ftspecialreport businesseducation...the finance industry. sloan is halfway towards raising the $10m...
TRANSCRIPT
Meet the deanThe head ofIreland’s UCDSmurfit on thevalue of foolsPage 2
Inside »
Calls for tailoredtraining in AsiaDemand grows forlearning with amore local flavourPage 3
The FT rankingsWhich specialistprogrammesmade the cut inthis year’s tables?Page 5
From law to afuture in financeHow one studentchanged herroute to workPage 6
Monday June 24 2013 www.ft.com/reports | twitter.com/ftreports
FT SPECIAL REPORT
Business EducationFinancial Training
Ever since the crisis of 2008,and the realisation that manyof those implicated in themeltdown were ignorant ofthe risks they were taking,
financial training has been high onthe agenda for banking professionals.
Now, in a bid to restore public confi-dence in banks and banking, businessschools and training companies areintroducing programmes with abroader appeal, for those who do notknow their ETFs from their EDRs.
Both academics and training compa-nies agree that consumer mistrust isendemic. “The average person thinksthe system is rigged, that the industryis corrupt,” says John Bowman, man-aging director for the CFA Institute,which has developed the flagship CFA(Chartered Financial Analyst) pro-gramme for the investment industry.
SP Kothari, deputy dean at the MITSloan School of Management in Mas-sachusetts, agrees. “Whenever they[consumers] are dealing with banksthey are dealing with an informedparty that [they believe] is not work-ing for them but is working againstthem.”
Business schools are setting upresearch centres to look at the busi-ness and policy problems surroundingthe finance industry. Sloan is halfwaytowards raising the $10m it needs toestablish the MIT Sloan Center forFinance and Policy. In London, Impe-rial College business school raised
£20.1m in March this year from hedgefund billionaire Alan Howard todevelop a research and teaching centrein finance.
The development of Moocs – mas-sive open online courses – is helpingto promote financial literacy. At
Carnegie Mellon University in Penn-sylvania, for example, two professors,Raj Chakrabarti and Anisha Ghosh,launched the Academic FinancialTrading Platform this month, withinitial courses covering macroeco-nomics, investment analysis, and
options, futures and other derivatives.Prof Chakrabarti believes that the
financial crisis made many people dis-trust the black box investment solu-tions provided by professionals. “Itwas our vision from the beginningthat if these [black box technologies]
could be made more transparent, itwould restore confidence,” he says. “Itreally turned out that this Moocmovement was an ideal way to pre-pare people to take control of theirown business decisions.”
Some organisations such as theCFA Institute, which sets the stand-ards for investment professionals, hasplanted a foot in both camps, withqualifications for finance profession-als and for those in other professions– such as law or IT – who work forfinancial companies.
In investment, the CFA’s influenceon fund managers continues toincrease, says Steven Ferraro at Pep-perdine University in California. TheCFA qualification “is becoming muchwhat the CPA [Certified PublicAccountant] is for accountants”. Hebelieves that in some cases the CFAqualification trumps the MBA.
“What I’ve noticed is that employ-ers are pushing for people with morespecific skills than an MBA,” he says.
In May the CFA Institute broadenedits appeal with the launch of the Clar-itas Investment Certificate, a trainingprogramme for those “who need abroad understanding in a broad work-force”, according to Mr Bowman.
The launch results from a long-standing dialogue with the financeindustry, he says. “There was a grow-ing divide between the front officeand the other 90 per cent [of financialcompanies]. They often didn’t under-stand how they fit into the largerenvironment.”
Some 3,400 candidates in 70 compa-nies took part in the trials for Clari-tas, including Abraham Harris, ananalyst in global talent managementat BlackRock. Mr Harris was one of
Continued on Page 3
The drive to spread expertiseA post-crisis need to trainmore people across thefinance industry hasprompted new thinking,writes Della Bradshaw
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used by Shakespeare, for example inKing Lear. Fools, he says, have thepower to say things “without gettingtheir heads chopped off”.
He aims to encourage a polyphonicclassroom where educators make aconscious effort to encourage every-one’s voice to be heard.
“The fool’s role is to speak truth topower,” he says.
He admires the work of Daniel Kah-neman in his 2011 book Thinking,Fast and Slow, in which the econo-mist recommends carrying out “pre-mortems”. This working backwardsfrom imagined bad outcomes is a goodway of giving those unwanted eventsenough attention, he says. “Ashumans we tend to be optimistic andwe undervalue pessimism. We don’toften think about consequences.”
Once an individual has spotted apossible consequence or a present ill-doing, the challenge is to be able tohave the courage to report it.
This is one of the things thatSmurfit, under his leadership, is hop-ing to influence. Prof Ó hÓgartaighsays he hopes to be able to encouragestudents to hang on to their idealismonce they enter the different corporatecultures of their future employers.
He mentions the comic novel TheThird Policeman, by Flann O’Brien, inwhich the policemen believe them-selves to be turning into bicyclesbecause of the length of time theyhave sat on them. He uses that exam-ple when he tries to tell his studentsnot to become part of what they do.
You get the impression that he gen-uinely cares about his staff and stu-dents. Unusually, for a dean, he hasmanaged to find time to continueteaching and he continues to deliver awhole module in financial accountingto final year undergraduates – thisincludes handling the marking.Teaching not only keeps him in con-tact with his students, which heenjoys, but also enables him to betterunderstand the pressures staff areunder. “The reason why we’re here isso the world becomes a better place aswe pass through,” he says.
When he was invited to speak at aVisions for Ireland conference in 2012,Prof Ó hÓgartaigh recounted to theaudience some advice he had receivedon public speaking. He had been told,he said, that people do not rememberwhat you said, they remember howyou made them feel.
In Prof Ó hÓgartaigh’s case, itmight be a bit of both.
Business Education Financial Training
Ciarán Ó hÓgartaigh arriveslate, and apologises for notcalling. He says he has for-gotten his charger anddecided to turn his mobile
phone off to conserve the battery.The quiet charm and honesty make
his timekeeping easy to forgive. Thediversions that follow – taking in thevalue of fools and policemen whothink they are turning into bicycles –make you feel as if you should dropeverything and talk all day with theman who has been dean of UniversityCollege Dublin’s Michael SmurfitGraduate Business School since 2011.
We start with his name: “It’s not asbad as you think,” he says. (I canapparently manage a fair approxima-tion of the pronunciation by sayingsomething that looks like “KieronO’Hogarty”.) Had the shoe been onthe other foot, and Prof Ó hÓgartaighbeen the one faced with an unfamiliarforeign name, you get the impressionhe would have been unfazed. His flu-ent English is his second language,Irish being the first. His first degree, abachelor of commerce from NUI Gal-way, was combined with businessfrench. Really, one suspects, his giftwith languages is strongly allied tohis abilities as a communicator.
