Agora News Issue 17 April 2010

NEWS

agora

IN THIS ISSUE: LEARNING FROM THE DOWNTURN – A REPORT ON THE FUTURE OF THE MBA// HOW MUCH DOES DIVERSITY REALLY MATTER TO BUSINESSES?//CAPTURING CORPORATE CASH HOLDING

“Diversity in the workforce is not an end in itself...” see page 10

Alumni Magazine for Durham Business School

April 2010 Issue 17

Business School

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Bus ness Schoo

Earthquakes can’t destroy dreams

CONTENTS IN THIS ISSUE...

Help young Haitians fulfil their potential 4

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9 Learning from the downturn – a report on the future of the MBA

Dean’s Welcome

For more information on the Charity Ball and ways in which you can support this worthwhile cause, visit the Agora website (www.agora.org.uk) and click on ‘campaigns’.

Welcome to all our alumni, students and supporters, and what a fantastic start to the New Year it has been!

Following the success of achieving AACSB accreditation last April, Durham Business School became eligible to join the American based International Honour Society, Beta Gamma Sigma.

The Durham chapter of Beta Gamma Sigma was launched in January by Professor Amanda Broderick, who is an existing BGS member and Chapter President. Amanda is the School’s new Chair of Marketing, and you can read more about her on page 13.

The founding members of the Chapter are seven MBA alumni, who were nominated by their Programme Director for their outstanding academic achievement. They are: Manoj Adhikari, Marc Bell, Steve Fountain, Pankaj Kishore, Barb Kral-Hasty, Tom Mullen and Umesh Rathan.

We are pleased to be able to unveil this new look Agoranews following feedback from alumni and staff. As well as the usual popular features such as School and University news, book review and

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Alumni – Update

alumni update we have included some more thought provoking researchbased articles.

As the School continues to go from strength to strength – rising through the rankings – it is attracting a more internationally diverse cohort of students year on year, something which also serves to strengthen our alumni network.

Reflecting this, your alumni network, Agora, has undergone extensive growth and many changes over the past twelve months.

In this issue we share an overview of our collaborative research with the Association of MBAs’ Research and Consultancy Centre (R&CC). The research – The Post Downturn MBA – takes into account the responses of a total of 100 business schools as well as 544 alumni from 57 countries across the world. As well as gaining high-profile coverage in the press, including the Times, Guardian and Times Higher, the findings have provided confirmation to us that we are continuing to develop and adapt our curriculum to the changing demands of modern business, and have drawn out topics and areas for further attention amongst business schools as a whole. I think that you will find it a most interesting read.

We have record numbers of Local Association members, with new groups springing up across the USA and South America. If you are interested in forming a Local Association in your city, region or country, please contact us for assistance.

In 2010 we are encouraging Agora members to support selected DBSrelated charitable causes – you may have noticed the new Haiti campaign on the inside front cover. This appeal marks the start of a long-term campaign to raise money for those who have had their opportunity to study taken away from them. Initially we plan to raise money to provide scholarships for Haitians whose lives have been destroyed by the recent devastating earthquakes. As part of the initiative Durham MBA students will be coordinating a charity ball in Durham later in the year and we encourage Local Association leaders to take the initiative and arrange their own coordinated activities for the same cause.

Also featured are an interesting research paper on Corporate Liquidity Management written by one of our visiting academics, Professor Kit Baum of Boston College; an alumna’s synopsis of a report on Diversity across 53 top organisations which was commissioned

by KPMG; and a career-related piece highlighting the significance of a mentor with a foreword from DBS’s new Career Consultant, Clare Cassidy.

As well as the sterling work of our Local Association groups, many of our members are assuming the role of a Durham Ambassador with great success. One such ambassador is

We are grateful to everyone who continues to support the School in so many ways, and look forward to keeping you updated on our successes in 2010.

Utsav Malhotra (MBA 2009). Utsav has aided Durham recruitment in India by assisting prospective students with their queries, supporting them through their application process, and being a source of information to them until they become a DBS student. Utsav received this message from a prospective student he’d assisted: “…Now I know which Business School to choose from my pretty wish list… Again I would want to thank you and say that you are a very good mentor and people working with you are really lucky to have you in your organisation.”

Comments such as this highlight how each Agora member can positively influence the reputation of Durham Business School. Activities such as volunteering to be a Mentor, joining a Local Association or participating in our online forums via LinkedIn and Facebook make a huge difference.

We would like to say a big thank you to all our Durham Ambassadors, including Utsav, who spend their valuable time helping DBS become one of the finest international business schools in Europe.

Another Agora achievement has been the launch of the new website, Agoraweb (www.agora.org.uk). Initial

registrations have been promising and we now have almost 2000 of our members onboard. The site provides alumni with access to various online subscriptions including EBSCO, MarketLine and Business Insights, as well as highlighting job opportunities and careers advice.

Accusations in the media that business schools were responsible for contributing to the recent economic crisis inspired Durham Business School’s Dean, Professor Rob Dixon, to propose a research project that would act as a catalyst for debate on how the MBA should develop in order to better train the business leaders of tomorrow.

The latest innovation on Agoraweb is the exclusive hosting of the independent online resource Management-Issues. ManagementIssues provide an objective platform for topical debate and informed opinion by ‘thought leaders’ on management, leadership and human resources issues.

If you have not yet visited Agoraweb to check/update your details, please email dbs.alumni@durham.ac.uk to request your personal ID number for registration.

Learning from the downturn – a report on the future of the MBA

Thank you to all of you who share your news, updates and press releases with us. We love hearing from you and intend to feature as many as possible on Agoraweb – so please keep them coming!

Laying the foundations for one of the most far reaching debates surrounding the existing MBA curriculum, a comprehensive research report undertaken

by Durham Business School, in partnership with the Association of MBAs, suggests it’s time for change. Here, we take a look at the recommendations that will shape the future of the MBA.

We hope you enjoy reading this edition of Agoranews and, as ever, we welcome your feedback.

Professor Rob Dixon, Dean

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DEAN S WE COME A UMN UPDA E

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They are: Chief Superintendent Tim Forber – recently appointed as a Divisional Commander within Greater Manchester Police; Helen Winslow – a hospital doctor working in the field of infectious diseases and tropical medicine in Liverpool; and Carlos Andreas Sanchez Garcia – a lawyer from Bogota, Colombia.

Here Nicola Shearer, Durham MBA alumna (1995–96), shares with us a synopsis of the report: ‘Thriving in a diverse business world’.

Nicola is a consultant specialising in the area of Diversity & Inclusion and recently ran a workshop with business leaders and the authors, exploring the findings and recommendations of the report.

An award covering the cost of the programme fees is made for each mode of delivery: distance learning, executive (part time) and full time.

Thriving in a diverse business world By: Dr David Lines and Peter Hamill – Roffey Park How diversity is factored into sales, procurement, markets and human resources etc is what diversity and HR professionals spend many an hour thinking about. However, what really interests senior business leaders, according to a recent report commissioned by KPMG and conducted

by Roffey Park, is diversity of thought.

The report captures the views of 53 Chief Executives, Chief Financial Officers and Chairmen from FTSE100 or similar sized organisations. The report does not say that business leaders fail to appreciate the significance of workplace diversity, it stresses that they feel diversity in the workforce is not an end in itself but rather a means to achieving better quality of thinking and hence better commercial decision making.

This may explain to some extent the misalignment sometimes felt between diversity practitioners and business

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leaders. However, the report stresses that it is within the business leader’s remit to make this diversity of thought happen – and quickly. No business leader can afford to wait for better quality of thinking to develop over time through recruitment of diversity at entry level and waiting for it to permeate to the top of his or her organisation. The participants themselves believe this strategy alone is not working – or not working fast enough.

teams and throughout their organisations. Many participants saw lack of diversity at board level as a weakness precisely because it reduces the quality of debate and limits the ability to think differently.

Diversity of thought is paramount as business leaders in the report cited many factors now influencing important commercial decision making. Factors such as: the pace of technology; geographic expansion; different models of business ownership, financing and investment; increasing diversity of stakeholders; complex business environments (legal, ethical & cultural); increased segmentation, diversification and raised expectations of customer groups. The speed with which business leaders must respond to these complex factors requires them to have diversity of thinking around them, otherwise the quality of those decisions deteriorates over time.

One solution to this lack of diverse thinking at the top of the organisation is to hire in diversity, however the report suggests that this is not enough either.

An organisation must also welcome difference and be genuinely open to different perspectives and thinking.

Business leaders must be mindful of how they take diversity into account in their commercial decision making on their boards, in their senior management

HOW MUCH DOES D ERS O BUS NESSES

Despite the challenges, the research participants were positive about this diverse business world. To them it creates opportunities to increase services and products well placed to serve emerging markets. That’s not all; the combination of local employees around the world holding significant knowledge of the business and increasingly well-educated graduates is leading to a more distributed intellectual capital. This has led to a process that many in the West or Developed World had not expected – that of “Western” companies being acquired by organisations in emerging economies.

This will produce a significant shift in what leadership looks like within companies from the very top. It turns on its head the notion that diversity must over time work its way up through the organisation.

REA

ESRC FUND FELLOWSHIPS The School has been awarded two fellowships as part of the ESRC Management and Business Development Fellowship Scheme. The scheme has been developed by the Economic and Social Research Council to help ensure the future research base of Business and Management studies in the UK. Fixed term for a period of up to three years, they begin in April 2010.

Recommendations in the report include the need to address the culture and social rules in the organisation that prevent different thinking from thriving and fostering “positive conflict” which is defined as working through disagreement in a collaborative way, sparking creativity, innovation and good decision making. For businesses to be competitive in the future they need men and women who think differently, are able to express their views and leaders who seek input from people who widen their perspective. This is the key to thriving in a diverse business world.

In recognition of the importance of ongoing careers support for its students and alumni, Durham Business School has made further investment in its careers development team.

Clare is a great believer in the value of mentoring. She comments: “Mentoring is something everyone can, and should, have access to.

It is a great way of providing an invaluable source of support and development for executives, managers and business leaders.

The latest addition is Clare Cassidy, who joined earlier this year as a Career Consultant. Clare has over ten years experience with a large HR consultancy and has worked with clients across all sectors and functions. Her considerable professional experience includes recruitment, business development and client relationship roles.

A full version of the report is available to download free at: www.roffeypark.com

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At least this was the conclusion of a study of mentored and unmentored employees in 1992 by Georgia Chao, professor of management at Michigan State University. Indeed, about 80% of FTSE 100 CEOs claim to have benefitted from a mentor or coach. But there are plenty of intangible, invaluable, benefits to having a mentor at work, too.

Peter Fennah, an expert in career development, says finding a professional mentor helps workers with: “Thinking in new ways, optimising performance, [gaining] networking contacts and understanding how to get things done outside of the formal processes and systems, which don’t always work.”

Whilst the Business School’s Mentor Scheme utilises the alumni network for the benefit of student and alumni development, mentorship in the workplace should not be overlooked.

Mentoring is basically about having someone act as a sounding board, someone who is personally involved and cares about your long-term development.

A number of larger companies, including Sainsbury’s, HSBC, KPMG and Shell UK run mentoring schemes, and some also participate in collaborative efforts such as the FTSE 100 cross-company mentoring programme, run by Praesta Partners, which aims to use mentoring to increase the number of women at board level in the UK.

I recently came across this Guardian newspaper article which stresses the significance of finding a suitable mentor to assist your career development. The article refers to details from a study which states the attractive benefits of having a mentor include earning more as well as faster promotions. It also has some very practical advice on how to get the most out of the relationship. I hope that you will find it of interest too.”

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If you are not aware of a mentoring scheme in your workplace, finding a mentor could be as easy as calling HR. “Your company may run a scheme but [it’s] not well publicised. HR departments are quite happy to put staff in touch with managers who have volunteered to mentor,” says Susan Vinnicombe, director of the International Centre for Women Leaders at Cranfield School of Management.

Otherwise, find a mentor yourself and approach him or her independently.

“Look at a person, a senior manager, ahead of you. Someone who will

MDC

“Keep your request low key, and make the initial query through an email or phone call. Make it clear that you’re not looking for a job or promotion, just advice and direction. Explain how they might know you – from a meeting you were both in, for example. And give them plenty of room to feel comfortable about saying no.

EXPERTISE MAKES A DIFFERENCE

“In my experience, the typical reaction from a manager asked to take on a mentoring role is to say ‘yes, but exactly what do you want from me as a mentor?’,” says Vinnicombe. So before approaching a senior manager, it is vital that you know exactly what you’ll expect them to provide in advice and time.

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Late last year, DBS staff Anne Woodhead and Dr Riham Rizk, visited Cairo to represent the School at an MBA recruitment fair. After the successful event they met with a group of alumni for dinner at ‘Tabouleh’ restaurant. Also in attendance was ex-DBS staff member Professor David Kirby who is now Dean of the Faculty of Business Administration, Economics and Politics at the British University in Egypt and manager of Audience Relations at the British Council.

2. HONG KONG Hong Kong Agora met for a Christmas reunion dinner at the City University of Hong Kong. Fifteen alumni attended and, as usual, the event was expertly organised

by Eddie Yu and his colleagues. In February the group hosted another event at Dublin Jack’s Irish bar in Hong Kong, when Alexandra Sedgwick, DBS Alumni Relations Manager, joined them for dinner.

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Southern Agora is as always a very active group. They met for dinner on 10 December for a Christmas celebration at Wong Kei’s and then afterwards at De Hems Bar for drinks. Thank you to Dionysia Patrinou who organised this event in the absence of group leader Nikhil Kulkarni.

And importantly, do not lose sight of the reason you wanted a mentor in the first place. While it is great if your chosen mentor can provide friendship, support and validation, do not forget the career development goals you started out with.

United Arab Emirates continue their wonderful work and are currently organising an alumni ‘yearbook’ in which the group members are providing articles, updates, photographs and much more.

The group has been holding regular meetings to keep this initiative going forward, and we wish them great success with it.

Niall Ferguson is a British historian of some considerable note. He is a History Professor at Harvard University, and if that isn’t enough, he is also the William Ziegler Professor of Business Administration at Harvard Business School.

He is the author of such books as Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets; The Cash Nexus: Money and Politics in Modern History and the book we are discussing today The Ascent of Money.

This book is both a top selling economic history text (yes, such things do exist) AND a successful television series, for those of you who watch the UK television station Channel 4.

What I particularly like in this book is Ferguson’s sweep through the

civilisations of the past; telling the reader many fascinating facts, such as that the Incas spurned the use of gold and silver as money, or that preChristian Babylonia produced credit notes in the form of clay tablets, and other details concerning the development of various civilisations’ attitudes towards money and finance.

This is an excellent broad history of our financial system, especially of interest when covering such topics as the development of bond and stock markets; the West’s obsession with property and many cautionary tales from history of boom and bust.

What makes this book such a good read is its linking of historical events to our current recessionary predicament – both as an example of how things have gone wrong before and as direct causes of the latest credit crunch.

COMPETITION 3

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What drives you?

I have three young sons aged nine, six and three, and spend precious time away from them at work. I want every moment of that time to be maximised to be the most productive, the most creative, the most authentic, and of the most significance, so that my three sons can be proud of their mum.

For your chance to win a copy of the book visit: www.agora.org.uk select ‘news’ and follow the competition links.

Closing date: 30 April 2010

OCA ASSOC A ON NEWS BOOK RE EW

What was the best career advice you were given?

I’ve had fantastic mentors over the years that I’ve learnt a huge amount from and wish to emulate in many ways, but I suppose ‘learn from others, but carve your own path’ strikes true to me.

What advice can you offer to students and alumni thinking of an academic career?

It is a privilege to be an academic – an exciting, multi-focused career that you can feel passionate about. An academic can be involved in a huge variety of activities, including academic research; publishing in academic and professional journals and books; teaching students; designing, managing and facilitating undergraduate, postgraduate, research and management development programmes; consultancy; presenting at conferences; providing business advice and contributing to your professional discipline agenda; and advising government on policy matters.

If you want a career as a business academic, a PhD is a starting point.

Are you excited about research? Do you want to share your knowledge and passion about your subject with others?

If so, an academic career may be for you.

What are you currently working on at Durham Business School?

Next month my colleagues and I will be conducting a hugely exciting experiment looking at the representation of brands in memory. We shall be using a functional magnetic resonance imaging (fMRI) scanner to capture neurological consumer responses in more detail than they have ever been looked at before.

Consumer education is a common part of a marketer’s role and understanding the learning process and the storage and retrieval of memory is critical to this.

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The way forward Comparisons between alumni and school responses provide the most realistic picture of possible development paths for the future MBA degree. While accepting that in some cases schools may have a better understanding of the content and delivery of their programmes, the disconnect shown between the two sets of respondents illustrates that schools do need to be more realistic about the ways and means in which they deliver some of the key aspects of the modern MBA programme.

Staying ahead of the game One clear and pertinent message from schools is the extent to which they try to continually develop programmes to ensure that the MBA is relevant to current management and leadership issues – and in many ways “staying ahead of the game” in doing so.

This is borne out both by the regular re-design of MBA programmes and the extent to which a wide variety of subjects, especially softer skills and the topics such as sustainability and CSR, have become increasingly prominent in the core or thematic delivery of accredited programmes.

An agenda for the future Although the report has laid the foundations for developing the agenda for the MBA, the consensus is that these changes do not represent an entirely one-off reaction to the financial crisis, either from business schools or the Association of MBAs. Both have continually succeeded in developing the accredited MBA to try to meet the needs of modern organisations.

Finally, Professor Dixon sums up his view from the perspective of a business school Dean: “The economic crisis has shown that we can’t just expect things to go on as they were – it’s not just all about profit. Business schools are helping to build a new way of doing things, one that doesn’t put the interests of shareholders above all else. Businesses need well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions. We, here at Durham, believe that we fully equip our graduates to do so and we shall continue to strive to maintain the relevance of the MBA.” To obtain a copy of the full report, please contact dbs.marketing@durham.ac.uk

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Kit Baum is an Associate Professor of Economics at Boston College, where he co-directs the undergraduate minor in scientific computation. His current teaching encompasses econometric methods, applied econometrics, and financial econometrics.

I am also Chairing The Academy of Marketing’s Conference, an annual conference with over 500 academic and practitioner delegates from over 20 countries. It is an influential event and this year the emphasis is on the role of marketing in driving organisational, social, community and environmental change.

Professor Baum’s research interests include applied econometrics, the effects of uncertainty on firm behaviour, monetary policy, and capital investment decision. A contributor to many professional journals and technical publications, he is in great demand for his presentations on current econometric topics. He is currently a Visiting Professor at Durham University.

We look forward to hearing more about Amanda’s research projects in future issues.

Corporate Liquidity Management and Future Investment Expenditures is an empirical examination of fixed capital and R&D investment and compares the behaviour of UK, US and German firms operating in different institutional

Beyond the Civil Service, 25 teachers working in schools in Gibraltar are about to begin an MA in Leadership and Management. Additionally, members of the Executive Team at the Gibraltar Financial Services Commission are about to embark on a bespoke leadership programme, which will focus on client management, project management and decision making.

MDC’s current and past participants in Gibraltar met up for their first Global Get-Together in October.

It was a resounding success with 39 attendees and a similar event is planned for later this year.

Organisations such as NHS Plus, Lloyds Banking Group and Formica have returned to MDC this year, launching new programmes for their senior managers from across the UK and Europe.

Managers from NHS Plus are currently participating in an MDC business development programme, learning new techniques to equip them with the business skills necessary to grow and develop a stronger network of Occupational Health units. They recently announced a third programme, due to start in September 2010.

environments. It is essential reading for anyone who has an interest in the financial markets and macroeconomics.

Pivotal to the research is the issue of whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Using data from three advanced economies, the results shed light on the differences and similarities across market-based versus bank-based financial systems.

The team implemented a dynamic framework to consider the potential impact of adjustment and transaction costs which may prevent firms from achieving their target cash holding levels instantaneously.

One of the most notable evaluations from the research is that, while policy makers have already taken steps to support knowledge-producing companies, the gap between private and social returns on R&D investment remains sizable. Based on this data, the authors have suggested that the efficiency of current R&D-promoting actions, such as subsidies, tax allowances, and venture capital incubators should be re-evaluated.

They also discovered that firms make larger additions to cash holdings when

they plan additional future R&D rather than fixed capital investment expenditures. This behaviour is particularly prevalent among small and non-dividend paying firms that are heavily involved in R&D activities.

The basis of the paper is to understand why firms hold substantial amounts of cash, which earns little or no interest, rather than channelling those funds towards capital investment projects or dividends to shareholders. The study includes a presentation of the model and data and the empirical results and conclusions.

Previous research has examined why, in an environment with no market imperfections, firms can tap into financial markets costlessly and need not hold cash, as cash has a zero net present investment value. However, in the presence of financial frictions, firms do not undertake all positive net present value projects, but choose to save funds for transactions or precautionary motives.

understand the factors that lead to accumulation or decumulation of firms’ cash reserves in the context of market imperfections.

And while they acknowledge that they are not the first to investigate the impact of market imperfections on cash holding behaviour of firms, they do claim that their study differs from any other undertaken so far. In previous studies, researchers have recognised the significance of current and future investment plans for liquidity management, but there seems to have been no consensus on how to capture those effects.

Some use current investment expenditures in their investigations, while others use Tobin’s Q as a proxy of future investment opportunities of the firm. Throughout the paper, however, it is explained that both of these strategies have their drawbacks.

In order to mitigate these problems, they examined the effect of one-periodahead additional fixed capital and R&D investment expenditures on firms’ liquidity management behaviour.

Their analysis further reveals that firms in each of the three countries (Germany, UK and the US) augment their cash holdings more vigorously when they plan additional future R&D expenditures than they do for planned increases in fixed capital investment expenditures.

Scrutinising the data in more detail, it is clear that this behaviour is particularly prominent among small firms and non-dividend paying firms that are heavily involved in R&D activities. Interestingly, another anomaly is that UK and US small companies have the highest level of R&D activity in comparison to their larger counterparts, while the opposite is observed for German firms.

Also, similar to earlier literature, they show that the cash flow sensitivity of cash is higher for constrained firms with respect to their larger counterparts in the UK and the US, whereas this difference is substantially smaller in Germany.

From the policy perspective, it is hard to underestimate the importance of technology producing mechanisms for knowledge-based economies. However, the study reveals that R&D-intensive companies are more likely to be financially constrained than their less technological counterparts as they must maintain their liquidity.

To quantify the motivation for firms’ liquid asset holdings they use a variant of an empirical specification proposed by earlier researchers. The main difference in their approach is the introduction of two types of investment, fixed capital and R&D, rather than merely focusing on fixed capital investment.

Overall, their findings highlight the importance of the impact of changes in future R&D investment on the optimal level of a firm’s cash buffer. It is clear, then, that R&D-intensive companies are likely to face greater obstacles in accessing external financing in comparison to those firms that invest in physical assets that may be pledged as collateral.

A full copy of the paper can be accessed from: http://ideas.repec.org/p/boc/bocoec/712.html

The authors state that their findings are unique in light of previous studies, which have not shown such diverse and significant effects including the data relating to R&D efficiency. Also, in contrast to the cash holding literature, they show that future R&D investment has an economically significant effect on firms’ liquidity behaviour.

Firms facing market imperfections, therefore, must choose their level of liquidity at each point in time while taking into account current and future capital investment expenditures.

By examining the changes in firms’ cash holdings, the authors try to

CAP UR NG CORPORA E CASH HO D NG

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Q&A

During the past year the Management Development Centre (MDC) at Durham Business School has welcomed 135 new participants to its wide range of management programmes. Its unique and effective approach to management and organisational development is proving a great attraction to organisations of all sizes, attracting interest from a variety of sectors – from financial services and manufacturing, to education and the Civil Service – all interested in improving performance through their people.

MDC E PER SE MAKES HE D

Preparation and planning Combining the responses of both alumni and business schools gives an indication of a shared consensus on the topics both sides believe are important in today’s business climate. These include business policy and strategy, leadership, and entrepreneurship and change management, as well as external risk factors, business ethics and, finally, creativity and innovation.

When asked about criteria MBA alumni would look for in a programme today, the greatest concern was the content of the curriculum. Most notably, 19% suggested they would look for a course that contained more coverage of change management, with risk management and leadership also featuring heavily.

Responses also revolved around the delivery of curriculum, discussing the importance of group work, internships and guest speakers.

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One of MDC’s programmes that is successfully equipping junior and middle managers with the tools to manage themselves and their teams effectively, is the Professional Development Programme. This year’s participants represented a range of organisations including the NHS, Hartlepool Water, Nigel Wright Recruitment and Thorn Lighting.

• Real business situation focus – programmes should be focused more on real-world scenarios and less on theoretical ones.

