Emba nu eng (2015-2016)

Welcome to an ambitious academic
undertaking, designed to impact generations
of global business leaders to come. The
establishment of the Graduate School of
Business at Nazarbayev University signals
an exciting approach to management
education in one of the most dynamic
regions of the world. This new education
model, which draws from world-class
faculty in a curriculum informed by local
business knowledge, is being designed to
promote innovation, enabling Kazakhstan
and the wider Central Asia region to manage
our vast natural resource wealth and be
competitive in world markets.
Join us as we build a business school that
will reflect Kazakhstan’s unique position
in the world – both a leader in Central
Asia, and an important bridge between the
world’s most influential economies.
INNOVATION
4
Nazarbayev University main building

Our history began in 2006, when the
President of Kazakhstan, Nursultan
Nazarbayev, addressed the nation with his
strategy to promote Kazakhstan into the
ranks of the most competitive economies
in the world, by the establishment of a
world class international research university.
The founding of such a university was
intended to ensure a breakthrough in the
training of scientists, engineers and social
scientists that would assist in the industrial
innovation and development of the Republic
of Kazakhstan.
On June 20, 2009 the Government of the
Republic of Kazakhstan issued a resolution
to establish a non-profit joint-stock
company “New University of Astana”
fully owned by the government; and in a
general meeting on September 4, 2009
with President N.A. Nazarbayev, a series of
direct assignments were issued to launch
the establishment of the New University of
Astana. “Creation of such a new university
is a crucial national project which will
exert large-scale systemic impact on the
development of our nation and many of our
citizens. I believe that the New University
must be positioned to become the national
brand by harmoniously combining national
identity and the best international models
of education, science and research
practice.” said President Nazarbayev.
The set of courses taught at the university
reflect the priorities of the national
economy. Engineering is a key focus in
order to support the mature industries
of Kazakhstan, and the President placed
a high priority on several other scientific
domains – genetics, biochemistry, and
biophysics - which represent new fields in
the country. Innovation as an ecosystem in
the country was another goal, as Presidency
Nazarbayev emphasized in his address to
the nation in January 2010. The President
announced that within the framework
of New University of Astana, three new
research centers would be established: the
Center of Life Sciences , whose mission was
to conduct joint research with the leading
global scientific centers in the fields of
organ transplantation, artificial heart and
lungs, stem cells and longevity; the Center
for Energy Research, which would focus on
renewable energy, high-energy physics and
technology; and finally, the Interdisciplinary
Instrumentation Center which was intended
as a hub of engineering research, providing
laboratories and design space.
In June 2010, New University of Astana
was renamed as Nazarbayev University
by Resolution of the Government of the
Republic of Kazakhstan, and the University’s
Grand Opening Ceremony was held and
attended by the President.The first students
of the University began their studies
on September 27, 2010, attending the
Foundations program. Shigeo Katsu was
appointed Rector of Nazarbayev University
on December 6, 2010 and the President
signed several bills related to the University,
its schools and its funding, in January 2011.
The inaugural meeting of the Supreme
Board of Trustees was convened in June
2011, and in August of that year education
in the three undergraduate schools
began: School of Engineering, School of
Science and Technology, and School of the
Humanities and Social Sciences.
In November 2011, Nazarbayev University
hosted its first international conferences,
“Modern Trends in Education,” and
“Regenerative Medicine and High-Quality
Longevity.” On February 27, 2012, the first
seed grants were awarded. Also in 2012
was the renaming of the PE “Center for Life
Sciences” to PE “Nazarbayev University
Research and Innovation System” (or
NURIS).
In late 2012, three graduate schools were
officially established: Graduate School of
Business, Graduate School of Public Policy,
and the Graduate School of Education.
In March 2013, the Graduate School of
Business launched its Executive MBA
program in strategic collaboration with The
Fuqua School of Business, Duke University.
On April 18, 2013, the Strategy of
Nazarbayev University for 2013 – 2020
was approved by the decision of the
Supreme Board of Trustees creating a
classic academic governance system,
strengthening the roles of the Academic
and Research Councils, and President of
Nazarbayev University. On April 24, 2013,
the new executive body of the university,
the Managing Council, was formed by
the decision of the Board of Trustees of
Nazarbayev University.
History of the University
6

7
Republic of Kazakhstan President Nursultan Nazarbayev
speaking at Nazarbayev University

Strategic Collaboration
In 2009, Nazarbayev University established a strategic collaboration
with Duke University’s Fuqua School of Business to assist in its
ambition to build a world-class business school in Astana.
Duke’s Fuqua School of Business is a world- renowned institution
based in the United States, with the #1-ranked faculty in the world..
The school has a global network with presence in London, Dubai,
New Delhi, Shanghai and St. Petersburg. Fuqua has a history of
innovation, having launched three MBA programs for working
professionals and most recently an MMS program, and having
developed unique relationships in the most critical regions of the
global economy.
The collaboration between our schools leverages leadership, faculty
and staff expertise in supporting the growth of NUGSB. Currently,
The Fuqua School of Business faculty teach alongside the NUGSB
faculty in our MBA programs, and collaborate with our faculty and
staff to build a strong teaching and research institution.
8

