LBS Alumni Spotlight: The Retail Industry & Holiday Trends
Unlike the consulting, finance and technology sectors, retail has always been regarded as a safe industry for employment. That’s because no matter how bad the economy gets, the retail industry will never cease to exist as long as people still make purchases. And that’s especially true for the holidays.
Each year during the holidays, on average, UK households spend £794.39 and US households spend $752.00. It’s not a small chunk of change. There’s no doubt that it’s a busy time of year, and many retail companies go all out to bring in new customers and grab the largest percentage of sales. But does that mean it’s a good industry to work in? Continue reading…
Professor to Know: Alex Edmans, London Business School
There’s one thing that every top business school around the world has in common: impressive faculty. That’s because MBA programs know that their offerings are only as exceptional as their professors, and that’s definitely the case at the London Business School.
Faculty at LBS are at the forefront of innovative business thinking. They’re influential business leaders, managers and policy makers who conduct world-class research and teach topnotch courses. In fact, according to a recent review published in 2014, London Business School received a top four rating for its research performance. And there’s no better representation of LBS’s faculty than finance professor Alex Edmans.
About Professor Alex Edmans
Professor Edmans graduated from Oxford University in 2001 with his bachelor’s degree in Economics and Management. From there, he pursued a career at Morgan Stanley working in investment banking and fixed income sales and trading. Then, a few years later in 2003, he went back to school to receive his Ph.D. in Finance from MIT Sloan as a Fulbright Scholar. In 2007, he became a professor at Wharton, earning his tenure by 2013 before moving to LBS. And, so far, Professor Edmans’ teaching career has been prestigious.
Over the past six years, he’s won 14 teaching awards. At Wharton, he was the highest-rated finance professor in the MBA program before his departure and was even chosen as the Faculty Graduation Speaker to the MBA class of 2014. And then, just this year at LBS, he was given the MBA Class of 2016 teaching award for the highest-rated professor school-wide and the Best Teacher: MBA 2016 award.
Outside of his exceptional teaching, Alex Edmans is a prolific researcher, blogger and Twitter user (you can follow him @aedmans). His blog, Access to Finance, covers a variety of topics and excels at making finance research available to anyone and everyone. It’s written for people with a non-finance background who might not normally be interested in finance but want to stay on top of current trends and events.
As for Edmans’ research, his most recent publication was published in the Journal of Financial Economics on October 27, 2016. Titled “The Source of Information in Prices and Investment-Price Sensitivity,” it discusses the value of financial markets to the real economy. Other research topics have included “Equity Vesting and Investment,” “Blockholders” and “Governing Multiple Firms.”
As you can see by just the most basic facts, Alex Edmans isn’t an ordinary professor. But that’s just the surface. We wanted to get to know Professor Edmans, so we asked him five questions about his life and work as a faculty member at the London Business School.
- What do you love most about teaching at the London Business School?
I really enjoy the diversity of the student body—not just nationalities, but also educational and career backgrounds. This brings lots of different perspectives to class.
I also enjoy the fact that I teach core courses. It’s easy to teach an elective since students have self-selected into the class, so you know they’ll like it. The core is challenging because I teach students who may not like finance, may even be scared of finance, and only take it because they have to. I like this challenge. It means that I have to make finance interesting and accessible, and hopefully, students end up enjoying the class even if they dreaded it to start with.
- What do you hope students take away from your research, teaching, and speaking?
Teaching: I would like students to be able to think for themselves and understand the intuition behind the concepts, which they can apply to any real-world situation—rather than just knowing the formulas that they can plug numbers into in order to solve an exam problem.
Research: The importance of large-scale, rigorous, academic research in a world where policy is increasingly formed on anecdote or myth. That “academic” research isn’t irrelevant but has substantial relevance for the real world.
Speaking: I give a number of talks on personal leadership, not just finance. I would like students to choose careers that are personally fulfilling, rather than just the career that happens to be hot at the moment. And I would like students to be mentally present in everything they do, not just physically present.
- In an era where corporate responsibility is becoming more important than ever, what do MBAs need to know and keep in mind?
That companies should do things for intrinsic and not instrumental value—even if there is no clear profit benefit for an action. This applies to your personal life too—to help a classmate even if you don’t clearly benefit from it, or learn something even if it won’t be on the exam.
- Which of your blogs would you most recommend for MBAs to read?
My blog, Access To Finance, aims to make finance accessible to a general audience by taking complex academic papers, or topical issues (such as Brexit or the current debate on executive pay), and making them simple. Which articles in the blog to read depends on the MBA’s interest, and so it’s hard for me to recommend some over others. My Twitter feed @aedmans also aims to showcase simple, accessible articles on real world finance.
I would also recommend two talks that I gave which may be of particular interest to MBAs. One is my TEDx talk, “The Social Responsibility of Business”, on the business case for sustainability, and the other is “Fulfilling Careers and Full Lives”, the final lecture of my MBA course, which is similar to a graduation speech in that it provides general advice for how MBAs can make the most of their talents and opportunities to serve society, but aims to do so in a concrete and actionable rather than sugary and saccharine way.
- What makes your teaching/classes different at LBS?
In every class, I have an “extra-curricular break,” which takes a complex academic paper with real-world relevance and makes it accessible for a practitioner. Indeed, my blog spun out of these extra-curricular breaks.
