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One Belt One Road issue - Spotlight on Myanmar and its China ties - Global programme rankings update - Special feature: HKUST-Kellogg Executive MBA
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CONTENTS Feature
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Myanmar in the spotlight and its tie with China/ Case study: CityU EMBA students visit Myanmar to look for business opportunities JONATHAN LEUNG AND JOHN LEUNG
Discussion
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How real is the new silk road? VINCENT LI
In the news
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China to help Iran build rail as part of the One Belt One Road’ strategy
Special
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HKUST - Kellogg Executive MBA JOHN CREMER
Ranking
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Global rankings update JOHN CREMER
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Programme Directory
AGENCIES IN TEHRAN
Focus
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Hong Kong banking on a big role in financing China’s One Belt One Road plan LIZ MAK
Executive MBA 2016 is published by Education Post, South China Morning Post Publishers Ltd. All rights reserved.
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Feature
Myanmar in the spotlight and its tie with China Text: Jonathan Leung and John Leung
China has been forced to rethink its strategy towards Myanmar since the latter began its process of democratisation in 2011. Now that Myanmar has opened up to the world, China can no longer use the country as an anchor point for the security of its western border. A new gate to the world has opened up next to China, and the US is marching through it, establishing another operational base as part of its bid to surround China. Linking up with the rest of the world provides Myanmar with more economic and security opportunities, and the vast resources and strategic location that Myanmar offers ensure the international community will engage with it. In December 2013, Japan and Myanmar signed the Japan-Myanmar Investment Agreement, and in April 2014, the US announced it would establish its first commercial office in Myanmar. This follows the establishment of similar offices by the UK and Canada in 2012, after the National League for
Democracy won 43 seats in by-elections in the country. According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investments (FDI) in Myanmar grew by a staggering 90 per cent between 2011 and 2012, according to the International Business Times. China has three objectives in Myanmar: energy procurement and energy security, enabling access to the Indian Ocean, and border trade and the security of its border areas. These three objectives stem from China’s strategy to ensure domestic security. Maintaining energy supply lines is the top priority for China, as Myanmar provides China with access to shipping lanes that do not pass through the bottleneck of the Straits of Malacca. Fundamentally, Myanmar is China’s western bridgehead to the world.
CHINA HAS THREE OBJECTIVES IN MYANMAR: ENERGY PROCUREMENT AND ENERGY SECURITY, ENABLING ACCESS TO THE INDIAN OCEAN, AND BORDER TRADE AND SECURITY OF ITS BORDER AREAS
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According to the Norwegian Peacebuilding Resource Centre, between 2011 and 2012, trade between China and Myanmar reached US$3.6 billion, making China the top trading partner of Myanmar. As of 2011, 40 per cent of Myanmar’s exports were energy and natural gas. These resources play a key role in China’s Western Development project. The west of China has lagged behind China’s eastern coast, which is hurtling towards ever-higher levels of development. As a result, infrastructure is significantly underdeveloped in the western provinces. Energy in the western region is on average 30 per cent more expensive than in the east. The development of China’s western provinces is a top priority for those in charge of its border security agenda, because of the tensions created by the ethnic minorities in the western border provinces. So Myanmar plays a critical role in not only preventing China from being cut off from shipping lanes, but also in its western domestic border security. After the 1988 military crackdown in Myanmar, the state essentially functioned in isolation until the reforms. Although Myanmar joined Asean in 1997, its relationships with other countries, particularly those in the west, were characterised by sanctions. Japan decided to distance itself from Myanmar after the 1988 crackdown, and that led to a decline in investment from what was traditionally its staunchest supporter. As result, after 1989, Myanmar became increasingly dependent on China for trade and military aid. In Myanmar, this relationship was defined by term “Pauphaw” (Blood Brother), and it enabled China to retain Myanmar as an ally in its security calculations. China is certainly Myanmar’s top trading partner. Furthermore, 29 per cent of Myanmar’s FDI comes from China. Officially, China
29 PER CENT OF MYANMAR’S FDI COMES FROM CHINA
has consistently supported Myanmar’s reforms, stating that “China supports Myanmar pursuing a development path that is suited to its national conditions.” But between 2012 and 2013, China drastically cut its investments in Myanmar by US$4.35 billion and US$8.27 billion respectively. The reduction in FDI has not stopped Myanmar stalling discussions about China’s hydroelectric dam projects, such as the Myitsone Dam project in Myanmar, and its flexing of muscles has not pushed Myanmar to break support for Asean’s condemnation of China’s “aggression” in the South China Sea. Myanmar’s reforms give it some leverage over China, which does not want it to develop closer relationships with the US (and its Japanese ally), or India. More hawkish strategists have pushed China to make use of Myanmar’s ethnic tensions, particularly in northern regions such as Kachin State, to find some leverage against the government. There are allegations that China is arming ethnic forces like the United
Aung San Suu Kyi will be the key to Myanmar’s future
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Wa State Army, which Myanmar’s newspapers claim has received funding and training from the Chinese. This strategy, while seemingly running counter to China’s border security, has historical parallels with China’s support of communist group in Myanmar’s northern region until the 1970s. By providing support for these groups, the hawks say, China could maintain control over its border region. Given the military’s declining resolve to directly intervene in ethnic unrest, and the growing civil society under Myanmar’s new reforms, Myanmar’s government does not seem to be a dependable ally in confronting the issue of ethnic unrest. But so far, Beijing does not seem to be embracing this extreme
policy. China’s president, Xi Jinping, has repeatedly emphasised the “brotherhood” that exists between the two states. Exacerbating ethnic tensions would only risk conflict spilling over into China’s own already volatile western border provinces. China has moved towards a strategy of wooing Myanmar. Although frustrated, China recognises Myanmar’s transition from being a state dependent on China to an integral ally of China. But this ally will have many suitors. Beijing has repeatedly pushed the historical ties of peace and cooperation that it has shared with Myanmar, pointing to the Five Principles of Peaceful Coexistence accord it signed with Myanmar and India in 1954. Furthermore, China has acted proactively to resolve ethnic tensions in Myanmar. Arming or supporting ethnic groups is not in China’s interest. But China’s development projects with Myanmar, and the growing influx of Chinese nationals into Myanmar, serve as a catalyst for tension among ethnic groups along Myanmar’s northern border. As such, China has made it a priority to change its image in Myanmar. Building up a positive image of China through media campaigns, and pushing for more restraint by its companies in Myanmar, are two steps toward improving its image. In order for China to succeed in this new balance of power, it must demonstrate that it can provide more benefits to Myanmar than its competitors, particularly the US.
CHINA’S PRESIDENT XI JINPING HAS REPEATEDLY EMPHASISED THE “BROTHERHOOD” THAT EXISTS BETWEEN THE TWO STATES
With the launch of the One Belt One Road initiative, the Chinese government must decide if economic benefits are enough to win over Myanmar. A recent study conducted by the College of Business at City University of Hong Kong, the Hong Kong Myanmar Chamber of Commerce, and the World Green Orgnisation concluded that the people of Myanmar want their traditions and values to be preserved, their environment protected, and their religions and ethnic groups respected. These factors may be even more important than economic growth. So to win hearts and minds, a new business model that can take care of all these factors must be developed.