9
The Fuqua School of Business, Duke University

The mission of the Nazarbayev University Graduate School
of Business (NUGSB) is to develop the next generation of
globally minded business leaders who will become drivers of
social and economic development in Kazakhstan in the 21st
century. We help students develop competencies that will
make them smarter entrepreneurs, more effective managers,
and more responsible leaders.
NUGSB aspires to become recognized as the leading school
in Central Asia in the coming five years. We want to be
known for the quality of our education, the relevance of our
research, our international orientation, and our engagement
with the business community.
We plan to deliver a full-fledged portfolio of programs with
a focus on General Management through MBA programs
in different formats and for different market segments (i.e.
executives, young professionals) as well as a series of more
specialized, shorter non-degree programs for executives,
entrepreneurs and professionals at different levels. In
addition, we provide customized programs designed to meet
the specific needs of corporate clients.
Degree Programs
1. Executive MBA
2. Full-Time MBA
3. Master in Engineering Management
Non-Degree Programs
1. Small to Medium Sized Enterprise Executive
Development Program
2. Customized Programs
3. Open Enrollment
Graduate School of Business
10

Corporate Testimonials
It has been a privilege for me to lead
the Tengizchevroil (TCO) partnership
for the last four years. TCO operates
the Tengiz and Korolev fields in
Western Kazakhstan. Tengiz is the
world’s deepest producing super giant
field that was discovered in 1979. The
TCO partnership was formed in 1993
and production from TCO accounts for
30% of the Republic of Kazakhstan’s
crude oil output.
The success of TCO has been built on the hard work and dedication of
its workforce through the years. Today, Kazakhstani citizens hold 86
percent of TCO positions, compared to 50 percent in 1993. Kazakhstani
managers and supervisors represent 75 percent of the TCO managerial
workforce. Ongoing training and development programs exist to
support the advancement of employees to positions of increasing
responsibility. The demanding work at TCO requires our leaders to be
among the best in the world. Not only do they need deep functional
expertise, but they must also have the right understanding of TCO’s
business drivers and how a leader’s decisions can impact every
element of the business and the workforce.
The advent of the Nazarbayev University Graduate School of Business
(NUGSB) and their Executive MBA program provides world-class
executive business training in Kazakhstan. It was a great opportunity
for us to select from our best and brightest to participate in this
advanced business training. It was an honor for one of our employees
to be accepted into the first class and her experience and the education
that she received has her well positioned as a future leader of TCO.
Our future rests in the hands of the young leaders of today. NUGSB
helps us prepare those leaders for the challenges they will face as we
continue to build on one of the longest, most productive partnerships
in Kazakhstan.
Tim G. Miller
General Director - Tengizchevroil
My name is Gregor Mowat and
I am Managing Partner of KPMG
in Kazakhstan and Central Asia, a
professional services firm with more
than 400 staff providing Audit, Tax
and Advisory services across Central
Asia out of 4 offices in Kazakhstan
and Kyrgyzstan. Great managers
need diverse skills to be able to
operate at the top level in KPMG. As
well as providing the best technical
advice, we need people who can
lead teams, develop new go-to-market strategies, understand the
dynamics of profitable growth and win new clients.
The diverse range of activities provided by NUGSB is designed
to produce exactly this kind of person. Through their innovative
approach to team building and the excellence of their programs,
created together with the Fuqua School of Business at Duke
University , as well as the quality of their teaching staff, NUGSB
grads have what it takes to succeed in our firm or in other roles
both in Kazakhstan and across the world.
Gregor Mowat
Managing Partner – KPMG in Kazakhstan and Central Asia
11

Executive MBA (EMBA)
Executive MBA: Local Context – Global Scope
Overview: The Executive MBA (EMBA) program consists of 70 ECTS,
and takes 20 months of study to complete. Instruction is in English with
simultaneous Russian translation. The EMBA program is designed to facilitate
the development of general management skills for entrepreneurs and
individuals who are seeking to increase their business skillset and advance
their careers. EMBA students travel to Duke University in Durham, North
Carolina, in the United States to learn about the economic, political, cultural,
and social issues that affect business there.
Students receive the highest quality education from a world class faculty
through a variety of unique learning methods including team based, case-
based, traditional classroom and simulation.
While the core curriculum provides a foundation in all the functional areas of
business, students have the opportunity to specialize through the electives
and EMBA Thesis. Students focus on a business case or a topic identified by
their employing organization, using this project as a mechanism to integrate
their new skills into a career-specific context.
Students will develop a wider scope through their U.S. residency providing
students an opportunity to learn in a global context, while expanding their
personal and professional networks.
Prepare for Tomorrow, Today: High Quality, World-Class Experience
12

Employers benefit through:
• increased employee effectiveness;
• employee loyalty;
• building long-term capabilities necessary to
compete in the global marketplace;
• improved decision making;
• playing a role in transforming business in
Kazakhstan by developing management
and leadership capabilities;
• access to faculty, student, government
and corporate networks;
• a possible solution to a current organizational
challenge through the employee’s thesis work.
Students of the NUGSB EMBA program
benefit through:
• obtaining an MBA while working full time;
• enhancing professional network regionally and
internationally;
• accelerated career trajectory;
• engaging with students from a broad range of
academic and applied backgrounds;
• strengthening core business skills, and learning
from some of the brightest thought leaders
in academia: professors who have taught,
worked, and researched around the globe;
• studying in a state of the art environment with
the newest facilities and technologies.
Benefits
In our MBA program, you will learn how to apply
decision-making tools to structure and analyze
complex business problems. You will be challenged
to explore new ideas and ways of thinking. You will
improve your personal and professional leadership
skills. Our MBA program will prepare you to
succeed in the complexity and uncertainty of an
interdependent global economy. As you go through
the MBA program, you will gain new skills, new
ways of approaching complex problems and self-
confidence.
14

On November 30, 2014 New Building for
Nazarbayev University Graduate School of Business
and Graduate School of Public Policy was opened.
The Grand Opening Ceremony was held with the
participation of the Prime-Minister of the Republic
of Kazakhstan Karim Massimov.