- While a core class is theoretical and rigorous, I always try to emphasize the evidence to the real world, drawing from my own practitioner and policy experience.
- I cold-call students. This is absolutely not to scare them, but to keep the class interactive and the students engaged, and to give the students practice in solving problems themselves, rather than just following someone else. It also ensures the pace of the class is not dictated by the students with finance backgrounds; cold-calling means that a broad set of students end up contributing.
- I play music before class and during the breaks, and dress down. This is absolutely not intended to be a gimmick. Instead, it is to conduct class in as relaxed an atmosphere as possible, to make students relaxed about asking questions and not be afraid to be cold-called. The music aims to bring energy to the class, which is particularly important when studying finance at 8:15 am on Monday morning!
5 Best Finance MBAs London
London’s economy is built upon finance. In fact, the city is considered the world’s leading financial centeer. It’s the largest financial exporter in the world, and the city is home to exchanges, banks, brokers, investment managers, pension funds, hedge funds, insurance companies and more crucial financial positions. It’s also an important center of international finance, being home to the Bank of England—the second oldest central bank in the world. And in 2009, London handled 36.7 percent of global currency transactions.
So, there’s no doubt that London is a great place to live, work and gain an education if the finance industry is your preference. But how do you join the 315,200 people who work in London’s financial services sector? First, it’s about finding the right school for your education.
London has a variety of schools that offer an exceptional Finance MBA program. We’ve outlined the top five below along with why we think each program stands out in the crowd. Continue reading…
UK Universities Ranked by Employability
For most professionals, an MBA is necessary for two reasons: to improve job market skills and to increase employability. In fact, for most individuals, if you can’t get a job after graduating with your MBA, there’s not a lot of point to the program. That’s why so many schools post their employment information online. Continue reading…
Top 5 Entrepreneurship MBAs in London
Over the past few years, London has become one of the most well-known, influential and successful startup hubs in the world. And it makes sense. London has always been the largest financial center in Europe, and it has a history of cultural innovation. Plus, 75 percent of the top 500 global companies are based in London.
That said the London startup scene is unique. At its core, it’s all about diversity. In a city of 8.6 million people, there’s an incredible opportunity for cross-fertilization of ideas from all over the world and from a diverse array of networks. And that’s why so many startup incubators and accelerators are popping up all over the city.
The city is ripe for entrepreneurship, but what about for budding entrepreneurs? That’s where schools such as the London Business School, Cass Business School and Judge Business School come into play. They and many others offer exceptional MBA programs focused on developing entrepreneurs.
So, which London entrepreneurship MBAs are the best? We’ve outlined the top five programs. Continue reading…
LBS Adds New Video Submission Element to MBA Application
London Business School (LBS) this fall has introduced a new video submission element to its MBA application. In a blog post last week David Simpson, admissions director for the MBA and masters in finance programs, shared his team’s thinking behind this newest addition to the LBS application process.
“This was not a decision we took lightly,” Simpson writes, adding that they’ve been giving it some thought for a couple of years. In fact, the team piloted the process last year with a handful of candidates, primarily those whose English-language skills warranted assessment. “But this year we are going all-out and using the videos to help us learn a lot more about you,” Simpson says.
Earlier in his post and in past interviews with Clear Admit, Simpson has stressed the importance of the LBS alumni interview. “We gain a HUGE amount from the interview process and love having our alumni conduct them, so that you can learn a huge amount about life at LBS, too!” he writes.
Like many other top business schools, LBS recently reduced the number of written essays it requires of its applicants, keeping just one, about candidate’s aspirations. “A top MBA is a career and indeed life-changing experience,” he writes. LBS’s remaining question on future goals is key, he continues, even though, given the transformative nature of an MBA, those aspirations will change during your studies.
LBS Adds New Video Element for All Invited to Interview
But as it drops a written essay, the London school has decided to add a video submission for all applicants who are invited to advance to the alumni interview portion of the application process. Round 1 LBS applicants who made it to the interview stage all received an invitation to participate in the new video element.
But have no fear, reassures Simpson. “We are being very thoughtful about how we use this exciting new addition to our process,” he says. A video component has its limitations, and he and his team have set their expectations accordingly.
LBS recognizes that factors ranging from cultural differences, diverse professional backgrounds and differing personal comfort levels with being in front of the camera mean that not all applicants will approach the video submission feeling on equal ground. “Some people will feel a lot more comfortable than others filming themselves answering questions,” Simpson recognizes. But even those who are apprehensive should rest assured, he says. “We are NOT looking to use this as a tool to disqualify candidates or ‘catch you out’.” (For those unfamiliar with the term “catch you out,” is just means to expose error or shortcoming in someone.)
In fact, you don’t even need to worry too much about timing your answers just right, Simpson says, adding that they won’t deduct points. “We just want to see how you perform on both the prepared question and the unprepared section,” he says. “We love meeting candidates at events, but it’s not possible to meet you all, so this helps us see you in action.”
LBS partnered with Kira Talent, an online platform that allows higher education institutions to interactive video and written components into their application processes. Kira Talent’s other customers include Northwestern’s Kellogg School of Management, INSEAD and the Foster School of Business, among others.
“First round applicants have all now submitted, and we can’t wait to watch all the videos!” says Simpson.
Round 1 LBS applicants who have taken part in the new video component, don’t forget to share your experience with others in the Clear Admit Interview Archive!
This post was originally published by clearadmit.com
