Interface Magazine - January 2012

THIS YEAR, IWILL

OVER THE BRIDGE

TO EXCHANGE OR NOT TO EXCHANGE?

JANUARY 2012

interFACE Magazine of the rotterdam school of management, erasmus university • Volume 28: ISSUE 2

richard

Branson Cover Story: Richard Branson

Build Your Career: Erasmus Recruitment Days

D E AV O N D V O O R H E T A F R O N D E N VA N H E T F U S I E R A P P O R T V O O R E E N I N T E R N AT I O N A L E B I E R B R O U W E R

W W W.G A A A N . N U

Š 2011 KPMG N.V., alle rechten voorbehouden.

INTERFACE

January 2012

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Dear STAR Member, Time flies when you’re having fun, and if you look back we already had quite some fun the past couple of months here at STAR. We started off with a two fantastic Introduction Weekends (IBA and BA) and went straight through to the STAR Management Week. With its fantastic conferences, interesting recruitment activities and slamming party one of the highlights of the year. Richard Branson came over to Rotterdam and inspired 100 lucky STAR students with his inspiring story. We’ve supplied 1500 students with books and helped them through the first round of exams. text: Thomas Snuverink

However, we are still not done with you and a new year is on the horizon. In the spirit of making New Year’s resolutions (and keeping them for a change!), I would like to present you with mine: Maximizing the potential of every STAR member for this new year!

We still have some excellent projects awaiting you. In the upcoming weeks you will notice that the Erasmus Recruitment Days will gradually take over the campus. In

the first two weeks of February the ERD will offer you the chance to meet your future employer at their fantastic event. But there is more. From January on we will also send 350 students to amazing locations around the world ranging from exotic Mumbai to tech Mecca Silicon Valley, on one of our study trips. The more adventurous students we offer the chance to race across the French Alps with the STAR Ski Trip or go across the Channel to England on an antique tall ship with the Race Of The Classics.

And if you are up for a bigger challenge, why not apply for the STAR Management Week Committee in January and be responsible for one of the academic highlights of the year here at RSM? Or organize the introduction weekends for IBA and BA and make sure the new RSM students feel at home here in Rotterdam? Why not be responsible for the most popular agenda of the University and apply for the STAR Agenda Committee?

These projects are just the tip of the proverbial iceberg of chances STAR has to offer you! It is up to you to grab these chances, enrich your student life and live up to your potential. A resolution will only be kept if it is checked upon regularly. So I invite you to drop by the office for a cup of coffee to make sure we’re still on the right track. This is your year, lets make the most of it! ■ I hope you had a nice Christmas and I wish you a successful 2012!

Thomas Snuverink Chairman XXXIVth STAR Board

Colophon Interface Magazine is published by STAR (Study Association Rotterdam School of Management, Erasmus University). The editorial staff aims to promote the exchange of knowledge, experience and opinions among all those involved at the Rotterdam School of Management, Erasmus University.

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New YEAR

Executive Producer Raymond Tsang-A-Sjoe Editor-in-Chief Bas Louwman Creative Director Hande Macit Editors Carina Solbach, Charif van Zetten Writers Bas Louwman, Carina Solbach, Charif van Zetten, Hande Macit, Kassandra de Jong, Philip Lazar Graphic design and production OCC dehoog, media partners www.occ-dehoog.nl Circulation 6.000 copies Mailing Four times a year to students, employees and alumni of Rotterdam School of Management, Erasmus University; once a year to students Economics and Business Administration across the Netherlands.

Advertising Daniel Gaspersz commercial@rsmstar.nl Address STAR Interface, RSM Erasmus University, P.O. Box 1738, Room T04-53, 3000 DR Rotterdam, E-mail: interface@rsmstar.nl (not for change of adress); Tel: (010) 408 2037; Fax: (010) 408 9023 Change of address To change your adress, go to www.rsmstar.nl/mystar Copyright© January 2012, study association STAR No portion of the information in this magazine may be reproduced in any form or by any means without the prior written consent of the editorial board. www.rsmstar.nl/interface

It’s that specific time of the year again. The time when you hit the gym to become the next Schwarzenegger, stop smoking, loose that weight and drop all those other bad habits that have been with you for far to long. text: Bas Louwman That’s it! It’s time for New Year’s resolutions. All of you most probably have been thinking about several resolutions for the year to come, what do you want to achieve at university or on a more personal level? Proceed with resolutions chosen last year or start with complete new ones? The latter brings us to something else you’ve been doing for the last month: New Years greetings.

Lets start whishing each other a ‘Very New Year’, lets use January as a month to start discovering new things. Let two-thousand-and-twelve be a year of discovering the undiscovered and changing lanes. Cut those rusty chains that keep you back and get yourself some new (shiny) ones.■ To all of you, I wist you a very New Year!

Bas Louwman

INTERFACE

January 2012

INTERFACE

January 2012

6

InterFacebook

Question: Special attention goes out to Richard Branson as an inspiration for this edition of the Interface. Who or what gives you your inspiration?

Carina Solbach

International Business Administration Premaster, German

Philip Lazar

International Business Administration Bachelor 3, Dutch

It’s the every-day life, small things that inspire me. It can be a person showing courage or passion in a seemingly ordinary situation, it can be the right song played at the right time or reading a good book. In general it’s the things that trigger emotions in me because to me emotion is in fact the cradle of all inspiration.

I get inspired by intelligent individuals who are passionate about their ideas, and who are able to truly offer something of value (instead of empty rhetoric).

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Kassandra de Jong Business Administration Bachelor 1, Dutch

INTERFACE

January 2012

Bas Louwman Business Administration Bachelor 2, Dutch

Inspiration, I always find that a hard topic. As soon as something starts to feel like a ‘routine’, I try to find out why I wanted it in the first place. Most of the time that get’s me motivated enough Once someone, by the name of Thomas Edison, said: ‘Genius is 99 percent perspiration and 1 percent inspiration.’. It is those people, those geniuses, that inspire me. Those people that come up with something and show perseverance to achieve what they believe in.

Charif van Zette

International Business Administration Bachelor 2, Dutch/Maroccan

I consider inspiration as something that can be seen as a long-term concept but also from a short-term perspective as in emergent inspiration from specific events. As such, the Arab democratic uprisings, also known by the much less appropriate name the Arab Spring (for that is only how we, westerners, have perceived it) is an emergent inspirational source for me because it shows the power of how a shared belief in a better future for coming generations can move a crowd to voluntarily and selflessly face death to bring about change in their countries and safeguard the future of next generations.

Hande Macit

International Business Administration Bachelor 2, Turkish

My inspiration is fashion, but not only in terms of clothes.

My favorite quote explaining this is from Coco Chanel, saying “ Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening.”

Read more: http://www.finestquotes.com/select_quote-categoryFashion-page-1.htm#ixzz1hjqplggU

INDEX

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INTERFACE

January 2012

10 10 14

Cover Story: Richard Branson The philosophical underpinnings of Corporate Social Responsibility What underlies the illustrious and vague concept of CSR, and to what extent is it legitimate?

16

The Ethics Corner

17 19 20

Philip Lazar: “This is False”

28

Charif van Zetten reveals the hidden class society behind the idealized scenes of the business hub, Dubai.

Here’s why you’re wrong.

Creativity: The number 1 Business Asset This Year I Will

New year’s resolutions.

24 22 23 24

“Werken bij het Rijk” / “Working for the Government”

28 29 31

Dreams

An interview with Hans Nikkels.

Carina Solbach: “This is Broken” Centrefold: The Erasmus Recruitment Days

Are you looking to orientate yourself on the job market or are you looking for an internship, or even a job?

Innovation in business is out there, just not where you expect it to be.

Sleep depriviation

Suffering from severe sleep deprivation is Charif van Zetten.

Scrabble

Get ready to pimp your vocabulary when author Carina Solbach takes you on a tour through the galaxies of unknown words.

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INTERFACE

January 2012

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44

DE

1

E3

IN

L AD

RY UA N RSM I WILL JA

36

Steef van de Dean Rotterdam Sc

33 34 36

Fashion

39

STAR Management Week: Sport Seminar

40

Over the bridge

Hand Macit will update you on this winters’ ins and outs.

To exchange or not to exchange Why there is nothing inherently wrong with investment banking.

44 Advertisers index: 2 12 18 22 30 32 38 42 48

“Investment banking is not the source of all evil”

A report

“Taking you on a journey to the other side”, Charif van Zetten investigates the truth behind the myths of the South.

KPMG Deloitte NIBC Werken bij het Rijk Study Store Duisenberg Philips Achmea pwc

41 41 43

IW YO WIT

Woman Traffic Photo Page

What happened at STAR?

Centrefold: Meet the Erasmus Recruitment Days committee

DO YOU HAVE A AMBITION AND TURN YOUR IDE

THE BEST IDEA

WILL YOU JOIN

I WILL AWA

e t

INTERFACE

January 2012

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Putting Richard Branson’s ideas into practice’

Inspired by Richard Branson’s appearance on the Dutch television program ‘College Tour’, we were determined to understand what makes this man different from all the rest and what we can take home to become just a little bit more like him text: Carina Solbach

R

ichard Branson- a big name that triggers associations with Virgin Atlantic, Virgin Records, Virgin Galactic or any other of the 400 companies he has managed to successfully build up in the past decades. Now, to be a little more precise Richard Branson is one of the most well known, most successful and most engaged serial entrepreneurs Britain and maybe even the world has got to offer. On November 14th Branson boarded his jet and hours later landed in Rotterdam to honor hundreds of students and other guests with a quick visit on the Dutch television program ‘College Tour’ followed by a keynote speech on sustainability.

