience and humility, the kind of mix you usually see in legendary leaders.

10. Create a Millennial Business To better execute your ‘Millennial leadership strategy,’ why not create a business? That is, a business that caters to Millennials, understands their aspirations, and can smartly accompany them throughout their lives, especially the second phase of adulthood that starts past 40.

Founding a business can also be an effective way to fulfill a life dream, whether it is leadership-related, a desire to bring about social welfare, or a lucrative need.

To Sum It Up Millennials are the next generation of consumers, but also the people poised to lead, nurture others and bring social improvement on Earth. Millennial leaders must possess the same skill set their predecessors had, in addition to multicultural mentality and technological savvy.

Biography  Dr Emad Rahim is Endowed Chair of the Project Management Center of Excellence, Associate Professor for Project Management at Bellevue University and Jack Welch Management Institute Fellow. You can find him on Twitter: @DrEmadRahim

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AUSTRALIAN INSTITUTE OF BUSINESS

Infusing a PROJECT

MANAGEMENT CONSULTANCY with the benefits of

WORK-APPLIED LEARNING

Recent Australian Institute of Business (AIB) Doctor of Business Administration (DBA) graduate and Project Management consultant Dr Joseph Khan is applying his knowledge and experience in Work-Applied Learning to build project management capabilities across the Caribbean.

A

consultant for the Inter-American Development Bank, Dr Khan consults for many Government Ministries in Trinidad and Tobago and across the Caribbean, and has owned his own project management consulting business for the past seventeen years.

He is using the theories of Work-Applied Learning (WAL) taught at AIB where he completed his Doctoral degree to improve the standards of project management in his home country of Trinidad and Tobago.

Speaking at the recent Work-Applied Learning for Change Conference hosted in Adelaide by the Global Centre for Work-Applied Learning (GCWAL) and the academic students and professors of Middlesex University, Dr Khan explored his use of WAL in practice and reflected upon his journey in front of an audience of 80 delegates from around the world.

He joined other subject matter experts on WAL including Emeritus Professor Selva Abraham of AIB and Professor Carol Costley from Middlesex University, taking the opportunity to share their organisational projects and change processes with thought leaders from around the world.

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According to Dr Khan, the need for specialised WAL project management training was a result of the continuing disparity between some certified project management standards in Trinidad and Tobago, and the standards of project delivery that are produced.

“Even though we are certifying professionals, we are still having issues in project management and project delivery such as projects not being completed on time and the need to rework construction projects,” he said.

To combat this gap, Dr Khan required a practical approach that would allow project managers in training to work on projects and discuss the challenges encountered from a workplace setting, rather than in a classroom.

“My aim was to build the capacity of project management practitioners in Trinidad and Tobago and contribute to the policy as it relates to project management training, development and capacity building,” Dr Khan said.

“I wanted project management practitioners to see that project management programmes must be pragmatic – they must have that work-

based element and cannot be just theory, or we’ll have the same problems over and over again.”

Using WAL, Dr Khan created a project management training programme for practitioners that would allow them to work on real projects in real time and learn through a cycle of research, planning, observation and reflection.

His facilitation was made up of a combination of Knowledge Workshops and Work-Based Phases designed to simulate real life experience and use the skills and knowledge he has gained from more than 17 years of project management experience.

“Each assignment was an actual project that was getting ready to be designed, implemented, controlled and closed out – projects that the organisation needed to present to Cabinet, or to the Board of Directors for approval,” Dr Khan said.

“These projects had a number of service providers and contractors already involved in the project, so the practitioners had the opportunity to take those learnings into the workplace and actually apply them,” he said.

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AUSTRALIAN INSTITUTE OF BUSINESS

Dr Joseph Khan

Using the methods of WAL, Dr Khan said he found the Action Research and Action Learning processes a practical and relevant method and process within his project management training.

“The opportunity to create solutions using the Plan, Act, Observe, Reflect cycles may seem monotonous to some of us, but if you use it continuously you strengthen the ability to think critically,” Dr Khan said.

“It’s linked to the process of creating cooperation amongst your various stakeholders in the organisation and between the various departments,” he said.

“With this collaborative process you are actually designing something that is fit for purpose and relevant and practical. It is not normal run-of-the-mill training but is actually an intervention that is geared towards change.”

For Dr Khan, using Action Research and Action Learning held many advantages including the ability to re-plan in recognising the fact that over time things may change.

“We have developed this project management programme towards change, and that is what

Using the WAL method and completing the DBA with AIB has taught me how to think and approach problems.

WAL should be doing. It should create change and progress, strengthening the capacity of professionals,” Dr Khan said.

“If organisations, and particularly Stateowned Enterprises want to build their Project Management capabilities, there must be an underpinning of knowledge,” he said.

With more than three years of experience using the Action Research Action Learning methods, Dr Khan said he has seen significant results from WAL so far.

“We have seen cost savings on projects, more cross-functional interactions with project teams and organisations,” Dr Khan said.

“We have built a community of practice in some of these organisations where we have more knowledge transfer taking place and sharing of project experiences,” he said.

“Using the WAL method and completing the DBA with AIB has taught me how to think and approach problems, and how to really bring about change in an organisation by playing the role of what we would have been learning in our programme.”

Dr Khan now believes facilitative tuition and facilitative training are two outstanding areas of research and form the roles he plays in organisations and making lasting change.

“At the end of the day you are getting two things from WAL: the knowledge and the certification, as well as the application and the practical hands-on approach,” he said.

Dr Khan is now training project management practitioners in Trinidad and Tobago, Guyana, the Bahamas, Jamaica and Barbados, expanding his professional community around the world.

Biography  Australian Institute of Business is a 25 year old business school based in Australia, offering degrees, undertaking research, and providing consultancy services globally. AIB was the first, and remains the only, private institution in Australia to be government approved to confer the full suite of business degrees, including the prestigious PhD.

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GRIFFITH BUSINESS SCHOOL

DEVELOPING Globally

Responsible Leaders

for the 21st CENTURY

Alexandra Skinner speaks to Griffith Business School’s Nick Barter and Jessica Yuen

Meeting student requirements means flexibility and accessibility At Griffith our MBA is focused around key values of responsible leadership, sustainable business practices and a global orientation with an Asia Pacific focus. These values echo throughout the courses and enable us to realise our vision of developing globally responsible leaders for the 21st century. Further to this progressive focus, Griffith’s MBA is designed to meet students’ study requirements at this stage of the 21st century and thus we offer two MBAs, our fully flexible MBA and our online only MBA. Our flexible MBA means that students can study their courses online, in face-to-face format or a mixture of both. This means that our students don’t have to specifically be an online or on-campus student, they can alternate between modes of attendance to meet their individual needs. All of our sessions with students, be that a video seminar or a face-to-face seminar are 34

conducted outside of standard office hours and/ or on the weekends. As such, our students can more effectively manage and accommodate both their studies and their work. In addition, the two key centres for our university are the cities of Brisbane and Gold Coast and it’s at these campuses where we offer our face-to-face sessions, meaning students never have far to travel.

In addition to the flexible MBA, we also now offer a 100 per cent Online MBA. This allows students to fast-track their career by completing an MBA in just two years while they work. This MBA launched in 2015 and has six intakes a year, thus students are never more than eight weeks from starting their programme. This programme consists of 12 set courses, each delivered over a six week period with a break of two weeks in-between.

Throughout their studies with us students have access to a wide range of support systems. Outside of the academic support, the students have a designated programme support officer who is there

to help them with administrative issues regarding their interactions with Griffith University. In addition, as per the modern day university, they have access to 24/7 help sites, free study skills training courses and research resources.

The total programme fee for a Griffith MBA in 2015 is AU$45,840, this consists of 12 courses, each course fee equalling AU$3820.

A diverse and dynamic cohort A broad range of industries are represented by the students – IT, engineering, consulting, health, aviation, and banking. Similarly the students come from a mix of public and private sector and small, large and medium businesses.

Overall our student base is circa 30 per cent female and we are seeing that figure go higher with the advent of our flexible and online only offerings. Our MBA age range is typically 28-45 years old with the average age in 2014 being 36 years, and 95 per cent of our students are in full time work.

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GRIFFITH BUSINESS SCHOOL

The new $38 million business building on the Gold Coast campus, one of the locations for the Griffith MBA

Nick Barter, MBA Programme Director

What binds our students together above all else is their desire for a progressive education that explores what it means to run a business responsibly and sustainably in the 21st century.

In this regard, our MBA students are clear that they do not want old school thinking, but new ideas and currency regarding ideas about what organisations can and could be. This progressive desire and understanding also means that many of our students have ambitions to start their own businesses and or new ventures in their existing organisations.

