DEAN’S REPORT
ACADEMIC YEAR IN REVIEW 2018/19
I sincerely felt that through my years as Dean I served to support this spirited community to become what it could be: a business school leading from Asia.
Bernard Yeung Stephen Riady Distinguished Professor Dean, NUS Business School 2008 - 2019
PASSING THE BATON It has been 11 blessed years since I took on the role of Dean of NUS Business School. Thank you for your support. In 2008, recognising the rise of Asia and that a good business school can contribute to its further development, I moved from New York to join NUS. I was drawn to NUS Business School because of its motivated community – faculty, staff, students and alumni – and the University’s strong leadership.
MEET THE NEW DEAN, ANDREW K. ROSE Page 2
I vividly remember during my interview in August of the previous year when a faculty member told me, “we are ready and just need stability in the Dean’s office.” That advice I followed.
TRANSFORMATIVE ASIAN RESEARCH Page 3
The then Provost, now NUS President, Prof Tan Eng Chye, advised me to show strong commitment. That advice I also followed.
COLLABORATION ACROSS BOUNDARIES
Our first chairman of the School’s Management Advisory Board, Mr S. Dhanabalan, advised me to emphasize strong values, hire good people and pay attention to technological advances which would impact our teaching and research. That I followed as well.
GROOMING FUTURE-READY LEADERS
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Shortly after I became Dean, a retreat of leading faculty and staff recommended strategic actions on research, teaching and administration.
ALUMNI TRAILBLAZERS
Together we followed and implemented all the sound advice and built on the solid foundation laid by previous Deans, faculty, staff and alumni. We identified our vision, mission, and values, engaging one another in seeking the right thing to do in serving our stakeholders.
PAYING IT FORWARD
Fast forward 11 years and NUS Business School is now clearly leading from Asia. We have benefited from Singapore’s growth and the University’s incredible progress to becoming the best university in Asia.
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• LAUNCHPAD FOR SUCCESS 2018 - 2019 • BY THE NUMBERS • AMONG THE WORLD’S BEST Page 10
Cont’d on page 2
VISION
MISSION
VALUES
To be the leading business school in Asia, globally recognised for excellence in education and research
To advance knowledge and develop leaders so as to serve business and society
Excellence, Care, Innovation, Integrity, Teamwork
Passing the Baton, cont’d from page 1
to attract a growing cohort of C-suite executives.
Together our community has achieved much, but here are some memorable highlights:
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Our research is now frequently featured in top academic journals, gaining the attention of industry, governments and media in Singapore and beyond.
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Our partnerships with industry have led to expanded opportunities for student learning, internships and research development.
Thanks to the community’s good work, NUS Business School today attracts top-notch students and faculty, serving as a platform for a vibrant learning community brought together by a common purpose to build a better future.
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We have raised the local content in our teaching, introduced relevant new degrees, transformed our existing curricula and enhanced our Executive Education programs
MEET THE NEW DEAN, ANDREW K. ROSE
Our graduates are now sought-after hires and recognised as innovative and entrepreneurial leaders.
Yet the world is undergoing very rapid changes. To continue leading in this time of transformation requires new leadership.
class scholar, an articulate leader, and a caring advocate for education. He is always thoroughly informed, has penetrating insights and is able to make impeccable decisions in steering us to serve the community. Under his leadership, and with your continued support, NUS Business School will rise to become a globally leading business school, providing transformative education for future leaders and producing knowledge that influences academia, business and society. It has been a blessing working with you. I cherish the friendships I have made and all that I have learned in my time as Dean. It is a great joy knowing that I am passing NUS Business School into Andy’s most capable hands.
In this role we are fortunate to have Professor Andy Rose as our next Dean. I have known Andy since 1981 – he is a worldMy son is only 19 years old and can only remember one year when we didn’t spend at least a fortnight in Singapore. I’ve visited a number of institutions here as a visiting scholar, but my closest ties are with NUS which I’ve been visiting regularly for over a decade. My colleagues here have always been friendly and welcoming, and Singapore is an easy place to be both productive and happy. It’s hard to beat the combination!
on issues related to the trade of goods, services and capital, particularly at the macroeconomic level. With much of the West turning more inward and protectionist, this is actually a source of some distress for me. Brexit, Trump’s protectionism, and attitudes towards immigrants in Europe and America make me value Singapore’s openness even more. What do you think are the biggest challenges facing business schools today?
