CEMS Annual Review 2007

A word from…

Referring to the construction of the European Union, Jean Monet used to say: “If I were to begin again, I would begin with culture”.

I would dare to add its twin brother – education.

It is through higher education – and research, that cannot be separated from it – that Europe will be able to radiate, and exist as a source of universal knowledge. Twenty years on from the foundation of CEMS back in 1988, we can proudly celebrate the contribution of our alliance to the spread of the European identity among generations of students and business leaders. From this perspective, CEMS has achieved its original objective: build a pan-European standard of excellence in business education.

But to strengthen its identity, Europe must also revive the notion of mixing, and be fully open and connected to the world. This is why the CEMS Strategic Board has proposed a new global ambition for CEMS: build bridges with the best pre-experience Master’s programmes around the world, consolidate a global degree standard, with the CEMS MIM as role model for an international joint degree delivered globally in partnership with the most renowned multinational companies. Europe can be proud of having given birth to CEMS in 1988 – and can be even more proud to share it with the world in 2008.

CEMS has started a move for growth with no precedent: the new global CEMS alliance is targeting a network of 35 schools and 70 companies globally in five years from now.

Following long and thorough preparation, the globalisation process of CEMS has now been decided with the impetus of all stakeholders in our organisation. But the founding principles and the success factors of CEMS remain unchanged: careful selection of the best schools in the countries relevant for companies and students; selection of the top tier students for the MIM programme; close cooperation between the academic and the corporate worlds; network spirit built on international cultural diversity and mutual trust; programme quality check through peer reviews.

Ranked No.2 in Europe by the Financial Times in 2007 for the second consecutive year, our ambition is now to make the CEMS MIM the first joint Global MSc degree. The CEMS map has been extended with new world-class schools in St. Petersburg, Beijing, Hong Kong, Singapore, Sydney and Boston. Prestigious global companies have also joined us in 2007 to support our project.

And students and alumni are giving us the drive to make it come true.

CEMS A Global Strategy

Leading the Strategic Ambition

CEMS welcomes New Chairman Professor Bernard Ramanantsoa (left), Dean of HEC Paris, was elected CEMS Chairman in December 2006 for a renewable mandate of two years. During the handover ceremony in Dublin, he praised the achievements of his predecessor, Professor Paul Verhaegen (right) from RSM Erasmus University, Chairman 2004–2006, who left CEMS to take up a position as an executive board member of the Eindhoven University of Technology.

During Paul Verhaegen’s three-year Chairmanship, the student body increased by close to 25%. CEMS also continued to strengthen its link with corporate partners, whose number rose from 42 in 2003 to 56 end of 2006.

Paul Verhaegen also initiated a major governance reform of CEMS, re-launched the EBF magazine, and intensified the globalisation initiative.

The CEMS Community takes this opportunity to extend grateful thanks and congratulations for his achievements during his 3-year term as CEMS Chairman.

In October 2007, Paul Verhaegen received one of the Netherlands’ highest honours, becoming “Officier in de Orde van Oranje Nassau.” The ceremony was held in his place of residence in The Hague. He received this distinction for his many contributions to science and society as a whole.

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During its meeting in Budapest on May 25, the CEMS Strategic Board, chaired by Bernard Ramanantsoa, decided on a major new strategic ambition for CEMS for the decade to come.

All stakeholders in the organisation agreed that CEMS has to become global in order to comfort the international leadership of the CEMS MIM programme, and bring a lasting competitive edge to graduates and recruiters. While keeping a strong European core, CEMS is welcoming leading business schools from the Americas and the Asia Pacific region to join the organisation, select students for the CEMS MIM programme and implement it in their countries.

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Bernard Ramanantsoa, CEMS Chairman, says: Like any international industry, higher business education is requiring global standards. The CEMS members all acknowledge that the MSc in Management is the global degree standard for career entry of high-potential pre-experience graduates. It very much differs from the MBA which is the global degree standard for career development of graduates with significant professional experience. The global CEMS alliance is giving us a tremendous opportunity to consolidate the MSc degree segment on a global scale, through a worldwide league of the MSc champions sharing the same vision and with the joint CEMS MIM programme as role model.

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The Strategic Board's vision for CEMS in 2012 is a network of 35 business schools and 70 corporate partners.

To achieve this objective, the concept of CEMS Associate Academic Member (AAM) has been redefined as the entry status in CEMS for the new schools. The schools accepted to join CEMS will receive this AAM status after election by the General Assembly, and will be invited to implement the CEMS MIM at their school.

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After successful programme implementation validated by a CEMS peer review, the new schools will be proposed for election as full CEMS Academic Members.

François Collin, Executive Director of CEMS, says: This new set-up will make the CEMS MIM the first Global MSc degree developed by a business school alliance. Twenty years after having created the first European degree, CEMS is innovating again and creating a new breakthrough on the market. Of course, this will have an impact on the CEMS identity. To mention the name only, we want to keep the CEMS brand, but only use it as an acronym. We welcome the new global strategy as an opportunity to stimulate ourselves for more innovation and enhanced leadership for our joint degree.

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The global implementation of the CEMS MIM is planned for 2009 once the new schools have developed and promoted the programme locally. European students will be able to spend their terms abroad outside of Europe with a wider choice of schools on different continents. The nonEuropean students will have the same option to spend one or two terms abroad as part of their MIM programme.

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Professor Thomas Bieger, Vice-Rector at the University of St. Gallen and Chair of the Academic Committee, says: All terms will be structured with a comparable pattern and will undergo the same quality check, which is the real trademark of CEMS, and the quality insurance for students and recruiters. All CEMS schools will also host CEMS Clubs run by students, in order to spread the community spirit beyond European borders and foster the networking component of the CEMS experience.

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The CEMS L’Oréal Fellowship The Strategic Board is eager to develop and promote joint research. With this first Fellowship, CEMS is adding research to its portfolio of activities. A new dimension which will enable CEMS to build its name not only on the excellence of the MIM graduates, as is the case today, but also on its expertise in domains of particular relevance to the academics and more broadly, to the students, the Corporate Partners and to the public.

This first Fellowship, financed by L’Oréal, will focus on the expectations and values of the new generations of CEMS students. It will be carried out by a team of faculty members from ESADE, NHH Bergen and the University of Vienna. First findings are expected in Autumn 2008.