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Feature SWOT Analysis STRENGTHS
WEAKNESSES
INTERNAL FACTORS • 2013 McKinsey report: • Unstable government. potential US$200 November 8th 2015 Billion + GDP in 2030. elections demonstrated Economy will quadrupolitical progress. Under ple by 2030. Currently 2008 constitution, 25% only contributes 0.2% of of parliamentary seats Asia’s GDP. are reserved for the military. Defence, home • Middle class projected to affairs, and border affairs grow to 19 million from ministry are controlled today’s 2.5 million by by the military. (CFR) 2030. • Seven major ethnic • FDI grew from US$900 groups (Rakhine, Chin, million in 2010 to Kachin, Karen (Kayin), US$2.3 billion in 2013. Karenni (Kayah), Mon Myanmar government and the Shan. Officialreports 2015 FDI rose to ly, 135 national races. US$8 billion. (CFR) Minorities occupy 60% of Myanmar’s land, • Crossroads between primarily in the mounBangladesh, China, tainous northern region India, Laos, Thailand. bordering China and These states represent other border regions. 40% of the world’s population. (McKinsey) • Myanmar’s people mistrust the influence • 10 times the per capita of foreign states on the water endowment of country. A history of India and China. conflict with surrounding neighbours such as China fuels this distrust. • Sean Turnell: estimated US$2 billion annual revenue from drug trade in Myanmar. (NYT)
OPPORTUNITIES
THREATS
EXTERNAL FACTORS • Myanmar is transitioning • Regional and internafrom an agrarian-based tional political interests economy to a manufacin Myanmar create a turing base, and this recomplex operating field quires large investments. in which to roll out inHowever Myanmar’s vestments. Alongside the workforce is estimated to 2011 official reopening operate at 30% of the laof US relations with bour productivity of the Myanmar, the Myistone surrounding Southeast Dam, funded by China, Asian region. (McKinsey) was shut down. • Myanmar has been supported by the international community, which looks forward to partnering with it. • Myanmar plays an important role in the “One Belt, One Road” initiative because its location makes it a critical transportation hub for the Asean region.
• Myanmar’s rich oil and natural gas resources make it of critical geopolitical interest to all powers in the region, and to a lesser extent, internationally. • While “One Belt, One Road” can bring significant economic benefits to Myanmar, it may intrude on the values, culture, and environment of Myanmar, and thereby cause social problems.
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Case study: CityU EMBA students visit Myanmar to look for business opportunities Some businesses are choosing to explore new opportunities in Asean countries rather than China. With this in mind, in 2007, the EMBA programme of City University of Hong Kong (CityU) changed the focus of its residential trip, which initially enabled students to explore businesses opportunities in the mainland. CityU EMBA has since visited Russia, Cambodia, and Singapore, among others, and the team recently went to Myanmar. To prepare for the visit to Myanmar, a team of seven, led by myself and Albert Oung, founding chairman of the Hong Kong Myanmar Chamber of Commerce, interviewed stakeholders, including business leaders, senior government administrators, university rectors, and representatives from the UN to gain an understanding of the future business environment in Myanmar. Li Chan Wing, a famous anchor and an EMBA alumnus, also joined the team to advise on videoing the interviews. First we interviewed Dr David Galipeau, the global chief of the UN Social Enterprise Facility (UNSEF). Galipeau has been working in
Photo: Brent Ng
the Asean region for many years, and is upbeat about the development of Myanmar. He told us that those interested in investing in Myanmar should not just look at the opportunities, but also the potential opportunities. The key to success is to be the first to grasp the potential of different industries in Myanmar, he said. We also interviewed Barbara Meynert, the chair of the UN ESCAP Task Force on Digital Economy, who is familiar with the “One Belt, One Road” initiative. Meynert holds similar views to Galipeau on Myanmar, but noted that the standard and quality of businesses had to be higher than in the past. She also told us that although it is difficult to keep Myanmar green, it’s not impossible. Myanmar must learn how to select the “right” corporations, she said. As a marketing professor, the first things I noticed when I landed in Myanmar were the advertisements at the airport. Most of them still focus on promoting the function of the product, rather than the value and experiences the product can provide. This shows that the Myanmese people are still more concerned about practical issues, and are not looking for intangible benefits.
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When we arrived at our hotel, we noticed a group of old men gathered next to the main entrance. We thought they were playing chess, or some kind of local game, but they were actually playing electronic games on their mobile phones. If you looked at their phones close-up, you could see they were competing with each other. This phenomenon highlights the impact of the rapid development of the internet over the last five years. Instead of staying in Yangon, we went directly to the ancient city of Bagan. This is a must-see for tourists, and is considered to be as culturally valuable as Cambodia’s Angkor Wat. In Bagan, we were invited to meet the chairman of the Bagan Horse Riding School. The first thing he told us was that there had been no horse racing in Bagan for 22 years. It had been banned for that long. The day we visited was the day of the first race since the ban. After that, we asked an influential lawyer who had visited Hong Kong how he would compare the horse racing in Bagan with that in Hong Kong. He said that Hong Kong was under British influence until 1997, but Myanmar became independent from Britain in 1948. So it will take Myanmar a long time to catch up with
INSTEAD OF STAYING IN YANGON, WE WENT DIRECTLY TO THE ANCIENT CITY OF BAGAN. THIS IS A MUST-SEE FOR TOURISTS
Hong Kong in anything. In a sense, Myanmar people still miss the olden days of the British administration.
U Thein Tun, chairman Myanmar Banks Association
Taking pictures at Bagan was a wonderful experience. Not only is there some impressive natural scenery, there are mothers with their babies, hawkers, and other everyday people going about their business. They were all happy to have their pictures taken. People were polite and friendly, and they welcomed foreign visitors. We interviewed Tin Htoo Maung, chief administrator of Bagan city, who used a martial arts competition as an analogy for the relationship between Myanmar and foreign investors. He said that someone must always get hurt during the competition. But every competition is a learning opportunity which leads the competitors to better understand each other. They have to follow the rules of the game, and learning is the key to success. After returning to Yangon from Bagan, we met Dr U Thein Tun, chairman of the Myanmar Banks Association. He’s a powerful business leader who is sometimes known as the Li Ka-shing of Myanmar. We were surprised by the decorations in his office. Though he’s a major business leader involved in joint ventures with renowned brands from the US and Europe, his office was simple and traditional. It showed no trace of having been influenced by western culture. He told us that Myanmar is in need of almost everything. In particular, retail and packaging products are needed. Every glass bottle is currently shipped from Thailand, and there is a limited amount of packaging products in Myanmar. Of course, there are many good opportunities in retail estate development too, as it’s forecast that the domestic market will grow quickly. But he also pointed out that foreign investors do not understand Myanmar’s culture. He emphasised that the people want a green Myanmar, and they want their environment to be protected. They do not want to be ripped off by foreign investors. The government must set rules and regulations to protect the interests of local businesses in the future. We later met U Aye Lwin, the joint secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
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Before the interview started, the secretary had prepared a long list of Myanmar’s needs, as well as the opportunities to be found in the country. He has visited different cities to learn about the “One Belt, One Road” initiative, and believes that it will bring economic benefits to Myanmar. But he told us honestly that he was afraid of “dangerous” business. A strong connection between Myanmar and neighbouring countries may jeopardise the traditional values of Myanmar, and these countries may be involved in smuggling, or other illegal activities, he said. So the most important task of the new government will be to ensure that all businesses operate legally. He also mentioned that education helps to ensure that members of the community do not get involved in illegal activities or businesses. There are 38 universities in Myanmar, but the facilities and the quality of education must be improved to bring them up to an international standard, he said. Finally, we visited the University of Yangon, formerly known as Rangoon University, the oldest and most prestigious university in Myanmar. One of the most well-known alumni of Rangoon University is Aung San, the father of Aung San Suu Kyi. We saw a graduation ceremony while we were there. The ceremony took place in a colonial-style hall. Interestingly, when the students marched into the hall, the orchestra was playing a famous Christian hymn, Come Thou Fount of Every Blessing. We felt that the atmosphere of the whole university was still influenced by the British colonial education system and British culture. The acting rector of the University of Yangon told us that Myanmar was looking forward to connecting with overseas universities. More than 100 Memoranda of Understanding (MOUs) have been signed with overseas universities, and yet none has been executed.
