BUSINESS EDUCATIONFinancial TrainingFINANCIAL TIMES SPECIAL REPORT | Monday June 18 2012

www.ft.com/business­education | twitter.com/ftbuseducation

Inside this issueInvestment managementAsia movesahead incontinuingeducation –self-study isa way oflife Page 2

Profile Haas School ofBusiness Students start tothink about broader socialvalues Page 2

Islamic finance Notions ofstewardship imbue businessethics Page 3

Meetthe DeanRob Dixonof DurhamBusinessSchool ondeveloping

buildings and curriculumsPage 3

Q&A Six female financeprofessors talk about theirbiggest challenges Page 3

Banking Some studentsstill just want to learnhow to make moneyPage 4

FT survey Poll points toemergence of less‘carnivorous’ type ofgraduate Page 4

Ranking and analysisEdhec and Guanghua inpre-experience rankingsPage 5

DiaryMichaelChiu, astudent onthe MScGlobalFinance atNYU Stern and HKUST,describes his experiencesPage 6

The crisis of 2008 and 2009both posed a problemand created an opportu-nity for business schools

and financial training compa-nies.

On the one hand, the top USMBA programmes were casti-gated because they educatedsome of the most powerful peo-ple in the banking industry,blamed for the crisis. On theother, the financial meltdownhighlighted the need for a betterunderstanding of the way mar-kets operate and, by extension,the need for more training.

Against this background, thedemand for training has risen inrecent years.

At the CFA Institute, a US-based professional body thatruns the influential CharteredFinancial Analyst qualification,220,000 would-be analysts willsit examinations this year, up5 per cent on last year.

The biggest growth is in

previously undeveloped mar-kets, such as India and China,says Tom Robinson, managingdirector of education for theCFA Institute.

Scott Rostan, chief executiveof Training the Street, a com-pany that provides financialeducation for Wall Streetemployees and business schoolstudents, sees demand closer tohome too. “At the start of thefinancial crisis, enrolmentdropped off, but in 2010 we sawa noticeable return.”

However, both report that thenumbers in the US have slowedthis year. “Hiring numbers areflat compared with 2011,” saysMr Rostan. “But I will say thatoptimism is better than six tonine months ago.” Mr Robinsonalso reports minimal growth inthe US, but says Europe is stillbuoyant. “One of the things thatsurprised me is that in the UKthe number of candidates is upby 18 per cent.”

While Mr Rostan believes it isthe opportunity for personaldevelopment and education thatattracts students to Training theStreet, Mr Robinson thinks theportable nature of the CFA isimportant, especially in Asia.

“In China and India, there is athirst for credentials. Peoplewant letters after their name,

but also realise that financialinstruments are complicated.”

The CFA now updates its cur-riculum every year to takeaccount of the changing envi-ronment, says Mr Robinson.

At business school the biggestcurriculum changes have beenin ethics courses, which mostschools have made compulsory.

Back in 2009, in reaction tothe crisis, thousands of MBA

graduates across the world, ledby a group at Harvard BusinessSchool, swore to comply withethical business standards andsigned an MBA oath. In the firstthree years of the MBA Oath,6,000 MBAs signed the pledge.But enthusiasm has waned andin the past year only about 1,000more have joined.

Enthusiasm for ethics coursesis also under scrutiny.

Ismail Erturk, senior lecturerin banking at Manchester Busi-ness School, in the UK, says:“Business schools have put inmore courses on ethics andsocial responsibility instead ofbeing critical of the financialtheories of how markets func-tion. We have seen the riseof behavioural finance, but Idon’t think this goes farenough.”

Mr Ertuk believes the answeris to introduce other social sci-ences such as sociology, anthro-pology and politics into the mix.

When a small group of bank-ers work in a group together, allsorts of issues come into playthat have little relation to effi-cient markets theory, he says.

“Sociologists have better tools

Changescome inresponse tocriticismCurriculums are beingupdated more oftenand there is moreemphasis on contextand responsibility,says Della Bradshaw

Continued on Page 2

Illustration:AndyMartin

2 ★ FINANCIAL TIMES MONDAY JUNE 18 2012

Business Education: Financial Training

In Linda Kreitzman’s office atthe University of California,Berkeley, is a leather sofa, apresent from the class of 2008.“They called it the therapist’scouch,” says Ms Kreitzman, theexecutive director of the one-year Masters of FinancialEngineering (MFE) at theuniversity’s Haas School ofBusiness.

Ms Kreitzman has beenmatching financial engineers –or “quants” – with her contactsin investment banks, hedge

funds, insurance companiesand rating agencies since thefirst class in 2001.

A decade ago financialrecruiters needing quantitativeexpertise to programme modelsand develop trading strategieswould have hired physics PhDsand then invested companytime and money training themin finance.

At the suggestion of DavidPyle, professor of banking andfinance at the school, MsKreitzman and John O’Brien,an adjunct professor, launchedthe first MFE course based in abusiness school in March 2001,enabling students to learnabout computational financealongside business andeconomic principles.

Lasting an intense fourterms, the degree includesa 10 to 12-week paid internshipthat begins in October,after three-quarters of the

course work has beencompleted.

Trading desks in banks, thetraditional destination forquants, have lost staff sincethe financial crisis and “quantquake” of 2007 and 2008. Yetthe appetite for quantitativeanalysts remains.

In the 2011 MFE class, 65 of66 graduates secured full-timejobs. “Typically, we’ve placedpeople as traders andstructurers with big bankson Wall Street, but the worldis changing,” says MsKreitzman. “Now we are justas likely to place someone inthe SEC [the US securitiesregulator] in Washington orFacebook in Menlo Park. Theyare looking for the samepeople.

“I’m certain that there willbe a greater need for financialengineers in the future, notless. Risk management,

regulation and automatedtrading are all growthindustries,” she says.

Ms Kreitzman says the MFEfollows industry – professionalfaculty drawn from businessinclude Ron Kahn and MichaelMelvin, from BlackRock, thefund manager, and Jing Zhangand Amnon Levy of Moody’s –but also tries to anticipatechanging needs, reducing thenumber of taught units onderivatives from four to three.

A steering committee ofindustry managing directorsmeets twice a year to discussthe syllabus. “We also askalumni how much of theprogramme they use. Theanswer most of the time is 50per cent.”

Students come from a varietyof backgrounds: some straightfrom first degrees, others havemasters and PhDs. Some havefinancial industry experience,

others none. But Ms Kreitzmantries to ensure they startworking from the momenttheir application is approved.

“There’s no such thing as aslam dunk. Their biographiesmay be impressive, but wealways find something we’llwant them to do before theystart, whether it is readingcorporate finance books ortaking one of our pre-programme courses inmathematics, statistics or C++.So it’s more like a 17-monthcourse, but our objective is toprovide employers withapplicants who can hit theground running.”