He says it was a gifted teacher thatawakened his interest in accountancyand led to him studying the subjectand qualifying as a chartered account-ant with Arthur Andersen in Dublin.
“But I always wanted to be in aca-demic life,” he says, and he undertook
a PhD in accounting at the Universityof Leeds in the mid-1990s. He is also aformer Fulbright fellow at Northeast-ern University in Boston. His aca-demic career has seen him teach atundergraduate, graduate and execu-tive levels at Dublin City Universityand Victoria University of Wellington,New Zealand.
Significantly, he joined UCD as pro-fessor of accountancy in 2008 – just intime for the financial crisis that toreinto the developed world and devas-tated Ireland’s economy. With theeyes of the world focused on the mis-takes and wrongdoings that contrib-uted to the crisis, Prof Ó hÓgartaighsays the school took it upon itself tolearn what it could do better.
The team at Smurfit decided to lookmore closely at the business school’srole in society. It decided to empha-sise exports as a driver for growth inIreland’s economy, rather than theretail and construction industries.Under his leadership, he says, theschool’s revenues have grown bymore than 12 per cent. After “refram-ing” the relationship with the univer-sity, he has been able to recruitbetween 15 and 20 new faculty mem-bers in the past 18 months.
For those wishing to learn moreabout Prof Ó hÓgartaigh himself, themost intriguing aspect to his leader-ship at Smurfit is perhaps his decisionto focus on the value of dissent.
This is a topic that is very close tohis heart. He talks about the role ofthe fool as in Greek tragedies and as
The value of dissent andspeaking truth to power
Meet the deanCiaránÓhÓgartaigh believesin thewisdomof fools for an Ireland recoveringfrom a brushwith disaster, writesEmmaBoyde
Ciarán Ó hÓgartaigh:‘The reason why we are
here is so the worldbecomes a better place’
Charlie Bibby
The financial meltdown of2008 has prompted a subtlechange in the recruitmentprocesses of the investmentbanks and in the way busi-ness schools respond to therequirements of the market.
The basic skills requiredby the financial worldremain the same. But boththe banks and the schoolsare focusing more closelyon the “softer” skills of cli-ent empathy and socialresponsibility. Whether thismakes a difference tobanks’ performance andreputation over the longerterm remains to be seen.
At a practical level, acareer in securitisation,
trading and mergers andacquisitions – all areas seenas contributing to the melt-down – have less appeal tomany business school stu-dents. “Now we see peopleinterested in other areas offinance such as privatebanking and investmentmanagement,” says SarahJuillet, director of postgrad-uate careers and the MBAprogramme at City Univer-sity’s Cass Business School.
“They are more aware ofthe negatives around trad-ing and M&A, and the alter-natives have increased inpopularity.” Cass is aboutto launch a masters inwealth management qualifi-cation, a subject previouslyavailable only as an electiveelement in a broader mas-ters course.
Faye Woodhead, head ofgraduate governance, plan-ning and strategy at Deut-sche Bank, agrees that therehas been a shift in aspira-
tions, encouraged in part bythe schools’ keenness tomaximise students’ job pros-pects. She acknowledges thechallenge this poses forEurope’s investment banks.
“There has been a changein MBA recruitment since2008 and especially in thepast couple of years,” saysMs Woodhead. “There hasbeen a decrease in interestin the pure sales and trad-ing roles on the part of stu-dents. Historically, peoplewould focus on one indus-try in their career search.
“Now the range of optionsis much wider and there isa move to hedge funds, pri-vate equity, technologyfirms and corporates as wellas investment banking andconsultancy.”
She adds: “The culture ischanging. We encourageour hires to think creativelyabout finding solutions forclients in a risk-aware envi-ronment. Client-centricity
is key. The financial struc-turing and trading roles arestill there but we are look-ing for an ability to get infront of clients and buildrelationships.”
Susan Miller, MBA pro-gramme director at DurhamUniversity Business School,says: “It is the personalqualities and skills thathave been highlighted byrecent events. It is not justabout understanding thenumbers. It is about leader-ship and taking a stand.”
A new module, “sustaina-bility, ethics and change”,is to be introduced into thecurriculum from Septem-ber, bringing togetherissues treated separately inother courses.
“It focuses on the per-sonal and professionalskills for dealing with com-plex situations,” says ProfMiller. “It will help peopleunderstand their strengthsand weaknesses. The
investment banks recognisethat these issues need to beprioritised.”
In contrast with MBA stu-dents, those taking a mas-ters of finance follow ashorter, more focusedcourse of study more likelyto lead to a career in bank-ing and financial services.
Despite lay-offs, ThomasRenstrom, director of MScprogrammes at DurhamUniversity Business School,says there is still strongdemand for graduates withthis qualification. Applica-tions from prospective stu-dents are up and the schoolhas introduced a new mas-ters in economics degree.
The nature of the coursehas meant there has beenless pressure for change, heexplains. “If anything thiscrisis has shown that it isvery important to have agood financial and eco-nomic analytical ability. Westructure our programmes
around research, analysisand methodology and thatis less likely to change inthe wake of a crisis. If wetrain our students to havegood analytical ability theywill be able to function inany environment.”
The meltdown has actu-ally created opportunitiesfor students who are able tounderstand risk and meetthe tougher regulationbeing put in place or to actas regulators themselves,Dr Renstrom says. “If thiswere more of a vocationaldegree then it would bemore likely to change. Butif anything it looks to begoing the other way.”
A problem for investmentbanks has been to retainand where possible improvetheir appeal. “They are nowtargeting potential recruitsearlier,” says Ms Juillet,who worked as a recruiterfor Lehman Brothers in theboom years. “Banks that
used to run a summerinternship programme forundergraduates in theirpenultimate year now runcourses for sixth-formers orstudents in their first yearof university.
“Because of the negativecoverage, they want to edu-cate people coming throughthe school system as towhat banking can offer as acareer. More than everbanks are recruiting peoplewho have been on theirinternship programmes. Itis ‘try before you buy’.”
There appears to be noindication the crisis hasreduced the banks’ need forgood quality businessschool graduates; if any-thing the opposite. But bothbanks and the schools rec-ognise a need for recruits tohave what Deutsche Bankcalls “sensitivity to societyin the way we operate”.What this will mean inpractice is as yet unclear.