Class profile
Organizations represented:
Sovereign Wealth Fund «Samruk-Kazyna» JSC , «NCOC»,
«TengizChevrOil», «Samruk Energy», «KazMunaiGas E&P»,
«Kazakhstan Temir Zholy», «KEGOC», «Kazpost»,
«Nazarbayev University», «KazTransGas», «KazTransGas Aimak»,
«PetroKazakhstan», «SAT & Co.», «OzenMunaiGas», «Plant ZhBK»
Functional areas and industries:
Energy, Transportation, Corporate Development, Finance, Law,
Service, Information Technology, Education, International Relations,
Investments, Strategy, Risk Management, Human Resource
Management, Manufacturing Process Control, Social Policy,
Economics, Marketing, Health Care.
EMBA 2014 -2015 and EMBA 2015-2016 class statistics The EMBA program is designed for corporate managers and
entrepreneurs with 5 or more years of work experience. Each class
cohort is drawn from a broad range of industries and disciplines.
5%
7%
2%
7%
18%
35%
13%
13%
managing director
director
head of the department
senior manager
vice president
entrepreneur
chairman
deputy head of the department
32%
68%
13years
Average
work experience
35years
Average
AGE
18 EMBA class of 2015

All courses subject to final approval.
EMBA THESIS
This capstone allows
each student to deepen
their skills and expertise
specific to career goals and
industry or organizational
challenges.
ELECTIVES
Students select 3 courses applicable to their
career goals: Finance, Leadership,
Marketing, Strategy and Negotiations
CORE
The 12 required core courses cover the fundamental building
blocks of business education: Managerial Economics, Management
and Organizations, Quantitative Tools for Managers, Financial
Accounting, Marketing, Foundations of Finance, Strategy, Supply Chain
Management, Managerial Accounting, Corporate Finance, Financial
Analysis, and Entrepreneurship
ORIENTATION
This period lays the foundation of skills necessary for success in the program:
Computer Applications; Quantitative Methods; Team Building;
Program Orientation
Curriculum

Participants’ Testimonials
The program of the Nazarbayev
University’s Graduate School of
Business offers full time, working
professionals an opportunity to earn
a world-class Executive MBA degree
while living in Astana and maintaining
one’s career. It is a great opportunity
to learn from distinguished professors
from The Fuqua School of Business at
Duke University here in Astana.
My experience here has been
nothing but positive. The program
has greatly improved my managerial skills and has provided me with
strong knowledge in finance and economics. It is an ideal platform for
expanding your professional network, creating life-long friendships and
learning from your classmates.
Talgat Sarsenbayev
Chief Legal Officer and Board Member - National Welfare Fund
«Samruk-Kazyna».
My name is Almassadam Satkaliyev.
I am an EMBA student at Nazarbayev
University Graduate School of
Business (Class of 2014).
Currently I work as a CEO at
“Samruk-Energy” JSC. Samruk-Energy
is a holding company with a mandate
of implementing government
policy in the energy sector. The
company’s main spheres of activity
are generation, transmission and
distribution of electricity, and coal production. Samruk-Energy is
represented almost in every region of the country, employing
around 24 thousand people. The Company accounts for around 47%
of Kazakhstan’s total electric capacity, almost 40% of the country’s
electricity generation and coal production.
Today, in the era of globalization, the most important source of
a company’s competitive advantage is its internal capabilities.
Therefore, successful management of an organization requires a
top manager to effectively mobilize a company’s resources in a
way that both maximizes internal efficiency and meets external
challenges.
Nazarbayev University, which was created on the initiative of
the President of the Republic of Kazakhstan, today is one of the
most successful educational and scientific projects in the region.
NU GSB’s strategic partnership with the Fuqua School of Business
at Duke University, one of the leading business schools globally,
ensures unique learning methods and approaches. Together with
the university’s extraordinary faculty and advanced research base,
this makes NU GSB a desired destination for gaining international
knowledge and expertise required to meet today’s challenges of
globalization and integration, while taking into account specifics
of Kazakhstan. It is a great opportunity to meet my educational
objectives, and to gain skills to adopt and implement new ideas and
strategies in the management of my company.
The EMBA program at NU GSB provides me with an opportunity to
acquire world-class knowledge from distinguished staff from around
the world, while staying in Kazakhstan, allowing me to continue to
work full-time.
I highly appreciate that here in Kazakhstan we have such a high-
level educational institution with international academic standards,
whose graduates possess the necessary knowledge and skills to
be able to make contributions to the development and prosperity
of the economy of Kazakhstan. Therefore, as an employer I
encourage and support the education of our top-managers through
participation in NUGSB’s degree and non-degree programs.
Almassadam Satkaliyev
CEO at “Samruk-Energy” JSC
20

