1. What can you tell me, in general, about current trends in MBA/ EMBA admissions?

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1 1. Diversity and women: The journalist would like to know which measures top-tier English and American business schools are taking in order to diversify their recruitment, which is nowadays more and more focused on women, minorities, entrepreneurs, and professionals working in NGOs. 2. Social Responsibility and the Role of Business in Society : Recent studies and reports claim that 70% of companies have placed Corporate Social Responsibility policies on their agenda. MBA candidates feel the business world is making a big push toward more authentic commitment to policies and programs. Business schools have to play a part in defining CSR issues, conduct research, teach CSR-related courses and engage in community outreach. That s why top MBA/ EMBA programs have integrated a series of Core humanistic subjects underlining ethics, environmental issues, philosophy and geopolitics in their courses in order to let MBA students not looking just at financial benefits, but how something will affect others. In order to take part in this important article, I would need you to: 1- List all the scholarships for women, minorities, entrepreneurs/ others you have at IUM + all the special programs for women, entrepreneurs or professionals wanting to integrate an NGO, etc..; 2- I would need one or two IUM representatives to answer a few written questions about each of the topics listed above. Here are the questions from the journalist: Talking about recruitment and diversification of candidates: 1. What can you tell me, in general, about current trends in MBA/ EMBA admissions? IN GENERAL MBA ADMISSIONS SHOULD REFLECT THE REQUIREMENTS OF BUSINESSES AND OF NON PROFIT ORGANIZATIONS. WHAT WE FIND IN OUR CAREER RESEARCH HERE AT IUM IS THAT BOTH FOR-PROFIT AND NOT FOR PROFIT RECRUITERS ARE LOOKING FOR DIVERSITY IN EVERY RESPECT: MORE WOMEN, MORE STUDENTS FROM OUTSIDE THE TRADITIONAL BUSINESS SCHOOL AREAS AND MINDSETS OF NORTH AMERICA AND WESTERN EUROPE; DIFFERENT KINDS OF BACKGROUNDS AND EXPERIENCES. IN PARTICULAR, RECRUITERS ARE LOOKING FOR CANDIDATES ABLE TO SEE THE BIG PICTURE, ABLE TO THINK SYSTEMICALLY AND HOLISTICALLY. THE WORLD HAS CHANGED DRAMATICALLY. IT IS NO LONGER POSSIBLE TO FIND ALL THE ANSWERS IN BOOKS. RATHER, THE LEADERS OF TOMORROW NEED TO BE ABLE PIECE TOGETHER VALID BITS OF INFORMATION FROM DIFFERENT SOURCES, TO IDENTIFY PATTERNS THAT MAY BE TAKING PLACE. AND THESE TOO WILL CHANGE WITH TIME. RECRUITERS ARE ALSO LOOKING FOR EMOTIONAL AND SOCIAL INTELLIGENCE IN CANDIDATES, SKILLS WHICH RESEARCH SHOWS ARE MUCH MORE COMMON AMONGST WOMEN! FINALLY, RECRUITERS ALSO ARE LOOKING FOR CANDIDATES WITH MORAL INTEGRITY, AND A STRONG SENSE OF PERSONAL VALUES AND PRINCIPLES WHICH CANNOT BE LED ASTRAY BY GREED. THESE ARE THE ELEMENTS WHICH WE ALSO FOCUS ON IN OUR ADMISSIONS CRITERIA. 2. Women and minorities are still underrepresented in MBA program. Which measures are you taking in order to attract this public and which role do you play, as a top-tier