U Aye Lwin, joint secretary the Union of Myanmar Federation of Chambers of Commerce and Industry
The major task is to rebuild the university and restore it to its former glory. Other interviewees said that Myanmar has a lack of skilled labour. Some believe that vocational education is much more important than university education. Even some senior government officials have mentioned that they are looking for resources to upgrade their skills. So online education or Mass Open Online Courses (MOOCs) may be a quick solution to the education challenges of the country. Even though the whole trip only lasted five days, we interviewed more than a dozen influential people in Myanmar. Our overriding impression was that Myanmar is still strongly influenced by British colonial culture. In fact, one interviewee even told us that they feel very comfortable talking to Hong Kong people as we can communicate in English. More importantly, both Myanmar and Hong Kong use common law as a legal base. The people of Myanmar generally welcome foreign investors, but they also want their environment to be protected, their culture and values preserved, and people from ethnic backgrounds and different religions to be respected. The National League for Democracy won the November 2015 election, and is due to take office in March. Everyone is very positive about the new government. They expect it to learn from the example of other countries, and thereby avoid falling into the environmental and social traps arising from economic development. To capitalise on the business opportunities, new business models which can optimise the country’s financial, social, and environmental performance are urgently needed.
From left to right: Li Chan Wing, John Leung, Albert Oung and David Galipeau
John Leung is director of CityU EMBA programme Executive MBA 2016
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Discussion
How real is the new silk road? Text: Vincent Li
“One Belt One Road” has been attracting a lot of excitement, speculation over what it is and what it really covers, and expectations about how far-reaching its impact will be. Indeed, for all the hype and buzz generated, it is worth pondering the question to what extent the catchphrase stands for something real and whether it is just another gimmicky mouthpiece from China’s ruling elites. As an action plan from China’s top economic planning agency, the National Development and Reform Commission (NDRC), outlining key details of the country’s “One Belt, One Road” initiative, it has to be real. More importantly, it clearly follows up on the “Silk Road Economic Belt” and “21st Century Maritime Silk Road” initiatives first introduced by Xi Jinping in the autumn of 2013 during his visits to Kazakhstan and Indonesia, respectively – apparently referring to the land and sea dimensions of the strategy that builds on the heritage of the historic trade link between east and west.
Words from the country’s chairman during his foreign visits must mean real business. In fact, this latest release from NDRC indicates that the initiative has expanded from a network of regional infrastructural projects, as originally intended, to covering the promotion of enhanced policy co-ordination, financial integration, trade liberalisation and social connectivity across the Asian continent – from Xian, in central China, through central Asia, ultimately reaching as far as Moscow, Rotterdam and Venice. It also encompasses an “Information Silk Road” linking regional information and communication technology networks. New regional institutions, notably the Asian Infrastructure Investment Bank (AIIB) and New Silk Road Fund (NSRF), are also designed in part to complement and support the Belt and Road’s development.
INITIATIVES FROM THE CAPITAL ARE HARDLY EVER ALIGNED AT THE LOCAL LEVEL AS PLANNED
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Discussion
So far there is no shortage of media coverage on this seemingly promising topic, with detailed analysis about its potential advantages and risks for China and neighbouring countries, as well as its strategic implications for the US and other major powers. But, perhaps what is missing is an internal assessment about how well-prepared the country is for this grand scheme of a contemporary great leap forward. Anyone who has worked long enough in China can readily appreciate that there are two fundamental questions of internal co-ordination to address. 1. Top-down co-ordination It takes layers of provincial and municipal bureaucracy for central policies from Beijing to reach down to local governments in China. More often than not, initiatives from the capital are hardly ever aligned at the local level as planned. Besides, local agendas may overshadow national interests. For example, land grabbing for commercial development by local governments at the expense of villagers has long been a prime source of local revenue. Also, the growth of shadow banking – to the magnitude of 25 trillion yuan, or about 43 per cent of the country’s GDP in 2013 – arguably resulted from local authorities’ ingenious initiatives for circumventing central monetary control in facilitating investment capital-raising by enterprises. 2. Cross-functional co-ordination According to the World Bank, China ranked 90 out of 189 countries on “ease of doing business’ in 2014. In terms of the specific indicators of “starting a new business” and “dealing with construction permits”, it ranked 128 and 179, respectively. No doubt, the number of authorities and, therefore, bureaucratic procedures involved, as well as the lack of co-ordination between them, are primarily what cause difficulties for enterprises, both private and state-owned. Paradoxically and ironically, the fact that China’s major airports in Beijing and Shanghai are among the world’s poorest in terms of
on-time-performance is testament to the fiasco of a lack of co-ordination. With airspace primarily under military control, in which the Civil Aviation Administration of China has hardly any say – not to mention weather-related air traffic control delays – the potential capacity for aircraft takeoffs and landings on the four runways at Shanghai’s Pudong International Airport – with a fifth still planned – will hardly ever be fully utilised. Throughout the history of the Communist Party’s rule, there has been no shortage of invigorating slogans of various kinds in China. It may take a PhD thesis to trace all “Made in China” slogans and assess their real impact in specific terms. For the grand “One Belt, One Road” scheme to take shape, however, there are two broad conditions that need to be fulfilled.
Vincent Li is CUHK EMBA graduate
Firstly, the right conditions, particularly in terms of policy and incentives, have to be created for entrepreneurial market forces to be released in allocating economic resources and creating value efficiently. However, this is a tall order not just for China, but its partner countries, in realising the grand scheme. Secondly, as the champion of this historic initiative, China needs to clearly illustrate the picture of success beyond what planning documents say. Most importantly, for all the zest and effort to be sustainable in future generations, convincing success stories must start being told in – and remembered beyond – Xi Jinping’s reign. Otherwise, the chances are “One Belt, One Road” will go down in history as just another gimmicky slogan. Although selective stocks – notably China South Locomotive Corporation, China Northern Locomotive, and Rolling Stock Corporation and the like – have had their brief moments of triumph in benefiting from the novelty of “One Belt, One Road” since it was announced, for now, its promising implications for the future are having zero effect in halting the recent A-shares landslide.
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In the news
China to help Iran build rail as part of the One Belt One Road’ strategy By Agencies in Tehran China has agreed to give Iran financial aid to help build the Middle East nation’s high-speed train system as part of Beijing’s One Belt One Road initiative. The agreement, reached as President Xi Jinping wrapped up his tour in Tehran on Saturday, is Beijing’s latest effort to expand its diplomatic presence overseas. Xi said at a joint press conference with his Iranian counterpart Hassan Rowhani that China would cooperate in building a rapid train system between Tehran and Mashhad, and help finance the projects. The two leaders also saw the signing of 17 bilateral agreement documents for cooperation in fields including infrastructure, investment and the environment. The two nations vowed to boost bilateral trade to US$600 billion in the coming decade. Trade between the two countries stood at US$52 billion in 2014, but dropped last year due to plunging oil prices.
