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NUS Business School



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Foreword Humble Beginnings — 1960s Laying The Foundation — Early Days Beyond Classroom Learning — 1970s Fostering Rigour And Relevance — 1980s Making Strides In Asia — 1990s The Grand Opening Of The Mochtar Riady Building — 2000 And Beyond A Research And Teaching Powerhouse In Asia Celebrating 50 Years Of Business Education Meeting The Needs Of The Future Economy The Global Classroom Innovation In Learning A Journey Of Excellence Our Star Olympians History And Milestones

Foreword In this book we look back on some of the milestones and notable achievements on our journey and look forward to exciting new ventures ahead. From small beginnings with 21 students in the pioneer batch to what it is today, NUS Business School has become a strong community and a leading business school in Asia. Our students, alumni, staff and faculty are united around a sense of service and purpose. We are driven by an unwavering pursuit of excellence, and a commitment to care, integrity, innovation and teamwork. These provide the foundation from which we deliver our research, teaching and the nurturing of leaders. Many of our alumni have become pillars of industry and society, contributing to the development of Singapore and Asia and pushing the boundaries of innovation. Our faculty and specialist research centres produce high impact, relevant research that influences business practice and policy-making. Several leading faculty members also hold advisory roles on government task forces and boards. Our teaching includes innovative programmes in experiential learning and leadership communication, social and business entrepreneurship boot camps, and technology enhanced-learning. Through close partnership with industries we produce future-ready graduates equipped with the hard and soft skills to thrive on the global business stage. From the lessons and initiatives showcased in this book you will see that we truly are leading from Asia. The journey continues!

Professor Bernard Yeung Dean and Stephen Riady Distinguished Professor NUS Business School


Humble Beginnings

— 1960s NUS Business School traces its roots back to 1961 when it was a tiny unit teaching Business Administration under the Department of Economics. The university, which occupied the sprawling grounds of Bukit Timah, was then known as the University of Singapore. It was Professor Leslie Wong from the University of British Columbia who spent four years in Singapore to design and establish the curriculum for a standalone department. By 1965, the Department of Business Administration was set up and Professor Andrew H. Zecha became the Acting Head. The Indonesianborn Dutchman brought together East and West, and created a foundation for integrated holistic learning by combining best practices and perspectives. Warm and energetic with a sense of adventure, Professor Zecha was a dynamic leader who focused on making business education relevant to society. Students were introduced to a wide array of topics ranging from commercial banking to economic development, as well as the importance of business for innovation and progress. With the mission to develop future leaders, the teaching of business administration at the university was, and still is, closely linked to Singapore’s economic development. As a new department, few students were willing to stake their education and careers on the unknown. Determined to succeed, Professor Zecha personally persuaded 21 undergraduates to sign up as the first cohort. Hailed as “the brave souls”, the pioneer batch of business students included distinguished business leaders such as Mr Peter Seah, the Chairman of DBS Group Holdings and DBS Bank; Mr Chan King Fook, former Director of Lushington Entertainments, a company that brought in foreign musical acts into Singapore, and Mr Mohamed Sultan Bin Sickander, former Director of University of Malaya Medical Centre and Chairman of Melorita, a global leader in healthcare recruitment. According to Mr Seah: “Those of us who signed up were people with a sense of adventure, people who had the courage to try something different.” NUS Business School was established in 1965 as a department of business administration, under the guidance of Acting Head Professor Andrew Zecha.


“The Brave Souls” – NUS Business School’s pioneer graduates.

Faculty bonding over coffee. Left to right — Acting Head Professor A. H. Zecha with Professor Tam Yam Pin and Professor Goh Soo Siah.


Laying The Foundation

— EARLY DAYS Having just gained independence, Singapore needed to establish itself in the global economy. Given its strategic geographic position, it wanted to be positioned as a global hub for business and investment. As a result, the demand for business education in Singapore became even more evident. The School of Accountancy and Business Administration was established, allowing students to specialise and graduate with either an Accountancy (BAC) or Business Administration (BBA) degree.

A view from the hallways at Bukit Timah Campus.

The University of Singapore’s Bukit Timah campus was where the idea of business and accountancy tertiary education started.


Oei Tiong Ham Building – the former administrative block.

Term time on Bukit Timah campus.

The new School of Accountancy and Business Administration House No.10.


Beyond Classroom Learning

— 1970s

The success of the programmes inspired the School to offer an array of vibrant and enjoyable learning experiences that went beyond academic achievements. It was already evident to the School that experiential learning should be integrated into the curriculum as part of students’ holistic experiences. Initiatives such as the overseas study abroad programme started in 1972 with a 10-day trip to Hong Kong, Japan and Taipei. Today, the international exchange programme has become vital in enabling students to gain valuable experience through an exciting and enriching sojourn overseas. In this spirit of providing an enriching university experience, the NUS Students’ Business Club was born. Better known as the Bizad Club, it forms the core of the student body, representing all undergraduates pursuing the BAC and BBA degrees. The club organises events and activities, adds vibrancy to the School, and takes care of student welfare.

Experiential learning initiatives started in 1972 with the first overseas study trip.


The NUS Bizad Club Logo. The Club forms the core student body representing all undergraduates.

Bizad club events and activities add vibrancy to the School. The club also takes care of student welfare.

School activities captured in yearbooks.


