Mba Makes The Worl Flat - Professor Simon Benninga

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Mba Makes The Worl Flat - Professor Simon Benninga

  1. 1. BUSINESS SCHOOLS IN A FLAT WORLD? Simon Benninga Dean, Recanati School Tel Aviv University benninga@post.tau.ac.il
  2. 2. Structure of talk What’s happening in the MBA world Registrations? Where from? New schools? Rankings Who’s taking the MBA—a view from the field What are we teaching in the MBA What does an MBA actually provide? 2
  3. 3. Registrations (GMATs) Numbers are down slightly Strongly U.S. centered 3
  4. 4. Who Takes the GMAT? Overall registrations are down How many schools are they sending GMATs to? Younger age group up 4
  5. 5. Is the World Flat? The (GMAT) world isn’t flat—it’s completely US centered 5
  6. 6. 94% of all Canadian GMAT takers have Are Canadians Flat? their test results sent to US or Canadian schools. 6
  7. 7. Flat Europeans? 7
  8. 8. Flat Eastern Europeans? 8
  9. 9. Asians are Flat? 9
  10. 10. Perhaps Enrollments are Up? Letter from Wharton to faculty, June 2007 10
  11. 11. New development: Schools without Faculty DeVry University (look at the number of locations) Phoenix University Hult (see next page) 11
  12. 12. DeVry: 75 Locations On line Named b-school! 12
  13. 13. DeVry is a listed NYSE company 13
  14. 14. 14
  15. 15. DeVry Key Statistics from Yahoo 15
  16. 16. Phoenix—Another Publicly-Listed University 16
  17. 17. 17
  18. 18. 18
  19. 19. Hult—highly ranked? NO PERMANENT FACULTY 19
  20. 20. Rankings Many rankings, little correlation Much confusion What’s being ranked? 20
  21. 21. The Rankings Game 21
  22. 22. Business Week Undergrad rankings, 2006 22
  23. 23. 23
  24. 24. Business Week MBA rankings, 1988 - 2004 1. Northwestern 2. Chicago 3. Wharton 4. Stanford 5. Harvard 24
  25. 25. Financial Times Global MBA Ranking Where is Northwestern? (it’s #17!) 25
  26. 26. Economist Rankings— Notice all the ads 26
  27. 27. 27
  28. 28. Economist criteria 28
  29. 29. Rankings—depends on what’s ranked If you try hard enough, you can always find a good rating. Beauty is in the eye of the beholder. 29
  30. 30. What’s in an MBA Program 6 Clusters according to GMAC 30
  31. 31. 31
  32. 32. Number of Required Courses MBA programs are heavily tilted towards technical/numerical skills 32
  33. 33. MBA training is overwhelmingly technical Are we doing a good job? Very personal Some letters My books My impression: Our technical training is not good enough (see correspondence which follows) B.S. is important, but ours focuses on inspiration and slogans Often too high-level, not enough middle- level management preparation 33
  34. 34. From: keith@clarityresearch.com The Need: A reader writes To: Simon Benninga Sent: Wednesday, September 22, 2004 2:37 PM Subject: Re: Re: PoF with Excel Thanks, Simon. I finished my studies many years ago, but my daughter (who attends Kenan-Flagler at UNC-Chapel Hill) recommended your quot;Financial Modelingquot; book. While waiting for the book, I want to start with your web materials. Currently I work for a real estate developer--my boss and one of her partners are Wharton grads--and more and more of my tasks entail using models built in Excel. I expect that your book and materials will improve my understanding of financial modeling. Additionally, I find it interesting in itself. Regards, Keith 34
  35. 35. From: quot;Deepak Moorjaniquot; <deepak@moorjani.com> To: quot;Simon Benningaquot; <benninga@post.tau.ac.il> Subject: Re: Username/Password Date: Monday, September 27, 2004 1:01 AM Hi Simon, I studied at Duke University ('92) and went to work on Wall Street in 1993. I'm in the Bay Area in venture capital and feeling the need to refresh my modeling skills. I went to the Stanford bookstore yesterday and picked up a copy of Financial Modeling. Very nicely done. I was an economics and philosophy major in college and would have saved myself much frustration in NYC if I had this book. This is the first book that I've seen that ties corporate finance theory with practical application! Best wishes, Deepak ----------------------------------- Upstart Management, LLC 142 Sand Hill Circle 35 Menlo Park, CA 94025
  36. 36. Simply the best Intro to Finance book out there, June 9, 2006 Reviewer:Practitioner (New York) – With an undergraduate degree in economics and two years of working experience in Wall St, you can say that I had the chance to read quite a few finance books. I find Principles of Finance with Excel to be hands-down the best Intro- Finance book of them all. Not only does it explains the finance topics very clearly, it teaches you how to apply this knowledge in Excel. This is by far, in my opinion, the best way to learn finance. Furthermore, since solutions to the exercises are included on the CD, this book is perfect to the self-motivated reader. Lost or stolen, I would purchase this book again. 36
  37. 37. 37
  38. 38. Do reviewers like the book? (nervous authors ... ) The next slide gives all the Amazon reviews written by Gustavo Jimenez 38
  39. 39. 39
  40. 40. What’s an MBA worth? Apply NPV techniques to future earnings? 40
  41. 41. Conclusion: NPV of MBA < 0 Source: Brad Repress http://www.bradrespess.com Note: I’ve cut off some of the 41 calculations (goes 12 years)
  42. 42. Maybe the previous is too pessimistic? 42
  43. 43. Maybe too optimistic? (Provided by the AACSB, an MBA accreditation association) 43
  44. 44. What are we doing wrong? 44
  45. 45. Henry Mintzberg (McGill) The Current Debate Harry & Linda Warren Bennis and DeAngelo (USC) and James O’Toole (USC), Jerold Zimmerman (Rochester) “How Business Schools Lost Their Way” “What’s Really Wrong (Harvard Business with U.S. Business Review, 2005) Schools” (unpublished working paper 2005) 45
  46. 46. Bennis & O’Toole: Too research-oriented 46
  47. 47. DeAngelo, DeAngelo, Zimmerman: Not enough research 47
  48. 48. Mintzberg 48
  49. 49. The debaters: “Softies against Hardies” 49
  50. 50. The Hardies—Accounting and Finance 50
  51. 51. Comments invited! Simon Benninga Dean, Recanati School of Business Tel Aviv University benninga@post.tau.ac.il http://finance.wharton.upenn.edu/~benninga 51

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