Investment banks adjust focus to ‘softer’ skills of client empathyRecruitment
Priorities revised inwake of crisis, writesCharles Batchelor
Lynsey AshfordAnalyst for Barclays Wealthand Investment Management
Charles BatchelorFreelance journalist
Emma BoydeBusiness education reporter
Della BradshawBusiness education editor
Charlotte ClarkeBusiness education online
and social media producer
Laurent OrtmansBusiness educationstatistician
Adam PalinBusiness education researcher
Jerry AndrewsCommissioning editorSteven BirdDesignerAndy MearsPicture editor
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Contributors »
Standing proud amidOxford’s historic skyline isa strikingly modern greencopper ziggurat. Muchas its bold architecturehad to settle into the city’slandscape, so SaïdBusiness School has had toestablish itself as a worthycomponent of the oldestuniversity in the English-speaking world.
Founded in 1996 – thestriking main buildingfollowed in 2001 – theschool has, like anyemerging organisation,faced the challenge ofestablishing itself amongits older peers.
Since his arrival as deantwo years ago, PeterTufano has sought to takeadvantage of being part ofOxford university. Thismeans more than merelyleveraging the brand,however – he wants tofully embed the Saïd schoolwithin the university.
Prof Tufano, like agrowing number ofbusiness school leaders,recognises the need forcurricula to go beyondtraditional core disciplines
such as finance andmarketing and to engagewith the reality in whichcompanies operate.
“There’s a certain hubristo think that the onlypeople with anythingworth saying to businessstudents are businesspeople,” he says.
Part of the formerHarvard professor’sstrategy to distinguish Saïdfrom its competitors hasbeen the “1+1” programme,whereby students cancomplete an MBA and aspecialised masters degreeat Oxford in two years.
The experiment hasshown great promise sinceits launch last year, saysProf Tufano. Theuniversity’s departmentsof computer science,criminology, education,geography and socialpolicy are all signed up forthe joint project, as is theuniversity’s OxfordInternet Institute, withmore to come.
The school’s latest bigventure, launched inJanuary, focuses onuniting students, alumniand university departmentsto address issues of globalimportance. GlobalOpportunities and Threats:Oxford – or Goto – is anonline platform thatfeatures a range ofmaterials produced byOxford academics for theuse of students and alumni
who work in business.Content includes video,
infographics and articles,to engage the 10,000 or soalumni who have so farbeen given access. “We arestaking our reputation onwhat goes up [on Goto],”says Prof Tufano. “So thisis Oxford quality.”
Goto will focus on atopic of current importanceeach year, starting withchanging demographics.Big data and naturalresources will follow in2014 and 2015 respectively.“This is not only a majorfinancial investment, but amission-defining project forthe school,” he says.
The dean stresses that heis by no means creating anew-age business school.“We’re going to do thetraditional things well asa prerequisite for doingthings that make usdistinctive.”
The completion of a newextension, formally openedin February, gives theschool more space andcutting-edge facilities inwhich to deliver lucrativeexecutive educationcourses. More than half the£28m cost of the newbuilding was met by WaficSaïd, the Syrian-Saudibusinessman, who hasdonated £70m to thebusiness school to date.
The school’s one-yearMBA – currently 24th inthe FT’s rankings and a
permanent fixture amongthe global top 30 over thepast decade – has enjoyedrobust enrolment duringthe financial crisis, unlikemany of its UK peers.
The Saïd ExecutiveMBA, a 21-month part-timeprogramme for seniormanagers, is ranked 38thglobally by the FT. Sincethe launch of the FT’sglobal Masters in Financeranking in 2011, Saïd’sfull-time masters infinancial economics hasconsistently been nearthe top. This year it wasrated sixth.
According to DimitriosTsomocos, the coursedirector, the nine-monthprogramme “combinesOxford analytical rigourwith practical applicationand market knowledge”.The degree is among the
most expensive financemasters, with fees totallingmore than £34,000.
A growing number ofcompeting degrees makesit essential to keep coursecontent up to date, says MrTsomocos. For example:“We have to prepare ourstudents to deal withregulatory changes thathave emerged from the[financial] crisis.”
The intake is restrictedto around 80, the coursedirector says, to be able todedicate sufficientresources to both studysupport and careermanagement. He highlightsthe intensification ofplacement efforts over thepast few years, whichinclude enhanced jobinterview preparation andcompany visits to the Saïdschool. Of the most recentgraduating class, 89 percent had foundemployment within threemonths of graduation.
Alumni from the class of2010 – those surveyed forthis year’s FT ranking –report an average salarytoday of $87,580, amongthe highest of rankedprogrammes. In line withthe dean’s work tostrengthen ties with formerstudents, Mr Tsomocossays that events for thedegree’s alumni have beenprioritised. “The bestbarometer of ourprogramme is our alumni.”
Tradition meets experiment in OxfordProfileOxford: Saïd
The school is startingto push boundaries.By Adam Palin
‘People are moreaware of thenegatives aroundtrading and M&A’
Bold: Saïd’s ziggurat
On FT.com »VideoCiarán Ó hÓgartaighon the importanceof helping studentsretain their idealismwww.ft.com/bized-video
FINANCIAL TIMES MONDAY JUNE 24 2013 ★ 3
Business Education Financial Training
Asia is growing richer at astartling rate, in theory cre-ating opportunities for thosein the fund managementindustry. In practice, many
would-be managers lack the expertiseto invest in Asian markets or to dealwith the region’s investors and thisknowledge gap presents an openingfor those in business education.
Private wealth in Asia, excludingJapan, increased to $28tn in 2012, anincrease of 17 per cent over the previ-ous year, according to a recentlyreleased report from Boston Consult-ing Group. A similar report issued byBain in association with China Mer-chants Bank in May estimated thatthe number of Chinese with at least$1.6m in investable assets would growby 20 per cent this year, and that theirinvestment management demandswere growing more sophisticated.
Regional business schools offeringfund management training are seeingthe benefits. Annie Koh, vice-presi-dent of business development at Sin-gapore Management University, saysshe has noticed a growth in interestover the past five years in those seek-ing fund management education. Thisis evident in the growing numberssitting the CFA (Chartered FinancialAnalyst) and CAIA (Chartered Alter-native Investment Analyst) examina-tions, she says.
The CFA Institute says paid regis-trations at the end of the 2012 finan-cial year for the CFA programme fromthe Asia-Pacific region accounted for44 per cent of global registration.There has been a 50 per cent increasein the number of candidates from theAsia-Pacific region since 2008.