What are your priorities in your first year as Dean?
Andrew K. Rose Distinguished Professor Dean, NUS Business School
Professor Andrew Rose started as Dean of NUS Business School in June, 2019, joining us from the Haas Business School at the University of California, Berkeley. What has been your connection with Singapore and NUS prior to becoming Dean?
My predecessor, Bernie Yeung, did a great job in leading the School for over a decade and I’m honored to follow him. Bernie provided stability, dynamism and thoughtful leadership during a period of considerable challenge and I plan to execute his vision of leading from Asia. Since Bernie left the School in good shape, my priorities are tactical rather than strategic. We’ll be spending time trying to improve the lives of assistant and educator track faculty and on strengthening the Accounting Department, whose faculty are key to the success of any serious business school. Since NUS is a major research university, I’m also focused on ways that we can improve the production and dissemination of our faculty’s research. What are your research interests?
I made my first trip to Singapore in 1987 and was immediately impressed; I’ve been coming back pretty regularly ever since. 2
As an international economist my research mostly focuses
At least three massive issues seem likely to affect us all in the next decades. Climate change has the potential to transform every facet of life and is progressing at a frightening pace; it is a serious risk to us all, but will be an opportunity for some. The pace of technological change is accelerating, and business leaders will need the skills to handle massive disruption. Finally, sweeping demographic changes as societies age will lead to inter-generational issues that have never been experienced before. These are all challenges where academic research and insight will be of great value to society. It makes me proud to be a part of a great research establishment like NUS at a period of such turmoil and potential.
TRANSFORMATIVE ASIAN RESEARCH At NUS Business School, our research aims to impact and influence leadership and policy development in both the private and public sectors. As Asia increases in political and economic prominence, the School has positioned itself as a leading institution that makes use of local data to explain the region’s phenomena and concepts. Over the past year, our faculty have published more papers in top-tier journals that leverage regional data, and partaken in cross-disciplinary projects on productivity and innovation. Our research centres have established strategic partnerships with corporate, academic and nongovernmental organisations to work on a number of initiatives. These range from advancing the Asian corporate board agenda, to social innovation and impact measurement, as well as helping the United Nations Development Programme take steps towards achieving Sustainable Development Goals. Our work is also frequently covered in national and international media, bringing our thought leadership to business and society at large.
The 5th Asian Monetary Policy Forum brought together central bankers, academics and private sector analysts to share their perspectives on pressing monetary policy issues in Asia
The Enhancing Productivity of Innovations Across Cultures for Singapore (EPICS) programme is an inter-disciplinary project that aims to foster innovation, productivity and enhance the international impact of Singaporean businesses. Studies will evolve around how national culture influences innovation processes and outcomes at various levels. Funded by a grant by the Social Sciences Research Council, the research covers topics ranging from consumer psychology to business strategy and leadership.
Michael Frese Provost’s Chair Professor Management and Organisation
Leonard Lee Dean’s Chair Associate Professor Marketing
Song Zhaoli Associate Professor Management and Organisation
Ishtiaq Pasha Mahmood Professor Strategy and Policy
Marleen Dieleman Associate Professor Strategy and Policy
NUS Business School faculty team behind the EPICS programme.
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COLLABORATION ACROSS BOUNDARIES The School collaborates with academic, corporate and government institutions and individuals bringing new business perspectives, exchange opportunities and ideas to our faculty and students. In the past year, we have continued to expand the range of overseas exchange options and enhanced our curriculum to offer industry-relevant qualifications. Thought leaders and entrepreneurs, some of whom are our alumni, have visited the School to share their insights on the state of business and the economy as well as their experiences. Our faculty also played a leading role in shaping the conversations around topics such as monetary policy, diversity in the workplace and digital finance.
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1 The 10th Wee Cho Yaw Singapore-China Finance and Banking Forum focused on digital transformation of the finance industry. 2 NUS MBAs were among students invited to a town hall dialogue Canada and Asia in a Changing World with Canadian PM Justin Trudeau. 3 NUS Business School partnered with the Institute of Chartered Accountants in England and Wales to offer students access to their qualifications and development opportunities.