Fostering Rigour And Relevance

— 1980s During the early 80s, the Singapore economy underwent a second industrial revolution which saw the growth of technologically-advanced and knowledge intensive initiatives. The rapid pace of development boosted business education’s appeal. The School’s aim of grooming talent for the fast-developing market saw it playing a critical role in sharing its knowledge with the community and developing Singapore as a hub for business education. During this decade, the School moved to its current campus at Kent Ridge, and with that came a slew of new initiatives. Executive education was introduced with the School’s partnership with the University of Texas at Austin to provide a two week General Management programme. In 1983, the first Stanford-NUS executive programme was launched in Asia for senior managers with more than 10 years of experience. Meanwhile, the BBA cohort reached 200 and the student numbers soared with the launch of the full-time MBA course in 1980.

From 21 to 200, we were full house.


Administration block, Kent Ridge Campus.

Making Strides In Asia

— 1990s

By the late 90s, NUS Business School was making its mark as an ambitious Asian institution. For the first time, the School was ranked as the top MBA School in Asia by Asia Inc., a leading international business magazine. More international accolades followed. By 1999, the NUS MBA was ranked as one of the top business programmes in the world by the Financial Times, an authoritative ranking known for its international focus. During this era, Singapore and China were forming close political and economic

The Straits Times reported on the School’s ‘top ranking’ in Asia Inc. magazine.

ties to further strengthen their diplomatic relations. Both countries joined hands to establish the China–Singapore Suzhou Industrial Park in 1994 to boost foreign investments. In light of such milestone initiatives, the School decided to make inroads into the China market and launched the NUS Mandarin MBA course with Tsinghua University followed by the launch of NUS Asia-Pacific Executive MBA (Chinese) in 1997.

Flying the NUSBIZ flag high, NUS Asia-Pacific Executive MBA (Chinese) first cohort.


The Grand Opening Of The Mochtar Riady Building

— 2000s And Beyond

Having established itself as a forerunner in business education in Asia, NUS Business School expanded and moved into a new building. The School celebrated its 45th anniversary in 2010 with the grand opening of the Mochtar Riady Building. Generously sponsored by Dr Mochtar Riady, Founder and Chairman of Lippo Group, the iconic reed-like design symbolises exceptional quality, deep flexibility and perennial stability in the face of challenges borne by business in the contemporary world. The state-of-the-art building serves as a gateway to the School and continues to be a symbol of deep commitment to exceptional academia. The theme of the celebration, “Transforming Leaders – Past, Present and Future,”

NUS Business School’s flagship building.

reflected the School’s long history of success in providing high quality business education.

The historic moment as the dignitaries gathered to break ground for the Mochtar Riady Building, 2009. Left to right — Dean Christopher Earley; Mr James Riady, CEO, Lippo Group; Professor Shih Choon Fong, NUS President; Dr Mochtar Riady, Founder and Chairman, Lippo Group; Mr Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance; Mr Wong Ngit Liong, Chairman, NUS Board of Trustees; Dr Stephen Riady, President, Lippo Group; Professor Tan Chorh Chuan, NUS Senior Deputy President; Mr Peter Tay, President, NUS Business School Alumni Association. 12

Dr Ng Eng Hen, Minister for Education, posing with student performers from BIZ Rag and Flag team.

The official opening of Mochtar Riady Building, 2010. Left to right — Professor Tan Chorh Chuan, NUS President; Mr Wong Ngit Liong, Chairman of the NUS Board of Trustees; Dr Ng Eng Hen, Minister for Education, Dr Mochtar Riady, Founder & Chairman of the Lippo Group; Mr S Dhanabalan, Chairman of the School’s Management Advisory Board; and Dean Bernard Yeung, all ready to get the celebrations under way. 13

A RESEARCH AND TEACHING POWERHOUSE IN ASIA With its mission to be the leading business school in Asia, NUS Business School has an outstanding community of international faculty known for their cutting-edge research and excellent teaching. Through distinctive research centres, the School cements its mission to advance knowledge and develop leaders to serve business and society. The innovative research cuts across knowledge boundaries and disciplines to deliver results that improve not only businesses but also the lives of people in Singapore, Asia and throughout the world.


Professor Michael Frese Michael Frese is Provost’s Chair and Professor of Management and Organisation. His expertise on organisational behaviour, particularly on personal initiative and entrepreneurship, has received much attention both in the academic and the social communities. His influential work on entrepreneurship has garnered several accolades, including The Greif Award from the Academy of Management and the The Dedication to Entrepreneurship Award. Professor Frese shares his expertise with the community by having his thoughts on leadership and error management penned in media commentaries and interviews.

Professor Oliver Li Oliver Li is the Musim Mas Professor in Sustainability in the department of Accounting. His research is interesting and creative, spanning accounting-specific issues such as dividend tax and corporate pay out policies to the effect of perceived pollution on stock prices as well as the impact of movie sentiments on stock returns. He also studies how the performance and disclosure of corporate social responsibility initiatives reduce firms’ cost of capital and enhances their financing capabilities. Because of his research on pollution and corporate social responsibility, Professor Li lends his expertise to China’s Ministry of Environmental Protection on a number of pollution and sustainability projects.

Professor Allaudeen Hameed Allaudeen Hameed is Provost’s Chair and Professor of Finance. His research covers a broad spectrum including studying the effects of market liquidity and liquidity risk on asset prices, price co-movement and trading strategies. As a well-renowned researcher having won several best paper awards, Professor Hameed has been invited as a keynote speaker at several conferences. In recognition of his research contributions, he has been conferred the Faculty’s Outstanding Researcher Award.

