Top 100 MBA Ranking: what do they mean anymore?

The Top FT Global MBA 2014 rankings are out and Harvard tops the list, followed by the perennial cast of characters: Stanford, London Business School, Wharton, and Columbia. And, just a week ago The Economist ran a story, "Build it and they will come," documenting the excesses of top MBA programmes. Here's an except:

"Business school students are a pampered bunch. Scholars sipping a glass of red in the posh rooftop bar of Oxford’s Saïd Business School could be forgiven for thinking they had wandered into the nearby Randolph Hotel by mistake. Stanford students can view an impressive modern-art collection housed in its own museum. Harvard Business School MBAs can book a masseuse to relieve the stress of a hard day slaving over case studies.

Life for the next generation of business students is to get even cushier. In the past few years the leading schools have been raising vast amounts to spend on new facilities. On January 9th Yale’s School of Management formally opened its swanky new home, designed by Foster + Partners, Norman Foster’s architecture practice. The Kellogg School of Management in Illinois will soon start work on a new headquarters for its MBA programme on the shores of Lake Michigan, at a cost of $200m. Stanford’s business school spent $345m on its new campus, largely thanks to the largesse of Phil Knight, the founder of Nike.

The biggest project, at least in terms of cost, is under way in New York. Columbia Business School is within touching distance of raising the $600m it needs to complete a new campus in West Harlem. From Cambridge, MA, to Cambridge, UK, an arms race is under way to provide MBAs with the plushest place to study."

Questions arise about how these investments enhance the quality of education MBA students receive; the (perhaps distorted) expectations of graduates from these programs; whether these graduates make good colleagues; and what it takes to rank in the top 100.

The lasting influences of FT and Economist Top MBA rankings may be that they have turned graduate management education into big business in which scale (size) and "name" matter more than the individual; produced far too many "me too" programmes that mimic the top 100, but with fewer resources and more mediocre results; and distracted educators from delivering a transformational experience to students.

The Financial Times ran another article, "The Future of European MBA's," predicting the retrenchment (failure) of many MBA programmes and a return to relevance and rigor.  So, how do we reconcile the mixed messages from ranking organizations and how much weight should we give to these summary statistics of questionable validity?

The Otago MBA management team made the decision long ago to design a fully-integrated

programme that delivers best value to our students and not compete head-to-head

with large scale "name" programmes.

David

The 540 Professional Consulting Engagement: Melissa Barry

The Product-Market Fit

Melissa Barry is another outstanding student from our MBA 37 class, a talented and accomplished

individual who has earned the respect and admiration of our entire Otago MBA family.

Melissa came into our Otago MBA with a PhD in neuroscience and little experience in business: she learned quickly and won our David S Wright Memorial Prize for the highest level of academic improvement in the 2013 class.  Now, she has selected a global high-tech 540 client, an industry-leading company well-aligned with her background in medial sciences, as well as her career ambition of working in a business strategy / market analysis position for a technology systems company. 

Melissa's background in science has placed her in an advantageous position to perform well in her 540 consulting engagement: she possesses refined conceptual reasoning and writing abilities.  Melissa submitted an acceptable project proposal in the first draft (an uncommon accomplishment) and her project included complexities which deserve discussion here.

As Melissa quickly identified, this project is a product-market analysis (the two central concepts of her project), with both the product and market requiring precise definitions based on her data analyses.  The complexities arise owing to the nature of the company and market. For instance, the product deals with the cutting edge of science and science ultimately wins. So, the needs and desires of customers may not fully matter, if science says that the future of the market (and product) requires her client to move in a particular direction: i.e, remaining on the cutting edge of knowledge. 

The client's strategy will also influence the direction they go with this product.  Melissa's client is positioned as the top-of-the-line, technological leader in the industry and will need to offer the best product available regardless of whether it fits all customers.  The company's commitment to customer service may play an important role in bridging the gap between "what the client's product can do" and what less intellectually advanced customers are prepared to do. Other customers may not be able to financially keep up and thereby not constitute a viable market for Melissa's client. 