During the one-hour session that was a mix of dialogue between him and the presenter, and questions from students sitting in the crowd, it quickly became apparent that there is more to this man then meets the eye. Besides his blond locks and wide smile; albeit the fact that he is the owner and manager of a billion dollar imperium, he is also a LEADER. As business students we all strive for management positions. We learn to manage our time, manage our resources; even manage our thoughts. Being a leader, however, takes things one step further and it’s something that can’t be taught in a business school. Being a leader means having someone that follows you, that considers it worthwhile listening to your ideas and that is inspired by your words and actions.

True leadership is not connected to monetary incentives, nor force: it is given. So what is behind this power of charisma? Getting back to Richard Branson, how did a high-school dropout manage to get this far?

It is difficult to stereotype a leader.

Out of all the characteristics and possible traits it can most probably be boiled down to one thing: authenticity. It is exactly that “authenticity” that is the key to Richard Branson’s success story. Branson was born with dyslexia, which in business is often considered a weakness (word automatic spelling correction doesn’t count). For him however, this handicap was an opportunity, an opportunity to focus on his real strengths and to delegate the tasks that were needed but which he couldn’t handle himself to people that were better or great at it. Being dyslexic thus helped him overcome what holds back millions of managers: the fear of being imperfect and enabled him to get the best people to do the jobcollectively.

During the event, Richard Branson further mentioned that the key to success is believing in the best in yourself and believing in the best in others. If you believe in yourself it will radiate all around you and convince others of your credibility and capability. Additionally, seeing the best in others creates trust, actually unlocking the best in people thus reinforcing this trust….a positive cycle.

When asked why he went into the aerospace industry, Branson said that it is an adventure to him. Seeing business as an adventure and having the guts to take the roads that at first sight may seem less travelled or unexplored is what holds true opportunity. Yes, failure may lie along the way but if you get back up you’ll be wiser and more experienced when the next obstacle comes around. It is not the times you fall but the times you keep on walking.

A central aspect of business success and of leadership is creativity. Ri-

chard Branson however, sees creativity as a team sport. To him creativity arises when you surround yourself with people that have crazy ideas, that have an eye for detail and that are able to express their own opinion, not the ones that repeat your every word.

It is that and enjoyment, playfulness and respect that act as encouragement to put in the extra effort.

Finally, Branson doesn’t see money as the ultimate goal. Hardly anyone would deny that money makes you rest easier at night but it’s not what constitutes happiness. It seems that the saying “from great power comes great responsibility” does hold true in many settings and it is taking responsibility instead of shying away from it that makes Richard Branson a leader. A real life example: when faced with the economic downturn he didn’t just fire all his employees but took the responsibility to find a solution that everyone could live with and managed to have the same number of employees two years later when things were on the bright side again.

So, summing it all up: Richard Branson is one of today’s most important leaders because he believes in the best in himself and in others, he allows for mistakes and failures and seeks triumph in adventures that will yield new discoveries. He isn’t a lone rider on the road of success but a team-player that surrounds himself with people that are a little bit the same and yet a little bit different, just to keep things interesting, and last but not least, he takes responsibility to stand up for what he believes.

This said, it is now time to focus on how you can get from inspiration to action. ■

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As students, what can we learn from Richard Branson? First of all, it must be noted Branson has a rather extensive collection of books he has written himself, that serve exactly this purpose. Works such as “Screw It, Let’s Do It” (published by his own Virgin Books brand) have enjoyed massive popularity, and they exemplify the main values Branson operates his businesses with, and lives by. The following list will name a few key qualities that Branson personifies, and which can be of use to students in their day-to-day lives as well. text: Philip Lazar

• Be a creator Setting up and running businesses is not just generalizable to delegation. One of the

main ideas Richard Branson tries to push is to be a creator; the ideal of being at the very start of a venture, being the main founder of a project, the primary thinker behind an idea, is one of Branson’s main motivators. Rather than breaking others’ ideas down, or focusing on modification as a main business plan, there is much more value, pride and motivation in pure creation.

• Combine business and pleasure

Whatever field you’re in, what you do must be enjoyable for it to be motivating. In business ventures, as well as in learning processes, it is the pleasure and fun that ultimately drives the idea towards fruition. This does not mean that work – in whatever way that may be – does not entail some difficult times, or ‘rough patches’, but it does mean that the core of your activities must be imbued with a sense of enjoyment. Not only will this motivate you to pursue your goal further, even through difficult times, it will inspire those around you to do the same.

• Work out

Branson has repeatedly pointed out, in both this event as well as in other interviews, that a key to his work success is physical exercise. The stress release, combined with endorphin, dopamine and testosterone production, prevents burn-out, keeps you focused, and in general is a major part of an overall healthy lifestyle. Going for a run in the morning, doing some weightlifting at the gym, or hitting the pool a few times a week, is a prerequisite for creating a lifestyle that promotes business success.

• Take note(s)

As flawed humans, we often come up with ideas that seem great at the time, but are easily discarded, forgotten, or ignored. These ideas are worth keeping. Whenever a brilliant business venture plan pops into your head, write it down. Branson has a small notebook with him at all times, to quickly jot down ideas that may help his life and/or businesses. Rather than simply discarding ideas, write them down immediately; they may be of use in the future.

There is a plethora of other lifestyle and business ideas that Branson promotes, which for the most part fall within the realm of pursuing your goals fearlessly and with passion, and surrounding yourself with people who share your interests and with whom you can cooperate creatively. The above pointers are some practical applications of Branson’s mantra of putting ideas into action, summarized succinctly by his (in)famous slogan “Screw it, let’s do it”.

INTERFACE

January 2012

Topbedrijven die naar jóu toekomen.

Dat noemen wij innovatie.

Academisch toptalent Studeren is vooruitzien. Dus ongetwijfeld heb jij tijdens je studie al je licht laten schijnen over potentiële eerste werkgevers. Als jij droomt van een glansrijke carrière in het bedrijfsleven of bij de overheid, blijft er eigenlijk maar één optie over: Deloitte.

Op veel cv’s van de huidige topbestuurders in Nederland staat Deloitte als eerste werkgever vermeld. En dat is niet toevallig. Bij ons werk je namelijk al vanaf dag één aan innovatieve oplossingen voor en met toonaangevende organisaties. Dankzij de unieke hulp en inzet van onze Innovation BV kun je jouw ideeën daadwerkelijk transformeren naar nieuwe producten of diensten, waardoor je je creativiteit en ondernemerschap continu ontwikkelt. En je ook bij andere topwerkgevers niet lang onopgemerkt zult blijven.

Zoek jij de beste start van je carrière? Begin eerst hier: werkenbijdeloitte.nl.

“Waar komt mijn energie 13 en passie voor het vak en Deloitte vandaan? Dat is erg simpel.”

Naam: Opleiding: Functie: Afdeling:

INTERFACE

January 2012

Paul Seegers Auditing & Information Management Partner Accountancy

Mijn carrière bij Deloitte is inmiddels al zo’n 20 jaar geleden gestart op een regionaal kantoor in Breda. Ik was net terug in Nederland na een periode van 9 jaar in het Verenigd Koninkrijk te hebben doorgebracht. De keuze voor Deloitte was voor mij snel gemaakt.

Ik kwam door middel van een doorverwijzing in contact met een senior manager, die als partner zou toetreden en verantwoordelijk was voor de internationale controlepraktijk van Deloitte in Breda. Het eerste kennismakingsgesprek met deze aankomende partner duurde 2,5 uur. Je kunt dus wel stellen dat er sprake was van een klik!

‘Fast forward’ van 1992 naar 2002. Andersen was ondertussen onderdeel geworden van Deloitte in Nederland en op 1 oktober 2002 eindigde een periode van 10 jaar werkzaam zijn op kantoor Breda. Samen met een 16-tal andere collega’s is een belangrijke stap gezet. De internationale controle-afdelingen van Deloitte zijn toen samengevoegd met de Andersen kantoren in Amsterdam, Rotterdam en Eindhoven. Ik had veel zin in die overstap. Mijn studie was immers afgerond en met de RA-titel op zak en een tiental jaren werkervaring, was ik wel toe aan de volgende uitdaging en die kwam ook…

Inmiddels zit mijn tweede decennium bij Deloitte er al bijna op. Wat is die tijd gevlogen!

Maar ik kan met volle overtuiging zeggen dat ik nog steeds met enorm veel plezier mijn vak uitoefen. Terugkijkend heb ik veel mooie dingen meegemaakt. Het tot in de puntjes leren van het vak van een uitstekende leermeester in Breda, het afstuderen als Registeraccountant, de uitdaging van een integratie met Andersen, het bijna 4 jaar lang mogen optreden als Director of Independence, de benoeming tot partner en HR portefeuillehouder van de internationale auditpraktijk in Rotterdam en natuurlijk een prachtige selectie ‘blue chip clients’. Waar komt mijn energie en passie voor het vak en Deloitte vandaan? Dat is erg simpel. Ik kom continu nieuwe uitdagingen tegen, leer nieuwe dingen en beleef vooral heel veel plezier in het leiden van een groep enthousiaste jonge professionals die ook met veel passie en energie het vak van accountant willen leren. En hoe zit het dan met de begeleiding van jonge professionals bij Deloitte? Oordeel zelf: de partner die mij circa 20 jaar geleden heeft aangenomen is, tot het moment dat ik zelf partner werd, mijn coaching partner en mentor geweest.

