European B-Schools Thrive in Down Times
MBAs want a more global perspective, and struggling young professionals want to expand their business knowledge-leading to bolstered enrollments.
By Mark Scott,March 16, 2009,
Carey's rationale mirrors that of many U.S. students who have crossed the Atlantic to attend European business schools such as INSEAD in France, IESE in Spain, or
Students, deans, admissions officers, and career advisers at European business schools see this as an opportunity. The downturn, they say, calls for global solutions - which boosts the appeal of European programs that can boast up to 50 nationalities in a single MBA class. The response to the recession also has swung the pendulum back toward more government intervention in the market. Many European countries, though perhaps not
"The American model of shareholder value hasn't worked out so well," says George Yip, dean of the Rotterdam School of Management in the
Too Limiting in the
The increase in applications to European B-schools owes in part to a long-standing trend, as more students look to add international flavor to their résumés. That's what drew Morgan Witkin, a 28-year-old Miami native, to the one-year MBA course at ESADE in
Witkin says the nearly 40 nationalities enrolled in her ESADE program have added a global perspective she couldn't have found in the
Aside from more globalization, the other big factor driving up European B-school applications is the economy. It's typical during downturns that twentysomething professionals who might have worked for a few more years before starting an MBA decide to jump in early. Karen Siegfried, executive director of MBA admissions at the
Alas, a year away from the carnage may not provide much respite. Career officers across the Continent reckon many students could find it hard going when they reenter the job market.
The financial services industry has slashed thousands of jobs over the last 18 months, while consultancies, another leading recruiter of MBAs, are similarly tight in handing out offers. "Right now it's a tough market for MBA students to find jobs," says Stefan Szymanksi, associate dean of MBA programs at City
Many may turn instead to less glamorous sectors. Industrial companies?particularly from areas such as chemicals and pharmaceuticals?are on the hunt for MBA talent. So is the public sector, especially as regulatory agencies bulk up for more supervision of business. Cathy Butler, director of the MBA careers service at University of Cambridge's Judge School of Business, says the recession means graduates are more willing to look at companies that previously wouldn't have crossed their radar. "MBAs aren't thinking about finance," she says. "There's a shift towards industrial sectors."
Unconventional Routes
Officers at European business schools also counsel students with skills in certain industries to consider returning there, instead of switching to a completely new career. And even if MBA graduates are intent on changing track, they should be willing to take nonconventional routes to their dream jobs Rotterdam Dean Yip says many finance jobs, for instance, are still out there, but just not with traditional investment banks. Instead, industrial companies are hiring grads with finance experience to manage their credit risk and other banking-related businesses. "You can pursue a certain function, but within a different sector," Yip says.
Like their counterparts in the