The Potential Impact of Brexit on U.K. Schools

British Prime Minister Theresa May has announced plans to invoke Article 50 of the European Union Lisbon Treaty on March 29th—triggering the start of the United Kingdom’s two-year process of exiting the bloc of nations it has been part of for four decades. Given this, it seems a good time to look at the impact of Brexit on U.K. schools. 

According to a 2017 GMAC Brexit-U.S. Survey, 45 percent of respondents claimed that Brexit would make them less likely to study in the United Kingdom. But what does that figure mean? Are U.K. schools expecting fewer applications from top international talent, or is everything well?

The Consequences of Brexit

Currently, Brexit is still clouded in uncertainty. According to Rafael Ramirez, the director of the Oxford Scenarios Programme and senior fellow in strategy at the Saïd Business School, “It is not only unclear how long the uncertainty will last, it is also not clear what its scale will be and how far the unintended consequences of Brexit could stretch—far beyond the U.K. and Europe. The IMF Chief Economist has called it a ‘spanner in the works’ that has claimed 1 percent of global growth already.”

There is one thing, however, that U.K. business schools can be certain about: Business doesn’t operate in a vacuum, and neither do business schools. “Ninety-five percent of our MBA students are here because the U.K. government has allowed them to be here,” Saïd Dean Peter Tufano told Bloomberg. “It would be a real shame if it moved in the opposite direction and made it more difficult for students to study in different countries.”

Unfortunately, that’s a valid worry, which is why administrators at Saïd compiled a “risk list” of possible fallouts in advance of the Brexit vote. “There are some implications of Brexit that would be, I think, disastrous for the U.K. and higher education more generally. Others are more benign,” said Tufano.

The concerns are wide ranging. With the outcome of the Brexit vote, the pound has grown weaker, which makes the program less financially attractive to faculty. In addition, there’s also a concern that Brexit will result in a loss of E.U. research funds and regional development funding, which has become increasingly important in recent years as the U.K. has decreased its own funding.

MBA programs in the U.K. have their benefits: The weakened pound, while disadvantageous for faculty, makes U.K. programs more affordable for students from other countries. Many U.K. schools also offer accelerated one-year programs, in contrast to the two-year programs that are more prevalent in the United States, presenting a lower opportunity cost to boot. But that appeal could lose some of its luster if high-paying finance jobs in London take a hit. In fact, a another recent Bloomberg article explained that “Britain crashing out of the European single market could cost banks and associated businesses in the U.K. almost £40 billion ($51 billion) in lost revenue, undermining a key sector of the economy.”

That’s not to say that Brexit is all bad news for MBA programs in the U.K. We spoke with David Simpson, the MBA admissions director at the London Business School, to gain a different perspective. Here’s what he had to say.

Clear Admit: Has LBS noticed a difference in MBA applications since Brexit?

David Simpson: So far this year we haven’t seen any negative reaction. In fact, we have seen increased application volumes for the MBA in every admissions round so far, and MBA applications are up by 15 percent overall.

CA: What is LBS doing to combat any negative effects from Brexit to still attract top international talent?

DS: We run incredibly global programs, recruiting students from over 70 countries who want to work all over the world post-graduation. So, to some extent, we are partly insulated against any local economic changes. The evolving nature of our MBA and other programs, and the continued success of LBS graduates in global job markets across all sectors (more than 94 percent of MBAs [employed] within three months of graduation), helps us to attract more and more top talent from around the world.

CA: In spite of Brexit, what makes the U.K. and LBS still an attractive place to study?

DS: London is an exciting, vibrant, global city, with opportunities and strengths across every sector. At London Business School we are well connected in London and have a strong presence all over the world. London’s ongoing success in tech, start-ups and across all major sectors gives our students a huge advantage.

CA: How will/has Brexit actually helped students/workers in the U.K.?

DS: Our programs have always been an excellent value for the money, with strong employment rates, high salaries and great learning opportunities such as internships. Recent changes in the exchange rate have added greater value for our international candidates (over 90 percent of our students are non-U.K. nationals).

CA: How will/has Brexit negatively affected students/workers in the U.K.?