While MFE degrees now existin other business schools,including UCLA Anderson,Rutgers Business School inNew Jersey and ImperialCollege in London, MsKreitzman says the internshipis a significant selling point for

Haas, and has helped dispelnotions that a course at liberalBerkeley cannot serve WallStreet. In the class of 2012, 66of 67 students did internshipswith recruiters includingCitigroup, Bank of America,BlackRock, Standard & Poor’sand Moody’s.

B, after the crisis, theprogramme must also adapt toconsider how financialengineering can help the widereconomy.

Prof O’Brien’s financialinnovation course, for example,now encourages students touse their quantitativeknowledge to create productsthat might have broader socialvalue.

This year, five MFE studentsproposed a scheme that wouldaward microloans to ex-convicts looking for a secondchance.

Named “Valjean financing”

after the good-hearted thief ofLes Misérables, the Victor Hugonovel, people would qualify fora Valjean bond after beingevaluated for conduct and theirpotential to repay. Investorscould bid on the interest rates,with the lowest rate winning.

“Being able to apply financialtools to such a cause has beenthe most fruitful experience forme,” says Angelo Caraballo,leader of the project, whobegins a sales and trading roleat Citi in August. “This skillshould be useful in any placeof work.”

This year’s graduates alsodecided to create a scholarshipin memory of a classmate whodied just two weeks beforegraduation.

“It has been very difficult,”says Ms Kreitzman, “buta reminder to [students]that happiness is not just ajob.”

Students start to think about broader social valuesProfileHaas School ofBusinessIan Wylie finds outabout a financialengineering degree

than economists for under-standing these small groupsin banks. Other factorsintervene, such as thepower they want to hold onto, and the higher bonusesthey are going to get.”

For those who do opt fora degree qualification at abusiness school, the tradi-tional route in the US hasbeen through the financetrack of a two-year MBAprogramme.

In Europe, the preferredoption has been a special-ised Masters in Financedegree, a title that cancover a wide range of topicsand styles.

At Essec, a French busi-ness school, for example,which teaches its Master'sdegree in Financial Tech-niques in both France andSingapore, the emphasis ison the technical, saysMichel Baroni, academicdirector of the programme.

“I think there is a realneed for technical financialtraining. I think we are themost technical programmein Singapore.” Most stu-dents come from an engi-neering background. “Ourreputation for training engi-neers in France is spreadingto Asia.”

At the University ofOxford, the approach is dif-ferent. There, the MSc inFinancial Economics istaught jointly by the SaïdBusiness School and theeconomics department andit is, says John Thanas-soulis, the degree director,“like a technical MBA”.

The emphasis on the eco-nomics context is strong,which means, says ProfThanassoulis, that gradu-ates are equipped to under-stand what is happeningwhen the market changes.“They can contextualisefrom day one.”

The programme empha-sises the responsibility offinance as well as the tech-nicalities, he says. “I thinkcourses like this are incredi-bly important to teachabout finance and theresponsibility of those infinance. When things gowrong, it affects real people.When banks fail, it is real

people who are impactedand real businesses that layoff people.”

The economic contextalso forms the backdrop atthe Hong Kong Universityof Science and Technology,(HKUST), which jointlyteaches an executive Masterof Science in GlobalFinance degree for experi-enced professionals withNew York University’sStern School of Business.

Mark Seasholes, a financeprofessor at HKUST, saysmany of those enrolled onthe programme want to fig-ure out the bigger picture.“Many companies wantmore than just the maths.We want to teach studentshow to deal with the prob-lems that are coming up infive years.”

With the increase in certi-fied courses and portablequalifications such asdegrees, one of the prob-lems might be banks’ ownlearning and developmentportfolios, says Jon Terry,global financial services HRpractice leader at PwC, aconsultancy.

A PwC survey of gradu-ates working in financialservices in more than 75countries showed a signifi-cant mismatch betweenwhat graduates expect andwhat employers offer.

The survey of “millenni-als” (those born between1980 and 2000), showed thatpersonal development was asignificant issue, with therequirement for rapidadvancement, constantfeedback and interestingtasks, regardless of wherethe respondents worked.

“There are some very con-sistent messages here. I wassurprised,” says Mr Terry.

If financial services com-panies do not want to losetheir best and brightestrecruits when the job mar-ket picks up, they need tochange the culture now, hewarns, to address both thecommercial needs of thebusiness and the individualdevelopment needs of theemployee.

“They have to do thisexplicitly and implicitly.Everyone has differentaspirations and differentneeds.”

Criticism leads tochanges in coursesContinued from Page 1

T he CFA Institute, aUS-based profes-sional body thatruns the influential

Chartered Financial Ana-lyst examinations, mayboast 110,000 members, butjust 15 per cent of them arein the Asia-Pacific region.

Yet, of the 219,000 bright-eyed hopefuls registeringfor its entry level CFAProgramme this year, some44 per cent hail from there.

The figures are a reveal-ing illustration of the risinginfluence of Asia in theworld of investment man-agement – as in so manyother spheres.

And this increase has notbeen blown off course by aslowdown in regional eco-nomic growth in the wakeof the financial crisis.

Indeed, by some accounts,the economic wobbles mayhave spurred greater

demand for investment-related education.

Nitin Mehta, managingdirector, Emea, for the CFAInstitute, says: “Anecdo-tally, some candidates havesaid to me that – as it ismore challenging to findjobs – having the [CFA]charter will offer an advan-tage.

“And perhaps people havea little more time to studythan they had in the hecticmarkets before the crisis,”he adds.

Indeed, Mr Mehta saysenrolment for the CFA Pro-gramme is up 21 per cent inAsia-Pacific in the pastthree years, trouncinggrowth of 6 per cent inEurope and 1 per cent inthe Americas.

“We haven’t seen anyretrenchment, the momen-tum of growth is still con-tinuing,” he adds.

Mark Konyn, chief execu-tive of Hong Kong-basedCathay Conning Asset Man-agement, believes localemployers learnt from the1997 Asian financial crisis.

Mr Konyn says: “Afterthe Asian crisis, recruit-ment was scaled back sig-

nificantly and hence thetraining of people enteringthe industry was scaledback.

“Afterwards, companiesfound it very difficult tofind talent in a tight labourmarket. Suddenly, the cru-cial skills in asset manage-ment were not available, insales and marketing as wellas the technical skills to bean analyst or fund man-ager.”

Thus, although expendi-ture on training will not beexempt from the budgetcuts of 15-20 per cent that anumber of western-ownedAsian-based investmenthouses are grappling withthis year, employers may bewary of going too far.

But even if investmenthouses did cut to the bone,this would matter less inAsia than probably any-where else, given the burn-ing desire for self improve-ment evident in much ofthe region.