This last issue raises questions about what a market rollout of the product should look like. While, an initial definition of the intended geographic market may emphasize size and profitability, Melissa will need to assess whether all markets are equal.  Some geographic markets may be easier to penetrate than others based on factors that make them more receptive, progressive or influential in driving future sales. 

This point raises questions pertaining to Melissa's methods and particularly the data used in her analyses: she may not be able to rely solely on data from the within the client's organization (i.e., data that capture the current situation).  If the project involves forecasting trends, then Melissa will need to gather interview data from industry experts (or thought leaders) concerning projected trends in the client's science technology, as well as the attractiveness of target markets.

I would like to emphasize that Melissa Barry is off to a fantastic start with her 540 Professional Consulting Engagement. Her experience in our programme (repositioning her career) and her 540 project (well aligned with her career interests) may represent the ideal model we aspire to deliver to our students. My comments here are simply intended to provoke all of our students' thinking about the kinds of complex business problems we routinely address in the 540 experience.

Cheers,

David

The 540 Professional Consulting Engagement: Update 22/01 & Questions

It is my intention to offer periodic updates on our students' 540 projects, so everyone feels motivated to continue to make progress.  Nevertheless, I cannot help but start with a "feel good" item.

Praise for Silvia Scherer: comments from Tim Loftus

"One of the great benefits of participating in the Otago MBA was the exceptional people in the program. I had the great pleasure of working with Silvia in my syndicate and developing a meaningful lifelong friendship in the process. Silvia's leadership skill and emotional intelligence were incredible assets to our group work and to the overall atmosphere in our classroom. Silvia's extensive international experiences and unique perspective on management added a necessary dimension to the educational experience at Otago.

I am thankful for having had the opportunity to work with a professional like Silvia and I am honoured to call her a dear friend.  Silvia is a wonderful person and her friendship was a highlight of my MBA."

Status report:

James Nation has an approved project proposal, as well as a supervisor (Jodyanne Kirkwood - entrepreneurship), Confidentiality Agreement (CA) and Human Ethics Application.

Ryf Quail submitted an excellent first draft of his proposal and will easily receive approval with minor revisions.  Ryf will be working with Richard Higham.

Melissa Barry has identified a terrific client, well aligned with her career ambitions, and has an exceptionally well-written proposal, including a professional Gantt chart for managing her work.

Mal Sirisekara will be working with one of the top consulting houses in Auckland on a corporate strategy project involving the assessment and valuation of takeover targets.  He is writing his proposal.

Jarrod Kreft has locked in a high profile, multinational sports apparel and accessories client and is drafting his proposal.  We have identified an ideal supervisor for Jarrod's project.

Questions:

Mal asked the question:  What is the procedure in finalizing the supervisor? Does the MBA contact them or are we supposed to talk to them? 

It is the Academic Leader's (my) responsibility, in conjunction with our MBA team and project panel, to select an appropriate supervisor for each project.  We're in a position to evaluate the needs of all students and determine best fit with the available resources (faculty) in the Otago School of Business.  Our selection of the faculty supervisor will depend on the project scope, relevant business discipline and methods/analyses.  You should not approach faculty without coordinating with me.

Melissa Barry asked:  Does the Human Ethics Application need to be sent in with the proposal?

No.  Melissa, a PhD in Neuroscience, is all over the Human Ethics Application owing to her background in medicine.  Most of our projects will require a Human Ethics Application because we encourage you to use multiple forms of data: hard and soft.  For instance, whenever possible you should interview industry experts to validate your work and expand your professional network.  

The University requires us to devote honest effort to this process, but the innocuous nature of our projects means that we get a rubber stamp approval.  The real benefit to our students is in structuring a credible research instrument (survey or interview schedule), so you get the data you need for your analyses.

Cheers,

David 

Deadline Approaching

Deadline

Have you ever considered the question, "What are the worst decisions I make in life?"

Well, here are three. 

Top on my list are decisions made by default: the decision to do nothing is a choice and we make this choice day after day through life.  In fact, the decision to do nothing (and allow opportunities to pass us by) may too often define our course through life.

The second worst decisions may be to commit in part, but not fully, to a course of action.  Doesn't the old adage hold: if something is worth doing, it's worth doing well?  Think about almost any major decision you make in life (e.g., getting in shape, starting a business, getting married or pursuing your career) and consider, when does a halfhearted commitment to a course of action make sense?