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7 4 A forum organised by the China Business Centre discussed regional opportunities from China’s Belt and Road initiative. 5 Organised by the Asia Centre for Social Entrepreneurship & Philanthropy (ACSEP), the inaugural Social Impact Measurement Workshop offered training to social enterprises and government agencies to improve the way they measure the impact of their social programmes. 6 The Center for Governance, Institutions and Organisations (CGIO) saw leaders from Singapore and Europe to discuss challenges in the areas of technology and culture fit at (Hot Topics for Global Boards). 7 Hosted by the Centre for Asset Management Research and Investments (CAMRI), the 6th Influential Women in Banking & Investments Forum, discussed effective leadership in the financial sector. 8 For the Asian Business Series, Hans P. Vriens, former US Head of Red Bull, shared his tips on successful entrepreneurship. 9 The Think Business/TODAY Forum brought together alumni from a range of industries to debate the hard truths of being an entrepreneur. 10 To further grow international learning opportunities, the School signed an MOU with Tilburg University to offer an undergraduate exchange programme.
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GROOMING FUTURE-READY LEADERS As our graduates enter a global workforce, having international experience will be a crucial advantage. To prepare students for career success we aim to bridge theory and practice, while developing their curiosity and business acumen. A wide range of initiatives such as university exchange programmes, NUS Overseas Colleges, overseas internships and company visits provide our students with a global perspective on the business world. Experiential programmes including Field Service Projects and Management Practicums place our students with corporate partners to apply their skills to solving real world business challenges. In Academic Year 2018-19, we worked with some 183 corporate partners on 222 projects across 39 industries. Over 900 students participated in career preparation and training workshops hosted in collaboration with industry partners. In recognition of the quality of our educational programmes, in 2018, the School was accredited by the Association to Advance Collegiate Schools of Business (AACSB) and the European Quality Improvement System (EQUIS) for another five years. 6
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1 The BBA Field Service Project offers undergraduates an out of classroom learning experience by partnering with companies in the region. 2 Students from the NUS MBA travelled to London as part of the Global Immersion Programme, meeting top leaders from firms including Google, Bloomberg and GlaxoSmithKline. 3 Our Executive Education team developed a customised leadership programme for Indonesia’s Ministry of Energy and Mineral Resources, focusing on strategy and tactics to improve people management. 4 A negotiation workshop led by Henkel Singapore gave MSc Management and CEMS students the opportunity to sharpen their skills and gain advice from the firm’s Singapore president. 5 The UCLA-NUS EMBA participants were hosted by Singapore Airlines to learn about their services management strategies and training regime. 6 A group of 45 NUS EMBA participants met senior executives from Amazon Web Services in Japan to gain insights into their organisational leadership and culture. 7 A collaboration between SAP and The NUS MBA Women in Business Club, the Women in Data Science Conference featured speakers from Airbnb, SAP and GIC. 8 BBA students visited the Singapore office of cosmetics brand Innisfree to learn about their marketing and visual merchandising strategies. 9 The NUS Executive MBA Chinese team won two awards in the annual 112km Gobi Desert Challenge in northern China. 10 The School welcomed the inaugural cohort of the MSc in Finance Programme in October 2018. 11 Our undergraduate team Swift Associates won the NUS-BOC Case Competition beating students from 20 schools with their proposal for creative e-payment solutions. 12 The NUS EMBA networking dinner in Shanghai brought together alumni, faculty and over 100 EMBA participants to share insights about doing business in Asia.
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ALUMNI TRAILBLAZERS Our 40,000-plus alumni are our ambassadors in the business world and society. They personify the School’s strong sense of community, pursuit of excellence, commitment to innovation, leadership and care.
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Many have also come back to serve the School community as mentors and visiting speakers. Through their organisations, they are also offering internships and job opportunities for our students. In 2018, we recognised the exceptional achievements of 12 distinguished alumni at the bi-annual Eminent Business Alumni Awards. Their achievements in fields ranging from finance to social enterprises to logistics, bring great pride and honour to NUS Business School. Continuing to support our alumni’s quest for lifelong learning, we launched a series of short courses with SkillsFuture Singapore to help them upskill and to thrive in the midst of disruption.