Hij nam afscheid van Deloitte op 31 mei en ik trad mede dankzij zijn begeleiding en coaching aansluitend toe op 1 juni.

Geïnteresseerd? Voor meer informatie www.werkenbijdeloitte.nl

© 2011 Deloitte The Netherlands

INTERFACE

January 2012

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The philosophic underpinnings Research on Corporate Social Responsibility has exploded over the last few years. But what underlies this illustrious and vague concept of CSR, and to what extent is it legitimate? Let’s explore. text: Philip Lazar

Corporate Social Responsibility, or CSR, has been a business buzzword of sorts for a few years now, a term almost unavoidable when rummaging through textbooks or Powerpoint slides. Why this was has remained a mystery to me for a long time, and even after a number of classes, I viewed CSR with suspicion, more as an elaborate marketing ploy than as an expression of a firm’s collective altruism. The main ideas about CSR find their root in perhaps more philosophical ideas than in economics, and thus require a multi-disciplinary view. This article addresses those ideas, and tries to form a conclusion on whether CSR is a valid component of a business, or whether it is simply a way to boost a firm’s image.

Since its inception, the concept of CSR has been notoriously muddled and wrought with problems of definition, scope, and breadth. We find in defining CSR both conceptions of voluntary vs. non-voluntary, business actors vs. non-business actors, and governance vs. government. These opposing forces make CSR a rather subjective term. In this writing, I will attempt to go by the most neutral and somewhat boring definition possible, namely of CSR as being firms committing to improvement of aims that do not lay directly within the realm of the company itself; goals such as human rights, environmental policymaking and social improvement. The main strands of thought can be seen as the following: The shareholder primacy model.

This type of thought is among others proposed by Milton Friedman in his famous essay “The Social Responsibility of Business is to Increase its Profits” (1970), where he puts forward the idea that it is endorsement of capitalism within the context of the free market that stimulates social, environmental and human improvement outside of the business itself.

In other words, the creation of shareholder wealth will indirectly be the impetus for overall (positive) societal change. Economic growth, as perpetrated by firms that create shareholder wealth, is at the base of societal growth, in this view. Machiavellianism, to some extent, also falls within this category. That is to say, Italian Renaissance thought, as proposed by Machiavelli in The Prince (but not in his Discourses), considers the survival of a state (a concept easily adaptable to a firm) as being dependent upon virtue as a pragmatic idea. That is to say, a leader (CEO) must be virtuous to the extent that it is beneficial for him to remain in leadership, as well as for him to be supported by the outside world. Both of these views, then, are starkly focused towards the inside of the company itself; CSR, as a predominantly outwardfocused tool, is irrelevant, and a waste of resources.

Instead, a firm, and its personification in its CEO, must focus upon self-preservation and growth through the use of capitalist ideas within a free market.

Through this, the creation of shareholder wealth, the ‘outside world’ may enjoy the fruits of their labor.

The neoliberalist and post-neoliberalist model.

Within neoliberalism, we find the main strands of what nowadays is often considered to be the prototypical explanations of CSR. This approach centers strongly upon philanthropy, though it may be expanded to include other pursuits, such as strategist Michael Porter’s concept of Creating Shared Value (CSV), where the firm and the community in which that firm is active are mutually dependent upon each other. In other words, for a firm to thrive, it needs community support, and vice versa. Through efforts such as Fair Trade, firms can help communities develop, which in turn is supposed to feedback into the firm’s own performance. Neoliberalist ideas about CSR emphasize the idea that economics and politics

15

cal of CSR

are distinct, but interrelated entities, much more so than is normally believed. That is to say, there are a number of shared responsibilities that may be shared between economics (firms) and politics (government). To what extent this should be done is a normative question that is approached differently by individual scholars; in general though, there is an agreement that CSR, as an interaction between the inner workings of a firm and the communities outside of this firm, creates a win-win situation for both parties, independent of whether (or to what extent) CSR-related activities are to be considered a ‘responsibility’ or ‘duty’ of a corporation. Gains can be made in terms of brand differentiation (environmentally-friendliness being an often-used tactic here) and upholding or building a strong reputation (which may potentially lead to a more consistent consumer base or easier and better employee recruitment). The neoliberalist tradition of CSR can be traced back to Platonic ideas of avoidance of injustice as being one of the main responsibilities of a leader (as per Plato’s The Republic). Platonic thought can be seen of, in this case, as supporting the outside world for personal survival; a leader is analogous to a firm, and the mutual dependence of both parties (firm and community) makes acts

of justice a necessity for firm survival. This is only one interpretation of the ideas put forward in The Republic, however, and different perspectives on how this text should be seen may yield conflicting conclusions.

Most of the ideas about Corporate Social Responsibility and how (or whether) it should be used and in what form fall somewhere within or between these two strands of thought. The main issues both address are related to whether CSR actually benefits the firm, or whether it is simply a drain of resources, as well as to what extent firms have a responsibility (rather than volition) in influencing their communities. This is a difficult issue that touches upon the role of corporations within their macro-environment, as well as firms’ relationship to politics and governance. It is no coincidence that many of the philosophical ideas applicable to CSR come from a mostly politically-oriented flavor of philosophy. When discussing CSR, and its potential benefits, it is therefore of value to know and apply the underlying ideas on leadership, private versus public responsibilities, and the meaning and use of virtue, to correctly be able to assess the possibilities and limitations of CSR. ■

INTERFACE

January 2012

INTERFACE

January 2012

16

The Ethics Corner

Medieval Practices

Charif van Zetten reveals the hidden class society behind the idealized scenes of the business hub, Dubai. text: Charif van Zetten

E

normous skyscrapers, polished shopping malls, sandy white beaches, exotic and luxury cars and an inexhaustible pool of business opportunities.

Yes that is Dubai.

As one of the seven emirates of the United Arabic Emirates, Dubai in particular has enjoyed significant interest from all over the world, with that I am putting it mildly. Since the day a Bedouin accidentally dug his way into an oil field while searching for water, this business empire has established itself with such an incredible pace making this region prosper like never before. Eventually, resulting in an international business hub of absolute world class.

Parallel to this development, another less geographical aspect of business has drawn major attention, namely the concept of Corporate Social Responsibility, or more generally, business ethics. Researchers are increasingly proving the positive relationship between CSR and the performance of firms and socially responsible behavior of businesses is becoming a worldwide trend these days.

Although both developments run parallel, business ethics does not seem to appear in the vocabulary of the average businessman in Dubai. An economist analyzing the region’s Lorenz curve will be surprised to find such inequality in welfare distribution in a place where everyone is deemed rich. A combination of factors has resulted in this

unequal distribution. Firstly, the presence of a very aggressive market drives managers to exploit their personnel and cheat on their customers. Secondly, the absence of an institutional environment to monitor unethical behavior of companies allows for the first to happen. Would we call in the help of an anthropologist, we would discover that the demographics together with the social culture are much like the class society last seen in medieval Europe. The Arab taking the place of the kings on top, Westerners as knights and barons in the middle, and the Africans together with the Asians forming the solid base like the peasants and serfs did in the former feudal system. Your origins determine your place on the social ladder and your salary. To give an example, provided an identical job, a Westerner with the same or an even lower level of education is almost certain to earn significantly more than his Asian counterpart. This example accompanied with the fact that more than 50% of the whole population consists of Asians, primarily from India, illustrates the level of exploitation going on.

Of course, one person alone cannot change a complete culture, but it is up to you whether you want to participate in such behavior when offered a million dollar villa, a brand new car of your choice and a salary with which you could repay your entire student loan in less than two months. Would you give way to the temptations of a luxurious life in the city of dreams? â–

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INTERFACE

January 2012

This sentence is false.

For some reason, there seems to be a group of students who think their opinions hold strong value, and are relevant to others, during lectures or meetings. Here’s why you’re wrong. text: Philip Lazar

“And now, to conclude this presentation, we will move on to the discussion”. I let my head descend on the table before me in disappointment and disgust. Where others seem to actively participate and actually enjoy the exchange of opinions and anecdotes (because after all, who uses empirical facts in class discussions?), I consider whether this verbal barrage is equivalent, better, or worse than being waterboarded. I leave the question unanswered, and instead pose the inquiry behind this rather irrelevant problem: why is there such a strong felt need for the Dutch to express their opinion everywhere?

Now, this may seem racist, generalizing, and even hypocritical – after all, I am offering my opinion right here as well.

Luckily though, you, my most treasured reader, have the choice whether or not you want to consume this column. This is a rare opportunity, as most of the time, we find ourselves in situations (meetings, lectures, the above-mentioned class discussions) where we are forced to listen

to others’ opinions. There is only one situation in which this is beneficial, and that is where the opinion offered actually holds value. From what I have experienced, in years of experience at multiple universities, this is only very, very, rarely the case. If someone like Neil DeGrasse Tyson would suddenly want to offer his perspective during a lecture, I would be enthralled. However, if you, or any other student, would like to do the same, you’d better come up with a damn good point, which is something you cannot.

