International MBAs

The Best One-Year MBA Programs Outside The US

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An MBA is a hefty investment at a top business school with tuition and two years of foregone salary averaging more than $300,000 at Harvard, Stanford and Wharton before financial aid. But in Europe where one-year programs are more popular, the payback on these MBAs is much quicker thanks to only one year out of the workforce (tuition is lower also).

FORBES surveyed 17,500 MBA graduates around the world this year from the class of 2012 to gauge the return on investment they received by attending business school versus hypothetically not getting a graduate degree. The top 10 one-year international programs produced an average “5-year MBA gain” of $126,000. The leading two-year programs outside the U.S. had a gain of $74,300, while the best U.S. MBA programs had a five-year gain of $73,400 with Wharton School ranked first at $97,100.

The IMD campus in Lausanne

IMD ranks first this year among the one-year MBA programs, up one spot from 2015 in our biennial business school ranking. The school based in Lausanne, Switzerland had a five-year gain of $194,700. IMD caps its annual enrollment at 90 students, allowing for a very individual approach regarding career services. The school works with as many as 70 companies annually to recruit IMD grads.
Students arrive on campus with an average of seven years of work experience. The longer time in the workforce means higher forgone salaries ($81,000 for the Class of 2012). IMD also has the highest cost for a one-year program ($88,000 for the current class) thanks to mandatory fees outside tuition that cover two trips abroad, daily lunch on campus, teaching materials and more.

The payoff is worth it despite the high opportunity cost. The class of 2012 had a median salary of $215,000 five years of out of school, $26,000 more than any other non-U.S. school. IMD grads earned back their investment (forgone salary, tuition) in just 2.3 years on average.

MBA Entrepreneurs: China’s MBAs Are Launching Disruptive Technology Startups

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MBA ENTREPRENEURS

Beijing’s Cheung Kong Graduate School of Business provides a platform for MBAs looking to take the leap into entrepreneurship

China is a huge market for tech-savvy entrepreneurs. But breaking into business in China is tough. Knowing the language, the culture, and having a close network of contacts is key.

Before business school, Felicia Guo found running her own art gallery a challenge. She was on her own, managing employees and travelling frequently between China and her native Indonesia.

She decided to pursue the 14-month, full-time MBA program at Beijing’s Cheung Kong Graduate School of Business (CKGSB). There, she met her two current business partners, launched a new contemporary Chinese art gallery in Beijing, and co-founded an online platform for art collectors and investors.

“CKGSB was crucial for me in expanding to Beijing,” she says. “Running an art gallery, you need to know about more than art itself. Now, when I go to meetings with people from other industries, I know what they’re talking about—the MBA broadened my knowledge and gave me a different perspective.”

CKGSB has a history of supporting successful tech entrepreneurs—the school lists Alibaba founder Jack Ma among its elite alumni.

In August this year, CKGSB’s most successful MBA entrepreneur today, Cindy Mi, raised $200 million at a $1.5 billion valuation for her disruptive educational technology—edtech—company VIPKID, which matches Chinese students with North American tutors.

VIPKID has attracted investment from Tencent Holdings, Kobe Bryant’s Bryant & Stibel, and Jack Ma’s Yunfeng Capital. Cindy has signed up more than 20,000 teachers and 200,000 students to her platform to date.

After completing her MBA, she developed her startup in CKGSB’s Chuang Community, an incubator founded by CKGSB associate dean Liu Jing and a group of CKGSB alumni in 2015.

It was the power of CKGSB’s 10,000-strong alumni network—the school’s CEO and chairman-level alumni collectively lead one fifth of China’s most valuable brands—which drew UK entrepreneur Rory Bate-Williams to an MBA in China.

A serial entrepreneur, Rory’s startup exploits include e-commerce platforms, messaging apps, and mobile payment solutions. His latest London-based tech venture is a money-saving, energy-focused platform which auto-switches its users to the best fixed electricity and gas tariffs in the market.

Although Rory returned to the UK after his MBA, his close links to China remain.

“CKGSB opens doors for you,” he says. “Whenever I need help in China, I reach out to the school and I’m connected to relevant alumni almost immediately.”

