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!

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.

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.

So I give in.

What was 2008 all about? What themes emerged? What threads were knit together to weave the fabric of 2008?

With ever so many ways to frame 2008, I would suggest that it was the year that offered far more questions than answers. And only very rarely could the questions be answered in a simple manner of yes or no…

Not surprisingly, there was a bottomless ocean of academic questions to be considered: What’s the difference between a manager and a leader? Do the dynamics of my industry reflect a Bertand or Cournoud model of oligopoly? What are the implications of Modigliani Miller’s Proposition II, and how have these changed in the face of today’s global financial crisis?

Professionally, I find myself asking, how much value can my business plan really create? Will I put myself forward for greater contributions within my company and industry, or explore new possibilities in private equity and social entrepreneurship?

Personally and practically, I find myself asking continuously – how can I stretch myself to reach the next milestone?

As the year ticked away in its seasons and rhythms, I soon recognised that the academic, professional, practical, personal and even philosophical questions cannot be compartmentalised – that they are in fact as intertwined as a tree is to the earth, the sky and everything in between.

Every project that you do, every assignment you submit, every connection that you make between colleagues, friends, family, classmates and professors… You are in fact raising a question.

Sometimes, you may even find yourself asking, is this achievable? Do I have it within me to complete this journey?

To this end, an ancient Chinese saying comes to mind:

Ask the question and risk being a fool for five minutes; don’t ask the question and remain a fool forever.

We’ll be on our own for Module 8, and then the New Year will usher in the EMBA VIs and we will be the ’senior class,’ the experienced ones who can advise the incoming class on what to expect for the first 12 months…

What will I tell them? Surely, when they ask me if it’s difficult, I will answer with a very affirmative YES.

We may not be going to the moon, but as JFK said, we do it not because it’s easy, but because it’s hard.

I will also repeat what we heard from Stephan Chambers that Monday morning way back at the start of Module 1 in January: the EMBA is transformational - professionally, academically and personally.

Professionally, I’ve been engaged within my organisation to lead bigger projects with larger commercial impacts; I will articulate the internal business case for my entrepreneurial project, and the execution for my core project. Though not yet complete, the EMBA has already set me free to think and act as a leader rather than a manager – to do the right thing, instead of just settling with doing things right. 

Academically, we’ve each written about 40,000 words thus far, articulating ideas, consolidating research, analysing outcomes, quantifying performance, exploring organisational behaviours… We’ve become fluent in the language of business. And Edward has already alluded to the lively discussions arising from pursuing the Oxford MBA in the midst of global financial turmoil and oil prices which rise and fall like the tide on the River Thames.

Personally, we’ve forged alliances with people who are globally-minded, dynamic, capable, and crucially, keen to make a difference. We’ve earned the respect of one another – especially those with families and other competing commitments. And for the record, our class has already seen four new births this year!

Of course the aspect of fun is not to be overlooked! Here in London, after picking up lost momentum from our London study group meetings, a bunch of us met for an evening of ice skating and drinks at Somerset House, followed by dinner at the Albannach on Trafalgar Square. Indeed it was a relief to be amongst classmates and friends without being constrained to discussions about the weighted average cost of capital and the vailidity of our assumptions in the acquisition of the Colinsville aluminium plant…

Earlier this evening during our Finance Study Group conference call, anxiety about forthcoming exams was expressed very candidly. Indeed, it didn’t escape our attention that there was as much silence during the call as there was discussion. That said, we also had our moments of laughter – Dave’s misunderstanding that our Operations Management text was a Christmas present comes to mind…

So with that thought and until next year, it’s time to sign off and resume studying in earnest…

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…

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.