Prof Koh has also noticed anincrease in the number of Asian uni-versities offering masters programmesin finance. “But the fund managementindustry only sees formal qualifica-tions as a first step – on-the-job train-ing is very much needed,” she adds.
Zhao Xinge, professor of financeand accounting and associate dean at
Ceibs, in Shanghai, agrees. “Courseslike investments and portfolio man-agement would certainly give peoplethe basic framework of fund manage-ment, but fund management is a busi-ness you can really learn only by get-ting your hands dirty, that is by actu-ally engaging in the business.”
Prof Zhao says more and more busi-ness schools in the region are startingstudent-run real-money funds to helpwith fund management education.
There is some discussion aboutwhether education should be tailored.Some educators say it is not possibleto simply bring over a US or Euro-pean model and apply it in Asia.
“We do need some kind of Asianflavour, or at least an emergingmarket flavour to fund managementeducation in the region because thereare number of differences betweenemerging markets and developed mar-kets,” says Hong Zhang, assistant pro-fessor of finance at Insead Singapore.
Prof Zhang explains that in coun-tries he has studied, such as China,governance structures are immatureand “publicly available information isnot very reliable”. Consequently, hesays, “in China, fund managers haveto build up very good connections”.
For anyone who thinks this lack oftransparency is simply a developmen-tal stage, Prof Zhang has bad news.“The accepted theory is that Chinawill convert over the long term to amore open model. But we don’t havesolid evidence that they will convertto being more open with information.”
Prof Zhang says he found, afterteaching in China, that students therethought standard ways of researchingcompanies and investments were valu-able practices in developed countriesbut that they worried about how appli-cable they were to circumstances inChina. “There is a lack of trust on theclient side too,” Prof Zhang adds.
Even when regulators in developingmarkets introduce changes intendedto bring trading more in line with thewest, Prof Zhang says this can stillbackfire. He points to the recent deci-sion to introduce short selling inChina, which requires some investorsto “lend” out stock for others to sell.
While long-term investors in the USare prepared to lend stock for a typi-cal fee of less than 1 per cent, inChina stock lenders are so worriedthat the value of the stock will bedriven down by short sellers that theyare demanding as much as 7 per cent,
he says. “In class my students tell methis kind of detail – regarding thedifferences between a developed-worldmarket and the difficulties in Asia –will be very helpful for them to designa future strategy,” he says.
Business schools in Asia are not theonly ones positioned to benefit fromincreased interest in fund manage-ment and fund management training.The University of Exeter BusinessSchool in the UK, which offers an MScin financial analysis and fund man-agement, and has partner status withthe CFA Institute, is seeing healthyinterest from students from Asia.
This year its programme has stu-dents from China, Vietnam, Taiwan,Thailand and Malaysia. It is oversub-scribed and attracts about 1,000 appli-cations per year, mainly from abroad,for its 60-70 places, according to ClaireLavers, programme director.
However, despite the appeal ofinternational qualifications such asthe CFA, Asian-based educatorsemphasise that local knowledge is amust. “Without that customisation tounderstanding local investment regu-lations or local culture, no funds pro-fessional can add value for theirinvestors,” says Prof Koh.
Off-the-peg model does not suitAsiaPacific
Hands-on experience andtraining tailored to theregion are needed asinvestment opportunitiesgrow, writes Emma Boyde
44 BlackRock staff on the trial, andsays the programme helped buildfoundation knowledge among theback office employees. “One of thekey things is that they were able tounderstand better internal communi-cations,” he says.
As the programme unfolds, Mr Bow-man thinks Claritas could become theCFA’s biggest money-spinner. “If ourmaths are right, we think it will besignificantly larger [than the CFA].”
Meanwhile, as the economic dol-drums continue, more and moreyoung professionals are studying forfinancial qualifications to give them-selves an edge in the job market.
At financial training companyTraining the Street, Zane Hurst saysthe courses traditionally used by thetop banks to train recruits areincreasingly in demand at businessschool, even for students in theirearly twenties who are looking fortheir first job.
Some are taking the courses evenbefore their first bank interviews.“Increasingly what has been taught ata corporate level is being taught at anacademic level,” says Mr Hurst.
In California, Prof Ferraro pointsout that undergraduate students aretackling CFA qualifications thesedays. “It’s becoming pretty obvious itis a competitive advantage.”
The number of business school mas-ters in finance degrees is growing inresponse to demand, particularly inprogrammes for pre-experience stu-dents, where no previous work in thefinancial sector is required.
At MIT Sloan, the MFin programmeis the university’s most popularcourse, says Prof Kothari, with 1,700applicants for just 120 places. Morethan half the students accepted onthe course have a perfect score of 800on the GMAT, the entry test for busi-ness school.
While many business schools in theUS have launched masters degrees inaccounting to deal with changes inregulations, in Canada, masters infinance courses are proliferating asCanadian business schools adopt theEuropean model of masters degrees.
The Schulich School at York Uni-versity in Toronto has launched aone-year degree, with specialisationsin capital markets, financial risk man-agement and regulatory affairs forfinancial institutions. The latter isparticularly important in developing
Continued from Page 1
economies, says Schulich dean DezsöHorváth. “Compliance officers inbanks are in need of this kind of train-ing too, not just regulators.”
At the neighbouring University ofToronto, the Rotman School of Man-agement runs a 20-month post-experi-ence MFin degree. Rotman is increas-ingly building personal skills develop-ment into the curriculum. “It’s aboutgiving the people the confidence to dothe job,” says Elizabeth Duffy-Ma-clean, managing director for the mas-ter of finance programme.
It is a similar story at London Busi-ness School, which tops the FT rank-ing for post-experience mastersdegrees in finance. Wendy Alexander,associate dean for degree pro-grammes, says the school’s degree isstill an attractive option for those infinance, in spite of the financial crisis.However, the students are changingtheir areas of study on two counts.
Instead of graduates all heading forthe investment banks, they are look-ing at a range of activities. LBS ispiloting three areas of study toaddress this: investment analysis, cor-porate finance and risk management.
A geographic shift in applicants hasoccurred, with more coming fromAsia. “It reflects the flow of powerand capital in the financial world,”says Ms Alexander. She points outthat this indicates a growing interestfrom sovereign wealth funds and cen-tral banks.
Her observations are borne out bydata collected from the businessschools that have participated in thisyear’s FT Masters in Finance ranking.Almost half (47 per cent) of studentsat the 39 non-Chinese businessschools participating in the 2013 rank-ing are from Asia, with 33 per cent ofthe total from China.