The community will gain an expertise in the new generations of future managers which will then be shared with CEMS Corporate Partners and the public.

CEMS Committee for Cooperation in Research and Doctoral Education met in St. Gallen The busy agenda provided the basis to set priorities for this working group for the coming academic year with the underlying objective being the advancement of research and doctoral education in the CEMS community.

A main goal for this Committee, chaired by Eero Kasanen, Rector of HSE, is to organise PhD courses at CEMS schools open for mobility of doctoral students. The group also decided to start a process for benchmarking standards for PhD dissertations among CEMS schools.

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CEMS Building Global Bridges World-class Schools join the Alliance The CEMS Globalisation and Membership Committee was set-up to prepare and follow-up the global expansion of CEMS. The Committee is composed of Executive Board members; Carlo Gallucci, Director of University Programmes at ESADE, was elected Chair.

Carlo Gallucci has given impetus and drive to the globalisation project since the early 2000’s, with the first contacts with non-European schools. In 2003, three top non-European schools pioneered in building bridges with CEMS as Associate Academic Members and have been sending students to the CEMS MIM in Europe:

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z In Canada, the Richard Ivey School of Business at the University of Western Ontario z In Mexico, Tec de Monterrey, EGADE

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EGADE TEC de Monterrey has already sent 10 students to the CEMS MIM programme with excellent comments and results for our students and will increase the numbers in the following years. We are also proud to have invited CEMEX as the first Corporate Partner to join CEMS from outside of Europe.

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Professor Carlos Romero Uscanga EGADE Director Master in International Business Member of the CEMS Executive Board

z In Brazil, Fundaçao Getulio Vargas, Sao Paulo FGV-EAESP perceives the CEMS alliance as a means of supporting the future managers’ development in the global arena. Therefore, the relevance of the CEMS MIM degree programme widens the possibilities to create international leaders based on a solid education provided by the CEMS schools.

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Professor Ligia Maura Costa Associate Dean 4

Six world-renowned schools joined CEMS this year from countries with growing demand for international business graduates at pre-experience level. All schools are recognised leaders in their countries for business education.

Graduate School of Management (GSOM), St. Petersburg State University Founded in 1724 by Peter the Great, St Petersburg State University is a major Russian centre of science, education and culture of international repute. Today, it counts 20 faculties, 11 scientific institutes, over 30,000 students, close to 2,000 postgraduate students and 5,000 lecturers & researchers. Every year about 4,500 foreign students from more than 90 countries participate in various academic programmes.

The GSOM joined CEMS in 2006 and 9 of their students have already joined the C EMS MIM Programme.

For more information, visit: http://eng.som.pu.ru

Babson College, Boston, USA Founded in 1919, Babson offers a Bachelor of Science degree in business, a Master of Business Administration degree, custom MS degree programs, and executive education programs worldwide. Babson’s approximately 3,400 students are evenly split between undergraduate and graduate programs. Over 600 international students are present on campus and represent 69 countries. Full time faculty at Babson number 157. Babson has earned the AACSB accreditation.

For more information, visit: www3.babson.edu

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Babson believes the CEMS organisation aligns well with our goals and initiatives, and we also see mutual benefit in building exchange partnerships with CEMS members, providing opportunities for both students and faculty.

Patricia G. Greene, Ph.D, MBA Provost, Babson College

School of Economics and Management at Tsinghua University in Beijing Founded in 1911, Tsinghua University (THU) consists of 13 schools with 54 departments, as well as a Graduate School and a School of Continuing Education. The total enrollment 32,000 full time students includes 13,700 undergraduates, 13,400 Master candidates and 5,000 doctoral candidates. In autumn 2006, over 2,000 foreign students were enrolled in THU. They are from 74 countries and major in science and technology, humanities, economics, management, law, arts and other areas.

For more information, visit:www.tsinghua.edu.cn/eng/

The Chinese University of Hong Kong Founded in 1963, The Chinese University of Hong Kong (CUHK) has 7 Faculties. Teachers and students hail from all corners of the world. In 2006, there are more than 5,200 staff members, approximately 10,000 undergraduate and 2,000 research postgraduate students. Of these students, some 2,500 are from 45 countries.

CUHK was one of the first Asian business schools accredited by AACSB International in 1999.

For more information, visit: www.cuhk.edu.hk/v6/en/

The Chinese Universiy of Hong Kong campus

The University of Sydney, Australia Founded in 1920, the Faculty of Economics and Business of the University of Sydney (USYD) offers an extensive range of undergraduate and postgraduate programs. The Faculty counts 230 full-time academic staff, 130 full-time professional support staff, and more than 7,000 students (coming from over 100 countries around the world).In 2004, the Faculty was the first in Australia to receive the dual AACSB and EQUIS accreditations.

For more information visit: www.econ.usyd.edu.au/

The National University of Singapore Business School Founded in 1905, the National University of Singapore (NUS) has evolved into Singapore's global university with distinctive strengths in education and research and an entrepreneurial dimension. It has an enrolment of over 24,000 undergraduate and 7,000 graduate students from 90 countries. The University's 14 faculties offer a broad-based curriculum underscored by multi-disciplinary courses and cross-faculty enrichment.

For more information, visit: www.bschool.nus.edu.sg/

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Prof Yih Whai Lee, Academic Director adds: CEMS members are the best management schools from their respective countries, and CEMS is an unparalleled network in Europe. By extending its membership to the best schools outside Europe, CEMS is creating a global network for education of the highest quality and reach. The benefits for members, and more importantly for CEMS students and graduates, will be extraordinary. NUS has always cherished its links with Europe, as our staff, students and alumni extend their participations in academic and business activities worldwide. We are proud to have been invited to join this esteemed Community, and look forward to play an active and contributory role as a full partner within CEMS.

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The CEMS MIM Programme has kept its top position for three consecutive years. 3rd place in 2005, 2nd place in 2006 and in 2007.

14 member schools are among the top 40, including the No.1 spot for HEC Paris and the No.2 for LSE, ex æquo with CEMS.

a 2004 CEMS MIM graduate, grew up in Austria, studied International Business in Vienna and Paris and spent her term abroad at the St. Gallen University.

Prior to her involvement in CEMS, Elke was an active member of the European Youth Parliament. She co-founded the Austrian branch and was Session President in Stockholm in 2001.

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I enjoy living and working in different countries and I also want to continually improve my languages and use them in a business context.