“A strong characteristicof professionals across Asiain many fields is that theynever stop thinking aboutcontinuing education,” saysMr Konyn. “That is particu-

larly strong among supportstaff. They will take it uponthemselves to supplementtheir education with nightschool or part-time courses,often related to their job.

“You pick up the averageCV of someone in the sup-port area of asset manage-ment and they will tend tohave qualifications theyhave gained since endingfull-time education.

“It’s like an old-fashioned

apprenticeship to become afund manager.

“Individual training ishard-wired into the busi-ness culture.”

However, this sense ofdynamism can encourageemployers to backslide ontraining.

A tendency among ambi-

tious, but footloose, employ-ees to flit rapidly from oneemployer to another hasstrengthened this trend.

Mr Mehta has also identi-fied this factor. “Financialsupport for the CFA Pro-gramme is more likely tocome from employers in thewest than is the case inAsia.

“We see more candidatesthat are supporting them-selves in Asia than in otherregions,” he says.

Some fund houses andindustry bodies in theregion are seeking to bol-ster education.

JPMorgan Asset Manage-ment is in the process oflaunching a training acad-emy for its distributors inSingapore, while the Securi-ties Association of China, aself-regulatory organisation,last month flew the seniormanagers of several localfund companies to the UKfor three weeks of training.

Nevertheless, somebelieve that more needs tobe done. Sanjay Matai ofThe Wealth Architects, anIndian independent finan-cial adviser, has called for alevy of 0.1 per cent on

Indian mutual fund assetsto pay for an educationfund for both investors anddistributors.

He believes training inbusiness ethics is essentialfor many of the latter.

“People are looking forshort-term gains. That isnot going to work for thelong-term good of the indus-try,” he says.

From his vantage point,Mr Konyn believes theindustry needs to raisestandards of professional-ism across Asia.

“I think the big playersneed to do more. You havegot to believe that raisingstandards generally is goodfor your company, theindustry in general and forthe consumer,” he says.

“For example, we can doa better job with intern-ships.”

Nevertheless, Mr Mehtaexpects Asia to be theengine of the CFA Insti-tute’s growth for some timeto come.

“Providing that economicgrowth continues as it is,then we expect the presenttrends to continue for awhile at least,” he says.

Asia is ahead in continuing educationInvestmentSelf-improvementis a way of life, saysSteve Johnson

‘A characteristic ofprofessionalsacross Asia is theynever stop thinkingabout education’

Mark Konyn

A CFA exam: of the 219,000 registering for its entry level CFA Programme this year, 44 per cent are from Asia, an illustration of the influence of the region in investment management

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FINANCIAL TIMES MONDAY JUNE 18 2012 ★ 3

Q&A What is the biggest challenge you faced as a woman working in finance?

Kai Li, Financeprofessor atSauder School ofBusiness,University ofBritish Columbia“Performing at thehighest-level as afinance academic, publishing in topjournals and maintaining a commitmentto innovative teaching, means thatsacrifices in other areas of life must bemade. Missing out on importantbirthdays, holidays, and school eventsis not uncommon and I often feelguilty.”

Sophie Manigart,Finance professorat Vlerick LeuvenGent School ofManagement inBelgium“The biggestchallenge has beeninternationalmobility: spending enough time abroadto build a network and increase myinternational credibility. I saw with mymale colleagues that their spouseshappily accompanied them, but myhusband was not keen on quitting hisjob and starting from scratch abroad –hence, I spent one year alone in theUS at Wharton, while married, at atime without Skype and limited internetavailability.

Susan Wachter,professor ofFinancialManagement, TheWharton School,University ofPennsylvania, US“My biggestchallenge has notbeen in the field of finance itself, butrather the difficulties that many of usface in balancing work and family. Ihave dealt with this by marrying theright person, eating lots of take-outand varying the focus of my effortsover time.”

Joëlle Miffre,professor ofFinance at EdhecBusiness School,France“Here at Edhec,the faculty of isdominantly malebut I gather thatmy colleagues would very muchwelcome having more female facultymembers around, should suitablecandidates apply. The main challenge Iface as an academic is thus notgender-related. Rather, it relates to myability constantly to push theboundaries of my understanding offinancial markets. This learningexperience is at times challenging, butalso very stimulating.”

Gulnur Muradoglu,professor ofFinance at CassBusiness School,UK“When I see that amale colleague withsimilar worksuccess or status is given betterresources, I am astonished. I almostnever ever expect this could bebecause he is a man and I am awoman. The biggest challenge to me isaccepting that. How do I cope withthis?”

DraganaCvijanovic,assistant professorof Finance, HECParis, France“Being on thefinance faculty atHEC Paris hasbeen extremely rewarding and so far Ihave not experienced any challengesdifferent from those faced by mymale peers. Hence, I find it a bitsurprising that there are not manyfemale finance faculty, especially giventhat, in general, they are as capable,talented and treated like anyone else.Therefore, I would encourage youngwomen who are contemplating acareer in finance, to give academia aserious thought.”

Business Education: Financial Training

Since the start of the globaleconomic crisis in 2008,financial education hasbeen under increased scru-tiny from those dissectingwhat went wrong. Who,after all, had trained theperpetrators of the crisis?Were the “masters of theuniverse” ever taught aboutethics? And if not, why not?

Training in Islamic fi-nance, which was alreadygaining in popularity pre-crisis, has grown fromstrength to strength, as ithas developed a reputationas a haven of commonsense and relative securityin uncertain times.

At least two of the causesof the crisis – gharar (risk)and gambling – are bannedby sharia (Islamic law).

“Several of the ethicallapses which occurred inthe financial sector are pro-hibited in Islam,” saysOmneya Abdelsalam, thedirector of the El ShaaraniResearch Centre for IslamicBusiness and Finance andthe director of the MSc inIslamic Finance at AstonBusiness School. “[The cri-sis] highlighted the resil-ience of Islamic banks.”

She says that religiousbeliefs, not limited to Islam,can help leaders be moreresponsible in business.

“The belief in God, andthat absolute ownership ofeverything is solely His,brings with it an acute levelof responsibility andaccountability based on thenotion of stewardship,which is equally placed oneach individual, given thatall mankind is believed tobe equal before God.

“Such beliefs have adirect and powerful impacton the way business is con-ducted.”

This “notion of steward-ship” or khalifa, common toall Abrahamic faiths butparticularly central toIslam, overlaps considera-bly with corporate socialresponsibility and transpar-ency, two areas that haveenjoyed a post-crisis boom.

Dr Abdelsalam says khal-ifa manifests itself inIslamic businesses “throughfulfilling social responsibil-ity of the business to thebest of its capabilities,including fair treatment ofemployees, care for theenvironment and custom-ers, and fulfilling the obli-gation towards sharehold-ers and other stakeholders,through wise use of finan-cial resources”.