Today’s curriculum

The Association of MBAs, alongside providers of accredited MBA programmes, are committed to ensuring that the MBA remains relevant and produces the right kind of responsible and effective business leaders. The findings in the report will further influence this by helping to shape the future of the MBA and to ensure it meets the needs of contemporary managers, leaders, organisations and society. The findings, then, will heavily inform the review of the Association’s accreditation criteria for quality MBA programmes in 2010.

EARN NG ROM HE DOWN URN

Here we take a look at a summary of the research paper Corporate Liquidity Management and Future Investment Expenditures. The paper is co-authored

by Durham Business School’s visiting academic Professor Christopher ‘Kit’ Baum (Boston College, DIW Berlin) and fellow academics Mustafa Caglayan (University of Sheffield) and Oleksandr Talavera (School of Economics, University of East Anglia).

Formica teamed up with MDC to run a bespoke Masters programme, bringing together senior managers from across Europe. Formica’s Group Vice-President of HR, Denis Hall, said: “This MA has enabled us to drive a new business culture as well as developing high potential managers across countries, functions and job levels.

Recent Durham MBA graduate Kerryann Ifill talks about life post-MBA Kerryann lives and works in Barbados, and for the past two years, as well as her job as a research project officer with the Barbados Council for the Disabled, she has held the position of Deputy President of the Barbados Senate – a role to which she was appointed in recognition of her continued advancement of the professional stature and societal contribution of visually impaired persons.

“The programme has helped with talent retention, demonstrating our faith in the longer-term development of our people, as well as giving them a substantial qualification. The programme has also acted as an informal assessment centre in helping with the identification of top talent.”

Q. How do you feel your Durham MBA prepared you for your current role as Deputy President of the Barbados Senate?

A. As a person with a disability, I always felt I could not rely on the usual avenues for development; both academically and professionally.

Therefore, my decision to choose Durham Business School for my Masters was a simple one. From all my investigations, it was the best.

I felt it would give me that muchneeded edge to compete with others, and to ‘level the playing field’.

In addition to these activities, the team has been involved in business events and conferences. In March, MDC took part in Business Exchange North East, the largest business-tobusiness event in the region, which attracted over 1,500 delegates.

Alongside the main exhibition, conference and procurement pavilion, MDC provided high-level management and leadership development within the Durham Business School ‘Leadership Lounge’. Delegates were invited to join a series of seminars on topics such as Leadership Judgement, Trust, Blue Ocean Strategy, Financial DecisionMaking and the Personality Secrets of Corporate Entrepreneurs.

Pursuing an MBA afforded me valuable preparation, not just for my role in the Senate, but also for my many other interactions. In my role as Deputy President, several aspects of my Masters stand me in good stead.

As a small island state, Barbados is heavily reliant on its international relationships, thus, several of the components of the strategic management module form part

about MDC programmes Email: management.development@durham.ac.uk Click: www.durham.ac.uk/dbs/mdc Telephone: +44(0)191 334 5547

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Colin Theakston, Durham Business School’s Librarian, shares with us his view on this recent publication.

Local Associations are the perfect way to join in the DBS Global Get Together events. Forthcoming dates include: 11 June, 10 September and 10 December.

We particularly look forward to hearing about your events and receiving photographs.

What do you want to achieve?

I want to be able to make a positive difference to my discipline, profession, institution and community.

Alumni believe that there is a big difference between how risk was covered in their curriculum when they studied for their MBA and the extent to which it needs to be covered in the current climate. Likewise, schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.

• Admissions – most respondents felt it was necessary that all incoming students should possess relevant prior work experience.

• Curriculum – increased integration of specific elective topics was outlined, including the law, marketing, accountancy and finance.

CAPTURING CORPORATE CASH HOLDING – How fixed capital and R&D investment affects firms’ liquidity behaviour

FOR FURTHER INFORMATION

Copyright Guardian News & Media Ltd 2009

The Ascent of Money: A Financial History of the World

by Niall Ferguson

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4. UNITED ARAB EMIRATES

What are the most challenging parts of your job?

Research should always be challenging – it means you are stretching the boundaries of knowledge and this is why I love it so much.

The success of the programme extends as far afield as Gibraltar, with 50 managers from within the Gibraltar Civil Service having begun their studies last October. Participants represent the Fire, Police and Prison services, as well as administrative departments such as Procurement, Tourism and Social Services.

Set a short timetable initially as this gives you the chance to walk away should the relationship not work.

Ineffective mentoring can stifle careers and lead to disillusionment, or feelings of isolation due to extreme dependence on the mentor.

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1. EGYPT

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Amanda has been an academic for over 15 years and regularly consults for business, commerce and public policy including Unilever, Tesco, The NEC Group and BERR. Prior to joining Durham Business School she was Research Director at Coventry University Business School, leading their Marketing and Advertising Applied Research Group. During her time at Aston Business School she led their Marketing Research Group together with the Aston Centre for e-Business Research.

Byron Beatty, Managing Consultant, Nigel Wright Recruitment said: “It’s the best course I have ever been on in terms of its practical relevance to the workplace... it really helped me to reflect on how to work with colleagues and clients more effectively.”

If your prospective mentor says yes, then you need to stay focused. If you do set up regular meetings, be prepared for each one. Have questions ready, bring relevant documents, and always make sure you have a purpose.

BOOK REVIEW

The Agora network goes from strength to strength

One hundred business schools agreed to take part in the carefully formulated

Introducing…. Amanda Broderick, Professor of Marketing

What is your current role?

I hold the Chair in Marketing, with responsibility for the academic development of the Marketing subject team, including research leadership, curriculum review and postgraduate and undergraduate programme development.

Reviewing risk

• Continuing Professional Development – postgraduate assistance in job placement and further development and increased involvement in alumni organisations.

This is not to say that schools had not been working hard over the past decade to adapt the MBA to the changing demands of modern business. However, the economic crisis certainly highlighted the need for further change, such as embracing a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.

Mirroring the shift for greater transparency and accountability in business today, 83% of alumni surveyed agreed that ethics have become important or very important, while 75% said that corporate governance is now important or very important. In turn, 80% of business schools agreed that corporate social responsibility should underpin the actions of organisations.

One of the key strengths of Durham Business School is its commitment to excellence in teaching and research. Here we introduce you to a recent addition to the School’s faculty.

Alan Kelly, Senior Project Engineer, Thorn Lighting said: “the Professional Development Programme is an excellent short, sharp course with quick results. It helped me to improve a number of our procedures at work, which contributed to me being promoted.”

“Be specific and be realistic. For example, suggest that over the next ix months you have a conversation once a month for an hour. Perhaps the first meeting is face to face, with [subsequent meetings] over the phone.”

NEED A HE P NG HAND

local association news

DURHAM STUDENTS SATISFIED In the 2009 Times Higher Education (THE) student satisfaction survey, which assesses how students view their university experience, Durham moved up from 19th to 12th overall. Importantly, in a number of categories Durham was the top University, including ‘good community atmosphere’, ‘good support/ welfare’ and ‘I would recommend our University to a friend’. Durham was rated third behind Oxford and Cambridge in ‘high quality staff/lectures’.

Of those respondents who did not think the MBA is still relevant, most criticised shallow content and a lack of appreciation of its value within their own companies.

The findings also highlight an appetite among alumni for a greater focus on the practical application of learning versus theory. A key issue in the next stage will be the way in which schools can develop the appropriate pedagogy to ensure that the teaching of this broader MBA will translate into long-term learning.

Greater transparency One of the issues that both Durham Business School and AMBA hoped to be able to draw out of the research was whether there is a need for business schools to change their approach, and focus on helping to build a new way of doing things.

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challenge you in your career, who you respect and look up to, and who isn’t in your division,” suggests Vinnicombe.

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One of the most remarkable findings to emerge is that there is evidence of a move away from the shareholder valuedominated perspective of business. This is verified by the number of respondents who agreed to a large extent with statements such as “corporate social responsibility (CSR) should underpin the actions of organisations”; and “the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus”.

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What’s the best way to ensure your career reaches its fullest potential?

Find a mentor to help you avoid pitfalls and make the most of opportunities, says Lynley Oram.

Mentoring is about one generation passing on its experience, guidance and wisdom to the next, all the while teaching and testing them so that they progress and develop. There are three very straightforward reasons for finding a mentor at work: you are likely to earn more, have a higher level of job satisfaction and enjoy faster promotions.

Key findings

NEWS N RODUC NG

If you only do one thing this week... find a mentor

At the Business School, one of Clare’s main areas of focus will be working ‘one-to-one’ with MBA students and alumni, helping prepare them to take the next step in their career. As well as providing students with valuable links to potential recruiters, she will offer guidance on constructing effective CVs and practical advice on interview techniques and strategies for successful networking.

Two members of the University’s staff also received recognition with both being awarded the Order of the British Empire (OBE). They were Roderic Dutton (Geography Department and International Office), for contributions to academic and economic links between Jordan and the UK, and Michael Prestwich (an Emeritus Professor in History), for contributions to research and scholarship.

DURHAM VS DISNEY A 3D movie produced by Durham University scientists has overcome competition from Disney to secure an international award. Cosmic Origins, created by a team from the University’s Institute for Computational Cosmology (ICC) and the School of Engineering and Computing Sciences, won the award for the best 3D movie at the Stereoscopic Displays and Applications conference, held in Silicon Valley, California.

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With record numbers of executive-level managers in unemployment and further uncertainty in the workplace, careers support has never been more crucial.

WINTER WONDERLAND GRADUATION January saw the annual Durham University Winter Congregation ceremonies in Durham Cathedral.

Presided over by University Chancellor Bill Bryson, they were a unique celebration for students and for their friends and families, many of whom were visiting Durham for the first time from around the world. Business School graduates included individuals from across many programmes, including PhD, Full time MBA, MA and MSc.

FOR FURTHER INFORMATION

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NEED A HELPING HAND?

DBS PROFESSOR CHANGES ROLE Professor Timothy Clark has been appointed to the post of Dean of Graduate School, succeeding Dr Douglas Halliday. Along with several other roles, Professor Clark will continue as Professor of Organisational Behaviour at Durham Business School and Vice President of the British Academy of Management.

Suggestions from alumni on how the MBA could be changed to better prepare students post-downturn, included:

Transferable skills

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DBS ALUMNI HONOURED Our warmest congratulations go to MBA alumna Kathleen Thomas (completed 1992), who was awarded the CBE (Commander of the British Empire) for services to Further Education in the 2010 Queen’s New Year’s Honours list. Kathleen is currently Principal of Oldham College, UK.

Change for the better

Business schools largely agreed their curriculum is frequently updated to remain relevant. More than half of those surveyed suggested that the skills and knowledge they developed were of use to them at work, and roughly 15% implied that it was a “good foundation” upon which to build a career. Furthermore, approximately one third of respondents found that the MBA has helped accelerate their career, with many referring to it “opening doors” or aiding new opportunities.

The MBA appears to have always had a significant impact on the transferable skills of graduates, although their importance has also increased over time in response to the increasing demands of modern businesses. Transferable skills are particularly valued in the current economy and the general consensus seems to be that schools need to be more specific and coherent about the ways in which these skills are formed throughout their programmes.

Regular feedback from alumni and employers should judge the success of these activities.

introducing......

University News EXEC MBA NUMBERS RISE In spite of the current economic climate, numbers on the School’s Executive MBA Programme rose this year. A total of 40 new participants joined the UK programme. They were joined in Durham by 22 DBS/EBS Executive MBA students, (based in Germany), for their week-long induction programme in January.

on Nicola’s work on Diversity & Inclusion you can contact her at: nicolashearer@littlespringtime.com

MA

Business schools were also widely criticised for producing MBAs that were focused on creating shareholder value and high risk strategies instead of sustainable practices and stakeholder responsibility. Many critics believed that the downturn did indeed highlight numerous shortcomings in the MBA, particularly in the fields of risk management, change management, business ethics and sustainability.

survey, in addition to 544 alumni from 57 countries across the world. As well as providing valuable data for business schools, these findings will play a key part in the review of AMBA’s criteria of quality MBA programmes in 2010.

news news news news news news news news

SCHOLARSHIP OUTCOME The three recipients of the latest Durham Business School/Independent MBA Scholarship competition have been selected. They are all ambitious professionals wanting to bring business ideas and effective management to their chosen fields in the public and private service.

According to KPMG, business leaders work in an increasingly diverse business world, but there is little published research to show how this affects business decisions and the strategies they adopt for working in this environment. Last year KPMG commissioned Roffey Park Institute to conduct research to investigate the impact of diversity on business beyond the Human Resources arena.

Blame culture Criticism of the MBA was virulent following the global economic downturn.

In looking at who was to blame, fingers were pointed at business leaders. As many of these leaders held an MBA it made the degree, in turn, an easy target.

Can the blame, then, really be pinned on the structure of the MBA? If there are failings in responsible business ethics, how can these be addressed?

Relevancy

The issues of sustainability and ethics look set to lead MBA curriculum design in the future. It appears as if the MBA should be moving from the more functional areas of management teaching, towards the development of better rounded individuals, with soft skills to lead and the ability to integrate thinking to create sustainable, ethical, and stakeholderfocused management decisions.

Overwhelmingly, alumni feel that more focus needs to be given to soft skills and the real-life application of theory. While almost one half of the respondents talked about issues relating to sustainability or ethics, around 3% specifically talked about resisting the temptation for MBAs to focus on these topics.

EARN NG ROM HE DOWN URN

School News

How much does diversity really matter to businesses?

Launched via an MBA Curriculum Survey in July 2009, the report – The Post Downturn MBA: An Agenda for Change – provides a great deal of valuable information on perceptions of the MBA qualification. By addressing alumni and business schools, the survey was designed to examine the skills, competencies and knowledge that MBAs require and how these can be adapted in order to add value in the current climate and for the future. The main objective of the review is to ensure that the MBA remains relevant and meets the needs of responsible business.

But in the late 1980s and 1990s, when today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.

Soft skills

Professor Kit Baum

Durham Business School students, in conjunction with Agora, the School’s alumni association, have initiated a campaign to raise a scholarship fund to help Haitians who had their opportunity to study wrecked by the devastating earthquake in January 2010.

The initiative will feature a Charity Ball organised by the 2009 full time MBA cohort.

In January we were informed that the School’s position in the Financial Times Global MBA Rankings had improved yet again. I am delighted to inform you that Durham Business School is ranked 74th in the world in this important ranking. Moving up from 80th in the world, the rankings put the School at 12th in the UK. The global ranking comprises 27 European schools, 62 North American schools, eight Asia/Australasia schools, two schools from South America and one school from Africa. This is deserved recognition of all the hard work and dedication of our alumni, students, staff and faculty.

“the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus.”

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ERENCE

of my deliberations when reviewing the legislation which passes under our watch.

Q. What would you describe as your main strengths, and how have these led you to where you are today?

A. It is said that necessity is the mother of invention. If my life is an example of anything, it is the personification of this sentiment. Having a disability means that often things are not going to be accessible, or even available, for me. That has forced me to think – not merely outside the box, but sometimes completely outside the realm.

I feel that another one of my strong points is my interpersonal skills.

Success in any arena relies significantly on one’s ability to interact with others. That is to say, one has to not only communicate one’s own desires, but also to accurately translate what others want from you and deliver accordingly.

Having a personable character also helps. It allows people to relax and

be easy in your company; making it far easier to interact successfully.

Another important skill is that of leadership. In almost every sphere in which I interact, I find myself – either wittingly or unwittingly – taking on a leadership role. It often means that I find myself kicked in at the proverbial deep end and forced to swim in somewhat unchartered waters. During my course on Entrepreneurship, the guest lecturer said that he found that one of the most important things for any leader to cultivate is having experts in various fields around one. The leader therefore must not rely only on their own knowledge and capabilities, but also know how to rely on and draw out the qualities of others.

Q. Can you describe a typical day as a Senator?

A. The life of a Senator can be very interesting. Typically, my main role is that of attending senate sittings and debating the various bills and resolutions we have before us.

With the assistance of assistive technology, I can do this far more efficiently than might have been otherwise. When the bills reach the Committee stage of debate, the Deputy President assumes the role of Chairman of Committee thus taking the debate in to the clause by clause discussion.

Due to my personal profile as the first totally blind woman to hold such a high post in Barbados, I receive many invitations to speak at, or attend, a variety of functions. To date, I have given speeches in a number of our neighbouring islands as well as at many local events and programmes.

Q. What would you say has been the most satisfying aspect of your career so far?

A. For me, the most rewarding aspect of my career – both in the Senate and in my work for persons with disabilities – are the visible changes. Since my appointment in 2008, I have noticed a positive shift in the scope of discussions and activities for the disabled in Barbados. More and more, the question of facilitating disabilities is arising and is being handled in a far more respectful light. I do not take the credit for this, but the reality is that, by profiling a person like me so highly, others are seeing disability in a different light.

It also means that people are beginning to accept that we can, and do, make meaningful contributions when called upon to do so.

Q. What do you do to unwind?

A. Unfortunately, with a schedule like mine: full time employment, Deputy President of the Senate, active in several community organisations, my church, and the like; I find little time for relaxation. I try to workout at the gym three times a week whenever possible – though a hectic travel calendar does thwart my good intentions somewhat. I also try to attend ballroom dance classes when I can. I derive much pleasure from my role as Sunday school Superintendant, so even though it is work of a sort, teaching and playing with the children does give me a natural high. I have a wide cross section of friends with whom I try to stay in touch as often as possible.

I’m also an almost compulsive reader, card player and I enjoy crochet.

Q. You are a member of Senate until 2013, where do you envisage your career will take you after that?

A. After my term in office, I envision myself doing several things. For the most part though, I plan to fulfill a lifelong dream of beginning the first consultancy in the eastern Caribbean in sensitivity awareness training as it

relates to disabilities. Our economies rely heavily on our delivery of service and for too long the community of persons with disabilities has been underappreciated as a serious contender in this area. I also plan to continue to pursue my academic enrichment. However, my life has been an example of being able to seize opportunities whenever they present themselves and I do not foresee this ending anytime soon.

Therefore, I will remain open to possibilities.

Q. If you had one piece of career advice for Durham graduates starting out what would it be?

A. Too often, people view an MBA as a ticket to immediate success. I once heard a human resource practitioner of many years experience say that recent graduates are their own worst enemies because they somehow don’t grasp how to apply the knowledge they have gained to the realities they face. To new graduates, my advice would be to view the MBA as a great starting block; not a finish line. It has the ability to propel you in to arenas that may not have been available before. It does however mean that one must utilize the skills and information gained to work through the new opportunities. Everything you have learned is relevant.

A UMN Q&A

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C ASS NO ES

THAMER AL-HOURANI MA HRM 2008–09 Right after graduation I worked at Grater Amman Municipality back in my home country Jordan. After six months I received an offer to be an HR group manager for King Abdullah II for Design & Development Bureau KADDB Investment Group, which I couldn’t refuse. I know that the knowledge and skills that I had gained at Durham Business School are the main reason I received such an offer. In addition to that I got engaged to a beautiful and cute girl who enlightened my life, her name is Rawan, and we will hopefully get married in June. I wish you all the best and I want to thank DBS staff for the changes that have occurred in my life.

SHAIL BHOJAK FT MBA 2007–08 I have been working as an International Metal’s Trader in London with the same company (RJH Trading Limited) I did my business project with. It is a dynamic organisation and I have learnt a lot in the last one and a half years with them. I am in touch with a few students from the current cohort trying to help them in the best way I can.

Recently I saw that DBS rose again in the FT ranking – my hearty congratulations to you all on this achievement.

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MATTHEW DOWNEY MBA 2000–01 Since finishing my MBA in 2001 I’ve been working in Edinburgh for the Royal Bank of Scotland. I am now in the Remuneration & Benefits team, and since 2007 have been specialising in Executive Reward: the salaries, bonuses and share schemes offered to the top 350 people in the Group. It’s been very busy at work since the end of 2008! Outside of that I am engaged to Lucy – we were planning to get married in April this year, but found out that we are expecting a baby boy in May!

Da e

o

ELIAS GHANTOUS PHD ECONOMICS 1973–75 Prior to my s

MARK FLOISAND MBA DL 2001–06 I am now Chief Operating Officer of Untangle Inc. – a venture capitalbacked network software company in Silicon Valley, California, which I joined last year. I originally enrolled on the Distance Learning programme whilst still living in the UK. We were planning to emigrate to the USA at some point, so the idea that I’d be able to keep on studying, uninterrupted, was compelling. Myself and my family have been based in San Jose, California for five years.

C ASS NO ES

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C ASS NO ES DA ES OR HE D AR

he D a

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Bus ness Schoo

Earthquakes can’t destroy dreams

CONTENTS IN THIS ISSUE...

Help young Haitians fulfil their potential 4

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9 Learning from the downturn – a report on the future of the MBA

Dean’s Welcome

For more information on the Charity Ball and ways in which you can support this worthwhile cause, visit the Agora website (www.agora.org.uk) and click on ‘campaigns’.

Welcome to all our alumni, students and supporters, and what a fantastic start to the New Year it has been!

Following the success of achieving AACSB accreditation last April, Durham Business School became eligible to join the American based International Honour Society, Beta Gamma Sigma.

The Durham chapter of Beta Gamma Sigma was launched in January by Professor Amanda Broderick, who is an existing BGS member and Chapter President. Amanda is the School’s new Chair of Marketing, and you can read more about her on page 13.

The founding members of the Chapter are seven MBA alumni, who were nominated by their Programme Director for their outstanding academic achievement. They are: Manoj Adhikari, Marc Bell, Steve Fountain, Pankaj Kishore, Barb Kral-Hasty, Tom Mullen and Umesh Rathan.

We are pleased to be able to unveil this new look Agoranews following feedback from alumni and staff. As well as the usual popular features such as School and University news, book review and

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Alumni – Update

alumni update we have included some more thought provoking researchbased articles.

As the School continues to go from strength to strength – rising through the rankings – it is attracting a more internationally diverse cohort of students year on year, something which also serves to strengthen our alumni network.

Reflecting this, your alumni network, Agora, has undergone extensive growth and many changes over the past twelve months.

In this issue we share an overview of our collaborative research with the Association of MBAs’ Research and Consultancy Centre (R&CC). The research – The Post Downturn MBA – takes into account the responses of a total of 100 business schools as well as 544 alumni from 57 countries across the world. As well as gaining high-profile coverage in the press, including the Times, Guardian and Times Higher, the findings have provided confirmation to us that we are continuing to develop and adapt our curriculum to the changing demands of modern business, and have drawn out topics and areas for further attention amongst business schools as a whole. I think that you will find it a most interesting read.

We have record numbers of Local Association members, with new groups springing up across the USA and South America. If you are interested in forming a Local Association in your city, region or country, please contact us for assistance.

In 2010 we are encouraging Agora members to support selected DBSrelated charitable causes – you may have noticed the new Haiti campaign on the inside front cover. This appeal marks the start of a long-term campaign to raise money for those who have had their opportunity to study taken away from them. Initially we plan to raise money to provide scholarships for Haitians whose lives have been destroyed by the recent devastating earthquakes. As part of the initiative Durham MBA students will be coordinating a charity ball in Durham later in the year and we encourage Local Association leaders to take the initiative and arrange their own coordinated activities for the same cause.

Also featured are an interesting research paper on Corporate Liquidity Management written by one of our visiting academics, Professor Kit Baum of Boston College; an alumna’s synopsis of a report on Diversity across 53 top organisations which was commissioned

by KPMG; and a career-related piece highlighting the significance of a mentor with a foreword from DBS’s new Career Consultant, Clare Cassidy.

As well as the sterling work of our Local Association groups, many of our members are assuming the role of a Durham Ambassador with great success. One such ambassador is

We are grateful to everyone who continues to support the School in so many ways, and look forward to keeping you updated on our successes in 2010.

Utsav Malhotra (MBA 2009). Utsav has aided Durham recruitment in India by assisting prospective students with their queries, supporting them through their application process, and being a source of information to them until they become a DBS student. Utsav received this message from a prospective student he’d assisted: “…Now I know which Business School to choose from my pretty wish list… Again I would want to thank you and say that you are a very good mentor and people working with you are really lucky to have you in your organisation.”

Comments such as this highlight how each Agora member can positively influence the reputation of Durham Business School. Activities such as volunteering to be a Mentor, joining a Local Association or participating in our online forums via LinkedIn and Facebook make a huge difference.

We would like to say a big thank you to all our Durham Ambassadors, including Utsav, who spend their valuable time helping DBS become one of the finest international business schools in Europe.

Another Agora achievement has been the launch of the new website, Agoraweb (www.agora.org.uk). Initial

registrations have been promising and we now have almost 2000 of our members onboard. The site provides alumni with access to various online subscriptions including EBSCO, MarketLine and Business Insights, as well as highlighting job opportunities and careers advice.