The MIM gave me international, intercultural experience and learning. It also helped me find my job, because I was recruited directly by a Corporate Partner through CEMS. I am currently the CEMS Alumni President, a truly international community, within CEMS and the outside world.

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CEMS Achievements & Networking Best Teacher Award goes to UCD CEMS Academic Director UoC top-ranked for Economics and Management Wirtschaftswoche, the prestigious German business journal, ranked the University of Cologne No.1 in Economics and No.2 in Management. The University thereby asserts its leading position amongst European universities. The ranking is based on a survey among 1,000 Human Resource managers and recruiters of Germany’s major companies. It emphasises the excellent reputation of the University's professors, which in combination with the Faculty's strong international orientation, makes its graduates favoured candidates for leading companies.

HSE First Nordic Business School to hold Triple Crown Helsinki School of Economics was awarded the AACSB accreditation in April 2007. In the current round, HSE was the only European School to be accredited alongside eight other business schools, six in the USA. This third certification (after EQUIS and AMBA), often referred to as the ‘triple crown’ raises HSE into a category shared by only about 20 other universities, including HEC Paris, ESADE, RSM Erasmus University, University College Dublin, FGV (São Paulo), and Tec de Monterrey EGADE.

Professor Jacob Eisenberg won the "2007 Best Graduate Teaching Award". The UCD School of Business Teaching and Learning Committee, together with two external advisers, grants one award for excellence in undergraduate teaching and one for excellence in graduate teaching each year.

At the same time, Jacob Eisenberg was appointed as the new Chair of the International Theme Committee which plays an important role in the Academy of Management's governance and structure.

CEMS Course of the Year Awards At the end of the school year, CEMS students are asked to evaluate the CEMS core courses which they have attended Europe-wide. For 2006/2007, 115 courses were evaluated and the following stand out with the highest quality ratings. The Professors have been awarded for their invaluable contribution to the CEMS MIM. Congratulations to the professors and their teams:

z Professor Hannu Seristö, HSE Doing Business in the EU

z Professor Wolfgang Amann, HSG Corporate Strategy & Corporate Governance

z Professor Koen Heimeriks, CBS

Professor Sven Junghagen, CBS International Strategic Management

z Professor Mark Pasquine, NHH International Marketing

Christi Degen receives Polish Award Christi Degen, Director of the Centre for International Relations (Economic and Social Sciences Faculty) at the University of Cologne, received the Polish Order of Merit in Gold for her achievements in German-Polish relations. The ceremony took place on June 28, 2007 at the Polish Consulate in Cologne.

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z Professor Werner Delfmann, UoC Logistics Management in Global Supply Chains

z Professor Elena Bou, ESADE

Professor Alfons Sauquet, ESADE Managing Knowledge Organisations

Academic Directors meet in Cologne and Sitges The CEMS Academic Directors play a key role in the management of the CEMS MIM Programme at each school. As a group, the Academic Committee, that meets twice a year, sets the guidelines for the MIM curriculum and supervises the quality evaluation and management processes.

The spring meeting was held in Cologne where the Committee discussed the curriculum reform; the mandatory Strategy and Cross-cultural Management courses were introduced.

The Committee held its autumn meeting in the Mediterranean atmosphere of the beautiful Catalan seaside at Sitges. Top on the agenda, the final touches to the CEMS MIM Programme curriculum reform to be implemented during the next academic year.

We take this opportunity to welcome HSE's new Academic Director, Hannu Seristö.

Communication & PR Specialists meet in Paris The CEMS Communication & PR Specialists Networking Forum was held in Paris, courtesy of L'Oréal for the second time. It was an opportunity for participants from 14 CEMS member schools to discover the CEMS globalisation strategy and to share experiences and ‘savoir faire’ on issues of common interest.

Participants discussed diverse subjects like the branding of CEMS, international media relations and the CEMS humanitarian project 2008. Creating strong links and relationships among and across the alliance is one of CEMS’ key goals. It was decided that this Forum should take place once a year.

CEMS Coordinators' Training Seminar in Lausanne CEMS Coordinators met twice this year. In January, courtesy of University of Cologne, and in June, courtesy of CEMS Corporate Partner, Wolseley.

The two-day mid-year meeting is sponsored by a CEMS Corporate Partner who provides a one-day training session, and hosts a second day devoted to CEMS issues. As well as an important learning curve for the Coordinators, it is also an opportunity to learn more about the host company.

After "Working in Today's Multicultural environment" (Windsor in 2005), "Project Management in Today's Business Environment" (Edinburgh in 2006), this year's seminar was held in Lausanne. "Presenting Yourself - Effective Presentation & Communication Skills" an interactive session which provided many tips for the participants.

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A huge applause to Wolseley for their commitment to CEMS and their impeccable hospitality during the past three mid-year Training Seminars.

Wolseley is pleased to have sponsored the CEMS Coordinators Meetings for the past three years.

The events have provided an opportunity for them to learn about various topics to enhance their professional skills. In addition, through team building exercises and group dinners, the coordinators build relationships across the universities in the CEMS network. The CEMS Coordinators are a talented group of people that make a tremendous impact in the success of the entire CEMS organisation. Wolseley is proud to be a corporate sponsor of CEMS. Working with such an outstanding organisation is inspiring and we look forward to sponsoring similar events in the future.

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Audrey Clegg Head of Leadership Development Wolseley 9

CEMS MIM A Global Role Model

CEMS Programme Kickoff Going from Strength to Strength CEMS MIM (Master's in International Management) is specifically designed to equip future multilingual and multicultural managers with the skills to thrive in an international environment. Students, selected from the member schools in Europe and abroad, participate in a dedicated one-year programme and are awarded the CEMS Master’s in conjunction with a Master’s degree from their home school.

As well as fulfilling the course requirements, students spend a term abroad and complete an internship. In addition, they must participate in a week-long Block Seminar across Europe, validate Skill Seminars and a Business Project. They must also take language tests in two foreign languages.

September

CEMS MIM YEAR

BLOCK SEMINAR

TERM 1 - SCHOOL 1 (Autumn)

1 week

30 ECTS

Europe-wide

Strategy Course and other CEMS Courses

SKILL SEMINARS 1 ECT

15 ECTS

INTERNATIONAL INTERNSHIP

15 ECTS

Minimum 10 weeks

Business project

At any time during the CEMS curriculum

SKILL SEMINARS 1 ECT

ONGOING LANGUAGE TESTING

Applications to the CEMS MIM are increasing year by year. The incoming 2007/2008 class totals: z 624 students (a 40% increase in the last five years).