Photo: Nora Tam Iranian President Hassan Rowhani and Chinese President Xi Jinping.
China is Iran’s biggest trade partner, and continued buying oil from Iran after nuclear-related sanctions were tightened in 2012, despite US pressure. “China has always stood by the side of the Iranian nation during hard days,” Rowhani said. Xi is the first foreign leader to visit Iran since international sanctions were lifted about a week ago under a nuclear deal reached last summer. China is one of six world powers – alongside the United States, Germany, France, Britain and Russia – that reached a landmark agreement with Iran last summer to lift international sanctions in exchange for Tehran curbing its nuclear programme. Iran’s Supreme Leader Ayatollah Ali Khamenei told Xi that Iran would continue bolstering ties with the East. He praised China’s “independent” stance in global issues, saying it helped deepen strategic ties with Tehran. “Westerners have never obtained the trust of the Iranian nation,” he said. “The government and nation of Iran have always sought expanding relations with independent and trustful countries like China.” State TV quoted Khamenei as saying: “The Islamic Republic will never forget China’s cooperation during the sanctions era.” Xi said China would always be a “reliable cooperative partner” of Iran and that it was ready to deepen bilateral cooperation on “all fronts”, Xinhua reported. China and Iran were “natural partners” in implementing the One Belt One Road, Xi said, adding that Beijing supported a constructive role of Iran in regional affairs and was willing to work closely to facilitate long-term peace and stability in the region. Xi concluded his five-day visit Saturday night, which also took him to Saudi Arabia and Egypt. Kyodo and Associated Press Executive MBA 2016
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Focus
Hong Kong banking on a big role in financing China’s One Belt One Road plan Text: Liz Mak
Hong Kong’s biggest banks and private equity players are moving fast to position their strategies to capture infrastructure financing opportunities that will emerge under China’s ‘Belt and Road’ initiative that is estimated to create a US$8.5 trillion market in the coming decade. “Hong Kong will have an important role to play – not just as an intermediary,” said Laura Cha, chairwoman of the Financial Services Development Council, which expects the initiative to generate US$780 billion of transactions a year. Hong Kong is already the largest foreign direct investment provider for China. Because of its other roles as a centre for equity
Photo: Nora Tam
finance, offshore yuan, risk management and trade settlement, the city aspires to play a “super-connector” role in the “Belt and Road” region that covers two-fifths of the world’s land mass and is host to some 60 per cent of the world’s population. Addressing the ongoing Asian Financial Forum, Yue Yi, vice-chairman and chief executive of Bank of China (Hong Kong), said the bank is already lining up some 50 branches across the region with an initial lending target to generate US$20 billion worth of business. Over the past year, BOCHK has undertaken a wave of mergers and acquisitions with the aim of transforming itself from a Hong Kong local bank to becoming an “ASEAN regional bank”.
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Echoing Yue, Benjamin Hung, regional chief executive for Greater China and North Asia at Standard Chartered Bank (Hong Kong), said StanChart’s branch presence along the Belt and Road zone is already in line to supplement the financing needs. “The Belt and Road strategy is going to have impact of epic proportion,” he said. Gordon French, group general manager and head of global banking and markets at HSBC, estimates China will initially provide some US$240 billion to kick-start the project. If Hong Kong could recycle capital from the savings glut in Hong Kong, China and along the Belt and Road region for the rest, it could be “watershed”. “If it is going to be done, it will be in Hong Kong,” French said. The transactions cannot all be financed by bilateral loans alone and much of it would have to come from the equity and debt capital markets, he said, adding there is a now an extremely strong bond market in Hong Kong for global companies to tap. Chen Shuang, chief executive of China Everbright, said the new institutions built for the plan, such as the Asian Infrastructure Investment Bank and the Silk Road Fund, will play only a limited part in coming up with the money. What the banking industry is focusing on at present is how to involve private capital to finance the projects. China and Hong Kong, said Chen, should look into France’s model of securitising infrastructure projects. “Since its proposal by president Xi Jinping two years ago, the Belt and Road initiative has become a core strategy in China’s opening up and reforms. It is a good strategy for Chinese corporates’ internationalisation, providing infrastructure connectivity to the rest of the region, which is precisely what Asia needs,” said Chen. “Unlike China, Hong Kong has a very well developed secondary market. Over the years, this has allowed Hong Kong to help Chinese corporates raise capital as they have gone global.”
Photo: David Wong
Anthony Leung, former financial secretary and currently group chief executive of Nan Fung Group, said the key question will be how risk can be sliced and priced for investors with varying appetite. “There is just one kind of risks that will be very difficult to absorb – it’s the country risks [along the Belt and Road countries],” Leung said, adding China can to set up an institution on the lines of the Export-Import Bank of China or a dedicated insurance company focused on dealing with country risks, in which China has more experience than Hong Kong.
Laura Cha, chairman of the Financial Services Development Council, believes Hong Kong will have an important role to play, not just as an intermediary, in China’s ‘Belt and Road’ project”.
If China manages to succeed in its Belt and Road initiative, said DBS chief executive Piyush Gupta, “it will be a game changer not unlike what the US did with the Marshall Plan after the second world war”.
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Programme Summary Ranked No. 1 in the world for 6 times in the past 9 years by the Financial Times, the Kellogg-HKUST Executive Master in Business Administration Program capitalizes on the strengths of the Kellogg School of Management and the HKUST Business School. Participants not only learn from top-notch faculty but also from a student body with extremely diverse backgrounds, industries, and nationalities. The program creates a unique and truly exceptional environment, in which top-notch professors from the world’s leading business schools share their insights with an elite group of executive participants. Each year, our seven strategic global locations become home to students who have already proven themselves in their chosen fields of business endeavors. Typically, these participants are looking to be challenged further, and to interact with like-minded individuals from around the globe who share their business ambitions and their appetite for success. Ranking No. 1 in the world for 6 times in the past 9 years No. 2 EMBA program in the world (2015) (Source: 2007 – 2015 EMBA Survey by the Financial Times) Programme Schedule The program starts with one live-in week at HKUST, followed by 10 monthly modules. Each module has 2 consecutive weekends (from Friday afternoons to Sundays). In the course, participants have to take 2 consecutive live-in weeks at the Kellogg campus and a oneweek global elective at one of our sister campuses. Program Commencement January 2017 Mode of Delivery Part-time
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Learn from the best
Students and graduates see the Executive MBA course as key driver of professionalism and career success Text: John Cremer
Starting out on the Kellogg-HKUST Executive MBA program, members of this year’s incoming KH19 class can be sure about a few things. They already know, for example, that for the next 18 months they will be part of an elite group of high-flying professionals representing a diverse range of nationalities, industries and career experience. They know too that worldclass faculty, drawn from two of the world’s premier business schools, plus discussion groups, study weeks and a testing curriculum will give them an indepth understanding of the workings of global business and the skills to be successful leaders. But, if past precedent is anything to go by, as things unfold over the coming weeks and months, they will also be in for quite a few surprises. Some of these may spring from tackling unfamiliar subjects and a whole new range of intellectual challenges. Others may be more personal in nature, resulting from the need to justify opinions, re-
think assumptions, use untapped abilities, and carefully consider the merits of alternative viewpoints or approaches.