Why? Simply because you are not that knowledgeable about the topic at hand.

For me, and for the vast majority of the group/class/assembly of people, your opinion is worthless. As a method of didactics, this constant requested and voluntary offering of perspectives is not only a waste of time and energy, it is a completely unnecessary display of narcissism. Is this Dutch? I’d say it is. I have not experienced this while studying and working in other countries, or working with people from abroad.

It would be a scrumptious generalization to say all Dutch people feel this incessant need to express their opinion, but the proportion that does is high

enough for me to be motivated to write this column.

I am sure I am not the only one who finds this incredibly annoying. The solution to this nuisance (I consider this an annoyance, anyway) is very simple indeed: just shut up. If the leader of your group, the teacher of your class, the pendragon of your assembly, has anything to say, you listen. You do not offer your worthless, uninformed, opinion, unless there is something blatantly wrong. You are not an expert; you are ‘in attendance’ at the very least, and an ‘inhibited participator’ at most.

Your felt need to express your perspective on things is completely uncalled for, and is a waste of others’ time. Next time you feel the need to speak up, e.g. during a class, look around you, and find the quiet kid furiously scribbling on a piece of paper. Not only will he probably get better grades than you, he possesses an even more remarkable trait: the gift of modesty and manners. ■

At NIBC, entrepreneurial bankers start at the deep end As a trainee banker at NIBC, you also have a daily job. Your assignments and responsibilities start from day one. And you’ll have the chance to specialise, in for example mergers and acquisitions. You and your fellow analysts will follow our incompany training programme at the Amsterdam Institute of Finance, led by professors from international business schools.

A flying start at the bank that thinks and acts like entrepreneurs. For more information, visit www.careeratnibc.com.

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Nr.1 Business Asset:

Creativity But can we learn to be creative?

Creativity is a welcomed word in oh so many settings.

Use it during an interview and the job is as good as yours, throw it in when establishing teams and you’ll be number one on everyone’s list or randomly drop it when meeting new people and you’ll see their eyes lighting up.

But what exactly is creativity? Despite the overuse of the term, research on the causes behind creativity is still in its infancy. Looking for an answer on Google confronts you with a sheer mindboggling number of 206 million hits, none of which offer a really clear, nor practical definition. And it gets worse, the common theme emerging from most articles is that creativity is a gift much like painting the next van Gogh or sparking ideas like Steve Jobs, thus wrapping it even tighter into its mysterious package.

So should you wallow in self-pity and throw away your plans and become an accountant instead if you’re not one of those walking idea-generators? The answer is: NO. There is a light at the end of the tunnel and it’s coming from neuroscience. In the past years there have been small attempts to understand the neurological activity going on in a creative brain in order to determine whether it is really just a genetic predisposition or whether it can be acquired and accumulated through learning.

Four things seem to crystalize more and more: 1. Creativity is closely connected to the brain areas associated with self-expression. When asking jazz pianists to improvise while in an MRI machine (yes this is possible and yes, you can see it: on TED.com), the medial prefrontal lobe lit up. This area of the brain has been intensely researched over the years and has since been connected with complex decision-making and the expression of personality.

2. Creativity is fostered by shutting down areas in the brain that are connected to self-monitoring. As opposed to the first aspect, certain areas of the brain are actually deactivated when improvising or being creative. The lateral frontal lobe, which is responsible for planning, self-control or memory tasks showed no sign of activity.

3. Creativity is related to reduced filtering of external stimuli. The flood of stimuli surrounding us is normally sieved through a filter system in the brain, which helps us not to drown in the information we consciously and unconsciously take in. Creative minds however seem to have reduced this filter system, making it possible to accumulate more stimuli at once which can subsequently, be connected to each other to create ideas.

4. Creativity is linked to the unorganized, free flow of ideas in the brain’s association cortex. Once stimuli pass the filter system they are not classified directly and neatly stacked into piles and boxes ready to go into the many drawers of the brain, but flow freely in a disorganized manner which allows the brain to check for overlaps or new connections.

Creativity as such is thus not an isolated activity but requires both activation and deactivation of different brain functions. It is connected to how you view your surrounding, how you react to external information and to how much you can give in to silly ideas or seemingly unfitting mental puzzles. IQ or genes can therefore no longer be considered a barrier to creativity. Everyone can be creative with the help of only a handful of ingredients: courage to take risks and shut down the little voice in your ear that reminds you of norms and conventions, play, which allows you to have fun and relax your brain, emotions, that trigger self-expression, crosspollination, the eagerness to draw connections between areas and disciplines that seem to have no connection at all, and last but not least, getting out there, in order to recognize and experience all those stimuli flying around everywhere with the potential to become the next breakthrough idea.

So the next time you are brooding over a report, are faced with the deadline for a new business plan or need to come up with an expansion strategy, just let go, listen to the radio and swing your hips. Creative ideas are sure to follow.

For more information on the background research carried out please check http://www.ted.com/talks/lang/en/charles_limb_your_brain_on_improv.html text: Carina Solbach

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January 2012

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THIS YEAR, I WILL...

New year’s resolutions in 2012

The interface team sets out to discover text: Carina Solbach

2012: a new year, a new chance. Year after year millions of people worldwide are determined to make a change in their life when the church bells ring at midnight, inaugurating another year- they make New Year’s resolutions.

The origin of New Year’s resolutions goes back way before Christ, when the Romans set today’s calendar and named the first month after the god Janus. Janus was cherished for his two faces with which he could look both in the past and in the future. When the New Year came around the Romans would ask Janus for forgiveness for what they had done in the past year in order to set things straight for the one to come, accompanied by the sharing of gifts and blessings.

Over the centuries things have changed and instead of forgiveness from our enemies we now ask much simpler things: quitting smoking, getting rid of that bulge and living healthier, followed closely by saving more money. Janus is long forgotten and still millions take the opportunity to leave some of their bad habits behind, making room for a shiny new life. Fact is however that despite the eagerness and enthusiasm of the first moments the drop out rate is pretty high: 25% make the first three months, 50% stick to their goals until summer comes around the corner with lots of ice cream, barbeques and beach days and when next new year’s celebrations are knocking at the door, only 25% can proudly show their new found abs.

It seems thus that half of the equation, namely the realization of those goals is lost somewhere along the way. This is mostly due to a lack of planning in which concrete and feasible goals are set as milestones. As writing down New Year’s resolutions, and any other kind of objective that is, increases the likelihood of achievement we have set to collect a snapshot of the resolutions RSM staff and students have made this year. For now they have shared with us their resolutions only but in the next issue coming out in March it will be check-up time and we’ll be sure to tell you how many of these post-its have already landed in the bin. ■

POST IT WITH PEOPLES NEW YEARS RESOLUTIONS For the one’s without concrete goals and that passion for surprises … just click on this automatic New Year’s resolutions generator and see what 2012 holds for you http://www.moninavelarde.com/newyears/

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IBA ter student Rötz, Premas lia Ju : 1 n o Pers r 2012 is to resolution fo ’s ar Ye ew What: My Ndonor of bone marrow. register as a ly degeneng sick, slow ack to your ei b s ke li y d b Why: Nobo all chances of getting it is important sm rating with h is devastating. I think g back to in lt normal hea le a new chance of gett ols to do so. p to e eo p th e er ff av uh to o health if yo ore chance their normal stration there is one m only takes It gi .

With this re getting healthy again chances of a y e d o th d eb m an ster of so ation to regi one marrow a blood don ry low but maybe my b ully live a ef match are ve d somebody can hop an g in ch is mat normal life.

to Thekkel, Person 3: Chris rategic MaSt Master student nagement Year’s resoluWhat: My New ch day! ea Y JO EN tion is to ver predict Why: You can neif you are t bu y nd you, your journe to the world arou willing to open up most out of each day. e you can make th

Person 2: Suus de Haas, 2nd year student BA What: My New Year’s resolution for 2012 is to eat less e McDonald’s food, to exercis long. so more and to not stay in bed cooking I always go Why: When I don’t feel like really unhealthy so is it to McDonald’s but I think k doing more sports I want to eat there less. I thin just as not staying in me for would also be healthy ting out at, perhaps, get bed until two every day but eleven.

Who? Prof. dr. S. van de Velde, RSM Dean What? In 2012, I will continue to ensure relevance and impact Why? The essence of a business school is not only in its tangible assets, but more importantly in its intangible assets: its students, faculty members, staff, advisory board, alumni and corporate relations. As the dean of this business school. in 2012, following on my I WILL resolution I WILL ensure relevance and impact, I will call on all of these assets to ensure that RSM stays a leader in management research and education. We will address pertinent and topical issues such as sustainability and corporate social responsibility. I wish you all the very best for a prosperous, studious and healthy New Year!

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January 2012

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January 2012

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‘Companies are usually investors; the government connects the dots’ To some RSM students, working at the government may seem dull. Statistics show that over 70% of business students start working at a ‘profit company’. Hans Nikkels belongs to the remaining students. After his master in Global Business and Stakeholder Management at the Rotterdam School of Management he started working at the Ministry of Economic Affairs, Agriculture and Innovation.

Why did you choose to work at the Ministry of Economic Affairs, Agriculture and Innovation? When I chose to do a master in Global Business and Stakeholder Management, I already knew that this master focused on how companies are situated within our society.

During that period I already had a specific interest in energy markets.