DS: As an institution at the heart of global business, we have experienced many economic and political changes over our 50-plus-year history, whilst continuing to grow and achieve great success. There has been little effect on LBS students or graduates working in the U.K. up to this point. In fact, several large employers, for example Google and Amazon, have announced plans to expand here. The school is watching closely how the situation evolves over time and is continuing to provide top talent to recruiters across all sectors.

For more information please check the full story at metromba.com

7 Common Mistakes International MBA Applicants Make

International candidates made up a significant percentage of the 2016 incoming class: 32 percent at the University of Pennsylvania's Wharton School, 35 percent at Harvard Business School and 40 percent at the Stanford Graduate School of Business.

However, sometimes cultural differences or a simple lack of awareness regarding what a strong MBA application should include can unwittingly derail even the most stellar applicants. With that in mind, international students should avoid these seven common hurdles when targeting top-ranked U.S. business schools.

1. Choosing business schools solely with rankings: While brand and cache carry a lot of weight worldwide, you need to look beyond rankings to find the programs that best serve yourr individual needs.

2. Omitting unique personal experiences in essays: In many cultures, sharing personal stories with strangers is taboo. International applicants may be strongly tempted to keep the focus solely on previous education and professional experience.

But to stand out from the masses of similarly qualified applicants, you must focus your essays on aspects other than your quantitative or technical background.

The key to a successful MBA application is showing exactly what you – and nobody else but you – can bring to the program. Don't be afraid to let your originality and true personality come through in your application materials.

3. Focusing too much on MBA message boards: It's unsettling to be so far away geographically, and the instinct is to seek out all news and information possible about your dream programs in the U.S.

But local MBA websites and message boards can be rife with rumors and inaccurate information that can steer you in the wrong direction as you consider application strategies.

Remember that no one except the admissions committee knows what's going on with interview invites, acceptance rates, waitlists or anything else of importance for prospective students.

4. Failing to correctly translate or explain GPA and undergrad transcript: This is a common yet complicated issue, since there's no universal standard to convert an international GPA to the American 4.0 system. Once you've translated your home country's GPA using an online grade conversion calculator, assess whether it accurately reflects the rigor of your undergrad institution.

Variations in course difficulty can lead to confusion – for some transcripts, a 75 percent would be equivalent to an American A-plus, and at other, more difficult programs, a percentage as low as 60 would translate to an A grade.

If you feel there is some ambiguity in this metric of your transcript, briefly explain to the admissions committee any relevant information that would clarify its understanding of your academic performance.

5. Appearing uncomfortable with a new culture and language: Feeling comfortable working across cultures is crucial in today's global business landscape. Make sure to highlight any previous study or work abroad experiences, and include examples within your application of times where you have worked with people from other cultural or language backgrounds.

The ability to communicate effectively and fluently in English is also nonnegotiable at top MBA programs. This is one reason some schools have introduced a video interview question in their applications to verify candidate's comfort with the language. Enroll in conversation courses if needed and continue to read business publications in English to bolster your vocabulary and increase fluency.

6. Failing to manage recommenders, especially nonnative English speakers: You have to convey to your recommenders the criteria for a successful letter of recommendation to a top business school. Otherwise, you're left with well-intentioned but generic platitudes that provide little insight into exactly what makes you a strong leader, team player or an asset to the program.

Determine exactly what your recommenders should highlight and guide them by providing anecdotes or themes you'd like them to mention.

If your recommenders are not native English speakers, you need to make sure the letter is well-written or, if needed, translated into English.

7. Applying in round three: Round three is difficult to pull off successfully for any applicant, but international candidates should avoid this application cycle for practical reasons. This can take anywhere from a few weeks to a few months, so applying in one of the earlier rounds reduces the stress of managing this process once you're already received an offer of admission and can apply for a student visa.

Also, the earlier you apply, the more time you have to secure and provide proof of funding, whether through work, loans, family or other means. At some schools, scholarship offers go out at the same time as admissions offers, so more award funding is generally available the earlier you apply.

Planning, planning and more planning are key to a smooth application process no matter where you are applying, but the logistics are even more critical for international students.

The Top 10 US MBA Programs Where Graduates Land The Most Jobs

US News & World Report’s latest MBA rankings have revealed the top 10 US MBA programs where graduates land the most jobs.