At Aston, the Masters inIslamic finance encouragesstudents to think about eth-ics in every module, be itaccounting, contract law, orconventional finance mod-ules.

Cedomir Nestorovic, aprofessor of Islamic busi-ness and management atthe Singapore campus ofEssec, a French businessschool, agrees that Islamicfinance courses need toaddress these issues.

He says: “A course aboutIslamic finance should notbe teaching financial tech-niques alone. There must bea part dealing with reli-gious and ethical issues,explaining the rationalebehind the industry.”

Prof Nestorovic adds thatelements such as marketingand management must alsobecome more integral partsof Islamic courses, so thatthey increase their breadth.

One criticism aimed atIslamic finance instrumentsand banks, or Islamicfinance divisions withinconventional banks, is theydo not embrace the spirit ofsharia, but try to find waysround it, in an emulation ofconventional finance.

“There is a trend to con-sider Islamic finance as a‘cosmetic’ industry whereproducts and services areconventional ones with an

Islamic veneer, the onlypurpose to obtain clearancefrom thesharia board,” saysProf Nestorovic.

The danger is that Islamicfinance, in trying to becomemore popular, loses its firmroots in religion and ethics.

Some Islamic scholars,adds Prof Nestorovic, “con-sider that Islam financedoes not exist because riba(interest, banned undersharia) is embedded in con-tracts, even if it is notlabelled as such”.

“There is also a certaindisagreement betweenIslamic countries about thedefinition of a tangibleasset and some accountingprinciples.

“All in all, there is a gapbetween what is taught andrealities for a certainnumber of observers,” saysProf Nestorovic.

Notion of stewardshipimbues business ethicsIslamic financeThere is a risk oflosing touch withreligious roots, saysEmmanuelle Smith

Y ou do not oftensee a deanwearing a hardhelmet and high

visibility vest; a businesssuit, more than likely, butnot a fluorescent uniform.Neither are you likely tofind one on a building site.

However, for Rob Dixonthis is now a regularoccurrence, becauseDurham Business School innorthern England, wherehe is dean, is undergoingan £18m expansion andrefurbishment.

Moving away from theexisting 1970s concrete-heavy design, the newbuilding will have fourlecture theatres, includingone that enablesinteractive learning andhas social meeting places,such as a restaurant andlounge with roof terrace.

Glass will also bedominant, with a glazedentrance and walkwaybetween two courtyards.The use of solar power willmake the building moreenergy-efficient.

It is a move that ProfDixon hopes will put theschool on the internationalmap, allowing it to attract“world class” faculty.

“Next year, we hope tohave 110 academics,making it a more

reasonably sized businessschool,” he says. At themoment there are 93.

This focus on faculty hasbeen a theme of ProfDixon’s since he tookcharge in April 2008.

In particular, he wantsto blur the distinctionbetween departments,hiring faculty fromdisciplines outside financeand have everyone worktogether to create a moreinterdisciplinaryenvironment.

He believes the best wayto do this would be to getall staff together on onesite, which, thanks to thedevelopment started lastmonth – and funded byuniversity and businessschool reserves – will bepossible by August 2013.

Another big challenge,according to the dean, willbe strengthening corporatelinks. He is keen to runmore programmes withKPMG, the consultancy, forexample, where the schoolhas worked hard todevelop a relationship.

He is also proud of theleadership projects thatMBA students can takepart in with smallbusinesses.

There are 32 students inSri Lanka at present,working with low-incomeentrepreneurs. Anotherarea for development isoverseas expansion.

“We have 99 nationalitieson campus this year andmore than 70 per cent ofstaff are non-UK citizens;but we still have norepresentation abroad,” helaments.

But while the search for

more faculty andinterdepartmental co-operation takes place,student intake remainsstrong.

The dean says there hasbeen a huge interest in themasters in financeprogramme – ranked 25 in

this year’s FT table.Numbers for the MBA areup from last year and theschool is also launching amaster’s in marketing.

“We are a school that’sgone through considerablegrowth and we are stillgrowing” he says.

Keen tobuild hisway tosuccessMeet the DeanRob DixonCharlotte Clarkefinds out aboutchanges at DurhamBusiness School

‘We have99 nationalitieson campus but stillno representationabroad’

Rob Dixon: ‘Next year, we hope to have 110 academics’ Bruno Vincent

ContributorsDella BradshawBusiness Education Editor

Laurent OrtmansBusiness EducationStatistician

Adam PalinBusiness EducationResearcher

Charlotte ClarkeBusiness Education Online& Social Media Producer

Emmanuelle SmithBusiness EducationReporter

Steve JohnsonFTFM Deputy Editor

Sara Silver,Ian WylieFT Contributors

Steven BirdDesigner

Andy MearsPicture Editor

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4 ★ FINANCIAL TIMES MONDAY JUNE 18 2012

Business Education: Financial Training

Amid sustained reproachdirected at the financial sec-tor for its part in the eco-nomic crisis, the role oftraining and education hasalso come into focus.

While finance graduateson the whole believe thattheir business schools paidenough attention to socialresponsibility, their view ofthe industry is much more

critical, according to arecent Financial Timessurvey.

A poll* of masters infinance alumni from thegraduating classes of 2008and 2009 was conducted atthe same time as the Mas-ters in Finance Rankings2012.

Some 82 per cent ofrespondents are employedin the financial sector.Unsurprisingly, thesealumni have less negativeviews about the industry’srole in society than thoseworking in other fields, andabout the extent to whichsocial responsibility wasincorporated in their studyprogramme.

Whereas 70 per cent ofalumni working in financeconsider their school placed

enough emphasis on ethics,only 46 per cent of those inother sectors shared thisview.

Although 60 per cent ofsurvey respondents told theFT that the financial sec-tor’s role in society was dis-cussed as part of their for-mal teaching, 25 per centreported that very little orno emphasis was placed onthis subject.

Paul Palmer, associatedean for ethics, sustainabil-ity and engagement at CassBusiness School in London,says that schools have beenforced to respond sincethese alumni graduated atthe onset of the crisis.

“Not only has the fingerof doubt been pointed atbusiness schools”, says ProfPalmer, “they have had to

respond to market forcesdemanding greater focus onethics.”

Among these forces, ProfPalmer notes the introduc-tion of requirements fromprofessional bodies – suchas the UK’s Chartered Insti-tute for Securities andInvestment – that industryemployees should havecompleted and passed ethi-cal components in theirtraining.

John Thanassoulis, direc-tor of the University ofOxford’s Masters in Finan-cial Economics, taughtjointly by the Saïd BusinessSchool and the university’seconomics department,says: “It’s not about tellingfinance students not totake risks, but to increasetheir awareness of the sec-

tor’s social responsibilities.”Mr Thanassoulis cites the

introduction at Oxford of anoption – Financial Crises:Causes and Remedies –taken by about 50 per centof students on the degree –as an example of the refo-cusing of curriculums.