The third worst decisions are those based on fear.  I may be mistaken in characterizing fear-based decisions as third worst because (it would seem) fear explains why we fail to choose (default choices) or refuse to fully commit to a course of action.  It's too scary.  You will regret these decisions most in life: "I didn't have the courage to try."

We are rapidly approaching a deadline for international students to join our Otago MBA

programme.  Only ten weeks remain before the start of our 2014 Phase One

courses in April.  You must act soon to complete our application process

and acquire a NZ visa in time for orientation.

This may be the most heartfelt advice I've offered on the blog.  If want to apply but haven't, get it done. If you've committed to our part-time (3 to 5 year) programme, consider the benefits of attending full-time and completing your coursework in 9 months.   I'll make this promise, once you are in our programme, we will devote every effort possible to make your Otago MBA education successful and one of the most enriching experiences of your life.

Apply now!

David

The 540 Professional Consulting Engagement: the Proposal

To current and future students:  A common scenario plays out in the 540 experience.  Our student meets with the client and is bombarded with overwhelming immediate, context-specific information, enough to make his or her head spin. It is the student's job to bring this information back and allow us to help structure a suitable project. We abstract away from the immediate and irrelevant data to ask, “What kind of problem is this?” We separate the noise (e.g., opinion and situational details) from a credible understanding of the problem and solutions.

Then, our students (you) work with the Academic Leader to structure a two-page formal project proposal consistent with our standard template, available from me.  The proposal constitutes an informal contract between you and the Otago MBA concerning the 540 requirements for graduation: this is an internal document only and not for circulation to the client.

The proposal also represents a very important working document intended to remove the grey and confusing mess of a complex business situation and add clarity. The proposal should provide sufficient structure to allow you to work efficiently in collecting data and completing your analyses. We do not want you to grope your way through the project.

Your proposal will contain the following: information about you, client profile, current challenge, your project (description, purpose, objectives, scope of work, and methods), schedule of deliverables, start and finish dates, as well as contact information for your client.

• Client profile: Offer a short (two or three sentence) profile of the client, emphasizing information required to understand the challenge this company or non-profit agency faces: create a context. 

• Current challenge: Briefly describe the complex business problem, a challenge, this company faces (e.g., increased competition, lagging performance or untapped market – the reason for your project.

• Academic frame: Capture the challenge in an appropriate business frame (e.g., marketing, finance, economics, operations, strategy, sustainability or international business) that informs your methods and analyses (e.g., right data, collection methods and data analyse). 

• Any 540 project focuses on business concepts. Some concepts delimit the project scope (this product or those competitors), while other concepts are defined by your analyses. You need to clearly identify the concepts of focus for your analyses.

• Project description: You next describe the project scope, purpose and objectives for your analyses.

• Define the project scope based on concepts: limited to this market (countries), performance (financial), operations (supply chain) or other concepts / delimiters that enable you to focus your work.  The purpose defines the intended benefit to your client and objectives describe the specific questions addressed.

• Methods: Every project requires the student to collect and analyse data. You should include hard data whenever possible and may conduct content analyses (i.e., of annual reports), a survey (i.e., questionnaire data) or interviews with key constituents or industry experts.

• Clearly describe (1) the data; (2) how you will collect data; (3) specific research tool – an interview instrument; (4) sources of data; and (5) how you will analyse the data.

At this point, you should have a well-honed grasp of the work required to complete your 540 project with minimal wasted effort.  Please ask if you have any questions.  

Future students: Few opportunities exist in your professional career to perform on a big stage,

with the spotlight on you and the backing of professionals who will help you look good.

This is your chance to advance your career or make a transition to a new career.

Express your interest now.

David

See also: Conceptual Reasoning and Mentored Consulting Engagement.

The 540 Professional Consulting Engagement: Confidentiality

Confidentiality

To our future students: I'll offer assistance to individual students (by name) and we will discuss projects at a conceptual level.  We cannot, however, include client / company names or sensitive details pertaining to any of the projects, for the following reasons.