Having been enrolled in the EMBA
program at Nazarbayev University for
the second consecutive year, I started
to catch myself wondering what my life
would look like without this education.
Now I can say with confidence, it would
be poorer, much poorer. In psychology
there is a method of personality
diagnosis, which is named «15 major
events in life» (I got a bachelor degree
in psychology). Psychological time
personality depends on the kind of
event a person indicates as the most
important in life. A person may indicate formal events and interpret them
as inevitable such as «went to high school», college, changed 3 jobs».
But he/she may specify meaningful events semantically that generally
give momentum, boost and result in changes. Getting educated at
NUGSB was exactly this type of event for me.
Firstly, the new understanding of reality surrounding me (for example,
how to start a business, how to make financial and investment decisions,
what it means to be a leader, being able to change the world around
you). Secondly, the program resulted in a new attitude toward work,
expanding of my vision, a new view at the organization’s workflow, the
work of your colleagues and managers. I began to understand better the
ways to build an organization and ways to manage it. I currently work
at «Samruk-Kazyna» Fund and we have always supported the academic
programs of Nazarbayev University. I now realize that the more people
finish a program successfully, the more effective organizations’ decisions
will be. Not less than 10 managers are sent annually to Executive MBA
program from «Samruk-Kazyna» companies. Support is also provided to
employees who choose to study in NUGSB programs. And thirdly, I hope
I will be a role model for my children and for all those who have doubts
about going to school. It is never too late going to school. Of course, it
is a lot of stress, but the results and the habits and mind-set developed
over two years to appreciate and effectively use each minute of time
will stay with you for life.
Gulmira Raissova
Director of Human Resources Management Department
“Samruk-Kazyna” National Fund
My Executive MBA experience at
the Nazarbayev University was very
remarkable. Busy weekends over 2
years spent in classes, many half-
sleepless nights working on group
assignments with my team, eye-
opening lectures by Duke faculty and
the enjoyable winter residence at the
Fuqua School of Business did equip me,
not only with very useful knowledge
and skills required for my daily
management work, but also helped me
to make so many professional network
contacts with my peer students who are working professionals in
different fields, true leaders and very positive, genuine individuals.
I work as the CEO of the government-owned company which
administers the Bolashak Scholarship of the President of Kazakhstan.
We have almost 3000 scholars studying in world-class universities
in over 30 countries on an annual basis, and we monitor contract
commitments of over 7000 Bolashak alumni, with an annual operating
budget of about 100 mln. USD. My EMBA education significantly
and effectively contributed to the way I approached the work of
the company where I focused on issues of financial efficiency,
business processes optimization, corporate culture and management
improvement, making effective use of knowledge and information
I received right from the classes as I returned to work the next day
following each weekend residency.
As a professional manager, prior to enrolling in the NUGSB EMBA
program, I lacked MBA and finance knowledge and skills. The NUGSB
EMBA helped me to become a better manager in every aspect of this
profession.
Gani Nygymetov
President of JSC «Center for International Programs»
(Bolashak Scholarship of the President of Kazakhstan)
21

Participants’ Testimonials
When I learned that Nazarbayev
University partnered with the Duke’s
Fuqua School of Business and launched
the Executive MBA (EMBA) program, I
saw this as an opportunity to advance
my knowledge in areas critical for my
professional growth as a leader.
Although this EMBA program has
been intense and demanding, I find
it to be one of the best educational
experiences I have ever had. First and
foremost, I benefit from learning from
top notch professors and interacting with other executive level peers
from diverse backgrounds. We definitely push each other to think
critically and creatively. For example, we often share our experiences
by working in teams on challenging business cases and through lively
discussions on different exciting business topics.
In addition, this program offers a convenient class schedule (weekend
residencies) for busy professionals like myself. And its modular
structure allows me to apply at work immediately what I learn in class.
No doubt, NU’s Executive MBA program is a great and rewarding
experience that is worth the time and money invested! I am grateful
to the TCO management and my family for supporting me through this
program.
Aliya Jaxiyeva
IT Planning and PMOSupervisor – Tengizchevroil
For a number of years I wanted to
study in a reputable business school,
which, however, would require that
I take a year or two off and move.
With a job that I did not want to
quit and with a family, this thought
was becoming just a dream. I was
very lucky to be able to enroll in
and become part of the NU EMBA.
Its format, location, and partnership
with Fuqua GSB was an ideal answer
to all of my wishes.
The learning process has greatly exceeded my expectations. The
most important aspect is the School’s focus on developing intuitive
understanding (as opposed to memorizing) and on maintaining
a close connection to the real workplace. Combining the most
contemporary business knowledge of our professors with the
local experience of my classmates creates an excellent learning
environment. Every business concept is a piece of practical know-
how and know-why that so far has been directly applicable to what
I do at work.
Kazbek Aubakirov
PSA/JOA Manager, NCOC
22

There are several reasons why I
chose the NUGSB EMBA program.
Firstly, the EMBA Program of
Nazarbayev University Graduate
School of Business (NUGSB) is
realized in cooperation with Duke
University’s Fuqua School of
Business, which is highly ranked
among international business
schools. It is widely thought that
business management is easily
understood from an American
perspective. So, the EMBA classes provide me with an excellent
opportunity to obtain so called “original American knowledge”.
This includes: easy-to read books; best business cases developed
by faculty at worldwide universities; and an American native
faculty, who do their best to present materials in a condensed but
understandable way.
Secondly, the number of students in a group is not large. Thus,
the instructor has sufficient time and opportunity to deliver class
materials while recognizing individual needs and learning styles.
Thirdly, the EMBA allows me to obtain relevant theoretical and
practical knowledge and to be able to apply this knowledge at
work, and to share my professional and personal experiences with
my peers during classes.
Finally, the EMBA is a great chance for my peers and I to get to
know each other better. Over the course of one year we have
become one family, which is the kind of human capital that is really
valuable to me.
Zhanar Raimbekova
Senior Manager, Department of Finance, Nazarbayev University
23

NUGSB Honor Code
Nazarbayev University is a community of scholars
and learners, committed to the principles of honesty,
trustworthiness, fairness, and respect for others.
Students share with faculty and staff the responsibility
for promoting a climate of integrity. As citizens of this
community, students are expected to adhere to these
fundamental values at all times, in both their academic
and non-academic endeavors.