Jeff Brunton
Whatever the case, though, all those now embarking on the Kellogg-HKUST Executive MBA do so fully confident it is the right program for them and that, when they graduate, they will be far better equipped to take the next big step up the career ladder. “I undertook extensive research on a number of EMBAs, but this one was always top of my list,” says incoming student Jeffrey Brunton, who works as investment director for global equities and fixed income at AMP Capital in Australia. “What most appealed to me, besides the program’s global outlook and connections, were the courses with a focus on doing business in Asia. And what I most hope to gain is greater commercial acumen, along with a fuller understanding of a range of frameworks relevant for improving strategy, leadership and innovation.” This, he feels sure, will help in his current role. As importantly, though, it will also oblige him to think more deeply about longerterm challenges facing his company and industry, thereby making it possible to contribute more tellingly.
WHAT I MOST HOPE TO GAIN IS GREATER COMMERCIAL ACUMEN
“The make-up of the class means you are automatically gaining knowledge and insights from an extremely diverse group of individuals,” says Brunton, who is based in Sydney but has regular dealings with his firm’s offices in Hong Kong, Beijing and Tokyo. “Learning from them is something I’m particularly looking forward to. My sector is facing disruption from all angles, leading to a reconfiguring around the power of the endsaver, so hearing the perspectives and experiences of classmates in other fields will be a great point of comparison.” To prepare for the rigours of the EMBA, Brunton recently completed a separate course on the foundations of directorship, which included a written assignment and exam. In doing this, a specific aim was to get back up to speed in terms of academic learning and be mentally ready for a more intensive period of study. He also began to read more widely around subjects to be taught in the initial core modules. And he took practical steps to work from one of the Asia offices before or after weekends when classes are scheduled. Executive MBA 2016
36
Special
“I’m realistic; juggling a busy work schedule, family life and classes will be a challenge,” says Brunton, whose employer will partly sponsor tuition fees. “But I intend to plan well and will give myself enough ‘bandwidth’ to excel at my studies. With work trips, I already find myself in Asia many times a year, so I should be able to co-ordinate study commitments in Hong Kong with existing travel requirements.” For fellow student Fatima Tsang, who is based in Hong Kong, travel won’t be such a factor. But as holder of the Kellogg-HKUST Executive MBA women’s scholarship, awarded to female candidates who demonstrate leadership potential and have a track record in increasing gender and viewpoint diversity, she is equally keen to excel in every respect. “In particular, I hope the program will help me to be a better communicator and more creative when it comes to problem solving,” says Tsang, the vice-president for sales operations and solutions, Asia-Pacific Global Cloud Xchange under Flag Telecom Asia. “I’m also looking to get new perspectives, a wider range of management tools, an edge in terms of strategic thinking, and to expand my personal network.” Having completed a first degree more than 10 years ago, Tsang thought long and hard about committing to further education. The clinching factor was finding an EMBA which offers well-rounded coverage and stresses the importance of international competitiveness and forward-looking management principles. Being awarded the scholarship was then the icing on the cake. “I feel this program is the right fit for me,” says Tsang, who sees significant change on the way in the telecoms sector and wants to be as prepared as possible to contend with what is coming. Among the most critical developments is pattern of data consumption, where users need to be connected anytime and anywhere through their mobile devices. Another is the trend to move data on to the cloud, with all that implies for software applications and security solutions. “All this is quite demanding, and since my responsibilities currently include contract negotiations, sales performance reviews, target
Shigeru Nonomura
setting and proposing solutions, it is essential to be up to date with the very latest management thinking and practices.” With much still ahead, Tsang is already especially grateful for two things. The first is the backing of her three children and a husband who has agreed to do double duty to keep everything running smoothly at home. The second is the scholarship which will go a long way to covering tuition costs and, at the same time, makes an important statement. “I think it is great that the program has taken this step to encourage women to continue developing themselves and to invest in supporting future female leaders.” In opting for the Kellogg-HKUST Executive MBA, Shigeru Nonomura regarded location and the expected quality of education as the two most important factors. As managing director and deputy head of rates for the trading department of Nomura Securities, he also wanted the chance to interact with individuals who see the world and approach the challenges of leadership in very different ways. “I have worked at an investment bank my entire career and, therefore, am looking forward to broadening my horizons and understanding more about other businesses and functions,” says Tokyobased Nonomura, who oversees money markets, Japanese government bonds and yen swap trading. “I am really excited about being part of a multicultural learning environment that attracts people from so many backgrounds and disciplines.” To know what to expect in terms of balancing work, study and other commitments, he has taken advice from friends and colleagues about basic logistics and time management. “I am well aware that the EMBA program will be rigorous and demanding,” Nonomura says. “But the investment banking industry has been going through a period of profound change, driven by regulations, the needs of clients and new market structures. Therefore, to be effective in a senior management role, it is critical to keep acquiring new skills and expanding your network.”
Fatima Tsang
(Advertorial)
Taking care of business SEO: HKU Business School’s EMBA has international partners Ambitious executives look for something extra when committing to further education, and the EMBAGlobal Asia is guaranteed to give them just that.
