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Wednesday, April 02, 2008

European B-Schools Heat Up as Economy Slows

European business schools have received top billing in the past week in both BusinessWeek and the Wall Street Journal, with both publications reporting increased application volume at schools across the region.

According to the Journal piece, published Friday, business schools across Europe, which have seen application volume rise steadily in recent years, expect a further surge amid current global economic instability. This would follow the usual pattern of past slowdowns, when would-be analysts and managers looked toward graduate business programs as a place to ride out market uncertainty.

Executive education programs, though, could suffer a hit, according to the Journal, as companies previously happy to fund continuing education for their employees are forced to slash budgets.

The Journal piece goes on to say that for good or bad, the state of the economy is what has people talking on European campuses. “It’s very much the hot topic at the moment in business schools,” Jeanette Purcell, chief executive of London-based Association of MBAs, a consortium of 145 business schools around the world, told the Journal.

For many, the focus is on recruitment trends. According to the Journal, recruitment of new MBAs in the finance sector has already slowed, and both students and faculty are fearing drop-offs in other sectors as well. Administrators are saying that graduates from European programs are increasingly looking for jobs in the stronger Asian economies, the Journal reports.

Professors, meanwhile, see many of the recent stories in the financial press as perfect fodder for classroom lessons and discussion. From the international movement of bad debt to the rouge trader blamed for billions in losses at French bank Société Générale, the crises have been “helpful from a teaching point of view,” Simon Taylor, a finance lecturer at Cambridge University’s Judge Business School, told the Journal.

Greater Employer Demand for International Experience, Bargain Prices
An article in BusinessWeek on Thursday also turned the focus on European business schools, citing curriculum improvements, growing corporate demand for international experience and shorter, cheaper programs as factors drawing business school applicants in ever greater numbers toward European business schools.

According to the BW report, applications to INSEAD, the French business school with campuses in Fontainebleau and Singapore, jumped 20 percent in the past year, and American student enrollment grew 24 percent over 2007, to 73 students. Barcelona’s IESE had 32 percent more applications from the U.S. and expects to enroll 35 Americans in the next class – a 60 percent increase. ESADE, also based in Barcelona, has received an overwhelming onslaught of inquiries from American applicants as well, BW continued.

Speaking to BW, INSEAD Dean Frank Brown suggested that more and more young people recognize the value of an MBA, but fewer want to devote two years – the length of most U.S. programs – to earning one. Others credit the U.S. recession as a contributing factor to higher European B-school applicant volume, BW reports.

The dollar’s week performance against the euro raises the cost of European programs for U.S. students, but even so, tuition at schools overseas represents a bargain. BW reports that the average tuition at the top 10 European schools is less than $73,000, vs. $86,600 at Harvard Business School, and about $95,000 at Wharton.

Another draw for American students, according to BW, is the European schools’ effort to enhance their focus on issues of social justice. Responding to student demand, several top European schools have added a wealth of new courses on corporate social responsibility, social entrepreneurship and doing business in developing countries, as well as founding new centers devoted to these and other issues.

Finally, according to BW, European business programs on average are smaller and more diverse than their American counterparts. Compared to Harvard and Wharton, whose MBA classes are 63 and 55 percent American, respectively, European schools are much more international. French students make up just 14 percent of the MBA class at France’s Paris HEC and Brit’s comprise a mere 5 percent of Oxford’s MBA class.

# posted by Clear Admit @ 2:18 pm in General, MBA News, Part-Time/Executive MBA, School: Cambridge, School: Harvard, School: IE, School: IESE, School: INSEAD, School: Oxford, School: Penn / Wharton

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