The Hong Kong University of Science and Technology's School of Business and Management (HKUST Business School) is delighted that its MBA program has for four years in a row been ranked top in Asia and Hong Kong by The Economist.
A similar proportion of the graduates, 56.7% of them are employed in the financial/ banking sector this year, compared to 56.3% in 2008 notwithstanding cautious hiring decisions and widespread headcount freeze in the hard-hit industry. According to data collected by HKUST's Career Office earlier, 93% of the students have secured an offer within three months after graduation.
"The fact that more than half of our graduates have found work in the financial and banking sector proves that HKUST's MBA education has enabled our students to prevail in the most challenging and difficulty situation. It is at a time like this that employers should be turning to high-caliber people with cutting-edge, cross-disciplinary management skills to help them navigate the turbulent economic landscape," said Prof. Steven DeKrey, Senior Associate Dean of HKUST Business School and MBA Program Director.
Students who have entered the financial/ banking sector have taken up roles in investment analysis, equity research, fund management, consultancy, sales, etc. Consumer/ marketing is the next biggest industry graduates are hired into (15%), followed by consulting/ other professional sectors (10%).
Taking heed of lessons learned from the catastrophic financial fallout, the HKUST MBA program has started to offer a new 'Responsible Leadership and Ethics' core course this year to foster responsible management and ethical business practices.
Boasting cultural diversity, HKUST's business school is enrolled by students of 27 nationalities with 92% of them coming from a country of origin other than Hong Kong.
"We are encouraged that we have once again come out as the best MBA school in Asia and Hong Kong. HKUST's business school will continue to provide high quality business education programs for Hong Kong and the region," Prof. Steven DeKrey said.
According to the newly-published EIU rankings, the HKUST MBA program ranks 30 in the world. The School realizes the severe economic downturn has led to a reduction in the number of the highest-paying positions in the first half of 2009, resulting in the decline in the average salary and the global ranking this year. The impact on HKUST is considerably greater than other institutes because of its relatively small class size and that many students' preference for the financial/ banking sector.
"We observed a temporary reduction in employment opportunities for our MBA students. As the economy recovers, the employment situation for our students will continue to improve," Prof. DeKrey said, "HKUST has an established network with companies in Asia which offer the most coveted and favorable positions in the region."
The HKUST MBA Career Office has been working closely with companies in various sectors to diversify the industry coverage so as to provide more employment opportunities for our students. Last year the Office brought in professional coaches to provide guidance during the downturn.
As spelled out in the policy address, the Government encourages higher education institutes to step up exchange and promotion in Asia. An increase of non-local students will provide a more international environment for local students to broaden their horizons.
"Since the inception of HKUST's business school, exchanges in Asia and China have been an integral part of the MBA program. Among HKUST's 55 partners, there are now five exchange schools in mainland China and three others in South Korea, Japan, and Singapore," Prof. DeKrey said.
"Hong Kong is well-positioned to become an international education hub because the city's favorable working conditions can attract acclaimed academics from around the world to come here. Against this backdrop, HKUST's business school will continue to strive for academic excellence through providing our students with a rigorous, innovative and enriching learning experience," Prof. DeKrey said.
In July, "Trends in Global Higher Education: Tracking an Academic Revolution", a report published by UNESCO indicated universities in Hong Kong, Singapore and China are becoming increasingly appealing to Western academics because of their favorable remuneration packages and desirable working conditions.