Professor Ho Teck Hua Ho Teck Hua is Deputy President (Research and Technology) and Tan Chin Tuan Centennial Professor at NUS. At the NUS Business School, he is a professor in the departments of marketing, economics, and decision sciences. He is also director of the Centre for Behavioural Economics and the NUS Global Asia Institute. His research interests include behavioural and experimental economics, quantitative marketing, and the interfaces between marketing and operations management. He has been credited with integrating principles of behavioural economics into marketing research. He is the first non-US citizen to be editor-in-chief of Management Science, a top journal for management research. He has been conferred numerous awards in the US and Singapore for his contributions to research, teaching and service. 15

Professor Teo Chung Piaw Professor Teo Chung Piaw is a Provost’s Chair and Head of the Decision Sciences

Associate Professor Qian Wenlan

department. With the business world’s endless quest for better efficiency, his research spans the entire spectrum of the supply chain, including service and manufacturing flexibility, resource allocation

Qian Wenlan is Associate Professor of

and deployment. He has shared his findings

Finance. Her passion for research is evident

in academic and industry conferences, local

in her work on household finance, real estate,

and overseas, and in both Mandarin and

investments and financial intermediaries.

English. He is currently an area editor for

Professor Qian integrates theory with

Operations Research (Operations and Supply

data from various public sources, to

Chains), and associate editor of Management

provide deeper insights with public policy

Science (Optimization).

implications. Much of her research uses the unique characteristics of Singapore to demonstrate theoretical workings and is published in leading academic journals. Beyond that, her research has generated

Professor Ivan Png

media interest as well with the media showcasing them in their editorials. Professor

Ivan Png is Distinguished Professor in the Department

Qian has been awarded the Faculty’s Young

of Strategy and Policy, NUS Business School, and in the

Researcher Award, a prize conferred to

departments of Economics and Information Systems

junior faculty for their research impact and

(by courtesy). Professor Png’s research focuses on the


economics of innovation. He is currently working on the effect of China’s Great Famine on risk tolerance and entrepreneurship, and the effect of patent and trade secrets laws on R&D. In contribution to policy, he proposed the law against transboundary emissions and emphasized the need to enlist whistle-blowers to assist with enforcement.

Associate Professor Leonard Lee Leonard Lee is Dean’s Chair and Associate Professor of Marketing. Respected for his extensive research on emotional shoppers, affective evaluations and decision making, Professor Lee is the Associate Editor for the Journal of Consumer Research as well as Area Editor for International Journal of Research in Marketing. He brings his research expertise to the industry by working with Singapore organisations to find business solutions. With the evolving digital environment, he wants to conduct research into trends such as omnichannel marketing and how it affects shopping behaviour and decision making. 16

AARC Asia Accounting Research Centre

The AARC aims to develop cutting-edge market relevant research to meet the industry’s needs for more applied research in the areas of standards development, business management, tools and methodologies. The Centre’s vision is to be a world class accounting research centre in Asia, for Asia.

Centre Director, Ke Bin (Right), with his team.

Professor Ke Bin sharing his views on “Big Data and the Future” at the China-Singapore Innovation Forum in Shanghai.


ACSEP Asia Centre for Social Entrepreneurship and Philanthropy

ACSEP aims to advance the understanding and impactful practice of social entrepreneurship and philanthropy in Asia. Through high quality research, conceptually-rich educational experiences, and strategic outreach programmes and services, the centre wants to influence thinking and inspire social innovation. ACSEP also organises international symposia, public seminars, workshops and roundtable discussions for industry leaders to share, network and reach out to the community for a more inclusive and equitable future.

Crossing the Chasm challenge, a marketing workshop with Tom Kosnik (fourth from left, front row), Consulting Professor, Stanford University.

Centre Director Associate Professor Lam Swee Sum (in red) with the students from the Impact Investing course.

International Symposium on Social Entrepreneurship, 2016.


A token of appreciation for Mr Keith Chua (left), ACSEP’s Chairman of the Board, at the Learning by Investing BBA module discussion.


CAMRI is a world-class centre for applied research, education and the practice of investment management. It provides state of-theart facilities, resources, software applications and data to develop individuals into high-performing and ethical asset managers and research professionals.

Centre for Asset Management Research and Investments

In 2010, CAMRI launched its Investment Management and Trading Lab, the first of its kind in Asia, offering cutting-edge teaching in investment portfolio and risk management. The CAMRI Lab gives BBA and MBA students the opportunity to access live financial data and first-hand training in tools used by the professional investment community.

In executive education CAMRI launched its Graduate Certificate in Applied

CAMRI works to build a deeper understanding of the opportunities and

Portfolio Management (g-CAPM) in 2015 – a 7-day state-of the-art applied

challenges in banking and finance in Asia. One of its flagship events, the

portfolio management training programme held in the CAMRI Lab. Making

annual Wee Cho Yaw Forum, brings together leading professionals and

full use of the Lab’s facilities, the intensive programme gives participants in-

academics with the aim of fostering a deeper understanding of banking,

depth exposure to a real-time macroeconomic view on current global issues

economics and finance in Singapore and China on critical industry issues.

affecting investment management.

Students learning to trade in the CAMRI Lab.

From left to right — Professor Anthony Neoh, Dean’s Visiting Professor, NUS Business School; Prof Oliver Li, Director, China Business Centre; Mr Darius Lilaoonwala, Head, IFC Global Infrastructure Fund; Mr Yaseen Anwar, Senior Advisor, ICBC Singapore & Former Governor, Central Bank of Pakistan; Mrs Lim Hwee Hua, Distinguished Visiting Fellow, NUS Business School & Former Minister, Singapore Prime Minister’s Office;Dean Bernard Yeung, NUS Business School; Mr Chen Aiping, Chairman and Executive Director, ICBC Asia; Professor Joseph Cherian, Practice Professor of Finance and CAMRI Director, NUS Business School; and Mr Wong Heang Fine, Group CEO, Surbana Jurong.