1. via the value of responsibility, sustainability and a global orientation that infuses our programmes; 2. through a specific course on leadership and change; 3. students are asked to lead case studies, discussions and presentations, continually throughout their courses; 4. we ask students to reflect on their learning for each course via a reflective journal that has to be submitted; and 5. we assess students authentically.

Leadership lies at the core – of everything

Throughout their courses students are asked to produce briefing papers, strategic plans, accounting plans as if they are producing documents for CEOs. As we use these documents to assess them, they learn how to produce reports of vision and strategic importance for senior executives.

Businesses look for leaders who can make decisions and take action, so it’s vital to prepare students to make an impact and ‘make things

Students of our MBA programmes are within a culture of learning that is leader-focused. A focus of our MBAs is to develop globally responsible leaders for the 21st century. To do this we expect them to rise to this challenge implicitly.

Explicitly, we put it into the programme in five ways:

happen at work. Making things happen requires an element of bravery and, in turn, leadership.

This requires individuals to not be afraid of change and ensure that they make decisions with justifiable rationale and sound ethic.

For individuals to realise these aspects, the key requirement is to understand their own mind and capabilities. In this regard, we ensure that all our students are challenged on their assumptions throughout their studies, and spend a good amount of time considering their thinking, their assumptions, and their paradigm. Once students know their paradigms, making decisions and taking action is a simple follow-on step.

Outside of the above, across the programme and business school we are members of the Globally Responsible Leadership Initiative, the United Nations Global Compact, the Principles for Responsible Management Education and the European Foundation for Management. Taking these aspects together, our environment on the programme is one of creating leaders.

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GRIFFITH BUSINESS SCHOOL

Responsible leadership.

Sustainable business practices: A global orientation with an Asia-Pacific focus These three values infuse all our courses on the programme, and come to the fore specifically in courses on responsible leadership and sustainability. These values inform our programmes because they allow students to embrace the challenges of the 21st century, wherein leaders have to take decisions that will allow our increasing population to prosper.

As part of the programme we hold a week-long study tour to a partner university in the AsiaPacific Region. The aim of the course is to enable MBA students to develop their understanding of trade and business in the Asia-Pacific region, and to improve their ‘global orientation with an Asia-Pacific focus.’ This is one of the key values of Griffith Business School and the Griffith MBA. There have been study tours to the Indian School of Business in Hyderabad, India and to Kyung Hee University in Seoul, South Korea. The MBA students partake in a pre-arranged schedule of activities, which include briefing sessions

on doing business in that particular country, cultural tours and company visits. Alongside the schedule of activities with the partner university, wherever possible, arrangements have been made for the cohort of students to meet local delegations, be they trade delegations or Australian embassy personnel.

Taken altogether, the most important thing students get from these experiences is the systemic interconnections between countries, companies, economies and even themselves.

In essence – an enhanced global perspective.

Let’s talk business Like all universities and business schools we foster relationships with organisations from across the public and private sector. We do this to ensure our students are wherever possible plugged into the conversations and challenges facing different industries. We bring speakers in for networking sessions, have speakers deliver in-course lectures and also record speakers for digital dissemination.

Griffith MBA courses are structured to encourage peer learning and group collaboration, and most importantly authentic assessment.

What binds our students together is their desire for a progressive education.

STUDENT PERSPECTIVE “I wanted to build business credibility.”

Choosing to study an MBA at Griffith was both a strategic and a practical decision, when I was considering which MBA programme best fitted my needs.

The fully flexible programme allowed me to juggle managing my toddler, studying a full-time workload, carrying out HR consulting projects, as well as fit around my husband’s work requirements to travel interstate regularly.

The decision to undertake study was a fairly quick one, following a significant scare with my husband’s health, as I contemplated the fact that sometime in the future, my salary would need to be able to support the family (in the style to which we have become accustomed).

From a strategic perspective, I chose to undertake MBA studies rather than a Master’s of HR, as I wanted to build business credibility in the same manner as other professional disciplines, given the continuing debate about the contribution that HR makes to organisational performance.

Graduating with a Griffith MBA, enables me to demonstrate a broad, business-focused approach, to the HR imperative of increasing organisational capabilities such as responsiveness, agility, employee competence, learning capacity and nonstop change.

Combining study, work, and motherhood has meant that the programme seems to have gone very quickly, however it has reinvigorated my interest and enthusiasm for making a difference with and through people.

Authentic assessment means that students write plans and briefing papers on an organisation of their choice. This typically means one they wish to start. As such, students are encouraged to explore new ideas and innovations from the start, and all the way through to their assessments. For those students seeking the entrepreneurial path, Griffith’s MBA offers them a safe place to test ideas.

Outside of this, we also encourage our MBA students to participate in internationally recognised business competitions, such as the inaugural G20 Global Business Challenge, the Aspen MBA case study competition and the Principles for Responsible Management Education’s Sustainable Games: The Business Model Challenge.

This MBA is for life, not just its duration Studying an MBA is a great way to develop a solid business foundation. At Griffith we understand that it’s important to provide students with skills and knowledge of cutting-edge business practices.

So when students study an MBA at Griffith, they learn from teachings based on core business principles which remain relevant across industries and over time. However, our commitment to our MBA students doesn’t end there. We help our graduates keep their knowledge up to date after graduation when they sign up as a member of the Griffith MBA for Life programme.

MBA for Life members keep up-to-date with trends and developments in the business world with a monthly update from the MBA Director.

They also keep their fingers on the pulse of current business trends, with access to articles, events, networking opportunities, and the option to audit an MBA class. We will also give members preview access to resources such as white papers relevant to the MBA and its core values of responsible leadership, sustainable business practices and the Asia-Pacific.

Lyndel Smith is a HR and Change Management Specialist.

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Griffith MBA alums also have access to a dedicated LinkedIn group – ‘Griffith MBA for Life’ – which provides a forum for professional discussions and sharing of information with their peers. They also have access to video content through a YouTube channel.

The MBA Director, Associate Professor Nick Barter, also introduced the Griffith MBA App to provide past, present and future students with tips and ideas, updates from the MBA Director, and event information.

As a graduate of the Griffith MBA programme you will automatically become part of the Griffith alumni community. At Griffith Business School our relationship with our students continues long after graduation – they become an alumnus for life. The Griffith Business School Alumni Network has annual “Outstanding Alumnus Awards”, professional development and networking events, benefits and discounts, and a career board with employment opportunities.

A business school that leads the way.

We see two key challenges in 2015. The first is meeting students where they are at in their lives. For us this means ensuring flexible study modes (online and face-to-face) and access to experiences. We are leading the way in these methods in Australia and the wider region and, for us at this stage, our intent is to keep going.

The second challenge is, and one that will get a lot of air time this year, climate change and in turn climate change economics. Climate change economics is something already embedded into our programmes’ economics courses, and so we think we are ahead of the pack on this issue as well.

Taking all this together, the challenge for our MBA is to stay at the forefront of thinking and progressive ideas. In this regard, our MBAs central challenge is seeking out new school, as opposed to old school, thinking.

STUDENT PERSPECTIVE “It’s enabled me to hit the ground running.”

I chose the Griffith MBA because of its cutting edge and progressive approach to management education. The programme stood out to me because it reflected the real world business environment in which full-time professionals operate. The ability to complete the programme in fully flexible mode – face-to-face, online or a combination – without compromising the quality of the programme or student interactions allowed me to successfully juggle competing deadlines, interstate travel commitments and time with family and friends.

The Griffith MBA has had a huge impact on my career, enabling me to make the transition from a small not-for-profit organisation to a large ASX listed company with the necessary skills to hit the ground running and make an impact. The programme has taught me that doing ‘well’ and doing ‘good’ are not exclusive of one another. It demonstrates to students that through responsible leadership and sustainable business practices we can tackle the social and environmental challenges of the 21st century and create positive change.

The Griffith MBA equips students with the key competencies to be a successful leader and agent for change in their organisations. It allows for structured opportunities for students to build their networks with fellow classmates, lectures and alumni – – while having fun doing so.

I would encourage anyone considering pursuing their MBA to look at the Griffith MBA. Not only does the programme offer its students world-class teaching and learning opportunities across all key business and management functions, it also challenges students to think innovatively and identify where these skills can be used to not only drive profits, but to also address the environmental and social challenges that the world faces today.

Alex Mazzoni is Senior Specialist, Partnerships and Programs at IAG.

Biographies  Associate Professor Nick Barter, B.Eng MBA PhD is MBA Director at Griffith Business School, Griffith University, Australia.

 Jessica Yuen, BEd MHRM is Postgraduate Manager at Griffith Business School, Griffith University, Australia.