2 business school, in breaking the so called glass ceiling, the unseen, yet unbreakable barrier that keeps minorities and women from rising to the upper rungs of the corporate ladder, regardless of their qualifications or achievements. THE FULL TIME MONACO MBA HAS ALWAYS ATTRACTED VERY QUALIFIED FEMALE CANDIDATES. THIS YEAR, 68% OF THE COHORT IS FEMALE, A SLIGHT INCREASE OVER PREVIOUS YEARS. IN SHORT, WE HAVE ALWAYS HAD MORE WOMEN MBA STUDENTS THAN MEN! THIS COULD BE DUE TO SEVERAL FACTORS: THE PROGRAM IS 10 MONTHS LONG; FOR WOMEN, BALANCING CAREER, PERSONAL AND FAMILY OBLIGATIONS, 10 MONTHS IS MORE MANAGEABLE THAN18 OR 24 MONTHS. MOREOVER, ONE OF THE CAREER TRACKS IN THE MONACO MBA IS LUXURY MANAGEMENT, AN INDUSTRY WHICH HAS TRADITIONALLY ATTRACTED MORE WOMEN THAN MEN. AS FOR ATTRACTING MINORITIES: FOR US, THIS IS SOMEWHAT IRRELEVANT. WE HAVE AN EXTREMELY DIVERSE STUDENT BODY WHERE, IN TERMS OF NATIONALITY, EVERYONE IS A MINORITY! THIS YEAR IN THE FULL TIME MBA WE HAVE 25 STUDENTS FROM 17 COUNTRIES REPRESENTING ALMOST EVERY REGION: AFRICA, CHINA, JAPAN, INDIA, WESTERN EUROPE, EASTERN EUROPE, NORTH AMERICA AND SOUTH AMERICA. THIS YEAR, THE LARGEST CONTINGENT FOUR OUT OF 25 ARE FROM INDIA. LAST YEAR THE TWO EQUALLY LARGEST CONTINGENTS CAME FROM NORTH AMERICA AND NIGERIA! STUDENTS WHO COME HERE ALREADY HAVE THE KIND OF CONFIDENCE IN THEMSELVES TO HAVE LEFT THEIR HOME COUNTRIES AND THEIR COMFORT ZONES, TO BE PART OF AN INTERNATIONAL AND MULTICULTURAL LIVING EXPERIENCE. ONCE HERE, THEY ARE TESTED IN MANY WAYS, AND BY THE TIME THEY GRADUATE THEIR CONFIDENCE HAS BEEN FURTHER STRENGTHENED. WE ALSO ENDEAVOUR TO CONTINUOUSLY INTRODUCE STUDENTS TO SUCCESSFUL FEMALE EXECUTIVES AND ENTREPRENEURS THROUGH OUR CONFERENCE PROGRAM, OUR MENTORSHIP PROGRAM, AND OUR CORPORATE PROJECTS PROGRAM.THIS WAY STUDENTS HAVE THE KIND OF ROLE MODELS WHICH WILL FURTHER SHAPE THEIR CAREER PATHS AND LEADERSHIP SKILLS. 3. Recruiting women and minorities has become a priority for business schools. Is this because of the economic crisis and the lack of traditional candidates, or it has nothing to do with the crisis? SEE ABOVE. FOR THE MONACO MBA, HAVING WOMEN AND MINORITIES HAS LONG BEEN A HALLMARK OF THE PROGRAM. 4. Do you offer special programs or scholarships for candidates wanting to work in the top management positions of NGOs and/ or not-for-profit organizations?

3 THE MONACO MBA OFFERS THREE CAREER TRACKS. ONE OF THEM IS ENTREPRENEURSHIP AND INNOVATION MANAGEMENT. THIS IS A BROAD CAREER TRACK GEARED FOR THOSE STUDENTS INTERESTED IN UNDERSTANDING AND TAPPING INTO NEW MARKET OPPORTUNITIES IN, FOR INSTANCE, SUSTAINABILITY MANAGEMENT, BE IT WITHIN AN NGO OR A FOR PROFIT COMPANY. Talking about Social Responsibility and the Role of Business in Society: 1. The concept of humanistic management education is a main subject when talking about business education and MBA programs. Can you define it? IN THE WAKE OF THE FINANCIAL CRISIS, WHICH IS STILL GRIPPING THE WORLD, MUCH ATTENTION HAS BEEN FOCUSED ON THE ROLE OF BANKERS AND MANAGERS IN PRECIPITATING THE CRISIS THROUGH SHORT TERM, PROFIT DRIVEN MENTALITIES. BUSINESS SCHOOLS WERE SEEN AS EQUALLY GUILTY, SINCE THEY HAD TRAINED FUTURE LEADERS TO THINK IN THIS WAY. ONE RESULT OF THIS QUESTIONING OF TRADITIONAL MANAGEMENT EDUCATION HAS BEEN A MOVEMENT CALLING FOR HUMANISTIC MANAGEMENT EDUCATION. THERE ARE SEVERAL TENETS TO THIS APPROACH, WHICH COULD BE SUMMARIZED BY STATING THAT SHORT TERM PROFITABILITY SHOULD GIVE WAY TO A LONGER TERM PERSPECTIVE, WITH RESPECT FOR SOCIETY AND THE PLANET ALSO FEATURING. MANAGERS SHOULD LEAD WITH INTEGRITY, AND BE DRIVEN BY PRINCIPLES AND NOT BY YEAR END BONUSES. PERSONAL GREED SHOULD BE REPLACED BY CARE AND CONCERN FOR THE COMMUNITY AT LARGE. THE PROBLEM WITH SO CALLED HUMANISTIC MANAGEMENT EDUCATION IS THAT IT CAN MEAN DIFFERENT THINGS TO DIFFERENT PEOPLE, AND SO MAY BE DIFFICULT TO IMPLEMENT IN PRACTICE. I PREFER TO THINK OF HUMANISTIC EDUCATION FROM ITS ROOTS IN THE HUMANITIES. A HUMANITIES EDUCATION, THE HALLMARK OF CLASSICAL EDUCATON BEFORE OVER SPECIALIZATION AND PROFESSIONALIZATION TOOK OVER, AIMED AT TRAINING INDIVIDUALS TO THINK CRITICALLY. THIS MEANS THE ABILITY TO REFRAME QUESTIONS, AND TO WEIGH DIFFERENT PERSPECTIVES AND OUTCOMES. THROUGH THE ABILITY TO READ CAREFULLY, AND ANALYZE AND MAKE ARGUMENTS IN UNCONVENTIONAL WAYS, STUDENTS IN THE HUMANITIES ARE BETTER ABLE TO CONFRONT AMBIGUITY AND BE SKEPTICAL ABOUT ACCEPTED TRUTHS AND WAYS OF DOING THINGS. IT SHOULD BE OBVIOUS THAT IN TODAY S ECONOMIC ENVIRONMENT, THESE ARE DEFINITELY THE KINDS OF SKILLS THAT MANAGEMENT NEEDS.