Run by HKU Business School in partnership with London Business School and Columbia Business School in New York, the 20-month programme is built around 12 core courses taught by highly regarded faculty members at the forefront of their disciplines. Uniting the strengths of three leading schools in the world’s top three financial centres also makes it possible to offer an extensive choice of electives, international study projects, and networking opportunities. The course gives students access to influential thinkers on subjects ranging from economics and financial markets, to management theory and the applications of technology. “This differentiates us, and creates a very distinct brand value,” says Dave Evers, admissions and business development director for the EMBA-Global Asia programme at the University of Hong Kong (HKU). “Keeping the cohort size to around 50 allows for more engagement and interaction and the requirement to take block weeks during the first year in London, New York, and Shanghai ensures a genuinely international dimension.” A special emphasis is placed on explaining expectations, and helping students work together effectively from the start. For example, a coach is assigned to each study group to address specific concerns. If necessary, the coach works through difficulties relating to teamwork, cultural differences, and listening to others. In addition, there is a course on executive leadership during the first block week in Hong Kong. The basis for this is the 360-degree self-assessment which every student is asked to do in advance of the programme. Using feedback from colleagues and friends, the intention is to give individuals – and faculty – a clear understanding of strengths, weaknesses, and personality traits to pinpoint what it will take to become a better manager or a more inspiring leader. “Many students realise that time management is going to be an issue, and that can be the biggest challenge once they start the programme,” Evers says. “So we have a dedicated website for admitted candidates, offering useful advice on getting back into a classroom environment. It includes suggested reading and pre-assignments, as well as practical information about things like getting visas.” To prepare for the second year, students receive guidance on electives. There are about 100 to choose from, made available from the various MBA and EMBA programmes offered by each of the three schools. Some students may decide to do a concentration in finance, marketing or entrepreneurship. Others prefer a broader mix
of topics. But in designing their own programmes, all are encouraged to make the most of options to study in additional locations like Dubai, South Africa, and South America. This helps students to appreciate the complexities of global business, allows them to keep ahead of the curve, and encourages them to extend their personal networks. “In the first year, you develop strong links with your class,” Evers says. “After that, you will be in new groups, getting to know people around the world.” The next cohort will begin in Hong Kong in May. Anyone interested in applying can attend an upcoming information session in Central on February 2. Potential applicants can also sit in during select classes in mid-February to get a feel for how everything works, and to talk in detail with current students, faculty members, and administrators. To help gauge an individual’s readiness for the programme, “informational interviews” can be arranged on request. Prospective students can also submit a resume for a quick evaluation, along with general advice on their candidacy. There is a rolling admission process over the coming weeks. So far, over 40 applications have been received for the next intake. “This programme is ideally suited for people based in Asia, as the majority of the core classes take place in Hong Kong,” Evers says. Most teaching sessions run from Wednesdays through Saturdays, so students can plan ahead to balance work and study commitments, and keep employers fully informed. The basic tuition fee of US$160,440 includes five-star hotel accommodation at Cyberport in Hong Kong, and in New York and London. The fee excludes flights and other travel expenses. Judging by previous intakes, a proportion of students are likely to benefit from corporate subsidies. For those who are selffunded, HKU Business School offers a special scheme which requires four payments over the course of two years. In certain circumstances, eligible students can also apply for support from the Hong Kong government’s Continuing Education Fund. “At each of the schools, there are career services to help those looking to transition to a different company or profession,” Evers says. “There are also general seminars and online discussion groups giving advice and ideas on how to move from, say, technology or engineering into other areas. Being able to choose electives which give the basic qualifications can be a big advantage when planning a career switch.” Programme: EMBA-Global Asia Institutes: London Business School, Columbia Business School and The University of Hong Kong Date of Commencement: May 2016 Info Session: February 2, 7-8pm at Mandarin Oriental Hotel Application Deadlines: 15 February 2016 31 March 2016 Course fee: HK$1,251,432 / US$160,440 Tel: 3962 1262 Email: asia@emba-global.com Website: http://www.emba-global.com/asia/
(Advertisement)
40 40
Ranking
Global rankings update Text: John Cremer
Photo: Shutterstock
Leading business schools may play down the importance of academic rankings, but they still await each new listing with bated breath and regard an upward move as due cause for a little self-congratulation. That is currently the case for the Chinese University of Hong Kong (CUHK) Business School which has jumped four places to 26th in the Financial Times global MBA ranking for 2016. This effectively means the programme can be regarded as one of the top four in Asia and among the top three in Greater China. The key criteria used for assessment include the career progress of alumni after obtaining their MBA, percentage increases in salary post-graduation, and the extent to which the programme offers value for money. Consideration is also given to the percentage of women students in the full-time MBA, the number of women on the school’s advisory board, the international mobility of students and alumni, and the research work published by faculty members since January 2013.