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NORDAKADEMIE

Motivated Students

INDUSTRY E PERIENCE World-Class Faculty SUCCESS Alexandra Skinner speaks to the Nordakademie MBA’s faculty and students.

Bob Ryan Business Analysis and Valuation

Nordakademie recruits the very best young managers and entrepreneurs to its door. For me, that is wonderful – it gives me the chance to work with young managers many of whom are as intelligent, if not more so, than I am! This is my challenge – to help them develop their talent as business decision-makers to their fullest potential.

Claudio Saavedra Industrial Marketing

Nordakademie is poised to be one of the most distinguished global MBA programmes. The professors are amongst the hardest working, passionate and up-to-date professionals one can ever meet. Whereas other institutions strive to climb the ranking ladder by educating selfcentred individuals, the Nordakademie MBA is about enlightening remarkable people to better a troubled business world – and it does so with avant garde concepts and practices. Moreover, students are subjected to different – even 38

My subject is a highly eclectic mix of strategy, finance, accounting and plain business common sense. Using a ‘living case’ approach, we work through a structured analysis of one of Europe’s top companies – we explore the financial issues the company is confronting, and the way it is responding and trying to build value. We then use a range of judgement methods and techniques to value the business comparing it with the price that the market has placed upon its equity. Students learn the process by which the market has determined the ‘fair value’ of the business concerned.

Our journey of discovery is a tough one, during which the students are under great pressure to perform. In my experience at Nordakademie, they always rise to the challenge as they step out onto the path of becoming first class business analysts.

confronting – business paradigms, models and practices. Importantly, the programme allows students to spend time and iterate cordially with influential faculty members.

My field of work is an increasingly critical discipline: industrial marketing (also known as B2B or business marketing). Most advanced economies rely heavily on the industrial sector, and most consumer products intensely depend on industrial technologies. Industrial marketing is a scientific business discipline that methodically obtains deep application insights to develop

and introduce meaningful technical products. I have analysed over 1,000 companies around the world, and can safely say that industrial marketing will soon lead all types of marketing with its new concepts and practises. It is a pleasure for me to meet students, know their names and keep in contact for years to come.

Emeritus Professor Bob Ryan, MSc, FCA, FRSA, ARPS teaches Business Analysis and Valuation at Nordakademie. He is currently Honorary Senior Visiting Fellow atManchester Business School and a Visiting Fellow at the University of Bath, UK.

Dr Claudio Saavedra PhD (Dartmouth College, USA) teaches Industrial Marketing at Nordakademie.

He is also Professor of Industrial Marketing at Pontificia Universidad Católica de Chile, Santiago, Chile.

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Sebastian Fixson

Supply Chain and Operations Management From the perspective of a teaching faculty, I particularly like the strong work experience of the Nordakademie MBA students. If students can contribute their own experience into the discussion of cases and class materials, it improves significantly the quality of the class discussions that occur. With many of the MBA students being engineers, this works particularly well in my course.

I am Associate Professor of Technology and Operations Management at Babson College. In this function I teach in undergraduate, MBA, and executive education programmes, both on Babson’s campus in Boston and around the world. In addition, I conduct research and work with small and large companies on challenges in innovation, design and product development.

Past partners include Boeing, GM, Raytheon, Sprit, and others. I bring experiences from all these activities into my classroom.

I strongly believe that teaching is less knowledge transfer, but rather guidance in knowledge construction and sense-making.

For that reason I often use experiential learning exercises in my courses, and have students apply frameworks and theories to real-world problems.

Dr Sebastian Fixson teaches Supply Chain and Operations Management at Nordakademie. He is also Assistant Professor of Technology and Operations Management at Babson College, Wellesley (Babson Park), Massachusetts, USA.

Jason Cherubini

International Financial Accounting I think that Nordakademie sets itself apart from other MBA programmes by bringing in top level global faculty to teach intensive courses to small groups of students. This allows the students to be exposed to the most up-to-date management tools and practical business knowledge while they develop the soft skills that are necessary to succeed.

Like many of the lecturers at Nordakademie, I have split my career between practice and academia. The ability to relate theoretical concepts to real-world

STUDENT PERSPECTIVE “The quality of the programme was the key criterion for me.”

After having graduated with an MSc in Mechanical Engineering from the Technical University of Darmstadt in November 2011, and with about two years of professional experience, I started my MBA studies at the Nordakademie in August 2014.

I decided to pursue an MBA at Nordakademie for several reasons, but the quality of the programme was the key criterion for me.

Nordakademie is an approved and highly-ranked institution, which is valued by industry leaders in general, and by my current employer in particular. The curriculum includes a wide variety of business-related classes and, after the compulsory lectures, leaves room to focus on a particular field of interest. Furthermore, the reputation and international backgrounds of the lecturers are remarkable.

The MBA is a fast-paced programme structured in modules that are completed in parallel to your regular work. I spend about four weeks preparing for each module, using the lecture materials, books, case studies or preparation self-tests. This is followed by about ten to twelve consecutive days of attendance. Attending lectures for eight to ten hours each day is exhausting, and maintaining motivation during this period is probably the hardest part of the programme. However, due to the excellent teaching methods adopted by the lecturers, I have yet to sit-in a ‘boring’ class - in fact, many of them are very entertaining! The exams are scheduled approximately two to four weeks after classes end. I found them to be challenging but fair.

If you are the type of person who prefers studying during dedicated weeks rather than every evening and weekend; if you want to meet new people and create interesting networks with both fellow students and professors, and if you are interested in a well-structured high-quality programme, the MBA at the Nordakademie is well worth considering.

Personally, I am looking forward to the remainder of my studies, especially the electives and the international assignments in Russia, Mexico and China that I am about to attend.

André Niederdorf is a Product Engineer at Lufthansa Technik AG. André is a current student of the MBA at Nordakademie.

experiences allow the students to get a better understanding of the application of these ideas.

This is especially important in a MBA programme, where the students have their own practical experience that they look to better understand.

The ability to teach motivated students who can draw on professional experience is an ideal situation for a professor. There have been countless times where the

topic at hand related to a specific issue that a student has faced professionally. Being able to pivot and use uncharted examples to explain the concepts that are being discussed allows students to work through all stages of an issue, without knowing there is a pre-determined answer.

Professor Jason Cherubini, MBA, MAcc, CPA, teaches International Financial Accounting at Nordakademie. He is also an Affiliate Assistant Professor of Accounting at Loyola University Maryland, Baltimore, USA. CEO MAGAZINE

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William Blake

Michael Dickmann

I am trained as a ‘case’ teacher, and love to facilitate discussions around real people facing real management issues. In that sense, all of the topics we discuss are illustrated through situations that the students might have already experienced themselves, without really understanding, or which they might encounter one day. So my objective is to get them to dig down and really understand why situations evolve as they do and to identify viable ways to address them.

My course is taught over three days.

This is not a lot of time, and given how intense the days are there is no time for the students to reflect on what we are discussing and reading.

So my primary objective is for them to develop awareness of both the issues they might face when working internationally and their own preparedness to deal with them. If they continue to reflect on these after the module is over I have been successful.

The new ‘Dockland’ facility, in the heart of Hamburg at the Elbe River, presents a very modern professional image to all who visit and certainly seemed world-class to me. The breakout rooms are really good and allow for lots of small group discussion and case preparation.

With a more central location and a new facility, I think the prospects for the graduate programmes at Nordakademie are boundless. There could be multiple entries of EMBA classes each year and there is clearly room for new programmes to be developed to use the facility. With the speed of change these days it is hard to visualise what will happen in one year, let alone ten, but my prediction for Nordkademie is continued success!

I lecture in the areas of international and strategic human resource management (HRM).

My work focuses on human resource strategies, structures and processes of multinational organisations, international mobility, global careers and change management. I have published more than 100 academic and professional papers, books and reports, and have several years of work experience with major consultancies and in industry. Most recently, I was the Global Head of Human Resources in a multinational corporation based in Munich, Germany. I have conducted a variety of consulting and research assignments with cutting edge multinational organisations such as HSBC, Mars, Siemens, BMW or PwC. I have also been a consultant to humanitarian agencies, governments and the United Nations.

I bring this wealth of experience into the classroom and, therefore, particularly enjoy the interaction with managers and students.

Nordakademie attracts a rich mix of experienced executives from leading-edge firms, which allow relevant and exciting class discussions. Given that my sessions include how to improve one’s personal effectiveness in gaining employment with leading firms, I have found that some of the relationships with Nordakademie students endure over time. It is obvious that Nordakademie students are mature, thoughtful and energetic.

They are shaping-up their knowledge and networks to make a difference to the world of work. I have enjoyed meeting and working with them over the last decade during which I have seen the course go from strength to strength.