I have to confess, at first I looked at ‘profit organisations’. In the end I started working at the Ministry as a policy advisor, combining my interest in energy, oil and gas to work on projects regarding sustainability. It is a fascinating topic and I believe it will be so for many more years to come.

You currently hold a position as a policy advisor, could you tell us what your position is about? I work on several projects.

Policy making is my ‘core business‘, for instance: Why should energy companies behave in a certain way and be more transparent towards the market, not only on a national level but also on a European level. On the European level, I work together with the European Union as well.

The market is constantly evolving, with many transfers from public- to privatised companies, for example. I advice my minister on how he could act and how he could form laws to support these actions.

You chose to work for a government instead of a ‘private company’, was this a conscience decision? My choice was based on perspective, there was more to it then just work for ‘the government‘. If I would have started working for a big energy company, I would probably have been confronted with business cases to develop a new plant or so, now I look at the markets as a whole and how we can improve them. We also represent the Dutch government within the EU. How would you describe your job? In general, we don’t work under a lot of pressure as most of the projects do not have deadlines within a day or two. Of course we experience moments where stress is there, e.g. when we support our minister in Parliament. We prepare everything into detail and during breaks we inform the minister in 10 minutes or less.

On the other hand, it is a very satisfying feeling to hear the minister communicates to Parliament what you just told him.

Of course there are many other satisfying parts to the job. For instance, when I worked on the Dutch Strategic Energy report in 2008, I was just working here for two years. All the important people of the energy markets were sitting at that table, and I was there, as a rookie.

I was placed in my current position right away, but the government

also offers traineeships in which you’ll have one ministry as your base of operations, but during the traineeship you will also be based at two other ministries or government bodies, this could also be embassies.

After that it is possible to become a policy advisor and after some years of working experience you can grow even further! As a whole, working at the government can be very interesting. If you are doing a master in Global Business and Stakeholder Management, you probably will have some affinity with the job and tasks. Some problems are not to be solved by individual companies. Companies are usually investors; the government connects the dots. So far it has been one big learning experience, with a lot of space for your own interests.

As you mentioned, you did a master in Global Business and Stakeholder Management at the Erasmus University (GBSM)?

Previous to my master in GBSM I finished the HEAO in Breda. There I found that, for instance, marketing and corporate finance did offer perspective, but that there was no ‘bigger plan’. I wanted to do something more then just looking at quarterly rates. And that turned out well! The government can use more people looking at things from a business perspective. It brings more diversity to the table then just the usual economist and/ or technician. I specifically chose to do my master at RSM. It was close, I receive some exemptions and it had a great reputations. Besides that, many of my friends attended the RSM and told me good stories about it.

You also were an active member at STAR (called Sviib back then), why did you choose to become one? Back then I was the Chairman of the International Business Study Project 2003-2004 (IBS), where we went to Thailand. As I came in with some exemptions from my study, I had much spare time. I could work for the rest of my life still, so I wanted to do something different. Through my friends I heard about the IBS project. It had a good reputation, the project seemed interesting and I wanted to go abroad. There were many experiences I learned from.

We had some tension within the group and I learned how to handle this in an adequate way. Keeping a good atmosphere is something you don’t learn from studying the books; you learn from experience. In a general, it was a trip I would never forget. Dealing with the pressure and responsibility of being a chairman of such a big group, is something I deal with in my job everyday. I found it very useful to learn how to cope with this at a young age.

What would your advice be for people that have to choose their career-path in the near future? By coincidence, I basically had the same conversation with a friend yesterday. Back then in 2006 I did not realise what kind of an impact your first job has on the rest of your life. You are no longer a graduate after your first job. Future employers will expect you to speak from experience. There will be only one job and 50 applicants. If you did something completely different as a job before, why should they hire you? Your first job will have a long lasting impact on the career path you will walk. Keep this in mind, especially when you plan on moving to different organisations in the future. ■

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This is broken is a homage to Seth Godin. Always witty and on top of the game, he has gathered texts, pictures and all kinds of other evidence to point towards those curiosities in life that just don’t seem to make sense…that are simply broken. To give you a better idea, let’s take the following example: picture a bottle of pain medication for animals alarming the user to be aware of the negative consequences the pills can have on one’s ability to drive….now I am sure you all get my point.

Our first stop brings us to: Business School Rankings.

They come in all forms and sizes and no matter their source they all seem to be screaming: I am the best ranking, I am right, base your decision on me. But how reliable are they really and to what degree should they influence our choices on where and what to study?

instead of swimming with the current nr. 1, we should take the time to sit down and reflect on whether the choices we are making are actually right for us, whether they are getting us closer to doing something that we love to do and whether they will surround us with people that inspire us beyond business basics.

Embarking on a journey through the seas of current rankings shows that all rankings are in fact bound to be right, as they are based on an exhaustive list of criteria that ultimately define a hierarchy of schools, streams, programs. But these criteria are mostly based on financials or hard facts and don’t offer too much insight on more intangible factors such as learning atmosphere.

Nor do they tell us why one ranking is ‘more right’ than others.

Whenever you encounter something of which you think, “This is broken”, please send a picture or a short note to interface@rsmstar.nl and I’ll be sure to dig deeper into the subject. Oh and one more thing: this is broken is not a free ticket to complaining about the absurdities of life, but an invitation to take action when you notice something worth changing! ■

This is broken!

Every successful business man, and none of us can deny that that is indeed the position in which we see ourselves in maybe 5 years from now, will state that passion for the job, authenticity and individuality is what makes the difference, not necessarily whether you went to the highest ranked business school. I am not suggesting that we ignore all rankings and that we let go of determining criteria on which schools can be compared to establish the quality of education. What I am suggesting is that

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Who are organizing all this?

Aimée Cox Chairman Age: 22 Study: International Business Administration (finished, so currently none…)

Previous experience: several committees within the RVSV, parttime board year AIESEC Rotterdam Interests: reading, watching series and films, cooking, people/HR, travelling

Iris van der Heijden Treasurer & Vice-chairman Age: 21

Laura van Rie Comissioner of Commercial Relations Age: 20 Study: Business Administration, next year Master Finance Previous Experience: STAR Commercial Team, various salesrelated jobs Interests: Travel, good food & wine, movies, art, consultancy

Julia Weits Commissioner of Commercial Relations Age: 20 Study: Business Administration & Philosophy Previous experience: various committees within STAR Interest: FOOD! Finance, money (as I am one of the commercials in the committee), music, books, field hockey.

Kim van der Aar Commissioner of Marketing Age: 23 Study: Marketing Management (Bachelor IBA) Previous experience: Internship at Henkel Nederland Interests: Cooking/food, movies, music, fashion/cosmetics, marketing and consumer goods.

Marjolijn de Haas Editor-in-Chief Age: 21 Study: International Business Administration Previous experience: STAR’s CDNT committee and several small jobson-the-side.

Interests: Cooking, art, travelling, hanging out with friends, selling things on Marktplaats, fitness, books, and interior design.

Linda Langemeijer Commissioner of Event Age: 21 Study: Business Administration Previous experience: Agenda Committee at STAR, Secretary at Stichting Intermediair Rotterdam (SIR) Interests: music, skiing, finance and accounting

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January 2012

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How did you come up with the idea of the blue and green blocks?

The green and blue blocks are related to the motto of this year: ‘Build your Career!’.

The motto represents the fact that a career exists of multiple facets, or ‘building blocks’. You as a student are already building your career. First of all by studying of course, but also by all the things you do on the side: going on exchange; having on-the-side jobs; doing (an) internship(s) and so forth. By participating in the Erasmus Recruitment Days, you can complete this process.

What made you (all) decide to apply for the Erasmus Recruitment Days committee?

Kim van der Aar: Basically, I wanted to help organise one of the biggest on-campus events there is. Experience what it is like to have the responsibility over almost 100 companies and 2000 students, and of course create the best marketing campaign there has ever been!

Julia Weits: To be honest, I did not really have any clue which master to continue my studies with. I figured being part of the ERD committee would give me the practical knowledge and skills I lacked to be able to make this decision. I was also curious what it would be like to organise such a huge event for my fellow students.

Laura van Rie: Since three years of studying Business Administration seemed to have gone by in a blink, I decided it was time to pull the brakes, and get myself some practical experience. It didn´t take me long to decide that I was going to do this at the ERD- after all, what project is bigger, more professional and more awesome than the Recruitment Days?

Is actually organizing this event different from what you expected it to be?

The event is even bigger than we imagined it to be. Especially since you are responsible for every single element: from getting the companies to participate in the first place, to getting students to subscribe and in the end managing to get everyone in the right place at the right time during the event. There are so many things you have to think about!

How will this year’s edition be different to the previous ones?

First of all, the Erasmus Recruitment Days has been a suc-

cessful concept as it is for years already! But every committee tries to make it even bigger and better!

This year, we added an entire new activity: the Entrepreneurial Day. This will provide you with a different view on how to build your career. Three young entrepreneurs will tell their stories, you will get practical information on how to start your own business and you will experience what it is like to be an entrepreneur through the stimulating case presented by HOPE. Also, the construction going on on-campus has proven to be quite an obstacle. Less space for studying also meant less space for activities like the Erasmus Recruitment Days.

However, through a close cooperation with organisations like the EFB and study associations, we managed to fit everything into the program and keep the majority of the activities on campus.

What can people expect when they sign up to the Erasmus Recruitment Days?