Temple University’s Fox School of Business tops the list. The Philadelphia-based institution reported 100% of its 2016 graduating MBA class found jobs within three months of graduation. Fox had particular success placing more than a quarter of their MBA graduates in finance and accounting jobs

Other US business schools churning out high numbers of immediately employable MBAs were the University of Washington’s Foster School of Business and the School of Business at Stevens Institute of Technology in New Jersey. Respectively, 98% and 97.2% of graduates from these schools landed a job within three months of graduation.

The US News list was based off job placement data provided by 131 ranked MBA programs. On average, 88.3% of full-time MBAs from these schools found work within that time.

The findings showed that some of the programs reporting the highest percentage of placements were not necessarily near the top of the overall US News business school rankings. The University of Pennsylvania’s Wharton School of Business came in tenth in the placement listings while topping the overall business school rankings.

Both public and private business schools comprised the top ten MBA placement percentages.

The lowest placement percentage came out of Bowling Green State University in Ohio. Only 25% of the university’s MBAs found work within three months of graduation.

UCLA Anderson to Add Business Analytics Degree This Fall

UCLA Anderson School of Management will add a Master of Science in Business Analytics (MSBA) degree program as a possible track for business graduate students. The MSBA will enable students to take advantage of the growing need for business analysts.

The 13-month business analytics degree program will offer courses that give insight into fields such as healthcare and entertainment. Students will also be required to complete a four-credit summer internship that will allow them to apply their education in a business setting. MSBA registrants will have a 3:1 student-to-faculty ratio, giving them ample access to Anderson’s renowned faculty

The curriculum will require that students gain a thorough understanding of programming and data management, as well as statistics and mathematics. Students will then take courses that allow them to practice applying data analytics principles to real-world situations.

Anderson’s MSBA track may be an attractive option for recent graduates, as it is shorter than the standard MBA program and does not require previous work experience.

Rapid advances in technology have led to an influx of data for businesses—and a subsequent demand for qualified professionals to sift through this data and use their findings to advance a company’s mission. The value of business analytics experts who can interpret the constant stream of information and help companies strategize based on the information they accrue has become of increasingly critical importance 

For more information, please read the following article. 

Chicago Booth Names Stanford GSB' Madhav Rajan as Next Dean

For the second time Chicago Booth has selected a Stanford GSB professor as its new dean. Madhav Rajan, who chairs the accounting department at Stanford GSB and served as senior associate dean for academic affairs from 2010 to 2016, will be Booth's next dean on July 1st. 

Sunil Kumar, served as Chicago Booth’s dean from 2011 until leaving to become provost of Johns Hopkins University in July 2016, was former senior associate dean at Stanford, where he spent 14 years.

As senior associate dean for academic affairs at Stanford GSB, Rajan led the school’s MBA program, including overseeing admissions, curriculum, the student experience and career management. While at the GSB, Rajan also launched new joint-degree programs with Stanford’s engineering school and led initiatives toward greater integration of the business school within the larger university.

Rajan holds a bachelor’s degree from the University of Madras as well as two master’s degrees and a PhD from Carnegie Mellon University. His research has focused primarily on analyzing management accounting issues through an economics lens, especially as they relate to the choice of internal control and performance systems in firms. Cost Accounting: A Managerial Emphasis, which he co-authored, is the leading cost accounting textbook used around the world. He also served as editor of the Accounting Review from 2002 to 2008.

Rajan also served as a visiting professor at Chicago Booth in 2007-8. 

Chicago Booth's ranking and reputation has been steadily rising over the past decade,  threatening Wharton’s previously undisputed place alongside Stanford and Harvard Business School (HBS) as the best business schools in the world. The Economist has ranked Chicago Booth the number one business school for five years running, from 2012 to 2016. And in last year’s U.S. News & World Report ranking, Booth tied with Stanford for second, behind HBS and ahead of Wharton. 