International Management

Dr Richard William Parr Blake teaches International Management at Nordakademie. He is also a Professor in Cross-Cultural Management and Leadership at Queen’s University, Ontario, Canada.

Human Resource Management

Luis Filipe Lages Innovation

Nordakademie has a very innovative and distinctive MBA. It benefits from the input of several international professors, all of whom have practical experience and, due to the relatively small class sizes, students have the opportunity to benefit from a lot of interaction with the professors and their colleagues.

My classes build on more than 20 years of studying the practices and drawbacks of hundreds of projects in the fields of marketing and innovation. During this time I’ve developed and assembled a set of methodologies that were tested across a wide range of scenarios, from award winning start-ups to Fortune 500 companies, from leading consultancy firms to worldwide exporters, from lab-projects to incubation cities, from governments to not-for-profit organisations. This work has been frequently discussed in both the national and international media. Although my teaching is supported by scientific research, it is very practitioner-oriented, and often builds on case studies, class exercises and managerial frameworks that can be easily implemented in the workplace.

What I admire most in the students of the Nordakademie MBA is that they are hard-working, they commit to the projects developed in class, and they have a desire to learn about state-of-the-art techniques. In relation to my interactions with the students, I very much enjoy what I consider to be a ‘win-win’ relationship, where we both learn from each other. During my years of interacting with these students, I have had the opportunity to learn a lot from them, as well as from their practical experiences. I still keep in touch with some of them: I have supervised on some master thesis, and one student decided to do a PhD under my supervision.

She is doing extremely well and is currently conducting research at MIT – Massachusetts Institute of Technology.

Dr Michael Dickmann, BSc, MSc, PhD, AFCIPD teaches Human Resource Management at Nordakademie. He is also Professor of International Human Resource Management at Cranfield University, School of Management, UK, and Editor of ‘The International Journal of Human Resource Management’.

Dr Luis Filipe Lages, teaches Innovation at Nordakademie. He is also Professor and Co-Director of the PhD programme in Management Nova School of Business and Economics, Lisbon, Portugal.

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Rutu Mody-Kamdar Brand Management

The Nordakademie MBA is a unique programme that offers working professionals to further develop their academic skills in a classroom environment. Instead of taking a break from their careers, students are in a position to undertake an MBA programme while still being at work. This has a great mutual benefit, as the students who come for the MBA programme have a fantastic real-life perspective on all issues that are being discussed in the classroom, and hence make the programme much more enriching.

The students are also able to benefit from directly applying the concepts they have learnt back to their work environments, thereby giving them a live, handson practical experience.

I work as a brand consultant in India, working with brands on research, strategy, design and training. I find it highly effective to bring interesting case studies and examples from my work into my classroom interactions. As I undertake a lot of consumer behavioural research, there are some very interesting stories from the field that enrich the conceptual learning process in the classroom.

While the students gain from my consulting experience, my clients also benefit, as I teach and am heavily influenced by conceptual and academic frameworks. It helps to get an academic perspective to the business situation while consulting.

I teach in the form of an interactive workshop.

My students are given a live case study at the start of the course. Through the course, while I teach the concepts through academic frameworks and international case studies, the students are expected to apply these concepts to developing their case studies. During the course of the teaching, students are given time to develop their projects using mind maps, charts, role-play and design material. They exhibit their projects at the end of the course and are peer-evaluated on the process followed, and the outcome of their work.

The students at Nordakademie are excellent.

They are mature, experienced and very involved in the programme. As they come with years of work experience, I often feel I have a lot to learn from them, and that makes our interactions very enriching and interesting for me too!

Dr Rutu Mody-Kamdar, PhD, teaches Brand Management at Nordakademie.

She also serves as an Associate Professor at NMIMS University, WE School and the Mumbai Education Trust, Mumbai, India.

ALUMNI PERSPECTIVE “Would I buy this product again?

Yes, I would.”

In 2012, when I started my MBA programme, I had eight years’ experience in the engineering environment of the medical device industry. It was the motivation to enhance my business knowledge and strategic skills that made me apply for an MBA programme. The CEO of the company my wife was working for at that time, an MBA alumnus himself, recommended the MBA programme at Nordakademie to me. In addition my employer, Olympus, one of Nordakademie’s education cooperation partners, fully supported my plans to undertake these postgraduate studies.

After having passed the qualifying examination, I was soon challenged by the first part of the programme. Highly condensed economics basics had so far not been part of my personal work experience, which was strongly related to traditional engineering tasks. Nevertheless the small student group of 25 people and the well-organised teaching programme (as well as the well-equipped facilities) offered a good and supporting study atmosphere. The mix of local lecturers from Germany and professors from overseas provided us with a deep view into the methods and mindsets in global economics and business strategies. The most important added-value for me was to get to know more about cultural influences and their impacts on business life.

In addition to the lessons, theory and methods, the programme also offered several practical lectures from industry managers, a very interesting marketing project at a local forklift manufacturer and participation in an international convention with more than 500 MBA students. In particular, the trip to the IPADE Business School in Mexico City not only enhanced my business knowledge, but gave me an impressive insight into Latin America.

Looking back on my two years at Nordakademie I have to say that the balancing act between family, my two children, my work and the MBA programme was often hard, and sometimes exhausting. But, to use the words of a marketing person: “Would I buy this product again? Yes, I would.”

Simon Hirschfeld is General Manager Operations at Olympus Surgical Technologies Europe, Hamburg. Simon is a 2014 Nordakademie MBA graduate.

Biography  The Nordakademie Graduate School is located in the heart of Hamburg, Germany.

The university offers six part-time Master programmes, including their highly successful, and widely recognised, MBA.

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EMPLOYEE ENGAGEMENT

Why ENGAGEMENT Happens in Employees’

HEARTS,

not their Minds Winning your employees over to stick with the company long term involves an array of factors – but first among those is love.

W

hat are those things that consistently inspire people to fully commit themselves in their jobs and to willingly scale mountains for their bosses and organizations?

For the past two-plus years, I’ve been singularly focused on answering these big questions and to boiling answers down to a true bottom-line. In the service of organizations everywhere, my singular mission has been to identify the few critical leadership practices that affect people so deeply that they become uncommonly loyal, committed, and productive.

And to distill all I’ve discovered down to just one word, what workers across the globe need in order to thrive and exceptionally perform in their jobs is love.

The use of the word "love" is, of course, a huge taboo in the context of business and management. But as you read on, you’ll soon see that the love I’m referring to has nothing to do with romance, sex, or religion. The love I’m speaking of relates to the experience of positive emotions—the foundation of human motivation.

Why we want more We’ve long believed that a job and a paycheck provided sufficient motivation for people to remain fully committed at work. But as levels of engagement have fallen abysmally low all over the world, the evidence is irrefutably clear that people today want and need much more in exchange for their dedicated efforts. Here’s how we know: 42

Mark C. Crowley For nearly three decades, Gallup Research and the Conference Board have been independently monitoring employee satisfaction and engagement in more than 100 countries. The lead scientists at both organizations personally shared with me all of their dominant findings.

I also visited the two organizations consistently recognized for being the best in the world at driving employee engagement. At software analytics firm, SAS, and at Google, I met with the executive leaders who created the enlightened systems that have routinely made their firms extreme outliers in creating workplace happiness–-all the while producing uncommon shareholder returns.

And desiring the broadest possible insight into current views on workplace management, I interviewed the founder of the Great Place To Work Institute, Robert Levering, positive psychology author Shawn Achor, and many leadership luminaries including John Kotter, Ken Blanchard, Spencer Johnson and Adam Grant.

Drawing upon all I learned, my conclusions as to what will have the greatest impact on reversing our worldwide engagement crisis comes down to just a few profoundly important revelations.

As you might imagine, many of these directly challenge traditional managerial thinking: We hear a lot about employee perks and are led to believe the more extravagant they are, the better they are in stimulating performance.

With the exception of health care and on-site

daycare (which make people feel valued), few other perks significantly influence engagement.

While it used to be that people derived their greatest sense of happiness from time spent with family and hobbies, how satisfied workers feel in their jobs now determines their overall happiness with life. This monumental shift means that job fulfillment has become essential to people everywhere.

The decision to be engaged is made in worker’s hearts – not minds. We now know that feelings and emotions drive human behaviour – what people care most about and commit themselves to in their lives. Consequently, how leaders and organizations make people feel in their jobs has the greatest impact on their performance by far.