It depends on what you are looking for. Are you looking to orientate yourself on the job market or are you looking for an internship or even a job?

There are 11 different activity types in which you can participate, varying from presentations to interviews and informal recruitment activities like dinners, drinks, high teas and so on. Next to these recruitment activities, we have the Grand Opening, at which various inspiring speakers will share tips & tricks on building your career and answer all your questions, and the new Entrepreneurial Day of course!

Which companies participate in this years ERD? In total, 98 companies will participate this year. This makes the Erasmus Recruitment Days the largest on-campus recruitment event of the Benelux!

With companies representing 9 different branches (think of consultancy, consumer goods, financial services and so on) there is something for everybody and the great thing is that students of all studies can participate! Furthermore, an all-time record of 27 companies will participate in English!

How can people subscribe for the event?

Signing up is really easy and costs only €12,50 for all activities during the 2-week event!

Just visit one of our stands in the T- and V-building or visit our website www.erd.nl to subscribe. Do so before January 8, also for the individual activities! ■

ERD Pages

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Still thinking about that beautiful white beach, I discoverd that I had 2 other dreams that night (something with running away from the cops, and a hungry tiger that wanted to eat me) and I feel pretty damn exhausted after my sleep eventhough it’s 10 o’clock. I am questioning myself if it has an effect on my dreams if I go to bed late or earlier.

those hidden emotions and in the ‘real world’ you can take them in consideration.

When you have to bed late and you are pretty tired it means that your sleep is more intensive then when you go to bed on a more appropriate time. Intensive dreams mean that you have a great deal of brain activity when you are asleep. Your dreams are also more vivid when you lack sleep.

REM is the cyclus you have when you start falling a sleep and during your sleep. The REM has 5 stages. In the first four your going from awake, to light sleep, to deep sleep. In the fifth stage of the REM you dream about things, this is also the only stage were you actually dream in. This stage takes about 18-24 minutes. After those 18-24 minutes you wake(most of the time you don’t even notice that you are awake) and the proces of the REM starts all over. So if you are awake of your dream it was only a dream of 1824 minutes! I always feel like I have dreamed all night long about the weirdest things but that isn’t the case, you only dream about 5 times a night and that is during the REM sleep. A lot of people say that they don’t dream but that’s not true, they just don’t remember it. But everybody dreams rahter you want it or not.

When you dream about something, most of the time your dreams express your emotions about that something. Most of the time those are hidden emotions that you won’t tell to someone, or you don’t even know you have them. A dream can make you aware of

An explanation about my beach/drink dream is that I finaly resolved an inner conflict, YES finally!! Now I can finnaly find my inner peace. I’m still not quiet sure what my inner conflict was but the good thing is that I resolved it!:D ■

text: Kassandra de Jong

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Suffering from severe sleep deprivation is Charif van Zetten. text: Charif van Zetten Time: 1:07 That is my nightly routine when I sit down behind my laptop to continue one of the never-ending assignments for which the busy student life doesn’t allow much time during the day. It is a common phenomenon amongst students and one of the primary causes of sleep deprivation. This well-known sleep disorder has been subject to a significant amount of research, but did we actually gain some interesting insights into the intriguing world of sleep or rather the lack of it? Instead of continuing that never-ending assignment, I find myself on the web looking for the answer.

I am not the only one interested in the particular subject.

Many blogs, articles and research papers can be found, which all delve into a different aspects of sleep and being deprived of it. The causes for sleep deprivation are quite straightforward but numerous, from being a partying student to being the CEO of Shell, a mother of a freshly born child, a drug addict or a child who is afraid to sleep because he thinks he’ll stop breathing (it actually happens). In fact, everything that keeps you from entering your deep sleep, generally known as Rapid Eye Movement stage or simply REM, can result in severe sleep deprivation. It is very likely that you will or have already experienced what it means to suffer from a lack of sleep.

However, the effects are as numerous as the causes and you could have missed upon some essential indicators.

As you may have heard, some people claim that just watching TV requires less energy than sleeping. Ironically, this holds true for most of the cases. However, even though many parts of the body can recharge without the actual need to sleep, the REM stage is necessary to regenerate neurons in the brain. When for an extended period of time this does not happen, the body will start to bear the consequences. The most popular effects of sleep deprivation are flagging attention and a troublesome memory.

Especially the last one should sound familiar to you if you have ever spend an all-nighter studying for that finance exam the next day. Other short-term consequences are decreased problemsolving abilities, impaired driving and increased risk-taking

behavior. However, there are many other consequences you may not have thought of such as obesity and even heart diseases. In particular, the short-term effects can be disastrous. Just imagine a surgeon working 20-hour shifts on a regular basis, you have to have your kidney replaced, you don’t want him to confuse your kidney with your spleen because his cognitive abilities seem to have disappeared do you?

As you can see, research has shed light on many secrets of the wonderful world of sleep, though much remains in the dark. To make matters worse, recent investigators found out that also genes attribute to a person’s functioning under a lack of sleep…

“I am lying on a white sandy beach under the bright burning sun, a waiter is coming to bring me an ice cold coconut drink with a straw. I am just about to taste the drink when…”

Time: 4:51 The next moment I wake up startled. Too bad, it was just a dream. For some reason I am having more dreams than usual lately and they are much more intense. Would my sleep deprivation have something to do with it? ■

INTERFACE

January 2012

Studystore.

The clever student bookshop.

www.studystore.nl

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Scrabble Scrabble Get ready to pimp your vocabulary when author Carina Solbach takes you on a tour through the galaxies of unknown words. text: Carina Solbach

INTERFACE

January 2012

Duisenberg school of finance New thinking in finance Text: Melissa Ruggles The story behind Duisenberg school of finance (DSF) is an exceptional one. DSF is venturing a new path in financial education, bringing both real world pragmatism and top intellectual insights to its students through an unprecedented synergy between industry and academia. DSF is an educational institution that focuses on producing tomorrow’s top echelon of financial experts. Experts who are financial masterminds, but also grounded, dynamic leaders. Experts who are readily prepared to move from the classroom to the boardroom. Experts who can apply ‘new thinking in finance’ to discover innovative real market solutions for real market issues.

Founding partners

Admitting Only the Best

The past years’ global economic crisis and

Meeting the minimum admissions require-

In 2007, DSF was established. The corporate

financial market calamities clearly indicated

ments is only the first step in DSF’s chal-

partners are: ING, NYSE Euronext, Houthoff

the need for change in financial thinking and

lenging application process. The Admissions

Buruma, ABN Amro, De Nederlandsche Bank,

approaches. In response, Dutch academic in-

Committee, comprised of professors, staff

AEGON, APG, RBS and SNS Reaal. The acade-

stitutions and leading international corpo-

and industry experts, closely evaluate a

mic institutions are: RSM Erasmus Universiteit,

rations in the Netherlands joined together

candidate’s combination of Knowledge, Skills

VU Amsterdam, Tilburg Universiteit, Tinbergen

to find and develop a solution. Their shared

and Attitude (KSAs) as presented in a can-

Institute, and Universiteit van Amsterdam.

vision was to create a single, distinctive pri-

didate’s application and a personal inter-

vate financial academic institution that would

view. Only the best, most well-rounded and

pave the way in creating ‘new thinking in

motivated candidates from around the world

finance’ – a way of thinking that integrates

are handpicked and invited to attend DSF.

DSF Makes Landing that Dream Job

the latest financial industry knowledge and

Only 30 students maximum are admitted to

in Finance a Reality

developments with acute intellectual foresight.

each programme. What is further noteworthy

It is no secret that DSF graduates are strongly

is that DSF goes above and beyond most

favoured by prospective employers, which is

educational institutions to provide admit-

evident by its impressive placement records.

ted students guaranteed access to incredible

The rigorous academic training – the teaching

funding opportunities, in the form of scholar-

methods, demanding research ambitions and

ships and a specially-developed loan scheme.

heavy emphasis on career development – ef-

The same criteria used to evaluate candidates

fectively prepares graduates for employment

for admission to the school are also applied in

in fields such as: risk management, consul-

the awarding of scholarships.

tancy, financial law, private equity, mergers and acquisitions, corporate reinsurance, in-

Master’s in Finance Programmes

vestment banking, portfolio management,

World Class Faculty

DSF has 4 highly-specialised, intensive 1-year

and more. Next to our sponsor companies,

DSF attracts leading finance, economics and

Master’s degree programmes in: Risk Manage-

some examples of companies employing

business academics as permanent teaching

ment, Corporate Finance and Banking, and

DSF graduates include: UBS, JPMorgan,

faculty, visiting professors, guest lecturers

both a LLM and MSc programme in Finance

Bain, Morgan Stanley, Barclays Capital and

and advisors. Not surprisingly, DSF faculty

and Law. In addition to the core courses, each

Goldman Sachs.

are affiliated with the world’s top universi-

Master’s student is required to perform an

ties, conducting cutting-edge financial and

internship, to write a thesis and complete the

economic research, as well as advising the

Duisenberg Leadership Programme (DLP). The

world’s major corporations and governments

DLP is designed to develop financial experts

on fiscal matters. In addition to academics,

as experts who can also act and lead with

though, some of DSF’s faculty are current or

integrity. The DLP includes courses, such as:

former executives from the financial industry.