4 2. Which measures have you taken in order to humanize your MBA/ EMBA programs? WE BELIEVE THAT SIMPLY HAVING A COURSE, SUCH AS CORPORATE SOCIAL RESPONSIBILITY,IS NOT ENOUGH TO CHANGE BEHAVIOR AND PRIORITIES. IF ANYTHING, IT WILL SIMPLY BE REGARDED AS SOMETHING WHICH IS NOT RELATED TO THE CORE CURRICULUM, NOR TO REAL LIFE WORK. INSTEAD, THE APPROACH OF THE MONACO MBA IS TO INTEGRATE INTO EXISTING COURSES KEY ELEMENTS OF SOCIAL RESPONSIBILITY. SO, FOR INSTANCE, IN MARKETING WE WOULD HAVE A SESSION ON GREEN WASHING; IN FINANCE. ONE OR TWO SESSIONS ON GREEN FINANCE; IN GLOBAL STRATEGY, A MODULE ON BUSINESS MODELS FOR SUSTAINABILITY AND STRATEGIES FOR THE BOTTOM OF THE PYRAMID (EG, THE POOREST PEOPLE IN THE WORLD) THAT ARE BOTH BENEFICIAL FOR THESE LONG NEGLECTED CUSTOMERS, AS WELL AS FOR THE COMPANY. WE ARE ENDEAVOURING TO INTEGRATE CSR PRINCIPLES IN THIS WAY THROUGHOUT OUR COURSES. 3. In your MBA/ EMBA courses, have you integrated humanistic subjects? If yes, which one and why? WE WILL BE OFFERING A COURSE IN DESIGN DRIVEN MANAGEMENT AND STRATEGY, WHICH IS BASED ON REFRAMING THE CONTEXT, AS OPPOSED TO SIMPLY THINKING OF NEW PRODUCTS AND SERVICES. THIS IS A CLEAR EXAMPLE OF THE ROLE OF CRITICAL THINKING SKILLS, AS OPPOSED TO SIMPLY TECHNICAL OR FUNCTIONAL SKILLS. WE HAVE ALSO INTRODUCED COURSES ON SUSTAINABLE LUXURY TOURISM; GLOBAL POLICY AND SUSTAINABILITY; AND ECONOMICS IN DEVELOPING COUNTRIES. THESE COURSES ARE ALSO ALL IN LINE WITH THE PREVALENT PHILOSOPHY OF THE PRINCIPALITY OF MONACO, AS EXPRESSED IN THE GLOBAL HUMANITARIAN ACTIVITIES OF THE ALBERT II FOUNDATION. 4. What is the role of business in society today? TO WORK WITH ALL STAKEHOLDERS INCLUDING PEOPLE AND PLANET TO ADD VALUE TO ALL. 5. Is Social Responsibility a beautiful expression used by b-schools in order to attract candidates or a real factor of engagement and commitment for b-schools? IT DEPENDS ON THE BUSINESS SCHOOL! 6. What do you do concretely, as a top-tier business school, in order to take part in the social responsibility commitment, apart from adding humanistic subjects in your MBA/ EMBA programs?

5 OUR STUDENTS HAVE ORGANIZED AND WORK IN PROJECTS RANGING FROM BUILDING A WELL IN MALI, TO WORKING WITH THE NEGLECTED COMMUNITIES IN THE SOUTH OF FRANCE IN ORDER TO PROVIDE MEANING AND FULFILLMENT TO WOMEN AND CHILDREN IN PARTICULAR.