32 10. Finance Source: <strong>QS</strong> <strong>Global</strong> <strong>200</strong> <strong>Business</strong> <strong>Schools</strong> <strong>Report</strong> <strong>2012</strong> (TopMBA.com)
Finance A long-standing favorite specialist area for many MBA graduates, finance has taken a hit in popularity amongst applicants in recent years, following the global financial crisis. However, as business schools continue to react to the ongoing financial events around the world, altering their programs to incorporate the lessons that need to be learnt from such economically gamechanging events, employers continue to value the modern approach of MBA graduates to finance. At The Wharton School at the University of Pennsylvania, which over the years has consistently been rated top in fostering a financial prowess among their MBAs, evolution of their curricula is important. “Change has occurred both organically, as in the MBA curriculum review we just completed, and reactively, in response to the financial crisis,” explains Michael Gibbons, deputy dean at Wharton. “These changes extend to all academicrelated work such as courses, research, seminars, and conferences. In the classroom, Wharton continues to offer an innovative curriculum that reflects its expertise in finance. Students are provided with knowledge that is in-depth but broad enough to be responsive to the vagaries of the market. In the post-crisis financial system, it is apparent that business leaders need to understand government better given increased regulation in the financial sector.” However, it’s not purely the financial services sector that employ MBA graduates and alumni who are well-versed in all that is finance. Organizations outside of the sector have always required leaders with an in-depth financial know-how, but as the global economy evolves this need is growing more than ever. “Financial companies offer unique challenges to their leaders and senior managers, particularly on subjects as varied as leadership, trust issues and regulatory framework changes,” explains Professor Steve Thomas, executive MBA course director and professor of finance at Cass <strong>Business</strong> School, City University London. “Recent global developments offer unusual and substantial challenges to managers in this sector. Anyone planning to run a business with these additional issues present needs to ensure they are knowledgeable and comfortable with a very wide range of management and professional skills.” “Change has occurred both organically, as in the MBA curriculum review we just completed, and reactively, in response to the financial crisis” When looking into specialist areas taught on MBA programs, it should always be made clear that the MBA qualification has traditionally been seen as a general management degree, and only recently have specialist programs dedicated to the finance profession developed. As most business schools offer numerous finance focussed options, prospective students need to look carefully when trying to differentiate between programs. One effective way is through assessing the strength of the school’s career service links within the financial industry around the world. The Stern School at New York University, for example, regularly attract Wall Street recruiters to campus. Cass <strong>Business</strong> School in London has very strong links with financial services MBA employers in the City of London, and consequently appears strongly in the finance specialization rating. In 33