CBC China Business Centre

CBC aims to be a leading platform for business research and thought leadership on China. It blends the unique characteristics and experiences of NUS Business School by capitalising on the breadth and depth of research, as well as teaching capabilities. With an extensive global network of alumni and industry partners, the Centre brings together the best of East and West to advance research and education on China businesses. The Centre organises a series of public lectures to facilitate meaningful exchanges of ideas among scholars and industry leaders.

CBC launch ceremony graced by Mr S Iswaran, Minister of Trade & Industry, 2014.

Dean Bernard Yeung presenting a gift of appreciation to Ambassador Linda Tsao Yang, distinguished speaker at CBC’s public lecture. 20

CBC’s flagship forum in Beijing focused on globalisation and transformation of China and Chinese Enterprises.

CBE Centre for Behavioural Economics

As Singapore’s first research centre devoted to behavioural economics, CBE puts theories to the test by collaborating with corporate partners in designing programmes that foster positive behavioural change to enhance social welfare. CBE aims to nurture good habits so that people become healthier, happier and more productive. The Centre also organises talks to inform the community of its latest findings and stimulate discussion, as well as influence public policies.

NUS Behavioural Economics Summer Institute Camp.


CGIO Centre for Governance, Institutions and Organisations

CGIO is an intellectual hub that spearheads research on the Asian model of governance to business communities and government, regionally and globally. CGIO’s research applies intellectual knowledge to practical execution. Its flagship Governance and Transparency Index ranks companies listed on the Singapore Exchange and is highly regarded by companies, shareholders and investors. Its reports on gender diversity in Asian corporate boards are also widely reported on.

Senior leaders from ASEAN CSR Network, the Swedish Embassy and NUS Business School join Singapore’s Minister for the Environment and Water Resources, Mr Masagos Zulkifli Bin Masagos Mohamad on stage at the Conference on Corporate Governance and Responsibility: Theory Meets Practice.

CGIO’s ground-breaking research reports and publications.

Distinguished speakers from Vietnam’s state-owned enterprises (SOE) taking part in a roundtable discussion. Left to right — Associate Professor Vu Minh Khuong, Lee Kuan Yew School of Public Policy, NUS; Dr Pham Khac Dung, Standing Deputy CEO, PVI Holdings; H.E. Dang Huy Dong, Vice Minister, Ministry of Planning and Investment, Vietnam; Dr Nguyen Dinh Cung, President of the Central Institute for Economic Management (CIEM), Vietnam and Assistant Professor Markus Taussig, Department of Strategy and Policy, NUS Business School.


Outstanding Educators Recent Winners As much as my students have conveyed how much I have inspired them, they have also taught me something. I learn humility. Their keen interest keeps me humble and reminds me that the gift of teaching that I am blessed with is to be a blessing to others. I owe them their appreciation which puts in my heart the joy I reflect in every lecture I give. Ang Swee Hoon, Associate Professor of Marketing

Teaching presents to me an opportunity to cultivate beautiful minds. In teaching, I probe into the minds of students to inspire them to think purposefully to achieve greater heights for the good of themselves and society. This opportunity is meaningful only with the support of the students and for that, I am truly grateful. Julie Huan, Senior Lecturer of Strategy and Policy

Teaching is helping students to understand the connection between research, practice and their lives. By working with students to unravel theories, challenge ideas and create knowledge, the professor plays a profound role in shaping young minds and lives. My goal as a professor is to guide students to discover themselves, hone their potential, and realise their talents. Vivien Lim, Professor of Management and Organisation and Deputy Head of Department

I like to think of teaching as facilitating learning. It is only partially about sharing knowledge, information, and experiences. More importantly, it is about figuring out what we know, and what we do not yet know, and what we know wrongly of things that interest us. My role is to facilitate that process and at the same time inspire interest in the things I teach among my fellow learners. Yeo Wei Yong, Associate Professor of Finance

Teaching is art. I am painting with human mind and spirit and no failure is allowed. Teaching is caring. Making every minute that students spend with me fruitful is a responsibility deep in my heart. Teaching is passion. Believing in the value and interest of the subject, students will follow. Teaching, to me, is everything! Dr Liu Qizhang, Senior Lecturer of Decision Sciences 23


Giving the Homecoming a big thumbs up! 24

Left to right — Mr Derrick Kew, President BIZAD Club; Alumnus Peter Seah, Chairman of DBS Group; NUS President Tan Chorh Chuan; NUS Provost Tan Eng Chye; Dean Bernard Yeung; Former Dean Lee Su Ann; Mr Yeo Keng Joon, past President of NUSBIZ Alumni Association & Mr Celavi Guan, President of MBA Student Council.

Our multi-talented alumni perform for an attentive audience.

Dean Bernard Yeung and Dr Stephen Riady, Executive Chairman, OUE Limited, marked the anniversary by planting a tree to symbolise the School’s mission of developing leaders. 25

NUS Business School 50th Anniversary Homecoming Over 1,000 NUS Business School alumni, students, staff and faculty joined in celebrating the growth and success of Singapore’s first and most established business school at its 50th Anniversary Homecoming. With more than 100 staff and students working together to organise this event, it was a clear reflection of the School’s core value of Teamwork. Held at the Mochtar Riady Building, eminent alumni such as Mr Peter Seah (BBA Hons 1968), Chairman of DBS Group Holdings and DBS Bank; Mr Hsieh Fu Hua (BBA Hons 1974), Chairman of United Overseas Bank Limited and Deputy Chairman of the School’s Management Advisory Board; and Ms Janet Ang (BBA Hons 1982), Vice-President, IBM Asia Pacific, joined the celebrations. Supporting the core values of Excellence and Innovation, six oversubscribed masterclasses helmed by distinguished professors were organised exclusively for the Homecoming. Topics ranged from retirement planning to