Serbian entrepreneur Boris Nikolic came up with the idea for his clean technology—cleantech—startup during his MBA at CKGSB. Through an international MBA exchange at Michigan Ross in the US, he got the opportunity to develop the business out of Harvard’s Innovation Lab.

His startup—RENW—provides software connecting energy providers and consumers, to help providers stay ahead of consumer needs, and help consumers keep costs low.

“I chose China for my MBA because, 20 years from now, when I look back, I know I will be in a better position to understand world affairs,” Boris explains.

“The CKGSB MBA helped me discover the dream that I wanted to pursue,” he continues. “If it was not for the program’s entrepreneurial edge, I would not have founded my startup as it is.”

Credit: Businessbecause

Here’s how you can score a tuition-free MBA

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The average MBA tuition costs between $55,000 and $68,000 a year, according to U.S. News. The average debt for new grads at some of the top business schools can range from $59,000 to over $120,000. But at University of the People, you can score a tuition-free MBA with little to no debt, says founder Shai Reshef.

“Higher education can be affordable, and accessible and high quality,” he tells CNBC Make It.

In 2009, Reshef officially launched University of the People, the first tuition-free, accredited online university. Immediately after launching, Reshef says he was swarmed with top educators who wanted to partake in his business.

The concept is simple. The university is completely run by volunteers, from the professors all the way up to the provost, who volunteers from Columbia University, says Reshef. The school also boasts volunteer professors and advisers from notable colleges like Oxford, Harvard, Duke University and UC Berkeley. Currently, the university has more than 6,000 volunteer professors, Reshef says.

Meanwhile, the number of interested students has risen each year. When the online university first launched, the school had 500 students. In three years, the number of students jumped to 10,000 and Reshef believes that it will double by the end of this year.

The school first began offering tuition-free associate and bachelor’s degrees in business administration and computer science. “We started with both of the most in-demand degrees that are most likely to help students find a job,” says Reshef.

The university later introduced a health science track and then a graduate business degree in 2016. “The MBA is our fastest growing program,” Reshef says. That’s not surprising. According to U.S. News, a new MBA grad can earn up to $164,000.

Reshef says he founded University of the People because there are over a million people a year who are qualified for higher education but can’t attend due to factors like cost.

In his 2014 TED Talk titled an “Ultra-low-cost college degree,” he says that he wants to democratize higher education “from being a privilege for the few to a basic right, affordable and accessible for all.” His speech has since amassed over 4 million views.

“We provide an opportunity for people who have no other opportunity,” Reshef tells CNBC Make It. The university’s founder believes that with time, we will see not only more online universities, but also cheaper or free education.

“In online, there are no limits,” he says. “Every single university is now offering online courses so movement is on its way.”

Reshef does note that students who are accepted to the school must pay $100 for each exam that is required. However, he says the total cost is significantly lower than the “quarter of a million for standard colleges.”

As online universities become a more popular option for students, they will also affect the price of tuition at brick and mortar institutions, says Reshef. Costs like campus maintenance and technological fees will no longer be relevant and “prices will go down because there will be less demand,” he explains.

“[Colleges] will have to justify the costs if they don’t keep up,” Reshef says. “There will be price pressure on every university.”

Reshef admits that online universities are not yet the top choice for a majority of people. However, he points to the fact that his graduates have landed jobs at in-demand companies like Google, Amazon and IBM as a testament to the quality of education they receive.

“People who are educated are more likely to find better jobs,” says Reshef. “We train people to be entrepreneurs and to be creative.”

He adds, “They are people likely to be a force behind new entrepreneurship and to create businesses in their communities.”

Credit: CNBC

Tippie College of Business Abandons Its Full-Time MBA

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The University of Iowa’s Tippie College of Business is scrapping its full-time MBA program to focus on part-time and shorter, specialized courses, highlighting how some business schools are struggling to attract time-poor and cash-strapped managers.
The school announced on Tuesday that the full-time MBA program will be phased out by 2019, as it shifts to shorter programs. Tippie said it planned to introduce several specialized master’s programs over the next three years while also increasing investment in part-time and executive MBA programs for working professionals.