Executive MBA students in class

Faculty
Through our strategic collaboration with
Duke University’s Fuqua School of Business,
the NUGSB is able to draw high-caliber
faculty members from around the world
who have in-depth experience.
Our faculty is comprised of thought
leaders and leading researchers whose
expertise and passion for innovation create
a one-of-a-kind learning environment.
A partial list of faculty that has taught, or is
teaching in our Executive MBA program is
written below.
Chet Borucki
Associate Dean of MBA Programs,
Professor of Strategy and Management
Specialization: Change management,
corporate strategy, international business,
analysis of organizations
Undergrad Degrees:
BS, Psychology, University of
Massachusetts, USA (magna cum laude)
Grad Degrees: MA, Organizational
Psychology, PhD, Organizational Behavior
and HRM, University of Michigan, USA
(1989)
Previous Affiliations: New York University,
Nyenrode University - The Netherlands
Business School, Seoul National University,
International University of Japan, Temple
University Japan, Tilburg University - TIAS
Business School
Venkat Subramanian
Associate Professor of Strategy
Specialization: Strategy, international
business
Undergrad Degrees: Master of Science in
Aircraft and Aeroengines Maintenance, Kiev
Institute of Civil Aviation Engineers, Kiev,
Ukraine (1994)
Grad Degrees: Master of Business
Administration (Distinction) Solvay Business
School, Université Libre de Bruxelles,
Belgium (1996), PhD in Management
(Grand Distinction) Solvay Business School,
Université Libre de Bruxelles, Belgium
(2003)
Previous Affiliations: University of Hong
Kong School of Business, Vlerick Leuven
Gent Management SchoolCatholic University
of Leuven/ INSEAD, Catholic University of
Leuven
Jonathan R. Peterson
Assistant Professor of Economics
Specialization: applied microeconomic
theory, personnel economics, industrial
organization
Undergrad Degrees: B.S., Department
of Mathematics (Magna Cum Laude),
Department of Economics (Summa Cum
Laude), University of Utah, Salt Lake City,
UT, USA (2004)
Grad Degrees: Ph.D., Department of
Economics, Cornell University, Ithaca, NY,
USA (2010)
Previous Affiliations: Johnson School of
Management, Cornell University, Higher
National Research University Higher School
of Economics, Russia
Marek Jochec
Assistant Professor of Finance
Specialization: investments, corporate
finance, international finance, financial
derivatives, financial modeling, corporate
valuation
Undergrad Degrees: OPF SU Karvina,
B.Sc. in Marketing Management,
Czech Republic (1993)
Grad degrees: Central European University,
M.A. in economics, Central European
University, Hungary (1994), PHD in finance,
University of Illinois at Urbana-Champaign,
Champaign, Il, USA (2009)
Previous affiliations: ISCTE business school,
Omsk State University / Irkutsk State
Economic Academy, Kazakhstan Institute
Of Management, economics, and strategic
research, University of Ilinois at Urbana-
Champaign
(Associate Dean of MBA Programs,
and NUGSB faculty member, Chet Borucki)
26

Patrick Duparcq
Associate Dean of Executive Education,
Professor of Marketing
Specialization: Digital Marketing,
Global Marketing, Marketing Strategy
Undergrad Degrees: B.A., Applied
Economics, University of Antwerp, Belgium
(1980)
Grad Degrees: M.Sc., Applied Economics-
Quantitative Methods, University of
Antwerp, Belgium (1982), Ph.D., Marketing/
Econometrics, Purdue University, USA (1993)
Previous Affiliations: Northwestern
University, Purdue University, Tilburg
University (Netherlands), Nijenrode University
(Netherlands), German International School
of Management and University of Antwerp
Atanu Rakshit
Assistant Professor of Economics
Specialization: macroeconomics, financial
economics, time series econometrics,
economics of emerging markets
Undergrad Degrees: B.Sc., Economics
(Honors) with Statistics and Mathematics,
Burdwan University, India (2000)
Grad Degrees: M.S., Indian Institute of
Forest Management, India (2003), M.S. in
Agricultural and Applied Economics, Virginia
Tech, USA (2007), Ph.D. in Economics,
Virginia Polytechnic Institute and State
University, USA (2013)
Previous Affiliations: Washington and Lee
University, U.S., Virginia Tech.
Daniel W. Lund
Associate Professor for Cross-Cultural and
Human Resources Management
Specialization: human resource
management, strategic management,
organizational behavior, and intercultural
research
Undergrad Degrees: BA - Philosophy/
English Literature, University of Victoria,
Canada (1998)
Grad Degrees: MBA, Business
Administration, Schulich School of Business,
York University, Canada (2000), PhD,
Strategic International Human Resource
Management / Intercultural Management ,
Griffith University, Australia [AACSB] (2008)
Previous Affiliations: College of Business,
Alfaisal University; Fudan School of
Management, Fudan University, Shanghai,
China; MIT Sloan School of Management;
Griffith University, Australia; International
Business/Management, ITESM, Tecnologico
de Monterrey University, Culiacán, Mexico
Kirill E. Novoselov
Assistant Professor of Accounting
Specialization: economics of auditing,
corporate governance
Undergrad Degrees: Diploma of Electrical
Engineer, Moscow State Institute of
Electronics and Mathematics, Russia (1993)
Grad Degrees: M.B.A., University of North
Dakota, College of Business and Public
Administration, USA (2001), Ph.D. in
Accounting, University of Texas at Austin,
McCombs School of Business, USA(2007)
Previous Affiliations: The Hong Kong
University of Science and Technology
Dmitry Khanin
Associate Professor of Entrepreneurship
and Management
Specialization: international and domestic
entrepreneurship (venture financing, social
entrepreneurship, entrepreneurial intentions,
international entrepreneurship
Undergrad Degrees: B.A. Moscow State
University, Philosophy, Russia
Grad Degrees: MBA University of Miami,
International Business and Finance, USA
(1999), Ph.D. University of Maryland,
Strategic Management, USA (2006), Ph.D.
Moscow State University, Philosophy, Russia
Previous Affiliations: University of La Verne,
Colgate University, Cornell University,
Texas Tech University
Earl Kay Stice
Ernst & Young Professor of Accounting
and Finance
Specialization: Financial Accounting, Financial
Statement Analysis, Managerial Accounting
Undergraduate Degree: BS, Accounting,
Brigham Young University, USA (1981)
Graduate Degrees: MAcc, Accounting,
Brigham Young University (1982); MS,
Accounting, Cornell University, USA (1986);
PhD, Accounting, Cornell University,
USA (1988)
Previous Affiliations: Brigham Young
University, Hong Kong University of Science
and Technology (HKUST), SKOLKOVO
(Moscow School of Management), China
Europe International Business School (CEIBS),
Rice University, University of Arizona
27