企业领导论坛 2015 “激活个体—互联时代的组织管理”Eminent alumna Dr Chen Chun Hua with Professor Susanna Leong and the Mandarin Alumni Board members at a special talk organised for Mandarin Alumni.

philanthropy and conducting business in China. A special panel discussion was organised for NUS Asia- Pacific Chinese alumni, including those who participated in the Gobi Desert Challenge. As a mark of the past and present coming together, pioneer and current School leaders joined hands with NUS President, Professor Tan Chorh Chuan and NUS Provost, Professor Tan Eng Chye to kick-off the Golden Jubilee celebrations. Representing the “pioneer batch” of Business students was Mr Peter Seah and Professor Lee Soo Ann, who served as the School’s head from 1979 to 1985. The occasion was graced by Dr Stephen Riady, Executive Chairman of OUE Limited, who joined Dean Bernard Yeung on stage for a tree planting ceremony to symbolise the School’s mission of developing leaders to serve business and society. The event concluded with a series of exhibits to showcase the School’s research, relevance, impact and achievements, as well as a carnival and talent performances by students, staff and faculty. 26

Students enjoying the carnival.

Grace Fu, Minister for Culture, Community and Youth and MBA Alumna, delivered a message and well wishes via video.

The MRB atrium buzzing with excitement with over 1,000 guests in attendance.

NUS Mascot LiNUS makes a special appearance at the celebrations.

Masterclass by Professor Joseph Cherian on “Avoiding shock and owe: How to retire well.� 27

Leadership Forum And Gala Dinner The School’s Golden Jubilee celebrations culminated with a Leadership Forum and Gala Dinner, attended by over 500 industry leaders. It was an occasion to catch up with old friends, relive the nostalgia and bond with the Business School family, one that shares the same values of “Excellence, Care, Integrity, Innovation and Teamwork”. The guest of honour was Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies. In his keynote speech, Mr Tharman spoke about building creativity and innovation as essentials for maintaining Singapore’s relevance in a rapidly changing world. Mr Tharman emphasised that diverse learning experiences are integral in preparing the young generation to be future-ready. He recounted that he never regretted daydreaming, as it helped his mind wander and think intuitively. At the dinner, Mr S Dhanabalan, a member of the Council of Presidential Advisors and Chairman of the School’s Management Advisory Board, highlighted the value of ethics in today’s business world. He singled out NUS Asia-Pacific Executive MBA (Chinese) alumnus and businessman, Mr Jason Yeo who was featured in the media for his integrity in correcting a mistake and doing what was right. Prior to the dinner was a Leadership Forum featuring four of the School’s distinguished alumni. The panellists had diverse views on the relevance of university education in the changing world order and the factors behind Singapore’s success as a knowledge economy. Questions were aplenty and the panellists wrapped-up the rapid-fire round with real-life experiences and a dash of humour.


Panellists and distinguished guests come together to capture a memorable moment. Left to right — Professor Tan Eng Chye, Provost; Dean Bernard Yeung; Mr Chia Boon Kuah, former Group President & CEO, GuocoLand Limited (MBA 1988); Ms Jeanette Wong, Group Executive, Institutional Banking Group, DBS Bank Limited (BBA 1982); Mr S Dhanabalan, Member, Council of Presidential Advisors and Chairman of the School’s Management Advisory Board; Ms Janet Ang, Vice President, IBM Asia Pacific (BBA 1982); Mr Hsieh Fu Hua, Chairman, United Overseas Bank Limited (BBA 1974); and Mr Ronald Ong, Chairman & CEO, Southeast Asia, Morgan Stanley (BBA 1980).

NUS Business School has grown from strength to strength since its inception to become a leading business school in Asia. The School is well-poised to meet the growing demand of management education and will continue to nurture a culture of lifelong learning to develop leaders for the global marketplace. Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies

Minister Tharman shared his views on how creativity and innovation can help Singapore earn its place in a constantly changing world.

The gala dinner closed on a charitable note with the presentation of $1,050,000 to help financiallychallenged students. The amount was raised from four fundraising projects - BIZAD Run 2015, Charity Golf 2015, Gobi Desert Challenge 2015, Liangzhu Charity Concert 2015.


Biz Cares: Doing Our Part To Give Back To Society

Bizad Charity Run Into its 6th year, the Bizad Charity Run continues to be a flagship fundraising event. In 2016, Mr Teo Ser Luck, Minister of State, Ministry of Manpower and Mayor, North East District, was the Guest of Honour.

Throughout the celebratory year, the Business School community was cognisant of the need give back to the less fortunate and also help our students experience a more holistic university life. Guided by its core value of Care, NUS Business School raised over $2.3 million that went towards worthy causes. Into its 6th year, the Bizad Charity Run continues to be a flagship fundraising event. In 2016, Mr Teo Ser Luck, Minister of State, Ministry of Manpower and Mayor, North East District, was the Guest of Honour.

Guest of honour, Mrs Josephine Teo, Senior Minister of State, Prime Minister’s Office, Ministry of Foreign Affairs and Ministry of Transport, presented a cheque for $40,000 to help underprivileged students from Assumption Pathway School. 30

The 10th Gobi Desert Challenge The annual competition for NUS Asia-Pacific Executive MBA (Chinese) students of top global Chinese business schools saw participants hailing from 31 schools and 10 observing institutions. A record 84 participants signed up to trek the 112-kilometre route. Lending his support was NUS Provost Professor Tan Eng Chye, who flagged off the race and joined the first day of challenge. Students encouraged one another through the challenge and completed the journey in 13 hours 9 minutes 52 seconds. In doing so, they raised over $200,000 to support the School’s experiential learning module – 新国 大体验式教学之戈壁 堂课. This experiential “classroom” gives students the opportunity to connect with nature and learn to strengthen their resolution, determination and stamina for challenges ahead.