Top-Tier Cross-Admitting Schools

The following schools tend to cross-admit from each other in peer groups. The following data shows each schools top six cross-admit schools in order of overlap

Elite Tier Schools and the top 6 schools they tend to cross-admit with

1. Chicago Booth: Wharton, MIT, Kellogg, Columbia, Harvard and Tuck

2. Columbia Business School: Wharton, MIT, Stern and Chicago, Yale, Stanford

3. Harvard Business School: Stanford, Wharton, MIT, Kellogg, tie: Chicago and Tuck

4. Kellogg School of Management:  Haas, Chicago, Harvard, Tuck, Ross, Wharton

5. MIT Sloan:  Wharton, Stanford, Columbia, Chicago, tie: Harvard and Haas

6. Stanford GSB: Harvard, MIT, Haas, Yale, Wharton, Columbia

7. Wharton School: MIT, Chicago, Harvard, Columbia, Stanford, Stern

Tier 1 Schools and the top 6 schools they tend to cross-admit with

1. Berkeley Haas: Kellogg, Anderson and Marshall, Stanford, Harvard, MIT

2. Dartmouth Tuck: Darden, Yale, Duke, tie: Cornell and Ross, Kellogg

3. NYU Stern: Yale, Columbia, Wharton, tie: Anderson and Haas, Chicago

4. Yale SOM: Stern, Stanford, Tuck, MIT, Haas, tie: Columbia and Duke

5. Cornell Johnson: Duke, tie: Kenan Flagler and Tepper, tie; Georgetown and Darden, Tuck

6. Duke Fuqua: Ross, Cornell, tie Darden and Kenan Flagler, Tuck, Yale

7. Michigan Ross: Duke, Darden, Tuck, Cornell, Georgetown, Tepper

8. UCLA Anderson: Marshall, Haas, Ross, Stern, Duke, Cornell

9. UVA Darden: Kenan Flagler, Tuck, Tepper, Duke, Ross, Cornell

QS has Ranked the Top 10 Executive MBA Programs In North America, Europe, And The Asia-Pacific

QS rated Kellogg School of Management’s EMBA  the number one Executive MBA program in North America. The UK’s Oxford Saïd tops Europe’s EMBA rankings, while the National University of Singapore’s (NUS) EMBA program is ranked the best in Asia.

North America’s top 10 EMBA programs all come from the US. The Wharton EMBA costs $193,000 but students can expect a 46% increase on their salaries after graduation. Duke’s Fuqua School of Business’ EMBA costs $158,000 with an average salary uplift of 94%. MIT Sloan EMBA students are the most experienced in the North America top 10 with 17 years’ class average work experience. The Duke Fuqua EMBA class have an average of 15 years work experience between them.

QS also ranked the world’s top joint Executive MBA programs. (The QS rankings are based on a variety of factors including EMBA participants’ average years of work experience, pre and post-EMBA salaries and salary uplift after graduation, as well as class diversity, and the school’s reputation for thought leadership and research.)

Making up the top three are the top-ranked Kellogg-HKUST EMBA - delivered in both the US and Hong Kong - the UCLA Anderson and NUS EMBA, and the TRIUM Global Executive MBA program jointly issued by the London School of Economics (LSE), France’s HEC Paris, and NYU Stern.

Latin America’s number one EMBA program can be found at the Universidad Adolfo Ibanex, with students taking classes in both Chile and Peru. The program costs ‘just’ $32,000.

Europe’s Executive MBA programs offer diverse, experienced, international classes. Four business schools from the UK make up the top ten, two from Spain, one from Switzerland, France, and Italy.

ESCP Europe’s EMBA program makes use of the school’s multiple European locations, with students rotating across campuses in Paris, London, Berlin, Madrid, Warsaw, and Turin. Just missing out on the top 10 are Executive MBA programs from the UK’s Cranfield School of Management, Cass Business School, and Copenhagen Business School in Denmark. 

Out of Asia-Pacific’s top 10 EMBA programs, Shanghai Jiao Tong University students enjoy the biggest salary uplift (75%) after graduation, although they’re also among the least experienced.

At the top-ranked National University of Singapore (NUS), EMBA students can expect a 26% salary uplift, even with a class averaging 16 years of work experience between them. CUHK Business School’s EMBA students are the most experienced in the Asia-Pacific top 10 with an average of 17 years’ experience between them.

Even the most expensive EMBA program in Asia-Pacific’s top 10 – City University of Hong Kong at $77,000 – is around half the price of the cheapest top 10 EMBA program in North America.

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