Accusations in the media that business schools were responsible for contributing to the recent economic crisis inspired Durham Business School’s Dean, Professor Rob Dixon, to propose a research project that would act as a catalyst for debate on how the MBA should develop in order to better train the business leaders of tomorrow.

The latest innovation on Agoraweb is the exclusive hosting of the independent online resource Management-Issues. ManagementIssues provide an objective platform for topical debate and informed opinion by ‘thought leaders’ on management, leadership and human resources issues.

If you have not yet visited Agoraweb to check/update your details, please email dbs.alumni@durham.ac.uk to request your personal ID number for registration.

Learning from the downturn – a report on the future of the MBA

Thank you to all of you who share your news, updates and press releases with us. We love hearing from you and intend to feature as many as possible on Agoraweb – so please keep them coming!

Laying the foundations for one of the most far reaching debates surrounding the existing MBA curriculum, a comprehensive research report undertaken

by Durham Business School, in partnership with the Association of MBAs, suggests it’s time for change. Here, we take a look at the recommendations that will shape the future of the MBA.

We hope you enjoy reading this edition of Agoranews and, as ever, we welcome your feedback.

Professor Rob Dixon, Dean

06

DEAN S WE COME A UMN UPDA E

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They are: Chief Superintendent Tim Forber – recently appointed as a Divisional Commander within Greater Manchester Police; Helen Winslow – a hospital doctor working in the field of infectious diseases and tropical medicine in Liverpool; and Carlos Andreas Sanchez Garcia – a lawyer from Bogota, Colombia.

Here Nicola Shearer, Durham MBA alumna (1995–96), shares with us a synopsis of the report: ‘Thriving in a diverse business world’.

Nicola is a consultant specialising in the area of Diversity & Inclusion and recently ran a workshop with business leaders and the authors, exploring the findings and recommendations of the report.

An award covering the cost of the programme fees is made for each mode of delivery: distance learning, executive (part time) and full time.

Thriving in a diverse business world By: Dr David Lines and Peter Hamill – Roffey Park How diversity is factored into sales, procurement, markets and human resources etc is what diversity and HR professionals spend many an hour thinking about. However, what really interests senior business leaders, according to a recent report commissioned by KPMG and conducted

by Roffey Park, is diversity of thought.

The report captures the views of 53 Chief Executives, Chief Financial Officers and Chairmen from FTSE100 or similar sized organisations. The report does not say that business leaders fail to appreciate the significance of workplace diversity, it stresses that they feel diversity in the workforce is not an end in itself but rather a means to achieving better quality of thinking and hence better commercial decision making.

This may explain to some extent the misalignment sometimes felt between diversity practitioners and business

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leaders. However, the report stresses that it is within the business leader’s remit to make this diversity of thought happen – and quickly. No business leader can afford to wait for better quality of thinking to develop over time through recruitment of diversity at entry level and waiting for it to permeate to the top of his or her organisation. The participants themselves believe this strategy alone is not working – or not working fast enough.

teams and throughout their organisations. Many participants saw lack of diversity at board level as a weakness precisely because it reduces the quality of debate and limits the ability to think differently.

Diversity of thought is paramount as business leaders in the report cited many factors now influencing important commercial decision making. Factors such as: the pace of technology; geographic expansion; different models of business ownership, financing and investment; increasing diversity of stakeholders; complex business environments (legal, ethical & cultural); increased segmentation, diversification and raised expectations of customer groups. The speed with which business leaders must respond to these complex factors requires them to have diversity of thinking around them, otherwise the quality of those decisions deteriorates over time.

One solution to this lack of diverse thinking at the top of the organisation is to hire in diversity, however the report suggests that this is not enough either.

An organisation must also welcome difference and be genuinely open to different perspectives and thinking.

Business leaders must be mindful of how they take diversity into account in their commercial decision making on their boards, in their senior management

HOW MUCH DOES D ERS O BUS NESSES

Despite the challenges, the research participants were positive about this diverse business world. To them it creates opportunities to increase services and products well placed to serve emerging markets. That’s not all; the combination of local employees around the world holding significant knowledge of the business and increasingly well-educated graduates is leading to a more distributed intellectual capital. This has led to a process that many in the West or Developed World had not expected – that of “Western” companies being acquired by organisations in emerging economies.

This will produce a significant shift in what leadership looks like within companies from the very top. It turns on its head the notion that diversity must over time work its way up through the organisation.

REA

ESRC FUND FELLOWSHIPS The School has been awarded two fellowships as part of the ESRC Management and Business Development Fellowship Scheme. The scheme has been developed by the Economic and Social Research Council to help ensure the future research base of Business and Management studies in the UK. Fixed term for a period of up to three years, they begin in April 2010.

Recommendations in the report include the need to address the culture and social rules in the organisation that prevent different thinking from thriving and fostering “positive conflict” which is defined as working through disagreement in a collaborative way, sparking creativity, innovation and good decision making. For businesses to be competitive in the future they need men and women who think differently, are able to express their views and leaders who seek input from people who widen their perspective. This is the key to thriving in a diverse business world.

In recognition of the importance of ongoing careers support for its students and alumni, Durham Business School has made further investment in its careers development team.

Clare is a great believer in the value of mentoring. She comments: “Mentoring is something everyone can, and should, have access to.

It is a great way of providing an invaluable source of support and development for executives, managers and business leaders.

The latest addition is Clare Cassidy, who joined earlier this year as a Career Consultant. Clare has over ten years experience with a large HR consultancy and has worked with clients across all sectors and functions. Her considerable professional experience includes recruitment, business development and client relationship roles.

A full version of the report is available to download free at: www.roffeypark.com

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ER

At least this was the conclusion of a study of mentored and unmentored employees in 1992 by Georgia Chao, professor of management at Michigan State University. Indeed, about 80% of FTSE 100 CEOs claim to have benefitted from a mentor or coach. But there are plenty of intangible, invaluable, benefits to having a mentor at work, too.

Peter Fennah, an expert in career development, says finding a professional mentor helps workers with: “Thinking in new ways, optimising performance, [gaining] networking contacts and understanding how to get things done outside of the formal processes and systems, which don’t always work.”

Whilst the Business School’s Mentor Scheme utilises the alumni network for the benefit of student and alumni development, mentorship in the workplace should not be overlooked.

Mentoring is basically about having someone act as a sounding board, someone who is personally involved and cares about your long-term development.

A number of larger companies, including Sainsbury’s, HSBC, KPMG and Shell UK run mentoring schemes, and some also participate in collaborative efforts such as the FTSE 100 cross-company mentoring programme, run by Praesta Partners, which aims to use mentoring to increase the number of women at board level in the UK.

I recently came across this Guardian newspaper article which stresses the significance of finding a suitable mentor to assist your career development. The article refers to details from a study which states the attractive benefits of having a mentor include earning more as well as faster promotions. It also has some very practical advice on how to get the most out of the relationship. I hope that you will find it of interest too.”

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If you are not aware of a mentoring scheme in your workplace, finding a mentor could be as easy as calling HR. “Your company may run a scheme but [it’s] not well publicised. HR departments are quite happy to put staff in touch with managers who have volunteered to mentor,” says Susan Vinnicombe, director of the International Centre for Women Leaders at Cranfield School of Management.

Otherwise, find a mentor yourself and approach him or her independently.

“Look at a person, a senior manager, ahead of you. Someone who will

MDC

“Keep your request low key, and make the initial query through an email or phone call. Make it clear that you’re not looking for a job or promotion, just advice and direction. Explain how they might know you – from a meeting you were both in, for example. And give them plenty of room to feel comfortable about saying no.

EXPERTISE MAKES A DIFFERENCE

“In my experience, the typical reaction from a manager asked to take on a mentoring role is to say ‘yes, but exactly what do you want from me as a mentor?’,” says Vinnicombe. So before approaching a senior manager, it is vital that you know exactly what you’ll expect them to provide in advice and time.

3. LONDON

Late last year, DBS staff Anne Woodhead and Dr Riham Rizk, visited Cairo to represent the School at an MBA recruitment fair. After the successful event they met with a group of alumni for dinner at ‘Tabouleh’ restaurant. Also in attendance was ex-DBS staff member Professor David Kirby who is now Dean of the Faculty of Business Administration, Economics and Politics at the British University in Egypt and manager of Audience Relations at the British Council.

2. HONG KONG Hong Kong Agora met for a Christmas reunion dinner at the City University of Hong Kong. Fifteen alumni attended and, as usual, the event was expertly organised

by Eddie Yu and his colleagues. In February the group hosted another event at Dublin Jack’s Irish bar in Hong Kong, when Alexandra Sedgwick, DBS Alumni Relations Manager, joined them for dinner.

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Southern Agora is as always a very active group. They met for dinner on 10 December for a Christmas celebration at Wong Kei’s and then afterwards at De Hems Bar for drinks. Thank you to Dionysia Patrinou who organised this event in the absence of group leader Nikhil Kulkarni.

And importantly, do not lose sight of the reason you wanted a mentor in the first place. While it is great if your chosen mentor can provide friendship, support and validation, do not forget the career development goals you started out with.

United Arab Emirates continue their wonderful work and are currently organising an alumni ‘yearbook’ in which the group members are providing articles, updates, photographs and much more.

The group has been holding regular meetings to keep this initiative going forward, and we wish them great success with it.

Niall Ferguson is a British historian of some considerable note. He is a History Professor at Harvard University, and if that isn’t enough, he is also the William Ziegler Professor of Business Administration at Harvard Business School.

He is the author of such books as Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets; The Cash Nexus: Money and Politics in Modern History and the book we are discussing today The Ascent of Money.

This book is both a top selling economic history text (yes, such things do exist) AND a successful television series, for those of you who watch the UK television station Channel 4.

What I particularly like in this book is Ferguson’s sweep through the

civilisations of the past; telling the reader many fascinating facts, such as that the Incas spurned the use of gold and silver as money, or that preChristian Babylonia produced credit notes in the form of clay tablets, and other details concerning the development of various civilisations’ attitudes towards money and finance.

This is an excellent broad history of our financial system, especially of interest when covering such topics as the development of bond and stock markets; the West’s obsession with property and many cautionary tales from history of boom and bust.

What makes this book such a good read is its linking of historical events to our current recessionary predicament – both as an example of how things have gone wrong before and as direct causes of the latest credit crunch.

COMPETITION 3

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What drives you?

I have three young sons aged nine, six and three, and spend precious time away from them at work. I want every moment of that time to be maximised to be the most productive, the most creative, the most authentic, and of the most significance, so that my three sons can be proud of their mum.

For your chance to win a copy of the book visit: www.agora.org.uk select ‘news’ and follow the competition links.

Closing date: 30 April 2010

OCA ASSOC A ON NEWS BOOK RE EW

What was the best career advice you were given?

I’ve had fantastic mentors over the years that I’ve learnt a huge amount from and wish to emulate in many ways, but I suppose ‘learn from others, but carve your own path’ strikes true to me.

What advice can you offer to students and alumni thinking of an academic career?

It is a privilege to be an academic – an exciting, multi-focused career that you can feel passionate about. An academic can be involved in a huge variety of activities, including academic research; publishing in academic and professional journals and books; teaching students; designing, managing and facilitating undergraduate, postgraduate, research and management development programmes; consultancy; presenting at conferences; providing business advice and contributing to your professional discipline agenda; and advising government on policy matters.

If you want a career as a business academic, a PhD is a starting point.

Are you excited about research? Do you want to share your knowledge and passion about your subject with others?

If so, an academic career may be for you.

What are you currently working on at Durham Business School?

Next month my colleagues and I will be conducting a hugely exciting experiment looking at the representation of brands in memory. We shall be using a functional magnetic resonance imaging (fMRI) scanner to capture neurological consumer responses in more detail than they have ever been looked at before.

Consumer education is a common part of a marketer’s role and understanding the learning process and the storage and retrieval of memory is critical to this.

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The way forward Comparisons between alumni and school responses provide the most realistic picture of possible development paths for the future MBA degree. While accepting that in some cases schools may have a better understanding of the content and delivery of their programmes, the disconnect shown between the two sets of respondents illustrates that schools do need to be more realistic about the ways and means in which they deliver some of the key aspects of the modern MBA programme.

Staying ahead of the game One clear and pertinent message from schools is the extent to which they try to continually develop programmes to ensure that the MBA is relevant to current management and leadership issues – and in many ways “staying ahead of the game” in doing so.

This is borne out both by the regular re-design of MBA programmes and the extent to which a wide variety of subjects, especially softer skills and the topics such as sustainability and CSR, have become increasingly prominent in the core or thematic delivery of accredited programmes.

An agenda for the future Although the report has laid the foundations for developing the agenda for the MBA, the consensus is that these changes do not represent an entirely one-off reaction to the financial crisis, either from business schools or the Association of MBAs. Both have continually succeeded in developing the accredited MBA to try to meet the needs of modern organisations.

Finally, Professor Dixon sums up his view from the perspective of a business school Dean: “The economic crisis has shown that we can’t just expect things to go on as they were – it’s not just all about profit. Business schools are helping to build a new way of doing things, one that doesn’t put the interests of shareholders above all else. Businesses need well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions. We, here at Durham, believe that we fully equip our graduates to do so and we shall continue to strive to maintain the relevance of the MBA.” To obtain a copy of the full report, please contact dbs.marketing@durham.ac.uk

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Kit Baum is an Associate Professor of Economics at Boston College, where he co-directs the undergraduate minor in scientific computation. His current teaching encompasses econometric methods, applied econometrics, and financial econometrics.

I am also Chairing The Academy of Marketing’s Conference, an annual conference with over 500 academic and practitioner delegates from over 20 countries. It is an influential event and this year the emphasis is on the role of marketing in driving organisational, social, community and environmental change.

Professor Baum’s research interests include applied econometrics, the effects of uncertainty on firm behaviour, monetary policy, and capital investment decision. A contributor to many professional journals and technical publications, he is in great demand for his presentations on current econometric topics. He is currently a Visiting Professor at Durham University.

We look forward to hearing more about Amanda’s research projects in future issues.

Corporate Liquidity Management and Future Investment Expenditures is an empirical examination of fixed capital and R&D investment and compares the behaviour of UK, US and German firms operating in different institutional

Beyond the Civil Service, 25 teachers working in schools in Gibraltar are about to begin an MA in Leadership and Management. Additionally, members of the Executive Team at the Gibraltar Financial Services Commission are about to embark on a bespoke leadership programme, which will focus on client management, project management and decision making.

MDC’s current and past participants in Gibraltar met up for their first Global Get-Together in October.

It was a resounding success with 39 attendees and a similar event is planned for later this year.

Organisations such as NHS Plus, Lloyds Banking Group and Formica have returned to MDC this year, launching new programmes for their senior managers from across the UK and Europe.

Managers from NHS Plus are currently participating in an MDC business development programme, learning new techniques to equip them with the business skills necessary to grow and develop a stronger network of Occupational Health units. They recently announced a third programme, due to start in September 2010.

environments. It is essential reading for anyone who has an interest in the financial markets and macroeconomics.

Pivotal to the research is the issue of whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Using data from three advanced economies, the results shed light on the differences and similarities across market-based versus bank-based financial systems.

The team implemented a dynamic framework to consider the potential impact of adjustment and transaction costs which may prevent firms from achieving their target cash holding levels instantaneously.

One of the most notable evaluations from the research is that, while policy makers have already taken steps to support knowledge-producing companies, the gap between private and social returns on R&D investment remains sizable. Based on this data, the authors have suggested that the efficiency of current R&D-promoting actions, such as subsidies, tax allowances, and venture capital incubators should be re-evaluated.

They also discovered that firms make larger additions to cash holdings when

they plan additional future R&D rather than fixed capital investment expenditures. This behaviour is particularly prevalent among small and non-dividend paying firms that are heavily involved in R&D activities.

The basis of the paper is to understand why firms hold substantial amounts of cash, which earns little or no interest, rather than channelling those funds towards capital investment projects or dividends to shareholders. The study includes a presentation of the model and data and the empirical results and conclusions.

Previous research has examined why, in an environment with no market imperfections, firms can tap into financial markets costlessly and need not hold cash, as cash has a zero net present investment value. However, in the presence of financial frictions, firms do not undertake all positive net present value projects, but choose to save funds for transactions or precautionary motives.

understand the factors that lead to accumulation or decumulation of firms’ cash reserves in the context of market imperfections.

And while they acknowledge that they are not the first to investigate the impact of market imperfections on cash holding behaviour of firms, they do claim that their study differs from any other undertaken so far. In previous studies, researchers have recognised the significance of current and future investment plans for liquidity management, but there seems to have been no consensus on how to capture those effects.

Some use current investment expenditures in their investigations, while others use Tobin’s Q as a proxy of future investment opportunities of the firm. Throughout the paper, however, it is explained that both of these strategies have their drawbacks.

In order to mitigate these problems, they examined the effect of one-periodahead additional fixed capital and R&D investment expenditures on firms’ liquidity management behaviour.

Their analysis further reveals that firms in each of the three countries (Germany, UK and the US) augment their cash holdings more vigorously when they plan additional future R&D expenditures than they do for planned increases in fixed capital investment expenditures.

Scrutinising the data in more detail, it is clear that this behaviour is particularly prominent among small firms and non-dividend paying firms that are heavily involved in R&D activities. Interestingly, another anomaly is that UK and US small companies have the highest level of R&D activity in comparison to their larger counterparts, while the opposite is observed for German firms.

Also, similar to earlier literature, they show that the cash flow sensitivity of cash is higher for constrained firms with respect to their larger counterparts in the UK and the US, whereas this difference is substantially smaller in Germany.

From the policy perspective, it is hard to underestimate the importance of technology producing mechanisms for knowledge-based economies. However, the study reveals that R&D-intensive companies are more likely to be financially constrained than their less technological counterparts as they must maintain their liquidity.

To quantify the motivation for firms’ liquid asset holdings they use a variant of an empirical specification proposed by earlier researchers. The main difference in their approach is the introduction of two types of investment, fixed capital and R&D, rather than merely focusing on fixed capital investment.

Overall, their findings highlight the importance of the impact of changes in future R&D investment on the optimal level of a firm’s cash buffer. It is clear, then, that R&D-intensive companies are likely to face greater obstacles in accessing external financing in comparison to those firms that invest in physical assets that may be pledged as collateral.

A full copy of the paper can be accessed from: http://ideas.repec.org/p/boc/bocoec/712.html

The authors state that their findings are unique in light of previous studies, which have not shown such diverse and significant effects including the data relating to R&D efficiency. Also, in contrast to the cash holding literature, they show that future R&D investment has an economically significant effect on firms’ liquidity behaviour.

Firms facing market imperfections, therefore, must choose their level of liquidity at each point in time while taking into account current and future capital investment expenditures.

By examining the changes in firms’ cash holdings, the authors try to

CAP UR NG CORPORA E CASH HO D NG

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Q&A

During the past year the Management Development Centre (MDC) at Durham Business School has welcomed 135 new participants to its wide range of management programmes. Its unique and effective approach to management and organisational development is proving a great attraction to organisations of all sizes, attracting interest from a variety of sectors – from financial services and manufacturing, to education and the Civil Service – all interested in improving performance through their people.

MDC E PER SE MAKES HE D

Preparation and planning Combining the responses of both alumni and business schools gives an indication of a shared consensus on the topics both sides believe are important in today’s business climate. These include business policy and strategy, leadership, and entrepreneurship and change management, as well as external risk factors, business ethics and, finally, creativity and innovation.

When asked about criteria MBA alumni would look for in a programme today, the greatest concern was the content of the curriculum. Most notably, 19% suggested they would look for a course that contained more coverage of change management, with risk management and leadership also featuring heavily.

Responses also revolved around the delivery of curriculum, discussing the importance of group work, internships and guest speakers.

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One of MDC’s programmes that is successfully equipping junior and middle managers with the tools to manage themselves and their teams effectively, is the Professional Development Programme. This year’s participants represented a range of organisations including the NHS, Hartlepool Water, Nigel Wright Recruitment and Thorn Lighting.

• Real business situation focus – programmes should be focused more on real-world scenarios and less on theoretical ones.

Today’s curriculum

The Association of MBAs, alongside providers of accredited MBA programmes, are committed to ensuring that the MBA remains relevant and produces the right kind of responsible and effective business leaders. The findings in the report will further influence this by helping to shape the future of the MBA and to ensure it meets the needs of contemporary managers, leaders, organisations and society. The findings, then, will heavily inform the review of the Association’s accreditation criteria for quality MBA programmes in 2010.

EARN NG ROM HE DOWN URN

Here we take a look at a summary of the research paper Corporate Liquidity Management and Future Investment Expenditures. The paper is co-authored

by Durham Business School’s visiting academic Professor Christopher ‘Kit’ Baum (Boston College, DIW Berlin) and fellow academics Mustafa Caglayan (University of Sheffield) and Oleksandr Talavera (School of Economics, University of East Anglia).

Formica teamed up with MDC to run a bespoke Masters programme, bringing together senior managers from across Europe. Formica’s Group Vice-President of HR, Denis Hall, said: “This MA has enabled us to drive a new business culture as well as developing high potential managers across countries, functions and job levels.

Recent Durham MBA graduate Kerryann Ifill talks about life post-MBA Kerryann lives and works in Barbados, and for the past two years, as well as her job as a research project officer with the Barbados Council for the Disabled, she has held the position of Deputy President of the Barbados Senate – a role to which she was appointed in recognition of her continued advancement of the professional stature and societal contribution of visually impaired persons.

“The programme has helped with talent retention, demonstrating our faith in the longer-term development of our people, as well as giving them a substantial qualification. The programme has also acted as an informal assessment centre in helping with the identification of top talent.”

Q. How do you feel your Durham MBA prepared you for your current role as Deputy President of the Barbados Senate?

A. As a person with a disability, I always felt I could not rely on the usual avenues for development; both academically and professionally.

Therefore, my decision to choose Durham Business School for my Masters was a simple one. From all my investigations, it was the best.

I felt it would give me that muchneeded edge to compete with others, and to ‘level the playing field’.

In addition to these activities, the team has been involved in business events and conferences. In March, MDC took part in Business Exchange North East, the largest business-tobusiness event in the region, which attracted over 1,500 delegates.

Alongside the main exhibition, conference and procurement pavilion, MDC provided high-level management and leadership development within the Durham Business School ‘Leadership Lounge’. Delegates were invited to join a series of seminars on topics such as Leadership Judgement, Trust, Blue Ocean Strategy, Financial DecisionMaking and the Personality Secrets of Corporate Entrepreneurs.

Pursuing an MBA afforded me valuable preparation, not just for my role in the Senate, but also for my many other interactions. In my role as Deputy President, several aspects of my Masters stand me in good stead.

As a small island state, Barbados is heavily reliant on its international relationships, thus, several of the components of the strategic management module form part

about MDC programmes Email: management.development@durham.ac.uk Click: www.durham.ac.uk/dbs/mdc Telephone: +44(0)191 334 5547

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Colin Theakston, Durham Business School’s Librarian, shares with us his view on this recent publication.

Local Associations are the perfect way to join in the DBS Global Get Together events. Forthcoming dates include: 11 June, 10 September and 10 December.

We particularly look forward to hearing about your events and receiving photographs.

What do you want to achieve?

I want to be able to make a positive difference to my discipline, profession, institution and community.

Alumni believe that there is a big difference between how risk was covered in their curriculum when they studied for their MBA and the extent to which it needs to be covered in the current climate. Likewise, schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.

• Admissions – most respondents felt it was necessary that all incoming students should possess relevant prior work experience.

• Curriculum – increased integration of specific elective topics was outlined, including the law, marketing, accountancy and finance.

CAPTURING CORPORATE CASH HOLDING – How fixed capital and R&D investment affects firms’ liquidity behaviour

FOR FURTHER INFORMATION

Copyright Guardian News & Media Ltd 2009

The Ascent of Money: A Financial History of the World

by Niall Ferguson

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4. UNITED ARAB EMIRATES

What are the most challenging parts of your job?

Research should always be challenging – it means you are stretching the boundaries of knowledge and this is why I love it so much.

The success of the programme extends as far afield as Gibraltar, with 50 managers from within the Gibraltar Civil Service having begun their studies last October. Participants represent the Fire, Police and Prison services, as well as administrative departments such as Procurement, Tourism and Social Services.

Set a short timetable initially as this gives you the chance to walk away should the relationship not work.

Ineffective mentoring can stifle careers and lead to disillusionment, or feelings of isolation due to extreme dependence on the mentor.

