Who would have thought that Financial Reporting could be so philosophical? After enduring the mock exam during Lecture 6, we were further reminded by Paolo Quattronne that Financial Reporting is driven by greater motivations than numbers and figures… that it is furthermore our responsibility, as students of an institution that has been educating leaders for more than 800 years, to question these motivations and institutions…

From a more technical aspect, we learned that whilst some parts of the balance sheet reveal insights into the effectiveness of internal management, others provide a way to measure the management of external, market-facing resources i.e. finance and capital.

So a firm can improve its enterprise value by considering internal aspects - operational efficiencies and the value of the services launched to a market…

Alternatively or in combination, re-allocation of finance and capital can have an equally compelling impact on enterprise value.

Considering this on a personal level, it occurred to me that the same methodology can apply to any individual embarking on the Oxford Executive MBA. To complete this journey, which is not an easy one by any measure, you need to effectively manage your own internal resources whilst simultaneously managing your external social i.e. market capital… this being the relationships and energy which nurture your internal resources.

It seems that the rules which apply to a firm are the very same which apply to an individual… You need to know who you are (organisational structure and branding), where you’re going (strategy), how you’re going to get there (operations), why you want to get there in the first place (marketing and corporate social responsibility), and how you’re going to tell the world (financial reporting)…

And if you’ve done your homework, your earnings - whether or not you choose to pay them out as dividends (roof terrace party?!? See my earlier blog), together with capital appreciation… will sum up to a greater return on your own fixed and current assets…

Since starting the Executive MBA, time management has taken on a whole new meaning - you really do need to stay on top of your game to keep up with studying, planning, revising and writing, all on top of the day job! Nevertheless, whether because of or in spite of all the work, the Oxford Executive MBA continues to be a multi-dimensional, rewarding experience.

Returning to the London office after two weeks in Oxford in some ways feels as if I had never left - same commute, same people, same desk, same familiar faces behind the tills at Pret and EAT… And yet, I’m left with the sense that the familiarity is superficial. I find that I’m asking different questions about the business. I pay attention to data in new ways. I think about cost, competition and management control systems from a deeper perspective. My presence and role in meetings have evolved… Eight months as an Oxford Saïd Business School student, I’m conscious that the seeds for greater contributions have already been planted… that last year’s status quo is all but a memory.

This course is intense;  we are completing the equivalent of one year’s work into 16 weeks of intense sessions, not counting all the work done in between modules.  However, being in Oxford surely makes it inspirational.  The School does a great job with our included accommodation near the Business School, the library at the School has its share of seats occupied by Executive MBA colleagues, you can always find students in local establishments debating capitalism and finally, working in small groups tries even the most experienced manager.  The key to this experience is the learning first — the rest, the friendships made, the debates (some won, some lost), the jokes, the dinners . . . you will leave here, if even after only four weeks, left with new techniques to implement at the office and the impression that you have been part of a tradition in the making (the Executive MBA programme is only in its fifth year) and an institution that you are now gaining an appreciation for (800 years I hear at this point).

And just as well that I enjoyed a bit of play time in London beforehand,  there was plenty of work and study to do in Oxford. This module was particularly intense as we had nine hours of lecture each day, from 09.00 to 7.30 in the evening, for five consecutive days. Thankfully the core courses are staggered so that we have three three-hour lectures on different subjects each day, whereas our elective courses next year will be concentrated for the entire week.

For Module 4, we had lectures in strategy, marketing, developing effective managers and financial reporting. Indeed, the lecturers are truly amazing and we all have our own favourites. The bar is set very high indeed and our EMBA V class is a tough audience - this is, after all, Oxford, and the lecturers themselves are aware of the capabilities of the 48 individuals who sit before them.

No, we’re not pristine, young undergraduates ripe for moulding by our university professors. Rather, we’re experienced, cosmopolitan and challenging adults, always poised to be infused with business wisdom whilst carefully considering and questioning the messages of our teachers and colleagues.

As for these 48 individuals, I can say with confidence that initial anxieties we privately held within have progressed to what have no doubt become enduring friendships. The Oxford Executive MBA is as intense in its social dimensions as it is in the academic and business realms; we spend a lot of time together - at lectures, meals, online, in our study groups and beyond the pillars of the Business School.

…Indeed, I now see Oxford as a stage, where we write our scripts and paint our destinies, together and privately, in Oxford and all over the world when we go home to our vastly divergent lives in Britain, the Continent, Asia, Africa and the Americas.

As for the roof terrace party, the idea was conceived at 9.45 Thursday morning during a Financial Reporting lecture; partially supplied at the lunch break when Claire, Clifford and I bought as much wine and beer as we could carry; announced late afternoon during a Strategy lecture; confirmed as port was being served at St Hugh’s College during our formal dinner; further supplied by a very speedy trip indeed to the Wine Rack on George Street (thanks to Edwin and his TVR we arrived at 9.55 in time to buy half a case of wine before they closed!)… and the guests started pouring in at 10! And for good measure, there was the token EMBA VI prospect who was no doubt left with the impression that the Oxford EMBA is a most extraordinary academic and extracurricular experience, which of course it is.

After sending out the invite via e-mail, Gottfried wisely remarked, “Kristina, you are very brave sending the invitation out to the whole class. What happens if they all come?” 