“This kind of international recognition motivates us to continue taking bold steps in enhancing our curriculum, advancing excellence in further education and nurturing business leaders for the ‘Asian century’,” says professor Kalok Chan, dean of CUHK Business School, who views the latest ranking as a particularly notable achievement in the year the programme marks its 50th anniversary. “With a world-class curriculum and strong counselling support, our MBA can enhance graduates’ all-round learning, experience and employability.” Professor Michael Ferguson, the school’s associate dean for graduate studies and director of MBA programmes, adds that the ranking is a reflection of efforts to respond to dynamic market needs. “We have continued to introduce new courses including those on entrepreneurship and leadership,” he says. “In doing that, we have also developed a highly effective career advancement and management programme, which is delivered by seasoned HR professionals.” As a point of comparison, top place in this year’s Financial Times global MBA rankings went to INSEAD, which has teaching centres in France, Singapore and Abu Dhabi. Following close behind were Harvard Business School and London Business School, which claimed second and third spots this time around. “The stellar accomplishments of our alumni have helped us to achieve this amazing recognition,” says Ilian Mihov, dean of INSEAD. “Every day they face challenge and seize opportunities that help companies, communities and countries to accelerate their growth and reaffirm that business can be a force for good.” Highlighting a unique triple first, Mihov also noted that the Tsinghua-INSEAD EMBA and the single school INSEAD GEMBA programme have recently been ranked top by the Financial Times in their respective categories. “This historic accomplishment was only made possible by the unwavering spirit of our community and the magnificence support of our faculty, alumni, participants and staff,” says Graham Hastie, INSEAD’s assistant dean of degree programmes. “It also bears testament to a unique ability to attract and develop future global business leaders and to the excellence of our various programmes.”
Executive Inside MBA MBA 2016
42
Programme Directory
School Name
Country
Course Name
WU (Vienna University of Economics and Business)/ University of Minnesota: Carlson
Austria
Global EMBA
Vlerick Business School
Belgium
EMBA
Antwerp Management School
Belgium / Russia
EMBA
Coppead
Brazil
EMBA
Kellogg / York University: Schulich
Canada
Kellogg-Schulich EMBA
Queen's University: Smith
Canada
Queen's EMBA
University of Alberta/University of Calgary: Haskayne
Canada
Alberta / Haskayne EMBA
University of Toronto: Rotman
Canada
Rotman One-Year EMBA
Western University: Ivey
Canada / Hong Kong
Ivey EMBA
Arizona State University: Carey
China
Carey / SNAI EMBA
BI Norwegian Business School/ Fudan University School of Management
China
BI-Fudan MBA
Ceibs
China
Ceibs Global EMBA
Shanghai Jiao Tong University: Antai
China
Antai EMBA
Tongji University/ENPC
China
Shanghai International MBA
Washington University: Olin
China
Washington - Fudan EMBA
CUHK Business School
China / Hong Kong
EMBA
Kellogg / HKUST Business School
China / Hong Kong
Kellogg-HKUST EMBA
University of Hong Kong
China / Hong Kong
HKU-Fudan IMBA
OneMBA
China / Netherlands / US / Brazil / Mexico OneMBA: Xiamen / RSM / UNC / FGV S茫o Paulo / Egade
Tsinghua University / Insead
China / Singapore / UAE / France
Tsinghua-Insead EMBA
Copenhagen Business School
Denmark
CBS EMBA
Aalto University
Finland / S. Korea / Singapore / Poland / Taiwan
Aalto EMBA
EMLyon Business School
France
EMBA
Kedge Business School
France / China
Kedge-SJTU Global MBA
Essec / Mannheim
France / Germany / Singapore
Essec & Mannheim EMBA
Toulouse Business School
France / Morocco
TBS EMBA
Insead
France / Singapore / UAE
Insead Global EMBA
ESCP Europe
France / UK / Germany / Spain / Italy
ESCP Europe EMBA
Trium: HEC Paris / LSE / New York University: Stern
France / UK / US
Trium Global EMBA
Grenoble Graduate School of Business
Georgia / Russia
Part-Time MBA
ESMT - European School of Management and Technology
Germany
ESMT EMBA
Frankfurt School of Finance and Management
Germany
EMBA
HHL Leipzig Graduate School of Management
Germany
Part-Time MBA
Kellogg / WHU Beisheim
Germany
Kellogg-WHU EMBA
University College Dublin: Smurfit
Ireland
Smurfit EMBA
SDA Bocconi
Italy
EMBA
Rotterdam School of Management, Erasmus University
Netherlands
EMBA
Tias Business School
Netherlands
EMBA
BI Norwegian Business School
Norway
BI EMBA
Centrum Cat贸lica
Peru / Colombia
Global MBA
Kozminski University
Poland
EMBA
The Lisbon MBA
Portugal
Lisbon Part-Time MBA
Nanyang Business School
Singapore
Nanyang EMBA
National University of Singapore Business School
Singapore
NUS Asia-Pacific EMBA
Singapore Management University: Lee Kong Chian
Singapore
EMBA
University of Pretoria, Gibs
South Africa
Modular & Part-Time MBA
Korea University Business School
South Korea
EMBA
Yonsei University School of Business
South Korea
EMBA
IE Business School
Spain
Global EMBA
Iese Business School
Spain / US
GEMBA
Stockholm School of Economics
Sweden
SSE MBA
HEC Lausanne
Switzerland
EMBA
IMD
Switzerland
IMD EMBA
University of St Gallen
Switzerland
EMBA HSG
Website
Fee
Duration
www.executiveacademy.at
emba@wu.ac.at
€ 45,200
15 months
www.vlerick.com
info@vlerick.be
€ 38,995
18 months
www.antwerpmanagementschool.be
info@antwerpmanagementschool.be
€ 33,500
24 months
www.coppead.ufrj.br
atendimento@coppead.ufrj.br
-
-
emba.schulich.yorku.ca
emba@schulich.yorku.ca
CDN $120,000
18 months
smith.queensu.ca/mba_programs/index. php
cqemba@queensu.ca
CDN $98,000
16 months
www.haskayne.ucalgary.ca/programs/ emba/Alberta-Haskayne-EMBA
louise.macdonald@haskayne.ucalgary.ca
CDN $64,500
20 months
www.rotman.utoronto.ca/index.html
emba.admissions@rotman.utoronto.ca
CDN $111,000
13 months
www.ivey.ca
info@ivey.ca
CDN $99,000
15 months
wpcarey.asu.edu/mba
wpcareymba@asu.edu
$78,500
21 months
www.fdsm.fudan.edu.cn/en/nwmba/
fdsm@fudan.edu.cn
RMB $298,000
24 months
www.ceibs.edu
emba@ceibs.edu
RMB $608,000
20 months
www.acem.sjtu.edu.cn
iceo@sjtu.edu.cn
-
24 months
simba.tongji.edu.cn/ENPC
adm@simba-tongji.com
RMB $250,000
24 months
www.olin.wustl.edu/prospective/mba.cfm
mba@olin.wustl.edu
RMB $600,000
18 months
www.bschool.cuhk.edu.hk
bafac@cuhk.edu.hk
HK $520,000
24 months
www.bm.ust.hk/emba/
emba@ust.hk
HK $1,250,000
18 months
www.mba.hku.hk
mbaadmissions@hku.hk
RMB $358,000
24 months
www.onemba.org
emba@unc.edu
R $146,850 (Brasil) / USD $60,500 (Mexico) / €60,000 (Netherlands) / USD $112,270 (US)
21 months
tsinghua.insead.edu
tiemba@insead.edu
US $125,000
18 months
www.cbs.dk/emba
mba@cbs.dk
DKK $390,000
26 months
www.aalto.fi/en/
info@aaltoee.fi
€43,800 + VAT
20 months
www.em-lyon.com/english/corporate/ index.aspx
info@em-lyon.com
€ 45,000
20 months
www.kedgebs.com
info@kedgebs.com
RMB $588,000
24 months
www.essec-mannheim.com
ma.emba@essec-mannheim.com
€ 49,500
18 months
www.tbs-education.fr
corinne.faure@esc-toulouse.fr
€ 25,000
24 months
www.insead.edu
communications.fb@insead.edu
SGD 172,000
14 - 17 months
www.escpeurope.eu
info.fr@escpeurope.eu
€ 51,000
18 / 30 months
www.triumemba.org
info@triumemba.org
US $169,500
17 months
www.grenoble-em.com
mary.parrinello@grenoble-em.com
€ 31,300
22 months
www.esmt.org
degrees@esmt.org
€ 57,500
18 months
www.frankfurt-school.de
info@frankfurt-school.de
€ 37,900
18 months
www.hhl.de
info@hhl.de
€ 33,000
24 - 30 months
www.kellogg.whu.edu
emba@whu.edu
€ 79,000
21 months
www.ucd.ie/smurfitschool
mba@ucd.ie
€ 15,350 pa
24 months
www.sdabocconi.it
info.mba@sdabocconi.it
-
21 months
www.rsm.nl
vzaravellas@rsm.nl
€ 47,000
22 months
www.tias.edu
L.vanbokhoven@tias.edu
€ 42,500
24 months
www.bi.edu
info@bi.no
NOK 390,000
18 months
www.centrum.pucp.edu.pe
centruminformes@pucp.edu.pe
S/. 116,800
18 months
www.kozminski.edu.pl
amarciniuk@kozminski.edu.pl
USD 14,400
18 months
www.thelisbonmba.com
info@thelisbonmba.com
€ 25,000
24 months
www.nbs.ntu.edu.sg