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1. EGYPT

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Amanda has been an academic for over 15 years and regularly consults for business, commerce and public policy including Unilever, Tesco, The NEC Group and BERR. Prior to joining Durham Business School she was Research Director at Coventry University Business School, leading their Marketing and Advertising Applied Research Group. During her time at Aston Business School she led their Marketing Research Group together with the Aston Centre for e-Business Research.

Byron Beatty, Managing Consultant, Nigel Wright Recruitment said: “It’s the best course I have ever been on in terms of its practical relevance to the workplace... it really helped me to reflect on how to work with colleagues and clients more effectively.”

If your prospective mentor says yes, then you need to stay focused. If you do set up regular meetings, be prepared for each one. Have questions ready, bring relevant documents, and always make sure you have a purpose.

BOOK REVIEW

The Agora network goes from strength to strength

One hundred business schools agreed to take part in the carefully formulated

Introducing…. Amanda Broderick, Professor of Marketing

What is your current role?

I hold the Chair in Marketing, with responsibility for the academic development of the Marketing subject team, including research leadership, curriculum review and postgraduate and undergraduate programme development.

Reviewing risk

• Continuing Professional Development – postgraduate assistance in job placement and further development and increased involvement in alumni organisations.

This is not to say that schools had not been working hard over the past decade to adapt the MBA to the changing demands of modern business. However, the economic crisis certainly highlighted the need for further change, such as embracing a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.

Mirroring the shift for greater transparency and accountability in business today, 83% of alumni surveyed agreed that ethics have become important or very important, while 75% said that corporate governance is now important or very important. In turn, 80% of business schools agreed that corporate social responsibility should underpin the actions of organisations.

One of the key strengths of Durham Business School is its commitment to excellence in teaching and research. Here we introduce you to a recent addition to the School’s faculty.

Alan Kelly, Senior Project Engineer, Thorn Lighting said: “the Professional Development Programme is an excellent short, sharp course with quick results. It helped me to improve a number of our procedures at work, which contributed to me being promoted.”

“Be specific and be realistic. For example, suggest that over the next ix months you have a conversation once a month for an hour. Perhaps the first meeting is face to face, with [subsequent meetings] over the phone.”

NEED A HE P NG HAND

local association news

DURHAM STUDENTS SATISFIED In the 2009 Times Higher Education (THE) student satisfaction survey, which assesses how students view their university experience, Durham moved up from 19th to 12th overall. Importantly, in a number of categories Durham was the top University, including ‘good community atmosphere’, ‘good support/ welfare’ and ‘I would recommend our University to a friend’. Durham was rated third behind Oxford and Cambridge in ‘high quality staff/lectures’.

Of those respondents who did not think the MBA is still relevant, most criticised shallow content and a lack of appreciation of its value within their own companies.

The findings also highlight an appetite among alumni for a greater focus on the practical application of learning versus theory. A key issue in the next stage will be the way in which schools can develop the appropriate pedagogy to ensure that the teaching of this broader MBA will translate into long-term learning.

Greater transparency One of the issues that both Durham Business School and AMBA hoped to be able to draw out of the research was whether there is a need for business schools to change their approach, and focus on helping to build a new way of doing things.

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challenge you in your career, who you respect and look up to, and who isn’t in your division,” suggests Vinnicombe.

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One of the most remarkable findings to emerge is that there is evidence of a move away from the shareholder valuedominated perspective of business. This is verified by the number of respondents who agreed to a large extent with statements such as “corporate social responsibility (CSR) should underpin the actions of organisations”; and “the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus”.

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What’s the best way to ensure your career reaches its fullest potential?

Find a mentor to help you avoid pitfalls and make the most of opportunities, says Lynley Oram.

Mentoring is about one generation passing on its experience, guidance and wisdom to the next, all the while teaching and testing them so that they progress and develop. There are three very straightforward reasons for finding a mentor at work: you are likely to earn more, have a higher level of job satisfaction and enjoy faster promotions.

Key findings

NEWS N RODUC NG

If you only do one thing this week... find a mentor

At the Business School, one of Clare’s main areas of focus will be working ‘one-to-one’ with MBA students and alumni, helping prepare them to take the next step in their career. As well as providing students with valuable links to potential recruiters, she will offer guidance on constructing effective CVs and practical advice on interview techniques and strategies for successful networking.

Two members of the University’s staff also received recognition with both being awarded the Order of the British Empire (OBE). They were Roderic Dutton (Geography Department and International Office), for contributions to academic and economic links between Jordan and the UK, and Michael Prestwich (an Emeritus Professor in History), for contributions to research and scholarship.

DURHAM VS DISNEY A 3D movie produced by Durham University scientists has overcome competition from Disney to secure an international award. Cosmic Origins, created by a team from the University’s Institute for Computational Cosmology (ICC) and the School of Engineering and Computing Sciences, won the award for the best 3D movie at the Stereoscopic Displays and Applications conference, held in Silicon Valley, California.

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With record numbers of executive-level managers in unemployment and further uncertainty in the workplace, careers support has never been more crucial.

WINTER WONDERLAND GRADUATION January saw the annual Durham University Winter Congregation ceremonies in Durham Cathedral.

Presided over by University Chancellor Bill Bryson, they were a unique celebration for students and for their friends and families, many of whom were visiting Durham for the first time from around the world. Business School graduates included individuals from across many programmes, including PhD, Full time MBA, MA and MSc.

FOR FURTHER INFORMATION

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NEED A HELPING HAND?

DBS PROFESSOR CHANGES ROLE Professor Timothy Clark has been appointed to the post of Dean of Graduate School, succeeding Dr Douglas Halliday. Along with several other roles, Professor Clark will continue as Professor of Organisational Behaviour at Durham Business School and Vice President of the British Academy of Management.

Suggestions from alumni on how the MBA could be changed to better prepare students post-downturn, included:

Transferable skills

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DBS ALUMNI HONOURED Our warmest congratulations go to MBA alumna Kathleen Thomas (completed 1992), who was awarded the CBE (Commander of the British Empire) for services to Further Education in the 2010 Queen’s New Year’s Honours list. Kathleen is currently Principal of Oldham College, UK.

Change for the better

Business schools largely agreed their curriculum is frequently updated to remain relevant. More than half of those surveyed suggested that the skills and knowledge they developed were of use to them at work, and roughly 15% implied that it was a “good foundation” upon which to build a career. Furthermore, approximately one third of respondents found that the MBA has helped accelerate their career, with many referring to it “opening doors” or aiding new opportunities.

The MBA appears to have always had a significant impact on the transferable skills of graduates, although their importance has also increased over time in response to the increasing demands of modern businesses. Transferable skills are particularly valued in the current economy and the general consensus seems to be that schools need to be more specific and coherent about the ways in which these skills are formed throughout their programmes.

Regular feedback from alumni and employers should judge the success of these activities.

introducing......

University News EXEC MBA NUMBERS RISE In spite of the current economic climate, numbers on the School’s Executive MBA Programme rose this year. A total of 40 new participants joined the UK programme. They were joined in Durham by 22 DBS/EBS Executive MBA students, (based in Germany), for their week-long induction programme in January.

on Nicola’s work on Diversity & Inclusion you can contact her at: nicolashearer@littlespringtime.com

MA

Business schools were also widely criticised for producing MBAs that were focused on creating shareholder value and high risk strategies instead of sustainable practices and stakeholder responsibility. Many critics believed that the downturn did indeed highlight numerous shortcomings in the MBA, particularly in the fields of risk management, change management, business ethics and sustainability.

survey, in addition to 544 alumni from 57 countries across the world. As well as providing valuable data for business schools, these findings will play a key part in the review of AMBA’s criteria of quality MBA programmes in 2010.

news news news news news news news news

SCHOLARSHIP OUTCOME The three recipients of the latest Durham Business School/Independent MBA Scholarship competition have been selected. They are all ambitious professionals wanting to bring business ideas and effective management to their chosen fields in the public and private service.

According to KPMG, business leaders work in an increasingly diverse business world, but there is little published research to show how this affects business decisions and the strategies they adopt for working in this environment. Last year KPMG commissioned Roffey Park Institute to conduct research to investigate the impact of diversity on business beyond the Human Resources arena.

Blame culture Criticism of the MBA was virulent following the global economic downturn.

In looking at who was to blame, fingers were pointed at business leaders. As many of these leaders held an MBA it made the degree, in turn, an easy target.

Can the blame, then, really be pinned on the structure of the MBA? If there are failings in responsible business ethics, how can these be addressed?

Relevancy

The issues of sustainability and ethics look set to lead MBA curriculum design in the future. It appears as if the MBA should be moving from the more functional areas of management teaching, towards the development of better rounded individuals, with soft skills to lead and the ability to integrate thinking to create sustainable, ethical, and stakeholderfocused management decisions.

Overwhelmingly, alumni feel that more focus needs to be given to soft skills and the real-life application of theory. While almost one half of the respondents talked about issues relating to sustainability or ethics, around 3% specifically talked about resisting the temptation for MBAs to focus on these topics.

EARN NG ROM HE DOWN URN

School News

How much does diversity really matter to businesses?

Launched via an MBA Curriculum Survey in July 2009, the report – The Post Downturn MBA: An Agenda for Change – provides a great deal of valuable information on perceptions of the MBA qualification. By addressing alumni and business schools, the survey was designed to examine the skills, competencies and knowledge that MBAs require and how these can be adapted in order to add value in the current climate and for the future. The main objective of the review is to ensure that the MBA remains relevant and meets the needs of responsible business.

But in the late 1980s and 1990s, when today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.

Soft skills

Professor Kit Baum

Durham Business School students, in conjunction with Agora, the School’s alumni association, have initiated a campaign to raise a scholarship fund to help Haitians who had their opportunity to study wrecked by the devastating earthquake in January 2010.

The initiative will feature a Charity Ball organised by the 2009 full time MBA cohort.

In January we were informed that the School’s position in the Financial Times Global MBA Rankings had improved yet again. I am delighted to inform you that Durham Business School is ranked 74th in the world in this important ranking. Moving up from 80th in the world, the rankings put the School at 12th in the UK. The global ranking comprises 27 European schools, 62 North American schools, eight Asia/Australasia schools, two schools from South America and one school from Africa. This is deserved recognition of all the hard work and dedication of our alumni, students, staff and faculty.

“the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus.”

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ERENCE

of my deliberations when reviewing the legislation which passes under our watch.

Q. What would you describe as your main strengths, and how have these led you to where you are today?

A. It is said that necessity is the mother of invention. If my life is an example of anything, it is the personification of this sentiment. Having a disability means that often things are not going to be accessible, or even available, for me. That has forced me to think – not merely outside the box, but sometimes completely outside the realm.

I feel that another one of my strong points is my interpersonal skills.

Success in any arena relies significantly on one’s ability to interact with others. That is to say, one has to not only communicate one’s own desires, but also to accurately translate what others want from you and deliver accordingly.

Having a personable character also helps. It allows people to relax and

be easy in your company; making it far easier to interact successfully.

Another important skill is that of leadership. In almost every sphere in which I interact, I find myself – either wittingly or unwittingly – taking on a leadership role. It often means that I find myself kicked in at the proverbial deep end and forced to swim in somewhat unchartered waters. During my course on Entrepreneurship, the guest lecturer said that he found that one of the most important things for any leader to cultivate is having experts in various fields around one. The leader therefore must not rely only on their own knowledge and capabilities, but also know how to rely on and draw out the qualities of others.

Q. Can you describe a typical day as a Senator?

A. The life of a Senator can be very interesting. Typically, my main role is that of attending senate sittings and debating the various bills and resolutions we have before us.

With the assistance of assistive technology, I can do this far more efficiently than might have been otherwise. When the bills reach the Committee stage of debate, the Deputy President assumes the role of Chairman of Committee thus taking the debate in to the clause by clause discussion.

Due to my personal profile as the first totally blind woman to hold such a high post in Barbados, I receive many invitations to speak at, or attend, a variety of functions. To date, I have given speeches in a number of our neighbouring islands as well as at many local events and programmes.

Q. What would you say has been the most satisfying aspect of your career so far?

A. For me, the most rewarding aspect of my career – both in the Senate and in my work for persons with disabilities – are the visible changes. Since my appointment in 2008, I have noticed a positive shift in the scope of discussions and activities for the disabled in Barbados. More and more, the question of facilitating disabilities is arising and is being handled in a far more respectful light. I do not take the credit for this, but the reality is that, by profiling a person like me so highly, others are seeing disability in a different light.

It also means that people are beginning to accept that we can, and do, make meaningful contributions when called upon to do so.

Q. What do you do to unwind?

A. Unfortunately, with a schedule like mine: full time employment, Deputy President of the Senate, active in several community organisations, my church, and the like; I find little time for relaxation. I try to workout at the gym three times a week whenever possible – though a hectic travel calendar does thwart my good intentions somewhat. I also try to attend ballroom dance classes when I can. I derive much pleasure from my role as Sunday school Superintendant, so even though it is work of a sort, teaching and playing with the children does give me a natural high. I have a wide cross section of friends with whom I try to stay in touch as often as possible.

I’m also an almost compulsive reader, card player and I enjoy crochet.

Q. You are a member of Senate until 2013, where do you envisage your career will take you after that?

A. After my term in office, I envision myself doing several things. For the most part though, I plan to fulfill a lifelong dream of beginning the first consultancy in the eastern Caribbean in sensitivity awareness training as it

relates to disabilities. Our economies rely heavily on our delivery of service and for too long the community of persons with disabilities has been underappreciated as a serious contender in this area. I also plan to continue to pursue my academic enrichment. However, my life has been an example of being able to seize opportunities whenever they present themselves and I do not foresee this ending anytime soon.

Therefore, I will remain open to possibilities.

Q. If you had one piece of career advice for Durham graduates starting out what would it be?

A. Too often, people view an MBA as a ticket to immediate success. I once heard a human resource practitioner of many years experience say that recent graduates are their own worst enemies because they somehow don’t grasp how to apply the knowledge they have gained to the realities they face. To new graduates, my advice would be to view the MBA as a great starting block; not a finish line. It has the ability to propel you in to arenas that may not have been available before. It does however mean that one must utilize the skills and information gained to work through the new opportunities. Everything you have learned is relevant.

A UMN Q&A

25

C ASS NO ES

THAMER AL-HOURANI MA HRM 2008–09 Right after graduation I worked at Grater Amman Municipality back in my home country Jordan. After six months I received an offer to be an HR group manager for King Abdullah II for Design & Development Bureau KADDB Investment Group, which I couldn’t refuse. I know that the knowledge and skills that I had gained at Durham Business School are the main reason I received such an offer. In addition to that I got engaged to a beautiful and cute girl who enlightened my life, her name is Rawan, and we will hopefully get married in June. I wish you all the best and I want to thank DBS staff for the changes that have occurred in my life.

SHAIL BHOJAK FT MBA 2007–08 I have been working as an International Metal’s Trader in London with the same company (RJH Trading Limited) I did my business project with. It is a dynamic organisation and I have learnt a lot in the last one and a half years with them. I am in touch with a few students from the current cohort trying to help them in the best way I can.

Recently I saw that DBS rose again in the FT ranking – my hearty congratulations to you all on this achievement.

24

MATTHEW DOWNEY MBA 2000–01 Since finishing my MBA in 2001 I’ve been working in Edinburgh for the Royal Bank of Scotland. I am now in the Remuneration & Benefits team, and since 2007 have been specialising in Executive Reward: the salaries, bonuses and share schemes offered to the top 350 people in the Group. It’s been very busy at work since the end of 2008! Outside of that I am engaged to Lucy – we were planning to get married in April this year, but found out that we are expecting a baby boy in May!

Da e

o

ELIAS GHANTOUS PHD ECONOMICS 1973–75 Prior to my s

MARK FLOISAND MBA DL 2001–06 I am now Chief Operating Officer of Untangle Inc. – a venture capitalbacked network software company in Silicon Valley, California, which I joined last year. I originally enrolled on the Distance Learning programme whilst still living in the UK. We were planning to emigrate to the USA at some point, so the idea that I’d be able to keep on studying, uninterrupted, was compelling. Myself and my family have been based in San Jose, California for five years.

C ASS NO ES

26

C ASS NO ES DA ES OR HE D AR

he D a

4

5

Dean’s Welcome In January we were informed that the School’s position in the Financial Times Global MBA Rankings had improved yet again. I am delighted to inform you that Durham Business School is ranked 74th in the world in this important ranking. Moving up from 80th in the world, the rankings put the School at 12th in the UK. The global ranking comprises 27 European schools, 62 North American schools, eight Asia/Australasia schools, two schools from South America and one school from Africa. This is deserved recognition of all the hard work and dedication of our alumni, students, staff and faculty.

Welcome to all our alumni, students and supporters, and what a fantastic start to the New Year it has been!

Following the success of achieving AACSB accreditation last April, Durham Business School became eligible to join the American based International Honour Society, Beta Gamma Sigma.

The Durham chapter of Beta Gamma Sigma was launched in January by Professor Amanda Broderick, who is an existing BGS member and Chapter President. Amanda is the School’s new Chair of Marketing, and you can read more about her on page 13.

The founding members of the Chapter are seven MBA alumni, who were nominated by their Programme Director for their outstanding academic achievement. They are: Manoj Adhikari, Marc Bell, Steve Fountain, Pankaj Kishore, Barb Kral-Hasty, Tom Mullen and Umesh Rathan.

We are pleased to be able to unveil this new look Agoranews following feedback from alumni and staff. As well as the usual popular features such as School and University news, book review and

alumni update we have included some more thought provoking researchbased articles.

In this issue we share an overview of our collaborative research with the Association of MBAs’ Research and Consultancy Centre (R&CC). The research – The Post Downturn MBA – takes into account the responses of a total of 100 business schools as well as 544 alumni from 57 countries across the world. As well as gaining high-profile coverage in the press, including the Times, Guardian and Times Higher, the findings have provided confirmation to us that we are continuing to develop and adapt our curriculum to the changing demands of modern business, and have drawn out topics and areas for further attention amongst business schools as a whole. I think that you will find it a most interesting read.

Also featured are an interesting research paper on Corporate Liquidity Management written by one of our visiting academics, Professor Kit Baum of Boston College; an alumna’s synopsis of a report on Diversity across 53 top organisations which was commissioned

by KPMG; and a career-related piece highlighting the significance of a mentor with a foreword from DBS’s new Career Consultant, Clare Cassidy.

We are grateful to everyone who continues to support the School in so many ways, and look forward to keeping you updated on our successes in 2010.

Professor Rob Dixon, Dean

Alumni – Update As the School continues to go from strength to strength – rising through the rankings – it is attracting a more internationally diverse cohort of students year on year, something which also serves to strengthen our alumni network.

Reflecting this, your alumni network, Agora, has undergone extensive growth and many changes over the past twelve months.

We have record numbers of Local Association members, with new groups springing up across the USA and South America. If you are interested in forming a Local Association in your city, region or country, please contact us for assistance.

In 2010 we are encouraging Agora members to support selected DBSrelated charitable causes – you may have noticed the new Haiti campaign on the inside front cover. This appeal marks the start of a long-term campaign to raise money for those who have had their opportunity to study taken away from them. Initially we plan to raise money to provide scholarships for Haitians whose lives have been destroyed by the recent devastating earthquakes. As part of the initiative Durham MBA students will be coordinating a charity ball in Durham later in the year and we encourage Local Association leaders to take the initiative and arrange their own coordinated activities for the same cause.

As well as the sterling work of our Local Association groups, many of our members are assuming the role of a Durham Ambassador with great success. One such ambassador is

Utsav Malhotra (MBA 2009). Utsav has aided Durham recruitment in India by assisting prospective students with their queries, supporting them through their application process, and being a source of information to them until they become a DBS student. Utsav received this message from a prospective student he’d assisted: “…Now I know which Business School to choose from my pretty wish list… Again I would want to thank you and say that you are a very good mentor and people working with you are really lucky to have you in your organisation.”

Comments such as this highlight how each Agora member can positively influence the reputation of Durham Business School. Activities such as volunteering to be a Mentor, joining a Local Association or participating in our online forums via LinkedIn and Facebook make a huge difference.

We would like to say a big thank you to all our Durham Ambassadors, including Utsav, who spend their valuable time helping DBS become one of the finest international business schools in Europe.

Another Agora achievement has been the launch of the new website, Agoraweb (www.agora.org.uk). Initial

registrations have been promising and we now have almost 2000 of our members onboard. The site provides alumni with access to various online subscriptions including EBSCO, MarketLine and Business Insights, as well as highlighting job opportunities and careers advice.

The latest innovation on Agoraweb is the exclusive hosting of the independent online resource Management-Issues. ManagementIssues provide an objective platform for topical debate and informed opinion by ‘thought leaders’ on management, leadership and human resources issues.

If you have not yet visited Agoraweb to check/update your details, please email dbs.alumni@durham.ac.uk to request your personal ID number for registration.

Thank you to all of you who share your news, updates and press releases with us. We love hearing from you and intend to feature as many as possible on Agoraweb – so please keep them coming!

We hope you enjoy reading this edition of Agoranews and, as ever, we welcome your feedback.

4

5

Dean’s Welcome In January we were informed that the School’s position in the Financial Times Global MBA Rankings had improved yet again. I am delighted to inform you that Durham Business School is ranked 74th in the world in this important ranking. Moving up from 80th in the world, the rankings put the School at 12th in the UK. The global ranking comprises 27 European schools, 62 North American schools, eight Asia/Australasia schools, two schools from South America and one school from Africa. This is deserved recognition of all the hard work and dedication of our alumni, students, staff and faculty.

Welcome to all our alumni, students and supporters, and what a fantastic start to the New Year it has been!

Following the success of achieving AACSB accreditation last April, Durham Business School became eligible to join the American based International Honour Society, Beta Gamma Sigma.

The Durham chapter of Beta Gamma Sigma was launched in January by Professor Amanda Broderick, who is an existing BGS member and Chapter President. Amanda is the School’s new Chair of Marketing, and you can read more about her on page 13.

The founding members of the Chapter are seven MBA alumni, who were nominated by their Programme Director for their outstanding academic achievement. They are: Manoj Adhikari, Marc Bell, Steve Fountain, Pankaj Kishore, Barb Kral-Hasty, Tom Mullen and Umesh Rathan.

We are pleased to be able to unveil this new look Agoranews following feedback from alumni and staff. As well as the usual popular features such as School and University news, book review and

alumni update we have included some more thought provoking researchbased articles.

In this issue we share an overview of our collaborative research with the Association of MBAs’ Research and Consultancy Centre (R&CC). The research – The Post Downturn MBA – takes into account the responses of a total of 100 business schools as well as 544 alumni from 57 countries across the world. As well as gaining high-profile coverage in the press, including the Times, Guardian and Times Higher, the findings have provided confirmation to us that we are continuing to develop and adapt our curriculum to the changing demands of modern business, and have drawn out topics and areas for further attention amongst business schools as a whole. I think that you will find it a most interesting read.

Also featured are an interesting research paper on Corporate Liquidity Management written by one of our visiting academics, Professor Kit Baum of Boston College; an alumna’s synopsis of a report on Diversity across 53 top organisations which was commissioned

by KPMG; and a career-related piece highlighting the significance of a mentor with a foreword from DBS’s new Career Consultant, Clare Cassidy.

We are grateful to everyone who continues to support the School in so many ways, and look forward to keeping you updated on our successes in 2010.

Professor Rob Dixon, Dean

Alumni – Update As the School continues to go from strength to strength – rising through the rankings – it is attracting a more internationally diverse cohort of students year on year, something which also serves to strengthen our alumni network.

Reflecting this, your alumni network, Agora, has undergone extensive growth and many changes over the past twelve months.

We have record numbers of Local Association members, with new groups springing up across the USA and South America. If you are interested in forming a Local Association in your city, region or country, please contact us for assistance.

In 2010 we are encouraging Agora members to support selected DBSrelated charitable causes – you may have noticed the new Haiti campaign on the inside front cover. This appeal marks the start of a long-term campaign to raise money for those who have had their opportunity to study taken away from them. Initially we plan to raise money to provide scholarships for Haitians whose lives have been destroyed by the recent devastating earthquakes. As part of the initiative Durham MBA students will be coordinating a charity ball in Durham later in the year and we encourage Local Association leaders to take the initiative and arrange their own coordinated activities for the same cause.

As well as the sterling work of our Local Association groups, many of our members are assuming the role of a Durham Ambassador with great success. One such ambassador is

Utsav Malhotra (MBA 2009). Utsav has aided Durham recruitment in India by assisting prospective students with their queries, supporting them through their application process, and being a source of information to them until they become a DBS student. Utsav received this message from a prospective student he’d assisted: “…Now I know which Business School to choose from my pretty wish list… Again I would want to thank you and say that you are a very good mentor and people working with you are really lucky to have you in your organisation.”