Joining students for one day in 2015, NUS Provost Professor Tan Eng Chye (centre) returned in 2016 to complete the race and flag our victory at the finishing line.

Participants gearing up for the challenge at the Chengdu training camp.


Charity Golf A reunion jointly organised and supported by the NUS Business School Alumni Association, the NUS Business School Mandarin Alumni, MBA Alumni-NUS Association and Global Alumni Network Association (GANO), the charity golf tournament symbolises the alumni community’s commitment and support for their alma mater. Bringing together some 144 business leaders and alumni, participants teed off at Jurong Country Club. Despite the heat, much camaraderie was to be had as the alumni raised more than $448, 000 for Business School bursaries. Mr Gan Kim Yong, Minister for Health, was the guest of honour to present the donors with tokens of appreciation and ‘Best Golfer’ prize.

The Alumni Charity Golf Tournament raised $448,196 for Business School bursaries, with guest of honour, Mr Gan Kim Yong, Minister for Health (centre).

Golf reunion in full swing!


Liang Zhu Charity Concert Double celebrations were in order at the Liang Zhu Charity Concert to commemorate the school’s 50th Anniversary, as well as the 25th anniversary of Singapore-China diplomatic relations. Graced by Mr Sam Tan, Minister of State in the Prime Minister’s Office and Ministry of Manpower, the event saw over 700 guests gathered to watch Maestro He Zhanhao lead a 70-strong youth orchestra from the Singapore-based Chinese Music Academy. He conducted the popular “Liang Zhu” or “The Butterfly Lovers” violin concerto, one of the most recognised pieces in Chinese music. The event raised over half a million dollars which went towards bursaries and the Student Global Experience Fund, helping financiallychallenged students to take part in university exchange programmes as well as participate in international case competitions and field study trips abroad.

Maestro He Zhanhao and his orchestra taking a bow.

Guest of honour, Mr Sam Tan, Minister of State, Prime Minister’s Office & Ministry for Culture, Community and Youth; Professor Tan Eng Chye, Provost; Dean Bernard Yeung along with other prominent donors and distinguished guests. 33

MEETING THE NEEDS OF THE FUTURE ECONOMY For more than half a century NUS Business School has held itself to the values of excellence, care, integrity, innovation and teamwork. Based on these values, we nurture talent, inspire young minds and improve lives through innovative education and high-impact research. NUS Business School has a track record of producing well-balanced graduates with the confidence and passion to make a difference. We take pride in the contributions our graduates make to society. We are also proud of our faculty’s commitment to the development of knowledge - they do more than publish papers, they strive to make a positive impact. For our students facing a volatile, uncertain, complex and ambiguous future economy, innovation is key to staying ahead. To keep pace we continuously enhance our curriculum, integrating common themes across modules, expanding our coverage beyond traditional business topics, introducing new specialisations and building future-ready degree programmes. Innovation also means augmenting our famed experiential learning with intensive, credit-bearing business internships and international postings, as well as using technology to raise our teaching effectiveness and promote in-class and out-of-class group learning. On the research side, our faculty work closely with researchers from other disciplines and with industry partners to conduct research relevant to the future economy. Their insightful curiosity and innovative application of research methodologies has led to knowledge development that appears in world class journals and influences practice and policy-making. In executive education, building on our wide portfolio of successful courses, e.g., the Advanced Management Programme (with Stanford University Graduate School of Business), we have launched several high-level programmes relevant to executive suite clients. These include the Asian Leaders in Financial Institutions, Emerging CFO (with Chicago Booth), and Mergers & Acquisitions programmes, all of which have been well received. At the same time a growing number of leading firms across Asia have awarded the school mandates for customised programmes to develop their leadership teams. With dedicated faculty and staff, active student groups, and the unwavering support of our alumni and corporate partners, the next chapter of the NUS Business School story is well on its way to being equally inspiring and illustrious - truly leading from Asia. 34


The Global Classroom NUS Business School believes in providing rigorous and relevant business training to an international standard. With an extensive network of global academic partners, students have access to top universities worldwide, offering opportunities to cultivate business knowledge across Asia and globally. These partnerships have allowed the School to launch a range of joint programmes including the double degree MBA and Executive MBA programmes with partners including Peking University, UCLA Anderson, HEC Paris and Yale University School of Management. The School also partners with Beijing’s Tsinghua University to offer a joint Mandarin MBA programme and have jointly launched the S3 Asia MBA, established with Fudan University, Shanghai and Korea University, Seoul, offering the world’s first tri-city MBA. The alliance with CEMS, a global consortium of 30 leading business schools, 70 multinational companies, and non-governmental organisations, gives undergraduates an opportunity to enrol for CEMS Master’s in International Management programme, widely recognised as one of the best springboards to an international career.


In Executive Education we run joint programmes with Stanford University on international management, and with the University of Chicago Booth School of Business aimed at helping senior finance executives strengthen their leadership and analytical skills. Offering exchange programmes with the best universities in the world enables students to take modules at institutions in North and South America, Australasia, Europe, the Middle East and elsewhere in Asia. Each year more than 60 per cent of students participate in exchange programmes gain valuable international experience during their journey with NUS Business School. Additionally in the last two years, the School’s undergraduate students have won 29 international business case competitions in Asia, Europe and North America, further raising its profile as Asia’s leading business school. Studying and engaging with students around the world provides an enriched learning experience, developing leaders ready for the challenges of global careers. It’s one of many ways NUS Business School lives up to the global vision: Leading from Asia.