For centuries, most people went to work to get a paycheck, in order to put a roof over their heads and food on their table. But as a driver of engagement, pay now ranks no higher than fifth in importance to people – in every industrialized country. What truly inspires worker engagement in the 21st century can best be described as "emotional currency." Here’s what that means: Having a supervisor that cares about us, our well-being, and personal growth Without exception, bosses predominantly concerned about their own needs create the lowest levels of employee engagement. Going forward, having an authentic advocacy for the development and success of others should be prerequisite for selection into all leadership roles.

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EMPLOYEE ENGAGEMENT

Doing work that we enjoy and have the talents to perform Selecting people who display passion for the work they’ll be doing is perhaps the most important step toward building a highly engaged team.

People can’t ever be fully engaged if their hearts aren’t in the work.

Routinely feeling valued, appreciated, and having a deep belief that the work we do matters It’s highly destructive to people to have them strive and achieve, and to then have those contributions go unrecognized. Any company focused exclusively on driving profits – without a compelling mission – will inherently neuter engagement.

Having strong bonds with other people on the team, especially with our supervisors Feeling connected with and genuinely supported by others at work is a surprisingly significant driver of engagement and loyalty.

Why it all comes down to love It was Gallup’s CEO, Jim Clifton who first suggested to me that employee engagement is ultimately driven by something deeper: "I think you’re going to find that what people really are seeking in return for work is love," he said.

There was no question in my mind that Clifton meant this in the most grown-up, truth-telling kind of way, and I was immediately determined to find the proof.

Fifteen years ago, University of North Carolina psychology professor, Barbara Fredrickson, began a formal study of the science of human emotions.

Her conclusion today is that love, as our "supreme emotion," affects everything human beings "feel, think, do, and become." But it’s her meaning of love that provides the needed clarity: "The definition that someone in business needs to understand is the simplest definition to start with," she told me. "People have emotions that range from unpleasant to pleasant.

Positive emotions are on that pleasant side.

Historically, we’ve misunderstood love to be one of the positive emotions that range from joy, inspiration, interest, pride, and hope. But love is the feeling of any of those emotions coexperienced with another person or group."

Fredrickson, who won the American Psychological Association’s Templeton Prize for Positive Psychology, and who is the author of Love 2.0, insists that the human body was designed to thrive on love – to live off of it –

Selecting people who display passion for the work they’ll be doing is perhaps the most important step toward building a highly engaged team. and that it changes how the brain works.

"Love transforms people into making them more positive, resilient, optimistic, persistent, healthier, and happier," she says. Conversely, "the body’s biochemistry is very negatively affected when it’s not consistently received."

In relating her work to how it affects our understanding of employee engagement, Fredrickson explains that no emotion is longlasting and people need to experience positive emotions frequently for engagement to remain high: "As eating one stalk of broccoli isn’t enough to make us healthy, we need a steady diet of these momentary connections to have an impact. And given that people spend more time at work than anywhere else, their ability to thrive is really dependent on them having these moments on the job."

When I asked Fredrickson if her research confirms that a person’s engagement at work is both established and sustained by feelings of love, she insisted it’s true. "When people are made to feel cared for, nurtured, and growing, that will serve the organization well. Because those feelings drive commitment and loyalty just like it would in any relationship. If you feel uniquely seen, understood, valued and appreciated, then that will hook you into being committed to that team, leader and organization. This is how positive emotions work."

So, for any company or leader who dreams of building an exceptionally committed and productive team, I offer you my most informed advice: “Love your people.”

Biography  Mark C. Crowley is the author of Lead From The Heart: Transformational Leadership For The 21st Century. His work has been published by Reuters, LinkedIn and the Huffington Post; he’s also a frequent contributor to Fast Company Magazine. Connect with Mark through his website: www.markccrowley.com, Facebook: www.facebook.com/leadfromtheheart or Twitter: @markccrowley.

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KENNESAW STATE UNIVERSITY

EQUIPPING STUDENTS for

SUCCESS in the Modern Business World

Alexandra Skinner speaks to Timothy Mathews at Kennesaw State University’s Coles College of Business Kindly tell CEO Magazine readers about the developments that have taken place at Coles College of Business, in terms of infrastructure, programme design and delivery over the last 12 months.

These options enable students to traverse multiple domains by, for example, employing business skills in the IT sector (with MBA-MSIS degrees) or in the Public Administration sector (with MBA-MPA degrees). Each of these dual

The past year has been an exciting time within

degree options provide our students with a unique

the Coles College, as we continue to grow

and valuable education opportunity, ultimately

and improve the quality of our programmes.

enhancing their skill-set and employability.

In order to stay ahead of industry needs, we

Advanced Corporate Finance Fixed Income Securities Family Business Ethics in Managerial Decision Making Organizational Communication Applied Global Business Strategies International Marketing Management International Business Perspectives

our programme are exposed to the foundations

The balance of fitting an MBA into an already busy lifestyle will be a key consideration for many students.

Please can you tell us more about the accessibility of your programmes?

around the foundations of business, with core

of information systems, which has become a key

Here at the Coles College we recognise and

courses in Accounting, Economics, Finance,

component of decision-making in the modern,

appreciate the competing demands that

Information Systems, Management and

global business world. As a result, our graduates

potential graduate students have on their

Marketing. In addition, students complete

are ultimately able to better meet the needs and

time. As a result, we strive to make our MBA

their degree requirements by selecting courses

expectations of firms in the marketplace.

convenient and accessible for all students.

from a wide variety of electives. Students are

Both our part-time MBA and Executive MBA

required to choose at least one elective with

has partnered with Kennesaw State University’s

are delivered in a traditional, in-person format.

an international focus, guaranteeing that all of

College of Humanities and Social Sciences to

Part-time MBA students in the metro Atlanta

our MBA graduates acquire the skills which are

establish a dual MBA and Master of Science in

area can take classes not only on our campus,

necessary in the modern, global business world.

Conflict Management (MSCM) degree option.

but also at the Galleria complex which is much

This programme of study allows a student

closer to downtown. We additionally offer an

programmes, we pride ourselves on offering a

to concurrently pursue both degrees, while

in-person cohort based programme in Dalton,

high quality, world-class business education at

ultimately completing degree requirements in less

Georgia, which is geographically closer to

an affordable cost. The tuition and fees for out

time than would otherwise be needed. This dual

Chattanooga, Tennessee than to Atlanta. Finally,

part-time MBA are as low as $18,702, for are

MBA-MSCM option is actually one of several dual

we offer a WebMBA as an option. Students in

WebMBA are $22,900, and for our Executive

degree options available to our MBA students. We

this programme earn the well respected and

MBA are $56,500.

also offer a dual degree track for an MBA paired

recognised Coles College MBA, while completing

with a Master of Science in Public Administration,

all degree requirements entirely on-line. This

plus a dual degree track for an MBA paired with a

option gives students the flexibility to complete

Master of Science in Information Systems.

their studies whenever and wherever they choose.

recently added an Information systems course – Leveraging Information Systems in Business – to the core requirements of our MBA. By doing so, we are able to ensure that all of the students in

Additionally, the Coles College of Business

Effective networking has become a pre-requisite to success in the modern business world. Quite simply, relationships matter.

44

Part-time MBA Elective Courses

Our part-time MBA curriculum is built

Reinforcing the accessibility of our graduate

What do you feel executives and high-potentials expect from an EMBA programme and how is Coles College of Business positioned to meet these demands?

As students in our Executive MBA programme, they would expect to develop their leadership skills, motivational skills, teaming skills, and networking skills. Our Executive MBA programme

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is specifically tailored to meet these expectations.

experience in both business and

Yes, we are definitely seeing this trend,

All of our MBA programmes also foster the

public policy. This is a tremendous benefit

which I think is great. Our MBA programmes –

development of teamwork skills, communication

to students in our MBA programmes.

along with other resources in the Coles College

skills, entrepreneurial abilities and cross-cultural

Having a good mix of both academic knowledge

– provide our graduate students with the

abilities. We are positioned to meet these

and real-world business experience is critical.

opportunity to acquire all the skills necessary

varied demands across our different graduate

However, I do not feel that it is essential for every

to become successful entrepreneurs. The

programmes because of the large and diverse

single one of our graduate faculty to have real-

Coles College of Business has a long history

high quality faculty which we have on staff. In

world business experience – in fact, I personally

in emphasising innovation, creativity, and

my opinion, our world-renowned faculty are the

am a life-long academic. Faculty without such

entrepreneurship, stressing the importance

greatest resource that we offer to our students.

involvement, like myself, can often draw from and

of originality and imagination in what our

share the experiences of our students. But, this

students do and how they do it.

Please can you tell our readers a little more about the profile of your faculty?

being said, it is essential for our faculty as a whole to real-world experience – that is, being engaged

Development Center (SBDC) is one of the 17

Certainly. The Coles College of Business has a

with the business community and continually

Centers of Excellence housed within the Coles

talented and diverse faculty, who contribute to

applying their knowledge to solve real-world

College. This center, headed by Director Drew

the professional and ethical standards of their

business problems.