While many schools havetaken steps towardsaddressing perceived short-comings in their focus onethics, the finance industryitself has been unable toshed its reputation forsocial disengagement.When asked if they believethe sector takes its socialresponsibilities seriouslyenough, 67 per cent ofalumni working in financeanswered negatively. Thisfigure was 86 per centamong those employed

in the broader economy.More than one-third of

alumni said increased loansto SMEs and lower execu-tive pay and bonuses wouldhelp the sector demonstratethat it was changing.

The most popular sugges-

tion to make the industryseem more socially respon-sible – advocated by 43 percent of respondents – wasincreased communityengagement.

This comes in spite of thefinancial sector’s large-

scale, and often high-profile, philanthropic activi-ties.

Having graduated at theheight of the crisis, the vastmajority (89 per cent) ofalumni surveyed acknowl-edged the downturn hadforced them to review theircareer expectations.

More than half (54 percent) reviewed their outlook“significantly”. Against theeconomic backdrop of theirgraduation, pre-degreeexpectations were amendedprincipally with respect tochoice of employer, which62 per cent of the surveyedgroup report havingrevised. A majority (53 percent) also report loweringtheir salary expectations.

Prof Palmer is not alonein his assertion that today’s

graduate finance studentshave a much greater aware-ness of the competition andcircumstances that theywill face on completingtheir masters degrees.

Mr Thanassoulis says:“While our students stillsee a career in finance as aroute to wealth and pres-tige, the current crop areless excitable about the pro-fession. Three years ago,the students were muchmore carnivorous!”

*The cohort surveyed inMay 2012 was composed ofpeople who graduated fromMasters in Finance pro-grammes in 2008 and 2009.A total of 298 completed

responses were submitted tothe FT by these alumni, 193of whom graduated in 2009.

Poll points to emergence of less ‘carnivorous’ type of graduateFT surveyAdam Palin teststhe views of thosewho graduated in2008 and 2009 –in the teeth of theeconomic crisis

T he financial crisisshocked businessschools. Many commen-tators said their teach-

ing had influenced banks andinvestors and contributed to thecrisis.

Now, there is a certainamount of soul-searching goingon, with some institutions alter-ing degree programmes toemphasise the importance of thewider economic context and therisks involved in financial engi-neering.

A number of established busi-ness schools have revampedtheir curriculums since thecrash. Some, such as HEC Parisand Rutgers University in NewJersey have added courses inethics and governance to try toaddress the excesses someblame for the downturn.

To make room many schoolshave reduced or eliminatedmanagerial accounting require-ments, which explain how thenumbers are put together.

At the Graduate School ofBusiness of Columbia Univer-sity in New York, Stephen Pen-

man is working with senioradministrators to focus corecourses on fundamentals, urg-ing a return to the principles of“value investing” articulated byBenjamin Graham, an influen-tial former professor.

“Financial models are decep-tively precise, scientific, andlook like something that givesyou a licence to play with mir-rors,” says Prof Penman. “Andyou can’t assume that priceswill behave in the future as theyhave in the past.”

Part of the problem is thatstudents paying some $180,000for an MBA expect to be taughthow to make money. They haveless interest in discussing theambiguity of the assumptionsbehind financial models.

Offering the specialised train-ing that students need to landinvestment banking jobs andeducating them effectively toconnect the dots across disci-plines as varied as operationsmanagement, statistics, andmarketing can be challenging.

“It’s the main gap we see inbusiness schools, and it’s hardto change,” says Trevor Harris,a Columbia professor andformer head of Morgan Stanley’sglobal valuation and accountingteam. “Most faculty membersare not equipped to teach orresearch across disciplines andmany companies are looking forpeople equipped with specialisedtools.”

The demands of employers,such as investment banks, con-tribute to the problem.

“In addition to an MBA, theywant you to have experience intheir industry,” says RebeccaMincy, senior associate directorof Columbia’s alumni careerservices. This trend is unlikelyto change while investmentbanks believe they do not havetime to train new hires andwant them to be useful from dayone.

The University of Cambridgelaunched its Master of Financedegree in September 2008, justas Lehman Brothers was col-lapsing. With opportunities ininvestment banking already dis-appearing, the university’sJudge Business School knew itneeded to do things a bit differ-ently.

Master’s students at theschool study financial history,so they can see the patterns andvariations in boom-and-bustcycles over time.

They also examine financialsystems in other parts of theworld – China, Germany andJapan, for example, – with theaim of a broader view than theUS-centric one of many businessmanagement texts.

The programme also empha-sises the fragility of the founda-tions of finance theory, caution-ing students against blindlyusing risk models. One Judgeprofessor says that as a disci-pline, finance is where medicinewas 500 years ago – if you wentto see a doctor you were just aslikely to be killed as cured.

Today, Cambridge’s degreeattracts many applicants from

middle-income nations such asChina or Brazil who want to goback home to jobs in dynamicand interesting financial institu-tions.

Simon Taylor, the programmedirector, says: “Commercialbanking overexpanded and isshrinking in the west, but in thedeveloping world, it’s expandingand the opportunities are enor-mous.”

While Judge is preparing stu-dents for the wider world, NewJersey’s Stevens Institute ofTechnology is aiming squarelyat Wall Street with its newquantitative finance pro-gramme.

The degree, launched twoyears after the crash, trainsundergraduates in computer sci-ence and quantitative methodsfor algorithmic trading, the

finance and accounting thatunderpin them, as well as thespecifics of regulation, securi-ties law and valuation methods.

Advanced students can go onto create asset bubble detectorsor develop their own credit-rating systems.

The institute is proud of grad-uates, saying their financialknowledge gives them an edgeover Ivy League computer scien-tists competing for jobs at Gold-man Sachs and other top banks.

George Calhoun, the pro-gramme director, says: “Financecarries about twice the weightof manufacturing in the USeconomy, yet we have onlyrecently begun to apply scienceand engineering methods tomanage and control it. It’s allabout understanding how todeal with new forms of risk.”