nbsmarcom@ntu.edu.sg
SGD 95,000
14 - 30 months
bschool.nus.edu
askbiz@nus.edu.sg
US $112,940
15 months
business.smu.edu.sg
LKCSB@smu.edu.sg
SGD 102,336
12 months
www.gibs.co.za
info@gibs.co.za
US $4 000 - US$ 5 900
14 months
biz2.korea.ac.kr
jangya@korea.ac.kr
-
24 months
mba.yonsei.ac.kr
mbaprogram@yonsei.ac.kr
KRW 52,000,000
24 months
www.ie.edu
admissions@ie.edu
-
15 months
www.iese.edu
mbainfo@iese.edu
€ 99,000
16 months
www.hhs.se
info@hhs.se
SEK 465,000
18 months
www.hec.unil.ch
hec@unil.ch
CHF 34,500
15 months
www.imd.org
info@imd.org
CHF 105,000
15 months
www.unisg.ch
peter.lindstrom@unisg.ch
CHF 67,000
20 months
Executive MBA 2016
44 44
Programme Directory
School Name
Country
Course Name
University of Zurich
Switzerland
Zurich EMBA
National Sun Yat-sen University
Taiwan
EMBA
Koç University Graduate School of Business
Turkey
EMBA
Sabanci University School of Management
Turkey
Sabanci EMBA
Cranfield School of Management
UK
Cranfield EMBA
Henley Business School
UK
Henley EMBA
Imperial College Business School
UK
EMBA
University of Cambridge: Judge
UK
Cambridge EMBA
University of Oxford: Saïd
UK
Oxford EMBA
Warwick Business School
UK
Warwick EMBA
University of Strathclyde Business School
UK / Switzerland / Greece / UAE / Bahrain / Oman
Strathclyde EMBA
City University: Cass
UK / UAE
EMBA
London Business School
UK / UAE
EMBA
University of Bradford School of Management
UK / UAE
EMBA
Columbia Business School
US
EMBA
Cornell University: Johnson
US
Cornell EMBA
Duke University: Fuqua
US
Duke MBA - Global Executive
Emory University: Goizueta
US
Weekend EMBA
Fordham University: Gabelli
US
Fordham EMBA
Georgetown University: McDonough
US
EMBA
Georgia Institute of Technology: Scheller
US
EMBA
Georgia State University: Robinson
US
EMBA
Michigan State University: Broad
US
EMBA
New York University: Stern
US
NYU Stern EMBA
Northwestern University: Kellogg
US
Kellogg EMBA
Rice University: Jones
US
Rice MBA for Executives
Rutgers Business School
US
Rutgers EMBA
SMU: Cox
US
SMU Cox EMBA
Texas A & M University: Mays
US
Texas A&M EMBA
Tulane University: Freeman
US
EMBA
UCLA: Anderson
US
EMBA
University of Georgia: Terry
US
Terry EMBA
University of Maryland: Smith
US
Smith EMBA
University of Michigan: Ross
US
EMBA
University of Pennsylvania: Wharton
US
Wharton MBA for Executives
University of Texas at Austin: McCombs
US
Texas EMBA
University of Utah: Eccles
US
EMBA
University of Washington: Foster
US
EMBA
Vanderbilt University: Owen
US
Vanderbilt EMBA
University of Pittsburgh: Katz
US / Brazil / Czech Republic
EMBA Worldwide
Cornell University: Johnson/Queen's University: Smith
US / Canada
EMBA Americas
UCLA: Anderson / National University of Singapore
US / Singapore
UCLA-NUS EMBA
Georgetown University / Esade Business School
US / Spain
Global EMBA
University of Rochester: Simon
US / Switzerland
EMBA
Columbia / London Business School
US / UK
EMBA-Global Americas and Europe
University of Chicago: Booth
US / UK / Hong Kong
EMBA
University of Washington: Foster
US
EMBA
Vanderbilt University: Owen
US
Vanderbilt EMBA
University of Pittsburgh: Katz
US / Brazil / Czech Republic
EMBA Worldwide
Cornell University: Johnson/Queen's University: Smith
US / Canada
EMBA Americas
UCLA: Anderson / National University of Singapore
US / Singapore
UCLA-NUS EMBA
Georgetown University / Esade Business School
US / Spain
Global EMBA
University of Rochester: Simon
US / Switzerland
EMBA
Columbia / London Business School
US / UK
EMBA-Global Americas and Europe
University of Chicago: Booth
US / UK / China
EMBA
Website
Fee
Duration
www.oec.uzh.ch
deansoffice@oec.uzh.ch
CHF 65,000
-
emba.nsysu.edu.tw
media@cm.nsysu.edu.tw
TWD $60,000 (pa)
-
www.gsb.ku.edu.tr
mba@ku.edu.tr
TL 71,000
13 months
som.sabanciuniv.edu
nozdemir@sabanciuniv.edu
TL 59,000
16 months
www.cranfieldMBA.info
mbaenquiries@cranfield.ac.uk
£ 36,000
24 months
www.henley.ac.uk
mba@henley.ac.uk
£ 21,000 - £23,500
30 months
www.imperial.ac.uk/business-school
business-school@imperial.ac.uk
£ 46,000
23 months
www.jbs.cam.ac.uk
enquiries@jbs.cam.ac.uk
-
20 months
www.sbs.oxford.edu/mba
mba-enquiries@sbs.ox.ac.uk
£ 72,094
21 months
www.wbs.ac.uk
enquiries@wbs.ac.uk
£12,500 (for year one)
36 months
www.strath.ac.uk/business
sbs.admission@strath.ac.uk
-
24 months
www.cass.city.ac.uk
info@city.ac.uk
£ 44,000
24-months
www.london.edu
contactus@london.edu
£ 69,660
20 months
www.brad.ac.uk/acad/management/ external/
management@bradford.ac.uk
£ 19,500
24 months
www8.gsb.columbia.edu
execed@columbia.edu
$189,600
20 months
www.johnson.cornell.edu
emba@cornell.edu
$129,000
17 months
www.fuqua.duke.edu
admissions-info@fuqua.duke.edu
USD 166,000
15 months
www.goizueta.emory.edu
EMBAadmissions@emory.edu
$110,000
21 months
www.bnet.fordham.edu
petit@fordham.edu
$97,500
22 months
msb.georgetown.edu
GeorgetownMBA@georgetown.edu
$131,400
20 months
www.scheller.gatech.edu
mba@mgt.gatech.edu
-
17 months
robinson.gsu.edu
mparis@gsu.edu
$72,500
17 months
www.mba.msu.edu
mba@msu.edu
$69,000
20 months
www.stern.nyu.edu
executive@stern.nyu.edu
$177,800
22 months
www.kellogg.northwestern.edu
mbaadmissions@kellogg.northwestern.edu $93,645
24 months
www.rice.edu
ricemba@rice.edu
$111,000
22 months
business.rutgers.edu
remba@business.rutgers.edu
$92,043
20 months
www.cox.smu.edu/home
mbainfo@cox.smu.edu
$115,575
21 months
mays.tamu.edu
maysmba@tamu.edu
$86,000
24 months
www.freeman.tulane.edu
abfadmit@tulane.edu
$88,000
18 months
www.anderson.ucla.edu
mba.admissions@anderson.ucla.edu
$70,700
24 months
www.terry.uga.edu
terrymba@terry.uga.edu
$81,000
18 months
www.rhsmith.umd.edu
mba_info@rhsmith.umd.edu
$117,900
19 months
www.bus.umich.edu
rossmba@umich.edu
$149,200
21 months
www.wharton.upenn.edu
mba.admissions@wharton.upenn.edu
$186,900
24 months
www.mccombs.utexas.edu
mccombsmba@mccombs.utexas.edu
$110,000
24 months
www.emba.utah.edu
emba@utah.edu
$79,000
21 months
foster.uw.edu
mba@u.washington.edu
$97,500
21 months
www.owen.vanderbilt.edu
mba@owen.vanderbilt.edu
$49,950
24 months
www.business.pitt.edu/katz
mba@katz.pitt.edu
$75,000 (Pittsburgh) / $56,500 (São Paulo) 18 months / $50,500 (Prague)
www.cqemba.com
cqemba@queensu.ca
CDN 113,900
17 months
ucla.nus.edu
ucla@nus.edu.sg
$112,940
15 months
www.globalexecmba.com
globalemba@esade.edu
USD 154,200
14 months
www.simon.rochester.edu
admissions@simon.rochester.edu
$98,200
22 months
www.emba-global.com
embaglobal@london.edu
USD 172,815
20 months
www.chicagobooth.edu
admissions@chicagobooth.edu
£99,000 (Europe) / HKD 1,250,000 (Asia) / 21 months USD 179,000 (North America)
foster.uw.edu
mba@u.washington.edu
US$97,500
21 months
www.owen.vanderbilt.edu
mba@owen.vanderbilt.edu
$49,950
24 months
www.business.pitt.edu/katz
mba@katz.pitt.edu
$75,000 (Pittsburgh) / $56,500 (São Paulo) 18 months / $50,500 (Prague)
www.cqemba.com
cqemba@queensu.ca
CDN 113,900
17 months
ucla.nus.edu
ucla@nus.edu.sg
$112,940
15 months
www.globalexecmba.com
globalemba@esade.edu
USD 154,200
14 months
www.simon.rochester.edu
admissions@simon.rochester.edu
$98,200
22 months
www.emba-global.com
embaglobal@london.edu
USD 172,815
20 months
admissions@chicagobooth.edu
£99,000 (Europe) / HKD 1,250,000 (Asia) / 21 months USD 179,000 (North America)
www.chicagobooth.edu
Reference: Financial Times EMBA
Executive MBA 2016