Post-crisis drive to spreadexpertise across sector
Asia specific: a stock exchange board in China. Calls are mounting for courses with a local slant ChinaFotoPress
4 ★ FINANCIAL TIMES MONDAY JUNE 24 2013
Business Education Financial Training
Finance graduates remainconfident about keeping theirjobs in the sector despitehighprofile staff cuts at largebanks. A recent FT surveyfound that graduates who areemployed in finance reportsignificantly higher jobsecurity than classmates nowemployed in other fields.
The poll was carried outamong masters in financealumni who graduated in2010 from programmes inthis year’s rankings. Amongthe 80 per cent ofrespondents who work in
finance three years aftercompleting their studies,most (83 per cent) said theyfeel secure or very secure intheir jobs. This compareswith 67 per cent of thoseworking in other sectors.
Announcements of jobcuts at major banks,including UBS and CreditSuisse, appear to haveunsettled less than half ofthose graduates employed infinance. Of poll respondents,52 per cent said that recentcuts in the City of Londonand other financial centres
had not undermined theirsense of job security.
Beyond having aqualification specific to theirfield, other factors may playa part. “The selectionprocess is so competitiveright now, that if theysucceeded in getting in, theyare confident they will stay,”says Pascale Viala, directorof the financial economicstrack at Edhec BusinessSchool in France.
Full story: www.ft.com/businesseducation/finance2013
More on FT.com Graduates confident of job security despite cuts in banking sector
Ulrike Malmendier is aprofessor of finance at theUniversity of CaliforniaBerkeley’s Haas School ofBusiness in the US, where
she has taught since 2006.Prof Malmendier grew up in
Germany and studied economics andlaw at the University of Bonn andOxford University before doing herdoctoral studies in economics atHarvard. In January 2013, she wasthe first woman to be awarded theFischer Black Prize from theAmerican Finance Association, whichhonours the top finance scholarunder the age of 40.
Her research interests includecorporate finance, behaviouraleconomics, law and contract theory.
Who are your business heroes?Though I have been inspired bypeople on the business side andpolicy side, such as ChristineLagarde [head of the InternationalMonetary Fund], my heroes areacademics. It is hard to just pick afew, but here are three: GeorgNöldeke, a young theorist at theUniversity of Bonn during my timethere, who inspired me to become aneconomist; Oliver Hart, a professorat Harvard, who would always listento an interesting question; and DavidLaibson, who introduced me tobehavioural economics at Harvard.
What is an average day at work?It has become quite tricky to dowhat I love most – research. On atypical day, I fight hard to block outa few hours, but more often than notanother duty takes over. I love a lotof these things – especially my roleas a co-editor of the Journal ofEconomic Perspectives.
What would you do if you were deanfor the day?Try to find my successor. Seriously,I have been talking to deans ofdifferent schools more than usualrecently, and they have such a toughjob trying to balance competinginterests, improve the reputation ofthe school and find funding.
What is the best piece of advice givento you by a teacher?“What’s your research question, in
just one sentence? If you can’t say itin one sentence, you don’t have aresearch question.”
What advice would you give towomen in business?They should probably give advice tome. When I read about thedifficulties women face in business,I am just immensely grateful for theflexibility and support academiaoffers. But one thing that hasworked for me is the good old “justbe yourself”. It does guarantee thatyou do what you want to do andwhat you are passionate about.
How do you deal with male-dominated environments?Awareness of constraints I face as awoman has played more of a role asI have climbed higher up theacademic ladder, while trying tojuggle a family with three youngboys under the age of five. I now findit more important than ever to havesenior female role models.
What is the last book you read?Growing up with Three Languages byXiao-lei Wang. My Italian husbandand I have had a great experienceteaching our kids our native
languages and English, but we arenot quite sure about the optimalcourse of action to take once theyenter school, so I am consuming alot on that topic right now.
What is your favourite book aboutbusiness?Being a behavioural economist, I amintrigued by things that go wrong,since it often gives me the clue tobehavioural biases at work. Good toGreat and How the Mighty Fall byJim Collins gave me the real-worldexamples I needed for several of myresearch projects.
What is your top tip for studentsstudying for a career in finance?If you are planning to work on thetechnical side (for example, as aquant), get the best and hardesttechnical training you can, at leastan MFE (master of financialengineering). If you are interested ina career in finance more broadly,sample a broad set of courses, frominvestments over to corporate andentrepreneurial finance – and evenbehavioural finance if offered at yourschool. But, most importantly,become a good economist. A big partof the problems causing the financialcrisis was due to top managers infinancial firms not understanding theeconomics of the products they wereselling – for example, the incentivemisalignment of lower-levelemployees or the adverse selection ofcustomers for certain types ofmortgages and mortgage repackaging.
What is your plan B?It’s a question I don’t really have tothink about as a tenured professor,but I admit that I have started tothink more about how to put some ofthe insights from behaviouraleconomics into practice. If there wereefficient ways to be engaged inGerman policy for a limited time, ashappens in the US – for exampleworking for the president’s Councilof Economic Advisers – I’d beinterested. Unfortunately, theGerman system of research/politicsinteraction is less fluid, so far.
For more on women in businesseducation go to www.ft.com/business-education/women
Why finance workers cannot skimp on economicsTen questionsBerkeley:Haas professorUlrikeMalmendier onwhy the industrymust get to gripswith the underlying theory. ByCharlotte Clarke
Lakshmi BhojrajBreazzano Familyexecutivedirector, ParkerCenter forInvestmentResearch,Cornell UniversityJohnson Graduate School ofManagement, US
I would encourage studentsinterested in finance to gather asmuch information as they canabout the specific career path theyare interested in, and focus onpolishing their accounting, financeand financial statement analysisskills. It is also very important tostay informed on current eventsin the business world by readingthe top finance newspapers,and to connect with alumni andprofessional networks to cultivaterelationships that can help in thejob search process.
Mireia GinéAssistantprofessor offinancialmanagement,Iese BusinessSchool, Spain
Pay attention toeconomics. Whether you pursuea career in banking, assetmanagement or corporate finance,economics provides the principlesof price determination in anymarket – of how incentives workto reach those equilibrium prices.It also offers a framework forstrategic interaction. Even ifthe crisis has shattered thereputation of economics, it hasalso proved that finance needsmore of it. For instance, we needto better understand asset bubbles,how the markets for all assetclasses affect the economy as awhole, or how liquidity concernsin one asset class can cascadethrough other markets.