Tonsmeire, offers consulting services to local

As a specific example, the Small Business

businesses. Many current students and alumni

respective disciplines. Many of our faculty are

of the Coles College avail themselves of the

Professor Joe Astrachan, in our management

Many potential students see the opportunity to expand one’s network as a key benefit to undertaking an MBA. Do your programmes offer this?

department, is globally recognised as an authority

Absolutely. Effective networking has become a

elective courses – such as Business-to-Business

on family business. Others, such as Professor

pre-requisite to success in the modern business

Marketing and Entrepreneurship, Innovation

Michael Maloni and Professor Gaia Marchisio

world. Quite simply, relationships matter. As the

and Creativity – and in our Executive MBA

– both also in management – have extensive

second largest business school in the state of

programme. Additionally, the SBDC partners

experience providing consulting services to

Georgia, the Coles College of Business offers its

with Professor Richard Mathisen to have the

private industry. Others have advised government

students an extensive network of professional

students in his Business-to-Business Marketing

policy makers at the highest levels, such as

contacts. Furthermore, through initiatives such

class work on team projects for existing small

Professor Brett Katzman, an economist who has

as our Tetley Distinguished Leader Lecture

businesses in the surrounding community.

testified to US Congressional Committees on

Series, our Coles College Breakfast Series, and

These experiences allow our students to

healthcare policy, and Professor Roger Tutterow,

our roster of Executives in Residence, students

directly acquire important business skills,

who currently serves on the Governor’s Council of

in the Coles College of Business have access to

particularly contributing to their development as

Economic Advisors for Georgia Governor Nathan

regional and national business leaders.

entrepreneurs. The Coles College also houses the

world-renowned and award winning researchers, such as Professor Lucy Ackert in finance and Professor Dana Hermanson in accounting.

Tompkins in finance have provided their expertise as board members in the non-profit and education sectors. As you can see, the distinguished faculty within the Coles College possess both impressive academic credentials and high-profile, real-world

a new business. Additionally, Drew is a regular guest lecturer in several of our part-time MBA

Entrepreneurship Center, the Family Business

Deal. Finally, faculty such as Professor Tim Blumentritt in management and Professor James

services provided by the SBDC when starting

The number of MBAs starting their own businesses upon graduation has increased exponentially over the last few years. To what extent do your MBA programmes cater to professionals seeking an entrepreneurial career path?

Center, the Econometrics Center, the Corporate Governance Center, the Center for Professional Selling and the Center for Accountable Leaders, among others. All of these Centers are highly visible and offer programmes of distinction and national repute.

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KENNESAW STATE UNIVERSITY

Students of your MBA programmes go on to achieve great success. What do you feel are the key distinctions of your programmes that lead Coles College of Business graduates to stand out from the crowd?

We take great pride in the achievements of our students, and I truly believe that in most cases

In my opinion, our world-renowned faculty are the greatest resource that we offer to our students.

the Coles College is a strong contributing factor to their success. Our programmes are distinctive

International business cannot be learned

in that we are constantly innovating in order

from a textbook alone – personal experience

to ensure that we offer our students all the

is essential. But, as you suggest, there is the

knowledge and skills that they need to succeed

potential for any education abroad experience

in the modern business world. These include

to degrade into an “education vacation.” In

teamwork skills, communication skills, and

order to maintain the value and rigour of

entrepreneurial abilities. We additionally expose

our international immersion experiences,

our students to the necessary technical skills that

our faculty who oversee the experiences are

are highly valued by employees. Furthermore, we

diligent in guaranteeing that they truly add

do all of this with a ‘global view’ of business. This

value. To do so, students work on meaningful

is what truly allows Coles College MBA graduates

projects while on-site, becoming actively

to stand out from the crowd.

engaged with local government leaders, businesses, and residents. As a result, our

What does the term ‘global view’ mean at Coles College of Business?

graduate education abroad experiences offer

The simplest answer is that our primary

not get on their own, and this is what creates

academic perspective, across all disciplines

the value for the student.

and programmes, is a global perspective. In the

participating students access which they could

More specifically, our EMBA programme

modern, digital world, both communications

has an international residency requirement.

and transportation costs have become so low

Students live in a foreign country for a period of

that business is conducted around the clock

time and undertake group projects designed to

on a global scale. Consequently, the Coles

address specific problems faced by companies.

College is continually pursuing opportunities to

In the recent past, these residencies have been

expand our global alliances in order to provide

in countries such as Romania, Brazil and Peru.

students and faculty with valuable and unique

complex, technologically sophisticated global

What are some of the key market trends (MBA/Business School) that you see emerging in 2015, and how will this affect your MBA offering moving forward?

business world. We also offer a wide variety

Employers are looking for graduates who

of study abroad options, at various locations

have developed strategic skills but are also

around the globe.

very operationally oriented. They want these

opportunities. We do this in order to allow our students to become ethical business leaders who are able to contribute in an increasingly

Our MBA students are exposed to global

and begin making contributions to their

programme. Whenever possible, faculty present

organisation from day one. They are also

examples and cases to illustrate concepts from

looking for graduates who are adaptable and

a broad-based global perspective. Additionally,

are capable of applying their skill-sets across

as previously noted, all MBA students must

multiple domains. We will continue to have our

take at least one elective course with an

programmes evolve and adapt to meet these

international emphasis.

demands from employers.

You offer international immersion experiences as part of both your MBA and EMBA programme. How do you ensure that the experience really offers learning value and doesn’t simply become an ‘education vacation’?

That’s a great question. To begin with, I do believe that in order to truly understand global business, it must be experienced first-hand.

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graduates to be able to hit the ground running

content and perspectives throughout the

Biography  Dr Timothy Mathews is Director of MBA Programs at Coles College of Business, Kennesaw State University, Atlanta.

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INTERNATIONAL UNIVERSITY OF MONACO

, e l b i x Fle

Practical, GLOBAL Alexandra Skinner discovers more about the International University of Monaco's Online EMBA

CHRISTOS TSIAKOS EMBA Online 2015 Why have you chosen the IUM Executive MBA Online?

I did a lot of research before choosing the IUM EMBA programme.

The main reasons for my choice were the flexibility of the programme, the fact that it is based in Monaco, and the programme structure, where attendance was obligatory for three of the four residential weeks over the two years. This in with fit my work commitments and made it easier to manage.

What are the main added-values of the EMBA? Already being half-way through the programme, I can say that the fact that there is a focus on an applied approach, rather than being purely academic, was a very pleasant surprise. This is strengthened by the fact that most of the professors in the programme have a strong professional pedigree and focus on the applications of the theory. Finally, the residential weeks that bring together the online students and the full-time MBAs is an excellent platform to learn, share ideas and take advantage of the multicultural environment of the IUM. What would you say to potential students who are thinking of joining IUM? For those who are looking for a strong programme that is flexible enough to fit around a busy working schedule, they need not look any further!

The online platform is very effective, making you feel like you are in a classroom without being obliged to leave your office or home – even when travelling you can still attend classes. Finally, the applied approach of the programme makes homework a lot more fun, and on many occasions will help you address issues at your work with a different perspective.

Christos is Senior Director of Operations for Foods, Europe and Africa, at Del Monte International GmbH in Monaco.

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PIERRE DIEBOLT EMBA Online 2014 Please can you tell us about the teaching approach on the EMBA? The EMBA teaching is based on presenting course material in a way that combines theory with pragmatic examples, while at the same time discussing the different international views and latest trends. In each module, the best books and most relevant articles are provided to permit you to get to the point immediately.

The programme offers highly skilled teachers who keep in touch with students even after the end of the modules. The rhythm of homework is adapted to the courses, and homework assignments are diverse, going from forum discussion to capstone projects; you don’t get bored!

And the practicality of the online programme?

The online learning permits you to more easily manage your professional and personal life, while at the same time being part of a very rewarding experience. The learning can be applied immediately in your day to day work.

I thought that with e-learning it could be difficult to make connections with other students, but in fact we all bonded very quickly!

Pierre is Head of Industrial Property & Competitive Intelligence at Galderma in France.

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INTERNATIONAL UNIVERSITY OF MONACO

Innovation at the International University of Monaco

T

he Principality of Monaco is home to over 4000 companies, representing a diverse range of sectors such as finance, commerce, trading, shipping, hotels, events, real estate, public works, industry, transport and telecommunications. With over 120 nationalities amongst its residents, Monaco is also home to a variety of successful entrepreneurs from around the world.