Ethics, Professional Communication Skills,

Symphony Building

This combination of academic and industry

Incentives and Behavioural Finance, Financial

Gustav Mahlerplein 117

knowledge in the DSF classroom forms the

Regulation, Economics of Risk, and Interna-

1082 MS Amsterdam

core of DSF’s educational philosophy and is

tional Corporate Governance.

+31 (0)20 525 8590

pivotal to preparing well-rounded, highly

info@dsf.nl

capable future financial leaders.

www.dsf.nl

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Fashion

Winter is already here with all its rain, wind and snow again, bringing the new trends along with it. Ladies started putting their dotted blouses on, with either maxi or midi skirts and long boots, while men are wearing more colorful clothes compared to last winter, combining them with accessories like hats. So what’s in this winter? Let’s have a look:

For Ladies: 1 Even though it normally shows up itself during the summer, this winter dotted clothing and accessorize will be everywhere: Shirts, pants, bags, earrings… Get yourself one!

2 Geometrical Patterns: So complicated yet so beautiful! They are in every shape and color: Round shapes, rectangle shapes, black and whites, colorful ones. Looks like this winter is going to be a bit more complex than usual!

3 Colors are everywhere! Normally, winter means darker and more classy colors such as black, grey, and camel while during the summer we put all the shiny colors on. This winter, things have changed!

Bright red, green and blue will be our favorite colors, and you can also be surprised that the color combinations will be “unexpected”!

Are you already wearing red pants with your pink blouse?

4 Florid Accessories: Accessories this winter, especially necklaces, are very much florid, and as big as a gorged! You can find this trend in every type of fashion store from H&M to Bvlgari, and they are waiting to be combined with your plain but chic dresses an blouses!

For Gentlemen: 1 Hats: Looking back at the fashion shows of Lanvin, Dior, Dolce & Gabbana and many more, hats definitely aren’t a coincidence! This winter hat is a must, gentlemen. So, ready to show your style?

2 Fur: It’s incredible how much fur has been used in mens clothing this winter, looks like 2011/2012 winter is going to more surprising than ever. I am not talking about only basic fur coats; this winter fur is combined with many different options! My favorite ones has been fur vests for men, and if you feel like you would be showing off, my suggestion would be getting a simple jacket with a fur collar: Those really are stylish!

3 Colors; Unexpectedly bright! Just like it is on women’s winter trends, colors are present also for men. There are two main patterns: Red, and all the other bright colors. Colors will be present in suits, or pants and blazers separately this winter; so maybe it’s time for a colorful blazer?

4 Military: Not only military jackets and coats, but also lots of accessories will be catching you attention this winter! If you like this trend, my advice for you would be checking out Alexander McQueen and Versace, who were heavily stressing on the military trend this winter. ■

Tip for ladies & gentlemen: Amsterdam Fashion Week is between 25-29 January, you might want to check it out!

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January 2012

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To excha not to ex Curious to go on exchange or planning to do an internship, here is some more information

by Carina Solbach and Hande Macit. text: Carina Solbach

Currently, second year students only seem to be able to talk about one thing, namely: Whether to go on exchange, do an internship, or follow a minor. Since the latter doesn’t require any specific arrangements, and an internship can be organized individually, exchange remains the big “competitive” choice among students. As insight from the RSM International Office shows, current top destinations are Singapore, Hong Kong, showing the rising interest in Asia, and the good old United States. In general students are eligible for an exchange spot if they fulfill the requirement of having a 6.5 grade average, but with several hundred students applying for only a handful of exchange spots this can quickly jump to at least 7 on average, or even an 8 for Wharton Business School.

So, getting back to the initial questions, are you one of those thinking: “I’m going on exchange for sure! Why would I do an internship while I have my whole life to spend in the companies; exchange is a once in a life time opportunity”, or do you say: “An internship is of course more beneficial and I can already travel during the summer so why would I spend my time on exchange?” Either way, we have some tips for you.

Firstly, if you are going for an internship, it is advisable for you to start searching for a company at least 6 months in advance in order to get an idea of what it is you want to do and if that matches current internship positions.

If you care about doing an internship in a multinational company it might be advisable to check your network for valuable connections. Last but not least, don’t be afraid of open applications. Try something new and show you’re creative. That will definitely differentiate you from the mass and will give you some bonus points.

If it is an exchange that’s on your mind, a TOEFL test or equivalent normally functions as a basic requirement.

If you’re heading to a Spanish or French speaking country you will most likely also need proof of your foreign language skills. Finally, you should be handing the required documents no later than January 13! Don’t worry we will not only share tips with you that you can also look up in the exchange manual. No, we’ve collected a handful of must do’s for the top three destinations.

ange or xchange?

Nr. 1 is Singapore. This city might at first seem to lure only with tall skyscrapers, lights and overwhelming shopping areas. But don’t get blinded too quickly. Spots like the Botanic Gardens (open from 5 a.m. until midnight each day) are a great place to meet people and to get away from the smog of the streets. If you’re in for some excitement, you shouldn’t miss the Flyer, one of the world’s largest observation wheels. It holds its promise of offering an amazing view. If art and culture are what you are looking for, try and check out the Ritz Carlton Hotel, yes it is a hotel but one that trumps with spectacular sculptures and more, or the Chinatown Heritage Center to get sent back into Singapore’s past.

Our next stop in Asia is Hong Kong. A city-state within the Peoples Republic of China, Hong Kong has offers a unique flair. In order to get acquainted with the city you should definitely take a tour around the harbor- for example with the iconic Star Ferry. If you want to combine nightlife and shopping, the Temple Street Night Market in Kowloon should be on top of your list. You can buy almost anything there, from electronics to clothes or a multitude of arts and crafts. To also infuse you with a bit of culture, make a trip to see the Big Buddha, the world’s largest seated bronze Buddha statue.

After having discovered two amazing places in Asia it is now time to visit the US. Several Business Schools in various regions of the country offer exchange spots. The unique thing about Business Schools in the US is their surrounding. You will feel like living in a little village with shops and restaurants and whole subdivisions of American style houses inhabited by students. Should you be going to Ross Business School in Ann Arbor for example, you simply have to grab a frozen-yoghurt somewhere and awe at the beautiful faculty buildings. You might want to watch your head when walking through the rows of houses though, as rivaling fraternities have been known to practice their golfing skills on top of the houses…with the goal of crashing as many windows as possible.

So after all this information, it must be clear as to which answer is the right one to the initial question... ■

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nvestment banks seem to get a large amount of blame for (supposedly) being at the root of the financial downturn of the last few years, for favoring profits over ethics, and for misusing taxpayers’ money (in the form of bailouts) for the advantages of a small elite. This is also the rallying cry of the Occupy Wall Street (OWS) movement, who seem to believe Wall Street is the source of all evil (note: I am generalizing here, of course, but I would find it difficult to deny the OWS’s opposition against bulge-bracket banks). I do not agree with these sentiments, and think the OWS movement has (sadly) spiraled from a rational ‘divide corporations from politics’ movement to an ‘anti-corporatist’ movement more preoccupied with fancy slogans and protesting against police violence than with their original intentions. Investment banking is not the source of all evil, I would say, and I’ll explain my reasoning behind this here.

No doubt, there have been some problems within the banking world, not in the least the recent arrest of hedge-fund manager Raj Rajaratnam, who was found guilty of insider trading and was sentenced to 11 years in prison. A range of scandals has plagued the financial sector, with TARP bail-out money for firms like Goldman Sachs especially fueling anger among taxpayers. What many do not seem to realize, however, is that actions undertaken by individuals such as Mr. Rajaratnam and the like have been strongly condemned within the financial community. These type of events are closer to anomalies than they are to endemic issues. Furthermore, when looking at bailouts; the much-loathed i-Bank Goldman Sachs did in fact pay back its bailout money within a year (including interest, as contractually agreed). Most other banks have followed suit.

I do not mean to imply the financial sector is devoid of problems. Putting in place reformed versions of the Glass-Steagal act (which would separate investment banking from commercial banking) as a strong complement to the – by many seen as too weak – Dodd-Frank Act has shown to be supported by a large amount (though not all) of investment banks. In that, the major i-Banks themselves seem to support one of the main tenets of the OWS movement; stronger financial regulation, and to some extent less overlap between politics and economics.

Let us look at one final point: the point that investment banking salaries would be unfairly high. Salary data (as per the BBC) gives a salary range of £30,000 to over £100,000 a year. Note that to obtain this salary, average working hours are incredibly long, often ranging over 70-80 a week. When taking this into account, hourly rates can be higher, but not substantially higher, than professions within other parts of business. The “1%” within the investment banking field is exactly the same as the “1%” within other fields.

The above few points are only a few examples of why investment banking is not inherently ‘evil’. Yes, there have been anomalies of unethical conduct, but just as the public has condemned these actions, so has the world of investment banking itself done the same. It is easy to simply state ‘burn down all the banks!’, but this avoids underlying issues of problematic relationships between corporations and politics and financial governance, which investment banks have little control over. ■

text: Philip Lazar

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?

Managment and

sports

Combining management and sports, how? I visited the STAR Management Week Sports Seminar to find out. text: Kassandra de Jong

I

went to the Sport Seminar on the 2th of November. There were a lot of seminars and of course I choose for the sport seminar as a fanatic basketball player. After discovering that I would never be a top basketball player (heartbroken, just heartbroken), I now found a way to combine sports with management.