Silvia KreibiehlHead of theFrankfurt School– UNEPCollaboratingCentre forClimate andSustainableEnergy Finance, Germany
It is crucial to learn the theoreticalbasics and academic approacheson a broad range of topics, ratherthan specialising too early. Financeis not just investment banking.From doing an apprenticeship in abank, I made a move into equitycapital markets and mergers andacquisitions. Later, I continued indevelopment finance, and my teamis currently focusing on climatefinance. My broad theoreticaleducation in economics helped meto do this. It is always good tolook at the broader picture –politics, international relations,cultural aspects and so on – to geta better sense of your ambitions.
Fiona SandfordExecutive directorof careers andglobal business,London BusinessSchool
Finance is arelationshipdriven industry.Although financial transactions areoften agreed after complex analysisand hardnosed bargaining, it is thesofter skill of forming affinities thatdetermines longterm success inthe industry. We help studentsunderstand the impact they haveon others, and encourage them todevelop and maintain aprofessional network. So my advicewould to be make the most ofyour people skills, and rememberthat while your IQ might get youyour job, it will be your emotionalintelligence – or EQ – that ensuresyour success.
Expert views What is your top tip for finance students?
Cuts: UBS is among banksthat have reduced staff
FINANCIAL TIMES MONDAY JUNE 24 2013 ★ 5
Business Education Financial Training
Financial Times Global Masters in Finance 2013 – post-experience programmesThe top Masters in Finance programmes
Alumni career progress School diversity International experience & research
Rank
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Aver
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1-3--
London Business SchoolSingapore Management University: Lee Kong ChianUniversity of Illinois at Urbana-ChampaignFlorida International University: ChapmanUniversity of Hong Kong
UKSingaporeUSUSChina
Masters in FinanceMSc in Wealth ManagementMSc in FinanceMSc in FinanceMaster of Finance
127,17385,83664,89671,50061,923
5658803949
12534
31524
13425
31541
81 (93)85 (98)26 (86)34 (63)62 (39)
2326213431
2036493152
291725270
803320
22
8556165639
9962916216
13245
21333
9992
1009197
1212121212
247000
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Financial Times Global Masters in Finance 2013 – pre-experience programmesThe top 40 Masters in Finance programmes
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in 2
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HEC ParisEssec Business SchoolIE Business SchoolEdhec Business SchoolEsade Business SchoolUniversity of Oxford: SaïdGrenoble Graduate School of BusinessESCP EuropeCranfield School of ManagementUniversity of St GallenSkema Business SchoolStockholm School of EconomicsPeking University: GuanghuaWarwick Business SchoolImperial College Business SchoolCity University: CassHEC LausanneRotterdam School of Mgt, Erasmus UniversityKozminski UniversityUniversità BocconiEadaNova School of Business and EconomicsBrandeis UniversityWashington University: OlinVlerick Business SchoolIllinois Institute of Technology: StuartFrankfurt School of Finance and ManagementBoston College: CarrollTulane University: FreemanUniversity of Strathclyde Business SchoolHenley Business SchoolDurham University Business SchoolUniversity of Edinburgh Business SchoolUniversity College Dublin: SmurfitNottingham University Business SchoolLancaster University Management SchoolUniversity of Bath School of ManagementQueen Mary, University of LondonTilburg UniversityQUT Business School
FranceFrance/SingaporeSpainFranceSpainUKFrance/UK/SingaporeFrance/UK/Germany/Spain/ItalyUKSwitzerlandFranceSweden/RussiaChinaUKUKUKSwitzerlandNetherlandsPolandItalySpainPortugal/BrazilUSUSBelgiumUSGermanyUSUSUKUKUKUKIrelandUKUKUKUKNetherlandsAustralia
MSc in International FinanceAdvanced Master in Financial TechniquesMaster in FinanceMSc in Financial MarketsMSc in FinanceMSc in Financial EconomicsMSc in FinanceAdvanced Master in FinanceMasters in Finance and Management Master of Arts HSG in Banking and FinanceMSc Financial Markets and InvestmentsMSc Corporate Finance and Investment ManagementMaster of FinanceWarwick MSc in FinanceMSc FinanceMSc in FinanceMaster of Science in FinanceRSM MSc in Finance and InvestmentsMaster in FinanceMaster of Science in FinanceMaster in International FinanceInternational Masters in FinanceMaster of Arts in International Economics and Finance Master of Science in FinanceMasters in Financial ManagementMaster of Science in FinanceMaster of FinanceMaster of Science in FinanceMaster of FinanceMSc FinanceMSc International Securities, Investment and BankingMSc FinanceMSc in Finance and InvestmentMSc in FinanceMSc Finance and InvestmentMSc FinanceMSc Accounting and FinanceMSc Investment and FinanceMaster in FinanceMaster of Business (Applied Finance)
93,31675,00185,53267,31874,96287,58058,72265,27885,64075,24160,75076,76793,88165,92266,92164,69064,60359,98954,94663,09352,86842,36068,09069,82458,88470,73072,88992,15067,66649,03254,55843,49044,71745,20633,94637,98938,32843,18349,98635,849
1161546
172510329
111228362178
1826222040331338275
311923293924343235301437
254
17371912141967
2611282315298
353
38301320241027183125322240213433163639
173
2994
1315316
2258
1711123016193621372
1426233539202428252732101834403833
28
17111814155
364
25131
166
192226107
343
319
12383537302328203233272421402939
93 (70)91 (78)94 (97)82 (80)83 (98)89 (84)87 (73)85 (98)97 (62)
100 (48)93 (97)
100 (92)100 (98)90 (52)80 (92)63 (89)46 (54)98 (69)91 (84)98 (43)86 (86)
91 (100)70 (89)87 (83)94 (87)46 (82)95 (88)94 (42)82 (72)96 (63)59 (54)88 (72)80 (46)77 (78)86 (86)77 (66)81 (80)
n/a72 (42)
n/a
27293329271542363210452223342825292031383242461928231634373542313526342937298
47
15181948273230213726372446453746202941362526552529452526643853634947565575372644
149
241718405339192527195
1238381832185
50351712111508
113525472718172531202933
65475541326143664777382812718469774125285633253831261413333343695449384256895832
73358856669988328984744611939397396015327524804520923666889399959686909494882788
62528183823853433767500
821250465529644341682
94003
274717294054172512401413
53
1741729
22268
13402114101812371516281132296
3639381923302420312733343525
133
1516
3447
32125
1122343016201789
142
183419341031342134242825292627342333
0101101101101100001112001000000000000000
10096958891
10080958976759996989695
100100889059978299919298878480749784
100909199979685
1015108
129
2111121812222212141224122122109
21101021241211129
121412121212121218
10010024
100400
80100
058
1000
910
281
563038
10031713715
1000
5100
1000
21220000
240
123456788
10101213141516171819202122232325262728293031313334353637383940
Footnotes:*Data in these columns are for information only and are not used in the rankings.