Comments such as this highlight how each Agora member can positively influence the reputation of Durham Business School. Activities such as volunteering to be a Mentor, joining a Local Association or participating in our online forums via LinkedIn and Facebook make a huge difference.

We would like to say a big thank you to all our Durham Ambassadors, including Utsav, who spend their valuable time helping DBS become one of the finest international business schools in Europe.

Another Agora achievement has been the launch of the new website, Agoraweb (www.agora.org.uk). Initial

registrations have been promising and we now have almost 2000 of our members onboard. The site provides alumni with access to various online subscriptions including EBSCO, MarketLine and Business Insights, as well as highlighting job opportunities and careers advice.

The latest innovation on Agoraweb is the exclusive hosting of the independent online resource Management-Issues. ManagementIssues provide an objective platform for topical debate and informed opinion by ‘thought leaders’ on management, leadership and human resources issues.

If you have not yet visited Agoraweb to check/update your details, please email dbs.alumni@durham.ac.uk to request your personal ID number for registration.

Thank you to all of you who share your news, updates and press releases with us. We love hearing from you and intend to feature as many as possible on Agoraweb – so please keep them coming!

We hope you enjoy reading this edition of Agoranews and, as ever, we welcome your feedback.

6

7

“the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus.”

Accusations in the media that business schools were responsible for contributing to the recent economic crisis inspired Durham Business School’s Dean, Professor Rob Dixon, to propose a research project that would act as a catalyst for debate on how the MBA should develop in order to better train the business leaders of tomorrow.

Learning from the downturn – a report on the future of the MBA Laying the foundations for one of the most far reaching debates surrounding the existing MBA curriculum, a comprehensive research report undertaken

by Durham Business School, in partnership with the Association of MBAs, suggests it’s time for change. Here, we take a look at the recommendations that will shape the future of the MBA.

Launched via an MBA Curriculum Survey in July 2009, the report – The Post Downturn MBA: An Agenda for Change – provides a great deal of valuable information on perceptions of the MBA qualification. By addressing alumni and business schools, the survey was designed to examine the skills, competencies and knowledge that MBAs require and how these can be adapted in order to add value in the current climate and for the future. The main objective of the review is to ensure that the MBA remains relevant and meets the needs of responsible business.

Blame culture Criticism of the MBA was virulent following the global economic downturn.

In looking at who was to blame, fingers were pointed at business leaders. As many of these leaders held an MBA it made the degree, in turn, an easy target.

But in the late 1980s and 1990s, when today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.

Can the blame, then, really be pinned on the structure of the MBA? If there are failings in responsible business ethics, how can these be addressed?

Business schools were also widely criticised for producing MBAs that were focused on creating shareholder value and high risk strategies instead of sustainable practices and stakeholder responsibility. Many critics believed that the downturn did indeed highlight numerous shortcomings in the MBA, particularly in the fields of risk management, change management, business ethics and sustainability.

survey, in addition to 544 alumni from 57 countries across the world. As well as providing valuable data for business schools, these findings will play a key part in the review of AMBA’s criteria of quality MBA programmes in 2010.

Key findings One of the most remarkable findings to emerge is that there is evidence of a move away from the shareholder valuedominated perspective of business. This is verified by the number of respondents who agreed to a large extent with statements such as “corporate social responsibility (CSR) should underpin the actions of organisations”; and “the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus”.

Greater transparency One of the issues that both Durham Business School and AMBA hoped to be able to draw out of the research was whether there is a need for business schools to change their approach, and focus on helping to build a new way of doing things.

One hundred business schools agreed to take part in the carefully formulated

Mirroring the shift for greater transparency and accountability in business today, 83% of alumni surveyed agreed that ethics have become important or very important, while 75% said that corporate governance is now important or very important. In turn, 80% of business schools agreed that corporate social responsibility should underpin the actions of organisations.

6

7

“the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus.”

Accusations in the media that business schools were responsible for contributing to the recent economic crisis inspired Durham Business School’s Dean, Professor Rob Dixon, to propose a research project that would act as a catalyst for debate on how the MBA should develop in order to better train the business leaders of tomorrow.

Learning from the downturn – a report on the future of the MBA Laying the foundations for one of the most far reaching debates surrounding the existing MBA curriculum, a comprehensive research report undertaken

by Durham Business School, in partnership with the Association of MBAs, suggests it’s time for change. Here, we take a look at the recommendations that will shape the future of the MBA.

Launched via an MBA Curriculum Survey in July 2009, the report – The Post Downturn MBA: An Agenda for Change – provides a great deal of valuable information on perceptions of the MBA qualification. By addressing alumni and business schools, the survey was designed to examine the skills, competencies and knowledge that MBAs require and how these can be adapted in order to add value in the current climate and for the future. The main objective of the review is to ensure that the MBA remains relevant and meets the needs of responsible business.

Blame culture Criticism of the MBA was virulent following the global economic downturn.

In looking at who was to blame, fingers were pointed at business leaders. As many of these leaders held an MBA it made the degree, in turn, an easy target.

But in the late 1980s and 1990s, when today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.

Can the blame, then, really be pinned on the structure of the MBA? If there are failings in responsible business ethics, how can these be addressed?

Business schools were also widely criticised for producing MBAs that were focused on creating shareholder value and high risk strategies instead of sustainable practices and stakeholder responsibility. Many critics believed that the downturn did indeed highlight numerous shortcomings in the MBA, particularly in the fields of risk management, change management, business ethics and sustainability.

survey, in addition to 544 alumni from 57 countries across the world. As well as providing valuable data for business schools, these findings will play a key part in the review of AMBA’s criteria of quality MBA programmes in 2010.

Key findings One of the most remarkable findings to emerge is that there is evidence of a move away from the shareholder valuedominated perspective of business. This is verified by the number of respondents who agreed to a large extent with statements such as “corporate social responsibility (CSR) should underpin the actions of organisations”; and “the MBA should adopt a stakeholder focus concerning all those affected by the actions of an organisation, rather than just a shareholder focus”.

Greater transparency One of the issues that both Durham Business School and AMBA hoped to be able to draw out of the research was whether there is a need for business schools to change their approach, and focus on helping to build a new way of doing things.

One hundred business schools agreed to take part in the carefully formulated

Mirroring the shift for greater transparency and accountability in business today, 83% of alumni surveyed agreed that ethics have become important or very important, while 75% said that corporate governance is now important or very important. In turn, 80% of business schools agreed that corporate social responsibility should underpin the actions of organisations.

8

9 Learning from the downturn – a report on the future of the MBA

Soft skills

Relevancy

Change for the better

The issues of sustainability and ethics look set to lead MBA curriculum design in the future. It appears as if the MBA should be moving from the more functional areas of management teaching, towards the development of better rounded individuals, with soft skills to lead and the ability to integrate thinking to create sustainable, ethical, and stakeholderfocused management decisions.

Business schools largely agreed their curriculum is frequently updated to remain relevant. More than half of those surveyed suggested that the skills and knowledge they developed were of use to them at work, and roughly 15% implied that it was a “good foundation” upon which to build a career. Furthermore, approximately one third of respondents found that the MBA has helped accelerate their career, with many referring to it “opening doors” or aiding new opportunities.

Suggestions from alumni on how the MBA could be changed to better prepare students post-downturn, included:

Overwhelmingly, alumni feel that more focus needs to be given to soft skills and the real-life application of theory. While almost one half of the respondents talked about issues relating to sustainability or ethics, around 3% specifically talked about resisting the temptation for MBAs to focus on these topics.

Transferable skills The MBA appears to have always had a significant impact on the transferable skills of graduates, although their importance has also increased over time in response to the increasing demands of modern businesses. Transferable skills are particularly valued in the current economy and the general consensus seems to be that schools need to be more specific and coherent about the ways in which these skills are formed throughout their programmes.

Regular feedback from alumni and employers should judge the success of these activities.

Of those respondents who did not think the MBA is still relevant, most criticised shallow content and a lack of appreciation of its value within their own companies.

Reviewing risk Alumni believe that there is a big difference between how risk was covered in their curriculum when they studied for their MBA and the extent to which it needs to be covered in the current climate. Likewise, schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.

• Continuing Professional Development – postgraduate assistance in job placement and further development and increased involvement in alumni organisations.

• Admissions – most respondents felt it was necessary that all incoming students should possess relevant prior work experience.

• Curriculum – increased integration of specific elective topics was outlined, including the law, marketing, accountancy and finance.

• Real business situation focus – programmes should be focused more on real-world scenarios and less on theoretical ones.

Preparation and planning Combining the responses of both alumni and business schools gives an indication of a shared consensus on the topics both sides believe are important in today’s business climate. These include business policy and strategy, leadership, and entrepreneurship and change management, as well as external risk factors, business ethics and, finally, creativity and innovation.

The findings also highlight an appetite among alumni for a greater focus on the practical application of learning versus theory. A key issue in the next stage will be the way in which schools can develop the appropriate pedagogy to ensure that the teaching of this broader MBA will translate into long-term learning.

Today’s curriculum When asked about criteria MBA alumni would look for in a programme today, the greatest concern was the content of the curriculum. Most notably, 19% suggested they would look for a course that contained more coverage of change management, with risk management and leadership also featuring heavily.

Responses also revolved around the delivery of curriculum, discussing the importance of group work, internships and guest speakers.

The way forward Comparisons between alumni and school responses provide the most realistic picture of possible development paths for the future MBA degree. While accepting that in some cases schools may have a better understanding of the content and delivery of their programmes, the disconnect shown between the two sets of respondents illustrates that schools do need to be more realistic about the ways and means in which they deliver some of the key aspects of the modern MBA programme.

This is not to say that schools had not been working hard over the past decade to adapt the MBA to the changing demands of modern business. However, the economic crisis certainly highlighted the need for further change, such as embracing a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.

Staying ahead of the game One clear and pertinent message from schools is the extent to which they try to continually develop programmes to ensure that the MBA is relevant to current management and leadership issues – and in many ways “staying ahead of the game” in doing so.

This is borne out both by the regular re-design of MBA programmes and the extent to which a wide variety of subjects, especially softer skills and the topics such as sustainability and CSR, have become increasingly prominent in the core or thematic delivery of accredited programmes.

An agenda for the future Although the report has laid the foundations for developing the agenda for the MBA, the consensus is that these changes do not represent an entirely one-off reaction to the financial crisis, either from business schools or the Association of MBAs. Both have continually succeeded in developing the accredited MBA to try to meet the needs of modern organisations.

The Association of MBAs, alongside providers of accredited MBA programmes, are committed to ensuring that the MBA remains relevant and produces the right kind of responsible and effective business leaders. The findings in the report will further influence this by helping to shape the future of the MBA and to ensure it meets the needs of contemporary managers, leaders, organisations and society. The findings, then, will heavily inform the review of the Association’s accreditation criteria for quality MBA programmes in 2010.

Finally, Professor Dixon sums up his view from the perspective of a business school Dean: “The economic crisis has shown that we can’t just expect things to go on as they were – it’s not just all about profit. Business schools are helping to build a new way of doing things, one that doesn’t put the interests of shareholders above all else. Businesses need well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions. We, here at Durham, believe that we fully equip our graduates to do so and we shall continue to strive to maintain the relevance of the MBA.” To obtain a copy of the full report, please contact dbs.marketing@durham.ac.uk

8

9 Learning from the downturn – a report on the future of the MBA

Soft skills

Relevancy

Change for the better

The issues of sustainability and ethics look set to lead MBA curriculum design in the future. It appears as if the MBA should be moving from the more functional areas of management teaching, towards the development of better rounded individuals, with soft skills to lead and the ability to integrate thinking to create sustainable, ethical, and stakeholderfocused management decisions.

Business schools largely agreed their curriculum is frequently updated to remain relevant. More than half of those surveyed suggested that the skills and knowledge they developed were of use to them at work, and roughly 15% implied that it was a “good foundation” upon which to build a career. Furthermore, approximately one third of respondents found that the MBA has helped accelerate their career, with many referring to it “opening doors” or aiding new opportunities.

Suggestions from alumni on how the MBA could be changed to better prepare students post-downturn, included:

Overwhelmingly, alumni feel that more focus needs to be given to soft skills and the real-life application of theory. While almost one half of the respondents talked about issues relating to sustainability or ethics, around 3% specifically talked about resisting the temptation for MBAs to focus on these topics.

Transferable skills The MBA appears to have always had a significant impact on the transferable skills of graduates, although their importance has also increased over time in response to the increasing demands of modern businesses. Transferable skills are particularly valued in the current economy and the general consensus seems to be that schools need to be more specific and coherent about the ways in which these skills are formed throughout their programmes.

Regular feedback from alumni and employers should judge the success of these activities.

Of those respondents who did not think the MBA is still relevant, most criticised shallow content and a lack of appreciation of its value within their own companies.

Reviewing risk Alumni believe that there is a big difference between how risk was covered in their curriculum when they studied for their MBA and the extent to which it needs to be covered in the current climate. Likewise, schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.

• Continuing Professional Development – postgraduate assistance in job placement and further development and increased involvement in alumni organisations.

• Admissions – most respondents felt it was necessary that all incoming students should possess relevant prior work experience.

• Curriculum – increased integration of specific elective topics was outlined, including the law, marketing, accountancy and finance.

• Real business situation focus – programmes should be focused more on real-world scenarios and less on theoretical ones.

Preparation and planning Combining the responses of both alumni and business schools gives an indication of a shared consensus on the topics both sides believe are important in today’s business climate. These include business policy and strategy, leadership, and entrepreneurship and change management, as well as external risk factors, business ethics and, finally, creativity and innovation.

The findings also highlight an appetite among alumni for a greater focus on the practical application of learning versus theory. A key issue in the next stage will be the way in which schools can develop the appropriate pedagogy to ensure that the teaching of this broader MBA will translate into long-term learning.

Today’s curriculum When asked about criteria MBA alumni would look for in a programme today, the greatest concern was the content of the curriculum. Most notably, 19% suggested they would look for a course that contained more coverage of change management, with risk management and leadership also featuring heavily.

Responses also revolved around the delivery of curriculum, discussing the importance of group work, internships and guest speakers.

The way forward Comparisons between alumni and school responses provide the most realistic picture of possible development paths for the future MBA degree. While accepting that in some cases schools may have a better understanding of the content and delivery of their programmes, the disconnect shown between the two sets of respondents illustrates that schools do need to be more realistic about the ways and means in which they deliver some of the key aspects of the modern MBA programme.

This is not to say that schools had not been working hard over the past decade to adapt the MBA to the changing demands of modern business. However, the economic crisis certainly highlighted the need for further change, such as embracing a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.

Staying ahead of the game One clear and pertinent message from schools is the extent to which they try to continually develop programmes to ensure that the MBA is relevant to current management and leadership issues – and in many ways “staying ahead of the game” in doing so.

This is borne out both by the regular re-design of MBA programmes and the extent to which a wide variety of subjects, especially softer skills and the topics such as sustainability and CSR, have become increasingly prominent in the core or thematic delivery of accredited programmes.

An agenda for the future Although the report has laid the foundations for developing the agenda for the MBA, the consensus is that these changes do not represent an entirely one-off reaction to the financial crisis, either from business schools or the Association of MBAs. Both have continually succeeded in developing the accredited MBA to try to meet the needs of modern organisations.

The Association of MBAs, alongside providers of accredited MBA programmes, are committed to ensuring that the MBA remains relevant and produces the right kind of responsible and effective business leaders. The findings in the report will further influence this by helping to shape the future of the MBA and to ensure it meets the needs of contemporary managers, leaders, organisations and society. The findings, then, will heavily inform the review of the Association’s accreditation criteria for quality MBA programmes in 2010.

Finally, Professor Dixon sums up his view from the perspective of a business school Dean: “The economic crisis has shown that we can’t just expect things to go on as they were – it’s not just all about profit. Business schools are helping to build a new way of doing things, one that doesn’t put the interests of shareholders above all else. Businesses need well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions. We, here at Durham, believe that we fully equip our graduates to do so and we shall continue to strive to maintain the relevance of the MBA.” To obtain a copy of the full report, please contact dbs.marketing@durham.ac.uk

10

11

How much does diversity really matter to businesses?

According to KPMG, business leaders work in an increasingly diverse business world, but there is little published research to show how this affects business decisions and the strategies they adopt for working in this environment. Last year KPMG commissioned Roffey Park Institute to conduct research to investigate the impact of diversity on business beyond the Human Resources arena.

Here Nicola Shearer, Durham MBA alumna (1995–96), shares with us a synopsis of the report: ‘Thriving in a diverse business world’.

Nicola is a consultant specialising in the area of Diversity & Inclusion and recently ran a workshop with business leaders and the authors, exploring the findings and recommendations of the report.

Thriving in a diverse business world By: Dr David Lines and Peter Hamill – Roffey Park How diversity is factored into sales, procurement, markets and human resources etc is what diversity and HR professionals spend many an hour thinking about. However, what really interests senior business leaders, according to a recent report commissioned by KPMG and conducted

by Roffey Park, is diversity of thought.

The report captures the views of 53 Chief Executives, Chief Financial Officers and Chairmen from FTSE100 or similar sized organisations. The report does not say that business leaders fail to appreciate the significance of workplace diversity, it stresses that they feel diversity in the workforce is not an end in itself but rather a means to achieving better quality of thinking and hence better commercial decision making.

This may explain to some extent the misalignment sometimes felt between diversity practitioners and business

leaders. However, the report stresses that it is within the business leader’s remit to make this diversity of thought happen – and quickly. No business leader can afford to wait for better quality of thinking to develop over time through recruitment of diversity at entry level and waiting for it to permeate to the top of his or her organisation. The participants themselves believe this strategy alone is not working – or not working fast enough.

One solution to this lack of diverse thinking at the top of the organisation is to hire in diversity, however the report suggests that this is not enough either.

An organisation must also welcome difference and be genuinely open to different perspectives and thinking.

Business leaders must be mindful of how they take diversity into account in their commercial decision making on their boards, in their senior management

teams and throughout their organisations. Many participants saw lack of diversity at board level as a weakness precisely because it reduces the quality of debate and limits the ability to think differently.

Diversity of thought is paramount as business leaders in the report cited many factors now influencing important commercial decision making. Factors such as: the pace of technology; geographic expansion; different models of business ownership, financing and investment; increasing diversity of stakeholders; complex business environments (legal, ethical & cultural); increased segmentation, diversification and raised expectations of customer groups. The speed with which business leaders must respond to these complex factors requires them to have diversity of thinking around them, otherwise the quality of those decisions deteriorates over time.

Despite the challenges, the research participants were positive about this diverse business world. To them it creates opportunities to increase services and products well placed to serve emerging markets. That’s not all; the combination of local employees around the world holding significant knowledge of the business and increasingly well-educated graduates is leading to a more distributed intellectual capital. This has led to a process that many in the West or Developed World had not expected – that of “Western” companies being acquired by organisations in emerging economies.

This will produce a significant shift in what leadership looks like within companies from the very top. It turns on its head the notion that diversity must over time work its way up through the organisation.

Recommendations in the report include the need to address the culture and social rules in the organisation that prevent different thinking from thriving and fostering “positive conflict” which is defined as working through disagreement in a collaborative way, sparking creativity, innovation and good decision making. For businesses to be competitive in the future they need men and women who think differently, are able to express their views and leaders who seek input from people who widen their perspective. This is the key to thriving in a diverse business world.

A full version of the report is available to download free at: www.roffeypark.com

FOR FURTHER INFORMATION on Nicola’s work on Diversity & Inclusion you can contact her at: nicolashearer@littlespringtime.com

10

11

How much does diversity really matter to businesses?

According to KPMG, business leaders work in an increasingly diverse business world, but there is little published research to show how this affects business decisions and the strategies they adopt for working in this environment. Last year KPMG commissioned Roffey Park Institute to conduct research to investigate the impact of diversity on business beyond the Human Resources arena.

Here Nicola Shearer, Durham MBA alumna (1995–96), shares with us a synopsis of the report: ‘Thriving in a diverse business world’.

Nicola is a consultant specialising in the area of Diversity & Inclusion and recently ran a workshop with business leaders and the authors, exploring the findings and recommendations of the report.

Thriving in a diverse business world By: Dr David Lines and Peter Hamill – Roffey Park How diversity is factored into sales, procurement, markets and human resources etc is what diversity and HR professionals spend many an hour thinking about. However, what really interests senior business leaders, according to a recent report commissioned by KPMG and conducted

by Roffey Park, is diversity of thought.

The report captures the views of 53 Chief Executives, Chief Financial Officers and Chairmen from FTSE100 or similar sized organisations. The report does not say that business leaders fail to appreciate the significance of workplace diversity, it stresses that they feel diversity in the workforce is not an end in itself but rather a means to achieving better quality of thinking and hence better commercial decision making.

This may explain to some extent the misalignment sometimes felt between diversity practitioners and business

leaders. However, the report stresses that it is within the business leader’s remit to make this diversity of thought happen – and quickly. No business leader can afford to wait for better quality of thinking to develop over time through recruitment of diversity at entry level and waiting for it to permeate to the top of his or her organisation. The participants themselves believe this strategy alone is not working – or not working fast enough.

One solution to this lack of diverse thinking at the top of the organisation is to hire in diversity, however the report suggests that this is not enough either.

An organisation must also welcome difference and be genuinely open to different perspectives and thinking.

Business leaders must be mindful of how they take diversity into account in their commercial decision making on their boards, in their senior management

teams and throughout their organisations. Many participants saw lack of diversity at board level as a weakness precisely because it reduces the quality of debate and limits the ability to think differently.

Diversity of thought is paramount as business leaders in the report cited many factors now influencing important commercial decision making. Factors such as: the pace of technology; geographic expansion; different models of business ownership, financing and investment; increasing diversity of stakeholders; complex business environments (legal, ethical & cultural); increased segmentation, diversification and raised expectations of customer groups. The speed with which business leaders must respond to these complex factors requires them to have diversity of thinking around them, otherwise the quality of those decisions deteriorates over time.

Despite the challenges, the research participants were positive about this diverse business world. To them it creates opportunities to increase services and products well placed to serve emerging markets. That’s not all; the combination of local employees around the world holding significant knowledge of the business and increasingly well-educated graduates is leading to a more distributed intellectual capital. This has led to a process that many in the West or Developed World had not expected – that of “Western” companies being acquired by organisations in emerging economies.

This will produce a significant shift in what leadership looks like within companies from the very top. It turns on its head the notion that diversity must over time work its way up through the organisation.

Recommendations in the report include the need to address the culture and social rules in the organisation that prevent different thinking from thriving and fostering “positive conflict” which is defined as working through disagreement in a collaborative way, sparking creativity, innovation and good decision making. For businesses to be competitive in the future they need men and women who think differently, are able to express their views and leaders who seek input from people who widen their perspective. This is the key to thriving in a diverse business world.

A full version of the report is available to download free at: www.roffeypark.com

FOR FURTHER INFORMATION on Nicola’s work on Diversity & Inclusion you can contact her at: nicolashearer@littlespringtime.com

12

news news news news news news news news School News SCHOLARSHIP OUTCOME The three recipients of the latest Durham Business School/Independent MBA Scholarship competition have been selected. They are all ambitious professionals wanting to bring business ideas and effective management to their chosen fields in the public and private service.

They are: Chief Superintendent Tim Forber – recently appointed as a Divisional Commander within Greater Manchester Police; Helen Winslow – a hospital doctor working in the field of infectious diseases and tropical medicine in Liverpool; and Carlos Andreas Sanchez Garcia – a lawyer from Bogota, Colombia.

An award covering the cost of the programme fees is made for each mode of delivery: distance learning, executive (part time) and full time.

ESRC FUND FELLOWSHIPS The School has been awarded two fellowships as part of the ESRC Management and Business Development Fellowship Scheme. The scheme has been developed by the Economic and Social Research Council to help ensure the future research base of Business and Management studies in the UK. Fixed term for a period of up to three years, they begin in April 2010.

13

introducing......

University News EXEC MBA NUMBERS RISE In spite of the current economic climate, numbers on the School’s Executive MBA Programme rose this year. A total of 40 new participants joined the UK programme. They were joined in Durham by 22 DBS/EBS Executive MBA students, (based in Germany), for their week-long induction programme in January.

DBS PROFESSOR CHANGES ROLE Professor Timothy Clark has been appointed to the post of Dean of Graduate School, succeeding Dr Douglas Halliday. Along with several other roles, Professor Clark will continue as Professor of Organisational Behaviour at Durham Business School and Vice President of the British Academy of Management.

WINTER WONDERLAND GRADUATION January saw the annual Durham University Winter Congregation ceremonies in Durham Cathedral.