“Adapting to the market is key for growth in any organization, and we’re seeing clear shifts in what students and businesses need,” said Sarah Gardial, school’s dean.

“Both are expressing preferences for non-career-disrupting options for the MBA, while others are increasingly drawn to the focused education provided by master’s programs in specific subjects.”

‘There’s a shrinking market for the full-time MBA,’ says Tippie dean

He told the Wall Street Journal: “We’ve finally gotten to a tipping point where we can no longer deny there’s a shrinking market for the full-time program.”

Tippie is the latest in a line of business schools to shutter their full-time, two-year MBA courses. Wake Forest University’s business school said it would abandon its program in 2014, while the Virginia Polytechnic Institute said it would discontinue enrolling people in its MBA in 2013.

The moves come as many young professionals are questioning both the time and monetary cost of attending a traditional, campus-based MBA program. Not only must they pay tuition for a course of two years, but forgo lost earnings otherwise made during that period. Arizona’s W.P. Carey School of Business reflected this trend when it scrapped tuition fees for its MBA and began offering it scot free.

Tippie’s announcement also comes as the market for the full-time MBA begins to shrink, although it remains valuable in terms of improving career progression. In the US, 53% of business schools running full-time, two-year MBA courses reported a decline in application numbers in 2016, according to the Graduate Management Admissions Council. At Tippie, annual enrolment fell from 140 to 100 students in the full-time program between 2010 and last year.

Specialized master’s programs are on the rise

Conversely, applications to shorter, specialized masters programs are on the rise. According to the latest GMAC data, the percentage of candidates considering specialized master’s degrees – such as the Master in Management – has increased from 15% in 2009 to 23% in 2016.

Tippie introduced a Master of Science in Business Analytics degree in 2014, and graduate enrollment has grown 517% in less than three years, due to growing demand for data science expertise in management. The school will also introduce a master’s program in finance in 2018.
Many business schools have launched specialist master’s degrees in recent years to capitalize on this demand. This month, Harvard Business School announced plans for an online business analytics program for MBAs. Others have preferred to offer specializations within their existing MBA programs. INSEAD recently revamped its MBA program, adding tracks in digital transformation and fintech.

Credit: topmba

Wharton To Ask Rec Writers For ‘Essays’

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Wharton School operations and innovation management professor Christian Terwiesch teaching class

After a major review, the University of Pennsylvania’s Wharton School has decided to ask recommenders of its MBA applicants to effectively write two short essays on the candidates they are recommending.

The changes, effective with the upcoming 2017-2018 admissions cycle, occurred after the school surveyed more than 1,200 writers of recommendation letters and asked about their experience with the process. Vice Dean Maryellen Reilly, who deemed the overall “significant,” said they were being made “in an effort to get a deeper understanding of a candidate’s personal characteristics and their impact on others throughout their career.”

It’s a major changeup, in part, because business schools have been reducing the number and the length of essays for MBA applicants for several years now. At least on the surface, it seems ironic that a school would now decide to essentially ask recommendation writers for a pair of 300-word essays. The move also comes not long after several schools have moved to a common rec letter format to make it easier for recommenders to provide support for their candidates to several schools.

IMMEDIATE FEEDBACK FROM ADMISSION CONSULTANTS MIXED

But Wharton ostensibly thought it could improve on the current system after asking rec writers for their perspectives. “Utilizing their valuable feedback, in conjunction with conversations with writers at a variety of companies and Wharton stakeholders, we have revised and improved how recommenders provide information on who a candidate is both personally and within an organization,” wrote Deputy Vice Dean Maryellen Reilly in a blog post about the change.

Several MBA admission consultants, however, weren’t nearly as enthusiastic about the change, largely because they saw it as an additional burden on recommenders. That could encourage more recommenders to ask applicants to write the essays for their approval. “For the personality traits, the good news is that Wharton is trying to get authentic and thoughtful responses from recommenders, rather than literally ‘check-the-box,’” says Betsy Massar, founder of Master Admissions. “Because there are truly no right or wrong answers, hopefully, students won’t be as anxious about not being top at everything. For the qualitative questions, It’s great that the essay question specifically says up front, “give examples.” Maybe that will bring more substance into some of the high-praise-but-fluffy recommendations that don’t differentiate candidates in the least.