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1 The NUS MBA Mentorship lunch gave MBAs the opportunity to meet alumni to discuss professional development paths, challenges and opportunities. 2 Our first “Spec-Dating” event saw alumni meet BBA students to give rapid-fire career guidance. 3 Eight influential and passionate alumni ambassadors were nominated for their graduating class of 2019 at the NUS Class Ambassadors Investiture. 4 The Eminent Business Alumni Awards 2018 recognised alumni who have made significant contributions to business and society. Dr Vivian Balakrishnan, Minister for Foreign Affairs and Minister-in-charge of the Smart Nation Initiative, was guest of honour. 5 The School set up the Southwest China Alumni Network, its fourth network in China with over 100 members.
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PAYING IT FORWARD For more than 50 years, the culture of care in our community is exemplified by what we do. In 2019, the NUS Bizad Charity Run, our flagship annual fundraising event, raised a record $250,000 towards student bursaries and scholarships, as well as the Cerebral Palsy Alliance Singapore. On top of this, support from our generous donors allowed us to offer 100 scholarships and more than 380 bursaries and awards, exceeding $1.37 million in value.
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Gifts from donors also contributed to nine chaired professorships that attract world-class academics, developing the School into a thought leadership powerhouse through highimpact teaching and research. The longest running of these professorships is the Jardine Cycle & Carriage Professorship in Business Administration. It was established in 1983 to mark the firm’s 85th anniversary of operations in South East Asia. This year, as the company celebrates its 120th anniversary, the Professorship continues to support Professor Duan Jin-Chuan and his work in credit risk and financial time series.
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1 A highlight of the School calendar since 2011, this year’s Bizad Charity Run saw more than 1,500 participants take part. 2 Founded in 1985, the MBA Alumni-NUS association brings together top corporate, industry, government and academic leaders to support the student community. Recently, the organisation raised $46,000 to help financially needy students to go on exchange. 3 Mr Ow Tai Zhi (seated, second from left), one of many generous donors who attended the annual Undergraduate Scholarship and Bursary Awards dinner. 4 The Tang Peng Yeu Professorship in Accountancy and Finance was established in 1994 by the family of the late, a community leader. Here Professor Allaudeen Hameed (left), current holder of the professorship, speaks at a lecture on investor behaviour in financial markets.
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LAUNCHPAD FOR SUCCESS 2018 - 2019
BY THE NUMBERS
GRADUATE EMPLOYMENT BY INDUSTRY*
NUS Business School’s Career Services Office prepares our students for the challenges and opportunities in the workplace of the future.
155,000+ LOGINS
2800
COMPANIES
12,000+
STUDENT PARTICIPATION
13,000+
OPPORTUNITIES OFFERED
Connecting students and employers with NUS BIZ Symplicity careers portal
31% 40%
Internships and jobs
10%
4%
4%
7% 37%
15% 18% 64%
8% 6%
Connections with new and established companies Recruitment events, career training sessions and workshops
2% 3% 3%
7%
8%
33%
BBA Accountancy
BBA
MBA
Finance
Accounting
Technology
Technology
Finance
Consulting
FMCG
Government
Healthcare
Government
Healthcare
Financial Services
Consulting
FMCG & Insurance
Others
Others
Consumer Goods, Manufacturing & Real Estate Others
* Ranked by top five industries
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AMONG THE WORLD’S BEST
1st
QS World University Rankings NUS (Globally) 2019
OUR LATEST RANKINGS
7th
Forbes Best foreign 2 - Year Business School 2019
13th 3rd
QS World University Rankings by Subjects Business & Management Studies (Globally) 2019
QS Global EMBA Ranking Executive MBA Asia-Pacific 2019
17th 6th
Financial Times Rankings Financial Times Global MBA Rankings (Globally) 2019
QS Global EMBA Ranking Executive MBA Rankings Join EMBA Program (UCLA - NUS EMBA) 2019
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NUS BUSINESS SCHOOL
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financialgrooms sector. recent graduates to address the substantial The MSc in Finance programme • Delivered intensively over 14 changes in the regulatory and institutional environments faced by the financial sector. months Our curriculum leverages self-directed and
• • • •
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LEARNING OUTCOMES: • • •
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WHO SHOULD ATTEND? Portfolio managers, analysts, and risk managers with three to five years of experience.
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