Presided over by University Chancellor Bill Bryson, they were a unique celebration for students and for their friends and families, many of whom were visiting Durham for the first time from around the world. Business School graduates included individuals from across many programmes, including PhD, Full time MBA, MA and MSc.

DBS ALUMNI HONOURED Our warmest congratulations go to MBA alumna Kathleen Thomas (completed 1992), who was awarded the CBE (Commander of the British Empire) for services to Further Education in the 2010 Queen’s New Year’s Honours list. Kathleen is currently Principal of Oldham College, UK. Two members of the University’s staff also received recognition with both being awarded the Order of the British Empire (OBE). They were Roderic Dutton (Geography Department and International Office), for contributions to academic and economic links between Jordan and the UK, and Michael Prestwich (an Emeritus Professor in History), for contributions to research and scholarship.

DURHAM STUDENTS SATISFIED In the 2009 Times Higher Education (THE) student satisfaction survey, which assesses how students view their university experience, Durham moved up from 19th to 12th overall. Importantly, in a number of categories Durham was the top University, including ‘good community atmosphere’, ‘good support/ welfare’ and ‘I would recommend our University to a friend’. Durham was rated third behind Oxford and Cambridge in ‘high quality staff/lectures’.

DURHAM VS DISNEY A 3D movie produced by Durham University scientists has overcome competition from Disney to secure an international award. Cosmic Origins, created by a team from the University’s Institute for Computational Cosmology (ICC) and the School of Engineering and Computing Sciences, won the award for the best 3D movie at the Stereoscopic Displays and Applications conference, held in Silicon Valley, California.

One of the key strengths of Durham Business School is its commitment to excellence in teaching and research. Here we introduce you to a recent addition to the School’s faculty.

Introducing…. Amanda Broderick, Professor of Marketing Amanda has been an academic for over 15 years and regularly consults for business, commerce and public policy including Unilever, Tesco, The NEC Group and BERR. Prior to joining Durham Business School she was Research Director at Coventry University Business School, leading their Marketing and Advertising Applied Research Group. During her time at Aston Business School she led their Marketing Research Group together with the Aston Centre for e-Business Research.

What is your current role?

I hold the Chair in Marketing, with responsibility for the academic development of the Marketing subject team, including research leadership, curriculum review and postgraduate and undergraduate programme development.

What are the most challenging parts of your job?

Research should always be challenging – it means you are stretching the boundaries of knowledge and this is why I love it so much.

What do you want to achieve?

I want to be able to make a positive difference to my discipline, profession, institution and community.

What drives you?

I have three young sons aged nine, six and three, and spend precious time away from them at work. I want every moment of that time to be maximised to be the most productive, the most creative, the most authentic, and of the most significance, so that my three sons can be proud of their mum.

What was the best career advice you were given?

I’ve had fantastic mentors over the years that I’ve learnt a huge amount from and wish to emulate in many ways, but I suppose ‘learn from others, but carve your own path’ strikes true to me.

What advice can you offer to students and alumni thinking of an academic career?

It is a privilege to be an academic – an exciting, multi-focused career that you can feel passionate about. An academic can be involved in a huge variety of activities, including academic research; publishing in academic and professional journals and books; teaching students; designing, managing and facilitating undergraduate, postgraduate, research and management development programmes; consultancy; presenting at conferences; providing business advice and contributing to your professional discipline agenda; and advising government on policy matters.

If you want a career as a business academic, a PhD is a starting point.

Are you excited about research? Do you want to share your knowledge and passion about your subject with others?

If so, an academic career may be for you.

What are you currently working on at Durham Business School?

Next month my colleagues and I will be conducting a hugely exciting experiment looking at the representation of brands in memory. We shall be using a functional magnetic resonance imaging (fMRI) scanner to capture neurological consumer responses in more detail than they have ever been looked at before.

Consumer education is a common part of a marketer’s role and understanding the learning process and the storage and retrieval of memory is critical to this.

I am also Chairing The Academy of Marketing’s Conference, an annual conference with over 500 academic and practitioner delegates from over 20 countries. It is an influential event and this year the emphasis is on the role of marketing in driving organisational, social, community and environmental change.

We look forward to hearing more about Amanda’s research projects in future issues.

12

news news news news news news news news School News SCHOLARSHIP OUTCOME The three recipients of the latest Durham Business School/Independent MBA Scholarship competition have been selected. They are all ambitious professionals wanting to bring business ideas and effective management to their chosen fields in the public and private service.

They are: Chief Superintendent Tim Forber – recently appointed as a Divisional Commander within Greater Manchester Police; Helen Winslow – a hospital doctor working in the field of infectious diseases and tropical medicine in Liverpool; and Carlos Andreas Sanchez Garcia – a lawyer from Bogota, Colombia.

An award covering the cost of the programme fees is made for each mode of delivery: distance learning, executive (part time) and full time.

ESRC FUND FELLOWSHIPS The School has been awarded two fellowships as part of the ESRC Management and Business Development Fellowship Scheme. The scheme has been developed by the Economic and Social Research Council to help ensure the future research base of Business and Management studies in the UK. Fixed term for a period of up to three years, they begin in April 2010.

13

introducing......

University News EXEC MBA NUMBERS RISE In spite of the current economic climate, numbers on the School’s Executive MBA Programme rose this year. A total of 40 new participants joined the UK programme. They were joined in Durham by 22 DBS/EBS Executive MBA students, (based in Germany), for their week-long induction programme in January.

DBS PROFESSOR CHANGES ROLE Professor Timothy Clark has been appointed to the post of Dean of Graduate School, succeeding Dr Douglas Halliday. Along with several other roles, Professor Clark will continue as Professor of Organisational Behaviour at Durham Business School and Vice President of the British Academy of Management.

WINTER WONDERLAND GRADUATION January saw the annual Durham University Winter Congregation ceremonies in Durham Cathedral.

Presided over by University Chancellor Bill Bryson, they were a unique celebration for students and for their friends and families, many of whom were visiting Durham for the first time from around the world. Business School graduates included individuals from across many programmes, including PhD, Full time MBA, MA and MSc.

DBS ALUMNI HONOURED Our warmest congratulations go to MBA alumna Kathleen Thomas (completed 1992), who was awarded the CBE (Commander of the British Empire) for services to Further Education in the 2010 Queen’s New Year’s Honours list. Kathleen is currently Principal of Oldham College, UK. Two members of the University’s staff also received recognition with both being awarded the Order of the British Empire (OBE). They were Roderic Dutton (Geography Department and International Office), for contributions to academic and economic links between Jordan and the UK, and Michael Prestwich (an Emeritus Professor in History), for contributions to research and scholarship.

DURHAM STUDENTS SATISFIED In the 2009 Times Higher Education (THE) student satisfaction survey, which assesses how students view their university experience, Durham moved up from 19th to 12th overall. Importantly, in a number of categories Durham was the top University, including ‘good community atmosphere’, ‘good support/ welfare’ and ‘I would recommend our University to a friend’. Durham was rated third behind Oxford and Cambridge in ‘high quality staff/lectures’.

DURHAM VS DISNEY A 3D movie produced by Durham University scientists has overcome competition from Disney to secure an international award. Cosmic Origins, created by a team from the University’s Institute for Computational Cosmology (ICC) and the School of Engineering and Computing Sciences, won the award for the best 3D movie at the Stereoscopic Displays and Applications conference, held in Silicon Valley, California.

One of the key strengths of Durham Business School is its commitment to excellence in teaching and research. Here we introduce you to a recent addition to the School’s faculty.

Introducing…. Amanda Broderick, Professor of Marketing Amanda has been an academic for over 15 years and regularly consults for business, commerce and public policy including Unilever, Tesco, The NEC Group and BERR. Prior to joining Durham Business School she was Research Director at Coventry University Business School, leading their Marketing and Advertising Applied Research Group. During her time at Aston Business School she led their Marketing Research Group together with the Aston Centre for e-Business Research.

What is your current role?

I hold the Chair in Marketing, with responsibility for the academic development of the Marketing subject team, including research leadership, curriculum review and postgraduate and undergraduate programme development.

What are the most challenging parts of your job?

Research should always be challenging – it means you are stretching the boundaries of knowledge and this is why I love it so much.

What do you want to achieve?

I want to be able to make a positive difference to my discipline, profession, institution and community.

What drives you?

I have three young sons aged nine, six and three, and spend precious time away from them at work. I want every moment of that time to be maximised to be the most productive, the most creative, the most authentic, and of the most significance, so that my three sons can be proud of their mum.

What was the best career advice you were given?

I’ve had fantastic mentors over the years that I’ve learnt a huge amount from and wish to emulate in many ways, but I suppose ‘learn from others, but carve your own path’ strikes true to me.

What advice can you offer to students and alumni thinking of an academic career?

It is a privilege to be an academic – an exciting, multi-focused career that you can feel passionate about. An academic can be involved in a huge variety of activities, including academic research; publishing in academic and professional journals and books; teaching students; designing, managing and facilitating undergraduate, postgraduate, research and management development programmes; consultancy; presenting at conferences; providing business advice and contributing to your professional discipline agenda; and advising government on policy matters.

If you want a career as a business academic, a PhD is a starting point.

Are you excited about research? Do you want to share your knowledge and passion about your subject with others?

If so, an academic career may be for you.

What are you currently working on at Durham Business School?

Next month my colleagues and I will be conducting a hugely exciting experiment looking at the representation of brands in memory. We shall be using a functional magnetic resonance imaging (fMRI) scanner to capture neurological consumer responses in more detail than they have ever been looked at before.

Consumer education is a common part of a marketer’s role and understanding the learning process and the storage and retrieval of memory is critical to this.

I am also Chairing The Academy of Marketing’s Conference, an annual conference with over 500 academic and practitioner delegates from over 20 countries. It is an influential event and this year the emphasis is on the role of marketing in driving organisational, social, community and environmental change.

We look forward to hearing more about Amanda’s research projects in future issues.

14

15

Professor Kit Baum

CAPTURING CORPORATE CASH HOLDING – How fixed capital and R&D investment affects firms’ liquidity behaviour

Here we take a look at a summary of the research paper Corporate Liquidity Management and Future Investment Expenditures. The paper is co-authored

by Durham Business School’s visiting academic Professor Christopher ‘Kit’ Baum (Boston College, DIW Berlin) and fellow academics Mustafa Caglayan (University of Sheffield) and Oleksandr Talavera (School of Economics, University of East Anglia).

Kit Baum is an Associate Professor of Economics at Boston College, where he co-directs the undergraduate minor in scientific computation. His current teaching encompasses econometric methods, applied econometrics, and financial econometrics.

Professor Baum’s research interests include applied econometrics, the effects of uncertainty on firm behaviour, monetary policy, and capital investment decision. A contributor to many professional journals and technical publications, he is in great demand for his presentations on current econometric topics. He is currently a Visiting Professor at Durham University.

Corporate Liquidity Management and Future Investment Expenditures is an empirical examination of fixed capital and R&D investment and compares the behaviour of UK, US and German firms operating in different institutional

environments. It is essential reading for anyone who has an interest in the financial markets and macroeconomics.

Pivotal to the research is the issue of whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Using data from three advanced economies, the results shed light on the differences and similarities across market-based versus bank-based financial systems.

The team implemented a dynamic framework to consider the potential impact of adjustment and transaction costs which may prevent firms from achieving their target cash holding levels instantaneously.

One of the most notable evaluations from the research is that, while policy makers have already taken steps to support knowledge-producing companies, the gap between private and social returns on R&D investment remains sizable. Based on this data, the authors have suggested that the efficiency of current R&D-promoting actions, such as subsidies, tax allowances, and venture capital incubators should be re-evaluated.

They also discovered that firms make larger additions to cash holdings when

they plan additional future R&D rather than fixed capital investment expenditures. This behaviour is particularly prevalent among small and non-dividend paying firms that are heavily involved in R&D activities.

The basis of the paper is to understand why firms hold substantial amounts of cash, which earns little or no interest, rather than channelling those funds towards capital investment projects or dividends to shareholders. The study includes a presentation of the model and data and the empirical results and conclusions.

Previous research has examined why, in an environment with no market imperfections, firms can tap into financial markets costlessly and need not hold cash, as cash has a zero net present investment value. However, in the presence of financial frictions, firms do not undertake all positive net present value projects, but choose to save funds for transactions or precautionary motives.

Firms facing market imperfections, therefore, must choose their level of liquidity at each point in time while taking into account current and future capital investment expenditures.

By examining the changes in firms’ cash holdings, the authors try to

understand the factors that lead to accumulation or decumulation of firms’ cash reserves in the context of market imperfections.

And while they acknowledge that they are not the first to investigate the impact of market imperfections on cash holding behaviour of firms, they do claim that their study differs from any other undertaken so far. In previous studies, researchers have recognised the significance of current and future investment plans for liquidity management, but there seems to have been no consensus on how to capture those effects.

Some use current investment expenditures in their investigations, while others use Tobin’s Q as a proxy of future investment opportunities of the firm. Throughout the paper, however, it is explained that both of these strategies have their drawbacks.

In order to mitigate these problems, they examined the effect of one-periodahead additional fixed capital and R&D investment expenditures on firms’ liquidity management behaviour.

Their analysis further reveals that firms in each of the three countries (Germany, UK and the US) augment their cash holdings more vigorously when they plan additional future R&D expenditures than they do for planned increases in fixed capital investment expenditures.

Scrutinising the data in more detail, it is clear that this behaviour is particularly prominent among small firms and non-dividend paying firms that are heavily involved in R&D activities. Interestingly, another anomaly is that UK and US small companies have the highest level of R&D activity in comparison to their larger counterparts, while the opposite is observed for German firms.

Also, similar to earlier literature, they show that the cash flow sensitivity of cash is higher for constrained firms with respect to their larger counterparts in the UK and the US, whereas this difference is substantially smaller in Germany.

From the policy perspective, it is hard to underestimate the importance of technology producing mechanisms for knowledge-based economies. However, the study reveals that R&D-intensive companies are more likely to be financially constrained than their less technological counterparts as they must maintain their liquidity.

The authors state that their findings are unique in light of previous studies, which have not shown such diverse and significant effects including the data relating to R&D efficiency. Also, in contrast to the cash holding literature, they show that future R&D investment has an economically significant effect on firms’ liquidity behaviour.

To quantify the motivation for firms’ liquid asset holdings they use a variant of an empirical specification proposed by earlier researchers. The main difference in their approach is the introduction of two types of investment, fixed capital and R&D, rather than merely focusing on fixed capital investment.

Overall, their findings highlight the importance of the impact of changes in future R&D investment on the optimal level of a firm’s cash buffer. It is clear, then, that R&D-intensive companies are likely to face greater obstacles in accessing external financing in comparison to those firms that invest in physical assets that may be pledged as collateral.

A full copy of the paper can be accessed from: http://ideas.repec.org/p/boc/bocoec/712.html

14

15

Professor Kit Baum

CAPTURING CORPORATE CASH HOLDING – How fixed capital and R&D investment affects firms’ liquidity behaviour

Here we take a look at a summary of the research paper Corporate Liquidity Management and Future Investment Expenditures. The paper is co-authored

by Durham Business School’s visiting academic Professor Christopher ‘Kit’ Baum (Boston College, DIW Berlin) and fellow academics Mustafa Caglayan (University of Sheffield) and Oleksandr Talavera (School of Economics, University of East Anglia).

Kit Baum is an Associate Professor of Economics at Boston College, where he co-directs the undergraduate minor in scientific computation. His current teaching encompasses econometric methods, applied econometrics, and financial econometrics.

Professor Baum’s research interests include applied econometrics, the effects of uncertainty on firm behaviour, monetary policy, and capital investment decision. A contributor to many professional journals and technical publications, he is in great demand for his presentations on current econometric topics. He is currently a Visiting Professor at Durham University.

Corporate Liquidity Management and Future Investment Expenditures is an empirical examination of fixed capital and R&D investment and compares the behaviour of UK, US and German firms operating in different institutional

environments. It is essential reading for anyone who has an interest in the financial markets and macroeconomics.

Pivotal to the research is the issue of whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Using data from three advanced economies, the results shed light on the differences and similarities across market-based versus bank-based financial systems.

The team implemented a dynamic framework to consider the potential impact of adjustment and transaction costs which may prevent firms from achieving their target cash holding levels instantaneously.

One of the most notable evaluations from the research is that, while policy makers have already taken steps to support knowledge-producing companies, the gap between private and social returns on R&D investment remains sizable. Based on this data, the authors have suggested that the efficiency of current R&D-promoting actions, such as subsidies, tax allowances, and venture capital incubators should be re-evaluated.

They also discovered that firms make larger additions to cash holdings when

they plan additional future R&D rather than fixed capital investment expenditures. This behaviour is particularly prevalent among small and non-dividend paying firms that are heavily involved in R&D activities.

The basis of the paper is to understand why firms hold substantial amounts of cash, which earns little or no interest, rather than channelling those funds towards capital investment projects or dividends to shareholders. The study includes a presentation of the model and data and the empirical results and conclusions.

Previous research has examined why, in an environment with no market imperfections, firms can tap into financial markets costlessly and need not hold cash, as cash has a zero net present investment value. However, in the presence of financial frictions, firms do not undertake all positive net present value projects, but choose to save funds for transactions or precautionary motives.

Firms facing market imperfections, therefore, must choose their level of liquidity at each point in time while taking into account current and future capital investment expenditures.

By examining the changes in firms’ cash holdings, the authors try to

understand the factors that lead to accumulation or decumulation of firms’ cash reserves in the context of market imperfections.

And while they acknowledge that they are not the first to investigate the impact of market imperfections on cash holding behaviour of firms, they do claim that their study differs from any other undertaken so far. In previous studies, researchers have recognised the significance of current and future investment plans for liquidity management, but there seems to have been no consensus on how to capture those effects.

Some use current investment expenditures in their investigations, while others use Tobin’s Q as a proxy of future investment opportunities of the firm. Throughout the paper, however, it is explained that both of these strategies have their drawbacks.

In order to mitigate these problems, they examined the effect of one-periodahead additional fixed capital and R&D investment expenditures on firms’ liquidity management behaviour.

Their analysis further reveals that firms in each of the three countries (Germany, UK and the US) augment their cash holdings more vigorously when they plan additional future R&D expenditures than they do for planned increases in fixed capital investment expenditures.

Scrutinising the data in more detail, it is clear that this behaviour is particularly prominent among small firms and non-dividend paying firms that are heavily involved in R&D activities. Interestingly, another anomaly is that UK and US small companies have the highest level of R&D activity in comparison to their larger counterparts, while the opposite is observed for German firms.

Also, similar to earlier literature, they show that the cash flow sensitivity of cash is higher for constrained firms with respect to their larger counterparts in the UK and the US, whereas this difference is substantially smaller in Germany.

From the policy perspective, it is hard to underestimate the importance of technology producing mechanisms for knowledge-based economies. However, the study reveals that R&D-intensive companies are more likely to be financially constrained than their less technological counterparts as they must maintain their liquidity.

The authors state that their findings are unique in light of previous studies, which have not shown such diverse and significant effects including the data relating to R&D efficiency. Also, in contrast to the cash holding literature, they show that future R&D investment has an economically significant effect on firms’ liquidity behaviour.

To quantify the motivation for firms’ liquid asset holdings they use a variant of an empirical specification proposed by earlier researchers. The main difference in their approach is the introduction of two types of investment, fixed capital and R&D, rather than merely focusing on fixed capital investment.

Overall, their findings highlight the importance of the impact of changes in future R&D investment on the optimal level of a firm’s cash buffer. It is clear, then, that R&D-intensive companies are likely to face greater obstacles in accessing external financing in comparison to those firms that invest in physical assets that may be pledged as collateral.

A full copy of the paper can be accessed from: http://ideas.repec.org/p/boc/bocoec/712.html

16

17

NEED A HELPING HAND? With record numbers of executive-level managers in unemployment and further uncertainty in the workplace, careers support has never been more crucial.

In recognition of the importance of ongoing careers support for its students and alumni, Durham Business School has made further investment in its careers development team.

Clare is a great believer in the value of mentoring. She comments: “Mentoring is something everyone can, and should, have access to.

It is a great way of providing an invaluable source of support and development for executives, managers and business leaders.

Whilst the Business School’s Mentor Scheme utilises the alumni network for the benefit of student and alumni development, mentorship in the workplace should not be overlooked.

Mentoring is basically about having someone act as a sounding board, someone who is personally involved and cares about your long-term development.

I recently came across this Guardian newspaper article which stresses the significance of finding a suitable mentor to assist your career development. The article refers to details from a study which states the attractive benefits of having a mentor include earning more as well as faster promotions. It also has some very practical advice on how to get the most out of the relationship. I hope that you will find it of interest too.”

The latest addition is Clare Cassidy, who joined earlier this year as a Career Consultant. Clare has over ten years experience with a large HR consultancy and has worked with clients across all sectors and functions. Her considerable professional experience includes recruitment, business development and client relationship roles.

At the Business School, one of Clare’s main areas of focus will be working ‘one-to-one’ with MBA students and alumni, helping prepare them to take the next step in their career. As well as providing students with valuable links to potential recruiters, she will offer guidance on constructing effective CVs and practical advice on interview techniques and strategies for successful networking.

If you only do one thing this week... find a mentor What’s the best way to ensure your career reaches its fullest potential?

Find a mentor to help you avoid pitfalls and make the most of opportunities, says Lynley Oram.

Mentoring is about one generation passing on its experience, guidance and wisdom to the next, all the while teaching and testing them so that they progress and develop. There are three very straightforward reasons for finding a mentor at work: you are likely to earn more, have a higher level of job satisfaction and enjoy faster promotions.

At least this was the conclusion of a study of mentored and unmentored employees in 1992 by Georgia Chao, professor of management at Michigan State University. Indeed, about 80% of FTSE 100 CEOs claim to have benefitted from a mentor or coach. But there are plenty of intangible, invaluable, benefits to having a mentor at work, too.

Peter Fennah, an expert in career development, says finding a professional mentor helps workers with: “Thinking in new ways, optimising performance, [gaining] networking contacts and understanding how to get things done outside of the formal processes and systems, which don’t always work.”

A number of larger companies, including Sainsbury’s, HSBC, KPMG and Shell UK run mentoring schemes, and some also participate in collaborative efforts such as the FTSE 100 cross-company mentoring programme, run by Praesta Partners, which aims to use mentoring to increase the number of women at board level in the UK. If you are not aware of a mentoring scheme in your workplace, finding a mentor could be as easy as calling HR. “Your company may run a scheme but [it’s] not well publicised. HR departments are quite happy to put staff in touch with managers who have volunteered to mentor,” says Susan Vinnicombe, director of the International Centre for Women Leaders at Cranfield School of Management.

Otherwise, find a mentor yourself and approach him or her independently.

“Look at a person, a senior manager, ahead of you. Someone who will

challenge you in your career, who you respect and look up to, and who isn’t in your division,” suggests Vinnicombe.

“Keep your request low key, and make the initial query through an email or phone call. Make it clear that you’re not looking for a job or promotion, just advice and direction. Explain how they might know you – from a meeting you were both in, for example. And give them plenty of room to feel comfortable about saying no.

“In my experience, the typical reaction from a manager asked to take on a mentoring role is to say ‘yes, but exactly what do you want from me as a mentor?’,” says Vinnicombe. So before approaching a senior manager, it is vital that you know exactly what you’ll expect them to provide in advice and time.

“Be specific and be realistic. For example, suggest that over the next ix months you have a conversation once a month for an hour. Perhaps the first meeting is face to face, with [subsequent meetings] over the phone.”

If your prospective mentor says yes, then you need to stay focused. If you do set up regular meetings, be prepared for each one. Have questions ready, bring relevant documents, and always make sure you have a purpose.

Set a short timetable initially as this gives you the chance to walk away should the relationship not work.

Ineffective mentoring can stifle careers and lead to disillusionment, or feelings of isolation due to extreme dependence on the mentor.

And importantly, do not lose sight of the reason you wanted a mentor in the first place. While it is great if your chosen mentor can provide friendship, support and validation, do not forget the career development goals you started out with.

Copyright Guardian News & Media Ltd 2009

16

17

NEED A HELPING HAND? With record numbers of executive-level managers in unemployment and further uncertainty in the workplace, careers support has never been more crucial.

In recognition of the importance of ongoing careers support for its students and alumni, Durham Business School has made further investment in its careers development team.

Clare is a great believer in the value of mentoring. She comments: “Mentoring is something everyone can, and should, have access to.

It is a great way of providing an invaluable source of support and development for executives, managers and business leaders.

Whilst the Business School’s Mentor Scheme utilises the alumni network for the benefit of student and alumni development, mentorship in the workplace should not be overlooked.

Mentoring is basically about having someone act as a sounding board, someone who is personally involved and cares about your long-term development.

