EMBA_graduation_dinner_2010
Click the link above to listen to Liam Black, keynote speaker for the 2010 EMBA Graduation and Reunion Dinner, 22 May at Harris Manchester College. Introduction and closing remarks by Kristina Maria Manalo.

Champagne reception at Harris Manchester College. The weather was perfect and the ash cloud from Iceland made way for all of the guests!

Rosalind, Liam and Kristina

Arlosh Hall, before arrival of the guests

My intention when first becoming a blogger for my EMBA 7 cohort was to get a post up right after Module 1.  As you can imagine, after Module 1 and 2 my head was spinning and my ability to put together a proper summary and critical analysis of the modules was not ideal.  We had been told by Stephan Chambers on Day 1 that it would take 3 to 4 months to arrive at being match fit.

Not that I ever doubted Stephan but after completing Module 3 last week I definitely feel far more match fit.  Allow me to share a few observations, both academic and social.  My aim is to provide as much color as possible so that readers can really get a feel and perspective on the EMBA program at Oxford.

Classmates: 

In one word, fantastic.  There are 37 members of EMBA 7 representing 22 countries.  Naturally, the intellect and talent is world class.  Many have achieved great things personally and professionally.  What is most refreshing though is that everyone is very cooperative and collaborative – I do not detect any attitudes or superiority complexes.  Unusual for a group of ‘Type A’ personalities but what I think makes the Oxford EMBA a great experience.

I mentioned the word collaboration and I want to go back and share an observation.  All of us in the class come from varied backgrounds and thus different skill sets.  What is becoming clear is that most people are perfectly willing to assist you on assignments and lectures if you are struggling.  You can be sure that in a future module your skill sets will be called upon by fellow classmates who may lack your skills or insights.  A recent conversation I had with an EMBA 6 student highlighted that few if any will get through the EMBA without the assistance of their fellow classmates – it is simply too demanding.

Lastly, in 3 short months the friendships that have formed has been amazing. 

Networking: 

This was one of the primary reasons I chose Oxford.  I knew I would be able to create a network of friends and colleagues that would last a lifetime and create opportunities.  The benefits are already tangible.  Myself and two classmates, Jaanus and Sander (both from Estonia) are already tailoring our entrepreneurship project towards creating a new division of my company to do business in Estonia as well as Eastern Europe and Russia.  The skill sets that each of us have are unique but fit together quite nicely in terms of creating this division.

City of Oxford: 

There is really no need to discuss the attributes of Oxford – the history speaks for itself.  However, as part of a demanding EMBA program, it is tough to really experience the city and all it has to offer.  We are in class each day from 9 AM and usually head out around 9 PM or later.  At most, we might head for a drink to The Oxford Retreat, Living Room or The Honey Pot.  You have to make an effort to stay a bit longer to take in all that Oxford has to offer.  I have chosen to stay over on each Saturday night in order to take in Oxford.  It is amazing how one extra day can make that much of an impact – but it does.  Saturdays now consist of a little studying in the AM with sightseeing in the afternoon.  A small group of us (roughly eight) go out for dinner on Saturday night.  We make a point to get outside the campus limits to truly get a feel for Oxfordshire.  Last week we had dinner at The Trout and in February at Gees.  Between Sander’s engaging comments on wine selection (he is a sommelier) and Jim’s ‘Peaches & Pits’ exercise, the dinners create an amazing bonding experience. 

Looking Ahead: 

My intention is to post after each module.  This may end up being a bit of a challenge so we will see how it unfolds.  It is important for myself and my current EMBA cohort to convey just how solid this EMBA program is.  The continued success of the program rests upon attracting the best and brightest talent and by sharing our experiences this should happen.  Our thanks go out to the faculty and staff for making it such a unique and powerful experience.

To the new EMBA VII Cohort, firstly I’d like to offer my congratulations to each of you, not only for getting through the very stringent admissions, but also for making a truly life-changing decision to pursue the EMBA at Oxford! The 21 months which lie ahead of you will soon prove to be equally extraordinary as the circumstances which allowed us to meet, if briefly, during your matriculation drinks last night!

Thinking back to January 2008, I can still relate to the anticipation you’re feeling, not only because I remember all too vividly how anxious I felt during this same time two years ago, but also because this January, I stand on a different sort of threshold, with a significant birthday approaching swiftly on the horizon (and for the record, it’s not 30!).