A partial list of faculty with Duke appointments
who have taught or are teaching in NUGSB MBA
programs include:
Mohan Venkatachalam
Professor of Accounting
R.J. Reynolds Professor of Business Administration
Christine Moorman
Professor of Marketing
T. Austin Finch Professor Sr. of Business
Administration
Fernando Bernstein
Professor of Operations Management
Adrian Allen Research Fellow and Professor
David T. Robinson
Professor of Finance
William and Sue Gross Distinguished Research Fello
Research Director, Center for Entrepreneurship
and Innovation
Professor of Business Administration
28

EMBA class of 2014 with representatives from the NUGSB and the Fuqua School of Business

I Just chose Nazarbayev University’s
Graduate School of Business.
How About You?
As circumstances have it, I recently
made a decision not unlike the one
you’re about to make yourself. After
teaching for 20 years in top executive
programs around the world, I’m making
Nazarbayev University’s Graduate
School of Business my new academic
home. The reasons why may provide
you with an insight why you should
also consider joining the NUGSB family.
Nazarbayev University has a mission to build the top business school in
the region and is well on its way to accomplish that goal. Many of the
courses in the EMBA program are taught by world-renowned faculty
from Duke University’s Fuqua School of Management while NUGSB
itself is accelerating the hiring of full time faculty and research experts
from around the world.
NUGSB’s network of partners and alumni is growing and starts
to resemble a verifiable who’s who in academia, business and
government in Kazakhstan and abroad. In other words, this is where
the action is. Sure, I’m eager to explore the amazing capital city of
Astana, but I wouldn’t have moved here if I couldn’t stay connected
with “movers & shakers” in business and technology both locally and
globally. Neither should you. The list of current and former presidents,
prime ministers, international diplomats, and business executives from
around the world who have visited Nazarbayev University over the last
few years should make you take note: Nazarbayev University means
business, locally, regionally, and globally.
Why should this affect my choice in EMBA programs, you may ask?
In today’s world, it’s not enough anymore to learn useful tools to
manage a business; it’s also crucial to understand global dynamics
and technology trends that impact your business, even locally. At
Nazarbayev University’s Graduate School of Business, you’ll not only
get state-of-the- art management skills from some of the world’s
top management thinkers, but also a truly global perspective. Finally,
during your residence in the U.S., you will be exposed to business
culture in other countries. I promise you will find this an exhilarating
and insightful experience!
Nazarbayev University – Graduate School of Business
Advanced Thinking. Globally Connected. Locally Relevant.
Professor Duparcq has recently joined Nazarabayev University’s
Graduate School of Business after 17 years on the faculty of the Kellogg
School of Management at Northwestern University (Chicago/Evanston,
USA).
Patrick Duparcq
NUGSB Associate Dean for Executive Education,
and Professor of Marketing
The NU Executive MBA is a terrific
learning environment. Because the
program reaches top up and coming
executives throughout Kazakhstan, the
pace of instruction is intense—it has to
be, given how busy everyone is. This
means that the classroom atmosphere
is energetic and engaging. Students
ask great questions and really show
a devotion to the material that I don’t
always see in western classrooms.
When you take a group of really bright,
motivated people and put them in an intense learning environment
where they are constantly interacting with one another and with the
professor, you really develop strong bonds.
One of the things that surprise students the most is the style and
intensity of teaching. I teach both the introductory finance course as
well as the introductory math refresher course. Because the subject
matter in both courses tends to be pretty analytical, I think students
expect it to be dry and boring. Nothing could be further from the truth!
I look forward to every teaching module I deliver at NUGSB because
I know students will come away surprised at how accessible this
material is, and how relevant it is for their everyday lives.
David T. Robinson
Professor of Finance William and Sue Gross Distinguished Research
Fellow - Duke University: The Fuqua School of Business
Faculty Testimonials