Changedclimate leadsto revampedcurriculumsBankingSome students stilljust want to learnhow to make money,notes Sara Silver

Judge Business School: after Lehman Brothers went down and opportunities in investment banking disappearing, it knew it needed to do things differently Alamy

Finance is wheremedicine was 500years ago – if youwent to see a doctoryou were just as likelyto be killed as cured

‘Schools have hadto respond todemand for morefocus on ethics’

FINANCIAL TIMES MONDAY JUNE 18 2012 ★ 5

Business Education: Financial TrainingFinancial Times Global Masters in Finance 2012-post-experience programmesThe top Masters in Finance programmes

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1 1 1 London Business School UK Master in Finance 125,481 55 1 3 84 3 84 (100) 22 24 25 84 95 72 1 1 100 12 0 12 - - George Washington University US Master of Science in Finance 71,250 55 4 1 90 2 91 (77) 30 35 12 24 66 2 2 2 98 12 0 23 2 2 University of Illinois at Urbana-Champaign US Master of Science in Finance 63,147 59 3 4 83 4 33 (95) 22 48 25 14 88 2 3 2 99 12 53 34 - - Florida International University: Chapman US Master of Science in Finance 57,000 48 2 2 88 1 31 (63) 33 22 27 56 51 0 4 2 84 12 0 4

Footnotes:*Data in these columns are for information only and are not used in the rankings

Financial Times Global Masters in Finance 2012 - pre-experience programmesThe top 35 Masters in Finance programmes

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1 1 1 HEC Paris France Masters in International Finance 93,680 1 2 92 1 96 (76) 27 26 12 65 57 56 5 10 0 100 8 98 12 2 2 IE Business School Spain Master in Finance 91,262 10 1 94 11 94 (100) 32 9 26 54 91 81 15 17 0 95 10 14 22 3 2 Essec Business School France/Singapore Advanced Master in Financial Techniques 74,249 6 3 90 6 92 (90) 29 14 10 45 33 57 3 3 1 94 12 100 24 4 4 University of Oxford: Saïd UK MSc in Financial Economics 91,213 13 14 91 19 98 (96) 13 51 38 56 96 50 1 27 0 97 9 0 45 12 8 University of St Gallen Switzerland Master of Arts HSG in Banking and Finance 77,703 2 8 94 2 100 (55) 10 28 25 78 47 67 18 9 2 75 18 57 56 - - Edhec Business School France MSc in Finance 58,786 12 15 86 5 89 (88) 34 31 19 52 54 81 6 2 1 94 8 100 67 7 7 ESCP Europe France/UK/Germany/Spain/Italy Advanced Master in Finance 65,062 9 18 87 9 94 (95) 35 26 36 68 25 43 8 7 1 93 11 100 78 - - Peking University: Guanghua China Master of Finance 96,802 3 31 88 3 100 (100) 26 54 3 12 10 67 32 20 1 94 22 91 89 6 8 Grenoble Graduate School of Business France MSc in Finance 56,576 31 12 88 29 92 (75) 40 41 53 43 87 47 7 4 1 79 21 79 9

10 5 8 Warwick Business School UK The Warwick MSc in Finance 72,043 20 6 86 17 88 (49) 35 58 12 60 96 12 19 30 1 97 12 0 1011 18 14 Cranfi eld School of Management UK Masters in Finance and Management 79,612 8 4 85 32 81 (60) 32 29 21 47 97 36 17 30 0 90 11 6 1112 9 10 Skema Business School France MSc Financial Markets and Investments 55,878 14 9 86 31 93 (90) 45 38 27 38 72 50 9 5 1 75 12 100 1213 8 10 Imperial College Business School UK MSc Finance 66,874 27 27 89 10 87 (86) 28 37 44 81 91 56 13 29 0 94 12 16 1314 13 14 HEC Lausanne Switzerland Master of Science in Finance 65,728 7 16 83 18 100 (48) 31 24 20 80 53 30 11 15 0 100 24 65 1415 11 13 City University: Cass UK Masters in Finance 62,258 22 23 89 16 83 (86) 27 50 33 65 91 42 12 21 0 94 12 0 1516 10 13 EM Lyon Business School France Specialised Master in Corporate Finance 57,590 16 7 88 4 85 (100) 30 21 11 51 19 89 25 18 1 98 7 100 1617 14 16 Brandeis University US Master of Arts in International Economics & Finance 69,274 35 21 90 23 62 (87) 39 57 15 39 83 8 2 13 1 90 21 45 1718 15 16 Stockholm School of Economics Sweden/Russia Master of Science in Finance and Accounting 67,812 5 19 90 22 93 (49) 15 18 7 15 51 0 4 16 1 99 22 0 1819 16 18 RSM, Erasmus University Netherlands RSM MSc Finance & Investments 59,680 4 20 85 14 92 (55) 18 28 25 39 70 21 10 14 0 100 12 28 1920 17 18 Eada Spain Master in International Finance 58,993 17 5 89 33 82 (83) 31 36 40 51 84 40 14 19 1 51 10 21 2021 22 22 Kozminski University Poland Master in Finance 52,654 19 11 88 8 87 (85) 31 42 17 25 17 75 33 6 2 88 21 37 2121 29 25 Nova School of Business and Economics Portugal Masters in Science 39,559 23 28 78 7 97 (100) 39 36 22 42 18 22 28 1 2 97 12 59 2123 21 22 Henley Business School UK MSc International Securities, Investment and Banking 61,716 18 10 86 27 94 (94) 40 43 17 36 95 8 20 30 0 77 9 0 2324 19 22 Washington University: Olin US Master of Science in Finance 69,648 29 22 85 13 89 (94) 21 15 14 35 39 0 29 30 0 98 10 0 2425 28 26 Durham Business School UK MSc Finance and Investment 41,388 25 24 85 26 86 (76) 30 58 47 65 94 37 23 25 0 96 12 0 2526 - - Vlerick Leuven Gent Management School Belgium Master in Financial Management 54,764 15 25 81 20 93 (86) 27 22 16 25 32 100 30 11 1 93 10 100 2627 - - Università Bocconi Italy Master of Science in Finance 53,787 32 33 79 12 100 (36) 37 26 5 29 27 37 16 8 2 88 22 100 2728 27 28 Lancaster University Management School UK MSc Finance 43,728 30 26 88 25 78 (63) 29 63 15 40 97 31 21 23 0 91 12 0 2829 23 26 University of Bath School of Management UK MSc in Accounting & Finance 40,909 26 30 84 24 92 (91) 35 84 31 52 99 19 26 30 0 100 12 0 2930 26 28 Tulane University: Freeman US Master of Finance 65,770 34 17 85 21 72 (84) 35 30 9 32 37 26 35 30 0 88 10 0 3031 24 28 University of Strathclyde Business School UK Strathclyde MSc Finance 40,929 21 29 85 15 94 (53) 33 27 33 38 92 33 24 22 0 77 12 9 3132 - - Frankfurt School of Finance and Management Germany Master of Finance 70,673 28 13 78 34 100 (71) 10 32 0 18 23 0 34 12 0 77 24 63 3233 - - Tilburg University Netherlands Master in Finance 49,053 11 32 79 30 82 (77) 14 29 29 51 35 0 31 24 0 97 10 15 3334 - - Nottingham University Business School UK MSc Finance and Investment 30,455 33 34 85 28 91 (85) 35 57 17 48 94 17 27 26 0 85 12 1 3435 30 32 University College Dublin: Smurfi t Ireland MSc Finance 41,730 24 35 82 35 90 (64) 21 32 17 39 59 52 22 28 0 97 12 16 35

Footnotes: *Data in these columns are for information only and are not used in the rankings. Although the headline ranking fi gures show the relative postions of each institution, the pattern of clustering among the schools is equally signifi cant. Some 193 points separate the top programmes, HEC Paris, from the school ranked number 35. The top 7 participants, from HEC to ESCP Europe, form the top group of pre-experience Masters in Finance providers. The second group, headed by Peking University: Guanghua, spans schools ranked from 8 to 23, a range of some 37 points in total. Differences between schools are small within this group. The remaining 12 schools headed by Washington University: Olin make up the third group.