Innovation In Learning In a fast-changing and tech-driven world, staying relevant and building future leaders with the right skills is critical. The School is committed to partnering with industry to understand their needs and leveraging technology to deliver the educational programmes that meet them. To better bridge theory and practice, curriculum innovation is imperative. For selected undergraduates, the Bizad Leadership Development Programme offers them the opportunity to follow and learn from chief executive officers. They also undertake Field Service Projects to learn and tackle real business problems. At Graduate Studies level, we are collaborating with other faculties to offer specialisations in real estate and entrepreneurship. Graduate students also undergo the Management Communication module and Management Practicum consulting projects as part of their journey to become influential business leaders.

MBA students discuss their strategy for a stock pitch competition.

In Executive Education two programmes were recently launched for developing leaders in the financial sector. The Asian Leaders in Financial Institutions (ALFI) programme is aimed at developing senior leaders in the financial sector through systematic mentoring from a global line-up of top financial leaders. Another new programme with the University of Chicago Booth School of Business is designed to equip emerging finance leaders with the necessary skills. These initiatives create a high impact learning experience for all our students, building the next generation of business leaders.

Participants from the Emerging CFOs for Asia programme endorsing their experience.


ALFI participants on a site visit to the Industrial and Commercial Bank of China.

BBA students making a difference to the lives of foreign workers in Singapore through a Field Service Project with an NGO to provide healthier meals to workers.


A Journey Of Excellence The Graduate Studies Office has evolved dramatically over the years. From a suite of management programmes hosted by different departments, they have since come together to tap on the synergies of being under one department. Today, we offer 12 graduate programmes to cater to every executive’s aspirations. The programmes have grown from strength to strength and have since been ranked internationally, all of them boasting residential overseas exposure and experiential learning. In 2016, we commemorate significant anniversaries of three of them.

The NUS MBA We celebrate the 35th Anniversary of our flagship MBA in 2016. While the cohort started with a mainly part-time, Singaporean base, it has since grown to boast a mini-United Nations comprising of mainly a 100-strong full-time cohort of over 30 nationalities from different professional backgrounds. 40

The NUS-Peking University Double Degree MBA In its 15th year, the NUS-Peking University Double Degree MBA has always attracted students with a burning passion to learn more about China. With China as a global economic power and world power, participants believe this will give them a first mover advantage in establishing their career and business networks. To date, 195 graduates have bravely embarked on the adventure of a lifetime, enjoying the tradition and culture that Beijing has to offer while attending the lessons taught by top academics from both universities.

The NUS Executive MBA Programme The NUS Executive MBA programme – is one of the region’s most established programmes since 1996 with a strategic focus on Asia Pacific business. Available in both English and Chinese as its medium of instruction, the sister programmes have since matriculated and graduated more than 1,200 senior executives across 25 intakes. In its 20th year, the program boasts a distinguished and professionally diverse alumni network of senior executives from the Americas to Australasia, imparting peer-to-peer learning and networking opportunities enhanced by the quality and reputation of a distinguished international faculty from some of the leading PhD programs in the world.


Our Star Olympians Staying true to the spirit of Excellence, NUS Business School sets a solid foundation for students to succeed in their respective sporting fields.

Jasmine Ser National Shooter Jasmine Ser from the class of 2014 has featured prominently on the Singapore shooting scene ever since she won a silver medal at the 2006 Doha Asian Games at the age of 16. She continued to grow from strength to strength, winning numerous medals, including multiple golds in the South East Asian and Commonwealth Games. Jasmine’s ability to balance academics with sports earned her the Sports Excellence Scholarship from the School which allowed her to train full-time to further enhance her skills. 42

Lim Heem Wei Lim Heem Wei, NUS BBA alumna made history as the first Singaporean gymnast to qualify for the Olympics in 2012. Prior to her Olympic Games achievement, Lim represented Singapore at five SEA games where she led the women’s team and won a silver medal at the Commonwealth Games 2010. A go-getter and a perfectionist who believes in taking risks and chasing her dreams. Lim started her own private school, Olympic Dreams Gymnastics, to train the next generation of budding stars.

Justin Liu Justin Liu, a third year BBA student, together with his teammate Denise Lim, made history by becoming the first Singaporeans to win a World Cup event when they clinched gold at the Nacra 17 event at the Qingdao leg of the International Sailing Federation (ISAF) World Cup in 2015. In doing so, he qualified for the Rio 2016 Olympics. Despite having to train intensively and travel for competitions, Justin made it on to the Dean’s List at the Business School twice, an honour to acknowledge the top five percent of each year’s cohort for academic excellence. 43

History And Milestones 1960s 1961

Creation of Business Administration sub-department, using staff seconded from University of British Columbia.


Department of Business Administration set up under the Faculty of Arts and Social Sciences.


First business undergraduate degree in Singapore introduced, with enrolment of 21 students.


Faculty of Business Administration established as the first business School in Singapore. University of Singapore Business Administration Society established. First Accounting undergraduate degree in Singapore introduced.

1970s 1972


1978 – 1980


First Diploma of Business Administration introduced in Singapore; 26 students graduate. Joint-campus scheme introduced to integrate Faculty of Business Administration students with business students from Nanyang University.

1980s 1980

Faculty of Accountancy and Business Administration set up at the newly established National University of Singapore. First MBA programme in Singapore launched.


First Mandarin Executive Education programme launched with Modern Management (Mandarin) Programme.


Introduced the first academic management journal in Asia, with the publication of the Asia Pacific Journal of Management. First Launch of a joint English executive education programme in Singapore, with Stanford-NUS executive programmes.


Formation of MBA Alumni.


