Signals that the UK and US economies were heading for testing times recently moved from the fringes to centre stage. With established investment banks failing in both countries, some are questioning whether what was first believed to be solely a financial crisis may spread to the wider economy.
Business schools are making sure they are ready to respond and lead in this climate. Research will inform future policy to try and avoid a similar situation reoccurring. Through management education, like the MBA, leaders are taught approaches to cope with both today's issues and future developments that will require new insights and novel solutions. A highquality MBA programme is one that provides an enduring education, through everything a graduate will encounter in their working life.
At times of economic difficulty a number of things happen to employees. Most obviously, some are made redundant and are presented with the opportunity to retake control of their careers. Others decide that its high time to move into a new area of working, enabled by an MBA programme. We also quite often see applicants with a great idea wanting to start their own small or family business - becoming an entrepreneur.
Overall application numbers to the full time Imperial MBA have risen over 40% on last year. The number of applications for the MBA programme from candidates with a finance background has increased this year. Most are still working in senior positions at reputable financial organisations but decided that it's a shrewd time to begin a move out of finance.
A higher calibre of student is applying, suggesting that for those considering a place in a top business school - things are only going to get tougher in the coming years as competition for places increases.
The range of candidates is as diverse and colourful as previous years - something that Imperial has worked hard to establish:
A collaborative culture doesn't just happen by mistake. We bring in the right applicants and encourage certain ways of behaving. We're always looking for people who can work with others and who bring alternative views to any discussion or task. If a CV or application matches our cultural 'wall paper', it's obvious. They are comfortable and capable of leading a group but also have the experience to know when to step back and support others. We don't believe that a pool of piranhas is the best environment in which to learn and innovate.
Graduates tend to move into four broad areas: consultancy, service or manufacturing industries and entrepreneurial ventures. What all seem to share is an understanding of the importance innovation and discovery. The candidates that perform best on the MBA want to find the most challenging questions and embrace change. The reward is simple: a view of the world that will unlock value and generate the ideas, income and collaborations, so vital to a modern company.
It seems that regardless of where applicants are coming from, or where they want to go, one thing is clear. There's never been a better time to invest in your own skills.
(The author is from Imperial College Business School)
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