Our 540 consulting engagements frequently focus on highly confidential, business critical challenges and require our students to gain access to proprietary information.  In these situations, the client may request a Confidentiality Agreement (CA) be signed by all parties with access to the data or information.  Our office uses a standard CA for the majority of our clients: a copy of this form can be obtained by our students from the Academic Leader (me).  

With this CA in place, we are obligated to protect the client's interests, including securely holding the final 540 project report for up to five years, with no or limited access.

To our current students: 

We will discuss expectations for performance, our processes, the proposal, report structure and the nature of your work at a conceptual level.  Here's an example.  James is working with a high-tech client who has enjoyed a technological advantage, but competitors are beginning to catch up.  His project can be framed as an analysis of strategy and structure.  Strategy in this case is defined as the company's position in the technology landscape (among competitors), with the relevant target markets defining the scope of analyses. Structure is defined as the development of the company's professional administrative structures / processes, since the founder may want to explore exit strategies in the next five years.

James, feel free to share details or ask questions through comments to this post.  I'll proof any comments prior to approval, so we don't share too much.

David

Back to Work: the 540 professional consulting engagement

Queenstown - Lake Wakatipu

The holiday's over and it's time to get back to work.  You may have surmised from previous posts that our 2013 Phase One coursework has ended and our MBA 37 students are either completing Phase Two electives through an Int'l exchange (e.g., at Duke and UNC) or starting their 540 consulting engagement. Most students will enhance their marketability with both an Int'l exchange and project, but they have some flexibility about the timing of these endeavors.

It is my intention to allow future students to "peek inside the Otago MBA," so we (our students and I) plan to open up our discussion of current projects to you. You can listen in and direct questions to me. This format for discussion has two benefits for us: 1) I do not need to repeat explanations N times; and 2) our students can learn from each other. Students face the challenge of completing the 540 project away from Dunedin and separate from their MBA support network: something we can address here.  For you, our future students, this is what you need to know up front:

Preparation for the BUSI 540 project begins the moment the student walks through our front door.  The Otago MBA programme is designed as an integrated educational experience from orientation to 540 business project, with core courses introducing students to relevant academic disciplines, business analyses and quantitative methods; and professional development activities affording opportunities to clarify career ambitions, hone professional skills and build a network. 

The formal project process begins with a conversation between you and the Academic Leader (me) about your career ambitions: “What do you want to do with your career?” and “Where do you want to go?” 

We then work with you to identify a suitable client and project aligned with your career interests and with an appropriate intellectual challenge.

It is your responsibility to find a sponsor (your contact) in a corporate or nonprofit client (oftentimes with our assistance), gain an understanding of the client’s operation, and map a well-defined challenge this organization faces.

Please be aware, the client does not define the project. Clients are oftentimes confused (why they need our help), define the project in terms of a solution, and lack the ability to capture the work in an appropriate academic frame.

You will need to think through the challenge (i.e., a complex business problem), ask a lot of questions and push back on your client to steer the project in an appropriate direction. We (our MBA team and professional educators) assist in this process.

Most of our MBA 37 students have identified a client and are currently drafting a proposal for their project.  You should now have a suitable frame for grasping the conversations that will occur under a common title: The 540 Professional Consulting Engagement. 

 Cheers,

David

Milford Sound

Please enjoy the photos of Milford Sound taken during a Real Journeys Nature Cruise,

in order: Mitre Peak, Fishing boat approaching waterfall, Fog through

trees, and Inside a waterfall

Cheers,

David

Queenstown Holiday

Sorry for the interruption in blog posts: my family and I are enjoying a week-long

holiday in Queenstown.  Enjoy the photos.

Cheers,

David

Questions? New functionality!

This blog exists (in part) to answer questions about our Otago MBA programme: how we
select candidates and professional educators, why we rely on shared inquiry in the classroom, how
we promote conceptual reasoning, the unique value we provide, and how our projects
help you secure a job after graduation.

It is not possible for me to anticipate all of the questions you may have, so I added a search
function to help you find answers, as well as a contact form to direct questions to me.

Please don't hesitate to ask about our programme, life in Dunedin or

the logistics of relocating to New Zealand.