NU EMBA students are among the best
I have encountered and I truly enjoyed
teaching them. They are intelligent,
engaged, and have an infectious
enthusiasm and thirst for knowledge.
They bring to bear vast amounts of
local industry knowledge that not only
enriched class discussions but also
made it a rewarding cross-cultural
experience for me. Most of all, they
are warm and hospitable people who
went out of their way to make my
visits delightful and enjoyable.
Mohan Venkatachalam
Professor of Accounting
The Fuqua School of Business,
Duke University
Teaching entrepreneurship in the
NUGSB EMBA program has been a
very rewarding experience. I teach
innovation and entrepreneurship
from the perspective of western
companies and the western business
environment. The NUGSB EMBA
students are committed to learning
what they can from the experience
of western companies, but are
continually thinking of how they can
apply this experience in Kazakhstan.
Working with these students, I realize
that I am working with the present and future business leaders of the
country. They are among the most critical students I have encountered
anywhere because they view the material as not only important for
their personal success but also for the success of their country. It is
both challenging and exciting to work with these students and to be a
small part of this vital step forward for the economy of Kazakhstan.
Jon Fjeld
Executive Director of the Center for Entrepreneurship
and Innovation and Professor of the Practice,
Duke University: The Fuqua School of Business
It is indeed an honor to join the NUGSB
EMBA teaching team. Having taught
business topics to executives, EMBA,
MBA and undergraduate students in
leading universities in Australia, China,
Saudi Arabia and Mexico, Kazakhstan
seems like a great next step. I have
heard only good reports about the
quality and integrity of the NUGSB
EMBA students. I believe that we can
gain valuable new insights together
through our collective experiences. I
look forward to meeting you all.
Daniel Lund
NUGSB Associate Professor for Cross-Cultural
and Human Resources Management
Although it is fairly new, the NUGSB
EMBA program has already established
a strong reputation in Astana’s
business community. The program is
known for its enthusiastic professors
and students who create a vibrant
environment in which the latest
theoretical advances are applied to
the most urgent problems of business
practice! Teaching and studying at
NUGSB EMBA program provide you
with a rare opportunity to join an
honest discussion of how to ramp
up the Kazakhstan economy to catch up to the richest nations in the
world. The full-time MBA program at NUGSB starting this year will
challenge its students, both domestic and international, to quickly
grow into business experts ready to invigorate their companies with
new ways of thinking and acting, and to contribute to their national
economies and overall prosperity.
Dmitry Khanin
NUGSB Associate Professor of Entrepreneurship and Management
31

The EMBA program employs a variety
of learning methods, among them:
team based learning, case discussion,
traditional classroom, and simulation.
Team-based learning is the core of a
student’s experience. As a member
of the team, the student will develop
leadership skills and learn how to
support each other and benefit from
the diverse talents, abilities, and
perspectives of their team.
Case discussions allow students to
apply theory to a business problem.
These discussions introduce students
to making decisions in uncertainty;
with imperfect information.
In the classroom, students’ unique
knowledge and business experience
are integrated into the curriculum.
In the NUGSB EMBA, students have
the opportunity to immediately apply
skills they learn by virtue of working
while studying.
Learning Environment
32
Executive MBA students working as a team

Exams take place two
weeks after each final
class on the Nazarbayev
University campus, or at
an approved location.
Students return to
campus for two
more days of intense
instruction.
Students will participate
in an immersive learning
experience studying in
residence on Nazarbayev
University’s campus in
Astana.
PRE-READING
Back to Work:
TUES-FRI
Class:
SAT-MON
Class:
SAT-SUN
Two weeks later:
EXAM
Pre-reading is required
for all courses and
continual involvement
in the program between
sessions is also required.
Students allocate time
to study from Tuesday-
Friday, while managing
their day-to-day
responsibilities.
Typical Course Format
The EMBA program is designed to minimize time away from work
while providing an immersive, top-tier educational experience.
Students begin with an eight day orientation, and spend two
weekends for each course in the classroom.
Program Design
33

Candidates for the EMBA program at
the Nazarbayev University Graduate
School of Business are expected to have
at least 5 years of work experience.
However, exceptional candidates with less
experience will be considered.
Applicants will be considered after a
complete application has been submitted,
which must include the following items in
English:
Resume
Candidates must submit a 1-page business/
professional resume containing employment
and education background.
Two letters of recommendation
The most valuable recommendations come
from people who know the candidate’s
professional skills and abilities. We require
one of two recommendations be written by
an employer/individual who can assess the
candidate in a work-related environment.
The second recommender should be chosen
at the candidate’s discretion.
Transcripts
Candidates must submit official transcripts
from all undergraduate and post-graduate
education. Transcripts must be submitted in
their original form as well as in an English
translation.
English Language Tests
Official results from recent TOEFL or
IELTS exams for applicants whose native
language is not English.
GMAT and GRE Tests
Although official GMAT or GRE scores are
not required, a candidate with limited
quantitative experience can strengthen the
application with a competitive GMAT or GRE
score.
Three essays
Candidates are required to give thoughtful
answers to the essay questions for
admissions. These questions will be
available on the application form; essays
must be submitted in English.
Letter of Corporate Support
A letter from the candidate’s current
employer outlining the company’s support
of time and financial commitment is
required.
Interview
Admission interviews are by invitation only.
Interviews include a variety of behavioral
questions covering the topics of teamwork,
potential contribution to the EMBA class, and
the candidate’s overall expectations from the
EMBA program.
Admission Requirements
Quantitative Assessment
The NUGSB Admissions team will conduct
a quantitative assessment of candidates.
In cases in which background and
academic history does not demonstrate
sufficient quantitative experience, a
formal assessment will be conducted with
the candidate to determine their current
quantitative abilities.
In the event that a candidate’s quantitative
abilities are not sufficient, the NUGSB
Admissions team will suggest a course of
action to improve the applicant’s candidacy.
It should be noted that entry is competitive;
these minimum requirements do not imply
automatic admission into the program.
While applications will be considered on
a rolling basis, only a limited number of
EMBA students will be accepted, so it is
advised to apply as early as possible.
Please find the Nazarbayev University
Graduate School of Business Application
for Admission and Recommendation
Form
on our website:
www.gsb.nu.edu.kz
34