317 women, 307 men,

z 47 different nationalities (95% European; 5% non European).

This year, the programme encompasses 22 Block Seminars and over 250 Core Courses, Electives, Skill Seminars and Business Projects.

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SSE holds first Block Seminar Mid-august, 31 students and 6 faculty members from 18 countries gathered in Stockholm to discuss Business Approaches to Climate Change and Poverty.

June

TERM 2 - SCHOOL 2 (Spring)

Cross-Cultural Management and other CEMS courses

Organised by each of the European Academic member schools, students kickoff their CEMS year attending any of the week-long Block Seminars, an integral part of the CEMS MIM Programme. The seminars, managed by interdisciplinary, inter-university teacher teams, are the ideal starting point into the programme. They provide the opportunity to debate and discuss innovative management topics from different cultural perspectives.

AFTER...

The aim of the seminar was to address some of our times' most pressing societal issues and put them into a business perspective and practice. Many of our business students do not come across subjects connecting business to eco- or social systems. This was an excellent opportunity to explore the subjects with the students.

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Susanne Sweet, PhD Associate Professor, Course director at SSE

Lectures and cases gave insights into climate change and alternative energy markets, base-of-the-pyramid markets, corporate social responsibility (CSR), bio-diversity and sustainable markets and consumption… The students visited a bio-gas plant outside Uppsala and heard Per Evers, the CEO of Scandinavian Biogas, talk about their global strategy. The seminar was wrapped up with a highly interactive business simulation, making participants connect to reality via a virtual game of sustainable management. All were faced with the challenging task of coordinating a company and making difficult decisions with high impact under immense stress.

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Should I describe the Blocked Seminar with only one word, I would say: “interaction”. The day was organised in a way that allowed us to communicate freely and spontaneously with fellow CEMS students, professors and guests.

Giulia Modolo from Bocconi

Corporate Partner Involvement in Block Seminars…

Shell joined the CEMS network as a Corporate Partner in 1991. Throughout this long partnership, Shell has been hosting and attending different CEMS events all over Europe. This year, Shell and CEMS students met at more than 20 different occasions. But that’s not all! In Autumn 2007, Shell actively participated in three of the CEMS Block Seminars for the first time: Cross Cultural Management in Copenhagen, Business Ethics & Corporate Responsibility in Bergen, and Entrepreneurial Finance in Prague.

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Supporting the CEMS MIM programme and working with both academic staff and students on relevant and interesting topics gave a true experience of being part of the CEMS community.

Seven enthusiastic Shell employees walked the talk, working in a company with a supportive culture that highly values learning and development.

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Sandra Lintel Shell Central HR Recruitment Department

…in Skill Seminars

Imagine you are the International Product Manager for a home care product segment in Europe, a region with mature markets. A strong competitor is about to launch an innovative product attacking your home turf. How do you react?

CEMS students in Cologne, Paris and London were asked to answer the question during the Skill Seminar organised by CEMS alumni of Henkel. Having prepared the 20-page case study, the students created a handson product launch strategy: from initial market and company analyses over product portfolio strategy to launch planning. In each phase of the strategy development process, the students were taught respective theory, followed by a hands-on approach in international teams to apply the tools to the case. The students were additionally challenged by tough time restrictions to accomplish their project tasks. Due to very positive feedback, Henkel has decided to organise another Skill Seminar in 2008.

…and in Business Projects One of the core components of the CEMS MIM is the Business Project, whose objective is to combine academic knowledge with real business challenges from the business community, and to provide the corporate partner with views and opinions that most likely are differing somewhat from the incorporated values in the organization.

Zurich Financial Services invited a group of CEMS students from 5 countries to evaluate different options to outsource the billing process related to a new insurance product during 3 months. After having conducted qualitative and quantitative research and visited potential providers, the final product was a presentation with Q&A session and a written report.

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Creating Synergies Block Seminars not only provide an introduction to the CEMS MIM but also lead to varied encounters. Here is what 25 year old Ignacio Landero, has to recount: During my CEMS MIM studies at ESADE, I met my associate while he was telling us about his entrepreneural experience at the Entrepreneurship Block Seminar. I did my internship at Educa-system Spain, his company, and right after graduation, we co-founded Educa-system, the first company in Mexico to professionalise one on one home tutoring. I am the company's CEO in Mexico, while in charge of the internationalisation process, which will continue next when we start activities in a third country. CEMS provided me with a new business oportunity by applying experiences and services from one country to another. My CEMS experiece has completely changed my career path, and perhaps the path of my life as well.

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CEMS Corporate Partnership Scholarships to students from Brazil, Mexico and China Partner is not a random word. If CEMS likes to talk about the companies who have joined the community as "partners", it is because they are involved in teaching, in organising or sponsoring CEMS professional and social activities, in devising the curriculum, in welcoming students for their compulsory internships… There are too many events to mention here, too many people who so generously share time and knowledge; we would just like to say thank you.

Welcome to the Newest Arrivals to the CEMS Community CEMS would like to extend a warm welcome on behalf of the entire community to the Corporate Partners who have joined the network in the past 12 months: z Swedish Telecom Operator Tele2;

z Financial heavyweights Fortis, Société Générale and Unicredit Group; z Household appliance company Electrolux;

z Management consultants A.T. Kearney and The Boston Consulting Group (BCG); z Global building-solutions company, CEMEX, the first Corporate Partner from a non-European Academic Member.

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An Alumnus Initiative Mirko Warschun, a 38 year old CEMS alumnus (1997), has lived and worked in 15 different countries. He joined Corporate Partner A.T. Kearney in 2005.

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Based on my initiative A.T. Kearney joined CEMS as a Corporate Partner in 2007, creating a platform for recruiting high calibre graduates and experienced hires as well as actively contributing to the further development of the CEMS program.

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For the second consecutive year, L’Oréal offered two scholarships to CEMS students from Latin America. This year, Haniel offered a scholarship for a student from China.

The three winners – Andrezza Mastiguim de Paula Martins from FGV in Brazil, Marlene Gabriela Telasco Picazo from EGADE in Mexico and Si Quin from Tsinghua University in Beijing – started the MIM in Europe in fall 2007.

