September, 2011, Hong Kong – Four of the world’s highest-ranked business schools, located in Asia, are partnering for the second year to recruit top North American and European candidates.
The Financial Times ranks all four schools (HKUST Business School in Hong Kong, Nanyang Business School in Singapore, Indian School of Business (ISB) in Hyderabad, and China Europe International Business School (CEIBS) in Shanghai) within the top 30 MBA programs globally*, alongside such American institutions as Stanford University, Columbia University, MIT (Sloan), New York University (Stern), and Duke University (Fuqua).*
These Asian B-school programs take less time than most American B-schools’ programs:.ISB’s MBA program is 12 months long, HKUST and Nanyang programs take16 months, and CEIBS’ program takes 18 months. “While students are paying for business school, they are also losing income opportunities by leaving the work force to go to school,” said Ajit Rangnekar , Dean of ISB. “It’s a double whammy financially, and we are sensitive to that.”
The Cost Advantage
The Asian B-schools’ entire program costs, including housing, in U.S. dollars, range from $45,750 (ISB) to $72,308 (HKUST). American MBA programs, excluding housing costs, can be more than twice as expensive: nearly $100,000 to go through Duke University’s MBA program, ranked 21st globally by the Financial Times; while The University of Michigan (Ross School of Business), ranked 25th in the world, charges over $95,000 for in-state students and more than $100,000 for out-of-staters.
“The significantly smaller price tags of our B-schools’ programs should be enticing to North Americans and Europeans, especially in the current U.S. and European economic environment,” said Professor Leonard Cheng, Dean of HKUST Business School.
Advantages of Booming Markets
Asian economies are growing rapidly. The International Monetary Fund projects a 10 percent average GDP growth for China from 2011-2016, while India’s expected average of eight percent is not far behind. In contrast to these economies, the more developed markets (including the U.S. and Europe) have expected growth of less than three percent and are facing high unemployment. “Economic growth in Asia opens up employment opportunities for our overseas students and our local students,” said Professor John A, Quelch, Dean and Vice President of CEIBS.
Gillian Yeo, Interim Dean of Nanyang Business School, added, “Our schools also give North American students something their western counterparts can’t: invaluable experience in international economic markets that many believe will matter most in tomorrow’s business world.”
Representatives from the four schools will be participating QS World MBA Tours in North America and Europe this fall and can meet prospective students at the following events:
- Toronto: September 10th, Metro Toronto Convention Centre
- New York City: September 17th, Hilton New York
- San Francisco: October 1st, Nob Hill Masonic Center
- Los Angeles: October 2nd, Wilshire Grand Los Angeles
- Moscow: October 4th , Swissotel Krasnye Holmy Moscow
- Paris: October 8th, Hotel Le Meridien Etoile
- Madrid: October 13th, Husa Princesa
- London: October 29th, The Queen Elizabeth II Conference Centre
For more about the schools in the coalition and their participation in the B-school fairs, visit www.topasiabschools.com.
* Three-year-average ranking provided by the Financial Times