The popular palm trees inside
the Nazarbayev University atrium

FAQ
DOES OUR ORGANIZATION LOSE AN
EMPLOYEE FOR THE DURATION OF THE
20-MONTH PROGRAM?
While your organization will part with your
EMBA students during weekend programs
and international residencies, their learning
will be immediately applicable to the
workplace each time they return. We
encourage employers to be sensitive to the
demands of the program, so as to realize
the highest return on their investment
HOW DOES THE PROGRAM APPLY TO MY
SPECIFIC ORGANIZATION?
Each executive and sponsoring organization
has unique goals and perspectives to
bring to this program. The NUGSB EMBA
recognizes that the most successful
students will be able to apply their
education immediately at the workplace.
To encourage this process each student will
be required to work on a thesis that directly
relates to their career objectives and which
will be evaluated by NUGSB faculty.
Through this opportunity, the sponsoring
organization can directly benefit from the
EMBA experience.
36

GIVEN THE RIGOR OF THE PROGRAM AND
THE NECESSARY TIME COMMITMENT, HOW
DOES THIS FIT INTO THE EXECUTIVE’S LIFE?
The program requires a significant
investment of time and attention. Students
enrolled in this program successfully
balance their significant professional and
personal responsibilities with the rigors of
the academic curriculum.
Students are expected to spend substantial
time each week on academics. Every
student manages their time differently;
some study for a few hours each day
while others may study during weekends.
It’s important to find a routine that works
for each student, their team, family,
and colleagues. Gaining the support of
significant other, family, and co-workers—
will be key to success.
Some companies help to alleviate workload
by providing their employees with
additional support (e.g., staff support, time
off), but most students receive no relief in
their responsibilities.
WHAT IS THE SCOPE OF THE CURRICULUM?
The program consists of 12 core courses, 3
electives, and 1 project/thesis. The core
courses cover the foundation of a general
management education: finance, operations,
marketing, strategy, accounting, and
leadership. The electives allow students to
enhance skills in areas such as, investments,
negotiations, leadership, and strategy. The
project/thesis requires each student to
apply this education to his/her career.
HOW QUANTITATIVELY RIGOROUS
IS THE PROGRAM?
Success in this program demands a high-
level mastery of quantitative skills; however,
quantitative excellence alone is not
sufficient. The program requires students to
use and improve leadership, management,
and other qualitative skills necessary in
today’s global business environment.
IS ATTENDANCE TO ALL COURSES
REQUIRED?
Yes, attendance at all courses and
residencies is a requirement. This is a
program which requires you to move
step by step at the same time as your
classmates and you are required to
move through the curriculum with your
classmates.
In areas in which a particular EMBA student
has experience, he/she is able to make a
major contribution to the conversation in
class, as well as in group work.
MY COMPANY IS IN ASTANA,
MUST OUR EMBA STUDENTS ALSO
RESIDEON CAMPUS?
The NUGSB EMBA program is an immersive
and intense learning experience. Even if
a student is a resident of Astana, he/ she
must live on campus during the weekend
residencies. Residency adds to the group
learning environment, and is essential for
EMBA students to fully absorb the learning
objectives for each course.
HOW TECHNOLOGICALLY SAVVY
DO I NEED TO BE?
During the eight day orientation the student
is introduced to technology necessary
for a successful EMBA experience. Most
students are comfortable with word
processing, e-mail and the internet; now
spreadsheets, electronic bulletin boards and
other electronic tools become essential. We
recommend that you have basic skills, at
least Excel, Word, and PowerPoint to help
you succeed.
WILL I BE REQUIRED TO HAVE A LAPTOP
OR SPECIAL PROGRAMS?
Every student in the program needs a
reliable laptop as well as a stable internet
service provider (ISP). These tools are
essential for completing the program
requirements. Once you are accepted to
the program, you will receive more details
about computer and software requirements.
IF I AM AN EXECUTIVE AND NOT FLUENT
IN ENGLISH, CAN I STILL PARTICIPATE IN
THIS PROGRAM?
The NUGSB EMBA is an English language
program. However, simultaneous translation,
and translation of select course materials
is provided to support students with
weaker English. While this support does
permit students with weak English skills
to participate in the program, the primary
language of instruction remains English.
37

Contact Information
All inquiries about the Executive MBA Program can be submitted to:
Office of NUGSB Admissions
Nazarbayev University,
53 Kabanbay batyr Ave.,
Astana, 010000 Republic of Kazakhstan
Теl.: +7 (7172) 70 90 28
Теl.: +7 (7172) 70 91 74
Теl.: +7 (7172) 70 91 83
mba.admissions@nu.edu.kz
gsb.nu.edu.kz

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