Without this generous support of L’Oréal and Haniel, their participation in the MIM programme would not have been possible. CEMS is creating a scholarship fund for the non-European students and is encouraging Corporate Partners to support the globalisation process of CEMS and encourage participation of talented students.

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Si Qin, who joined the programme in Autumn 2007 at HEC, Paris, describes her first impressions: I have only been in the CEMS programme for one month. I have already met students from all over the world. It is really interesting to discover the similarities and differences among each other.

Moreover, diverse backgrounds give us possibilities to look at an issue from diverse perspectives and, in this way, enlighten each other through discussion and cooperation.

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Corporate Partner Benchmarking & Networking Forum Thirteen corporate representatives from 10 different companies attended the Forum in Paris in June.

The start of the event was devoted to getting to know each other better in an informal context. The competition raging on the Roland Garros tennis courts provided the ideal occasion for participants, some competitors in their corporate life, to put any such of their own rivalries aside and concentrate on learning more about each others’ way of working. Conversations proved almost as exciting as the tennis and lively debate and discussion continued over the dinner table.

The meeting on Friday was held in HEC. The early morning sessions focused on exchanges related to onboarding, kicked off by presentations by Zurich Financial Services and PricewaterhouseCoopers. The discussion then turned to another important theme for international organisations: e-sourcing. The afternoon was given over to the presentation of a research project, spearheaded by Société Générale on the aspirations and opinions of young, internationally mobile business graduates. The event concluded with the latest news from CEMS, a means of keeping corporate representatives in the loop with respect to the newest developments within the network.

Rotation Dinner, a Favourite Early May, another edition of the CEMS Rotation Dinner was organised by the Company Projects Office at RSM, Rotterdam. The rotation dinner is one of the events that enables CP's to get acquainted with the student population which could result in recruiting them.

This time the participating companies were Procter & Gamble, PricewaterhouseCoopers, Randstad Holding, and Fortis.

CEMS Career Forum - Dublin 2006 The CEMS Career Forum takes place once a year during the Annual Events early December, hosted by a different Academic member on a rotation basis. It provides a unique opportunity for students, alumni and Corporate Partners to meet.

The CEMS Career Forum 2006 was hosted by University College Dublin (UCD). z Corporate Partners present: 34

z Corporate Partners with pre-scheduled interviews: 23 z Pre-scheduled interviews: 476

z Students who applied for pre-scheduled interviews: 492

Société Générale Business Game CEMS Corporate Partner, Société Générale, launched a new business game in 2007. Students were asked to work as a team to try and define all aspects of what could be considered a socially responsible bank in the future through the organisation and promotion of a blog.

Two multinational teams of CEMS students – Change Agents and Sustainables – competed in the Business Game "Citizen ACT" along with 19 other teams playing all over Europe. The CEMS students originated from Germany, Italy, Belgium, Ireland and Mexico.

CEMS Corporate Relations After 3 years as CEMS Corporate Relations Manager at the CEMS European Office, Catherine O’Sullivan has moved on to new responsilities. Warm thanks to Catherine for her accomplishments and welcome to Stefano Gnes who joined the CEMS European office early October.

Milan - 2007 An All-Time High The CEMS Career Forum is attracting more and more students, alumni and Corporate Partners. The 2007 edition will be hosted by Università Bocconi (UB). The figures speak for themselves: z Corporate Partners to be present: 45

z Corporate Partners with pre-scheduled interviews: 30 z Pre-scheduled interviews: 799

z Students who applied for pre-scheduled interviews: 574

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CEMS Students

Haniel organises Leadership Seminar for CEMS Student Board This year, the CEMS Student Board (SB) focused on globalisation. The Associate Academic Members (AAM) were represented for the first time by Denis Nakagaki from Brazil. And, for the first time, the SB held its September meeting at an AAM school, St. Petersburg State University (GSOM).

CEMS joined forces with the United Nations World Food Programme (WFP) to support the 3rd Annual “Fight Hunger: Walk the World”. The event showed the strong ties between the stakeholders of the CEMS Community. (see page 24 for full details) In addition, the SB continued projects like the CEMS Magazine and the Student Book in close cooperation with the Alumni Association.

Ongoing projects to increase the overall awareness of CEMS and strengthen the relationship between Corporate Partners, students and alumni, are under way. Both the Alumni Association and the SB believe that students and alumni have more in common than just to function as a professional network.

This year, the Student Board launched the first online CEMS store carrying a variety of items to increase CEMS awareness.

Congratulations for a job well done and thank you to 2007 SB President Magne Borgund (NHH) and VP Treasurer Philip Shah (UCD) as they come to the end of their mandate. A hearty welcome and good luck to incoming 2008 President Agata Rundo (SGH) and VP Treasurer Abir Puri (UCD).

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Cologne was the location of the first Student Board meeting of the year. CEMS Alumni Association (CAA) President, Elke Thamm, as well as alumni Torsten Rowekamp, Andrea Banai and Thomas Lopada brainstormed with the Student Board on ways to strengthen collaboration with these two key stakeholder groups.

During the meeting, CEMS Corporate Partner, Haniel, represented by Maurice Thompson, organised a Seminar on Leadership at the Franz-Haniel Academy in Duisburg. The students received essential tips for success in leadership for their student and professional careers.

GSOM greets the CEMS Student Board Members A very special Student Board Meeting took place in St. Petersburg in September, for the first time on the premises of an Associate Academic Member.

The agenda was full of surprises, allowing the students ample time to interact with local students and visit with local companies and Corporate Partners. Special thanks to the local offices of Henkel and Procter & Gamble for organising the interesting company visits and lectures and to GSOM international office for their warm hospitality and perfect organisation.

CEMS Clubs Activities CEMS Clubs are all about students exchanging experiences, keeping in touch with friends and building an informal, interactive club network. Each year, the Clubs organise multiple social and formal events: Snow days in Austria (HSG); sailing weekend (RSM); beach volley weekend (VSE), CEMS@Kaffeesiederball (WUW), CEMS MIR (Management of International Relations), a research project initiated by SGH to analyse local market specificities of a chosen region or country; Understanding Eastern Europe (SGH); CEMS Reuter's Ironman (WUW), "CEMS do charity" marathon (UCD)… far too many to be listed here. To find out what the Clubs have done or are planning, visit www.cems.org.