It goes without saying that, by being based in Monaco, the International University of Monaco (IUM) students have the unparalleled opportunity to meet both formally and informally with innumerable global professionals, business people and entrepreneurs. Our Career and Professional Development Office facilitates and enhances these meetings by regularly scheduling conferences and presentations with members of this community. The recent addition of the MBA specialisation track in entrepreneurship and innovation management is a direct result of such encounters, as a growing number of MBA students requested a more structured approach, built into the curriculum itself, to the study of entrepreneurship and innovative business practices. This particular track has been attracting more and more students since it was first launched two years ago, and we have been further developing it as well. The most recent additions to this track include design thinking for management, and innovation and technology.

At IUM, being entrepreneurial and innovative is almost part of our DNA – and this embraces both what we teach, and how we teach. The latter increasingly uses an interactive platform where students from the far corners of the globe

The Online EMBA  AMBA accredited  Includes 3 to 4 residential weeks in Monaco  Flexible schedule  12 to 24 months programme  3 intakes in October, February and June  54 US credits  Personal career coaching

Key figures:  20% – the average increase in salaries immediately upon completion of the EMBA.  100% – all students had been promoted by the end of the course  12 – the average number of years of professional experience of enrolled students

are able to interact with one another in virtual teams and communities. As a recent example, we have this year successfully launched – with 14 enrolled students – our completely reformulated DBA programme. This programme, which is mainly taught online, was designed in response to demand from experienced professionals to take a step back from their ongoing professional activities in order to formalise their knowledge, and to acquire new perspectives and insights, which are so essential in today’s rapidly changing business world.

The structure of the three-year programme is characterised by a sequence of on-campus meetings, online courses and relations with academic advisors, who provide continuous guidance and support either individually or in

small groups via email or visio-conferences, and internet-based, collaborative learning platforms.

The IUM DBA is executive oriented. It links applied academic research with managerial practice. The programme provides an opportunity for executives to treat a managerial problem based on scientific methodology, or to undertake a theoretically informed reflection about professional activities accomplished since the start of their career.

Biography  Dr Marika Taishoff is Professor and Director of MBA Programmes at the International University of Monaco.

ALINA BRINZA EMBA Online 2014 What would you say differentiates the IUM EMBA from others?

The Executive MBA is a great platform for obtaining solid knowledge in various business areas and at the same time exchanging ideas and networking with new business contacts. The online platform used for the courses is very convenient and user-friendly, and most importantly allows multiple options for studying without wasting precious time on travelling. The courses are very demanding, covering large areas at a fast speed, but at the same time the professors are available to spend time explaining even individual questions and cases.

Some of the best parts of studying at IUM are the international environment, the relevant experience of the other students in the class and definitely the professors, who have wide experience in the areas that they teach. They share practical cases that are always a great learning opportunity.

What advice would you give to potential EMBA students?

I think it is useful and important to clarify why you want to do an EMBA and what you expect from it, as I think this is a long-term investment. This will allow you to have healthy, reasonable and realistic expectations.

Once you embark upon the programme, I think it is important to allocate sufficient personal time for studying and gaining insights into the areas that you are mostly interested in. If you don’t create the time, it will bring you less added-value.

I also consider it very important to invest in building a good network with your colleagues. Although this is an online EMBA, I personally met a few people in my team who have inspired me and offered me some new insights, and I am excited to keep in touch with them in the future.

Alina is Director of Near-shoring Operations at Orange in Moldova.

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#ENTREPRENEURSHIP

#Entrepreneurship Becoming an Entrepreneur

Qualities of Successful Entrepreneurs According to Stephen Key, inventor, author, speaker and cofounder of InventRight, LLC., a Glenbrook, Nevada-based company that educates entrepreneurs in how to bring ideas to market, there are five common characteristics that entrepreneurs share:

In comparison to when they were employed, entrepreneurs are:

63% Busier 30% Better-off 54% More relaxed 71% More optimistic 81% Happier

1. An un-wavering passion 2. Open-mindedness 3. The desire to be an expert 4. A forward-looking approach 5. A constant flow of ideas

The Great Entrepreneur Quiz “One thing I have worked out is the knack of identifying in a few minutes (and in most cases, a few seconds) the entrepreneurs and businesses that definitely won’t make it big and therefore aren’t right for investment. Of course, I can’t claim this is an exact science - and a lot comes down to the personality, passion and persistence of the entrepreneur when you meet them. But, that hasn’t stopped me putting together a multiple-choice quiz.” Andy Yates

Question 1: Why do you want to start up your own business? a. To make a difference. b. To make a lifestyle choice. c. To make a bundle of cash.

Question 2: How committed are you?

a. I will do whatever it takes. b. I will commit whatever time I can manage. c. I will do whatever makes sense – I have a lot of things on the go.

Question 3: Are you a team player?

a. I know I can’t do this alone – I do, or will, work with experienced people with complementary skills. b. I know I can work on my own or with other people. c. I know what I am doing and I can take this on myself - after all, the reason I am in this business is that I can do it better than other people.

Question 4: Where do you want to be in five years’ time?

a. I want to see my product or service used by thousands of people. b. I want to be happy. c. I want to be sitting on a beach.

Question 5: How are you going to make money?

a. I have spoken to customers, I know what they want and what they would pay and I have worked out my supply and distribution costs. b. I have spoken to suppliers, worked out the costs and I reckon I can make a margin. c. I will provide it, customers will come.

Question 6: How are you going to grow sales?

a. I am going to lead initial sales and then hire more experienced people. b. I am not a sales person, so I will focus on getting the product right and sort out the rest later. c. I will provide it, customers will come.

Question 7: Have you got any competitors?

a. Yes, but I have identified the gap in the market, understand the market size and opportunity and outlined clear reasons why people would buy from me.

b. There are some big competitors but I know who they are and I will watch them closely. c. No, I haven’t got any competitors – my business is unique.

Question 8: How much profit is the business going to make in five years’ time? a. I am ambitious and forecast strong growth based on reasonable assumptions from what I already know of the market and the opportunity. b. As long as I pay the bills and do my best to grow, the business should make profits. c. The business is going to be massive. Revenues are going to go through the roof

Question 9: How much do you know about your industry or sector?

a. I and/or my team have experience and contacts in this sector. b. I have done a bit of work in this area and reckon I should be OK. c. I know what I am doing. How hard can it be?

Question 10: What have you achieved so far?

a. I have sorted out my initial product/service and got some initial sales/traction/data/ PR/social media followers/ marketing exposure. b. I have done a lot of research. c. I have a brilliant idea.

If you answered mainly As: Well done. You are on the right track to getting outside help, backing or investment.

If you answered mainly Bs: Think carefully about what you really want. You may be a lifestyle or consultancy business – which is great and can give you the freedom and control you want – but to get backing or investment you may need to be more ambitious.

If you answered mainly Cs: Business is much harder than you think. You might get lucky and you may have struck gold. But, don’t be in a gold rush to give up the day job.

Andy Yates is an experienced entrepreneur, business mentor, advisor and angel investor. He is an investor director at Huddlebuy (www.huddlebuy.co.uk), Europe’s largest money saving site for businesses – that already helps more than 200,000 enterprises and is expanding globally.

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AMERICAN UNIVERSITY IN THE EMIRATES

ENGAGING

EMERGING LEADERS in the

Emirates

Alexandra Skinner to the President and CEO of the American University in the Emirates The MBA at the American University in the Emirates

Delivery modes are flexible.

Classes are offered on weekends for students who work full-time, and during weekday afternoons and evenings for students who prefer these timings. The MBA programme includes electives such as project management, total quality management, organisational development, innovation and entrepreneurship, as well as e-commerce and international trade, special topics, and a thesis. The programme has a dedicated programme coordinator and specially designated graduate faculty who are responsible for delivering the courses while ensuring academic support to all students.

Courses taught by faculty members are aligned with their specific research area, so as to encourage the achievement of high quality teaching, learning and informed research.

Academic advisors collate information regarding students’ academic performance, attendance and language requirements and collaborate with instructors to encourage attention to students at risk. The exchange of information between instructors and advisors is an effort to address students who require additional academic help. Further support is provided by the Department of Student Affairs, including the Guidance 52

The MBA programme has a global perspective, reflecting the position of the Emirate of Dubai as a hub of international business activities.

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AMERICAN UNIVERSITY IN THE EMIRATES

and Counseling Unit, and by the Academic Registration Department together with other administrative units, as required.

The College of Business Administration’s faculty members hold PhD degrees, many earned at US and UK institutions of higher education.

Some faculty members are also professionally qualified, with real-life experience in the areas they teach.

Since the majority of the University’s MBA students are adults who work full-time, peer-to-peer learning is extensively utilised, so that students can be resources for each other as well.