Key to the table Weights in brackets(pre­experience), [post­experience]Salary today US$ (20)[20]: The average alumnisalaries three years aftergraduation, US$ PPPequivalent.Includes alumni salary datafor the current year and thepreceding year, whereavailableSalary increase (n/a) [20]:The average difference inalumni salary betweenbefore the MBA and today.Half of this figure iscalculated from theabsolute salary increase,and half according to thepercentage increase relativeto pre-MBA salary – the“salary percentage increase”figure published in the post-experience tableValue for money rank (5)[3]: Calculated using thesalary earned by alumnitoday, course length, feesand other costs, includingthe opportunity cost of notworking for the duration ofthe Masters programmeCareers rank (10) [7]: Thecareer status of alumnithree years aftergraduation.Progression is measuredaccording to level ofseniority and the size ofcompany in which alumniare employedAims achieved % (5) [3]:The extent to which alumnifulfilled their goals orreasons for doing a Mastersin Finance. This ismeasured as a percentageof total returns for a schoolPlacement success rank(5) [3]: Alumni who usedthe careers service at theirbusiness school were askedto rank its effectiveness intheir job searchEmployed at three months% (5) [3]: Percentage ofthe most recent graduatingclass that were inemployment three monthsafter graduation.The figure in brackets

shows the percentage ofthe class for which theschool was able to provideemployment dataWomen faculty % (3) [3]:Percentage of femalefaculty.For the three gender-relatedcriteria, schools that have50:50 gender compositionreceive the highest scoreWomen students % (3)[3]: Percentage of femalestudentsWoman board % (1) [2]:Percentage of femalemembers of the advisoryboardInternational faculty %(5) [5]: Percentage offaculty whose citizenshipdiffers from their country ofemploymentInternational students %(5) [5]: Percentage ofstudents whose citizenshipdiffers from the country inwhich they are studyingInternational board % (2)[3]: Percentage of theboard whose citizenshipdiffers from the country inwhich the business schoolis basedFaculty with doctorates %(6) [6]: Percentage offaculty with a doctoraldegreeInternational mobility rank(10) [7]: A measure basedon changes in the countryof employment of alumnibetween graduation andtodayInternational courseexperience rank (10) [7]:Weighted average of fourcriteria that measureinternational exposureduring the MastersprogrammeLanguages (5) [n/a]:Number of additionallanguages required ongraduation from theMasters programmeCourse length (months)The length of the Mastersprogramme

T he demand for highlyqualified finance profes-sionals is increasing. Ascompanies seek to navi-

gate the worst of the economicstorm, sound knowledge of finan-cial tools and strong analyticalskills are essential requirements.

This year sees the secondFinancial Time Masters inFinance rankings, compiled usingthe data from business schoolsand from a survey of their alumniwho graduated three years ago.

The rankings include 35 pre-experience programmes for thosewith little or no experience, andfour post-experience programmesfor professionals who wish todevelop their skills further.

In the pre-experience ranking,31 schools are located in Europewith the majority of these in theUK (11) or France (seven). Threeschools from the US and one fromChina complete the rankings.

The post-experience ranking ismade up of one school based inthe UK, and three for the US.

As in 2011, HEC Paris and Lon-don Business School top the rank-ings for pre-experience pro-grammes and post-experience pro-grammes respectively. HEC Pariswas ranked first for value-for-money and placement success. Itfeatures among the top five places

in three other criteria. LondonBusiness School tops the rankingfor value-for-money, internationalmobility and international course.

A number of entrants feature inboth rankings, notably, EdhecBusiness School in France andthe Guanghua School of Manage-ment at Peking University enterthe pre-experience ranking for thefirst time in sixth and eighth posi-tion respectively.

George Washington Universityand the Chapman GraduateSchool of Business at FloridaInternational University maketheir entry in the post-experienceranking in second and fourthplace respectively.

IE Business School in Spain isranked second in the pre-experi-ence ranking, the same place asin 2011. It is ranked first forcareer progress. On the otherhand, only 9 per cent of its stu-dents are women, the lowest per-centage in the ranking.

IE shares the second place withEssec Business School fromFrance, which gained one placefrom the 2011 ranking.

Brandeis University is the high-est ranked school from the US, atnumber 17 in the pre-experienceranking. It comes second for inter-national mobility and sixth foraims achieved. However, with 62per cent, it has the lowest rate ofemployment three months aftergraduation.

Peking University is the onlyschool from China that features.It is ranked third for value-for-money and placement success andhas a 100 per cent employmentrate three months after gradua-tion. However, it has the lowest

international diversity rate forfaculty and students.

Based on purchasing power par-ity rates used to convert all sala-ries into US dollars, students fromPeking University also com-manded the highest average

annual salary at $96,800 threeyears after graduation, narrowlyrelegating the students from HECParis to the second highest.

The student survey showed thatmore than 95 per cent of its grad-uates work in finance in China.

Some 1,200 students who

attended programmes at the 35schools in the pre-experienceranking completed the FT survey.

The results provide usefulinsights on the profile of the aver-age student: he is male and eitherFrench or Chinese.

When starting the course, he is24 years old and has been workingin finance for a year, most likelyin accounting or investmentbanking, mergers and acquisi-tions as a graduate trainee with asalary of about €20,000.

Three years after graduation, heis likely to work in London ininvestment banking, mergers andacquisitions as a junior profes-sional with a salary of £50,000.

Looking beyond averages, thedata shows significant differencesfor students’ mobility. For exam-ple, 60 per cent of students inFrench schools were from France,but only 9 per cent of students inUK schools were British.

And only 9 per cent of overseasstudents who studied in Franceremained there in employment

compared with 27 per centof those who studied in the UK.

More than half who studiedoverseas returned to their homecountry after graduating andmore than 80 per cent of themstill work there three years later.

Just over half of students whostudied overseas chose the UKand more than 40 per cent of grad-uates who work overseas are inthe UK. This is hardly surprising,considering about 900 foreign-owned groups operate in the UKfinancial industry, according to areport by IMAS in January 2012.