I’d like to think our anxieties are not so different. You stand on the threshold of a most challenging, captivating and rewarding journey. You have as much to look forward to as you have to learn. You will further define and improve your standing within the Oxford community, at home, and within and beyond your organisations. You have embarked on this journey during a tenuous recovery from a crisis of global dimensions… You will approach this crisis by grasping opportunity with both hands…And you will of course soon come to appreciate that 63 is a number just as meaningful as 40!

No doubt you will want some advice about how to navigate through the EMBA and the ancient if even arcane traditions at this fine institution.

Firstly, don’t panic! You’ll soon master the mechanics of the EMBA, so don’t distress yourselves with the series of induction lectures concerning plagiarism, the examination schools, proctors and group assignments, that you have been listening to throughout this past week.

Secondly, focus on people at least as much as process. Process is crucial in time management, which will take on an entirely new dimension as you will soon master the timing and mechanics of assignment submissions, exam preparations, managing logistics of travel, work and family…

As regards people, although you were all strangers to one another just a few days ago, it won’t be long before the unique character of your cohort emerges. The Oxford EMBA, now in its 7th year, is not unlike wine; each cohort brings with it its unique vintage. Together, all of you will define what it means to be EMBA VII…  

At SBS and beyond, we await with eager anticipation!

Cliff
Who here today would have thought that we would live through our very own information revolution, let alone have the opportunity to listen to a keynote speech delivered by the person who ignited it?  What a great privilege it has been to hear the thoughts of the man who kick-started the worldwide web itself. On behalf of EMBA 5 and all here today, I would like to extend a hearty thank-you to Sir Tim Berners-Lee for his scintillating, thought provoking and inspiring speech.

We would also like to thank the Dean, Colin Mayer, The Director of the EMBA Programme, Stephan Chambers, the members of Faculty and all the EMBA staff who have assisted to make our lives as easy as possible over the last 21 months.

Kristina
In some ways it seems like only yesterday when we first arrived here in Oxford, apprehensive and excited about the journey upon which we were about to embark.  Since then there have been many trials and tribulations; the midnight oil has burned long and bright, and principles, beliefs and ethics have been tested to breaking point. We have been thrust into study groups and have toiled through individual assignments and dozens of case studies; by the end of this month we’ll have written more than a hundred thousand words and have submitted more than 40 assignments…

We have learned to speak confidently and persuasively using the most convincing MBA jargon that would impress even the most experienced business people around the world.

Cliff
However, we think we are quite safe in saying that although the entire class is extremely impressed with Saïd Business School faculty, and we are grateful for all that we have learned from them, they really have not made life very easy for us in any way whatsoever!

As a result of their efforts to equip us with the business wisdom required to fulfil our professional aspirations we have, to a large degree, become absent partners, parents and friends immersed and focused on a parallel and alien world of assignment deadlines, weekend conference calls and endless reading lists.

I am certain that I speak for the majority of students in saying that in order to manage the competing commitments between work, family and friends and studying, we have made a number of significant sacrifices.  We must remember however, that it is the silent party, those who have effectively lived through this MBA with us, who have had to make the most sacrifices.  Despite this, all the guests here today have all continued to support us throughout the course of our studies.  The time has now come for us to emerge from our shells of introspection, to recognise that our destiny is intrinsically linked to the destiny of those who support us, and for us to celebrate them.

To all partners, children, parents and friends, although this ceremony is billed as a celebration of our achievements, we think it only fitting that we should celebrate you.  We commend and thank-you for all that you have put up with over the last 21 months.
 
Kristina
Living in a modern world of instantaneous digital communication, and thank-you Sir Tim, we sometimes found that navigating through the ancient and arcane traditions of Oxford could be incredibly frustrating.  However, in much the same way that a conductor skilfully orchestrates complex harmonies and elusive melodies to create a symphony, so have the last 800 years of teaching allowed Oxford to master the art of educating and preparing students to become world leaders, innovators and beacons of inspiration.  Building on these foundations, SBS and its proud spirit of entrepreneurship fosters a culture that encourages and facilitates the germination of ideas that can be transformed into life changing applications.

