How senior bankers are using EMBAs to gain a taste of Gulf markets
More Gulf-based banks are using executive MBAs as a retention tool for their senior staff, and an increasing number of students from outside the Middle East suggests the region is still attractive to financial services professionals.
London Business School (LBS) is one of a growing number of universities offering executive MBAs in the Gulf - including Cass Business School, Insead and Hult International Business School - and it says more students from outside the UAE are enrolling in its programme.
Of the 2009 class, 27% were from the Middle East, 23% from Asia, 15% from North America and 14% from Europe.
This could simply be down to a growing wanderlust among MBA students, but Professor Sir Andrew Likierman, Dean of LBS, believes it's also reflective on an increased desire to seek work in the GCC.
"Many students take this course because they want to move to the region... and so, this is a process of acclimatisation - getting to know people and develop their knowledge and understanding."
Banks that are sponsoring their executives to take the LBS Dubai-London EMBA include The Bank of New York Mellon, HSBC, Shuaa Capital and Standard Chartered.
What's more, the 78 graduates from this year's course include employees of Citibank, Ernst & Young, NBK Capital, The National Commercial Bank Jeddah and UBS. In total, 33% of students have a financial services background.
Executive MBAs are more about developing existing staff than improving your chances of getting a job elsewhere. As well as the technical skills, it's also a good networking tool, which helps explain why it's more popular with those outside the region.
A spokesperson for LBS says that the majority of DL EMBA students are sponsored by their employer: "Therefore it is very unlikely that they would change jobs as a result of obtaining it."
Still, there's a definite monetary incentive. LBS EMBA graduates saw their salaries increase by an average of 84%, according to the latest FT rankings.
The average base salary of MBAs in the Middle East is around $143k, with a $24k sign-on bonus and $42k for end-of-year variable compensation.