I recently came across this Guardian newspaper article which stresses the significance of finding a suitable mentor to assist your career development. The article refers to details from a study which states the attractive benefits of having a mentor include earning more as well as faster promotions. It also has some very practical advice on how to get the most out of the relationship. I hope that you will find it of interest too.”

The latest addition is Clare Cassidy, who joined earlier this year as a Career Consultant. Clare has over ten years experience with a large HR consultancy and has worked with clients across all sectors and functions. Her considerable professional experience includes recruitment, business development and client relationship roles.

At the Business School, one of Clare’s main areas of focus will be working ‘one-to-one’ with MBA students and alumni, helping prepare them to take the next step in their career. As well as providing students with valuable links to potential recruiters, she will offer guidance on constructing effective CVs and practical advice on interview techniques and strategies for successful networking.

If you only do one thing this week... find a mentor What’s the best way to ensure your career reaches its fullest potential?

Find a mentor to help you avoid pitfalls and make the most of opportunities, says Lynley Oram.

Mentoring is about one generation passing on its experience, guidance and wisdom to the next, all the while teaching and testing them so that they progress and develop. There are three very straightforward reasons for finding a mentor at work: you are likely to earn more, have a higher level of job satisfaction and enjoy faster promotions.

At least this was the conclusion of a study of mentored and unmentored employees in 1992 by Georgia Chao, professor of management at Michigan State University. Indeed, about 80% of FTSE 100 CEOs claim to have benefitted from a mentor or coach. But there are plenty of intangible, invaluable, benefits to having a mentor at work, too.

Peter Fennah, an expert in career development, says finding a professional mentor helps workers with: “Thinking in new ways, optimising performance, [gaining] networking contacts and understanding how to get things done outside of the formal processes and systems, which don’t always work.”

A number of larger companies, including Sainsbury’s, HSBC, KPMG and Shell UK run mentoring schemes, and some also participate in collaborative efforts such as the FTSE 100 cross-company mentoring programme, run by Praesta Partners, which aims to use mentoring to increase the number of women at board level in the UK. If you are not aware of a mentoring scheme in your workplace, finding a mentor could be as easy as calling HR. “Your company may run a scheme but [it’s] not well publicised. HR departments are quite happy to put staff in touch with managers who have volunteered to mentor,” says Susan Vinnicombe, director of the International Centre for Women Leaders at Cranfield School of Management.

Otherwise, find a mentor yourself and approach him or her independently.

“Look at a person, a senior manager, ahead of you. Someone who will

challenge you in your career, who you respect and look up to, and who isn’t in your division,” suggests Vinnicombe.

“Keep your request low key, and make the initial query through an email or phone call. Make it clear that you’re not looking for a job or promotion, just advice and direction. Explain how they might know you – from a meeting you were both in, for example. And give them plenty of room to feel comfortable about saying no.

“In my experience, the typical reaction from a manager asked to take on a mentoring role is to say ‘yes, but exactly what do you want from me as a mentor?’,” says Vinnicombe. So before approaching a senior manager, it is vital that you know exactly what you’ll expect them to provide in advice and time.

“Be specific and be realistic. For example, suggest that over the next ix months you have a conversation once a month for an hour. Perhaps the first meeting is face to face, with [subsequent meetings] over the phone.”

If your prospective mentor says yes, then you need to stay focused. If you do set up regular meetings, be prepared for each one. Have questions ready, bring relevant documents, and always make sure you have a purpose.

Set a short timetable initially as this gives you the chance to walk away should the relationship not work.

Ineffective mentoring can stifle careers and lead to disillusionment, or feelings of isolation due to extreme dependence on the mentor.

And importantly, do not lose sight of the reason you wanted a mentor in the first place. While it is great if your chosen mentor can provide friendship, support and validation, do not forget the career development goals you started out with.

Copyright Guardian News & Media Ltd 2009

18

19

MDC EXPERTISE MAKES A DIFFERENCE

During the past year the Management Development Centre (MDC) at Durham Business School has welcomed 135 new participants to its wide range of management programmes. Its unique and effective approach to management and organisational development is proving a great attraction to organisations of all sizes, attracting interest from a variety of sectors – from financial services and manufacturing, to education and the Civil Service – all interested in improving performance through their people.

One of MDC’s programmes that is successfully equipping junior and middle managers with the tools to manage themselves and their teams effectively, is the Professional Development Programme. This year’s participants represented a range of organisations including the NHS, Hartlepool Water, Nigel Wright Recruitment and Thorn Lighting.

Alan Kelly, Senior Project Engineer, Thorn Lighting said: “the Professional Development Programme is an excellent short, sharp course with quick results. It helped me to improve a number of our procedures at work, which contributed to me being promoted.”

Byron Beatty, Managing Consultant, Nigel Wright Recruitment said: “It’s the best course I have ever been on in terms of its practical relevance to the workplace... it really helped me to reflect on how to work with colleagues and clients more effectively.”

The success of the programme extends as far afield as Gibraltar, with 50 managers from within the Gibraltar Civil Service having begun their studies last October. Participants represent the Fire, Police and Prison services, as well as administrative departments such as Procurement, Tourism and Social Services.

Beyond the Civil Service, 25 teachers working in schools in Gibraltar are about to begin an MA in Leadership and Management. Additionally, members of the Executive Team at the Gibraltar Financial Services Commission are about to embark on a bespoke leadership programme, which will focus on client management, project management and decision making.

MDC’s current and past participants in Gibraltar met up for their first Global Get-Together in October.

It was a resounding success with 39 attendees and a similar event is planned for later this year.

Organisations such as NHS Plus, Lloyds Banking Group and Formica have returned to MDC this year, launching new programmes for their senior managers from across the UK and Europe.

Managers from NHS Plus are currently participating in an MDC business development programme, learning new techniques to equip them with the business skills necessary to grow and develop a stronger network of Occupational Health units. They recently announced a third programme, due to start in September 2010.

FOR FURTHER INFORMATION about MDC programmes Email: management.development@durham.ac.uk Click: www.durham.ac.uk/dbs/mdc Telephone: +44(0)191 334 5547

Formica teamed up with MDC to run a bespoke Masters programme, bringing together senior managers from across Europe. Formica’s Group Vice-President of HR, Denis Hall, said: “This MA has enabled us to drive a new business culture as well as developing high potential managers across countries, functions and job levels.

“The programme has helped with talent retention, demonstrating our faith in the longer-term development of our people, as well as giving them a substantial qualification. The programme has also acted as an informal assessment centre in helping with the identification of top talent.”

In addition to these activities, the team has been involved in business events and conferences. In March, MDC took part in Business Exchange North East, the largest business-tobusiness event in the region, which attracted over 1,500 delegates.

Alongside the main exhibition, conference and procurement pavilion, MDC provided high-level management and leadership development within the Durham Business School ‘Leadership Lounge’. Delegates were invited to join a series of seminars on topics such as Leadership Judgement, Trust, Blue Ocean Strategy, Financial DecisionMaking and the Personality Secrets of Corporate Entrepreneurs.

18

19

MDC EXPERTISE MAKES A DIFFERENCE

During the past year the Management Development Centre (MDC) at Durham Business School has welcomed 135 new participants to its wide range of management programmes. Its unique and effective approach to management and organisational development is proving a great attraction to organisations of all sizes, attracting interest from a variety of sectors – from financial services and manufacturing, to education and the Civil Service – all interested in improving performance through their people.

One of MDC’s programmes that is successfully equipping junior and middle managers with the tools to manage themselves and their teams effectively, is the Professional Development Programme. This year’s participants represented a range of organisations including the NHS, Hartlepool Water, Nigel Wright Recruitment and Thorn Lighting.

Alan Kelly, Senior Project Engineer, Thorn Lighting said: “the Professional Development Programme is an excellent short, sharp course with quick results. It helped me to improve a number of our procedures at work, which contributed to me being promoted.”

Byron Beatty, Managing Consultant, Nigel Wright Recruitment said: “It’s the best course I have ever been on in terms of its practical relevance to the workplace... it really helped me to reflect on how to work with colleagues and clients more effectively.”

The success of the programme extends as far afield as Gibraltar, with 50 managers from within the Gibraltar Civil Service having begun their studies last October. Participants represent the Fire, Police and Prison services, as well as administrative departments such as Procurement, Tourism and Social Services.

Beyond the Civil Service, 25 teachers working in schools in Gibraltar are about to begin an MA in Leadership and Management. Additionally, members of the Executive Team at the Gibraltar Financial Services Commission are about to embark on a bespoke leadership programme, which will focus on client management, project management and decision making.

MDC’s current and past participants in Gibraltar met up for their first Global Get-Together in October.

It was a resounding success with 39 attendees and a similar event is planned for later this year.

Organisations such as NHS Plus, Lloyds Banking Group and Formica have returned to MDC this year, launching new programmes for their senior managers from across the UK and Europe.

Managers from NHS Plus are currently participating in an MDC business development programme, learning new techniques to equip them with the business skills necessary to grow and develop a stronger network of Occupational Health units. They recently announced a third programme, due to start in September 2010.

FOR FURTHER INFORMATION about MDC programmes Email: management.development@durham.ac.uk Click: www.durham.ac.uk/dbs/mdc Telephone: +44(0)191 334 5547

Formica teamed up with MDC to run a bespoke Masters programme, bringing together senior managers from across Europe. Formica’s Group Vice-President of HR, Denis Hall, said: “This MA has enabled us to drive a new business culture as well as developing high potential managers across countries, functions and job levels.

“The programme has helped with talent retention, demonstrating our faith in the longer-term development of our people, as well as giving them a substantial qualification. The programme has also acted as an informal assessment centre in helping with the identification of top talent.”

In addition to these activities, the team has been involved in business events and conferences. In March, MDC took part in Business Exchange North East, the largest business-tobusiness event in the region, which attracted over 1,500 delegates.

Alongside the main exhibition, conference and procurement pavilion, MDC provided high-level management and leadership development within the Durham Business School ‘Leadership Lounge’. Delegates were invited to join a series of seminars on topics such as Leadership Judgement, Trust, Blue Ocean Strategy, Financial DecisionMaking and the Personality Secrets of Corporate Entrepreneurs.

20

21

Q&A Recent Durham MBA graduate Kerryann Ifill talks about life post-MBA Kerryann lives and works in Barbados, and for the past two years, as well as her job as a research project officer with the Barbados Council for the Disabled, she has held the position of Deputy President of the Barbados Senate – a role to which she was appointed in recognition of her continued advancement of the professional stature and societal contribution of visually impaired persons.

Q. How do you feel your Durham MBA prepared you for your current role as Deputy President of the Barbados Senate?

A. As a person with a disability, I always felt I could not rely on the usual avenues for development; both academically and professionally.

Therefore, my decision to choose Durham Business School for my Masters was a simple one. From all my investigations, it was the best.

I felt it would give me that muchneeded edge to compete with others, and to ‘level the playing field’.

Pursuing an MBA afforded me valuable preparation, not just for my role in the Senate, but also for my many other interactions. In my role as Deputy President, several aspects of my Masters stand me in good stead.

As a small island state, Barbados is heavily reliant on its international relationships, thus, several of the components of the strategic management module form part

of my deliberations when reviewing the legislation which passes under our watch.

Q. What would you describe as your main strengths, and how have these led you to where you are today?

A. It is said that necessity is the mother of invention. If my life is an example of anything, it is the personification of this sentiment. Having a disability means that often things are not going to be accessible, or even available, for me. That has forced me to think – not merely outside the box, but sometimes completely outside the realm.

I feel that another one of my strong points is my interpersonal skills.

Success in any arena relies significantly on one’s ability to interact with others. That is to say, one has to not only communicate one’s own desires, but also to accurately translate what others want from you and deliver accordingly.

Having a personable character also helps. It allows people to relax and

be easy in your company; making it far easier to interact successfully.

Another important skill is that of leadership. In almost every sphere in which I interact, I find myself – either wittingly or unwittingly – taking on a leadership role. It often means that I find myself kicked in at the proverbial deep end and forced to swim in somewhat unchartered waters. During my course on Entrepreneurship, the guest lecturer said that he found that one of the most important things for any leader to cultivate is having experts in various fields around one. The leader therefore must not rely only on their own knowledge and capabilities, but also know how to rely on and draw out the qualities of others.

Q. Can you describe a typical day as a Senator?

A. The life of a Senator can be very interesting. Typically, my main role is that of attending senate sittings and debating the various bills and resolutions we have before us.

With the assistance of assistive technology, I can do this far more efficiently than might have been otherwise. When the bills reach the Committee stage of debate, the Deputy President assumes the role of Chairman of Committee thus taking the debate in to the clause by clause discussion.

Due to my personal profile as the first totally blind woman to hold such a high post in Barbados, I receive many invitations to speak at, or attend, a variety of functions. To date, I have given speeches in a number of our neighbouring islands as well as at many local events and programmes.

Q. What would you say has been the most satisfying aspect of your career so far?

A. For me, the most rewarding aspect of my career – both in the Senate and in my work for persons with disabilities – are the visible changes. Since my appointment in 2008, I have noticed a positive shift in the scope of discussions and activities for the disabled in Barbados. More and more, the question of facilitating disabilities is arising and is being handled in a far more respectful light. I do not take the credit for this, but the reality is that, by profiling a person like me so highly, others are seeing disability in a different light.

It also means that people are beginning to accept that we can, and do, make meaningful contributions when called upon to do so.

Q. What do you do to unwind?

A. Unfortunately, with a schedule like mine: full time employment, Deputy President of the Senate, active in several community organisations, my church, and the like; I find little time for relaxation. I try to workout at the gym three times a week whenever possible – though a hectic travel calendar does thwart my good intentions somewhat. I also try to attend ballroom dance classes when I can. I derive much pleasure from my role as Sunday school Superintendant, so even though it is work of a sort, teaching and playing with the children does give me a natural high. I have a wide cross section of friends with whom I try to stay in touch as often as possible.

I’m also an almost compulsive reader, card player and I enjoy crochet.

Q. You are a member of Senate until 2013, where do you envisage your career will take you after that?

A. After my term in office, I envision myself doing several things. For the most part though, I plan to fulfill a lifelong dream of beginning the first consultancy in the eastern Caribbean in sensitivity awareness training as it

relates to disabilities. Our economies rely heavily on our delivery of service and for too long the community of persons with disabilities has been underappreciated as a serious contender in this area. I also plan to continue to pursue my academic enrichment. However, my life has been an example of being able to seize opportunities whenever they present themselves and I do not foresee this ending anytime soon.

Therefore, I will remain open to possibilities.

Q. If you had one piece of career advice for Durham graduates starting out what would it be?

A. Too often, people view an MBA as a ticket to immediate success. I once heard a human resource practitioner of many years experience say that recent graduates are their own worst enemies because they somehow don’t grasp how to apply the knowledge they have gained to the realities they face. To new graduates, my advice would be to view the MBA as a great starting block; not a finish line. It has the ability to propel you in to arenas that may not have been available before. It does however mean that one must utilize the skills and information gained to work through the new opportunities. Everything you have learned is relevant.

20

21

Q&A Recent Durham MBA graduate Kerryann Ifill talks about life post-MBA Kerryann lives and works in Barbados, and for the past two years, as well as her job as a research project officer with the Barbados Council for the Disabled, she has held the position of Deputy President of the Barbados Senate – a role to which she was appointed in recognition of her continued advancement of the professional stature and societal contribution of visually impaired persons.

Q. How do you feel your Durham MBA prepared you for your current role as Deputy President of the Barbados Senate?

A. As a person with a disability, I always felt I could not rely on the usual avenues for development; both academically and professionally.

Therefore, my decision to choose Durham Business School for my Masters was a simple one. From all my investigations, it was the best.

I felt it would give me that muchneeded edge to compete with others, and to ‘level the playing field’.

Pursuing an MBA afforded me valuable preparation, not just for my role in the Senate, but also for my many other interactions. In my role as Deputy President, several aspects of my Masters stand me in good stead.

As a small island state, Barbados is heavily reliant on its international relationships, thus, several of the components of the strategic management module form part

of my deliberations when reviewing the legislation which passes under our watch.

Q. What would you describe as your main strengths, and how have these led you to where you are today?

A. It is said that necessity is the mother of invention. If my life is an example of anything, it is the personification of this sentiment. Having a disability means that often things are not going to be accessible, or even available, for me. That has forced me to think – not merely outside the box, but sometimes completely outside the realm.

I feel that another one of my strong points is my interpersonal skills.

Success in any arena relies significantly on one’s ability to interact with others. That is to say, one has to not only communicate one’s own desires, but also to accurately translate what others want from you and deliver accordingly.

Having a personable character also helps. It allows people to relax and

be easy in your company; making it far easier to interact successfully.

Another important skill is that of leadership. In almost every sphere in which I interact, I find myself – either wittingly or unwittingly – taking on a leadership role. It often means that I find myself kicked in at the proverbial deep end and forced to swim in somewhat unchartered waters. During my course on Entrepreneurship, the guest lecturer said that he found that one of the most important things for any leader to cultivate is having experts in various fields around one. The leader therefore must not rely only on their own knowledge and capabilities, but also know how to rely on and draw out the qualities of others.

Q. Can you describe a typical day as a Senator?

A. The life of a Senator can be very interesting. Typically, my main role is that of attending senate sittings and debating the various bills and resolutions we have before us.

With the assistance of assistive technology, I can do this far more efficiently than might have been otherwise. When the bills reach the Committee stage of debate, the Deputy President assumes the role of Chairman of Committee thus taking the debate in to the clause by clause discussion.

Due to my personal profile as the first totally blind woman to hold such a high post in Barbados, I receive many invitations to speak at, or attend, a variety of functions. To date, I have given speeches in a number of our neighbouring islands as well as at many local events and programmes.

Q. What would you say has been the most satisfying aspect of your career so far?

A. For me, the most rewarding aspect of my career – both in the Senate and in my work for persons with disabilities – are the visible changes. Since my appointment in 2008, I have noticed a positive shift in the scope of discussions and activities for the disabled in Barbados. More and more, the question of facilitating disabilities is arising and is being handled in a far more respectful light. I do not take the credit for this, but the reality is that, by profiling a person like me so highly, others are seeing disability in a different light.

It also means that people are beginning to accept that we can, and do, make meaningful contributions when called upon to do so.

Q. What do you do to unwind?

A. Unfortunately, with a schedule like mine: full time employment, Deputy President of the Senate, active in several community organisations, my church, and the like; I find little time for relaxation. I try to workout at the gym three times a week whenever possible – though a hectic travel calendar does thwart my good intentions somewhat. I also try to attend ballroom dance classes when I can. I derive much pleasure from my role as Sunday school Superintendant, so even though it is work of a sort, teaching and playing with the children does give me a natural high. I have a wide cross section of friends with whom I try to stay in touch as often as possible.

I’m also an almost compulsive reader, card player and I enjoy crochet.

Q. You are a member of Senate until 2013, where do you envisage your career will take you after that?

A. After my term in office, I envision myself doing several things. For the most part though, I plan to fulfill a lifelong dream of beginning the first consultancy in the eastern Caribbean in sensitivity awareness training as it

relates to disabilities. Our economies rely heavily on our delivery of service and for too long the community of persons with disabilities has been underappreciated as a serious contender in this area. I also plan to continue to pursue my academic enrichment. However, my life has been an example of being able to seize opportunities whenever they present themselves and I do not foresee this ending anytime soon.

Therefore, I will remain open to possibilities.

Q. If you had one piece of career advice for Durham graduates starting out what would it be?

A. Too often, people view an MBA as a ticket to immediate success. I once heard a human resource practitioner of many years experience say that recent graduates are their own worst enemies because they somehow don’t grasp how to apply the knowledge they have gained to the realities they face. To new graduates, my advice would be to view the MBA as a great starting block; not a finish line. It has the ability to propel you in to arenas that may not have been available before. It does however mean that one must utilize the skills and information gained to work through the new opportunities. Everything you have learned is relevant.

22

23

BOOK REVIEW

local association news The Agora network goes from strength to strength 1. EGYPT Late last year, DBS staff Anne Woodhead and Dr Riham Rizk, visited Cairo to represent the School at an MBA recruitment fair. After the successful event they met with a group of alumni for dinner at ‘Tabouleh’ restaurant. Also in attendance was ex-DBS staff member Professor David Kirby who is now Dean of the Faculty of Business Administration, Economics and Politics at the British University in Egypt and manager of Audience Relations at the British Council.

2. HONG KONG Hong Kong Agora met for a Christmas reunion dinner at the City University of Hong Kong. Fifteen alumni attended and, as usual, the event was expertly organised

by Eddie Yu and his colleagues. In February the group hosted another event at Dublin Jack’s Irish bar in Hong Kong, when Alexandra Sedgwick, DBS Alumni Relations Manager, joined them for dinner.

3. LONDON

1

Southern Agora is as always a very active group. They met for dinner on 10 December for a Christmas celebration at Wong Kei’s and then afterwards at De Hems Bar for drinks. Thank you to Dionysia Patrinou who organised this event in the absence of group leader Nikhil Kulkarni.

The Ascent of Money: A Financial History of the World

by Niall Ferguson

2

4. UNITED ARAB EMIRATES United Arab Emirates continue their wonderful work and are currently organising an alumni ‘yearbook’ in which the group members are providing articles, updates, photographs and much more.

The group has been holding regular meetings to keep this initiative going forward, and we wish them great success with it.

Colin Theakston, Durham Business School’s Librarian, shares with us his view on this recent publication.

Local Associations are the perfect way to join in the DBS Global Get Together events. Forthcoming dates include: 11 June, 10 September and 10 December.

We particularly look forward to hearing about your events and receiving photographs.

Niall Ferguson is a British historian of some considerable note. He is a History Professor at Harvard University, and if that isn’t enough, he is also the William Ziegler Professor of Business Administration at Harvard Business School.

He is the author of such books as Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets; The Cash Nexus: Money and Politics in Modern History and the book we are discussing today The Ascent of Money.

This book is both a top selling economic history text (yes, such things do exist) AND a successful television series, for those of you who watch the UK television station Channel 4.

What I particularly like in this book is Ferguson’s sweep through the

civilisations of the past; telling the reader many fascinating facts, such as that the Incas spurned the use of gold and silver as money, or that preChristian Babylonia produced credit notes in the form of clay tablets, and other details concerning the development of various civilisations’ attitudes towards money and finance.

This is an excellent broad history of our financial system, especially of interest when covering such topics as the development of bond and stock markets; the West’s obsession with property and many cautionary tales from history of boom and bust.

What makes this book such a good read is its linking of historical events to our current recessionary predicament – both as an example of how things have gone wrong before and as direct causes of the latest credit crunch.

COMPETITION 3

1

4

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For your chance to win a copy of the book visit: www.agora.org.uk select ‘news’ and follow the competition links.

Closing date: 30 April 2010

22

23

BOOK REVIEW

local association news The Agora network goes from strength to strength 1. EGYPT Late last year, DBS staff Anne Woodhead and Dr Riham Rizk, visited Cairo to represent the School at an MBA recruitment fair. After the successful event they met with a group of alumni for dinner at ‘Tabouleh’ restaurant. Also in attendance was ex-DBS staff member Professor David Kirby who is now Dean of the Faculty of Business Administration, Economics and Politics at the British University in Egypt and manager of Audience Relations at the British Council.

2. HONG KONG Hong Kong Agora met for a Christmas reunion dinner at the City University of Hong Kong. Fifteen alumni attended and, as usual, the event was expertly organised

by Eddie Yu and his colleagues. In February the group hosted another event at Dublin Jack’s Irish bar in Hong Kong, when Alexandra Sedgwick, DBS Alumni Relations Manager, joined them for dinner.

3. LONDON

1

Southern Agora is as always a very active group. They met for dinner on 10 December for a Christmas celebration at Wong Kei’s and then afterwards at De Hems Bar for drinks. Thank you to Dionysia Patrinou who organised this event in the absence of group leader Nikhil Kulkarni.

The Ascent of Money: A Financial History of the World

by Niall Ferguson

2

4. UNITED ARAB EMIRATES United Arab Emirates continue their wonderful work and are currently organising an alumni ‘yearbook’ in which the group members are providing articles, updates, photographs and much more.

The group has been holding regular meetings to keep this initiative going forward, and we wish them great success with it.

Colin Theakston, Durham Business School’s Librarian, shares with us his view on this recent publication.

Local Associations are the perfect way to join in the DBS Global Get Together events. Forthcoming dates include: 11 June, 10 September and 10 December.

We particularly look forward to hearing about your events and receiving photographs.

Niall Ferguson is a British historian of some considerable note. He is a History Professor at Harvard University, and if that isn’t enough, he is also the William Ziegler Professor of Business Administration at Harvard Business School.