As the final curtain draws to a close, the EMBA 5 cohort have begun to consider how we might realise the fruits of our investments and turn some of the ideas that have bubbled to the surface, into reality.

Whether these are new and innovative business ideas, or ways to improve our standing within our existing organisations, as we ruminate on the best way to achieve our goals in the face of one of the deepest financial crises that the world has ever seen, we must remember that the bank of opportunity is not bankrupt.  We are but an island in a vast ocean of opportunity and although potential investors may appear tentative at present, we must carry the conviction of our beliefs through to fruition.

Cliff
However, in looking to achieve our dreams we must also remember that the privilege of holding a degree from Oxford University brings with it responsibilities that, in our haste to better ourselves, are far too often forgotten.  Although it makes perfect sense that the journey may have started as a course of action to improve our individual brands and saleability, it is vitally important for us to remember that this undertaking is not solely about us.  We should ask not what an MBA from Oxford University can do for us, but what can we do for our MBA from Oxford University!

By challenging ourselves with this question, we’re not suggesting that we should all become philanthropists, but that we should have the courage to continue the process of change that started when we elected to do an MBA.  We need to change the way in which we think. 

Our macroeconomics lens shows us how growth is a result of both accumulation and progress. And whilst there is nothing inherently wrong with accumulation, we should remember that it is growth from progress that shifts the curve upwards…

When thinking about accumulation, FDR challenges us with these words:  “The test of our progress is not whether we add more to the abundance of those who already have much; it is whether we provide enough for those who have too little.”
 
Kristina
When thinking about our next steps, it’s also important to acknowledge that whilst the financial investment in our education may well take time before generating a return, we are already considerably more wealthy than we were when we started this journey, when we think about things from a social capital point of view… Social capital being the sense of civic-mindedness, shared values, trust and participation within our communities which grow ever wider as we exercise the impact of our education.

And just as we are now much better equipped to generate growth in financial capital, so must we endeavour to promote and share our wealth of social capital. We’ve become fluent experts in complex financial capital structures, instruments and transactions that are intended to generate growth and returns to investors; let us think with equal sophistication about how we can contribute our growing resources towards inclusion and social enterprise; let us include all of society in our definition of investors, because we are all bound together by a common future.

Indeed, objectives to raise financial capital and social capital are neither mutually exclusive nor incongruous. We are now better positioned than ever before to apply our tools towards the reconciliation of these intents.

George Bernard Shaw reminds us that, whilst “reasonable people adjust to the world around them, unreasonable people attempt to adapt the world to themselves. All progress in the world therefore depends on unreasonable people.”

Let us aspire to be unreasonable when answering the question, what will we do with our Oxford MBA?

So with these very forward-looking ambitions to consider, let’s set them aside to today celebrate the family and friends who have and will continue to support us throughout the very colourful journeys of yesterday and tomorrow.

EMBA V Class Reps, Cliff and Kristina

Firstly I’d like to say thank you to Owen, Pembroke College and SBS for this very warm welcome. It’s truly wonderful to be here this evening with EMBA VI, especially considering that next time we’ll be here in Oxford together, it will be farewell from EMBA V.

There’s an ancient Chinese saying, “when the student is ready, the teacher arrives.”

We all arrived here as students ready to learn about management and leadership, finance and economics, strategy and all of its flavours…

It’s also true that we arrived here as students ready to learn about ourselves, about friendships which transcend companionship and entertainment to those which nurture our greater capabilities and new ways of thinking… internal resources we may neglect or overlook under more comfortable circumstances.

Here in Oxford and especially with the EMBA, the distinction between teachers and students is often less defined than in a more ordinary class room.

Everyone in the class has been a teacher to me.

It’s also been said that an education is what you’re left with when you’ve forgotten everything you learned at university.

Thinking back to September 2007, when I attended an open evening at SBS and the formal college dinner at Worcester, I think that this must be what Stephan meant when he declared that the EMBA is transformational.

The data and information we may well forget, but the knowledge, wisdom and comradery will endure.

So as we begin to prepare for our next steps after we finish the EMBA, I challenge all of us to remember that we’ll always be both teachers and students.

We may be teachers in the board room, and students in the lunch room. We may be students in the lecture theatre, and teachers in the EMBA dining room or SR11…

After each module, we part and go our separate ways, back to our real lives which, in my experience, has departed every further from status quo with the conclusion of each module.