CEMS Nordic Forum 2007 CEMS students from Norway, Sweden, Denmark, and Finland gathered in Copenhagen for this year’s Nordic Forum. Cooperating with the CEMS Clubs of the Nordic region, CBS hosted over 70 students (local and exchange).

Each Nordic Forum aims to bring together alumni, Corporate Partners, and students for CP presentations, skill seminars, and numerous social activities. This year, students participated in a real-life corporate branding case at the Carlsberg brewery. Students were welcomed at the headquarters of Novo Nordisk where they applied leadership techniques in executing a corporate branding campaign for the company’s new corporate culture.

The European Dream Team Story CEMS students win an International Case Competition Four CEMS students — Anne Dingstag Vabo (NHH), Sergio Mur (ESADE), Monika Blaim (SGH) and Ewa Miendlarzewska (a Polish student from UB) teamed up to enter the X WHU Challenge entitled "Doing Business in Eastern Europe" proposed by the world's toughest consulting companies. Only 13 teams, all from worldclass schools, were selected among 104 applications.

Participants were asked to answer a question: should Metro Cash & Carry, the German discount store chain, enter the Baltic States? Each team was locked up for 12 hours; when time was up, they had to present their findings to the organisers.

Tension was at its highest as the judge named the runners-up first. And… the winner of the X WHU Challenge is The European Dream Team!

a 27 year old graduate from Mexico, has lived and worked in 10 countries and speaks 5 languages. Fernanda joined the CEMS MIM programme in Autumn 2006 at CBS and spent her term abroad at SSE. After having validated her Business Project at Vestas Wind Systems A/S in Denmark, Fernanda is currently working in their HR deparment of the China Hub in Beijing. Vestas' Graduate Program is built around three 8month rotations in different locations around the world to work with people from different cultures on a variety of projects.

“

The CEMS experience was a steppingstone to developing my international profile and multicultural skills. Living abroad has always been a challenge and meeting people from all over the globe is the best way to understand different cultures.

”

Congratulations! CEMS is very proud of you!

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CEMS Alumni

New Local Committee – LC Ireland!

CEMS Alumni Career Services – successfully launched!

One of the priorities of the CEMS Alumni Association is to provide professional services to its members. After two years of intense work and preparation the new CEMS Alumni Career Services was launched this spring to the community with a launch event for the Corporate Partners in Zurich in cooperation with Zurich Financial Services and an email marketing campaign to the alumni community. Close to 400 alumni have already uploaded their profile on www.cems.org/career The Career Services Task Force has since undergone some structural changes and a growth team was set up.

The new team is focusing on improving the service and moving it to the next level.

The CEMS Alumni Association now also has a Local Committee (LC) in Dublin. With the founding of the Irish LC, the international alumni network is now locally represented in ALL European CEMS member countries.

A Year full of Work and Fun The Alumni Events Calendar was packed with various local and pan-European events organised by the Local Committees; with a cultural focus like CEMS at Kaffeesiederball in Vienna, or at the Montreux Jazz Festival in Switzerland; sports events with a Golf tournament in Copenhagen, CEMSauna & Ski Weekend in the Czech Republic, charity run in Rotterdam, Management Mile in Austria or a Hiking Trip in Wales.

Professional events included a number of different local events to launch the Alumni Career Services, a Coaching workshop in Denmark, a Change Management lecture in the Netherlands or an Afterwork Apéro in Switzerland.

And last but not least the CEMS Alumni Association actively supported the Walk the World initiative with the Local Committees raising funds, organising local events and joining forces with the students to Fight Hunger & Walk the World!

EC/LC Meeting in Krakow The 2007 Fall meeting of the CAA Executive Committee and Local Committees representatives took place in the picturesque city of Krakow. The three day event started with an intense day of teambuilding including various outdoor activities followed by two days of formal meeting, intense discussions and productive workshops.

The main topics discussed included the Career Services and cooperation with the students. To maximise knowledge sharing between the student community and the Alumni Association, Magne Borgund, 2007 Student Board president was invited to participate and contribute to the meeting.

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For more information on student and alumni activities, ask for your copy of the CEMS Alumni Association and Student Board Magazine at alumni@cems.org

CEMS Graduate Survey 2006 In April 2007, CEMS sent out a survey to nearly 300 student of the CEMS Class of 2006 who had graduated from the Master’s in International Management Programme (CEMS MIM). The response rate was 42%.

Significant Figures 362

graduates

85.5% respondents already employed at the time of their graduation 83%

work for a multinational company

36%

work for a CEMS Corporate Partner

CEMS Alumni Survey 2006 * The survey is carried out among alumni with updated information in the CEMS Alumni database.

Significant Figures 4141

alumni 1833 women 2308 men

50

nationalities living and working in over 55 countries around the world

37%

have begun their career abroad

47%

currently live outside of their home country

Banking & Finance

22%

Consulting

20%

Consumer Goods

14%

Automotive

7%

Healthcare

7%

International Exposure 39%

respondents located outside of their home country

Of those living in their home country, 81% are working internationally

35%

work in Executive Management position

20%

work in Finance

Average annual salary 42,000 euros 14% earn over 60,000 euros

15%

work in Marketing

* October 2006 figures.

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The European Business Forum EBF is the quaterly management review of the CEMS network and is aimed at business executives worldwide Founded in April 2000 and fully owned by CEMS since 2005, EBF has a readership of over 40,000 European top business executives, and is often described as “the Harvard Business Review of Europe.” It’s easy to see why: z Cutting-edge business thinking from around the world; z High-level thinking from leading practitioners in business and academia;

z In-depth case studies and new research providing ideas with practical relevance; z Insights from many of the world’s most admired business leaders.

EBF represents an original departure from the traditional positioning of business publications; it is neither an academic journal nor a business news magazine. EBF is an editorially-independent publication, whose ambition is to raise the European voice in the international management debate and to present its audience of business executives with diverse and challenging opinions, combining managerial relevance with academic rigour.

EBF has a significant, unique audience of European business leaders at the most senior level. Over 80% hold positions at board level, the key senior decision-makers and vitally important influencers in the buying chain. The magazine, read by business school academics and students, is considered recommended reading.

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Developments in 2007 March EBF is comprehensively redesigned incorporating a fresh, modern look and a new section called “Observations”.

EBF Editorial Committee

April EBF re-launches its web site, EBFonline.com, complete with an archive of articles going back to the Spring 2000 edition of the magazine.

