Executive MBA Feb 2016

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Executive MBA 2016

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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

www.educationpost.com.hk/im-feb16


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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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Feature

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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Feature

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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Feature

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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Feature

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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Focus

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

Contact: Kellogg-HKUST Executive MBA Program HKUST Business School Lee Shau Kee Business Building

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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/


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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

Email

Fee

Duration

www.executiveacademy.at

emba@wu.ac.at

​€ 45,200

15 month​​s

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

Email

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


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