Let’s not forget, when we leave these ancient pillars of wisdom, when the curtain falls on our grande finale here as students, that Oxford and SBS have granted us with a most captivating opportunity for an even greater encore in the wider global theatre.

Indeed, that’s the very reason that we’re here… so that the channels of teaching and learning may flow distant from the fountain of education and leadership that Oxford is.

So Ladies and Gentlemen without further ado, please raise your glasses, to Teachers and Students…

Wimbledon, The Royal Henley Regatta, a heat wave, Shakespeare in the amphitheatre, long English summer days and watching the sun set over the cricket field at Worcester College… With the awareness that we will only travel to Oxford together as a class one more time, these paint what I will remember as a romantic English backdrop that sets the stage for our summer electives.

On offer for our EMBA V class during modules 12 and 13 were Capital Raising, Theory and Practise of Negotiation, Social Innovation and Entrepreneurship, Branding, Business in China, and Business State Relations and Political Risk. With a total of nine summer electives from which you may take four, how does one go about choosing which of the courses to take?

Within our class, a number of considerations emerge in how to answer this question. There are the people who opted to ‘build to their strengths’ by taking courses in which they have considerable experience and aim to advance them further. There are those who had the foresight to look at the timetables in advance and choose the courses which best fit their own professional and personal calendars. So whilst some have deliberately condensed four summer electives into two weeks (which is no trivial challenge I might add!), there are others who chose their courses so as to spread the work load evenly across the four weeks.

Then there are people like myself who, on the principal of maximising the value of my education, took the courses where I have had no earlier experience. For example with the core electives earlier in the year, I opted for Finance II in favour of Technology and Innovation Strategy. Given that I work for a Silicon Valley software company and have been in the Internet sector for fourteen years, it could be arguable that the TIS class is more directly relevant to my career.

Whilst this is a valid point, I’m happy with my choice to focus on the finance and global business courses. I may never be a finance director or work for an investment bank, but Finance II and Capital Raising have taught me new ways of thinking… They have offered a very captiviating view into a world I may otherwise never have seen from an insider’s perspective. And not surprisingly, they have stretched my capacity to learn, work and manage my time.

At the end of the day and as arrangements for the End of Course Ceremony in September start to take shape, I note that the EMBA is in fact not so different from the final set in a tennis match. You may lose a game here and there – miss a lecture, submit an uninspiring assignment or earn an underwhelming mark…  You find that your opponent is not nearly so desirable as Andy Murray, Andy Roddick or Roger Federer; on the other side of the net is in fact the inner anxiety which could threaten your stamina and undermine your focus.

But just as in Wimbledon, it’s the big points which matter, and when we do finally submit our last assignment and (fingers crossed!) receive our passing marks, we will cherish the victory for having defeated a very formidable opponent indeed.

During my research for my first assignment I came across some papers and a book debating about the best way to learn management skills and behaviours. One of the strongest opinions came from a distinguished professor of a Canadian University. The basic idea of his books is that MBA is the wrong way to train to the wrong people the wrong tricks. He argues that management being a skill can’t be learnt in a classroom; instead it needs experience and training on the ground.

Although no body can dispute the fact that experience is necessary in any occupation or profession. Cognitive learning is essential to arm you with the tools and the methodology to understand better your work as a manager and how to improve it.

I disagree with this professor and with some of the published papers challenging the suitability of MBAs. I decided to embark in an MBA, because after 10 years of managerial experience I realized that fundamental frameworks for my career were missing. Because no matter how many courses of finances, accounting and project management you take, you still miss a holistic view and understanding of your work as a manager. Because you actually end up learning more from your class mates than from books and professors who act more as a facilitators than teachers. And because It is a lot of fun to go back to the University, enjoy the debates and challenge every well-established position or belief including the existence of the MBAs.

I’d visited Oxford several times before. The first time, about 12 years earlier, I’d been part of a BBC course. As part of an organized tour we visited famous colleges like Christ Church and St John’s, and pretty much all of the touristy, pretty parts of the town. But to their credit, the tour organizers made sure we saw the deprived parts like Blackbird Leys, so that we did not go away with a one-dimensional, prettified view of Oxford.