School of Accounting transferred to NTU to form Nanyang Business School.

1990s 1990

Creation of the first research centres in business schools in Singapore with CBRE and CMT


First cohort enrolled in the inaugural PhD programme in Singapore.


Launch of Modern Management Programme (Mandarin) Alumni. Launch of the first Masters in Singapore in Management of Technology.


First MBA-LLM double degree in Singapore, with double degree with Faculty of Law.


Introduced the first case journal in Asia, with the publication of the Asian Case Research Journal. Launch of the first MSc in Singapore in Applied Finance.


First executive MBA programme launched in Singapore, with Asia-Pacific Executive MBA (APEX-MBA) in both English and Chinese.


Staff transferred to help form SMU

Campus relocated to Kent Ridge from Bukit Timah

2000s 2000

Formation of NUS Business School Alumni Association.


First double degree MBA programme with China in Singapore, with the International MBA (IMBA) programme, a double degree program in collaboration with Peking University.


Faculty of Business Administration renamed School of Business.


Accredited by AACSB (Association to Advance Collegiate Schools of Business) International. Launch of NUS-UCLA Executive MBA programme, a double degree programme in collaboration with UCLA Anderson School of Management.


Launch of Business School Overseas Alumni Chapter in Beijing.


Launch of MSc (Management) for all NUS undergraduates and a double honours degree programme with NUS Faculty of Law.


Reintroduction of Bachelors in Accounting Degree programme.


Ground-breaking Ceremony of the Mochtar Riady Building.


First Asian School to be a full member of CEMS (The Global Alliance in Management Education).


2010s 2010

School celebrates 45th anniversary at the grand opening of the Mochtar Riady Building Launch of Asia’s first PhD-MBA programme. 2011

Launch of Centre for Governance, Institutions and Organisations and Centre for Behavioural Economics.


NUS & IBM establish Centre for Business Analytics.


Launch of the China Business Centre. Launch of the Asia Leaders in Financial Institutions (ALFI) programme.

First double degree in Singapore with two Asian business schools, with the S3 Asia MBA programme, a double degree MBA programme jointly established by Fudan University, Korea University and NUS Business School.


Accredited by EQUIS (The European Quality Improvement System).


Launch of Asia Centre for Social Entrepreneurship and Philanthropy.

Launch of Centre for Asset Management Research and Investments.

School celebrates 50th anniversary. NUS-Chicago Booth Emerging CFOs for Asia programme launched. The NUS MBA celebrates its 35th Anniversary. Launch of the Asia Accounting Research Centre.

NUS-HEC double degree launched.


The School has helped me explore new things, be open to new ideas and work with different people as they bring very different experiences. It is very important for me to keep on learning because it allows me to grow. I always believe that growing professionally and personally keeps me passionate. Pauline Wan MBA, 2016

NUS Business School has taught me how teamwork and the power of collaboration can help one accomplish what an individual cannot do alone. The business environment today is constantly evolving, hence it’s extremely important to keep ourselves relevant so we are able to contribute meaningfully towards business and society. Ivan Ho BBA, 2016

Looking back, the School has definitely made me a more holistic person. Beyond classroom learning that has helped me acquire skills to apply academic knowledge and concepts to practical situations; I’ve learnt to deal with people from different walks of life and collaborate with them to win business case challenges. I look forward to applying some of these key learnings in real life. Mabelyn Tan BBA, 2016


There was so much learning and inspiration from the diverse group of course mates in the School. I thoroughly enjoyed the interactions with my peers during the high-impact project work and discussions. When I graduate, I’ll be ready to face new challenges with confidence. Never give up! I think the School has taught me to believe in myself, as an individual, as a woman, as a leader and as a member of society. Everything that I learn I also share with others, and every day for me is a learning journey.

Douglas Eu Shun Yi BBA, 2016

Deborah Chew UCLA-NUS EMBA, 2016

At School, I learned that networking begins with friendships. When I apply for my next job or look for my next career progression, this network of friends will support and guide me. Whether it is case competitions or even finding out where my passion and interest lies, business school offers immense opportunities to network and make life-long friends. Thank you, NUS Business School. Eunice Tan BBA, 2016 In our class, we had an incredible diversity of people from different countries, industries and functions that created a rich problem-solving environment. The programme was extremely insightful in breadth and depth of learning, which I believe is a lifelong process. To date, I have completed three graduate degree programmes and I don’t hope to stop anytime soon. David Woodward UCLA-NUS EMBA, 2016


Throughout all the assignments and collaborations with my peers I feel that now I am ready to take new challenges to the next level. Obviously, salary and career progression is good to have, but what’s most important to my career is a sense of achievement and also continuous learning. Koji Kobayashi APEX-E, 2016

Studying at NUS Business School gave me the chance to network and work better in a team environment. As I graduate and move on to the next chapter, I look forward to seeing myself as a confident leader in my profession. Arthur Lee BBA, 2016

Before joining NUS Business School, I knew nothing about the finance sector. Today, I have the knowledge to look at a company’s balance sheet, understand its performance and guide it to overcome critical challenges. I look forward to making a difference in whatever I do. Joel Goh BBA, 2016


Credits: Publisher: NUS Business School, National University of Singapore Content, Pictures and Design: Corporate Communications Department, NUS Business School All rights are reserved. No part of this publication may be reproduced, stored in any retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the permission of the copywriting owner. Printed in Singapore

Profile for NUS Business School

NUS Business School, Developing Global Business Leaders  

A publication to showcase School's milestones and journey of excellence and commitment towards business & society.

NUS Business School, Developing Global Business Leaders  

A publication to showcase School's milestones and journey of excellence and commitment towards business & society.