The editorial committee is responsible for the strategic direction of EBF. It meets twice a year to determine and maintain the editorial positioning, policy and direction of the magazine.

October EBF wins a UK Magazine Design & Journalism Award – in the “Best Use of Illustration” category. In their citation, the judges note: “EBF is now distinguishable in a sector dominated by graphs, cheesy pictures and passport photos of contributors. It has helped to interpret complicated reading matter, enhanced the experience for the reader, and given EBF more authority. It has stand-out quality.”

The committee is jointly chaired by Professor Bodo Schlegelmilch, Academic Editor of EBF, Vienna University of Economics & Business Administration, and Stuart Rock, Editorial & Publishing Director, Caspian Publishing.

EBF Editorial Content

The Winner of the Nokia-EBF PhD Award is…

A high percentage of EBF’s content comes the schools making up the CEMS network. However, EBF is an independent publication and the editors are also interested in hearing from other business schools, not to mention consultancies and business practitioners. EBF seeks to publish the highest quality content, irrespective of origin.

If you would like to get in touch with the editors, contact Ben Schiller, the managing editor, at bs1@caspianpublishing.co.uk, or by phone at +44 207 368 7161.

The other members of the committee are Valter Lazzari, Università Bocconi, Milan; Alfons Sauquet, ESADE, Barcelona; Flemming Poulfelt, Copenhagen Business School; Bertrand Moingeon, HEC, Paris and Steef van de Velde, RSM Erasmus University, Rotterdam.

The selection committee has agreed to bestow the inaugural Nokia-EBF PhD Award to Dr. Erik Kole, Assistant Professor of Financial Econometrics at the Econometric Institute, Erasmus School of Economics and Business Economics. The 2007 competition was organised for doctoral thesis in finance, and Dr Kole submitted his dissertation: “On Crises, Crashes and Comovements”.

The prize will be presented at the CEMS Annual Meeting in Milan late November, and a summary of the winning article will appear in EBF's Winter edition in December 2007.

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Il Sole -24 ora 2007-05-30 – Italy Businessworld Magazine 2007-June – Austria

Finanza Mercati 2007-06-27 Italy

Handelsblatt 2007-03-16 Germany

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Wiener Zeitung 2007-01-16 – Austria

AD Rotterdams Dagblad 2007-05-02 – The Netherlands

The Financial Times 2007-09-16 – United Kingdom RZECZPOSPOLITA 2007-09-19 – Poland

MOCI 2007-16-05 – France Cogito 2007-09-17 – Poland

The Financial Times 2007-09-17 – United Kingdom Il Sole-24 ora 2007-05-30 – Italy

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CEMS Strategic Board Prof. Dr. Christoph Badelt

Prof. Jan Haaland

Mr Philippe Louvet

Prof. Thomas Begley

Mr Christopher Hagman (2007)

Prof. Angelo Provasoli

Rector, WUW Dean, UCD

Prof. Lars Bergman President, SSE

Prof. Thomas Bieger

CEMS Academic Chair, Vice-Rector, HSG

Prof. Adam Budnikowski Rector, SGH

Prof. André de Béthune (2008) Prof. Yves de Rongé (2007) President of IAG, UCL

Marina Eloy

ING – Head of Human Resources

Prof. Saul Estrin

Dean of the Faculty of Management, LSE

Rector, NHH

Managing Dir. Global Sales & Services, Reuters

Joerg Floeck (2008) *

Managing Director EMEA Business, Reuters

Prof. Dr. Richard Hindls

Corporate Dir. of Learning Dvlpt, L’Oréal Rector, UB

Prof. Lluis Pugès

CEMS Honorary Chairman

Rector, VSE

Prof. Bernard Ramanantsoa

Prof. Jens Aaris Thisted (2007) Prof. Finn Junge-Jensen (2008)

Mr Kasper Rorsted

Rector, CBS

Prof. Tamas Meszaros (2007 Prof. Agnes Hofmeister (2008) Dean, CORVINUS

Prof. Eero Kasanen Rector, HSE

CEMS Chairman. Dean, HEC Paris Executive Vice President, Henkel

Prof. Franz Schulz-Nieswandt

Dean of the Faculty of Economics, UOC

Prof. Han van Dissel (2007) Dean, RSM Erasmus University

Prof. Berend Wierenga (2008)

Interim Dean, RSM Erasmus University

Prof. Carlos Losada

Director General, ESADE

Non voting members: François Collin, CEMS European Office; Nicole de Fontaines, CEMS European Office

CEMS Executive Board Peter Bedford

Elisabet Guasch

Carlos Romero Uscanga

Hakan Hallen

Dorte Salskov-Iversen

HSG – Dean of the Faculty of Management

Karl-Olof Hammarkvist

Bodo Schlegelmilch

Magne Borgund (2007) Agata Rundo (2008)

Eero Kasanen

Pierre Semal

Philip Bourke

Sándor Kerekes

Andrea Sironi

Gunnar Christensen

Hana Machková

Rita Soltesz

Ina Classen

David Pappie

Barbara Sporn

Anna Patrono *

Elke Thamm

Nokia - Dr Global Resourcing & Employment

Margarete Roos (2008) *

Nokia – Head of Recruitment & Employer Image

Thomas Bieger

CEMS Student Board – President UCD - Professor NHH - Dean for International Affairs Henkel - Head of Corporate Recruitment

Audrey Clegg *

Wolseley - Head of Leadership Development

Hervé Crès

HEC - Associate Dean

ESADE – CEMS Coordinator representative UBS - Head of HR Recruitment Services SSE - Head of MSc Programme HSE - Rector

Corvinus - Professor VSE - Vice-Rector Int. Relations & PR Shell - Manager Global Attraction & Recruitment Whirpool - Director, Talent Acquisition and Management

Reinhard Petschnigg

Werner Delfmann

UoC - Academic Director International Affairs

Oesterreichische NationalBank Head of Unit - Credit Division -

Kai Ekholm

Piotr Ploszajski

PricewaterhouseCoopers - Eurofirm HR Dr

SGH - Head of Management Department

Carlo Gallucci

Diane Reyniers

ESADE - Executive Director Univ Prog Unit

EGADE - Director Master in Int. Business CBS - Vice-Dean of Education EBF – Academic Editor UCL - Professor UB - Dean for International Affairs Corvinus – CEMS Coordinator representative WUW - Vice Rector for Research, Internatational Affairs & Ext. CEMS Alumni Association – President

Eric Waarts

RSM - Director University Programmes

LSE - Director of IIM

Non voting members: Bernard Ramanantsoa, CEMS Chairman; François Collin, CEMS European Office; Nicole de Fontaines, CEMS European Office

* to be ratified in December 2007

CEMS European Office François Collin

Nicole de Fontaines

Triona Campbell

Stefano Gnes

Andrée Egloff

Mariette Lecroart

Executive Director Network & Communication Manager

22

Alumni Association Coordinator

Secretary General

Corporate Relations Manager Administration

Roland Siegers

CEMS MIM Programme Manager

CEMS MIM

CEMS RDE Committee

Academic Committee

CEMS Academic and Corporate Relations Coordinators

In charge of developing the CEMS MIM curriculum and all academic affairs; groups the Academic Directors.