There is the romance of the Dreaming Spires, but many others will only ever be able to dream.
There is real poverty, particularly in northern pockets of the town. So while on Friday nights the streets are awash with late-teen children of the great and good of Great Britain learning to get drunk on cheap lager, there are other, life-toughened children from poorer families who already know how to.
It’s a striking contrast. Henry will leave Balliol with the self-confidence that the well bred and well educated have, and take path to sure success, probably in the City or at the Bar. Henry from Blackbird will tread his own, predetermined path. There are exceptions, of course, but it’s a terrible indictment on the British schooling system that there aren’t enough.

Anyway enough of this downbeat stuff. Oxford is a very beautiful, historic town. As Andrey and I walked back to Saïd after registering at St Anne’s College, Andrey, a Muscovite, kept shaking his head and laughing.
“It’s like out of a fairy tale”, he said.

EMBA 6 has really taken to Oxford. Colleges are a unique part of life in old uni towns like Oxford and Cambridge. Scarves with the college crests were bought. One colleague flaunted her distinct green and white Jesus College scarf.  She allowed me to wear it for a while.

We quickly sussed out the watering holes— special mention must go to the indefatigable Warren. The catalyst for many things social after class, and sharp, focused and prepared next morning.

Just past Trinity College on the other side of the road is The Turf. It’s like a labyrinth— a maze of cozy little rooms. Quaint. Old. Very English. Some good lagers and bitters there. I like Village Idiot.

The first module was amazing. Between the tremendous desire to get started with our MBA and the excitement to meet so many new people from so many corners of the globe; we didn’t notice that at the end of the module we had an assignment to complete. An ‘Oxford Style’ essay with five thousands words of a subject that no body agrees about: What do managers do.

Does any body know what managers do? I don’t; and I have been working as such for more than 8 years. It gets worse. When you start to sink your teeth into the recommended literature; you find that there are as many definitions of managers and leadership as scholars have tried to define it.

After skimming two books and studying fourteen white papers you have a revelation; this assignment will look great if you had six months to prepare it, but you have only a couple of weeks to read all literature, analyse it and finally write your essay. Against your will and your better judgment you need to make a crucial decision. Stop reading and start writing. Before I knew it I had more than six thousands words that was in a desperate need of cleaning, editing and finally cutting down to five thousands words as required by the assignment. The first draft is finished and you don’t like it. You want to start to write everything from scratch but you get a wake up call. The pre-reading for the next module is already in your inbox and it looks massive. Time to submit your essay with your fingers crossed and with one hand covering your eyes. Done!!! Did I survive this one? Don’t know until the results come back, but I don’t have a lot of time to dwell on it as the next module is already here and it looks scary; Decision Science.

Alan Morrison was teaching a class on Finance, Rationality and the Profit Motive, and made reference to the AOL/Time Warner merger.
Then he asked in a by-the-way sort of way, “anyone here familiar with this merger?”
A cool California drawl came from the back of the class.
“I worked with AOL/Time Warner”.
Bob, one of the quiet men of class, spoke knowledgably about the effects of the merger in back and forth with Alan for a few minutes.
Later the subject of Vodafone-Mannesmann came up. Again the question. “Anyone here from Vodafone?”
Ahmed put his hand up. “I work for Vodafone”. Again, a knowledgeable dissection of the merger. From the class.
That’s when I knew I’d made the right decision— to join the Executive MBA and not the MBA class.
Notwithstanding the years of work experience— 20 in my case— there are solid arguments for going MBA.
One year instead of nearly two.
Singular focus on an academic year out of work, instead of mixing work and study.
The small difference of £15K or so.
 
The advantages of the EMBA were:

• Not having to give up the job completely
• A more manageable programme for people who’d not performed at an academic gig for a long time  
• Experienced classmates who’d achieved much professionally, from whom you’ll learn a lot.
   

Listening to Bob and Ahmed in class just confirmed what was already clear— there was some serious mental and professional firepower in the room, and not all of it was Alan’s.
There are some pretty robust incisive contributions.
Adrian or Tico talking financial trading.
Or Barbara talking company contracts.
I cite a couple dozen more examples.
I’d made the right choice.
It’s going to be tough for a broadcaster for whom garrulousness comes naturally, but if I’d just keep quiet I might learn something these next 20 months.