Although the headline ranking figures show the relative positions of each institution, the pattern of clustering among the schools is equally significant. Some 185 points separate the top programme, HEC Paris, from the school ranked 40th. The top 12 participants, from HEC to Stockholm School of Economics, form the top group of pre-experienceMasters in Finance providers. The second group, headed by Peking University: Guanghua, spans schools ranked from 13th to 28th, a range of some 55 points in total. Differences between schools are small within this group. The remaining 12 schools headed byTulane University: Freeman make up the third group.
12345
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Rank
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10101213141516171819202122232325262728293031313334353637383940
Footnotes:*Data in these columns are for information only and are not used in the rankings
122--577
129
1015-
101214151821-
19241822----
28282528-
33-
3030---
122--497
115
12188
101315141921272021172426-
32-
30312325-
35342829-
33-
132--467
18129
15-58
11131622-
17291419-
20--
262421282530-
2723---
Studentstaking part ininternationalexchange*
Students goingon overseas
study tours**
Average numbersof days per yearstudied overseas***
Studentsdoing aninternship
Students doingan internshipoverseas****
27%
1%5%
0.4%
1
Students’ international course experience
During their Master in Finance programme
Source: FT data
Schools based in . . . Anglophone countries Other countries
* of one month or more ** non-credited*** credited **** country other than
that in which the business schoolis located and home nation
61%7%
22%21%
Internationalcourse
experience
7
Weights for ranking criteria areshown in brackets – (preexperience) [postexperience] –as a percentage of the overallranking.Salary today US$ (20) [20]:average alumnus salary threeyears after graduation, US$ PPPequivalent (purchasing powerparity, allowing comparisonbetween countries). Includesdata for the current year andthe one or two preceding yearswhere available.*Salary increase (n/a) [20]:average difference in alumnussalary between before themasters to today. Half of thisfigure is calculated according tothe absolute salary increase, andhalf according to the percentageincrease relative to premasterssalary – the figure published inthe postexperience table.*Value for money (5) [3]:calculated according to alumnisalaries today, course length,fees and other costs, includingthe opportunity cost of notworking during the programme.*Careers (10) [7]: calculatedaccording to the career status ofalumni three years aftergraduation. Progression ismeasured according to seniorityand size of company today.*Aims achieved (5) [3]: theextent to which alumni fulfilledtheir goals or reasons for doinga masters.*Placement success (5) [3]:effectiveness of the careersservice in supporting studentrecruitment, as rated by alumni.*Employed at three months %(5) [3]: percentage of the mostrecent graduating class thatfound employment within threemonths. The figure in brackets isthe percentage of the class forwhich the school was able toprovide data.
Female faculty % (4) [3]:percentage of female faculty. Forgenderrelated criteria, schoolswith 50:50 (male/female)composition receive the highestpossible score.Female students % (4) [3]:percentage of female studentson the masters.Women on board % (1) [2]:percentage of female memberson the school advisory board.International faculty % (5) [5]:calculated according to facultydiversity by citizenship and thepercentage whose citizenshipdiffers from their country ofemployment – the figurepublished in the table.International students % (5)[5]: calculated according to thediversity of current mastersstudents by citizenship and thepercentage whose citizenshipdiffers from country of study –the figure published in the table.International board % (2) [3]:percentage of the board whosecitizenship differs from theschool’s home country.Faculty with doctorates % (6)[6]: percentage of fulltimefaculty with doctoral degrees.International mobility (10) [7]:calculated according to changesin the country of employment ofalumni between graduation andtoday.*International courseexperience (10) [7]: calculatedaccording to four criteria thatmeasure international exposureduring the masters programmeLanguages (3) [n/a]: numberof extra languages required ongraduation.Course length (months):minimum length of the mastersprogramme* Includes data for the currentand one or two preceding yearswhere available.
Key to weighting of ranking factors
The top business schools haveheld off their rivals in the2013 FT Masters in Financerankings. In the third editionof the tables, London Busi-
ness School retains the top spot inthe post-experience ranking, whileHEC Paris remains number one forpre-experience programmes. Bothschools have topped their rankingssince the list was established in 2011.
The FT ranks masters in financeprogrammes separately for those withlittle or no background in the finan-cial industry (pre-experience) and forprofessionals who have alreadyworked in the sector (post-experience).
Five post-experience programmesand 40 pre-experience courses areranked in 2013. The rankings arebased on criteria including alumnisalary three years after graduation,seniority, international mobility andinternational course experience. Thepost-experience ranking also meas-ures salary increase, comparing paybefore and after the programme.
In the post-experience ranking, Lon-don Business School was top for valuefor money, aims achieved and interna-tional mobility, and graduates earnedthe highest average salary at $127,000.
In the pre-experience ranking, HECParis was first for value for moneyand aims achieved. Its graduates alsohad the second-highest average salary($93,000) behind Peking’s Guanghua at($94,000). The school also came secondfor seniority and placement success.
“Beyond the excellent training,”says Aurelien Roelens, an investmentmanager at Cube Infrastructure Fund,“there is this empowering ‘learn to
dare’ spirit at HEC. The programmeoffers future-proof skills useful in yourprofessional and personal life.”
Other schools that performed wellin the pre-experience ranking includeEdhec in France, fourth this yearafter coming sixth in 2012 with a dif-ferent programme; and Esade inSpain, ranked fifth on its first partici-pation. Cranfield Business School inthe UK rises to eighth, while Stock-holm School of Economics climbs to12th. Graduates from Carroll School ofManagement at Boston College in the
US averaged the third-highest salaryat $92,000 and those from Saïd Busi-ness School in Oxford had the highestaverage salary in Europe (and fourthoverall) at $88,000.
While some of the UK schoolsranked highly, others in anglophonecountries (Australia, Ireland, the UKand the US) are lower in the table: 15out of 20 anglophone schools are inthe bottom half. While their individ-ual rank by criteria varies widely,they consistently perform poorly oninternational course experience.
Accounting for 10 per cent of theranking, this element is based on thetime students spend abroad throughcompany visits, school exchanges,internships and studies. Schools inanglophone countries occupy the 17bottom places on this criterion.