“On the downside,” she adds, “moving away from the common application questions that have been asked by other top schools really does put more of a burden on the recommender. That has all sorts of repercussions that increases anxiety for the student and might even mean that Wharton loses some applicants. Not sure that’s an optimal outcome for anyone.”

APPLICANTS MORE LIKELY TO SUCCUMB TO ‘YOU-WRITE-IT-I’LL SIGN-IT’

Linda Abraham, founder and CEO of Accepted.com, agreed. “Even those inclined to write their own recs are more likely to succumb to the time-saving temptation of you-write-it-I’ll-sign-it if they have to write two additional, distinctive responses to the open questions posed in the Wharton rec,” she says. “This would be especially true for applicants applying to more schools.”

Jeremy Shinewald, founder and CEO of mbaMission, sees an upside and downside to the change. “Unquestionably, relative to other schools, Wharton will get more thoughtful and colorful letters from those who take the recommendation process seriously – the questions almost force that outcome,” he says. “Unfortunately, they may also serve as a catalyst for those recommenders who may not want to put the time in and who may not put the time in and decide to shirk their responsibilities altogether. Because a truly excellent letter of recommendation can be a very powerful differentiator for any applicant, we strongly advise our clients to meet with their recommenders and discuss the process and more so what it means to write a standout letter.

“In doing so, we always advise our clients to be ready to diplomatically push back against a boss who says “write it yourself.” There is a reason why the schools want recommendation letters – they want insight that an applicant just can’t objectively and compellingly state about themselves. So, we may emphasize an extra level of preparedness for pushback to our Wharton applicants, because it will serve them well. They will have a better chance of getting in if they can persuade their recommenders to embrace the process.”

Credit: Poetsandquants

7 LESSONS FROM MY TIME AT HBS

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My MBA at Harvard Business School (HBS) is over, but I will harbor memories from my two years there for a long time. I had some incredible experiences, met inspiring friends and professionals, visited fascinating places and – last but not least – reflected a lot. It has been a transformational experience not only professionally and academically but especially personally. As I embark to go back to what MBA students usually call “real life” (vs. bubble MBA life), these are the seven key lessons I plan to take with me.

1. Prioritize ruthlessly

As most MBA students learn, especially during the first weeks at business school, the academic, social, and professional activities are so plentiful that it becomes unfeasible to participate in each and every one. It would be great to do them all, but that is not possible. The solution is not easy: learn to say ‘no’, or as a famous poster shown in my office used to say you need ‘ruthless prioritization’. During business school, I learnt to focus on questions like how to prioritize my time, what matters most to me, what is important but not a priority, and to spend my time purposefully. Also post-MBA, I have planned to spend weekly time reflecting on whether I am devoting the right amount of time to the activities and people that matter most to me.

2. Be yourself

During my time at HBS, there were some moments where students shared some very personal stories from their past. Several students cried in front of large crowds. They opened themselves up. They became so vulnerable. At first, I was surprised how they were willing to share their deeper selves. Afterwards, I felt much more connected and closer to them. I felt that they had removed all barriers. They were so authentic. I will not be afraid to show my emotions and who I am. I will not be afraid to also show my weaknesses. I am confident that this is the only way I will be able to be myself. Some people will like it, others will not. However, at least, they will know me for who I am and not someone else.

3. Be patient and persistent

I spent two years applying to HBS. The first time I was rejected and HBS did not even call me for an interview. Had I not been patient, I would not have had the privilege to live such a great experience. The second time I applied, I reflected a lot about the reasons I was rejected and I tried to improve my application as much as I could. It took lots of efforts, time, energy, and patience. If I think about the achievements I am most proud of, I can easily realize that they took time, persistence, and lots of failures. Sometimes we want to have something immediately and I am that type of a person. But that is not always possible. Post-MBA, I want to continue being patient for the things I care the most.