CEMS Research and Doctoral Education Committee

They organise and advise students, and implement decisions made at Board and Academic Committee levels.

CBS

Sven Junghagen

Peter Lods

R. Barseghian/ E. Dembinska

R.Barseghian / E.Dembinska

CORVINUS

András Nemeslaki

Karoly Balaton

Rita Soltesz

Zsuzsa Krista

ESADE

Josep Franch

Eduard Bonet / Nuria Agell

Caroline Beckershaus

Elisabet Guasch

HEC

E-A Peyrache / J-P Larçon

Tamym Abdessemed

Britta Delhay

Valérie Leroy

HSE

Hannu Seristö

Eero Kasanen/Timo Saarinen

Tiina Airila

Kaija Laitinen

HSG

Jürgen Brücker

Martin Hilb

Jacqueline Küng

B. Hensler / J. Küng

LSE

Diane Reyniers

David de Meza

Julie Fordham

Gary Woodward

NHH

Tor Aase Johannessen

Kjell Gronhaug

Nina Gry Stein

Nina Gry Stein

RSM

Rene Olie

Marno Verbeek

Patricia de Heer

Frieda Franke

SGH

Piotr Ploszajski

Marianna Strzyzewska

Grzegorz Augustyniak

Agata Zuchowska

SSE

Per-Olov Edlund

Deo Sharma

Ch.Bäckman / K.Funato Hallgren

Anna Gyllström

UB

Stefano Caselli

Fulvio Ortu

Sarah Goldman

S. Maffina / R.Raineri

UCD

Jacob Eisenberg

John Geary

Michael McDonnell

Jacq Ashmore

UCL

Pierre Semal

Philippe Chevalier / Manuel Kolp

Nancy Guillaume

Sophie.Neu

UoC

Werner Delfmann / C. Degen

Christi Degen

C. Karl / J. Reusch

Christa Leenen-Poser

VSE

Helena Sedlackova

Helena Sedlackova

Renata Subrtova

Helena Hruzova

WUW

Björn Ambos

Gerhard Fink / Karl Sandner

Susanne Krieber

Isabella Nesterski

CUHK

Annissa Chan

EGADE

Alejandro Ibarra

Melissa Saucude

FGV-EAESP

Ligia Maura Costa

P. Cunha de Mello

GSOM

Anna Berezini

IVEY

Mitch Rothstein

NUS

Ella Strong Natalie Kum

TSINGHUA

Jodie Hong

USYD

Elisabeth Cowley

Joanna Martin

CEMS Student Board and Alumni Association CEMS Student Board

CEMS Student Board Executive Committee

CBS

Andreas Moe Jørgensen/Susanne Evonne van der Lee

Magne Borgund, President 2007

CORVINUS

Andras Vlaszak/Viktor Schmidt

Agata Rundo, President 2008

ESADE

Sabine Schara

Philippe Rajesh Shah, Vice-President / Treasurer 2007

HEC

Cécile Burghard

Abir Puri, Vice-President / Treasurer 2008

HSE

Kirsi Eskelinen/Terhi Sipilä

HSG

Gregor Hasler/ Johannes Heinrich

LSE

Maurice Vakily/Ruediger Kloss

NHH

Magne Borgund/C.Skouge/M-J Sandnes/S. Holmås

Elke Thamm, President

RSM

Pauline Havens

Robert Hackl, Vice-President

SGH

Agata Rundo

Lukasz Pawlowski, Secretary General

SSE

Jessica Thorell/Karin Källman

David Zmrzly, Treasurer

UB

Elisa Scarani/Tetyana Samoylenko

UCD

Abir Puri/Artur Pieczonka/Philippe Rajesh Shah

UCL

Alexandra Van der Beken-Pasteel

UoC

Arian Ceilan Mizani/Tatiana Dubina

VSE

Anna Sterbova

WUW

Konstantin Heiller/Stefanie Stöttinge

FGV-EAESP

Denis Nakagaki

CEMS Alumni Association Executive Committee

The Annual Review is edited at the CEMS European Office Editor: Triona Campbell (triona.campbell@cems.org) Design and layout: G-One Design & Page !mpact Production: a2mph 23

CEMS Students raise 50,000 ¤ for Fight Hunger: Walk the World

CEMS joined forces with the United Nations World Food Programme (WFP) and international courrier TNT to support the 3rd Annual “Fight Hunger: Walk the World”. This global humanitarian initiative aims at raising awareness and funds to eradicate child hunger in the world by 2015.

“Fight Hunger: Walk the World” perfectly corresponds to the CEMS’ philosophy of providing education in order to broaden the range of opportunities in life”, explains Francois Collin, Executive Director of CEMS. On Sunday May 13, 2007 the streets of Vienna, Brussels, Prague, Copenhagen, Helsinki, Cologne, Budapest, Dublin, Rome, Warsaw, Barcelona, Stockholm, Rotterdam and New York City teemed with members of the CEMS community walking together.

For months, CEMS students and alumni worked towards this date to organise diverse public events.

24

CEMS Corporate Partners such as BP, Nestlé, Wolseley, Henkel, L’Oréal, Procter & Gamble, ING Group, Reuters, Novo Nordisk, RBS and Statoil supported the students by providing sponsorship and donations.

Donations raised by the CEMS Community will go directly to the WFP’s hunger elimination and child education programmes. “The fact that all CEMS stakeholders got involved in the project also reflects the strong ties of our community”, explains Alexandra Bachmann and Pauline Havens, who coordinated the students’ activities in Europe.