He is the author of such books as Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets; The Cash Nexus: Money and Politics in Modern History and the book we are discussing today The Ascent of Money.

This book is both a top selling economic history text (yes, such things do exist) AND a successful television series, for those of you who watch the UK television station Channel 4.

What I particularly like in this book is Ferguson’s sweep through the

civilisations of the past; telling the reader many fascinating facts, such as that the Incas spurned the use of gold and silver as money, or that preChristian Babylonia produced credit notes in the form of clay tablets, and other details concerning the development of various civilisations’ attitudes towards money and finance.

This is an excellent broad history of our financial system, especially of interest when covering such topics as the development of bond and stock markets; the West’s obsession with property and many cautionary tales from history of boom and bust.

What makes this book such a good read is its linking of historical events to our current recessionary predicament – both as an example of how things have gone wrong before and as direct causes of the latest credit crunch.

COMPETITION 3

1

4

2

For your chance to win a copy of the book visit: www.agora.org.uk select ‘news’ and follow the competition links.

Closing date: 30 April 2010

24

25

CLASS NOTES

1

2

3

1 Mark Halsey 2. Colin McHard 3. Jay Mehta

THAMER AL-HOURANI MA HRM 2008–09 Right after graduation I worked at Grater Amman Municipality back in my home country Jordan. After six months I received an offer to be an HR group manager for King Abdullah II for Design & Development Bureau KADDB Investment Group, which I couldn’t refuse. I know that the knowledge and skills that I had gained at Durham Business School are the main reason I received such an offer. In addition to that I got engaged to a beautiful and cute girl who enlightened my life, her name is Rawan, and we will hopefully get married in June. I wish you all the best and I want to thank DBS staff for the changes that have occurred in my life.

SHAIL BHOJAK FT MBA 2007–08 I have been working as an International Metal’s Trader in London with the same company (RJH Trading Limited) I did my business project with. It is a dynamic organisation and I have learnt a lot in the last one and a half years with them. I am in touch with a few students from the current cohort trying to help them in the best way I can.

Recently I saw that DBS rose again in the FT ranking – my hearty congratulations to you all on this achievement.

MATTHEW DOWNEY MBA 2000–01 Since finishing my MBA in 2001 I’ve been working in Edinburgh for the Royal Bank of Scotland. I am now in the Remuneration & Benefits team, and since 2007 have been specialising in Executive Reward: the salaries, bonuses and share schemes offered to the top 350 people in the Group. It’s been very busy at work since the end of 2008! Outside of that I am engaged to Lucy – we were planning to get married in April this year, but found out that we are expecting a baby boy in May! MARK FLOISAND MBA DL 2001–06 I am now Chief Operating Officer of Untangle Inc. – a venture capitalbacked network software company in Silicon Valley, California, which I joined last year. I originally enrolled on the Distance Learning programme whilst still living in the UK. We were planning to emigrate to the USA at some point, so the idea that I’d be able to keep on studying, uninterrupted, was compelling. Myself and my family have been based in San Jose, California for five years.

ELIAS GHANTOUS PHD ECONOMICS 1973–75 Prior to my study at Durham, I earned my BBA and MBA from the American University of Beirut. At the time I was working with the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, a regional non-governmental organisation.

My PhD dissertation on Arab Regional Industrial Integration, was intimately related to my work and proved to be a useful reference for regional economic action, and was published in book form (London: Croom Helm Limited 1980).

In 2002 I was elected as Secretary General for the above Union and remained until February 2008.

Presently, I act as Economic Advisor to State Minister Adnan Kassar (Lebanese Government). I frequently contribute economic articles to professional journals on regional and international issues, and working papers to conferences to which I am invited.

MARK HALSEY PT MBA 2003–05 I have recently been promoted at GE Lighting to take up the post of Product General Manager, Indoor Commercial Applications, responsible for EMEA. I’m really enjoying the challenging culture of General Electric. Working with the management teams in the USA is further expanding my business experience and my new position means I’m investing significant time in the Middle East countries, lots of very different cultural experiences!

get their hands truly dirty and decide once and for all if smallholding and increasing self-sufficiency is genuinely the life for them. www.debbiekingsley.co.uk and www.southyeofarmwest.co.uk

DEBBIE KINGSLEY MSC MANAGEMENT 1987–88 Life post-Durham has been chunked into discernible decades, the first ten years spent in the public sector, mostly as City Arts Officer for Coventry. When life in a huge political organisation palled, I became a consultant and trainer in a small company working with arts organisations across the UK. Ten years on I shrank company size further still and became freelance, describing my work as having fun with arts organisations. Alongside this, I ran a smallholding (again for ten years), and in search of a bigger project moved to a farm in Devon in 2005 with a lifetime of projects to pursue. Picking up on the interest in downsizing, managing one’s own existence and pursuing a sustainable lifestyle, we run courses for people wanting to move beyond admiring Hugh Fearnley-Whittingstall on TV, to get out of their armchair and

SARAH MACEDO DBA 2004–08 Last year my family and I returned to Europe after ten years in the Middle East. To continue building on my doctoral research, I have established Konsensia, a company providing crosscultural training and executive research.

I am working with organisations to optimise their time spent in entry to, and negotiation in, international markets through training, supported by executive coaching for expatriates and repatriates.

SMITI KUMAR MSC MANAGEMENT 1981–82 I have recently been named Director of Brand Communications, Advertising and Public Relations for Merrill Lynch’s Wealth Management division, which is now part of Bank of America.

COLIN MCHARD ENTERPRISE MANAGEMENT 2007 Six intrepid adventurers from the Gibraltar Agora Local Association (including three staff from DBS’s Management Development Centre) explored the heart of the Rock of Gibraltar on a spelunk (cave exploration) which took several hours and a lot of effort, but was worth it.

The underground lake at the bottom of the cave system was reported as “fantastic”, “awe-inspiring” and “wet”.

The Gibraltar ALA Team are already planning their spring event... where will they get to next?

JAY MEHTA DL MBA 2006–09 Given my background as a freelance IT consultant, I was becoming increasingly frustrated about not having put my MBA to practical use since graduating. Midway through last year, my wife Pritika and I decided to finally take the plunge and start an online women’s fashion boutique www.RunwayRoute.com, primarily targeting mid-range boutique shoppers seeking premium quality at an affordable price. Whilst sourcing cutting edge British and international brands is handled by my very fashion-conscious wife, I was able to put some of my training and skills to use in developing this e-commerce venture. Patience is definitely the name of this game but hopefully, it’ll all be worth it in the end!

24

25

CLASS NOTES

1

2

3

1 Mark Halsey 2. Colin McHard 3. Jay Mehta

THAMER AL-HOURANI MA HRM 2008–09 Right after graduation I worked at Grater Amman Municipality back in my home country Jordan. After six months I received an offer to be an HR group manager for King Abdullah II for Design & Development Bureau KADDB Investment Group, which I couldn’t refuse. I know that the knowledge and skills that I had gained at Durham Business School are the main reason I received such an offer. In addition to that I got engaged to a beautiful and cute girl who enlightened my life, her name is Rawan, and we will hopefully get married in June. I wish you all the best and I want to thank DBS staff for the changes that have occurred in my life.

SHAIL BHOJAK FT MBA 2007–08 I have been working as an International Metal’s Trader in London with the same company (RJH Trading Limited) I did my business project with. It is a dynamic organisation and I have learnt a lot in the last one and a half years with them. I am in touch with a few students from the current cohort trying to help them in the best way I can.

Recently I saw that DBS rose again in the FT ranking – my hearty congratulations to you all on this achievement.

MATTHEW DOWNEY MBA 2000–01 Since finishing my MBA in 2001 I’ve been working in Edinburgh for the Royal Bank of Scotland. I am now in the Remuneration & Benefits team, and since 2007 have been specialising in Executive Reward: the salaries, bonuses and share schemes offered to the top 350 people in the Group. It’s been very busy at work since the end of 2008! Outside of that I am engaged to Lucy – we were planning to get married in April this year, but found out that we are expecting a baby boy in May! MARK FLOISAND MBA DL 2001–06 I am now Chief Operating Officer of Untangle Inc. – a venture capitalbacked network software company in Silicon Valley, California, which I joined last year. I originally enrolled on the Distance Learning programme whilst still living in the UK. We were planning to emigrate to the USA at some point, so the idea that I’d be able to keep on studying, uninterrupted, was compelling. Myself and my family have been based in San Jose, California for five years.

ELIAS GHANTOUS PHD ECONOMICS 1973–75 Prior to my study at Durham, I earned my BBA and MBA from the American University of Beirut. At the time I was working with the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, a regional non-governmental organisation.

My PhD dissertation on Arab Regional Industrial Integration, was intimately related to my work and proved to be a useful reference for regional economic action, and was published in book form (London: Croom Helm Limited 1980).

In 2002 I was elected as Secretary General for the above Union and remained until February 2008.

Presently, I act as Economic Advisor to State Minister Adnan Kassar (Lebanese Government). I frequently contribute economic articles to professional journals on regional and international issues, and working papers to conferences to which I am invited.

MARK HALSEY PT MBA 2003–05 I have recently been promoted at GE Lighting to take up the post of Product General Manager, Indoor Commercial Applications, responsible for EMEA. I’m really enjoying the challenging culture of General Electric. Working with the management teams in the USA is further expanding my business experience and my new position means I’m investing significant time in the Middle East countries, lots of very different cultural experiences!

get their hands truly dirty and decide once and for all if smallholding and increasing self-sufficiency is genuinely the life for them. www.debbiekingsley.co.uk and www.southyeofarmwest.co.uk

DEBBIE KINGSLEY MSC MANAGEMENT 1987–88 Life post-Durham has been chunked into discernible decades, the first ten years spent in the public sector, mostly as City Arts Officer for Coventry. When life in a huge political organisation palled, I became a consultant and trainer in a small company working with arts organisations across the UK. Ten years on I shrank company size further still and became freelance, describing my work as having fun with arts organisations. Alongside this, I ran a smallholding (again for ten years), and in search of a bigger project moved to a farm in Devon in 2005 with a lifetime of projects to pursue. Picking up on the interest in downsizing, managing one’s own existence and pursuing a sustainable lifestyle, we run courses for people wanting to move beyond admiring Hugh Fearnley-Whittingstall on TV, to get out of their armchair and

SARAH MACEDO DBA 2004–08 Last year my family and I returned to Europe after ten years in the Middle East. To continue building on my doctoral research, I have established Konsensia, a company providing crosscultural training and executive research.

I am working with organisations to optimise their time spent in entry to, and negotiation in, international markets through training, supported by executive coaching for expatriates and repatriates.

SMITI KUMAR MSC MANAGEMENT 1981–82 I have recently been named Director of Brand Communications, Advertising and Public Relations for Merrill Lynch’s Wealth Management division, which is now part of Bank of America.

COLIN MCHARD ENTERPRISE MANAGEMENT 2007 Six intrepid adventurers from the Gibraltar Agora Local Association (including three staff from DBS’s Management Development Centre) explored the heart of the Rock of Gibraltar on a spelunk (cave exploration) which took several hours and a lot of effort, but was worth it.

The underground lake at the bottom of the cave system was reported as “fantastic”, “awe-inspiring” and “wet”.

The Gibraltar ALA Team are already planning their spring event... where will they get to next?

JAY MEHTA DL MBA 2006–09 Given my background as a freelance IT consultant, I was becoming increasingly frustrated about not having put my MBA to practical use since graduating. Midway through last year, my wife Pritika and I decided to finally take the plunge and start an online women’s fashion boutique www.RunwayRoute.com, primarily targeting mid-range boutique shoppers seeking premium quality at an affordable price. Whilst sourcing cutting edge British and international brands is handled by my very fashion-conscious wife, I was able to put some of my training and skills to use in developing this e-commerce venture. Patience is definitely the name of this game but hopefully, it’ll all be worth it in the end!

26

27

CLASS NOTES

Dates for the Diary STUART POWELL MA MANAGEMENT 2000–01 I have now moved on to become Head of Execution at US broker NYFIX based in London. I also had my first paper printed over the Christmas period, in the highly regarded and prestigious ‘The Journal of Trading’. I moved house to Knightsbridge in London and recently squeezed in some excellent skiing over in the States with all the great powder!

MICHAEL AND NICOLA SHEARER BOTH FT MBA 1995–96 In January we moved from the UK to Sierra Leone for two years. Michael is now with HM Diplomatic Service and became British Deputy High Commissioner to Sierra Leone, based in Freetown. Nicola continues her successful executive coaching & facilitation consultancy ‘Little Springtime Company Ltd’.

We are contactable via michaelshearer@dunelm.org.uk and nicolashearer@littlespringtime.com Tom McMahon and I are keen to organise a 1995–96 FT MBA reunion.

Please get in touch if interested!

KEVIN SPREITZ FT MBA 2002–03 Some time ago I left consulting to follow my passion of photography. I have never been happier and have had commissions and clients across several countries. I am presently in central Mexico working on several long-term projects. I would love to hear from any alumni in central Mexico, particularly Guadalajara (www.spreitz.ca).

WEN-YUAN SUNG MSC INTERNATIONAL MONEY, FINANCE & INVESTMENT 2008–09 Life in Durham has been one of the most important stages in my life.

Lots of memories mark that period: expanding my global vision, financial knowledge, travel around Europe, making friends from all over the world, and most importantly finding a forever partner, my wife May, who was my business school classmate and studied Banking and Finance. Thanks to Durham for providing us with professional skills that we can use to prepare well for jobs and the future.

Now I am working in Calyon as a Management Trainee and May is working in Prudential as a Financial Analyst.

MARK WHITFIELD BA ECONOMICS 1990–93 I am married with two children (Christopher and William) now aged three and one. I continue to work in the financial services sector in London.

We are looking forward to moving into our first family house in Wimbledon in March 2010.

JIARU YI MSC INTERNATIONAL, FINANCE & INVESTMENT 2007–08 I am now back in China working in a hedge fund as an analyst. I feel really happy and grateful that the knowledge, qualities and good memories Durham provided me have contributed so much to my new life. What is more amazing is that I still hang out with good friends I made there. I can’t ever imagine being without these Durham mates in a strange city back in China. Around ten of us have already decided to come back and visit together sometime in the future; Durham is one of our best memories!

QIANQIAN (REBECCA) ZHANG MSC FINANCE & INVESTMENT 2008–09 I am now working for a private equity company based in Hong Kong, covering many industries that I’ve never come across before, challenging but interesting indeed. This is exactly what I was longing for when studying my Finance and Investment course. I am very pleased that Durham provided me with a precious opportunity to pick up an array of financial knowledge and to be exposed in this dynamic market.

I miss my friends and my tutors back in Durham very much.

1

2

3

4

1 Stuart Powell 2. Wen-Yuan Sung 3. Jiaru Yi 4. QianQian (Rebecca) Zhang

SPEAKER EVENTS

RECRUITMENT EVENTS

PREVIEW/OPEN EVENTS

THE DURHAM CONVENTION

AMBA FAIR

MBA PREVIEW EVENTS

16 April 2010, 11.00 –18.00hrs Durham Business School, UK Speakers include: Steve Black, sports coach; Jo Salter, the first female fighter pilot; Robert Whiteside, Google; Hamish Taylor, Eurostar.

17 April 2010, 14.00–17.00hrs London, UK This event offers an opportunity to attend briefing sessions which will provide an insight into MBA study.

Representatives from the Association of MBAs are on hand to offer impartial advice and guidance.

27 April, 20 May, 23 June, 16 July, 01 Sept 2010, 11.00–15.00hrs Durham Business School, UK This is a great opportunity for prospective students, who would like to know more about the Durham MBA programme, to meet staff, current students and alumni.

Contact: pg.bus@durham.ac.uk

ECONOMICS AND FINANCE RESEARCH SEMINAR 5 May 2010, 15.30–17.00hrs Durham Business School, UK Speakers: Maria Teresa Marchica and Roberto Mura from Manchester Business School.

DURHAM SPEAKER SERIES 13 May 2010, 18.00hrs Durham Business School, UK Speaker: Chris Lendrum CBE, Chairman Barclays Pension Fund on ‘Are you ready to achieve world class?’

The Durham Speaker Series continues in the new academic year, with dates to be confirmed. Please ensure you are registered on our new site: www.agora.org.uk to check on latest event news. Not registered? email dbs.events@durham.ac.uk for your unique ID. CIM SPEAKER EVENT 27 May 2010, 18.00–19.00hrs Durham Business School, UK Speaker: Mark Stuart talks about Social Marketing, and how it is going to impact on commercial marketing in future years. Contact cimevents@cim.co.uk Please note that dates and speakers are subject to change.

BRITISH COUNCIL FAIR 17 & 18 April 2010, 14.00–20.00hrs Athens, Greece Education UK Exhibitions, organised

by The British Council, are an excellent opportunity for prospective students to meet Durham representatives.

QS WORLD MBA TOUR 19 April 2010, 16.00–20.00hrs Johannesburg, South Africa Prospective MBA students get the chance to meet face-to-face with DBS staff and alumni.

DOCTORATE IN BUSINESS ADMINISTRATION (DBA) OPEN EVENTS 12 June, 25 September, 27 November 2010, 12.00–14.00hrs Durham Business School, UK Find out more about the Durham DBA. At this event you will hear a talk by the DBA Director, and a research presentation by a member of academic staff. Contact Anne Bailey on +44 (0)191 334 5226.

CONNECT 1-2-1 FAIR 15 May 2010, 12.00–16.00hrs London, UK Connect events provide the platform for MBA candidates to meet with an exclusive alliance of top internationally accredited business schools.

WOULD YOU LIKE TO HELP PROMOTE DBS? Prospective students, as well as the School, benefit from having alumni assist Durham academic staff with recruitment activities. If you feel able to volunteer to help in this way please visit the events page at www.agora.org.uk

FOR FURTHER INFORMATION To book places for these events, contact the person named, or the Alumni Team on: Email: dbs.events@durham.ac.uk Telephone: +44 (0)191 334 5277

26

27

CLASS NOTES

Dates for the Diary STUART POWELL MA MANAGEMENT 2000–01 I have now moved on to become Head of Execution at US broker NYFIX based in London. I also had my first paper printed over the Christmas period, in the highly regarded and prestigious ‘The Journal of Trading’. I moved house to Knightsbridge in London and recently squeezed in some excellent skiing over in the States with all the great powder!

MICHAEL AND NICOLA SHEARER BOTH FT MBA 1995–96 In January we moved from the UK to Sierra Leone for two years. Michael is now with HM Diplomatic Service and became British Deputy High Commissioner to Sierra Leone, based in Freetown. Nicola continues her successful executive coaching & facilitation consultancy ‘Little Springtime Company Ltd’.

We are contactable via michaelshearer@dunelm.org.uk and nicolashearer@littlespringtime.com Tom McMahon and I are keen to organise a 1995–96 FT MBA reunion.

Please get in touch if interested!

KEVIN SPREITZ FT MBA 2002–03 Some time ago I left consulting to follow my passion of photography. I have never been happier and have had commissions and clients across several countries. I am presently in central Mexico working on several long-term projects. I would love to hear from any alumni in central Mexico, particularly Guadalajara (www.spreitz.ca).

WEN-YUAN SUNG MSC INTERNATIONAL MONEY, FINANCE & INVESTMENT 2008–09 Life in Durham has been one of the most important stages in my life.

Lots of memories mark that period: expanding my global vision, financial knowledge, travel around Europe, making friends from all over the world, and most importantly finding a forever partner, my wife May, who was my business school classmate and studied Banking and Finance. Thanks to Durham for providing us with professional skills that we can use to prepare well for jobs and the future.

Now I am working in Calyon as a Management Trainee and May is working in Prudential as a Financial Analyst.

MARK WHITFIELD BA ECONOMICS 1990–93 I am married with two children (Christopher and William) now aged three and one. I continue to work in the financial services sector in London.

We are looking forward to moving into our first family house in Wimbledon in March 2010.

JIARU YI MSC INTERNATIONAL, FINANCE & INVESTMENT 2007–08 I am now back in China working in a hedge fund as an analyst. I feel really happy and grateful that the knowledge, qualities and good memories Durham provided me have contributed so much to my new life. What is more amazing is that I still hang out with good friends I made there. I can’t ever imagine being without these Durham mates in a strange city back in China. Around ten of us have already decided to come back and visit together sometime in the future; Durham is one of our best memories!

QIANQIAN (REBECCA) ZHANG MSC FINANCE & INVESTMENT 2008–09 I am now working for a private equity company based in Hong Kong, covering many industries that I’ve never come across before, challenging but interesting indeed. This is exactly what I was longing for when studying my Finance and Investment course. I am very pleased that Durham provided me with a precious opportunity to pick up an array of financial knowledge and to be exposed in this dynamic market.

I miss my friends and my tutors back in Durham very much.

1

2

3

4

1 Stuart Powell 2. Wen-Yuan Sung 3. Jiaru Yi 4. QianQian (Rebecca) Zhang

SPEAKER EVENTS

RECRUITMENT EVENTS

PREVIEW/OPEN EVENTS

THE DURHAM CONVENTION

AMBA FAIR

MBA PREVIEW EVENTS

16 April 2010, 11.00 –18.00hrs Durham Business School, UK Speakers include: Steve Black, sports coach; Jo Salter, the first female fighter pilot; Robert Whiteside, Google; Hamish Taylor, Eurostar.

17 April 2010, 14.00–17.00hrs London, UK This event offers an opportunity to attend briefing sessions which will provide an insight into MBA study.

Representatives from the Association of MBAs are on hand to offer impartial advice and guidance.

27 April, 20 May, 23 June, 16 July, 01 Sept 2010, 11.00–15.00hrs Durham Business School, UK This is a great opportunity for prospective students, who would like to know more about the Durham MBA programme, to meet staff, current students and alumni.

Contact: pg.bus@durham.ac.uk

ECONOMICS AND FINANCE RESEARCH SEMINAR 5 May 2010, 15.30–17.00hrs Durham Business School, UK Speakers: Maria Teresa Marchica and Roberto Mura from Manchester Business School.

DURHAM SPEAKER SERIES 13 May 2010, 18.00hrs Durham Business School, UK Speaker: Chris Lendrum CBE, Chairman Barclays Pension Fund on ‘Are you ready to achieve world class?’

The Durham Speaker Series continues in the new academic year, with dates to be confirmed. Please ensure you are registered on our new site: www.agora.org.uk to check on latest event news. Not registered? email dbs.events@durham.ac.uk for your unique ID. CIM SPEAKER EVENT 27 May 2010, 18.00–19.00hrs Durham Business School, UK Speaker: Mark Stuart talks about Social Marketing, and how it is going to impact on commercial marketing in future years. Contact cimevents@cim.co.uk Please note that dates and speakers are subject to change.

BRITISH COUNCIL FAIR 17 & 18 April 2010, 14.00–20.00hrs Athens, Greece Education UK Exhibitions, organised

by The British Council, are an excellent opportunity for prospective students to meet Durham representatives.

QS WORLD MBA TOUR 19 April 2010, 16.00–20.00hrs Johannesburg, South Africa Prospective MBA students get the chance to meet face-to-face with DBS staff and alumni.

DOCTORATE IN BUSINESS ADMINISTRATION (DBA) OPEN EVENTS 12 June, 25 September, 27 November 2010, 12.00–14.00hrs Durham Business School, UK Find out more about the Durham DBA. At this event you will hear a talk by the DBA Director, and a research presentation by a member of academic staff. Contact Anne Bailey on +44 (0)191 334 5226.

CONNECT 1-2-1 FAIR 15 May 2010, 12.00–16.00hrs London, UK Connect events provide the platform for MBA candidates to meet with an exclusive alliance of top internationally accredited business schools.

WOULD YOU LIKE TO HELP PROMOTE DBS? Prospective students, as well as the School, benefit from having alumni assist Durham academic staff with recruitment activities. If you feel able to volunteer to help in this way please visit the events page at www.agora.org.uk

FOR FURTHER INFORMATION To book places for these events, contact the person named, or the Alumni Team on: Email: dbs.events@durham.ac.uk Telephone: +44 (0)191 334 5277

agora Alumni Development Team Room 215, Durham Business School Mill Hill Lane Durham DH1 3LB UK t: f: e: w:

+44 (0)191 334 5277 +44 (0)191 334 5218 dbs.alumni@durham.ac.uk www.agora.org.uk

UK Agora Local Associations Northern Agora (based in Durham) Southern Agora (based in London) International Agora Local Associations Athens Caribbean Ghana Hungary Malaysia Norway South Africa United Arab Emirates

Beijing Denmark Gibraltar India Mexico Russia South America United States of America

Canada Frankfurt Hong Kong Japan Nigeria Shanghai Switzerland

To be put in touch with other alumni in your area contact the Alumni Team.

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