Nonetheless, only 3 per cent ofthe students who completed thesurvey are from the UK. Thiscompares with 13 per cent fromboth China and France. Culturaldifferences between these coun-tries may explain this gap.

Students in the UK typicallystudy humanities, whereas inChina and France universityeducation emphasises mathemat-ics – the latter being better suitedto financial techniques.

Edhec andGuanghua inpre-experiencerankingsMasters in FinancePeking’s graduatesachieve the highestaverage salary, writesLaurent Ortmans

Source: FT research

Class of 2009

Distribution of those studying overseasHalf of students surveyed studied abroad

UK

Distribution of those working overseasThree years after graduation, a third of all alumni work overseas

UK

France

Netherlands

Switzerland

US

Other

International DiversityPercentage of non-international students

UK US France China

9

5160

Average salary three years after graduationBy seniority ($’000)

Graduate trainee

Junior manager/professional

Senior manager/executive

Department head and above

50

63

68

81

298 180

4134

2621

120

90

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40

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France

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US

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$58,700Average female salary three yearsafter graduation

$63,300Average male salary three yearsafter graduation

6 ★ FINANCIAL TIMES MONDAY JUNE 18 2012

Business Education: Financial Training

I am on assignment inHong Kong working in theoffice of MetLife’s Asiachief financial officer, andhad previously worked atthe company’s New Yorkheadquarters.

As a student in themaster of science in GlobalFinance programme,offered by NYU Stern andHKUST, I have been givena great opportunity tobroaden my experience,apply what I learn fromthe programme, find waysto add value, and continueto develop my career.

I am approaching my 10year mark at MetLife, andam reflecting back on myexperience in financialroles supporting the chiefexecutive and CFO andbusiness, management,sales, and marketinggroups, across the Property& Casualty division, USBusiness-IndividualBusiness Marketing, andInternational StrategicPlanning and GrowthStrategies.

I applied to the MSc inGlobal Finance because Ibelieve it is a great way tobolster my qualifications,enrich my knowledge baseand financial acumen,launch my careerdevelopment in a newtrajectory, and continue tohelp MetLife achieveprofitable growth globally.

I also wanted to improvemy knowledge of Chineseand enhance my overallcultural awareness bygaining work experience inAsia and returning to myroots in Hong Kong, whereI lived before moving tothe US.

Our class of 2011-2012will graduate in November.We are interested in thedevelopment of China’scapital markets, macroeconomics trends,demographic shifts and the

labour force, bankingreform, risk management,and venture capital.

We just finished ourBeijing study module atTsinghua University, thetop school in China, whichI thought was a veryvaluable addition to theoverall programme, as itgave us a comprehensiveoverview with intriguinginsights into variousaspects of the country.

Many of us are interestedin learning more aboutChina and its growingimportance in both Asiaand the world, which is anew frontier for a majorityof the class.

Recent developments inthe global markets havemade it clear that today’smarkets are truly globallyconnected; no country orregion is immune fromevents unfolding thousandsof miles away.

The hot topics rangefrom the ever evolvingEU/euro crisis which seemsto worsen by the day, theslow recovery in the UScompounded by the recentlosses driven by roguetraders at banks such as

JPMorgan Chase, thedeveloping situation in theMiddle East and the nextphase of reforms ignited bythe Arab Springmovements.

One of the biggest hopesis for China and the otherBric countries to maintainstrong growth to offset thedecline and slowdown ofthe developed world.

However, one of thebiggest fears is a slowdown

in China’s economicgrowth driven by both adrop in external demandbecause of the globalrecession and the turmoilin EU countries.

In addition, domesticissues, ranging from civilunrest, a growing incomegap, how quickly andadequately the RMB will

be internationalised andcome to rival the role ofthe US dollar and the euroas a reserve currency.

Also, as China’s growthslows, there will be morefocus on its economicdevelopment. In particular,the world will look at ashift to domestic growthand consumption, evolvingmarket reforms,uncovering problemshidden under the boomingeconomy, and the shiftfrom industries driven bymanual labour to morereliance on technology andservices.

Because of my interest inChina, two favouritesegments in the recentBeijing study module werethe company visit withNing Tang, chief executiveof CreditEase, a businessthat is experiencing stronggrowth in microfinancelending and otherinnovative financialproducts, and the industryspeaker session withChen Peitao, head ofstrategy, mergers andacquisitions, and investorrelations at ICBC, theChinese bank.

The programme officealso planned a networkingevent in the trendyneighbourhood of San LiTun, where we had achance to interact withHKUST alumni based inBeijing.

I was able to makefurther use of my time inBeijing by establishing apersonal connection withthe students of TsinghuaUniversity and alsoconnecting with friendsthere who are in thecurrent International MBAprogramme.

Throughout my Chinavisit, I was able to try outthe idea of guan xi, orbuilding relationships.

One highlight of the visitfor me was to be a touristmarvelling at the wondersthat Beijing and Chinahave to offer.

I recommend the BeijingChinese Ethnic CulturePark. It was an experienceto see and interact withChina’s more than 50minority ethnic groups.

As I return to HongKong after the Beijingmodule, I feel I have learnt

academically from classesat Tsinghua, professionallyfrom meeting with mycompany’s executives inthe MetLife China office,and personally by makingnew friends.

The MSc in GlobalFinance programme has

been a tremendousexperience, giving me atruly global world viewand adding to my focusand passion for Asia andChina, allowing me to feelthe pulse of the livelyAsian market and tofurther my aspiration of

working on everycontinent and to travel theworld.

Michael Chiu is a studenton the MSc Global Financeoffered by NYU Stern andHKUST. He will graduatein November 2012.

A great opportunity tobroaden my experienceDiaryMICHAEL CHIU

Michael Chiu: ‘Many of us are interested in learning more about China and its growing importance’

‘Today’s marketsare global. Nocountry or region isimmune fromevents thousandsof miles away’

On ft.com/business­educationAsk the experts Q&AOn Wednesday June 20,between 14.00 and 15.00BST, a panel of experts willanswer your questions aboutstudying for a masters infinance degree. Send youquestions to ask@ft.com andthey will be answered then

Interactive rankingUse the FT’s interactivetables, charting tools andmaps to select the bestmasters for you

Interactive graphicTeaching finance isincreasingly popular withwomen. Find out more aboutthe top female faculty

SoapboxesIn two comment features,finance professors fromEsade in Spain and LeedsUniversity in the UK look atthe challenges facingbusiness schools followingthe financial crisis of 2008

Deans graphicScroll through this graphicof the deans of the topbusiness and finance schools

More features• Della Bradshaw visits theVlerick Leuven Gent school• Sara Silver finds out aboutaccountancy early warnings• Adam Palin explains theranking methodology