4. Just ask

How many times do you get tempted to ask for something but you do not, due to a fear of rejection? How many times have you wanted to connect with someone but you are unable to do so because you are afraid? How many times have you missed an opportunity because you were shy? It happened to me many times both at work and in my personal life. During a sales class at HBS, a Professor pushed us to “just ask” in order to overcome our fear of being rejected. He suggested that we connect with people we would not have been comfortable reaching out to. That week, whenever I met someone I wanted to talk with, I approached him/her. Sometimes, I was rejected. However, I was surprised my requests were accepted many more times than I thought. That boosted a tremendous volume of confidence. Post-MBA, I do not want to be shy nor afraid of being rejected. Opportunities arise when we’re brave enough to seek them out.

5. Seek out diversity

At HBS you are often asked to work as a team. HBS students tend to be fairly opinionated and their opinions tend to be very different. During group work I was initially certain my way of thinking was the right one. Yet at the end of the project, I realized often that a specific point I had not understood led the project to new directions and ways of thinking. Post-MBA I will seek out diverse points of view both at work and in my personal life. Working in a diverse environment requires lots of flexibility and patience to understand different points of view and adapt to various ways of thinking, interacting, and communicating. However, I cannot emphasize enough how much being in a diverse environment has taught me about myself and about other cultures.

6. Be grateful

Graduation day is a day I will never forget in my life. I was very proud of myself on that day. But even more, I felt very grateful. I felt grateful towards my family. I felt grateful towards so many people who had filled me with continuous affection and support. I felt grateful towards HBS as an institution allowing me to live such a transformational experience. I want to continue manifesting my gratitude towards people and institutions that have given me so much. And even more, I would really like to start impacting the lives of people in a positive way as a tribute to the many people who helped me get where I am today.

7. Dream big and take risks

“I want to create a firm that allows space travels.” “I want to help in reducing famine in African countries.” “I want to revolutionize the way education works.” I have never been in a place where people thought as big as they did at Harvard. They had dreams that are very hard to realize. Yet these are their dreams and they are willing to invest lots of time and energy fulfilling them. They are willing to take risks. Post-MBA I want to dream big and take risks. Taking risks can be pretty daunting. However, not taking risks signifies renouncing your dreams, which would be far worse. **** Now that I’ve graduated from HBS, I hope to continue to apply these lessons in my daily life. And I hope they’ll be helpful to anyone considering applying to Harvard Business School. Credit: Sharing from Marco De Curtis – HBS alumni

Australia Is Attracting More International MBAs After Careers In Entrepreneurship

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We spoke to three Sydney-based international MBA students to find out why

Written by Marco De Novellis | MBA Australia | Monday 22nd May 2017 09:13:00 GMT

Shikha Kanojia relocated from Dubai to pursue an MBA at AGSM

Shikha Kanojia relocated from Dubai to pursue an MBA at AGSM

International students are snubbing traditional MBA destinations in the US and Europe for full-time MBA programs in Australia. Why? To differentiate themselves and stand out in a competitive MBA jobs market.

At Sydney’s top-ranked Australian Graduate School of Management (AGSM), 17 nationalities are represented in the current MBA class. The school boasts a 10,000-strong alumni network spread out across 68 countries worldwide.

85% of AGSM MBA students land jobs within three months of graduation. And many international MBAs see Sydney’s startup scene as the perfect place to take the leap into entrepreneurship and start their own business.

BusinessBecause spoke to three international AGSM MBAs – from Asia, Europe, and the US – to find out more.

Shikha Kanojia, MBA ‘18

Shikha spent five years working at Deloitte in Dubai before moving to Australia for her MBA. After graduation, she aims to take the MBA triple jump – changing role, industry, and location – into a management consulting career in Sydney. She’s especially excited for the AGSM MBA’s entrepreneurship and innovation course. In the long-term, she hopes to start her own business.

Why did you decide to pursue an MBA at AGSM?