David

How we select MBA candidates: part two

Otago MBA - Advancing your Career in the Global Economy

I previously described our ideal MBA candidate (see selection) as well-grounded ≡ a person who is settled, consistent and comfortable with him or herself as a person.  This person should possess a solid base of work experience; demonstrate maturity and character; possess (somewhat) clearly articulated career ambitions; and move with self-direction and conviction to achieve those ambitions.  This candidate must possess the capacity for conceptual reasoning to perform well in our Otago MBA Programme.

Here, I'll describe how our selection process works and how you can

"ace" the interview process.  We want you to succeed.

Click on Register your Interest to complete an online form that allows us to determine whether you satisfy our entrance criteria: we ask for basic contact and demographic data, as well as information about your education and work experience.  This data goes to Susan Steer, our admissions manager and a really nice Brit, who drinks tea and somehow empties her email inbox before leaving work each night.

If you satisfy our entrance criteria, Susan will call you within a few days to discuss the programme and answer any questions you may have about us.

The Application Process:

Following your initial discussion with Susan, we will ask you to send us your Curriculum Vitae (CV), which we will review and then we will invite you to join us in an interview, most likely through Skype.  

We ask you to make a five-minute (maximum) presentation on a topic of your choice.  Here's a key insight: we want to evaluate your conceptual reasoning abilities, so don't stress out about the topic.  Choose a subject of interest to you, define key terms (e.g., see well-grounded above) and construct a logical argument with support, such as examples and references.  

Here's an example.  I might choose to discuss photograph, defined as an art form used to capture images of people, landscapes and still-life compositions.  Then I could explain that the objective is not to simply capture pretty pictures, but to allow the viewer to see something that is impossible without the technology.  I could illustrate the idea with an example from a favorite artist (photographer) and explain the technology used to control light though shutter speed and aperture choices, with reference to a professional resource: NPhoto. 

You may choose a topic related to business, current affairs or something of personal interest to you.  Then, don't try to impress us: let us get to know you.  You may want to consider how your topic transitions to our interview: does it give us something to talk about?

We use the interview to (1) get to know you as a person (our central focus); (2) identify what you can contribute to our next MBA class; (3) assess whether you're up to the challenge; and (4) understand how the Otago MBA fits with your career ambitions.  You should anticipate two interviews lasting ≈ forty-five minutes to an hour, with us represented by Ian Lafferty (Director), Olga Meglinskaya (Curriculum Delivery Manager), Susan and/or me (David Baucus, Academic Leader).  Ask yourself, how many MBA programmes will devote this level of effort to get to know you?"

Confirmation of an Offer

If we (you and our MBA management team) agree that a good fit exists, you will receive an official letter confirming your acceptance onto the programme. You will need to apply for admission to the University of Otago, and supply further information to confirm your place. This may include a deposit, GMAT test result, English Language test results, references, original documents, and an Education Credential Evaluators (ECE) assessment of your qualifications.

Don't hesitate to contact Susan.  Good Luck!

David

Meet our Students: Silvia Scherer

Silvia Scherer

Meet my friend from Germany, Silvia Scherer, a very talented member of our MBA 36 class, who I describe as self-motivated and extremely capable, accomplished and articulate.  Our friendship had a somewhat clumsy beginning in February 2013: she was gathering data for her 540 professional consulting project and I had just arrived as the new Academic Leader.

Silvia and I exchanged emails about her project for the Cancer Society of New Zealand, the design of a business model for a new centre on the South Island. As the newbie MBA project adviser, I shared my grasp of business models and corporate structure at the Cancer Society, while Silvia countered with her vision for the project.  We engaged in verbal arm wrestling for weeks before she pinned my wrist to the table and I conceded: do it your way.

This exchange turned out to be a valuable lesson in conceptual reasoning for me, reinforcing the importance of carefully defining concepts.  Silvia defined the term, “business model,” as a funding model for a nonprofit agency dependent on third-party donations: she and I were not talking about the same thing.  Silvia worked on her project unimpeded thereafter and we met for the first time six months later, after she submitted her finished product, a publishable-quality analysis and one of the best reports our office has ever received. 