The first speaker was Jan Albers. He used to be a fanatic hockey player; he played for the Olympics in 1976 and after a good hockey career he became, in 2006, Chairman of the KNHB. Nowadays he is in the CEO of Gamma Holding. A lot of people think he was promoted to that function mainly because of this fame as that hockey player. But he really proved himself worthy in the time Gamma wasn’t doing that well due to the recession, he really brought Gamma back on track.

Paris. London came out the battle as the winner. This is the 3rd time London is the host of the Olympics. To be selected as city for the Olympics it needs to have a lot of experience in organizing big sports events (this is also the main reason why Holland still doesn’t qualify for the selection of the Olympics). Ad side from experience, the IOC also pose the question; ‘will the city change after the Olympics?’. A country has to put a lot of money in the city that is hosting the Olympics, invests in a better infrastructure, better public transport and a beautiful stadium, the OIC doesn’t want the money and effort to be a waist. the IOC doesn’t want that the city only does that for the Olympics and breaking it all down afterwards. So the Olympics must have a positive influence on the city. For London the Olympics will have positive effects on the suburb Stratford, now the ‘Bronx’ of London. A lot of gangs and other unwelcome events are taking place in this suburb. They hope that the Olympics this will decrease or even make disappear the problems in Stratford and the city will be become safer.

The second speaker was Els van Breda Vriesman.

She is one of the four people that represented the Netherlands in voting which city should be the one to organize the Olympics of 2012. The selected cities were Moscow, New York, Madrid, Paris and London.

As we all know the final was between London and

The third speaker was Enrico Damo. He is a Senior Communication Advisor Sponsoring at Eneco. He talked about the Eneco tour in Holland ( a cycling tournament). They really promoted Eneco with the Eneco tour. If you want people to know your brand your brand will pass three stages. First people have to

The speakers at the sports seminar were Jan Albers, Els van Breda Vriesman, Enrico Damo and last but not least Fatima Moreira de Melo.

know your brand exists, doesn’t matter if they know where the brand stands for, as long as they know that there is a brand. The second step is to tell people were your brand stands for so it’s not just a name.

And third is trying to talk people into the brand and keeping it attached to the brand.

The fourth speaker was Fatima Moreira de Melo.

She gave an interview about her life and her feelings about certain things. As we all know Fatima was a great Hockey player, she played in the Olympics three times! She also studied laws on the Eramsus University, it took her 9 years before she graduated (the good old times before Zeilstra came up with his wonderful fines). After her hockey career she was asked to be the face of team “Pokerstar Pro”. She decided she only wanted to do that if they taught her the game. So they did. And now she is off to the world champs of poker.

At the Seminar we heard a lot about the interrelationship between sports and management.

In our modern society both are important features that can strengthen one another. It can go completely wrong as we see with a football club in 020 where managers without sports-experience and sporters without management experience want to run a football club. ■

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“Taking you on a journey to the other side”, Charif van Zetten investigates the truth behind the myths of the South. text: Charif van Zetten

“Wow, aren’t you scared of being robbed? Do you have to walk around with a knife to protect yourself? Don’t they shoot you? Have you ever found a dead body on your doorstep? Do you want to die or something?”

Yes, I live in the south of Rotterdam. Indeed, that dangerous, lifethreatening piece of shit land on the other side of the river. No, don’t ever go there. You will most likely get raped, robbed, stabbed, shot or simply killed if you’re lucky. Or at least according to some of you, who, indeed, have never set foot in the ghetto of Rotterdam.

The south side of Rotterdam, nowadays consisting of the four boroughs Charlois, Feijenoord, Hoogvliet and Ijsselmonde, has been part of the city since 1591. The expansion to the south was a deliberate step by the northern part, they needed a place to dump everything they didn’t want to have in the city. Basically, the south was something we better know as a garbage bin. Feijenoord, for instance, was home to everyone who suffered from the plague and already in those times you could get cut going to the south, although, back then this was executed by the guillotine, leaving little chance to survive. As you can see normal people had absolutely no reason to go ‘over the bridge’. This mindset has persisted till the 21st century and is unlikely to change within our student time. Nevertheless, as a proud resident of the south, I feel it is my duty to at least give it a try.

I live in one of the most notorious streets of the south, twenty years ago you could only pass this street in an armored vehicle. Even then you were risking your life. Two decennia later it was said to be safe enough to try it on a bicycle. The Tour de France gave it a try. Just before the start, the

Dutch government announced the city’s criminality rates per district, the average speed of the peloton was unprecedented. Or not? in fact, every neighbor had contributed to decorating the street and the day prior to the event there was a huge parade, another great local initiative. Both the parade and the Tour de France were an amazing success, no one raped, no one shot.

These are just two examples of a much greater pool of local initiatives.

They range from reading groups for little children run by local mothers to the yearly neighborhood parade as mentioned before. The southern citizens are pulling their weight to improve the situation and many of them, as you can see, are succeeding. Thus, although it is true that life for people in the south is generally tougher compared to their northern counterparts due to their social economic backgrounds, this does not make them criminals. Also in the south there are grandmothers with grandsons and they might not get a BMW for their birthday, but not a knife either.

So if you wonder how the south really is, instead of falling in the trap of prejudices, it could be an idea to check it out. Maybe you will find yourself going to the Kuip to watch a match of soccer club Feijenoord, or going for a stroll in the Zuiderpark, with its 215 hectares the largest city park in the Netherlands, perhaps visit a concert of Usher or Coldplay at events center Ahoy or possibly spend a day shopping at Zuidplein, the largest indoor shopping mall of the Netherlands. Therefore, I challenge you, go and risk your life ‘over the bridge’! You might even enjoy your stay. ■

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Vicitims of woman traffic Women trafficking She was sitting in this red colored dark room, you can see the bed, the door and the chair were she sits on. As she moved her right arm a hard sting goes through it Her nose is still really thick and her lip still bursts open with every move she makes with her mouth. This is just her first week in The Netherlands. She still remembers how the friendly guys told her she would have a job in The Netherlands, as an au-pair, that would make her rich, she still remembers how she agreed to come along with them to The Netherlands and she knows that she hasn’t eaten for a day.

unanimously opposing to prostitution. Some parties think you should forbid prostitution in The Netherlands and other parties argue that forbidding prostitution will only create a bigger underground network, which is harder to track down. In Sweden they found a quite good solution to fight women trafficking. They see prostitution as a form of discrimination.

A man who pays for sex want to have power over a woman and that is illegal in Sweden.

They punish the man who pays for the sex with these girls. The whole industry falls down if nobody goes to a pimp anymore. If there is no demand then there is no market.

Most girls that are a victim of women trafficking are girls from the east of Europe.

You could say that they are the easiest to lure, they are poor, most of them didn’t have a proper education, they all want the wealth of people in the west of Europe. Traffickers usually tell them that they’ll get a job as an au pair or some other legal, ‘nice’, job.

When the girls arrive in The Netherlands the traffickers take away their passports and tell them they have to be a prostitute. The girls don’t have a passport to get away, they don’t speak the language and they don’t have money to get away.

I think this sounds like a wonderful solution.

Graph the basterds who felt like having sex with an young girl against her will. But when you forbid prostitution will there be an underground network? It’s a fact that lots of men are willing to pay for sex so wouldn’t the demand stay? So if there are people willing to pay for sex other people are going to offer it, but it’s much harder to track down if this all happens underground. It’s quite difficult to say what is the smartest thing to do with prostitution. But I must say that the guys who have sex with that scared young, even under aged, girls are basterds and since these girls can’t really fight for their own freedom and rights they really depend on our system.

Women trafficking in Rotterdam increased for about 10%. Most of them are young girls with a part of them still under 18. There is a general idea that women trafficking can be fought by banning legal prostitution in the Netherlands. The government isn’t

Last but not least, after being saved from the traders the Dutch government should help these girls back on track and not send them away as illegal strangers. ■

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January 2012

Kunnen we jou een leidende rol in onze maatschappelijKe vraagstuKKen toevertrouwen?

In ieder 8 uur journaal zitten wel een paar onderwerpen die raakvlakken hebben met ons vak: verzekeren. Ons werk heeft impact op wat er in de maatschappij gebeurt. En op het leven van onze klanten. Dat maakt werken bij Achmea enorm uitdagend. Ons Management Traineeship is een uitstekende start van een veelbelovende carrière bij Achmea.

Kijk op werkenbijachmea.nl voor meer informatie.

Kunnen we jou onze Klanten toevertrouwen?

solliciteer als management trainee

AGIS AVÉ RO ACH MEA C E N T R A A L B E H E ER A C H M E A FBTO I N T E R PO L I S Z I LV E R E N K RU I S A C H M E A

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www.werkenbijpwc.nl

Soms weet je precies welke smaak je wilt Soms wil je eerst nog van alles proeven

Sta je op het punt je financiĂŤle master af te ronden, dan ligt de wereld bij ons aan je voeten. Want als talent met een stevig financieel fundament kun je proeven aan alle smaken van je vakgebied tijdens ons Financial Traineeship; een tweejarig coachings- en opleidingstraject. Wil je meer weten, neem dan contact op met Evi van Splunder.

Of kijk op werkenbijpwc.nl/financialtraineeship

Kom verder met het Financial Traineeship

Financial Traineeship Start september 2012 Evi van Splunder 088 792 73 69 evi.van.splunder@nl.pwc.com

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