Fostering integrity in leadership Businesses look for leaders who can make decisions and take action whilst maintaining high standards of professionalism and integrity. In facilitating the development of such leaders, faculty members emphasise professionalism and integrity as key elements for coverage in the classroom, using cases and project reports, as well as in the co-curriculum.

AUE’s MBA focuses on developing the potential of our working students by offering a value-driven curriculum that emphasises leadership best practices.

The programme stresses the application of organisational concepts, and techniques that are ethically integrated to help create managers, executives, and leaders for diverse and changing business environments.

interested students. The MBA programme has a global perspective, reflecting the position of the Emirate of Dubai as a hub of international business activity, a global business city, and a world financial market center. Students from diverse nationalities and cultural backgrounds add flavor to the MBA programme and learning environment at AUE. Doing business in Dubai also presents some unique challenges for managers. Workforce diversity, environmental culture, and the challenges of sustaining growth are some of the issues addressed in MBA programme lectures, including case studies and project reports that emphasise best practice solutions to such challenges.

It is extremely important for today’s MBA students to ‘think globally.’ Whether graduates become entrepreneurs or employees, corporate markets are not defined by national borders, and most business opportunities have international dimensions. All MBA courses at AUE include such a focus.

Corporate relationships AUE’s strong relationships with corporations add value to our courses and programmes by providing relevant examples of challenges that can be addressed with greater or lesser degrees of effectiveness, for the purposes of classroom discussion, as well as enthusiastic and informed College Advisory Board members, potential opportunities for community service, such as custom-designed training as required, and venues for internships and field-trips, or employment for interested students.

AUE in 2015 and beyond Information technology, market diversification, product and service innovation, and dynamically changing levels of risk, are some of the regional and international trends that will continue to evolve during 2015. The College of Business Administration will follow such trends, with the assistance of its industry-based Advisory Board, and will regularly review its curriculum so as to ensure that our MBA students are engaged in the best practicable teaching and learning environment, in a customised manner.

Dubai – a dynamic and international Emirate As indicated, the majority of AUE’s MBA students are engaged in full-time work. The university’s location in Dubai allows many opportunities for internships and field trips relevant to classroom study, while also providing potential future employment opportunities for

Biography  Professor Muthanna G. Abdul Razzaq, PhD, is President and CEO of the American University in the Emirates, Dubai.

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IMD: STRATEGY AND GEOPOLITICS

GAMES countries play and implications for

BUSINESS Carlos A. Primo Braga

M

ike Tyson once remarked: "Everyone has a plan 'til they get punched in the mouth".

This statement underscores the relevance of strategy at different levels. First, it reminds us that "players" in wars, politics, business, and boxing matches typically think ex ante about the best strategy to achieve their goals. After all, strategy is "the art of creating power"; that is, a plan of action that helps

you accomplish your objectives in the "game" that you are playing. Second, it underscores the importance of thinking through what you will do once the other "players" (opposing armies, political opposition, competitors, or the other boxer in the ring) react to your initial move. In this context, Mike Tyson's statement can be characterized either as an example of a naïve strategy that does not fully consider the next interactions in the "game" or as a shrewd interpretation of the realities of a boxing match.

Business actors have a difficult time in assessing geopolitical risks when defining their strategies. After all, these risks are often classified as the proverbial “black swan”. Who expected Russia’s annexation of Crimea in 2014?

Moreover, as I discussed in a previous article, financial markets tend to heavily discount the relevance of geopolitical conflicts. Hence, “surprises” can be even more disruptive when they become a reality. History provides us with some lessons and “game theory” is helpful in framing strategic responses.

Lessons from history Geopolitical concerns have become much more present in the minds of CEOs in the last 12 months. The yearly Global Risk exercise conducted by the World Economic Forum, for example, illustrates this, as interstate conflicts were ranked at the very top among key global risks for the world economy in the January 2015 edition of the report.

The obvious question then is: can we derive significant lessons from history? The answer, as usual in billion dollar questions, is “Yo” – a combination of yes and no. For example, if we look at the two world wars, we see different impacts on financial asset classes in the US and Europe. World War I was, in the words of The Economist in 1938, “a bolt from the blue” that caught financial markets totally unprepared.

World War II, in turn, was preceded by a series of aggressive moves by Nazi Germany that created strong expectations among financial actors that a major armed conflict was very likely.

WWI led to significant losses for European securities and currencies as compared with 54

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IMD: STRATEGY AND GEOPOLITICS

Strategy is ‘the art of creating power’.

US financial assets. This lesson, however, had to be interpreted cautiously in predicting the implications of WWII. First, the smart money fled Europe in advance of WWII. Second, not surprisingly, financial assets and currencies in continental Europe were also negatively affected by WWII. British financial assets, however, actually performed better than US assets over the 1939-45 period. In short, different government policies in the two wars significantly influenced financial outcomes and in some circumstances dominated geopolitical shocks.

During the Cold War period (WW III according to some analysts), confrontation between the capitalist and the communist blocks did not move financial markets in a significant manner. The Cuban missile crisis in 1962 barely impacted Wall Street or the price of gold. Maybe this simply reflected the lack of appropriate information about the seriousness of the crisis among investors. More likely, it illustrated the impossibility of proper hedging vis-à -vis the possibility of a nuclear catastrophe.

The apparent resilience of financial markets to geopolitical shocks has continued over time.

The only major exception to this was the IsraeliArab war of 1973 because of its implications for oil prices. In the 21st century, episodes like September 11th and the war on terror have not changed the thrust of the above analysis.

Accordingly, one can speculate that financial markets suffer from “disaster myopia” – the thesis that markets tend to excessively discount the danger of a major exogenous shock as time elapses since the last similar shock. According to this view, memories from WWII or even the

geopolitically driven oil shocks of the 1970s have already faded. If one adds to this the difficulties in assessing the costs of geopolitical disasters, it is no surprise that markets do not seem to be too concerned with rising geopolitical tensions.

Much ado about nothing?

Does this mean that companies should be oblivious to tensions in Eastern Europe and to the chaotic situation in the Arab world? The obvious answer is no. After all, on top of the humanitarian implications of the crises in question, we cannot simply dismiss the chances of significant macroeconomic externalities.

This, in turn, suggests the importance of having clarity on which “game” we are playing.

The Ukraine-Russia conflict is a good example of the complexity of the question. If the Russian actions reflect an expansionist threat to the West, based on a misguided reading of historical ties to Russian minorities in other countries, and the vision of “Novorossiya” as a platform to re-establish the grandeur of the former Soviet Union, then the West should adopt a response based on deterrence. According to this view, only a robust military answer (e.g., providing offensive arms to Ukraine and reaffirming the US nuclear shield as protection to all NATO members) will stop Russia’s aggression.

If on the other hand, Russian actions are mainly a tactic to divert attention from domestic political issues by focusing on the external threat posed by NATO expansionism, a different perspective emerges. In this scenario, the aggressive policy is driven by insecurity, and a “muscular” response may trigger reactions that can easily spiral out of control. Accordingly,

appeasement structured as a combination of limited economic sanctions and a credible commitment to the neutrality of Ukraine would be better answers to the crisis.

Unfortunately, we don’t know which world view drives Putin’s perceptions. But it is important to recognize that the optimal response from the West differs dramatically if it is in deterrence or “spiral” mode. We can assign probabilities to each perspective and calculate the boundaries of threats that are both acceptable and effective. In theory, by practicing brinkmanship associated with the gradual escalation of economic sanctions, the West will be better off than by embarking on a fullfledged deterrence approach immediately.

It is important, however, to recognize that this game-theoretical approach is more an art than a science. As George Mikes once said: “many continentals think life is a game; the English think cricket is a game”. Currently Putin seems to be playing by different rules and his game is even more complex than cricket. In the current global environment, however, business will ignore geopolitical risk at its own peril.

Courtesy of IMD.

Biography  Carlos A. Primo Braga is Professor of International Political Economy at IMD, and Director of The Evian Group@IMD. He teaches in the Breakthrough Program for Senior Executives (BPSE), the Orchestrating Winning Performance (OWP) program, and also the IMD-CKGSB Dual Executive MBA.

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LIST OF CONTRIBUTORS

List of Contributors A

I

Alon Rozen Amber Callender American University in the Emirates Australian Institute of Business

IMD INSEAD Knowledge International University of Monaco ISEG – Lisbon School of Economics and Management

C

J

Colin Higgins

Joel Abraham

D

K

Deakin University

Kennesaw State University

E

M

École des Ponts Business School Emad Rahim

Macquarie Graduate School of Management Mark C. Crowley

G

N

Griffith University

Nordakademie R Rajaram Veliytah

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