Silvia and I are thankfully friends today, but our relationship may have taken a more expeditious path, if I had known she was/is a language professional, proficient in German, English, Spanish and French; with almost fifteen years of corporate experience gained largely at Siemens, the German industrial giant; and advanced through the corporate ranks to the position of Senior Project Manager of localization projects.  In hindsight, I should have simply stayed out of Silvia’s way.

In her words, Silvia came to our Otago MBA looking for “an internationally renowned, high-quality programme, preferably accredited by one or several international agencies, with a culturally diverse student body, and one that provided good value for the money.”  She chose us.  She came to acquire an executive-level understanding of international business and she devoted six months (we require 15 weeks) to her 540 analysis “as an opportunity to gain experience and a comprehensive understanding of the non-profit sector.”

Silvia graduated on 14 December, 2013 and is actively pursuing her dream of "working as a project / programme manager (or independent consultant) in the field of international aid and development, preferably in one of the larger international nonprofit or intergovernmental organizations like the United Nations or its related agencies."  She is impressive.  We at the Otago MBA will continue to support Silvia's dream.

I invite you to apply to our Otago MBA programme, if you have similar

dreams or want to make a career transition.

David

Meet our Otago MBA Team: Professor Denis Kobzev

Professor Denis Kobzev

All elements of our business model must fit together to deliver best value to our customers:

 this includes the selection of professional educators we place in the classroom. 

I would like to introduce Denis Kobzev, a thoughtful friend and gifted educator who has earned the respect
of our Otago MBA management team and students. Denis holds the positions of Director of Business Education, Leeds Trinity University, UK; Associate Fellow, Operations Management Group, Warwick Business School, UK; and Visiting Professor in our Otago MBA: teaching Operational Excellence.

Denis brings a broad base of global, practical knowledge into the classroom through his experiences in senior management positions at international giants Procter & Gamble and Schering Plough. Denis can also boast prior involvement in business / development projects in Europe, Middle East and Africa in collaboration with corporate partners (e.g., ASDA, Aushan, Migros, IBM, Accenture, HSBC and BT Group), as well as the United Nations and World Health Organization.

Denis has aided in the design of leading management programmes in Germany, Russia, Norway and Australia. He views the active exchange of knowledge among experienced professionals as "the heart of a good MBA programme." Last year, Denis designed an experiment in collaboration with Olga Meglinskaya, our Curriculum Delivery Manager, to promote critical reasoning through peer assessment. He asked our students to sport a different (uncomfortable) hat and critique the reasoning of peers, and thereby learn to refine their own thinking abilities. The experiment was a valuable contribution to our programme.

We depend on the talents of gifted educators like Denis to

deliver best value to our MBA students.

Cheers, David

 

Coffee Anyone?

the fix: a Dunedin landmark and arguably the best coffee in 
the city, owned by Kevin and Amanda Smart

New Zealanders take their coffee seriously and prefer fresh brewed from a French-press or espresso machine. This post explains the (possibly confusing) terminology of mainstay menu choices and identifies three of the best coffee houses in Dunedin: the fix, Allpress Espresso, and Strictly Coffee (see NZ Coffee Culture for more information).

Short black: This is a single shot of espresso; full-flavoured, fragrant, with a velvety body and lingering after-taste in a demi-tasse (small cup).

Long black: Single serving of espresso, with an equal amount of hot water added, or sometimes with the water served separately.

Americano: This is a double shot of espresso in a cup with hot water added to the brim: much stronger/better than drip.

Flat white: This is one-third espresso, two-thirds steamed milk and a touch of swirled froth on top.

Ristretto: This is an espresso (same amount of beans), but half the water: a high-octane half shot of espresso.

      * Cappuccinos and lattes are generally available.
      * Want low-fat milk, ask for “trim” or “skinny.”
      * Starbucks exists on George St. but Kiwis tend to view their coffee                  as inferior.

You will thank me for this post on more than one late night, 

if you choose to join the Otago MBA. 

Cheers, David 

Happy New Year 2014 

The year ahead holds great promise for friendship, opportunity and accomplishment.  The Otago MBA Management Team offers best wishes to our students past, present and future.  

David