As it happened - and not unlike one of many HBS case studies we painstakingly analysed, it was the biggest and best party I never planned…

I participated in an Open Evening at the Saïd Business School where I got a chance to hear about the programme and have dinner with Executive MBA students and faculty. The journey for pursuit of my management degree at SBS, Oxford started off by my online application for the EMBA programme, almost near the deadline date of the application process and subsequently appearing for a GMAT examination, in which I did not fare too badly, considering I jumped into it without much preparation. The admission interview with Stephan Chambers, Executive MBA programme director was a great experience and I would call it a conversation with one of the most intellectual persons I have interacted with. I was thrilled on being notified success in the admission process after a couple of days. Now was the time to accept it, and arrange for the finances. Once all the formalities were completed, I received the welcome pack and course notes for the first module.

Fast the day approached which I had been eagerly awaiting, first Sunday of January where we had to meet up at the Saïd Business School for the evening dinner, the day before start of our first module “Understanding General Management”. I was quite excited and met up with a lot of very cordial and smart ladies and gents from my batch and previous batch and not to forget the charming administration and faculty staff members. I retired to bed early that night at a very well arranged accommodation, few minutes walk from the college.

Monday morning, the first day at college, woke up early, it’s always so very special and at any cost wanted to avoid being late to class. I had a great breakfast at the Saïd Business School and met some of the colleagues who I met up last evening and we all wondered what was to follow in the class.

The lecture theatre was a well laid and spacious room with very well designed seating & innovative pair of white boards & projector screens. We had a long and extremely interesting introduction session in the morning where the staff members and chair of examiners were introduced. The examiners at the University laid out the principles of studying and examinations at Oxford. This was followed by introductions of fellow Executive MBA batch mates who briefly spoke about themselves. It was amazing that 49 of us in the EMBA batch came from 23 countries from all continents (barring Antarctica) and represented majority of industries and job roles.

The afternoon was no less interesting where we got immersed in the first topic “Manager as Master of Context” where we touched upon what managers do and how does that matter to the organisation & individual. We did a number of case studies and group discussions, notable being the one on Nissan’s CEO.

It was almost 6 o’clock in the evening when we finished the studies and I was quite exhausted, headed off to the dinner with my colleagues. In the evening we ventured out for drinks at the “Oxford Retreat” pub which is quite popular with SBS students.

I started fresh on Tuesday morning with smile on the face and growing confidence. “Working in Groups” was the topic taught in the morning by a very impressive lady lecturer, who we got to know was going to set our first assignment. The afternoon was informative with administrative information such as Library and IT departments giving us briefs. Late afternoon we got immersed in Finance, and we had some controversial discussions on why corporations exist and their motives. By the end of day, I was extremely tired and had dinner and went to bed.

On Wednesday we had more management topics such as Leadership & Decision Making as well as discussion on Management vs. Leadership. In the evening after dinner most of decided to head out for drinks in the lovely Oxford town.

On Thursday I was introduced to Decision science and a lot of us were puzzled with decision trees and probability theory, but the way the lecturer presented the stuff was amazing, and a lot of us grasped the fundamentals and reasoning behind the approach. The day also saw all of us groomed as we had an individual portrait session followed by an Oxford University matriculation ceremony where we had to wear the sub-fusc. Dinner was to follow next at the college, and then was the pub crawl.

Friday was interesting as it was the second last day of our first module. Entrepreneurship was the topic of study in the morning and Social Networking in the afternoon. Dinner at Trinity College was to follow in the evening.

An interesting debate on Saturday about entrepreneurship brought the first module to an end. I had completed an intensive module; however I had an assignment to work on General Management which was due for submission in couple of weeks. I subsequently submitted the assignment and secured respectable marks, which gave me a sense of satisfaction.

The anticipation before Module 1 this past January was not unlike what I experienced as I made my way towards the Start at Greenwich Park. Then, as our ‘Champion Chips’ crossed the Start line in their masses, there was a cheerful if even jubilant energy as we warmed up and familiarised ourselves with the runners in our pen… in much the same way that we celebrated matriculation with a pub crawl through Oxford. And for the record, it was no small logistical achievement with our entire class of 50 students staying together over throughout!

Now having finished Modules 2 and 3, it feels similar to the 4th or 5th mile, by which time the runners were warmed up and working on establishing a sustainable pace for the long haul.

Similarly, our EMBA V class has made crucial progress; we’ve submitted one individual assessment and two group assessments; we’ve had all of our Decision Science and Developing Effective Managers lectures, and are about half way through our Marketing and Strategy lectures; our lectures are becoming ever more interactive as we get to know the class; we’re learning to adjust our professional and personal responsibilities… it should also be noted that, together with Oxford Business Alumni, a number of us watched the dark blues beat Cambridge by six boat lengths at The Boat Race in London!

So as inspiring and challenging as the first three modules have already proven to be, we nevertheless have a long road ahead of us. And just as I thought those endless miles through The Isle of Dogs would get the best of me, I can imagine that Managerial Economics and Finance will keep me well on my toes.

Having crossed the Finish line exactly two years ago on St. George’s Day, I realised that the Marathon taught me as much about myself as it did about running. When I agreed to exchange post-office drinks in a warm cozy pub for long, cold training runs around Hyde Park, I was focused on the prize - a sense of achievement and an enduring memory; indeed I never imagined my prayers would be answered so generously.

Looking ahead to September 2009, I imagine that finishing the London Marathon will pale in comparison to being awarded the MBA from Oxford. The prize will be as much about the business wisdom we nurture and develop, as it will be about ourselves, the life-long bonds and unfolding possibilities that will inevitably result.