When I started to look for places where I’d like to pursue an MBA, I really resonated with Sydney. The big-city cosmopolitan vibe, strong economic fundamentals and an enviable lifestyle, all aligned well with my professional and personal goals.

AGSM was the only school I applied to in Sydney. Its collaborative community, integrated approach to learning, and partnerships with other elite global business schools made it a great fit for me. The program also has a strong focus on self-awareness and leadership development from the very start which helps make the experience transformative.

What stands out from your MBA experience so far?

We’re a bunch of 68 students in the cohort from over 20 different countries and with levels of work experience ranging from three to 10 years across a variety of industries and functions. It’s extremely rewarding to be sharing the MBA experience with such a diverse cohort. AGSM is a tight-knit community and the small class size means that you really get to know and learn from each other.

I also recently connected with alumni as part of AGSM’s 40th year grassroots fundraising initiative, and you really get a sense of how committed everyone is to engaging with and giving back to the community!

What are your plans for the future?

I intend to take an ambitious leap by changing role, industry and location – all at once! The AGSM MBA places you in good standing to achieve this. The diverse faculty, students and the larger community help shape your skills and perspective and make you more agile in the workplace. And the school’s careers team guides you through shaping your story, finding the right networks and navigating through the recruitment process.

Slobodan Gluvić, MBA ‘17

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Prior to his MBA, Slobodan worked in finance for an Australian firm in his native Serbia. He joined AGSM’s full-time MBA program on a full scholarship. He graduated in April. Now, he’s looking to establish a career within Australia, and is considering starting his own business.

Why did you decide to pursue an MBA at AGSM?

My previous work experience was related to the Australian market. So, Australia stood out. The first school I applied to was AGSM and I was privileged to receive a Global Reach scholarship which made my studying in Australia possible.

Australian business schools are working towards challenging the status quo and getting to the top tiers of the MBA rankings. On top of this, Australia has decided to become more competitive worldwide in innovation. Business schools are appropriating funds to bring quality people over so, like I did, you can even get full funding for your MBA.

What stands out from your MBA experience so far?

Being from a small country and with non-existent exposure to corporations, I was oblivious of all the great ideas corporations around the world are rushing to develop and integrate in their systems. Now, I have learned how global businesses function.

I have met many excellent people and learned that, although I come from a background that is not as competitive as others, I can still add value to the classroom. The sense of friendly competition is pushing me to perform even better and the friendships I’ve made will last a lifetime.

What are your plans for the future?

In the long run, I want to start working on a startup idea which I believe has a lot of potential. Australia is currently one of the best places in the world for starting something new. The MBA has taught me how to be business-savvy and have a thought-out process in everything I do. I’ll always rely on the skills I’ve picked up during my MBA for my future endeavors.

Zach Pettinger, MBA ‘17

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After almost a decade working in finance for big corporates like KPMG, Zach relocated from the US to pursue an MBA in Australia. With a group of MBA colleagues, he co-founded his own gaming startup. He’s now considering whether to transition into entrepreneurship full-time.

Why did you decide to pursue an MBA at AGSM? 

I was actually in the process of applying to schools in the US when I took a vacation to Australia. I absolutely loved the country, especially Sydney, so I googled Australian MBA programs and naturally AGSM came up at the top.

After a bit of research, I realized that the AGSM program offered so much more than just the perfect location. It would give me the chance to work with incredibly smart and diverse international students at a top-tier university, which would help set me apart from other US MBA grads with similar backgrounds.

What stands out from your MBA experience so far?

The program has completely transformed me personally and professionally. AGSM’s high percentage of international students has given me a chance to work with people from many different cultures, vital learning for the global workplace.

Personally, I am more confident leading the discussion and gaining buy-in from the group than I was in the past. I am more willing to take risks to pursue my true passions. I know that I am walking away from the AGSM with amazing friends and an invaluable professional network

What are your plans for the future?

The key for me is finding a role that I’m passionate about. I want to work for a company that is changing the world and has a vision that I believe in.

The MBA has empowered me to try something different and has given me the business background to help me succeed, whether that is digging deeper into an accounting role or branching out into another area or industry that I find exciting.