Why are these schools rankedlower? Language is not an issue sincevirtually all programmes are taughtin English. Besides, there are plentyof schools to choose from in anglo-phone countries.
Part of the answer is that studentsat schools in English-speaking coun-tries do not tend to do an internship.Only seven per cent of their 2012 grad-uates did an internship compared withmore than 60 per cent of alumni fromother schools. Their students simplydo not get, or do not take, the opportu-nity to do an internship overseas.
Programmes at schools in anglo-phone countries are shorter on aver-age by three months compared withothers. Are they too short to includeexchanges or overseas studies? Datafrom the shorter programmes in non-anglophone countries show that it canbe done, suggesting the main reasonsare to be found elsewhere.
First, schools in English-speakingcountries may be victims of their ownsuccess. Nine out of 10 of their stu-dents are international. They may feelthat as they are already studyingabroad, they would gain little fromexposure to a third country.
Fewer students at non-anglophoneschools are international – just underhalf – and local students are keener toenhance their education overseas, inparticular through exchanges.
Finally, students in continentalEurope have greater opportunity tostudy overseas. Some schools haveintegrated exchanges or a semesterabroad in their curriculum. To makethis possible, these schools have devel-oped extensive networks of campusesor partnerships overseas, leaving Eng-lish-speaking rivals behind.
HEC and LBS hold their top spotsAnalysis
Anglophone countries areover-represented in lowertable, says Laurent Ortmans
Methodology For details of how the table was compiled,go to www.ft.com/businesseducation/finance2013
6 ★ FINANCIAL TIMES MONDAY JUNE 24 2013
Business Education Financial Training
Sitting in a criminal lawlecture in the first week ofmy undergraduate lawdegree, I could never haveanticipated that five years
later I would be graduating from amasters in finance programme.
I completed my bachelor of laws atthe University of Glasgow, but bythe fourth year I had decided againsta career in law. It was a greatdegree, giving me invaluableopportunities and helping me developskills in problem solving and lateralthinking. I loved the university, too,but found I had developed afascination with finance.
I was constantly reading financialnews and could not learn enoughabout the industry. I was attractedto its pace and dynamic nature andeager to learn more about it andbuild a career in finance.Postgraduate study was the nextstep. I thought a masters in financewould give me the upper hand in acompetitive job market, equippingme with the knowledge and skills tobreak into the industry and tosucceed within it.
My older brother, Andrew, hadcompleted the masters in investmentand finance at the University ofStrathclyde and had a fantastic jobwith the Royal Bank of Scotland.Andrew had taken a different routeto me, having first studiedmathematics. He assured me that,although the masters was veryintense, it required no priorknowledge or experience providedyou were willing to put in the work.
Andrew is sitting CharteredFinancial Analyst (CFA) level II andtold me his masters gave him afantastic grounding for the CFAcurriculum. Along with thereputation of Strathclyde’saccounting and finance departmentand the business school as a whole,seeing his success and how much heenjoyed the course stronglyinfluenced my decision to study thefinance masters.
My first week proved both excitingand difficult and I must admit that Ihad an initial moment of panic. Wewere thrown into classes and, asmany of my classmates had somebackground in finance, it seemedthey were finding the classes much
easier than I. Even though thecourse starts with basic concepts andtheories, I was worried I would notbe able to reach the level many ofmy classmates seemed to be at. Isoon realised I had no reason to benervous. I discovered thatStrathclyde has a very open-doorpolicy and my lecturers were alwayshappy to offer help and advice.
Early in the course, I approachedmy finance professor to tell him thatI was worried about the morenumerical aspects of his class, nothaving studied mathematics for fiveyears. He assured me that I would befine and was there to help if needed.My professor still jokes about this,since what I was most concerned
about ended up being my strongestareas in his class.
Throughout the year, thedepartment made special efforts toensure students enjoyed the socialside of studying at the university,hosting social functions that gave usthe chance to get to know eachother in a more relaxed setting.These social events were integral tomy enjoyment of the course and Iknow they were very important tostudents coming from differentcountries. They gave me theopportunity to make a much widergroup of friends than I otherwisewould have, and I learnt the benefitsof studying with classmates withdiverse knowledge and opinions.
The year was full of ups anddowns. The course was demanding,covering so much over a shortperiod, constantly requiring work onour various assignments andpresentations. I loved studying thevarious subjects and respondingto the challenges of the course.There was also the attraction ofknowing that, after a full day in thelibrary, there was always thepossibility of some relaxation withfellow students.
It is difficult to pick my favouritepart of the year, but I probably mostenjoyed the summer researchprojects. I was able to furtherresearch areas of finance thatinterested me and use the knowledge
and skills gained over the taughtcomponent – for example, putting thetheory I had learnt into practice in afinancial analysis and valuation ofStagecoach Group.
My masters has given me a greatstart to my career and I learnt somuch, academically and aboutmyself. I can confidently discussconcepts such as options, securitiseddebt, and credit default swaps.Moreover, I made firm friends fromall over the world. One of the bigattractions of the masters is thediverse backgrounds of its students,with no one nationality dominating.
Studying for my masters was avery intense year, but is one of thebest choices I have ever made.
Anewdirection:my switch from law to financeHopes & FearsLYNSEY ASHFORD
Different angle: Lynsey Ashford outside Strathclyde Business School in Glasgow, where she studied for a masters in finance after her legal degree Jeremy SuttonHibbert
Ask the expertDo you want in acareer in finance?Put your questionsto our panel ofguest experts in alive Q&A onWednesday June26 between 14.00 and 15.00 BST.On the panel are:Gareth Howells, executive director ofMBA and MiF programmes at LondonBusiness School.John Ballantine, director of themasters in finance programme atBrandeis University InternationalBusiness School.Francis Koh, academic director forthe master of science in wealthmanagement at SingaporeManagement University.Laurent Ortmans, FT businesseducation statistician.Go to:www.ft.com/ask/financial_training
LexiconAre you baffled by an unfamiliarfinancial term? Find definitions forbusiness and finance words andphrases from Ashare to Zirp atlexicon.ft.com
Interactive rankingsfor masters in finance, MBAs,executive MBAs, executive educationmasters in management andEuropean business schools, go to:rankings.ft.com
BiographyChanging tracks●Upbringing Lynsey Ashford wasborn and raised in Glasgow, Scotland.
●Education She studied law at theUniversity of Glasgow and moved onto study for a masters in finance atthe University of Strathclyde,Glasgow, where she was awarded hermasters with distinction.
●Career She now works as ananalyst for Barclays Wealth andInvestment Management, based inGlasgow.
On FT.com »